Document:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                          DATED AS OF OCTOBER 1, 2001,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            DATED AS OF JULY 1, 2001

                       Mortgage Pass-Through Certificates

                                 Series 2001-S24

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          Page

                                    ARTICLE I

                                   DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................5
        Section 1.02  Use of Words and Phrases..............................................18
        Section 1.03  Determination of LIBOR................................................18

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)
                       .....................................................................20
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                       .....................................................................20
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................20
        Section 2.04  Representations and Warranties of Sellers. (See Section 2.04 of the Standard
                      Terms)
                       .....................................................................22
        Section 2.05  Execution and Authentication of Certificates..........................22

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account.  (See Section 4.01 of the Standard Terms)
                       .....................................................................25
        Section 4.02  Distributions.........................................................25
        Section 4.03  Statements to Certificateholders.  (See Section 4.03(a) through (d) of the
                      Standard Terms and Exhibit Three attached hereto).....................34
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer. (See Section 4.04 of the Standard Terms)
                       .....................................................................35
        Section 4.05  Allocation of Realized Losses.........................................35

<PAGE>

        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      Section 4.06 of the Standard Terms)
                       .....................................................................36
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      Standard Terms)
                       .....................................................................36
        Section 4.08  [Reserved]
                       .....................................................................36
        Section 4.09  Distributions on the Uncertificated REMIC I Regular Interests.........36
        Section 4.10  Distributions on the Uncertificated Class A-V REMIC Regular Interests
                       .....................................................................37

                                    ARTICLE V

                                THE CERTIFICATES
        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms)...........39
        Section 5.02. Registration of Transfer and Exchange of Certificates.................39
        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.  (See Section 5.03 of the
                      Standard Terms).......................................................39
        Section 5.04. Persons Deemed Owners.  (See Section 5.04 of the Standard Terms)......39
        Section 5.05. Appointment of Paying Agent.  (See Section 5.05 of the Standard Terms)
                       .....................................................................39

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                                   ARTICLE VII

                                     DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                   TERMINATION

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.  (See Section 10.01 of the Standard Terms)......44
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                      Section 10.02 of the  Standard Terms).................................44
        Section 10.03 Designation of REMIC(s)...............................................44

<PAGE>

        Section 10.04 [Reserved]............................................................44
        Section 10.05 Compliance with Withholding Requirements..............................44

<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)
                       .....................................................................45
        Section 11.02 Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
                      Terms)
                       .....................................................................45
        Section 11.03 Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      Standard Terms)
                       .....................................................................45
        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)
                       .....................................................................45
        Section 11.05 Notices...............................................................45
        Section 11.06 Required Notices to Rating Agency and Subservicer.  (See Section 11.06 of
                     the Standard Terms)
                       .....................................................................46
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)
                        .....................................................................46
        Section 11.08 Supplemental Provisions for Resecuritization.  (See Section 11.08 of the
                      Standard Terms)
                       .....................................................................46
        Section 11.09 Allocation of Voting Rights...........................................46

                                   ARTICLE XII

                                   [RESERVED]

</TABLE>

<PAGE>

EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement dated as of July 1, 2001

<PAGE>

        This is a Series  Supplement,  dated as of October 1, 2001 (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of July 1, 2001 and attached as Exhibit Four hereto (the  "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and  assigns,  the  "Master  Servicer"),   and  BANK  ONE,  NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                              PRELIMINARY STATEMENT

        The  Company   intends  to  sell  Mortgage   Pass-Through   Certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the  Trust  Fund.  As  provided  herein,  the REMIC  Administrator  will make an
election  to  treat  the  entire  segregated  pool of  assets  described  in the
definition  of  REMIC I (as  defined  herein),  and  subject  to this  Agreement
(including the Mortgage Loans but excluding the Initial  Monthly  Payment Fund),
as a real estate mortgage  investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as the "REMIC I."
The  Uncertificated  REMIC I Regular  Interests  will be "regular  interests" in
REMIC I and the  Class  R-I  Certificates  will be the sole  class of  "residual
interests" in REMIC I for purposes of the REMIC  Provisions (as defined herein).
A segregated  pool of assets  consisting of the  Uncertificated  REMIC I Regular
Interests  will be  designated as "REMIC II," and the REMIC  Administrator  will
make a separate REMIC election with respect thereto. The Class A-1 Certificates,
Class A-2 Certificates,  Class A-3 Certificates,  Class A-4 Certificates,  Class
A-5  Certificates,  Class A-6 Certificates,  Class A-7  Certificates,  Class A-8
Certificates,  Class  A-9  Certificates,  Class  A-10  Certificates,  Class  A-P
Certificates,   Class  M-1  Certificates,  Class  M-2  Certificates,  Class  M-3
Certificates,   Class  B-1  Certificates,  Class  B-2  Certificates,  Class  B-3
Certificates and the  Uncertificated  Class A-V REMIC Regular  Interests will be
"regular interests" in REMIC II and the Class R-II Certificates will be the sole
class of "residual interests" therein for purposes of the REMIC Provisions.  The
Class A-V Certificates will represent the entire beneficial  ownership  interest
in the Uncertificated Class A-V REMIC Regular Interests.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  Any  cross-reference  to a section of the Pooling and
Servicing  Agreement,  to the extent the terms of the Standard  Terms and Series
Supplement conflict with respect to that section,  shall be a cross-reference to
the  related  section  of the  Series  Supplement.  All  capitalized  terms  not
otherwise  defined  herein  shall have the  meanings  set forth in the  Standard
Terms. The Pooling and Servicing  Agreement shall be dated as of the date of the
Series Supplement.

        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC I Pass- Through Rate, the initial Uncertificated  Principal
Balance,  and solely for  purposes of  satisfying  Treasury  regulation  Section
1.860G-1(a)(4)(iii),  the  "latest  possible  maturity  date"  for  each  of the
Uncertificated  REMIC I Regular Interests.  None of the  Uncertificated  REMIC I
Regular Interests will be certificated.

                                       -1-

<PAGE>

                      UNCERTIFICATED    INITIAL UNCERTIFICATED     LATEST
                      REMIC-I-PASS      PRINCIPAL-BALANCE   POSSIBLE-MATURITY(1)
      DESIGNATION      THROUGH RATE

 Uncertificated REMIC I       6.75%       $ 114,495,348.00    October 25, 2031
   Regular Interest Q
 Uncertificated REMIC I       5.75%       $  79,616,000.00    October 25, 2031
   Regular Interest R
 Uncertificated REMIC I       5.50%       $  55,000,000.00    October 25, 2031
   Regular Interest S
 Uncertificated REMIC I       6.00%       $  55,000,000.00    October 25, 2031
   Regular Interest T
 Uncertificated REMIC I       8.50%       $ 108,352,000.00    October 25, 2031
   Regular Interest V
 Uncertificated REMIC I       0.00%       $   1,525,736.08    October 25, 2031
   Regular Interest W
 Uncertificated REMIC I    Variable (2)             N/A(3)    October 25, 2031
  IO Regular Interests

________________
(1)     Solely for  purposes  of  Section  1.860G-1(a)(4)(iii)  of the  Treasury
        regulations,  the Distribution  Date immediately  following the maturity
        date for the  Mortgage  Loan  with  the  latest  maturity  date has been
        designated  as the  "latest  possible  maturity  date" for each  REMIC I
        Regular Interest.

(2)  Calculated  in   accordance   with  the   definition   of   "Uncertificated
     Pass-Through Rate" herein

(3)  The  Uncertificated  REMIC I IO Regular  Interests  have no  Uncertificated
     Principal Balance.

                                      -2-

<PAGE>

        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.

<TABLE>
<CAPTION>

                            AGGREGATE
                             INITIAL
                PASS-      CERTIFICATE
               THROUGH      PRINCIPAL                                 MATURITY                      MINIMUM
DESIGNATION      RATE        BALANCE            FEATURES1               DATE        S&P/FITCH    DENOMINATIONS2

                                             Senior/Accretion
<S>     <C>     <C>       <C>                                             <C> <C>                   <C>
Class A-1       5.75%     $79,616,000.00   Directed/Fixed Rate    October 25, 2031   AAA/AAA        $25,000
                                             Senior/Accretion
Class A-2       6.75%     $55,947,000.00   Directed/Fixed Rate    October 25, 2031   AAA/AAA        $25,000
Class A-3       6.75%     $ 6,128,000.00 Senior/Accrual/Fixed RateOctober 25, 2031   AAA/AAA        $25,000
Class A-4       6.75%     $10,001,000.00 Senior/Lockout/Fixed RateOctober 25, 2031   AAA/AAA        $25,000
Class A-5       6.75%     $ 8,675,000.00 Senior/Lockout/Fixed RateOctober 25, 2031   AAA/AAA        $25,000
              Adjustable                 Senior/Floater/Adjustable
Class A-6        Rate     $108,352,000.00          Rate           October 25, 2031   AAA/AAA        $25,000
                                              Senior/Inverse
              Adjustable                     Floater/Interest
Class A-7        Rate     $         0.00   Only/Adjustable Rate   October 25, 2031   AAA/AAA        $25,000
                                             Senior/Accretion
Class A-8       5.50%     $55,000,000.00   Directed/Fixed Rate    October 25, 2031   AAA/AAA        $25,000
                                             Senior/Accretion
Class A-9       6.00%     $55,000,000.00   Directed/Fixed Rate    October 25, 2031   AAA/AAA        $25,000
Class A-10      6.75%     $21,324,000.00 Senior/Lockout/Fixed RateOctober 25, 2031   AAA/AAA        $25,000
                                             Senior/Principal
Class A-P       0.00%     $ 1,525,736.08           Only           October 25, 2031   AAA/AAA        $25,000
Class A-V    Variable Rate$         0.00  Senior/Variable Strip   October 25, 2031   AAA/AAA          20%
Class R-I       6.75%     $       100.00     Senior/Residual      October 25, 2031   AAA/AAA          20%
Class R-II      6.75%     $       100.00     Senior/Residual      October 25, 2031   AAA/AAA          20%
Class M-1       6.75%     $ 6,210,200.00        Mezzanine         October 25, 2031    NA/AA         $25,000
Class M-2       6.75%     $ 2,484,000.00        Mezzanine         October 25, 2031    NA/A          $250,000
Class M-3       6.75%     $ 1,449,000.00        Mezzanine         October 25, 2031   NA/BBB         $250,000

______________

1    The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class
     A-7, Class A-8,  Class A-9,  Class A-10 and Class M  Certificates  shall be
     Book-Entry  Certificates.  The Class A-P,  Class  A-V,  Class R and Class B
     Certificates shall be delivered to the holders thereof in physical form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-P,  Class
     B-1, Class B-2 and Class B-3  Certificates) in excess thereof,  except that
     one  Certificate  of any of the  Class A-P and  Class B  Certificates  that
     contains  an uneven  multiple of $1,000  shall be issued in a  denomination
     equal to the sum of the related  minimum  denomination  set forth above and
     such uneven multiple for such Class or the sum of such  denomination and an
     integral  multiple  of  $1,000.  The  Class R  Certificates  and  Class A-V
     Certificates shall be issuable in minimum  denominations of not less than a
     20% Percentage Interest;  provided,  however,  that one Class R Certificate
     will be issuable to Residential Funding as "tax matters person" pursuant to
     Section  10.01(c)  and  (e)  in  a  minimum  denomination   representing  a
     Percentage Interest of not less than 0.01%.

                                       -3-

<PAGE>

Class B-1       6.75%     $   828,000.00       Subordinate        October 25, 2031    NA/BB         $250,000
Class B-2       6.75%     $   621,000.00       Subordinate        October 25, 2031    NA/B          $250,000
Class B-3       6.75%     $   828,048.00       Subordinate        October 25, 2031     NA           $250,000

</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $413,989,184.08.

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

                                       -4-

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date: The earlier to occur of (i) the Distribution
Date on which the Certificate  Principal  Balance of the Class A-2  Certificates
has been reduced to zero and (ii) the Credit Support Depletion Date.

        Accrual Certificates: The Class A-4 Certificates.

        Accrual  Distribution  Amount:  With respect to each  Distribution  Date
prior to the Accretion Termination Date, an amount equal to the aggregate amount
of Accrued Certificate Interest on the Class A-3 Certificates, for such date, to
the extent added to the amount  thereof  pursuant to Section  4.02(f);  provided
that,  with  respect  to  each  Distribution  Date  on or  after  the  Accretion
Termination Date, the Accrued Certificate Interest on the Class A-3 Certificates
for such date remaining after reduction of the Certificate  Principal Balance of
the  Class  A-2   Certificates  to  zero  will  be  payable  to  the  Class  A-3
Certificateholders  pursuant  to  Section  4.02(a)(i)  hereof  on the  Accretion
Termination Date; and provided further,  that if the Accretion  Termination Date
is the Credit Support  Depletion Date, the entire amount of Accrued  Certificate
Interest  for that date  will be  payable  to the  Class A-3  Certificateholders
pursuant to Section 4.02(a)(i) hereof.

        Accrued  Certificate  Interest:  With respect to each Distribution Date,
(a) in the case of each Class of  Certificates  (other  than the  Interest  Only
Certificates  and Principal  Only  Certificates),  interest  accrued  during the
related  Interest  Accrual Period on the  Certificate  Principal  Balance of the
Certificates of that Class  immediately  prior to such  Distribution Date at the
related Pass-Through Rate and (b) as to the Interest Only Certificates, interest
accrued during the related Interest  Accrual Period at the related  Pass-Through
Rate on the Notional Amount thereof immediately prior to such Distribution Date.
Accrued Certificate  Interest will be calculated on the basis of a 360-day year,
consisting of twelve 30-day months. In each case Accrued Certificate Interest on
any Class or Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls  on all  Mortgage  Loans (to the
               extent  not  offset by the  Master  Servicer  with a  payment  of
               Compensating Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan)) of Realized Losses on all Mortgage Loans (including Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

                                       -5-

<PAGE>

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans which remained unreimbursed  following the Cash Liquidation
               or REO  Disposition  of such Mortgage Loan or REO Property or (B)
               made  with  respect  to   delinquencies   that  were   ultimately
               determined  to be Excess  Special  Hazard  Losses,  Excess  Fraud
               Losses, Excess Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with all such reductions  allocated among all of the  Certificates in proportion
to their  respective  amounts of Accrued  Certificate  Interest  payable on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$119,213 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

               (1) the lesser of (a) the Bankruptcy  Amount calculated as of the
        close of business on the Business  Day  immediately  preceding  the most
        recent anniversary of the Cut-off Date coinciding with or preceding such
        date  of  determination  (or,  if  such  date  of  determination  is  an
        anniversary of the Cut-off Date, the Business Day immediately  preceding
        such  date of  determination)  (for  purposes  of this  definition,  the
        "Relevant Anniversary") and (b) the greater of

                      (A)  the  greater  of  (i)  0.0006  times  the   aggregate
               principal  balance of all the Mortgage Loans in the Mortgage Pool
               as of the Relevant Anniversary (other than Additional  Collateral
               Loans, if any) having a Loan-to-Value  Ratio at origination which
               exceeds 75% and (ii) $100,000; and

                      (B) the greater of (i) the product of (x) an amount  equal
               to the largest  difference in the related Monthly Payment for any
               Non-Primary  Residence Loan remaining in the Mortgage Pool (other
               than Additional  Collateral  Loans, if any) which had an original
               Loan-to-Value  Ratio of 80% or greater  that would  result if the
               Net  Mortgage  Rate  thereof  was equal to the  weighted  average
               (based on the principal  balance of the Mortgage  Loans as of the
               Relevant Anniversary) of the Net Mortgage

                                       -6-

<PAGE>

               Rates of all Mortgage Loans as of the Relevant  Anniversary  less
               1.25%  per  annum,  (y) a number  equal to the  weighted  average
               remaining  term  to  maturity,  in  months,  of  all  Non-Primary
               Residence Loans remaining in the Mortgage Pool as of the Relevant
               Anniversary,  and (z) one plus the  quotient of the number of all
               Non- Primary  Residence  Loans  remaining  in the  Mortgage  Pool
               divided by the total number of Outstanding  Mortgage Loans in the
               Mortgage Pool as of the Relevant  Anniversary,  and (ii) $50,000,
               over (2) the  aggregate  amount of  Bankruptcy  Losses  allocated
               solely  to  one or  more  specific  Classes  of  Certificates  in
               accordance with Section 4.05 since the Relevant Anniversary.

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

        Certificate:  Any Class A, Class M, Class B or Class R Certificate.

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2001-S24"  and  which  must be an  Eligible
Account.

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class A-10,
Class A-P or Class A-V  Certificates,  executed by the Trustee and authenticated
by the Certificate  Registrar  substantially in the form annexed to the Standard
Terms as Exhibit A.

        Class R Certificate: Any one of the Class R-I Certificates or Class R-II
Certificates  executed  by the  Trustee  and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit D
and evidencing an interest designated as a "residual interest" in each REMIC for
purposes of the REMIC Provisions.

        Closing Date: October 30, 2001.

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2001-S24.

        Corresponding  Certificated  Interests:  With respect to  Uncertificated
REMIC I Regular  Interest  Q, the Class A-2,  Class A-3,  Class A-4,  Class A-5,
Class A-10,  Class R-II,  Class M-1,  Class M-2, Class M-3, Class B-1, Class B-2
and Class B-3  Certificates;  with  respect  to  Uncertificated  REMIC I Regular
Interest R, the Class A-1 Certificates;  with respect to Uncertificated  REMIC I
Regular Interest S, the Class A-8  Certificates;  with respect to Uncertificated
REMIC I Regular

                                       -7-

<PAGE>

Interest T, the Class A-9 Certificates;  with respect to Uncertificated  REMIC I
Regular Interest V, the Class A-6  Certificates;  with respect to Uncertificated
REMIC I Regular Interest W, the Class A-P Certificates;  and with respect to the
Uncertificated REMIC I IO Regular Interests, the Class A-V Certificates.

        Cut-off Date: October 1, 2001.

     Determination  Date:  With  respect to any  Distribution  Date,  the second
Business Day prior to each Distribution Date.

        Discount Net Mortgage Rate: 6.75% per annum.

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

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  of this  Series  Supplement),  (iii)  the  Class A-P
Principal   Distribution   Amount   (determined   without   regard  to   Section
4.02(b)(i)(E)  of this  Series  Supplement)  and (iv) the  aggregate  amount  of
Accrued  Certificate   Interest  on  the  Class  M,  Class  B-1  and  Class  B-2
Certificates.

        Floater Certificates:  Any one of the A-6 Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date,  an amount  equal to: (X) prior to the third  anniversary  of the  Cut-off
Date, an amount equal to 1.00% of the aggregate outstanding principal balance of
all of the Mortgage  Loans as of the Cut-off Date minus the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the third to the fifth anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most  recent  anniversary  of the  Cut-off  Date and (b)  0.50% of the
aggregate  outstanding  principal balance of all of the Mortgage Loans as of the
most recent  anniversary  of the Cut-off Date minus (2) the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance  with  Section 4.05 of this Series  Supplement  since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

                                       -8-

<PAGE>

        Indirect Depository Participant: An institution that is not a Depository
Participant  but clears  through or  maintains  a  custodial  relationship  with
Participants and has access to the Depository's clearing system.

        Initial Monthly Payment Fund: $91,156,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
in October  2001,  for those  Mortgage  Loans for which the Trustee  will not be
entitled to receive such payment in  accordance  with the  definition  of "Trust
Fund". The Initial Monthly Payment Fund will not be part of any REMIC.

        Initial  Notional  Amount:  With respect to the Class A-7  Certificates,
$108,352,000.  With respect to any Class A-V  Certificates  or Subclass  thereof
issued pursuant to Section 5.01(c), the aggregate Cut-off Date Principal Balance
of the  Mortgage  Loans  corresponding  to the  Uncertificated  Class  A-V REMIC
Regular Interests represented by such Class or Subclass on such date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate Principal Balance of such Class of Subordinate  Certificates divided
by the aggregate  Stated  Principal  Balance of all the Mortgage Loans as of the
Cut-off Date as follows:

        Class M-1: 1.50%                    Class B-1: 0.20%
        Class M-2: 0.60%                    Class B-2: 0.15%
        Class M-3: 0.35%                    Class B-3: 0.20%

        Interest Accrual Period:  With respect to any  Certificates  (other than
the Floater Certificates and Inverse Floater  Certificates) and any Distribution
Date, the calendar  month  preceding the month in which such  Distribution  Date
occurs.   With  respect  to  the  Floater   Certificates   and  Inverse  Floater
Certificates,  the  one-month  period  commencing  on the 25th day of the  month
preceding the month in which the distribution date occurs and ending on the 24th
day of the month in which the distribution date occurs.

     Interest Only Certificates:  Any one of Class A-7 Certificates or Class A-V
Certificates.  The Interest Only Certificates will have no Certificate Principal
Balance.

        Inverse Floater Certificates:  Any one of the Class A-7 Certificates.

        LIBOR Rate Adjustment Date: With respect to each  Distribution  Date and
the Floater  Certificates  and Inverse  Floater  Certificates,  the second LIBOR
Business Day  immediately  preceding the  commencement  of the related  Interest
Accrual  Period on which  banks are open for  dealing  in foreign  currency  and
exchange in London, England.

     Lockout  Certificates:  Any one of the  Class A-4  Certificates,  Class A-5
Certificates or Class A-10 Certificates.

        Lockout Prepayment Percentage: For any Distribution Date occurring prior
to the  Distribution  Date in  November  2006,  0%.  For any  Distribution  Date
occurring  after the first five years  following  the Closing Date, a percentage
determined as follows: (i) for any Distribution Date during the sixth year after
the Closing Date, 30%; (ii) for any Distribution Date during the seventh

                                       -9-

<PAGE>

year after the Closing Date,  40%;  (iii) for any  Distribution  Date during the
eighth year after the Closing Date, 60%; (iv) for any  Distribution  Date during
the ninth year after the Closing Date,  80%; and (v) for any  Distribution  Date
thereafter, 100%.

        Lockout Scheduled Percentage:  For any Distribution Date occurring prior
to the Distribution Date in November 2006, 0%, and beginning on the Distribution
Date in November 2006 and thereafter, 100%.

        Maturity Date: With respect to each Class of  Certificates,  October 25,
2031, the Distribution Date immediately  following the latest scheduled maturity
date of any Mortgage Loan.

        Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended  from time to time to reflect the  addition of
Qualified  Substitute  Mortgage Loans),  which list or lists shall set forth the
following information as to each Mortgage Loan:
        (a)    the Mortgage Loan identifying number ("RFC LOAN #");
        (b)    the maturity of the Mortgage Note ("MATURITY DATE");
        (c)    the Mortgage Rate ("ORIG RATE");
        (d)    the Subservicer pass-through rate ("CURR NET");
        (e)    the Net Mortgage Rate ("NET MTG RT");
        (f)    the Pool Strip Rate ("STRIP");

          (g)  the initial scheduled  monthly payment of principal,  if any, and
               interest ("ORIGINAL P & I");

        (h)    the Cut-off Date Principal Balance ("PRINCIPAL BAL");
        (i)    the Loan-to-Value Ratio at origination ("LTV");
        (j)    the rate at which the  Subservicing  Fee accrues  ("SUBSERV FEE")
               and at which the Servicing Fee accrues ("MSTR SERV FEE");
        (k)    a  code  "T,"  "BT"  or  "CT"  under  the  column  "LN  FEATURE,"
               indicating  that the  Mortgage  Loan is  secured  by a second  or
               vacation residence; and
        (l)    a code "N" under the  column  "OCCP  CODE,"  indicating  that the
               Mortgage Loan is secured by a non-owner occupied residence.

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

        Notional Amount: As of any Distribution  Date, with respect to the Class
A-7 Certificates, an amount equal to the aggregate Certificate Principal Balance
of the Class A-6 Certificates.  For federal income tax purposes,  however, as of
any  Distribution  Date,  with  respect  to  the  Class  A-7  Certificates,  the
equivalent of the foregoing,  expressed as the Uncertificated  Principal Balance
of Uncertificated  REMIC I Regular Interest V. As of any Distribution Date, with
respect to any Class A-V  Certificates  or Subclass  thereof issued  pursuant to
Section 5.01(c),  the aggregate  Stated Principal  Balance of the Mortgage Loans
corresponding  to  the   Uncertificated   Class  A-V  REMIC  Regular   Interests
represented by such Class or Subclass as of the day  immediately  preceding such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close of business on the Cut- off Date).

     Pass-Through Rate: With respect to the Class A Certificates (other than the
Floater,  Inverse Floater,  Class A-V and Principal Only Certificates),  Class M
Certificates, Class B Certificates and

                                      -10-

<PAGE>

Class R Certificates and any Distribution Date, the per annum rates set forth in
the Preliminary Statement hereto. With respect to the Class A-6 Certificates and
the initial  Interest  Accrual Period,  4.00% per annum,  and as to any Interest
Accrual Period thereafter,  a per annum rate equal to LIBOR plus 0.50%,  subject
to a maximum rate of 8.50% per annum and a minimum rate of 0.50% per annum. With
respect to the Class A-7  Certificates  and the initial Interest Accrual Period,
4.50% per annum, and as to any Interest Accrual Period  thereafter,  a per annum
rate equal to 8.00% minus  LIBOR,  subject to a maximum  rate of 8.00% per annum
and a  minimum  rate  of  0.00%  per  annum.  With  respect  to  the  Class  A-V
Certificates (other than any Subclass thereof) and any Distribution Date, a rate
equal to the  weighted  average,  expressed as a  percentage,  of the Pool Strip
Rates  of all  Mortgage  Loans  as of the Due Date in the  related  Due  Period,
weighted  on the  basis of the  respective  Stated  Principal  Balances  of such
Mortgage Loans as of the day immediately  preceding such  Distribution Date (or,
with respect to the initial  Distribution  Date, at the close of business on the
Cut- off Date).  With  respect  to the Class A-V  Certificates  and the  initial
Distribution  Date the Pass-  Through  Rate is equal to 0.2236% per annum.  With
respect to any Subclass of Class A-V Certificates  and any Distribution  Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated  Class A-V REMIC
Regular Interests represented by such Subclass as of the Due Date in the related
Due Period, weighted on the basis of the respective Stated Principal Balances of
such Mortgage Loans as of the day immediately  preceding such  Distribution Date
(or with respect to the initial  Distribution  Date, at the close of business on
the Cut-off Date).  The Principal Only  Certificates  have no Pass- Through Rate
and are not entitled to Accrued Certificate Interest.

        Prepayment Assumption: A prepayment assumption of 300% of the prepayment
speed  assumption,  used for  determining the accrual of original issue discount
and market  discount  and premium on the  Certificates  for  federal  income tax
purposes.  The prepayment speed assumption assumes a constant rate of prepayment
of mortgage loans of 0.2% per annum of the then outstanding principal balance of
such  mortgage  loans in the  first  month of the  life of the  mortgage  loans,
increasing by an additional  0.2% per annum in each  succeeding  month until the
thirtieth month,  and a constant 6% per annum rate of prepayment  thereafter for
the life of the mortgage loans.

        Prepayment  Distribution  Percentage:  With respect to any  Distribution
Date  and  each  Class  of  Subordinate   Certificates,   under  the  applicable
circumstances set forth below, the respective percentages set forth below:

               (i) For any Distribution  Date prior to the Distribution  Date in
        November 2006 (unless the Certificate  Principal  Balances of the Senior
        Certificates  (other than the Class A-P Certificates)  have been reduced
        to zero), 0%.

               (ii) For any  Distribution  Date for which  clause (i) above does
        not  apply,  and on which  any  Class of  Subordinate  Certificates  are
        outstanding:

                      (a) in the case of the Class of  Subordinate  Certificates
               then  outstanding  with the Highest Priority and each other Class
               of  Subordinate  Certificates  for which the  related  Prepayment
               Distribution Trigger has been satisfied, a fraction, expressed as
               a percentage, the numerator of which is the Certificate Principal
               Balance  of such  Class  immediately  prior to such  date and the
               denominator  of  which  is the sum of the  Certificate  Principal
               Balances immediately prior to such date of (1) the Class of

                                      -11-

<PAGE>

               Subordinate   Certificates  then  outstanding  with  the  Highest
               Priority and (2) all other  Classes of  Subordinate  Certificates
               for which the respective  Prepayment  Distribution  Triggers have
               been satisfied; and

                      (b) in  the  case  of  each  other  Class  of  Subordinate
               Certificates for which the Prepayment  Distribution Triggers have
               not been satisfied, 0%; and

               (iii)  Notwithstanding  the foregoing,  if the application of the
        foregoing  percentages on any  Distribution  Date as provided in Section
        4.02 of this Series Supplement (determined without regard to the proviso
        to the definition of "Subordinate  Principal Distribution Amount") would
        result in a distribution in respect of principal of any Class or Classes
        of  Subordinate  Certificates  in an amount  greater than the  remaining
        Certificate  Principal  Balance  thereof  (any such  class,  a "Maturing
        Class"),  then:  (a)  the  Prepayment  Distribution  Percentage  of each
        Maturing  Class  shall be  reduced  to a level  that,  when  applied  as
        described above, would exactly reduce the Certificate  Principal Balance
        of such Class to zero;  (b) the  Prepayment  Distribution  Percentage of
        each  other  Class  of  Subordinate  Certificates  (any  such  Class,  a
        "Non-Maturing  Class")  shall be  recalculated  in  accordance  with the
        provisions  in paragraph  (ii) above,  as if the  Certificate  Principal
        Balance of each Maturing Class had been reduced to zero (such percentage
        as recalculated, the "Recalculated Percentage"); (c) the total amount of
        the  reductions  in  the  Prepayment  Distribution  Percentages  of  the
        Maturing  Class or  Classes  pursuant  to clause  (a) of this  sentence,
        expressed  as an  aggregate  percentage,  shall be  allocated  among the
        Non-Maturing  Classes in  proportion  to their  respective  Recalculated
        Percentages (the portion of such aggregate reduction so allocated to any
        Non- Maturing Class, the "Adjustment Percentage");  and (d) for purposes
        of such  Distribution  Date, the Prepayment  Distribution  Percentage of
        each Non-Maturing  Class shall be equal to the sum of (1) the Prepayment
        Distribution  Percentage  thereof,  calculated  in  accordance  with the
        provisions  in  paragraph  (ii)  above as if the  Certificate  Principal
        Balance of each  Maturing  Class had not been reduced to zero,  plus (2)
        the related Adjustment Percentage.

        Principal Only Certificates:  Any one of the Class A-P Certificates.

        Record Date:  With respect to each  Distribution  Date and each Class of
Certificates  (other than the Floater and  Inverse  Floater  Certificates),  the
close of business on the last Business Day of the month next preceding the month
in which the related Distribution Date occurs. With respect to each Distribution
Date and the Floater and Inverse Floater Certificates, the 24th day of the month
in which such Distribution Date occurs.

        REMIC I: The  segregated  pool of assets  related to this  Series,  with
respect  to which a REMIC  election  is to be made  (except as  provided  below)
pursuant to this Agreement, consisting of:

          (i)  the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

          (ii) all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging to the Trust Fund, including the proceeds from

                                      -12-

<PAGE>

               the  liquidation  of Pledged  Assets for any Pledged  Asset Loan,
               including amounts on deposit in the Initial Monthly Payment Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and

        (v)    all proceeds of clauses (i) through (iv) above.

        Notwithstanding the foregoing,  the REMIC election specifically excludes
the Initial Monthly Payment Fund.

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the holders of the Class A-1,  Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6, Class A-7,  Class A-8, Class A-9, Class A-10,  Class A- P, Class A-V, Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and R-II Certificates
pursuant to Section 2.06,  with respect to which a separate REMIC election is to
be made.

        REMIC II Certificates: Any of the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class A-10,  Class
A-P, Class A-V, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3
and Class R-II Certificates.

        Senior  Certificate:  Any one of the  Class A  Certificates  or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.

        Senior Percentage: As of any Distribution Date, the lesser of 100% and a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate  Principal Balance of the Senior  Certificates (other than the Class
A-P   Certificates)   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Senior Principal  Distribution  Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i) and Section  4.02(a)(ii)(X) of this Series Supplement,  or, after the
Credit  Support  Depletion  Date,  the amount  required to be distributed to the
Class  A-P  Certificateholders  pursuant  to  Section  4.02(c)  of  this  Series
Supplement  and (b) the sum of the  amounts  required to be  distributed  to the
Senior   Certificateholders  on  such  Distribution  Date  pursuant  to  Section
4.02(a)(ii)(Y), (xvi) and (xvii) of this Series Supplement.

     Special  Hazard  Amount:  As of any  Distribution  Date, an amount equal to
$4,139,892  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated solely to one or more

                                      -13-

<PAGE>

specific  Classes of Certificates in accordance with Section 4.05 of this Series
Supplement  and (ii) the  Adjustment  Amount (as defined below) as most recently
calculated.  For each  anniversary of the Cut-off Date,  the  Adjustment  Amount
shall  be  equal to the  amount,  if any,  by which  the  amount  calculated  in
accordance with the preceding  sentence  (without giving effect to the deduction
of the Adjustment  Amount for such  anniversary)  exceeds the greater of (A) the
greatest of (i) twice the outstanding  principal balance of the Mortgage Loan in
the Trust  Fund  which has the  largest  outstanding  principal  balance  on the
Distribution Date immediately  preceding such  anniversary,  (ii) the product of
1.00% multiplied by the outstanding  principal  balance of all Mortgage Loans on
the  Distribution  Date  immediately  preceding such  anniversary  and (iii) the
aggregate  outstanding  principal  balance  (as  of  the  immediately  preceding
Distribution Date) of the Mortgage Loans in any single five-digit California zip
code area with the  largest  amount of  Mortgage  Loans by  aggregate  principal
balance as of such  anniversary  and (B) the greater of (i) the product of 0.50%
multiplied by the  outstanding  principal  balance of all Mortgage  Loans on the
Distribution  Date  immediately  preceding  such  anniversary  multiplied  by  a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance  (as of  the  immediately  preceding  Distribution  Date)  of all of the
Mortgage  Loans  secured  by  Mortgaged  Properties  located  in  the  State  of
California  divided by the aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a  percentage,  and the  denominator  of  which is  equal  to  46.02%  (which
percentage is equal to the  percentage of Mortgage  Loans  initially  secured by
Mortgaged  Properties located in the State of California) and (ii) the aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of the largest  Mortgage  Loan secured by a Mortgaged  Property  (or, with
respect to a Cooperative Loan, the related Cooperative Apartment) located in the
State of California.

        The Special Hazard Amount may be further  reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  for such  Distribution  Date under
clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A) of this Series Supplement
(without  giving effect to the Senior  Percentage)  to the extent not payable to
the  Senior  Certificates;  (ii)  such  Class's  pro  rata  share,  based on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)  of this Series  Supplement  (without  giving effect to the
Senior Accelerated  Distribution  Percentage) to the extent such collections are
not otherwise  distributed to the Senior Certificates;  (iii) the product of (x)
the related  Prepayment  Distribution  Percentage  and (y) the  aggregate of all
Principal  Prepayments  in Full  received in the related  Prepayment  Period and
Curtailments  received in the preceding  calendar  month (other than the related
Discount  Fraction of such Principal  Prepayments in Full and Curtailments  with
respect to a  Discount  Mortgage  Loan) to the extent not  payable to the Senior
Certificates;  (iv) if such Class is the Class of Subordinate  Certificates with
the  Highest  Priority,   any  Excess  Subordinate  Principal  Amount  for  such
Distribution  Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous Distribution Date, that remain undistributed

                                      -14-

<PAGE>

to the extent that such amounts are not  attributable  to Realized  Losses which
have  been  allocated  to a Class of  Subordinate  Certificates  minus  (b) with
respect to the Class of Subordinate  Certificates with the Lowest Priority,  any
Excess  Subordinate  Principal  Amount  for such  Distribution  Date;  provided,
however,  that the Subordinate  Principal  Distribution  Amount for any Class of
Subordinate  Certificates on any Distribution  Date shall in no event exceed the
outstanding   Certificate  Principal  Balance  of  such  Class  of  Certificates
immediately prior to such date.

        Trust Fund:  REMIC I, REMIC II and the Initial Monthly Payment Fund.

        Uncertificated  Class A-V REMIC Accrued  Interest:  With respect to each
Distribution Date, as to each  Uncertificated  Class A-V REMIC Regular Interest,
an amount equal to the  aggregate  amount of Accrued  Certificate  Interest that
would  result  under  the  terms  of  the   definition   thereof  on  each  such
uncertificated  interest,  if  the  Pass-Through  Rate  on  such  uncertificated
interest was equal to the related  Uncertificated  Class A-V REMIC  Pass-Through
Rate and the notional  amount of such  uncertificated  interest was equal to the
related  Uncertificated  Class A-V REMIC  Notional  Amount;  provided,  that any
reduction  in the  amount of Accrued  Certificate  Interest  resulting  from the
allocation of Prepayment Interest  Shortfalls,  Realized Losses or other amounts
to the Class A-V  Certificateholders  pursuant to Section  4.05 hereof  shall be
allocated to the  Uncertificated  Class A-V REMIC Regular  Interests pro rata in
accordance  with the amount of interest  accrued  with  respect to each  related
Uncertificated Class A-V REMIC Notional Amount and such Distribution Date.

        Uncertificated  Class A-V REMIC  Notional  Amount:  With respect to each
Uncertificated  Class A-V REMIC  Regular  Interest,  the  amount of the  related
Uncertificated REMIC I IO Notional Amount.

        Uncertificated  Class A-V REMIC  Pass-Through Rate: With respect to each
Uncertificated Class A-V REMIC Regular Interest, 100% of the interest payable on
the related Uncertificated REMIC I IO Regular Interest.

        Uncertificated  Class A-V REMIC Regular Interest  Distribution  Amounts:
With  respect to any  Distribution  Date,  the sum of the  amounts  deemed to be
distributed  on the  Uncertificated  Class AV REMIC  Regular  Interests for such
Distribution Date pursuant to Section 4.08(a).

        Uncertificated Class A-V REMIC Regular Interests: The 791 uncertificated
partial  undivided  beneficial  ownership  interests in the Trust Fund  numbered
sequentially  from 1 through 791 each relating to the  particular  Mortgage Loan
identified by sequential  number on the Mortgage Loan  Schedule,  each having no
principal balance, and each bearing the respective Pool Strip Rate on the Stated
Principal Balance of the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to (A)(i)
$114,495,348.00  with respect to Uncertificated REMIC I Regular Interest Q, (ii)
$79,616,000.00 with respect to Uncertificated  REMIC I Regular Interest R, (iii)
55,000,000.00  with respect to  Uncertificated  REMIC I Regular Interest S, (iv)
$55,000,000.00  with respect to  Uncertificated  REMIC I Regular Interest T, (v)
$108,352,000.00  with respect to  Uncertificated  REMIC I Regular Interest V and
(vi)  $1,525,736.08  with respect to Uncertificated  REMIC I Regular Interest W,
minus  (B)  the  sum of (x)  the  aggregate  of all  amounts  previously  deemed
distributed with respect to such interest and applied to reduce the

                                      -15-

<PAGE>

Uncertificated Principal Balance thereof pursuant to Section 4.09(a)(ii) and (y)
the aggregate of all reductions in  Uncertificated  Principal  Balance deemed to
have occurred in connection  with Realized  Losses that were  previously  deemed
allocated to the Uncertificated Principal Balance of such Uncertificated REMIC I
Regular Interest pursuant to Section 4.09(d).

        Uncertificated   REMIC  I  Accrued   Interest:   With  respect  to  each
Distribution  Date,  (i) as to  Uncertificated  REMIC I Regular  Interest  Q, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the  definition  thereof on the Class A-2,  Class A-3,
Class A-4, Class A-5, Class A-10,  Class R-II,  Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2 and Class B-3 Certificates if the Pass-Through Rate on such
Class  were  equal  to the  Uncertificated  REMIC I  Pass-Through  Rate  and the
Uncertificated Principal Balance were the Certificate Principal Balance, (ii) as
to  Uncertificated  REMIC I Regular Interest R, an amount equal to the aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Class A-1  Certificates if the  Pass-Through  Rate on
each such Class were equal to the  Uncertificated  REMIC I Pass-Through Rate and
the  Uncertificated  Principal Balance were the Certificate  Principal  Balance,
(iii) as to  Uncertificated  REMIC I Regular  Interest S, an amount equal to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms of the definition thereof on the A-8 Certificates if the Pass-Through Rate
on each such Class were equal to the  Uncertificated  REMIC I Pass-Through  Rate
and the Uncertificated Principal Balance were the Certificate Principal Balance,
(iv) as to  Uncertificated  REMIC I Regular  Interest T, an amount  equal to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms  of  the  definition   thereof  on  the  Class  A-9  Certificates  if  the
Pass-Through  Rate on each such Class were equal to the  Uncertificated  REMIC I
Pass-Through Rate and the Uncertificated  Principal Balance were the Certificate
Principal  Balance,  (v) as to  Uncertificated  REMIC I Regular  Interest  V, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the definition  thereof on the Class A-6  Certificates
if the  Uncertificated  REMIC I Pass-Through Rate were the Pass-Through Rate and
the  Uncertificated  Principal Balance were the Certificate  Principal  Balance,
(vi) as to  Uncertificated  REMIC I Regular  Interest W, an amount  equal to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms  of  the  definition   thereof  on  the  Class  A-P  Certificates  if  the
Pass-Through  Rate on each such Class were equal to the  Uncertificated  REMIC I
Pass-Through Rate and the Uncertificated  Principal Balance were the Certificate
Principal  Balance  and  (vii)  as to each  Uncertificated  REMIC  I IO  Regular
Interest,  an  amount  equal to the  aggregate  amount  of  Accrued  Certificate
Interest  that would  result under the terms of the  definition  thereof on each
such  uncertificated  interest,  if the Pass-Through Rate on such uncertificated
interest was equal to the related  Uncertificated  REMIC I Pass-Through Rate and
the  notional  amount of such  uncertificated  interest was equal to the related
Uncertificated REMIC I IO Notional Amount;  provided,  that any reduction in the
amount  of  Accrued  Certificate  Interest  resulting  from  the  allocation  of
Prepayment  Interest  Shortfalls,  Realized  Losses  or  other  amounts  to  the
Certificates  pursuant to Sections 4.02(a) and 4.05 hereof shall be allocated to
the Uncertificated REMIC I Regular Interests for which such Certificates are the
Corresponding Certificated Interests.

        Uncertificated  REMIC  I  IO  Notional  Amount:  With  respect  to  each
Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the  aggregate
Stated Principal Balance of the related Non- Discount Mortgage Loan.

                                      -16-

<PAGE>

        Uncertificated  REMIC I IO  Regular  Interests:  The 791  uncertificated
partial undivided  beneficial ownership interests in REMIC I, each relating to a
Mortgage  Loan with a Net  Mortgage  Rate in excess  of  6.75%,  each  having no
principal balance, and each bearing interest at the related Uncertificated REMIC
I Pass-Through Rate on the related Uncertificated REMIC I IO Notional Amount.

        Uncertificated  REMIC I Pass-Through  Rate:  With respect to each of the
Uncertificated  REMIC I Regular  Interests  Q, R, S, T, V and W,  6.75%,  5.75%,
5.50%,  6.00%,  8.50% and 0.00%,  respectively.  With respect to  Uncertificated
REMIC I IO  Regular  Interest,  an amount  equal to the Pool  Strip Rate for the
related Mortgage Loan.

        Uncertificated  REMIC I Regular  Interest Q: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate  Certificate  Principal  Balance of the Class A-2,  Class
A-3, Class A-4, Class A-5, Class A-10,  Class R-II,  Class M-1, Class M-2, Class
M-3, Class B-1, Class B-2 and Class B-3 Certificates and which bears interest at
a rate equal to 6.75% per annum.

        Uncertificated  REMIC I Regular  Interest R: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-1
Certificates and which bears interest at a rate equal to 5.75% per annum.

        Uncertificated  REMIC I Regular  Interest S: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-8
Certificates and which bears interest at a rate equal to 5.50% per annum.

        Uncertificated  REMIC I Regular  Interest T: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-9
Certificates, and which bears interest at a rate equal to 6.00% per annum.

        Uncertificated  REMIC I Regular  Interest V: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-6
Certificates and which bears interest at a rate equal to 8.50% per annum.

        Uncertificated  REMIC I Regular  Interest W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-P
Certificates, and which bears interest at a rate equal to 0.00% per annum.

        Uncertificated REMIC I Regular Interests: Uncertificated REMIC I Regular
Interest R, Uncertificated  REMIC I Regular Interest S,  Uncertificated  REMIC I
Regular Interest T,  Uncertificated  REMIC I Regular Interest V,  Uncertificated
REMIC I Regular Interest W and the Uncertificated REMIC I IO Regular Interests.

        Uncertificated  REMIC I IO Regular Interest  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated  REMIC  I IO  Regular  Interests  for  such
Distribution Date pursuant to Section 4.09(a).

                                      -17-

<PAGE>

        Uncertificated  REMIC I Regular  Interest Q  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Q  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest R  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  R  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest S  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  S  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest T  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  T  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest V  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  V  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest W  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  W  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC  I  Regular  Interest  Distribution  Amounts:  The
Uncertificated   REMIC  I  Regular   Interest   R   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   S   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   T   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   V   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular  Interest  W  Distribution   Amount  and  the
Uncertificated REMIC I IO Regular Interest Distribution Amount.

     Underwriters:  Residential  Funding  Securities  Corporation  and  Banc  of
America Securities LLC.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definitions  set forth herein include both the singular and the
plural.

        Section 1.03 Determination of LIBOR.

        LIBOR  applicable to the  calculation of the  Pass-Through  Rates on the
Floater Certificates and Inverse Floater Certificates,  if any, for any Interest
Accrual  Period  (other  than  the  initial  Interest  Accrual  Period)  will be
determined on each LIBOR Rate Adjustment Date.

                                      -18-

<PAGE>

        On each LIBOR Rate Adjustment Date (other than for the initial  Interest
Accrual  Period),  LIBOR  shall be  established  by the  Trustee  and, as to any
Interest Accrual Period,  will equal the rate for one month United States dollar
deposits that appears on the Telerate Screen Page 3750 as of 11:00 a.m.,  London
time, on such LIBOR Rate Adjustment Date.  "Telerate Screen Page 3750" means the
display  designated as page 3750 on the Telerate  Service (or such other page as
may  replace  page 3750 on that  service for the  purpose of  displaying  London
interbank  offered rates of major  banks).  If such rate does not appear on such
page (or such other page as may replace  that page on that  service,  or if such
service is no longer offered, LIBOR shall be so established by use of such other
service  for  displaying  LIBOR or  comparable  rates as may be  selected by the
Trustee  after  consultation  with the  Master  Servicer),  the rate will be the
Reference Bank Rate.  The "Reference  Bank Rate" will be determined on the basis
of the rates at which  deposits in U.S.  Dollars  are  offered by the  reference
banks (which shall be any three major banks that are engaged in  transactions in
the London interbank market, selected by the Trustee after consultation with the
Master  Servicer) as of 11:00 a.m.,  London time,  on the LIBOR Rate  Adjustment
Date to prime banks in the London  interbank market for a period of one month in
amounts  approximately equal to the aggregate  Certificate  Principal Balance of
the Floater Certificates and Inverse Floater Certificates then outstanding.  The
Trustee will request the principal  London office of each of the reference banks
to  provide  a  quotation  of its  rate.  If at least  two such  quotations  are
provided,  the rate will be the arithmetic mean of the quotations  rounded up to
the next  multiple  of 1/16%.  If on such date  fewer  than two  quotations  are
provided as requested,  the rate will be the arithmetic mean of the rates quoted
by one or more  major  banks in New York City,  selected  by the  Trustee  after
consultation with the Master Servicer,  as of 11:00 a.m., New York City time, on
such date for loans in U.S.  Dollars to leading  European  banks for a period of
one month in amounts approximately equal to, with respect to each of the Floater
Certificates  and  Inverse  Floater  Certificates,   the  Certificate  Principal
Balances  of  the  Floater   Certificates  and  Inverse  Floater   Certificates,
respectively,  then outstanding. If no such quotations can be obtained, the rate
will be LIBOR for the prior Distribution Date, or in the case of the first LIBOR
Rate Adjustment  Date,  3.50% with respect to the Adjustable Rate  Certificates;
provided however,  if, under the priorities listed previously in this paragraph,
LIBOR  for a  Distribution  Date  would  be  based  on  LIBOR  for the  previous
Distribution Date for the third consecutive Distribution Date, the Trustee shall
select an  alternative  comparable  index over which the Trustee has no control,
used for determining  one-month  Eurodollar lending rates that is calculated and
published or otherwise made available by an independent party.

        The  establishment  of LIBOR by the Trustee on any LIBOR Rate Adjustment
Date  and  the  Trustee's  subsequent  calculation  of  the  Pass-Through  Rates
applicable to each of the Floater  Certificates and Inverse Floater Certificates
for the relevant Interest Accrual Period, in the absence of manifest error, will
be final and binding.

        Promptly  following  each LIBOR Rate  Adjustment  Date the Trustee shall
supply the Master  Servicer  with the results of its  determination  of LIBOR on
such date.  Furthermore,  the Trustee  will supply to any  Certificateholder  so
requesting  by  telephone  the  Pass-Through   Rates  on  each  of  the  Floater
Certificates   and  Inverse  Floater   Certificates  for  the  current  and  the
immediately preceding Interest Accrual Period.

                                      -19-

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

          Section 2.01  Conveyance of Mortgage  Loans.  (See Section 2.01 of the
               Standard Terms)

          Section 2.02 Acceptance by Trustee.  (See Section 2.02 of the Standard
               Terms)

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

               (a) For  representations,  warranties and covenants of the Master
        Servicer, see Section 2.03(a) of the Standard Terms.

               (b) The Company hereby represents and warrants to the Trustee for
        the benefit of  Certificateholders  that as of the Closing  Date (or, if
        otherwise specified below, as of the date so specified):

                      (i) No  Mortgage  Loan is 30 or more  days  Delinquent  in
               payment of  principal  and interest as of the Cut-off Date and no
               Mortgage  Loan  has  been so  Delinquent  more  than  once in the
               12-month period prior to the Cut-off Date;

                      (ii) The  information set forth in Exhibit One hereto with
               respect to each Mortgage Loan or the Mortgage  Loans, as the case
               may be, is true and correct in all material  respects at the date
               or dates respecting which such information is furnished;

                      (iii) The Mortgage Loans are fully-amortizing,  fixed-rate
               mortgage  loans with level Monthly  Payments due on the first day
               of  each  month  and  terms  to   maturity  at   origination   or
               modification of not more than 30 years;

                      (iv) To the best of the Company's knowledge, if a Mortgage
               Loan is  secured by a  Mortgaged  Property  with a  Loan-to-Value
               Ratio at  origination in excess of 80%, such Mortgage Loan is the
               subject of a Primary  Insurance  Policy that  insures that (a) at
               least 30% of the Stated Principal Balance of the Mortgage Loan at
               origination  if the  Loan-to-Value  Ratio is  between  95.00% and
               90.01%,  (b) at least 25% of such  balance  if the  Loan-to-Value
               Ratio is between 90.00% and 85.01%,  and (c) at least 12% of such
               balance if the Loan-to-Value  Ratio is between 85.00% and 80.01%.
               To the  best  of  the  Company's  knowledge,  each  such  Primary
               Insurance  Policy is in full force and effect and the  Trustee is
               entitled to the benefits  thereunder.  Two Pledged Asset Mortgage
               Loans  representing  approximately  0.3% of the Mortgage Loans by
               aggregate Stated Principal Balance as of the Cut-off Date will be
               secured by Pledged  Assets in addition  to the related  Mortgaged
               Property and in lieu of any Primary Insurance Policy;

                                      -20-

<PAGE>

                      (v) The  issuers of the  Primary  Insurance  Policies  are
               insurance companies whose  claims-paying  abilities are currently
               acceptable to each Rating Agency;

                      (vi) No more than 0.9% of the Mortgage  Loans by aggregate
               Stated  Principal  Balance as of the Cut-off  Date are secured by
               Mortgaged  Properties  located  in  any  one  zip  code  area  in
               California  and no  more  than  0.6%  of the  Mortgage  Loans  by
               aggregate  Stated  Principal  Balance as of the Cut-off  Date are
               secured by Mortgaged  Properties located in any one zip code area
               outside California;

                      (vii) The improvements  upon the Mortgaged  Properties are
               insured against loss by fire and other hazards as required by the
               Program Guide,  including  flood  insurance if required under the
               National  Flood  Insurance Act of 1968, as amended.  The Mortgage
               requires the Mortgagor to maintain such casualty insurance at the
               Mortgagor's  expense,  and on the  Mortgagor's  failure to do so,
               authorizes the holder of the Mortgage to obtain and maintain such
               insurance at the  Mortgagor's  expense and to seek  reimbursement
               therefor from the Mortgagor;

                      (viii) Immediately prior to the assignment of the Mortgage
               Loans to the Trustee,  the Company had good title to, and was the
               sole owner of, each  Mortgage  Loan free and clear of any pledge,
               lien,  encumbrance  or  security  interest  (other than rights to
               servicing and related  compensation) and such assignment  validly
               transfers ownership of the Mortgage Loans to the Trustee free and
               clear of any pledge, lien, encumbrance or security interest;

                    (ix) 9.63% of the Mortgage Loans were  underwritten  under a
               reduced loan documentation program;

                      (x) Each  Mortgagor  represented  in its loan  application
               with  respect to the  related  Mortgage  Loan that the  Mortgaged
               Property would be  owner-occupied  and therefore  would not be an
               investor  property as of the date of origination of such Mortgage
               Loan. No Mortgagor is a corporation or a partnership;

                    (xi) None of the Mortgage Loans is a Buydown Mortgage Loan;

                      (xii) Each Mortgage Loan constitutes a qualified  mortgage
               under Section  860G(a)(3)(A) of the Code and Treasury Regulations
               Section 1.860G-2(a)(1);

                      (xiii) A policy of title insurance was effective as of the
               closing  of each  Mortgage  Loan and is  valid  and  binding  and
               remains in full force and effect, unless the Mortgaged Properties
               are  located in the State of Iowa and an  attorney's  certificate
               has been provided as described in the Program Guide;

                      (xiv)  None of the Mortgage Loans are Cooperative Loans;

                      (xv) With respect to each Mortgage Loan originated under a
               "streamlined"  Mortgage  Loan  program  (through  which no new or
               updated  appraisals  of  Mortgaged  Properties  are  obtained  in
               connection with the refinancing thereof), the related Seller

                                      -21-

<PAGE>

               has  represented  that  either  (a)  the  value  of  the  related
               Mortgaged   Property  as  of  the  date  the  Mortgage  Loan  was
               originated was not less than the appraised value of such property
               at the time of origination of the refinanced Mortgage Loan or (b)
               the Loan-  to-Value  Ratio of the Mortgage Loan as of the date of
               origination  of the Mortgage Loan  generally  meets the Company's
               underwriting guidelines;

                    (xvi)  Interest on each  Mortgage  Loan is calculated on the
               basis of a 360-day year consisting of twelve 30-day months;

                    (xvii) One of the  Mortgage  Loans  contains  in the related
               Mortgage File a Destroyed Mortgage Note; and

                      (xviii)Two   of   the   Mortgage    Loans,    representing
               approximately  0.3% of the  Mortgage  Loans by  aggregate  Stated
               Principal  Balance as of the  Cut-off  Date,  are  Pledged  Asset
               Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and
agreed that the  obligation of the Company to cure such breach or to so purchase
or  substitute  for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

          Section 2.04  Representations and Warranties of Sellers.  (See Section
               2.04 of the Standard Terms)

          Section 2.05 Execution and Authentication of Certificates.

                                      -22-

<PAGE>

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets  included  in the Trust  Fund,  receipt of which is hereby  acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee,  pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the  Company  the  Certificates  in  authorized   denominations  which  evidence
ownership of the entire Trust Fund.

                                      -23-

<PAGE>

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS
                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                      -24-

<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

          Section 4.01  Certificate  Account.  (See Section 4.01 of the Standard
               Terms)

        Section 4.02  Distributions.

               (a) On each  Distribution  Date (x) the Master Servicer on behalf
        of the Trustee or (y) the Paying Agent  appointed by the Trustee,  shall
        distribute  to the  Master  Servicer,  in  the  case  of a  distribution
        pursuant  to  Section  4.02(a)(iii)  below,  the amount  required  to be
        distributed to the Master Servicer or a Sub-Servicer pursuant to Section
        4.02(a)(iii) below, and to each  Certificateholder of record on the next
        preceding Record Date (other than as provided in Section 9.01 respecting
        the final distribution)  either in immediately  available funds (by wire
        transfer or  otherwise)  to the account of such  Certificateholder  at a
        bank or other entity having  appropriate  facilities  therefor,  if such
        Certificateholder  has so  notified  the Master  Servicer  or the Paying
        Agent,  as the case may be,  or,  if such  Certificateholder  has not so
        notified the Master  Servicer or the Paying Agent by the Record Date, by
        check  mailed to such  Certificateholder  at the  address of such Holder
        appearing in the  Certificate  Register such  Certificateholder's  share
        (which share (A) with respect to each Class of Certificates  (other than
        any  Subclass  of the  Class  A-V  Certificates),  shall be based on the
        aggregate of the Percentage Interests represented by Certificates of the
        applicable Class held by such Holder or (B) with respect to any Subclass
        of the Class A-V  Certificates,  shall be equal to the  amount  (if any)
        distributed  pursuant  to Section  4.02(a)(i)  below to each Holder of a
        Subclass  thereof) of the following  amounts,  in the following order of
        priority  (subject to the provisions of Section 4.02(b) below),  in each
        case to the extent of the Available Distribution Amount:

                      (i) to the Senior  Certificates  (other than the Principal
               Only Certificates,  and prior to the Accretion  Termination Date,
               the   Accrual   Certificates,   to  the  extent  of  the  Accrual
               Distribution  Amount)  on a  pro  rata  basis  based  on  Accrued
               Certificate Interest payable on such Certificates with respect to
               such  Distribution  Date,  Accrued  Certificate  Interest on such
               Classes of Certificates  (or Subclasses,  if any, with respect to
               the Class A-V Certificates) for such Distribution  Date, plus any
               Accrued  Certificate  Interest thereon  remaining unpaid from any
               previous  Distribution  Date  except  as  provided  in  the  last
               paragraph   of  this  Section   4.02(a)  (the  "Senior   Interest
               Distribution Amount"); and

                      (ii) (X) to the  Class  A-P  Certificates,  the  Class A-P
               Principal  Distribution  Amount (as defined in Section 4.02(b)(i)
               herein); and

                             (Y) to the  Senior  Certificates  (other  than  the
               Class A-P Certificates),  in the priorities and amounts set forth
               in Section  4.02(b)(ii) through Section  4.02(b)(vi),  the sum of
               the  following  (applied  to  reduce  the  Certificate  Principal
               Balances of such Senior Certificates, as applicable):

                                      -25-

<PAGE>

                             (A) the  Senior  Percentage  for such  Distribution
                      Date times the sum of the following:

                                    (1) the  principal  portion of each  Monthly
                             Payment  due during the  related Due Period on each
                             Outstanding  Mortgage  Loan (other than the related
                             Discount  Fraction of the principal portion of such
                             payment with respect to a Discount  Mortgage Loan),
                             whether or not  received on or prior to the related
                             Determination  Date, minus the principal portion of
                             any Debt Service  Reduction (other than the related
                             Discount  Fraction of the principal portion of such
                             Debt  Service   Reductions  with  respect  to  each
                             Discount  Mortgage  Loan) which together with other
                             Bankruptcy Losses exceeds the Bankruptcy Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                             Mortgage  Loan  repurchased  during  the  preceding
                             calendar   month   (or   deemed  to  have  been  so
                             repurchased in accordance  with Section  3.07(b) of
                             the Standard Terms) pursuant to Sections 2.02, 2.04
                             or 4.07 of the  Standard  Terms and Section 2.03 of
                             the Standard Terms and this Series Supplement,  and
                             the  amount  of  any  shortfall  deposited  in  the
                             Custodial    Account   in   connection   with   the
                             substitution of a Deleted Mortgage Loan pursuant to
                             Section 2.04 of the Standard  Terms or Section 2.03
                             of the Standard  Terms and this Series  Supplement,
                             during the preceding calendar month (other than the
                             related Discount  Fraction of such Stated Principal
                             Balance or shortfall  with respect to each Discount
                             Mortgage Loan); and

                                    (3)  the  principal  portion  of  all  other
                             unscheduled   collections   (other  than  Principal
                             Prepayments  in Full and  Curtailments  and amounts
                             received in connection  with a Cash  Liquidation or
                             REO  Disposition  of a Mortgage  Loan  described in
                             Section    4.02(a)(ii)(Y)(B)    of   this    Series
                             Supplement,  including without limitation Insurance
                             Proceeds,  Liquidation  Proceeds and REO  Proceeds)
                             received  during the preceding  calendar  month (or
                             deemed to have been so received in accordance  with
                             Section  3.07(b)  of  the  Standard  Terms)  to the
                             extent applied by the Master Servicer as recoveries
                             of principal of the related  Mortgage Loan pursuant
                             to Section 3.14 of the  Standard  Terms (other than
                             the  related  Discount  Fraction  of the  principal
                             portion  of  such  unscheduled  collections,   with
                             respect to each Discount Mortgage Loan);

                             (B) with respect to each  Mortgage Loan for which a
                      Cash Liquidation or a REO Disposition  occurred during the
                      preceding  calendar  month (or was deemed to have occurred
                      during such period in accordance  with Section  3.07(b) of
                      the  Standard  Terms)  and did not  result  in any  Excess
                      Special  Hazard  Losses,   Excess  Fraud  Losses,   Excess
                      Bankruptcy Losses or Extraordinary Losses, an amount equal
                      to the lesser of (a) the Senior

                                      -26-

<PAGE>

                      Percentage  for such  Distribution  Date  times the Stated
                      Principal  Balance of such  Mortgage  Loan (other than the
                      related   Discount   Fraction  of  such  Stated  Principal
                      Balance,  with respect to each Discount Mortgage Loan) and
                      (b) the Senior  Accelerated  Distribution  Percentage  for
                      such  Distribution  Date  times  the  related  unscheduled
                      collections   (including  without   limitation   Insurance
                      Proceeds,  Liquidation  Proceeds and REO  Proceeds) to the
                      extent  applied by the Master  Servicer as  recoveries  of
                      principal of the related Mortgage Loan pursuant to Section
                      3.14 of the  Standard  Terms (in each case  other than the
                      portion of such unscheduled collections, with respect to a
                      Discount Mortgage Loan, included in Section  4.02(b)(i)(C)
                      of this Series Supplement);

                             (C) the Senior Accelerated  Distribution Percentage
                      for such  Distribution  Date  times the  aggregate  of all
                      Principal  Prepayments  in Full  received  in the  related
                      Prepayment   Period  and  Curtailments   received  in  the
                      preceding  calendar month (other than the related Discount
                      Fraction  of  such  Principal   Prepayments  in  Full  and
                      Curtailments,  with  respect  to  each  Discount  Mortgage
                      Loan);

                         (D) any Excess  Subordinate  Principal  Amount for such
                    Distribution Date; and

                             (E) any amounts  described in  subsection  (ii)(Y),
                      clauses  (A),  (B)  and (C) of this  Section  4.02(a),  as
                      determined  for  any  previous  Distribution  Date,  which
                      remain  unpaid  after  application  of amounts  previously
                      distributed pursuant to this clause (E) to the extent that
                      such amounts are not attributable to Realized Losses which
                      have been allocated to the Subordinate Certificates;

                      (iii)  if  the  Certificate   Principal  Balances  of  the
               Subordinate  Certificates  have not been reduced to zero,  to the
               Master  Servicer or a  Sub-Servicer,  by remitting for deposit to
               the Custodial Account,  to the extent of and in reimbursement for
               any  Advances  or  Sub-Servicer  Advances  previously  made  with
               respect  to any  Mortgage  Loan  or  REO  Property  which  remain
               unreimbursed  in whole or in part following the Cash  Liquidation
               or REO  Disposition of such Mortgage Loan or REO Property,  minus
               any such  Advances  that were made with respect to  delinquencies
               that ultimately  constituted Excess Special Hazard Losses, Excess
               Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses;

                      (iv) to the  Holders  of the Class M-1  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (v) to the  Holders  of the  Class  M-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such Distribution  Date, minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution Dates, to the

                                      -27-

<PAGE>

               extent the amounts  available  pursuant to clause (x) of Sections
               4.02(a)(vii),  (ix), (xi), (xiii),  (xiv) and (xv) of this Series
               Supplement are insufficient therefor, applied in reduction of the
               Certificate Principal Balance of the Class M-1 Certificates;

                      (vi) to the  Holders  of the Class M-2  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (vii) to the  Holders  of the Class M-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such Distribution  Date, minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections  4.02(a)(ix),  (xi), (xiii),  (xiv) and
               (xv) of this Series Supplement are insufficient therefor, applied
               in reduction of the  Certificate  Principal  Balance of the Class
               M-2 Certificates;

                      (viii) to the Holders of the Class M-3  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (ix) to the  Holders  of the  Class M-3  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections 4.02(a)(xi),  (xiii), (xiv) and (xv) of
               this Series  Supplement  are  insufficient  therefor,  applied in
               reduction of the Certificate  Principal  Balance of the Class M-3
               Certificates;

                      (x) to the  Holders  of the  Class B-1  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (xi) to the  Holders  of the  Class B-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections  4.02(a)(xiii),  (xiv) and (xv) of this
               Series Supplement are insufficient therefor, applied in reduction
               of  the   Certificate   Principal   Balance   of  the  Class  B-1
               Certificates;

                      (xii) to the  Holders of the Class B-2  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                                      -28-

<PAGE>

                      (xiii) to the  Holders of the Class B-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of  Sections  4.02(a)(xiv)  and (xv) of this Series
               Supplement are insufficient therefor, applied in reduction of the
               Certificate Principal Balance of the Class B-2 Certificates;

                      (xiv) to the  Holders  of the Class B-3  Certificates,  an
               amount equal to (x) the Accrued Certificate  Interest thereon for
               such  Distribution  Date, plus any Accrued  Certificate  Interest
               thereon  remaining  unpaid from any previous  Distribution  Date,
               except as provided  below,  minus (y) the amount of any Class A-P
               Collection  Shortfalls  for such  Distribution  Date or remaining
               unpaid for all  previous  Distribution  Dates,  to the extent the
               amounts available  pursuant to clause (x) of Section 4.02(a) (xv)
               of this Series Supplement are insufficient therefor;

                      (xv) to the  Holders  of the  Class B-3  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates  applied  in  reduction  of  the  Certificate
               Principal Balance of the Class B-3 Certificates;

                      (xvi) to the  Senior  Certificates,  in the  priority  set
               forth in Section 4.02(b) of this Series Supplement,  the portion,
               if any, of the Available  Distribution Amount remaining after the
               foregoing  distributions,   applied  to  reduce  the  Certificate
               Principal Balances of such Senior  Certificates,  but in no event
               more than the aggregate of the outstanding  Certificate Principal
               Balances  of  each  such  Class  of  Senior   Certificates,   and
               thereafter,  to  each  Class  of  Subordinate  Certificates  then
               outstanding  beginning with such Class with the Highest Priority,
               any portion of the Available  Distribution Amount remaining after
               the Senior Certificates have been retired,  applied to reduce the
               Certificate  Principal  Balance of each such Class of Subordinate
               Certificates,   but  in  no  event  more  than  the   outstanding
               Certificate  Principal  Balance of each such Class of Subordinate
               Certificates; and

               (xvii) to the Class R-II  Certificates,  the balance,  if any, of
          the Available Distribution Amount.

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent that such unpaid Accrued Certificate  Interest was attributable to
interest  shortfalls  relating to the failure of the Master Servicer to make any
required Advance,  or the determination by the Master Servicer that any proposed
Advance would be a  Nonrecoverable  Advance with respect to the related Mortgage
Loan where such Mortgage Loan has not yet been the

                                      -29-

<PAGE>

subject of a Cash  Liquidation  or REO  Disposition  or the related  Liquidation
Proceeds,  Insurance  Proceeds and REO Proceeds have not yet been distributed to
the Certificateholders.

               (b) Distributions of principal on the Senior Certificates on each
        Distribution  Date occurring prior to the Credit Support  Depletion Date
        will be made as follows:

                      (i) to the Class A-P  Certificates,  until the Certificate
               Principal  Balance  thereof is reduced  to zero,  an amount  (the
               "Class A-P Principal Distribution Amount") equal to the aggregate
               of:

                             (A) the related Discount  Fraction of the principal
                      portion of each Monthly Payment on each Discount  Mortgage
                      Loan due during the  related  Due  Period,  whether or not
                      received  on or prior to the related  Determination  Date,
                      minus the Discount  Fraction of the  principal  portion of
                      any related Debt Service  Reduction  which  together  with
                      other Bankruptcy Losses exceeds the Bankruptcy Amount;

                             (B) the related Discount  Fraction of the principal
                      portion of all  unscheduled  collections  on each Discount
                      Mortgage Loan received during the preceding calendar month
                      or, in the case of Principal  Prepayments in Full,  during
                      the related Prepayment Period (other than amounts received
                      in connection  with a Cash  Liquidation or REO Disposition
                      of a  Discount  Mortgage  Loan  described  in  clause  (C)
                      below),   including   Principal   Prepayments   in   Full,
                      Curtailments and repurchases (including deemed repurchases
                      under Section  3.07(b) of the Standard  Terms) of Discount
                      Mortgage  Loans (or,  in the case of a  substitution  of a
                      Deleted Mortgage Loan, the Discount Fraction of the amount
                      of any  shortfall  deposited in the  Custodial  Account in
                      connection with such substitution);

                             (C) in connection with the Cash  Liquidation or REO
                      Disposition  of a  Discount  Mortgage  Loan  that  did not
                      result in any Excess Special  Hazard Losses,  Excess Fraud
                      Losses,  Excess Bankruptcy Losses or Extraordinary Losses,
                      an  amount  equal  to the  lesser  of (1)  the  applicable
                      Discount  Fraction of the Stated Principal Balance of such
                      Discount   Mortgage   Loan   immediately   prior  to  such
                      Distribution  Date  and (2) the  aggregate  amount  of the
                      collections  on such Discount  Mortgage Loan to the extent
                      applied as recoveries of principal;

                             (D) any  amounts  allocable  to  principal  for any
                      previous Distribution Date (calculated pursuant to clauses
                      (A) through (C) above) that remain undistributed; and

                             (E)  the   amount  of  any  Class  A-P   Collection
                      Shortfalls  for such  Distribution  Date and the amount of
                      any Class A-P Collection  Shortfalls  remaining unpaid for
                      all previous Distribution Dates, but only to the extent of
                      the Eligible Funds for such Distribution Date;

                                      -30-

<PAGE>

                      (ii) an amount  equal to the Accrual  Distribution  Amount
               shall be distributed in the following manner and priority:

                             (A) first, concurrently on a pro rata basis, to the
                      Class   A-1,   Class  A-  8,   Class  A-9  and  Class  A-6
                      Certificates,  until the  Certificate  Principal  Balances
                      thereof have been reduced to zero; and

                             (A) second,  to the Class A-2  Certificates,  until
                      the Certificate Principal Balance thereof has been reduced
                      to zero;

                      (iii) the Senior  Principal  Distribution  Amount shall be
               distributed,  concurrently,  to the  Class R-I  Certificates  and
               Class  R-II  Certificates,   on  a  pro  rata  basis,  until  the
               Certificate Principal Balances thereof have been reduced to zero;

                      (iv) the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clause   (iii)  above  shall  be   distributed   to  the  Lockout
               Certificates  in the  manner  and  priority  set  forth in clause
               (b)(vi) below, in an amount equal to the sum of the following:

                             (A) the Lockout Scheduled Percentage of the Lockout
                      Certificates'  pro  rata  share  (based  on the  aggregate
                      Certificate  Principal  Balance  thereof  relative  to the
                      aggregate  Certificate Principal Balance of all Classes of
                      Certificates  (other than the Class A-P  Certificates)) of
                      the  aggregate  of the  collections  described  in Section
                      4.02(a)(ii)(Y)(A),  (B) and (E) without application of the
                      Senior  Percentage  and  Senior  Accelerated  Distribution
                      Percentage; and

                             (B)  the  Lockout  Prepayment   Percentage  of  the
                      Lockout   Certificates'  pro  rata  share  (based  on  the
                      aggregate  Certificate  Principal Balance thereof relative
                      to the  aggregate  Certificate  Principal  Balance  of all
                      Classes  of   Certificates   (other  than  the  Class  A-P
                      Certificates))   of  the  aggregate  of  the   collections
                      described in Section 4.02(a)(ii)(Y)(C) without application
                      of the Senior Accelerated Distribution Percentage;

                      provided  that,  if the aggregate of the amounts set forth
                      in  Section  4.02(a)(ii)(Y)(A),  (B),  (C) and (E) is more
                      than the  balance  of the  Available  Distribution  Amount
                      remaining  after the Senior Interest  Distribution  Amount
                      and  the  Class   A-P   Distribution   Amount   have  been
                      distributed,  the amount paid to the Lockout  Certificates
                      pursuant to this clause (iv) shall be reduced by an amount
                      equal to the Lockout  Certificates'  pro rata share (based
                      on the aggregate  Certificate  Principal  Balance  thereof
                      relative to the aggregate Certificate Principal Balance of
                      the  Senior   Certificates   (other  than  the  Class  A-P
                      Certificates)) of such difference;

                      (v)  the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses  (iii)  and  (iv)  above  shall  be  distributed  in  the
               following order of priority:

                                      -31-

<PAGE>

                             (A) first, concurrently on a pro rata basis, to the
                      Class   A-1,   Class  A-  8,   Class  A-9  and  Class  A-6
                      Certificates,  in accordance with the respective aggregate
                      outstanding Certificate Principal Balances of such classes
                      of certificates,  until the Certificate Principal Balances
                      thereof have been reduced to zero;

                             (B) second,  to the Class A-2  Certificates,  until
                      the Certificate Principal Balance thereof has been reduced
                      to zero; and

                             (C) third, to the Class A-3 Certificates, until the
                      Certificate  Principal Balance thereof has been reduced to
                      zero; and

                      (vi) the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses  (iii)  through  (v) above  shall be  distributed  to the
               Lockout Certificates, concurrently as follows:

                             (A) 46.69% in the following manner and priority:

                    (1)  first,  to  the  Class  A-4  Certificates,   until  the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero; and

                    (2)  second,  to  the  Class  A-5  Certificates,  until  the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero; and

                             (B) 53.31%to the Class A-10 Certificates, until the
                      Certificate  Principal Balance thereof has been reduced to
                      zero.
 .
               (c) On or after the  occurrence of the Credit  Support  Depletion
        Date all priorities  relating to  distributions  as described in Section
        4.02(b) of this  Series  Supplement  in respect of  principal  among the
        Senior  Certificates  (other  than the Class A-P  Certificates)  will be
        disregarded,  (i) and an amount  equal to the  Discount  Fraction of the
        principal  portion of scheduled  and  unscheduled  payments  received or
        advanced in respect of the Discount  Mortgage  Loans will be distributed
        to the Class A-P  Certificates,  (ii) the Senior Principal  Distribution
        Amount will be distributed to the remaining Senior  Certificates  (other
        than the Class  A-P  Certificates)  pro rata in  accordance  with  their
        respective  outstanding  Certificate  Principal  Balances  (iii) and the
        amount set forth in Section 4.02(a)(i) herein will be distributed as set
        forth therein.

               (d) On or after the  occurrence of the Credit  Support  Depletion
        Date all priorities  relating to  distributions  as described in clauses
        4.02(b) and (c) above in respect of principal  among the various classes
        of Senior  Certificates (other than the Class A-P Certificates and Class
        A-V Certificates)  will be disregarded,  an amount equal to the Discount
        Fraction of the principal portion of scheduled  payments and unscheduled
        collections  received or advanced in respect of Discount  Mortgage Loans
        will be  distributed  to the  Class  A-P  Certificates,  and the  Senior
        Principal  Distribution  Amount  will be  distributed  to the  remaining
        Senior  Certificates (other than the Class A-P Certificates) pro rata in
        accordance with their

                                      -32-

<PAGE>

        respective outstanding Certificate Principal Balances and the amount set
        forth in Section 4.02(a)(i) will be distributed as set forth therein.

               (e) After the reduction of the Certificate  Principal Balances of
        the Senior  Certificates (other than the Class A-P Certificates) to zero
        but prior to the Credit Support Depletion Date, the Senior  Certificates
        (other than the Class A-P  Certificates)  will be entitled to no further
        distributions of principal thereon and the Available Distribution Amount
        will be paid solely to the holders of the Class A-P Certificates,  Class
        A-V Certificates,  Class M Certificates and Class B Certificates in each
        case as described herein.

               (f) On each Distribution Date prior to the Accretion  Termination
        Date,  an amount equal to the Accrued  Certificate  Interest  that would
        otherwise be distributed on the Class A-3 Certificates shall be added to
        Certificate Principal Balance of the Class A-3 Certificates. On or after
        the Accretion Termination Date, the entire amount of Accrued Certificate
        Interest on the Class A-3 Certificates for such  Distribution Date shall
        be  payable  to the Class A-3  Certificateholders  pursuant  to  Section
        4.02(a)(i)  of this  Series  Supplement  to the extent not  required  to
        reduce the Certificate  Principal  Balance of the Class A-2 Certificates
        to  zero  on  such  Accretion  Termination  Date;  provided  that if the
        Accretion  Termination  Date is the Credit Support  Depletion  Date, the
        entire  amount  of  Accrued  Certificate   Interest  on  the  Class  A-3
        Certificates  for such  Distribution  Date will be paid to the Class A-3
        Certificateholders.  Any such Accrued Certificate  Interest on the Class
        A-3  Certificates  which is  required  to be paid to the  holders of the
        Class A-3  Certificates on the Accretion  Termination Date will be added
        to the Certificate  Principal  Balance of the Class A-3  Certificates in
        the manner described in the first sentence of this Section 4.02(f).

               (g) In addition to the foregoing  distributions,  with respect to
        any Mortgage Loan that was previously the subject of a Cash  Liquidation
        or an REO  Disposition  that  resulted in a Realized  Loss, in the event
        that  within  two  years  of the date on which  such  Realized  Loss was
        determined to have occurred the Master Servicer receives amounts,  which
        the  Master  Servicer  reasonably   believes  to  represent   subsequent
        recoveries (net of any related liquidation expenses), or determines that
        it  holds  surplus  amounts  previously   reserved  to  cover  estimated
        expenses, specifically related to such Mortgage Loan (including, but not
        limited to, recoveries in respect of the  representations and warranties
        made by the related Seller pursuant to the applicable Seller's Agreement
        and  assigned  to the  Trustee  pursuant  to Section  2.04),  the Master
        Servicer   shall    distribute    such   amounts   to   the   applicable
        Certificateholders  of the Class or Classes to which such  Realized Loss
        was allocated  (with the amounts to be distributed  allocated among such
        Classes in the same  proportions  as such Realized Loss was  allocated),
        and within each such Class to the Certificateholders of record as of the
        Record Date immediately  preceding the date of such  distribution (or if
        such  Class  of   Certificates   is  no  longer   outstanding,   to  the
        Certificateholders  of record at the time  that such  Realized  Loss was
        allocated);   provided  that  no  such  distribution  to  any  Class  of
        Certificates of subsequent  recoveries  related to a Mortgage Loan shall
        exceed,  either  individually  or in the aggregate and together with any
        other amounts paid in reimbursement  therefor, the amount of the related
        Realized  Loss  that  was  allocated  to  such  Class  of  Certificates.
        Notwithstanding  the foregoing,  no such distribution shall be made with
        respect to the  Certificates  of any Class to the extent that either (i)
        such Class was protected  against the related  Realized Loss pursuant to
        any instrument or fund established under Section

                                      -33-

<PAGE>

        11.01(e) or (ii) such Class of  Certificates  has been  deposited into a
        separate   trust  fund  or  other   structuring   vehicle  and  separate
        certificates or other  instruments  representing  interests therein have
        been  issued  in  one  or  more  classes,   and  any  of  such  separate
        certificates  or other  instruments  were protected  against the related
        Realized  Loss  pursuant to any limited  guaranty,  payment  obligation,
        irrevocable letter of credit,  surety bond,  insurance policy or similar
        instrument or a reserve fund, or a combination thereof. Any amount to be
        so distributed  with respect to the  Certificates  of any Class shall be
        distributed by the Master Servicer to the  Certificateholders  of record
        as  of  the  Record  Date   immediately   preceding  the  date  of  such
        distribution  (i) with respect to the  Certificates  of any Class (other
        than the  Class  A-V  Certificates),  on a pro rata  basis  based on the
        Percentage Interest  represented by each Certificate of such Class as of
        such Record Date and (ii) with respect to the Class A-V Certificates, to
        the  Class  A-V  Certificates  or  any  Subclass  thereof  in  the  same
        proportion as the related Realized Loss was allocated. Any amounts to be
        so distributed  shall not be remitted to or  distributed  from the Trust
        Fund,  and  shall  constitute  subsequent  recoveries  with  respect  to
        Mortgage Loans that are no longer assets of the Trust Fund.

               (h) Each  distribution  with respect to a Book-Entry  Certificate
        shall be paid to the Depository,  as Holder thereof,  and the Depository
        shall  be  solely   responsible   for   crediting  the  amount  of  such
        distribution   to  the  accounts  of  its  Depository   Participants  in
        accordance with its normal procedures. Each Depository Participant shall
        be  responsible  for disbursing  such  distribution  to the  Certificate
        Owners that it represents and to each indirect  participating  brokerage
        firm (a  "brokerage  firm") for which it acts as agent.  Each  brokerage
        firm shall be responsible for disbursing funds to the Certificate Owners
        that it represents.  None of the Trustee, the Certificate Registrar, the
        Company or the Master Servicer shall have any responsibility therefor.

               (i) Except as otherwise  provided in Section  9.01, if the Master
        Servicer anticipates that a final distribution with respect to any Class
        of Certificates will be made on the next  Distribution  Date, the Master
        Servicer  shall,  no later than the  Determination  Date in the month of
        such final  distribution,  notify the Trustee and the Trustee shall,  no
        later than two (2) Business Days after such Determination  Date, mail on
        such date to each Holder of such Class of  Certificates  a notice to the
        effect that:  (i) the Trustee  anticipates  that the final  distribution
        with  respect  to  such  Class  of  Certificates  will  be  made on such
        Distribution  Date but only  upon  presentation  and  surrender  of such
        Certificates  at the  office of the  Trustee or as  otherwise  specified
        therein, and (ii) no interest shall accrue on such Certificates from and
        after the end of the related Interest Accrual Period.  In the event that
        Certificateholders  required to surrender their Certificates pursuant to
        Section   9.01(c)  do  not  surrender  their   Certificates   for  final
        cancellation,  the Trustee shall cause funds  distributable with respect
        to such  Certificates to be withdrawn from the  Certificate  Account and
        credited  to  a  separate   escrow  account  for  the  benefit  of  such
        Certificateholders as provided in Section 9.01(d).

          Section 4.03  Statements to  Certificateholders.  (See Section 4.03(a)
               through  (d) of the  Standard  Terms and Exhibit  Three  attached
               hereto)

        (e) The Trustee  will make the reports  referred to in this Section 4.03
(and, at its option,  any additional files containing the same information in an
alternative format) available each month to Certificateholders and other parties
to the Agreement via the Trustee's website, which is presently

                                      -34-

<PAGE>

located at www.abs.bankone.com. Persons that are unable to use the above website
are entitled to have a paper copy mailed to them via first class mail by calling
the Trustee at (800)  524-9472.  The Trustee  shall have the right to change the
way the reports  referred to in this  Section 4.03 are  distributed  in order to
make such  distribution  more  convenient  and/or more  accessible  to the above
parties and to the  Certificateholders.  The Trustee  shall  provide  timely and
adequate   notification   to  all  the  parties   mentioned  above  and  to  the
Certificateholders regarding any such change.

          Section 4.04  Distribution  of Reports to the Trustee and the Company;
               Advances  by  the  Master  Servicer.  (See  Section  4.04  of the
               Standard Terms)

        Section 4.05  Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all the Senior  Certificates  (other than the Class A-P Certificates) on a
pro rata basis,  as described  below.  Any Excess Special Hazard Losses,  Excess
Bankruptcy  Losses,  Excess Fraud Losses,  Extraordinary  Losses on Non-Discount
Mortgage Loans will be allocated among the Senior  Certificates  (other than the
Class A-P  Certificates) and Subordinate  Certificates,  on a pro rata basis, as
described below.  The principal  portion of such Realized Losses on the Discount
Mortgage  Loans will be  allocated  to the Class A-P  Certificates  in an amount
equal to the Discount Fraction thereof and the remainder of such Realized Losses
on the Discount  Mortgage Loans and the entire amount of such Realized Losses on
Non-Discount  Mortgage  Loans will be  allocated  among the Senior  Certificates
(other than the Class A-P Certificates) and Subordinate  Certificates,  on a pro
rata basis, as described below.

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating Interest for such

                                      -35-

<PAGE>

Distribution  Date) in the  case of an  interest  portion  of a  Realized  Loss;
provided that, in determining the Certificate  Principal  Balance of the Accrual
Certificates  for the  purpose of  allocating  any  portion  of a Realized  Loss
thereto, the Certificate  Principal Balance of the Accrual Certificates shall be
deemed  to be equal to the  lesser  of (a) the  original  Certificate  Principal
Balance of such  Certificate and (b) the Certificate  Principal  Balance of such
Certificate  prior to giving effect to distributions  made on such  Distribution
Date.  Except as provided  in the  following  sentence,  any  allocation  of the
principal  portion of Realized Losses (other than Debt Service  Reductions) to a
Class  of  Certificates  shall be made by  reducing  the  Certificate  Principal
Balance thereof by the amount so allocated,  which allocation shall be deemed to
have occurred on such Distribution Date. Any allocation of the principal portion
of Realized  Losses  (other than Debt  Service  Reductions)  to the  Subordinate
Certificates  then  outstanding  with  the  Lowest  Priority  shall  be  made by
operation of the definition of "Certificate  Principal Balance" and by operation
of the provisions of Section  4.02(a).  Allocations of the interest  portions of
Realized Losses shall be made in proportion to the amount of Accrued Certificate
Interest and by operation of the  definition of "Accrued  Certificate  Interest"
and by  operation  of the  provisions  of Section  4.02(a).  Allocations  of the
principal  portion of Debt Service  Reductions shall be made by operation of the
provisions  of  Section  4.02(a).  All  Realized  Losses  and all  other  losses
allocated  to a Class of  Certificates  hereunder  will be  allocated  among the
Certificates of such Class in proportion to the Percentage  Interests  evidenced
thereby; provided that if any Subclasses of the Class A-V Certificates have been
issued  pursuant  to Section  5.01(c),  such  Realized  Losses and other  losses
allocated to the Class A-V Certificates shall be allocated among such Subclasses
in proportion to the respective amounts of Accrued Certificate  Interest payable
on such Distribution Date that would have resulted absent such reductions.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property. (See Section 4.06 of the Standard Terms)

          Section 4.07  Optional  Purchase of  Defaulted  Mortgage  Loans.  (See
               Section 4.07 of the Standard Terms)

        Section 4.08  [Reserved]

          Section 4.09  Distributions  on the  Uncertificated  REMIC  I  Regular
               Interests.

        (a) On each  Distribution Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC I Regular Interests,  from
REMIC I, the following  amounts in the following order of priority to the extent
of the Available  Distribution Amount reduced by distributions made to the Class
R-I Certificates pursuant to Section 4.02(a):

             (i)  Uncertificated  REMIC I Accrued Interest on the Uncertificated
        REMIC  I  Regular  Interests  for  such  Distribution   Date,  plus  any
        Uncertificated  REMIC I Accrued Interest  thereon  remaining unpaid from
        any previous Distribution Date; and

            (ii) In accordance  with the priority set forth in Section  4.09(b),
        an  amount  equal to the sum of the  amounts  in  respect  of  principal
        distributable  on the Class A-1  Certificates,  Class A-2  Certificates,
        Class A-3 Certificates,  Class A-4 Certificates, Class A-5 Certificates,
        Class A-6 Certificates,  Class A-7 Certificates, Class A-8 Certificates,
        Class A-9 Certificates, Class A-10 Certificates, Class A-P Certificates,
        Class M-1 Certificates, Class M-2

                                      -36-

<PAGE>

        Certificates,  Class M-3 Certificates, Class B-1 Certificates, Class B-2
        Certificates,  Class B-3 Certificates and Class R-II Certificates  under
        Section 4.02(a), as allocated thereto pursuant to Section 4.02(b).

        (b)  The  amount  described  in  Section  4.09(a)(ii)  shall  be  deemed
distributed to (i) Uncertificated REMIC I Regular Interest Q, (ii)Uncertificated
REMIC I Regular  Interest R, (iii)  Uncertificated  REMIC I Regular  Interest S,
(iv)  Uncertificated  REMIC I Regular  Interest  T, (v)  Uncertificated  REMIC I
Regular Interest V and (vi)  Uncertificated  REMIC I Regular Interest W with the
amount to be distributed  allocated  among such interests in accordance with the
priority  assigned to the (i) Class A-2,  Class A-3, Class A-4, Class A-5, Class
A-10,  Class R-II,  Class M-1,  Class M-2,  Class M-3,  Class B-1, Class B-2 and
Class  B-3  Certificates,   (ii)  Class  A-1   Certificates,   (iii)  Class  A-8
Certificates,  (iv) Class A-9 Certificates,  (v) Class A-6 Certificates and (vi)
Class  A-P   Certificates,   respectively,   under  Section  4.02(b)  until  the
Uncertificated Principal Balance of each such interest is reduced to zero.

        (c)  The  portion  of  the  Uncertificated   REMIC  I  Regular  Interest
Distribution Amounts described in Section 4.09(a)(i) shall be deemed distributed
by REMIC I to REMIC II in accordance with the priority  assigned to the REMIC II
Certificates relative to that assigned to the REMIC I Certificates under Section
4.02(b).

        (d) In determining from time to time the Uncertificated  REMIC I Regular
Interest  Distribution  Amounts,  Realized Losses  allocated to the Certificates
shall be  allocated  to  Uncertificated  REMIC I Regular  Interests  in the same
amounts and priorities as allocated to the Corresponding Certificated Interests.

        (e) Notwithstanding the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 4.09,  distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

          Section 4.10  Distributions  on the  Uncertificated  Class  A-V  REMIC
               Regular Interests.

        (a) On each Distribution Date, the Trustee shall be deemed to distribute
to  itself,  as the  holder  of  the  Uncertificated  Class  A-V  REMIC  Regular
Interests, from REMIC II, Uncertificated Class A-V REMIC Accrued Interest on the
Uncertificated  Class A-V REMIC Regular  Interests for such  Distribution  Date,
plus any  Uncertificated  Class A-V REMIC  Accrued  Interest  thereon  remaining
unpaid from any previous Distribution Date.

        (b) In determining from time to time the Uncertificated  Class A-V REMIC
Regular Interest  Distribution  Amounts,  Realized Losses allocated to the Class
A-V Certificates  under Section 4.05 shall be deemed allocated to Uncertificated
Class  A-V  REMIC   Regular   Interests  on  a  pro  rata  basis  based  on  the
Uncertificated  Class A-V REMIC  Accrued  Interest for the related  Distribution
Date.

        (c) On each Distribution Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Sections 4.02(a), to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
Class  A-V  REMIC  Regular  Interest  Distribution  Amounts  deemed to have been
received by the Trustee from the Trust Fund under this Section 4.08.

                                      -37-

<PAGE>

The  amount  deemed  distributable  hereunder  with  respect  to the  Class  A-V
Certificates  shall  equal  100% of the  amounts  payable  with  respect  to the
Uncertificated Class A-V REMIC Regular Interests.

        (d) Notwithstanding the deemed distributions on the Uncertificated Class
A-V REMIC Regular  Interests  described in this Section 4.10,  distributions  of
funds from the Certificate Account shall be made only in accordance with Section
4.02.

                                      -38-

<PAGE>

                                    ARTICLE V

                                THE CERTIFICATES

          Section 5.01.  The  Certificates.  (See  Section  5.01 of the Standard
               Terms)

        Section 5.02. Registration of Transfer and Exchange of Certificates.

                    (a) - (e)(iii)(A). (See Section 5.02(a) - (e)(iii)(A) of the
                    Standard Terms)

               (B) Any purported  Certificate Owner whose acquisition or holding
               of any Class M Certificate (or interest  therein) was effected in
               violation  of the  restrictions  in this  Section  5.02(e)  shall
               indemnify and hold harmless the Company,  the Trustee, the Master
               Servicer,  any  Subservicer,  the Underwriters and the Trust Fund
               from  and  against  any and all  liabilities,  claims,  costs  or
               expenses incurred by such parties as a result of such acquisition
               or holding.

               (f) - (h).  (See Section 5.02(f) - (h) of the Standard Terms)

          Section 5.03. Mutilated,  Destroyed, Lost or Stolen Certificates. (See
               Section 5.03 of the Standard Terms)

          Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard
               Terms)

          Section 5.05.  Appointment  of Paying Agent.  (See Section 5.05 of the
               Standard Terms)

                                      -39-

<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER
                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                      -40-

<PAGE>

                                   ARTICLE VII

                                     DEFAULT
                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                      -41-

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE
                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                      -42-

<PAGE>

                                   ARTICLE IX

                                   TERMINATION
                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                      -43-

<PAGE>

                                    ARTICLE X

                                REMIC PROVISIONS

          Section 10.01 REMIC Administration. (See Section 10.01 of the Standard
               Terms)

          Section  10.02  Master  Servicer;   REMIC  Administrator  and  Trustee
               Indemnification. (See Section 10.02 of the Standard Terms)

        Section 10.03 Designation of REMIC(s).

        The REMIC Administrator will make elections to treat each of REMIC I and
REMIC II, and  subject  to this  Agreement  (including  the  Mortgage  Loans but
excluding the Initial  Monthly  Payment Fund) as a REMIC for federal  income tax
purposes.

        The Uncertificated  REMIC I Regular Interests shall be designated as the
"regular  interests" and the Class R-I  Certificates  shall be designated as the
sole class of  "residual  interest"  in the REMIC I. The Class  A-1,  Class A-2,
Class A-3,  Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9,
Class A-10, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and
Class B-3 Certificates and the rights in and to which will be represented by the
Class A-V Certificates,  will be "regular  interests" in REMIC II, and the Class
R-II  Certificates  will be the sole class of "residual  interests"  therein for
purposes  of the REMIC  Provisions  (as  defined in the  Standard  Terms)  under
federal  income tax law. On and after the date of  issuance  of any  Subclass of
Class A-V  Certificates  pursuant to Section 5.01(c) of the Standard Terms,  any
such Subclass will represent the Uncertificated Class A-V REMIC Regular Interest
or  Interests  specified  by the  initial  Holder of the Class A-V  Certificates
pursuant to said Section.

        Section 10.04 [Reserved].

        Section 10.05 Compliance with Withholding Requirements.

        Notwithstanding  any other provision of this  Agreement,  the Trustee or
any Paying  Agent,  as  applicable,  shall  comply with all federal  withholding
requirements  respecting payments to  Certificateholders,  including interest or
original  interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable,  reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying  Agent,  as  applicable,  does  withhold any
amount from interest or original issue discount  payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements,  the Trustee
or any Paying Agent,  as applicable,  shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.

                                      -44-

<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

          Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)

          Section 11.02  Recordation  of Agreement.  Counterparts.  (See Section
               11.02 of the Standard Terms)

          Section 11.03 Limitation on Rights of Certificateholders. (See Section
               11.03 of the Standard Terms)

          Section 11.04  Governing  Laws.  (See  Section  11.04 of the  Standard
               Terms)

          Section 11.05 Notices.  All demands and notices  hereunder shall be in
               writing and shall be deemed to have been duly given if personally
               delivered  at or  mailed  by  registered  mail,  postage  prepaid
               (except for notices to the Trustee  which shall be deemed to have
               been duly given only when received),  to the appropriate  address
               for each  recipient  listed in the table  below or, in each case,
               such other  address as may  hereafter  be furnished in writing to
               the Master Servicer, the Trustee and the Company, as applicable:

           Recipient                                        Address
                                 8400 Normandale Lake Boulevard
                                 Suite 250, Minneapolis, Minnesota  55437,
Company                          Attention:  President
                                 2255 N. Ontario Street, Suite 400
                                 Burbank, California 91504-2130,
Master Servicer                  Attention:  Managing Director/Master Servicing
                                 Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 14 Wall  Street,  8th Floor New York,  New York
                                 10005, for the purposes of Section 8.12
Trustee                          of the Standard Terms
                                 One State Street Plaza
Fitch                            New York, New York 10004
                                 55 Water Street
Standard & Poor's                New York, New York 10041

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such holder as
shown  in the  Certificate  Register.  Any  notice  so  mailed  within  the time
prescribed in this Agreement  shall be  conclusively  presumed to have been duly
given, whether or not the Certificateholder receives such notice.

                                      -45-

<PAGE>

          Section 11.06 Required Notices to Rating Agency and Subservicer.  (See
               Section 11.06 of the Standard Terms)

          Section 11.07  Severability  of Provisions.  (See Section 11.07 of the
               Standard Terms)

          Section  11.08  Supplemental  Provisions  for  Resecuritization.  (See
               Section 11.08 of the Standard Terms)

          Section 11.09 Allocation of Voting Rights.

        97.0%  of  all  Voting  Rights  shall  be  allocated  among  Holders  of
Certificates,  other than the Class A-7 Certificates, Class A-V Certificates and
Class R  Certificates,  in proportion to the outstanding  Certificate  Principal
Balances of their  respective  Certificates,  1.0% of all Voting Rights shall be
allocated  among the Holders of the Class A-7  Certificates  in accordance  with
their  respective  Percentage  Interests,  1.0% of all  Voting  Rights  shall be
allocated  among the Holders of the Class A-V  Certificates  in accordance  with
their respective  Percentage  Interests;  and 0.5% and 0.5% of all Voting Rights
shall be  allocated  among the Holders of the Class R-I  Certificates  and Class
R-II Certificates,  respectively, in accordance with their respective Percentage
Interests.

                                      -46-

<PAGE>

                                   ARTICLE XII

                                   [RESERVED]

                                      -47-

<PAGE>

        IN WITNESS  WHEREOF,  the Company,  the Master  Servicer and the Trustee
have  caused  their  names to be  signed  hereto  by their  respective  officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.

[Seal]                                          RESIDENTIAL FUNDING MORTGAGE
                                                        SECURITIES I, INC.

Attest:                                         By:
        ---------------------------------------
        Name:  Julie Steinhagen                         Name:  Randy Van Zee
        Title:   Vice President                         Title:    Vice President

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest:                                         By:
        ---------------------------------------
        Name:  Randy Van Zee                            Name:  Julie Steinhagen
        Title:   Director                               Title:    Director

[Seal]                                          BANK ONE, NATIONAL ASSOCIATION
                                                                  as Trustee

Attest:
        ---------------------------------------
        Name:                                   By:
                                                   -----------------------------
        Title:                                   Name:   Keith R. Richardson
                                                 Title:     Vice President

                                       -1-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 30th day of October,  2001  before me, a notary  public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President  of  Residential  Funding  Mortgage  Securities  I,  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]

                                       -2-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 30th day of October,  2001  before me, a notary  public in
and for said State,  personally  appeared Julie Steinhagen,  known to me to be a
Director  of  Residential  Funding  Corporation,  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]

                                       -3-

<PAGE>

STATE OF ILLINOIS               )
                                ) ss.:
COUNTY OF COOK                  )

               On the 30th day of October,  2001  before me, a notary  public in
and for said State, personally appeared Keith R. Richardson, known to me to be a
Vice President of Bank One, National Association, 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 banking  corporation  and  acknowledged to me that
such banking 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]

                                       -4-

<PAGE>

                                   EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)

  RUN ON     : 10/24/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 08.12.28           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S24                                 CUTOFF : 10/01/01
  POOL       : 0004547
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ---------------------------------------------------------------------------

      4093253                              .2500
      499,080.63                          .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      4406803                              .2500
      296,564.90                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4497159                              .2500
      780,959.44                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4502073                              .2500
      980,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4517229                              .2500
      288,274.94                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
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1

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1

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1

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1

      5580685                              .5000
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1

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      5580707                              .5000
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1

      5580708                              .5000
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1

      5580717                              .5000
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      5580718                              .5000
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1

      5580730                              .5000
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1

      5580741                              .5000
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1

      5581947                              .5000
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1

      5581963                              .5000
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      5581966                              .3750
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1

      5581971                              .3750
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      5581981                              .5000
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      5581982                              .5000
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      5581983                              .5000
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1

      5581984                              .5000
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      5581985                              .5000
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      5581987                              .5000
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      5581989                              .5000
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      5581991                              .5000
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      5581993                              .5000
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      5581994                              .5000
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      5581995                              .5000
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1

      5581996                              .5000
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      5581997                              .5000
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      5581998                              .2500
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      5582000                              .5000
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      5582001                              .5000
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      5582002                              .5000
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      5582003                              .5000
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      5582004                              .5000
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1

      5582005                              .3750
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      5582007                              .3750
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      5582008                              .5000
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      5582010                              .5000
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      5582011                              .5000
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      5582012                              .5000
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      5582013                              .5000
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      5582014                              .5000
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1

      5582015                              .5000
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      5582016                              .5000
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      5582017                              .5000
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      5582018                              .5000
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      5582019                              .5000
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      5582081                              .5000
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      5582084                              .5000
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      5582094                              .6250
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1

      5582095                              .3750
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      5582097                              .5000
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      5582098                              .6250
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      5582100                              .7500
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      5582102                              .3750
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      5582108                              .5000
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      5582111                              .6250
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      5582116                              .5000
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1

      5582117                              .5000
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      5582119                              .6250
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      5582121                              .5000
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      5582142                              .5000
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      5582143                              .5000
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      5582144                              .5000
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      5582145                              .5000
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      5582149                              .5000
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1

      5582151                              .3750
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      5582152                              .5000
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      5582153                              .5000
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      5582154                              .3750
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      5582156                              .5000
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      5582160                              .5000
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      5582162                              .5000
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      5582163                              .5000
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1

      5582164                              .5000
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      5582167                              .5000
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      5582168                              .2500
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      5582169                              .5000
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      5582170                              .5000
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      5582171                              .5000
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      5582172                              .2500
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      5582173                              .2500
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1

      5582174                              .3750
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      5582175                              .2500
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      5582177                              .5000
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      5582178                              .2500
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      5582179                              .5000
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      5582180                              .5000
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      5582183                              .5000
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      5582185                              .5000
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1

      5582187                              .5000
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      5583113                              .2500
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      5588138                              .2500
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      5588171                              .2500
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      5588218                              .2500
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      5588601                              .2500
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      5588605                              .2500
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      5588615                              .2500
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1

      5591339                              .2500
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      5593085                              .2500
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      5593184                              .2500
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      5595966                              .2500
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      5596245                              .2500
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      5600343                              .2500
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      5600503                              .2500
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      5600724                              .2500
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1

      5600753                              .2500
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      5600837                              .2500
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      5600910                              .2500
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      5601206                              .2500
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      5603688                              .2500
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      5604117                              .2500
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      5604495                              .2500
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      5604901                              .2500
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1

      5605537                              .2500
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      5605778                              .2500
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      5606014                              .2500
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      5606247                              .2500
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      5606496                              .2500
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      5606581                              .2500
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      5606805                              .2500
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      5606944                              .2500
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1

      5606987                              .2500
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      5607027                              .2500
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      5607272                              .2500
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      5607294                              .2500
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      5607319                              .2500
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      5607473                              .2500
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      5607499                              .2500
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1

      5607532                              .2500
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      5608028                              .2500
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      5608132                              .2500
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      5608201                              .2500
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      5608206                              .2500
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1

      5608357                              .2500
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      5608374                              .2500
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      5608443                              .2500
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      5608635                              .2500
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      5608702                              .2500
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      5608972                              .2500
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1

      5609662                              .2500
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      5610258                              .2500
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      5611303                              .2500
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      458,000.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      5766866                              .2500
      307,500.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5767364                              .2500
      494,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1

      5812110                              .2500
      376,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5821296                              .2500
      424,668.46                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5849024                              .2500
      581,554.26                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5849026                              .2500
      482,332.70                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5849032                              .2500
      306,160.98                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      5849036                              .2500
      286,981.46                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5849044                              .2500
      442,463.06                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5849048                              .2500
      298,400.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700
1

      5849050                              .2500
      349,491.75                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      5849052                              .2500
      383,728.97                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      5849064                              .2500
      320,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5849068                              .2500
      518,605.08                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      5858202                              .2500
      559,573.89                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

  TOTAL NUMBER OF LOANS:     1051
  TOTAL BALANCE........:        413,989,184.08

  RUN ON     : 10/24/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 08.12.28            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S24       FIXED SUMMARY REPORT      CUTOFF : 10/01/01
  POOL       : 0004547
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        7.3046            6.5000      8.2500
  RFC NET RATE                          7.0166            6.2500      8.0000
  NET MTG RATE(INVSTR RATE)             6.9487            6.2200      7.9200
  POST STRIP RATE                       6.7251            6.2200      6.7500
  SUB SERV FEE                           .2881             .2500       .7500
  MSTR SERV FEE                          .0679             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .2236             .0000      1.1700

  TOTAL NUMBER OF LOANS:  1051
  TOTAL BALANCE........:     413,989,184.08

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 10/24/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 08.12.28          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S24                                 CUTOFF : 10/01/01
  POOL       : 0004547
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    4093253          926/G01             F          500,000.00         T
                                         354        499,080.63          1
                                       6.625          3,218.84         51
                                       6.375          3,218.84
    BLUFFTON         SC   29910          4            08/01/01         00
    0433091212                           03           09/01/01          0
    00127502                             O            02/01/31
    0

    4406803          994/X14             F          298,000.00         ZZ
                                         360        296,564.90          1
                                       7.375          2,058.21         74
                                       7.125          2,058.21
    HACKETTSTOWN     NJ   07840          2            03/26/01         00
    4318093239                           05           05/01/01          0
    4318093239                           O            04/01/31
    0

    4497159          994/X14             F          786,000.00         ZZ
                                         360        780,959.44          1
                                       7.250          5,361.91         66
                                       7.000          5,361.91
    OLD TAPPAN       NJ   07675          2            04/16/01         00
    1000281562                           05           06/01/01          0
    1000281562                           O            05/01/31
    0

    4502073          893/G01             F          980,000.00         ZZ
                                         360        980,000.00          1
                                       7.125          6,602.44         31
                                       6.875          6,602.44
    HILLSBOROUGH     CA   94010          2            09/01/01         00
    0433223963                           05           11/01/01          0
1

    H10316091                            O            10/01/31
    0

    4517229          A06/G01             F          288,500.00         ZZ
                                         360        288,274.94          1
                                       7.250          1,968.08         55
                                       7.000          1,968.08
    CLARKSTON        MI   48346          2            08/10/01         00
    0433123726                           05           10/01/01          0
    1                                    O            09/01/31
    0

    4615746          664/G01             F          340,000.00         ZZ
                                         360        338,555.32          1
                                       6.875          2,233.56         71
                                       6.625          2,233.56
    AURORA           CO   80015          2            04/17/01         00
    0432955342                           03           06/01/01          0
    0008029647                           O            05/01/31
    0

    4667717          286/286             F          346,500.00         ZZ
                                         360        344,710.21          1
                                       7.125          2,334.43         90
                                       6.875          2,334.43
    SCOTTSDALE       AZ   85259          1            03/23/01         10
    283270                               05           05/01/01         25
    283270                               O            04/01/31
    0

    4714647          405/405             F          408,000.00         ZZ
                                         360        406,466.96          1
                                       7.500          2,852.80         80
                                       7.000          2,852.80
    LOS ANGELES      CA   90068          1            04/10/01         00
    0017319633                           05           06/01/01          0
    0017319633                           O            05/01/31
    0

    4756170          588/G01             F          300,000.00         ZZ
                                         360        299,542.04          1
                                       7.375          2,072.03         73
                                       7.125          2,072.03
    READINGTON TWP.  NJ   08889          1            07/13/01         00
    0433075009                           05           09/01/01          0
    1041611                              O            08/01/31
    0

1

    4773278          994/X14             F          440,000.00         ZZ
                                         360        438,713.97          1
                                       7.625          3,114.29         55
                                       7.375          3,114.29
    ST LOUIS         MO   63131          5            05/10/01         00
    1818065534                           03           07/01/01          0
    1818065534                           O            06/01/31
    0

    4797822          994/994             F          385,000.00         ZZ
                                         360        383,787.72          1
                                       7.250          2,626.38         69
                                       7.000          2,626.38
    PELHAM MANOR     NY   10803          1            05/18/01         00
    1000281582                           05           07/01/01          0
    1000281582                           O            06/01/31
    0

    4840416          994/994             F          600,000.00         ZZ
                                         360        597,148.89          1
                                       7.250          4,093.06         66
                                       7.000          4,093.06
    WILTON           CT   06897          2            03/22/01         00
    918056970                            05           05/01/01          0
    918056970                            O            04/01/31
    0

    4863772          994/994             F          370,000.00         ZZ
                                         360        369,098.58          1
                                       7.750          2,650.73         70
                                       7.500          2,650.73
    ISSAQUAH         WA   98029          2            06/06/01         00
    817934169                            03           08/01/01          0
    817934169                            O            07/01/31
    0

    4887404          994/994             F          411,068.00         ZZ
                                         360        410,213.73          1
                                       7.875          2,980.53         80
                                       7.625          2,980.53
    STONY POINT      NY   10980          1            06/29/01         00
    1000159265                           05           08/01/01          0
    1000159265                           O            07/01/31
    0

    4899057          964/G01             F          390,000.00         ZZ
                                         360        389,710.56          1
                                       7.500          2,726.94         58
                                       7.250          2,726.94
1

    SOQUEL           CA   95073          5            08/29/01         00
    0433182599                           05           10/01/01          0
    128981                               O            09/01/31
    0

    4968976          944/G01             F          300,000.00         ZZ
                                         360        299,344.45          1
                                       7.625          2,123.39         80
                                       7.375          2,123.39
    PHOENIX          AZ   85331          5            06/05/01         00
    0433190147                           03           08/01/01          0
    W01040991                            O            07/01/31
    0

    4969248          D03/D03             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         43
                                       6.625          2,627.72
    CUPERTINO        CA   95014          5            08/07/01         00
    1103241                              05           10/01/01          0
    1103241                              O            09/01/31
    0

    5009781          R65/G01             F          317,650.00         ZZ
                                         360        317,165.10          1
                                       7.375          2,193.93         76
                                       7.125          2,193.93
    HERNDON          VA   20171          2            07/24/01         00
    0433093150                           05           09/01/01          0
    20013952                             O            08/01/31
    0

    5013978          286/286             F          320,000.00         ZZ
                                         360        319,016.97          1
                                       7.375          2,210.17         80
                                       7.125          2,210.17
    CINCINATTI       OH   45245          1            05/31/01         00
    381391                               05           08/01/01          0
    381391                               O            07/01/31
    0

    5018384          313/G01             F          325,000.00         ZZ
                                         360        324,503.88          1
                                       7.375          2,244.70         66
                                       7.125          2,244.70
    WINSTON SALEM    NC   27104          1            07/12/01         00
    0433089075                           05           09/01/01          0
    0008203820                           O            08/01/31
    0
1

    5026881          B57/G01             F          334,400.00         ZZ
                                         360        334,169.87          1
                                       7.875          2,424.63         80
                                       7.625          2,424.63
    SIMI VALLEY      CA   93063          1            08/01/01         00
    0433158565                           05           10/01/01          0
    2140287                              O            09/01/31
    0

    5036665          168/168             F          350,000.00         ZZ
                                         360        348,951.22          1
                                       7.500          2,447.25         59
                                       7.250          2,447.25
    GARDEN CITY      NY   11530          1            05/23/01         00
    0249781310                           05           07/01/01          0
    0249781310                           O            06/01/31
    0

    5047395          P60/G01             F          308,000.00         ZZ
                                         360        307,529.84          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    TOLEDO           OH   43623          1            07/03/01         00
    0433021169                           05           09/01/01          0
    6100060450                           O            08/01/31
    0

    5062454          964/G01             F          320,000.00         ZZ
                                         360        319,511.52          1
                                       7.375          2,210.16         63
                                       7.125          2,210.16
    MONUMENT         CO   80132          1            07/20/01         00
    0433058856                           03           09/01/01          0
    130689                               O            08/01/31
    0

    5079579          168/168             F          325,000.00         ZZ
                                         360        323,833.69          1
                                       7.375          2,244.69         74
                                       7.125          2,244.69
    ARDSLEY          NY   10502          2            05/15/01         00
    0249755831                           05           07/01/01          0
    0249755831                           O            06/01/31
    0

    5100777          944/G01             F          359,200.00         ZZ
                                         360        358,036.15          1
1

                                       7.250          2,450.38         80
                                       7.000          2,450.38
    SNOHOMISH        WA   98296          1            07/16/01         00
    0433115847                           05           09/01/01          0
    W01062319                            O            08/01/31
    0

    5128885          B98/G01             F          280,000.00         ZZ
                                         360        279,781.58          1
                                       7.250          1,910.09         65
                                       7.000          1,910.09
    SAN GABRIEL      CA   91775          1            08/15/01         00
    0433173846                           05           10/01/01          0
    107040                               O            09/01/31
    0

    5133775          664/G01             F          366,800.00         ZZ
                                         360        365,673.23          1
                                       7.375          2,533.40         80
                                       7.125          2,533.40
    CUMMING          GA   30041          1            05/11/01         00
    0432947927                           03           07/01/01          0
    0008084881                           O            06/01/31
    0

    5140057          624/G01             F          366,750.00         ZZ
                                         360        366,190.15          1
                                       7.375          2,533.05         79
                                       7.125          2,533.05
    SAN DIEGO        CA   92128          1            07/17/01         00
    0433153632                           05           09/01/01          0
    46002310286F                         O            08/01/31
    0

    5142790          664/G01             F          389,600.00         ZZ
                                         360        389,061.98          1
                                       7.875          2,824.88         80
                                       7.625          2,824.88
    MCLEAN           VA   22102          1            07/24/01         00
    0433147436                           05           09/01/01          0
    8254989                              O            08/01/31
    0

    5143227          D03/D03             F          304,000.00         ZZ
                                         360        303,768.68          1
                                       7.375          2,099.65         80
                                       7.125          2,099.65
    PACIFICA         CA   94044          1            08/15/01         00
    1103545                              01           10/01/01          0
1

    1103545                              O            09/01/31
    0

    5148893          356/G01             F          292,000.00         ZZ
                                         360        291,783.29          1
                                       7.500          2,041.71         49
                                       7.250          2,041.71
    FREMONT          CA   94536          5            08/06/01         00
    0433187671                           05           10/01/01          0
    2883767                              O            09/01/31
    0

    5155777          994/994             F          738,100.00         ZZ
                                         360        738,100.00          1
                                       7.875          5,351.74         60
                                       7.625          5,351.74
    LOS ANGELES      CA   91423          2            08/29/01         00
    021618604035                         05           11/01/01          0
    021618604035                         O            10/01/31
    0

    5160879          A50/G01             F          391,000.00         ZZ
                                         360        390,417.83          1
                                       7.500          2,733.93         79
                                       7.250          2,733.93
    COLUMBUS         GA   31904          2            07/27/01         00
    0433208725                           05           09/01/01          0
    481838                               O            08/01/31
    0

    5167660          757/G01             F          374,000.00         ZZ
                                         360        373,722.43          1
                                       7.500          2,615.07         85
                                       7.250          2,615.07
    GLENVIEW         IL   60025          2            08/22/01         01
    0433191111                           05           10/01/01         12
    1000353662                           O            09/01/31
    0

    5169820          994/994             F          364,000.00         ZZ
                                         360        363,430.38          1
                                       7.250          2,483.12         49
                                       7.000          2,483.12
    NEWPORT COAST    CA   92657          1            07/24/01         00
    1417994544                           05           09/01/01          0
    1417994544                           O            08/01/31
    0

1

    5170232          944/G01             F          450,000.00         ZZ
                                         360        449,648.95          1
                                       7.250          3,069.80         45
                                       7.000          3,069.80
    ALAMO            CA   94507          5            08/01/01         00
    0433187358                           05           10/01/01          0
    W01061987                            O            09/01/31
    0

    5180642          R65/G01             F          365,000.00         ZZ
                                         360        364,685.75          1
                                       6.750          2,367.38         76
                                       6.500          2,367.38
    MELROSE          MA   02176          1            08/17/01         00
    0433117645                           05           10/01/01          0
    200014481                            O            09/01/31
    0

    5181419          664/G01             F          331,450.00         ZZ
                                         360        330,326.56          1
                                       6.875          2,177.39         80
                                       6.625          2,177.39
    SOMERSET         NJ   08873          1            05/24/01         00
    0432972222                           05           07/01/01          0
    8142010                              O            06/01/31
    0

    5182004          356/G01             F          325,000.00         ZZ
                                         360        324,758.80          1
                                       7.500          2,272.45         39
                                       7.250          2,272.45
    CASTRO VALLEY    CA   94546          5            08/09/01         00
    0433153509                           05           10/01/01          0
    2888147                              O            09/01/31
    0

    5188769          964/G01             F          312,900.00         ZZ
                                         360        312,346.35          1
                                       6.625          2,003.53         69
                                       6.375          2,003.53
    PHOENIX          AZ   85048          2            07/30/01         00
    0433047495                           05           09/01/01          0
    137493                               O            08/01/31
    0

    5200621          D03/D03             F          271,200.00         ZZ
                                         360        270,993.64          1
                                       7.375          1,873.11         80
                                       7.125          1,873.11
1

    PALO ALTO        CA   94303          1            08/10/01         00
    1103993                              01           10/01/01          0
    1103993                              O            09/01/31
    0

    5201410          356/G01             F          326,300.00         ZZ
                                         360        326,051.71          1
                                       7.375          2,253.68         69
                                       7.125          2,253.68
    HAYWARD          CA   94545          2            08/03/01         00
    0433246600                           05           10/01/01          0
    2892388                              O            09/01/31
    0

    5205984          286/286             F          346,000.00         ZZ
                                         360        345,185.37          1
                                       7.250          2,360.33         59
                                       7.000          2,360.33
    OAK PARK         IL   60304          1            06/13/01         00
    361789                               05           08/01/01          0
    361789                               O            07/01/31
    0

    5206004          286/286             F          100,000.00         ZZ
                                         360         99,775.98          1
                                       7.500            699.21         57
                                       7.250            699.21
    GRESHAM          OR   97030          1            06/06/01         00
    9845581                              05           08/01/01          0
    9845581                              O            07/01/31
    0

    5211471          225/G01             F          650,000.00         ZZ
                                         360        647,850.07          1
                                       7.000          4,324.47         58
                                       6.750          4,324.47
    CHARLOTTE        NC   28207          2            05/30/01         00
    0433030855                           05           07/01/01          0
    7270984                              O            06/01/31
    0

    5217463          994/994             F          386,000.00         ZZ
                                         360        385,060.10          1
                                       7.375          2,666.01         74
                                       7.125          2,666.01
    NEW HYDE PARK    NY   11040          5            06/21/01         00
    1000227469                           05           08/01/01          0
    1000227469                           O            07/01/31
    0
1

    5221480          R65/G01             F          352,000.00         T
                                         360        351,732.15          1
                                       7.375          2,431.18         74
                                       7.125          2,431.18
    NAPLES           FL   34105          2            08/01/01         00
    0433157195                           03           10/01/01          0
    20011533                             O            09/01/31
    0

    5225415          K89/G01             F          375,000.00         ZZ
                                         360        374,707.46          1
                                       7.250          2,558.17         66
                                       7.000          2,558.17
    MIAMI            FL   33156          1            08/02/01         00
    0433069176                           05           10/01/01          0
    200107126                            O            09/01/31
    0

    5225674          994/994             F          309,000.00         ZZ
                                         360        308,776.36          1
                                       7.625          2,187.08         88
                                       7.375          2,187.08
    PLACENTIA        CA   92870          2            08/20/01         11
    2218658015                           05           10/01/01         25
    2218658015                           O            09/01/31
    0

    5228378          964/G01             F          273,000.00         ZZ
                                         360        272,787.04          1
                                       7.250          1,862.34         63
                                       7.000          1,862.34
    PACIFICA         CA   94044          2            08/16/01         00
    0433178241                           05           10/01/01          0
    135045                               O            09/01/31
    0

    5235324          994/X14             F          310,000.00         ZZ
                                         360        309,047.74          1
                                       7.375          2,141.09         53
                                       7.125          2,141.09
    CINCINNATI       OH   45255          2            05/11/01         00
    0218230138                           05           07/01/01          0
    0218230138                           O            06/01/31
    0

    5235345          994/X14             F          297,000.00         ZZ
                                         360        296,317.83          1
1

                                       7.375          2,051.31         77
                                       7.125          2,051.31
    PRESCOTT         AZ   86305          2            06/11/01         00
    0218343766                           05           08/01/01          0
    0218343766                           O            07/01/31
    0

    5235398          994/X14             F          327,000.00         ZZ
                                         360        322,478.73          1
                                       7.375          2,258.51         62
                                       7.125          2,258.51
    EVERGREEN        CO   80439          2            06/06/01         00
    0402890010                           03           08/01/01          0
    0402890010                           O            07/01/31
    0

    5235442          994/X14             F          375,000.00         ZZ
                                         360        371,650.17          1
                                       7.000          2,494.89         32
                                       6.750          2,494.89
    WELLESLEY        MA   02482          1            05/31/01         00
    1000303756                           05           07/01/01          0
    1000303756                           O            06/01/31
    0

    5235447          994/X14             F          350,000.00         ZZ
                                         360        348,813.65          1
                                       6.875          2,299.26         71
                                       6.625          2,299.26
    MARTINSVILLE     NJ   08836          1            05/29/01         00
    1000312538                           05           07/01/01          0
    1000312538                           O            06/01/31
    0

    5239522          369/G01             F          360,000.00         ZZ
                                         360        359,745.91          1
                                       7.750          2,579.09         90
                                       7.500          2,579.09
    CHELMSFORD       MA   01824          1            08/06/01         12
    0433154077                           05           10/01/01         25
    0073189920                           O            09/01/31
    0

    5241976          926/926             F          335,000.00         T
                                         360        334,745.08          1
                                       7.375          2,313.77         80
                                       7.125          2,313.77
    GREENSBORO       GA   30642          1            08/14/01         00
    163024304                            05           10/01/01          0
1

    163024304                            O            09/01/31
    0

    5244052          356/G01             F          300,000.00         ZZ
                                         360        299,765.97          1
                                       7.250          2,046.53         72
                                       7.000          2,046.53
    UNION CITY       CA   94587          2            08/16/01         00
    0433224425                           05           10/01/01          0
    2895290                              O            09/01/31
    0

    5248239          757/G01             F          372,800.00         ZZ
                                         360        372,523.32          1
                                       7.500          2,606.68         79
                                       7.250          2,606.68
    BELMONT          MA   02478          2            08/27/01         00
    0433246733                           05           10/01/01          0
    1000344869                           O            09/01/31
    0

    5249510          E82/G01             F          398,100.00         ZZ
                                         360        397,804.56          1
                                       7.500          2,783.57         80
                                       7.250          2,783.57
    BERNARDS TWP     NJ   07920          2            08/02/01         00
    0400458840                           03           10/01/01          0
    3690851                              O            09/01/31
    0

    5252893          964/G01             F          396,590.00         ZZ
                                         360        396,590.00          1
                                       7.375          2,739.15         80
                                       7.125          2,739.15
    SAN JOSE         CA   95127          1            09/05/01         00
    0433220878                           05           11/01/01          0
    139574                               O            10/01/31
    0

    5255444          369/G01             F          580,000.00         ZZ
                                         360        579,569.56          1
                                       7.500          4,055.44         54
                                       7.250          4,055.44
    CASTLE ROCK      CO   80104          5            08/10/01         00
    0433210739                           05           10/01/01          0
    0073041238                           O            09/01/31
    0

1

    5256125          E23/G01             F          103,000.00         ZZ
                                         360        102,923.56          1
                                       7.500            720.19         43
                                       7.250            720.19
    EL CAJON         CA   92019          1            08/10/01         00
    0433244936                           01           10/01/01          0
    11005077                             O            09/01/31
    0

    5264516          964/G01             F          383,200.00         ZZ
                                         360        382,908.41          1
                                       7.375          2,646.67         80
                                       7.125          2,646.67
    NOVATO           CA   94947          1            08/17/01         00
    0433172368                           05           10/01/01          0
    125450                               O            09/01/31
    0

    5265741          757/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       7.375          2,293.05         80
                                       7.125          2,293.05
    CHICAGO          IL   60646          1            09/04/01         00
    0433225745                           05           11/01/01          0
    1000367365                           O            10/01/31
    0

    5265821          588/G01             F          508,000.00         ZZ
                                         360        507,262.32          1
                                       7.625          3,595.59         80
                                       7.375          3,595.59
    BETHESDA         MD   20817          1            07/27/01         00
    0433206430                           05           09/01/01          0
    00010468774                          O            08/01/31
    0

    5268578          F62/F62             F          474,000.00         ZZ
                                         360        473,639.32          1
                                       7.375          3,273.80         55
                                       7.125          3,273.80
    MIAMI            FL   33156          2            08/17/01         00
    13655                                05           10/01/01          0
    13655                                O            09/01/31
    0

    5270742          E86/G01             F          332,000.00         ZZ
                                         360        331,552.98          1
                                       8.000          2,436.10         80
                                       7.750          2,436.10
1

    RIVER VALE       NJ   07675          1            07/13/01         00
    0433197605                           05           09/01/01          0
    1                                    O            08/01/31
    0

    5271176          369/G01             F          311,200.00         ZZ
                                         360        310,957.23          1
                                       7.250          2,122.94         80
                                       7.000          2,122.94
    HOUSTON          TX   77005          2            08/09/01         00
    0433234721                           05           10/01/01          0
    0073276503                           O            09/01/31
    0

    5273240          H47/G01             F          300,000.00         ZZ
                                         360        299,765.97          1
                                       7.250          2,046.53         52
                                       7.000          2,046.53
    CASTLE ROCK      CO   80104          1            08/27/01         00
    0433202926                           03           10/01/01          0
    1621180512                           O            09/01/31
    0

    5276078          E86/G01             F          426,800.00         ZZ
                                         360        426,132.09          1
                                       7.250          2,911.53         80
                                       7.000          2,911.53
    FAIRFAX          VA   22033          1            07/23/01         00
    0433197548                           03           09/01/01          0
    126891                               O            08/01/31
    0

    5277103          889/G01             F          295,000.00         ZZ
                                         360        294,195.18          1
                                       7.000          1,962.64         79
                                       6.750          1,962.64
    BUENA PARK       CA   90621          2            06/26/01         00
    0433197563                           05           08/01/01          0
    1                                    O            07/01/31
    0

    5277987          W32/G01             F          896,100.00         ZZ
                                         360        895,418.14          1
                                       7.375          6,189.14         41
                                       7.125          6,189.14
    COTO DE CAZA     CA   92679          2            08/17/01         00
    0433197993                           03           10/01/01          0
    0479093                              O            09/01/31
    0
1

    5280028          356/G01             F          405,000.00         ZZ
                                         360        404,684.06          1
                                       7.250          2,762.82         77
                                       7.000          2,762.82
    SAN JOSE         CA   95125          2            08/06/01         00
    0433219912                           05           10/01/01          0
    2889749                              O            09/01/31
    0

    5280496          356/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.375          2,210.17         64
                                       7.125          2,210.17
    FREMONT          CA   94536          5            08/27/01         00
    0433248788                           03           11/01/01          0
    28850790                             O            10/01/31
    0

    5283095          227/G01             F          264,000.00         ZZ
                                         360        263,347.01          1
                                       7.000          1,756.40         80
                                       6.750          1,756.40
    CLARKSVILLE      MD   21029          2            06/11/01         00
    0433116142                           03           08/01/01          0
    1948440                              O            07/01/31
    0

    5284324          477/G01             F          342,900.00         ZZ
                                         360        342,618.93          1
                                       7.000          2,281.32         80
                                       6.750          2,281.32
    SAN CLEMENTE     CA   92673          1            08/22/01         00
    0433187382                           09           10/01/01          0
    123158                               O            09/01/31
    0

    5288771          757/G01             F          446,000.00         ZZ
                                         360        446,000.00          1
                                       6.750          2,892.75         80
                                       6.500          2,892.75
    HANOVER          NH   03755          1            09/07/01         00
    0433217676                           05           11/01/01          0
    1000372423                           O            10/01/31
    0

    5292046          E11/G01             F          373,000.00         ZZ
                                         360        372,701.72          1
1

                                       7.125          2,512.97         68
                                       6.875          2,512.97
    MAPLE GROVE      MN   55311          2            08/23/01         00
    0433206117                           05           10/01/01          0
    8001034273                           O            09/01/31
    0

    5297472          B57/G01             F          447,000.00         ZZ
                                         360        446,668.26          1
                                       7.500          3,125.49         53
                                       7.250          3,125.49
    HUNTINGTON BEAC  CA   92648          5            08/17/01         00
    0433196300                           05           10/01/01          0
    2113687                              O            09/01/31
    0

    5300978          964/G01             F          357,500.00         ZZ
                                         360        357,199.66          1
                                       6.875          2,348.52         65
                                       6.625          2,348.52
    SCOTTS VALLEY    CA   95066          2            08/27/01         00
    0433182359                           05           10/01/01          0
    139983                               O            09/01/31
    0

    5303649          588/G01             F          303,600.00         ZZ
                                         360        303,088.41          1
                                       6.875          1,994.44         80
                                       6.625          1,994.44
    TOWNSHIP OF GWY  PA   19477          1            07/11/01         00
    0433075579                           05           09/01/01          0
    1042726                              O            08/01/31
    0

    5305416          M18/G01             F          351,000.00         ZZ
                                         360        350,739.51          1
                                       7.500          2,454.24         90
                                       7.250          2,454.24
    CULVER CITY      CA   90230          1            08/21/01         04
    0433194529                           01           10/01/01         25
    980101377                            O            09/01/31
    0

    5309270          F25/G01             F          313,000.00         ZZ
                                         360        312,749.70          1
                                       7.125          2,108.74         60
                                       6.875          2,108.74
    GLEN ROCK        NJ   07452          1            08/15/01         00
    0433107810                           05           10/01/01          0
1

    0477207                              O            09/01/31
    0

    5310881          Q99/G01             F           77,000.00         ZZ
                                         360         77,000.00          1
                                       7.500            538.40         75
                                       7.250            538.40
    PLEASANT GROVE   AL   35127          5            09/20/01         00
    0433210432                           05           11/01/01          0
    1                                    O            10/01/31
    0

    5311687          994/994             F          314,900.00         ZZ
                                         360        314,648.18          1
                                       7.125          2,121.54         75
                                       6.875          2,121.54
    NAPA             CA   94559          1            08/28/01         00
    718738031                            05           10/01/01          0
    718738031                            O            09/01/31
    0

    5312441          P59/G01             F          149,500.00         ZZ
                                         240        149,217.34          1
                                       7.125          1,170.32         54
                                       6.875          1,170.32
    ACTON AREA       CA   93510          5            08/22/01         00
    0433232113                           05           10/01/01          0
    LA000718                             O            09/01/21
    0

    5314938          964/G01             F          352,600.00         ZZ
                                         360        352,600.00          1
                                       7.250          2,405.35         95
                                       7.000          2,405.35
    RENO             NV   89511          1            09/13/01         01
    0433226958                           03           11/01/01         30
    101305                               O            10/01/31
    0

    5315437          964/G01             F          336,000.00         ZZ
                                         360        335,744.33          1
                                       7.375          2,320.67         80
                                       7.125          2,320.67
    SCOTTSDALE       AZ   85258          2            08/23/01         00
    0433198819                           03           10/01/01          0
    140497                               O            09/01/31
    0

1

    5315767          964/G01             F          383,000.00         ZZ
                                         360        383,000.00          1
                                       7.250          2,612.74         40
                                       7.000          2,612.74
    MENLO PARK       CA   94025          2            08/30/01         00
    0433178639                           05           11/01/01          0
    138825                               O            10/01/31
    0

    5316478          964/G01             F          365,000.00         ZZ
                                         360        364,708.12          1
                                       7.125          2,459.07         77
                                       6.875          2,459.07
    SHERMAN OAKS     CA   91423          1            08/23/01         00
    0433170875                           05           10/01/01          0
    140045                               O            09/01/31
    0

    5322548          588/G01             F          330,000.00         ZZ
                                         360        329,496.24          1
                                       7.375          2,279.23         77
                                       7.125          2,279.23
    BOROUGH OF MORR  NJ   07950          1            07/25/01         00
    0433075322                           05           09/01/01          0
    1045205                              O            08/01/31
    0

    5323509          W56/M32             F          851,000.00         ZZ
                                         360        850,352.45          1
                                       7.375          5,877.65        100
                                       7.125          5,877.65
    BARNARD          VT   05031          1            08/10/01         00
    0400468047                           05           10/01/01          0
    0400468047                           O            09/01/31
    0

    5330008          N47/G01             F          588,000.00         ZZ
                                         360        587,518.02          1
                                       7.000          3,911.98         78
                                       6.750          3,911.98
    BERKELEY         CA   94708          2            08/17/01         00
    0433162062                           05           10/01/01          0
    20211023                             O            09/01/31
    0

    5337845          E23/G01             F          364,000.00         ZZ
                                         360        363,701.63          1
                                       7.000          2,421.70         80
                                       6.750          2,421.70
1

    HUNTINGTON BEAC  CA   92646          1            08/23/01         00
    0433183266                           05           10/01/01          0
    51007001                             O            09/01/31
    0

    5338503          G75/G75             F          280,000.00         ZZ
                                         360        279,307.42          1
                                       7.000          1,862.85         78
                                       6.750          1,862.85
    WARRENTON        VA   20187          1            06/29/01         00
    04307939                             05           08/01/01          0
    04307939                             O            07/01/31
    0

    5338513          G75/G75             F          290,000.00         ZZ
                                         360        289,333.92          1
                                       7.375          2,002.96         56
                                       7.125          2,002.96
    ELLICOTT CITY    MD   21042          1            06/18/01         00
    04351348                             03           08/01/01          0
    04351348                             O            07/01/31
    0

    5338516          G75/G75             F          368,000.00         ZZ
                                         360        367,067.17          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    GAITHERSBURG     MD   20878          1            06/27/01         00
    04350752                             03           08/01/01          0
    04350752                             O            07/01/31
    0

    5338518          G75/G75             F          310,000.00         ZZ
                                         360        309,287.97          1
                                       7.375          2,141.10         60
                                       7.125          2,141.10
    FLEMINGTON       NJ   08822          1            06/27/01         00
    04336966                             05           08/01/01          0
    04336966                             O            07/01/31
    0

    5340321          588/G01             F          352,000.00         ZZ
                                         360        351,475.89          1
                                       7.500          2,461.24         80
                                       7.250          2,461.24
    ARLINGTON        VA   22207          1            07/26/01         00
    0433188976                           05           09/01/01          0
    1046471                              O            08/01/31
    0
1

    5341261          964/G01             F          351,000.00         ZZ
                                         360        351,000.00          1
                                       6.875          2,305.82         62
                                       6.625          2,305.82
    FOSTER CITY      CA   94404          5            09/05/01         00
    0433190683                           05           11/01/01          0
    400139804                            O            10/01/31
    0

    5343568          L60/F27             F          353,600.00         ZZ
                                         360        352,238.05          1
                                       7.375          2,442.23         80
                                       7.125          2,442.23
    SPRINGFIELD      VA   22153          1            04/30/01         00
    6990331462                           03           06/01/01          0
    6990331462                           O            05/01/31
    0

    5343630          L60/F27             F           85,000.00         ZZ
                                         360         84,738.92          1
                                       7.375            587.07         56
                                       7.125            587.07
    WILMINGTON       NC   28412          2            05/03/01         00
    6610684015                           03           07/01/01          0
    6610684015                           O            06/01/31
    0

    5343680          L60/F27             F          325,000.00         ZZ
                                         360        323,313.41          1
                                       7.250          2,217.08         70
                                       7.000          2,217.08
    RALEIGH          NC   27615          1            03/30/01         00
    6990298120                           05           05/01/01          0
    6990298120                           O            04/01/31
    0

    5344594          477/G01             F          342,000.00         ZZ
                                         360        342,000.00          1
                                       6.875          2,246.70         90
                                       6.625          2,246.70
    YORBA LINDA      CA   92886          1            09/06/01         10
    0433210390                           05           11/01/01         25
    123175                               O            10/01/31
    0

    5344662          W56/M32             F          334,000.00         ZZ
                                         360        333,745.86          1
1

                                       7.375          2,306.85        100
                                       7.125          2,306.85
    HOUSTON          TX   77079          1            08/10/01         00
    0400464533                           03           10/01/01          0
    0400464533                           O            09/01/31
    0

    5346971          N47/G01             F          432,000.00         ZZ
                                         360        432,000.00          1
                                       7.250          2,947.00         80
                                       7.000          2,947.00
    MARTINEZ         CA   94553          2            09/01/01         00
    0433188299                           05           11/01/01          0
    20211221                             O            10/01/31
    0

    5348894          U97/G01             F          484,000.00         ZZ
                                         360        483,622.44          1
                                       7.250          3,301.73         75
                                       7.000          3,301.73
    SAN DIEGO        CA   92130          2            08/21/01         00
    0433203296                           03           10/01/01          0
    5094905                              O            09/01/31
    0

    5353437          E22/G01             F          353,500.00         ZZ
                                         360        353,231.01          1
                                       7.375          2,441.54         79
                                       7.125          2,441.54
    BRIGHTON         CO   80602          2            08/10/01         00
    0412861767                           03           10/01/01          0
    0412861767                           O            09/01/31
    0

    5355418          D03/D03             F          324,000.00         ZZ
                                         360        323,285.82          1
                                       7.000          2,155.58         38
                                       6.750          2,155.58
    PALO ALTO        CA   94306          5            07/24/01         00
    1103177                              05           09/01/01          0
    1103177                              O            08/01/31
    0

    5355587          Q59/G01             F          287,500.00         ZZ
                                         360        287,291.91          1
                                       7.625          2,034.91         50
                                       7.375          2,034.91
    RANCHO PALOS VE  CA   90275          1            08/22/01         00
    0433191194                           05           10/01/01          0
1

    303980                               O            09/01/31
    0

    5357096          N47/G01             F          556,000.00         ZZ
                                         360        556,000.00          1
                                       7.250          3,792.90         80
                                       7.000          3,792.90
    CARMEL           CA   93921          1            09/10/01         00
    0433211059                           05           11/01/01          0
    20111727                             O            10/01/31
    0

    5358489          U05/G01             F           80,000.00         ZZ
                                         360         79,944.94          1
                                       7.875            580.06         40
                                       7.625            580.06
    HOUSTON          TX   77021          5            08/24/01         00
    0433234515                           05           10/01/01          0
    3152857                              O            09/01/31
    0

    5360074          N47/G01             F          400,000.00         ZZ
                                         360        399,680.13          1
                                       7.125          2,694.87         73
                                       6.875          2,694.87
    EL MACERO        CA   95618          5            08/20/01         00
    0433171295                           03           10/01/01          0
    30310949                             O            09/01/31
    0

    5362526          944/G01             F          300,000.00         ZZ
                                         360        299,754.09          1
                                       7.000          1,995.91         52
                                       6.750          1,995.91
    NAPA             CA   94559          1            08/21/01         00
    0433183324                           05           10/01/01          0
    W01082263                            O            09/01/31
    0

    5364556          E76/G01             F          402,000.00         ZZ
                                         360        401,670.48          1
                                       7.000          2,674.52         67
                                       6.750          2,674.52
    LITTLETON        CO   80127          1            08/31/01         00
    0433215100                           05           10/01/01          0
    10007904                             O            09/01/31
    0

1

    5367001          994/X14             F          337,000.00         ZZ
                                         360        336,206.56          1
                                       7.250          2,298.93         80
                                       7.000          2,298.93
    MABLETON         GA   30126          2            06/05/01         00
    4218351967                           05           08/01/01          0
    4218351967                           O            07/01/31
    0

    5367291          253/253             F          350,000.00         ZZ
                                         360        349,698.65          1
                                       6.750          2,270.10         60
                                       6.500          2,270.10
    AUSTIN           TX   78746          5            08/27/01         00
    975381                               03           10/01/01          0
    975381                               O            09/01/31
    0

    5368917          964/G01             F          432,800.00         ZZ
                                         360        432,800.00          1
                                       7.250          2,952.46         80
                                       7.000          2,952.46
    SAN FRANCISCO    CA   94116          1            08/30/01         00
    0433188703                           05           11/01/01          0
    141514                               O            10/01/31
    0

    5370104          964/G01             F          413,500.00         ZZ
                                         360        413,500.00          1
                                       7.250          2,820.80         55
                                       7.000          2,820.80
    MORAGA           CA   94556          2            09/06/01         00
    0433182847                           05           11/01/01          0
    138818                               O            10/01/31
    0

    5374066          994/X14             F          300,000.00         ZZ
                                         360        299,257.96          1
                                       7.000          1,995.91         72
                                       6.750          1,995.91
    FLOURTOWN        PA   19031          2            06/11/01         00
    1000298817                           05           08/01/01          0
    1000298817                           O            07/01/31
    0

    5374209          623/G01             F          368,000.00         ZZ
                                         360        367,394.96          1
                                       7.000          2,448.31         80
                                       6.750          2,448.31
1

    PARK CITY        UT   84098          1            07/25/01         00
    0433109907                           05           09/01/01          0
    2790265                              O            08/01/31
    0

    5374225          623/G01             F          377,500.00         ZZ
                                         360        376,005.49          1
                                       7.250          2,575.22         76
                                       7.000          2,575.22
    ALPHARETTA       GA   30004          1            06/28/01         00
    0433109824                           05           08/01/01          0
    5360842                              O            07/01/31
    0

    5374233          623/G01             F          400,000.00         ZZ
                                         360        399,389.39          1
                                       7.375          2,762.70         58
                                       7.125          2,762.70
    ALPHARETTA       GA   30004          1            07/20/01         00
    0433112026                           05           09/01/01          0
    5363345                              O            08/01/31
    0

    5374252          623/G01             F          298,400.00         ZZ
                                         360        297,909.39          1
                                       7.000          1,985.26         80
                                       6.750          1,985.26
    STERLING         VA   22066          2            07/24/01         00
    0433111887                           05           09/01/01          0
    5366843                              O            08/01/31
    0

    5376412          994/X14             F          314,000.00         ZZ
                                         360        313,482.68          1
                                       7.125          2,115.48         79
                                       6.875          2,115.48
    LAS VEGAS        NV   89123          2            07/05/01         00
    80784933                             03           09/01/01          0
    80784933                             O            08/01/31
    0

    5377610          J95/G01             F          364,000.00         ZZ
                                         360        363,729.85          1
                                       7.500          2,545.15         80
                                       7.250          2,545.15
    GAINESVILLE      VA   20155          2            08/23/01         00
    0433176393                           03           10/01/01          0
    18595918                             O            09/01/31
    0
1

    5378342          T44/G01             F          248,000.00         ZZ
                                         360        247,811.30          1
                                       7.375          1,712.87         80
                                       7.125          1,712.87
    SALINAS          CA   93906          1            08/09/01         00
    0433150646                           05           10/01/01          0
    1018799                              O            09/01/31
    0

    5380123          477/G01             F          600,000.00         ZZ
                                         360        599,520.19          1
                                       7.125          4,042.31         65
                                       6.875          4,042.31
    SANTA ANA AREA   CA   92705          5            08/23/01         00
    0433190832                           05           10/01/01          0
    123060                               O            09/01/31
    0

    5380930          E33/G01             F          807,800.00         ZZ
                                         360        807,169.84          1
                                       7.250          5,510.62         70
                                       7.000          5,510.62
    LAKE FOREST      IL   60045          1            08/15/01         00
    0433166907                           03           10/01/01          0
    1GILL                                O            09/01/31
    0

    5383103          964/G01             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       7.125          2,452.34         80
                                       6.875          2,452.34
    EL CAJON         CA   92019          1            09/13/01         00
    0433205697                           05           11/01/01          0
    141419                               O            10/01/31
    0

    5383519          964/G01             F          355,000.00         ZZ
                                         360        354,716.11          1
                                       7.125          2,391.70         28
                                       6.875          2,391.70
    MILL VALLEY      CA   94941          5            08/23/01         00
    0433177029                           05           10/01/01          0
    137873                               O            09/01/31
    0

    5383819          738/G01             F          472,000.00         ZZ
                                         360        471,223.95          1
1

                                       7.000          3,140.23         80
                                       6.750          3,140.23
    CHATTANOOGA      TN   37421          2            07/24/01         00
    0433174539                           05           09/01/01          0
    40061197                             O            08/01/31
    0

    5385828          025/025             F          373,400.00         ZZ
                                         360        371,890.50          1
                                       6.875          2,452.97         80
                                       6.625          2,452.98
    EXTON            PA   19341          1            05/25/01         00
    0139119838                           03           07/01/01          0
    0139119838                           O            06/01/31
    0

    5386740          025/025             F          320,000.00         ZZ
                                         360        318,304.28          1
                                       7.250          2,182.97         80
                                       7.000          2,182.97
    OREM             UT   84058          2            03/16/01         00
    0138699889                           05           05/01/01          0
    0138699889                           O            04/01/31
    0

    5388214          H58/G01             F          526,000.00         ZZ
                                         360        525,638.01          1
                                       7.875          3,813.87         80
                                       7.625          3,813.87
    DANVILLE         CA   94526          1            08/17/01         00
    0433162385                           09           10/01/01          0
    0000074074                           O            09/01/31
    0

    5389098          356/G01             F          337,000.00         ZZ
                                         360        337,000.00          1
                                       7.250          2,298.94         78
                                       7.000          2,298.94
    ALBANY           CA   94706          2            08/29/01         00
    0433245545                           05           11/01/01          0
    28851004                             O            10/01/31
    0

    5391792          964/G01             F          320,000.00         ZZ
                                         360        319,762.51          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    SAN JOSE         CA   95128          1            08/28/01         00
    0433172582                           05           10/01/01          0
1

    141170                               O            09/01/31
    0

    5391798          A06/G01             F          630,000.00         ZZ
                                         360        629,520.61          1
                                       7.375          4,351.26         77
                                       7.125          4,351.26
    FENTON           MI   48430          2            08/27/01         00
    0433191053                           05           10/01/01          0
    1000010012962                        O            09/01/31
    0

    5391948          286/286             F          388,800.00         ZZ
                                         360        387,449.66          1
                                       6.750          2,521.75         80
                                       6.500          2,521.75
    MARIETTA         GA   30064          2            05/29/01         00
    345021                               03           07/01/01          0
    345021                               O            06/01/31
    0

    5393057          964/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.375          2,313.76         67
                                       7.125          2,313.76
    MILPITAS         CA   95035          5            09/06/01         00
    0433194339                           05           11/01/01          0
    142632                               O            10/01/31
    0

    5394063          964/G01             F          340,000.00         ZZ
                                         360        339,734.77          1
                                       7.250          2,319.40         80
                                       7.000          2,319.40
    DANA POINT       CA   92629          1            08/28/01         00
    0433162104                           03           10/01/01          0
    141155                               O            09/01/31
    0

    5394486          994/994             F          615,000.00         ZZ
                                         360        615,000.00          1
                                       7.250          4,195.38         69
                                       7.000          4,195.38
    WESTMINSTER      CO   80031          2            09/04/01         00
    0211818736613                        03           11/01/01          0
    0211818736613                        O            10/01/31
    0

1

    5395201          E87/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       7.375          2,293.04         80
                                       7.125          2,293.04
    VENTURA          CA   93004          1            09/01/01         00
    0433192432                           05           11/01/01          0
    70003712                             O            10/01/31
    0

    5395583          E22/G01             F          204,500.00         ZZ
                                         360        204,332.38          1
                                       7.000          1,360.54         44
                                       6.750          1,360.54
    SCITUATE         MA   02066          2            08/16/01         00
    0412779274                           05           10/01/01          0
    0412779274                           O            09/01/31
    0

    5396275          A06/G01             F        1,500,000.00         ZZ
                                         360      1,498,829.85          1
                                       7.250         10,232.65         42
                                       7.000         10,232.65
    BLOOMFIELD HILL  MI   48304          2            08/14/01         00
    0433164209                           05           10/01/01          0
    1000020135106                        O            09/01/31
    0

    5398191          H58/G01             F          519,000.00         ZZ
                                         360        518,595.13          1
                                       7.250          3,540.50         73
                                       7.000          3,540.50
    EAGLE            ID   83616          1            08/24/01         00
    0433216306                           03           10/01/01          0
    0000073451                           O            09/01/31
    0

    5400241          L46/L46             F          399,900.00         ZZ
                                         360        399,580.20          1
                                       7.125          2,694.21         80
                                       6.875          2,694.21
    DALLAS           TX   75240          1            08/16/01         00
    0000941724                           05           10/01/01          0
    0000941724                           O            09/01/31
    0

    5400852          E84/G01             F          310,000.00         ZZ
                                         360        309,526.79          1
                                       7.375          2,141.09         80
                                       7.125          2,141.09
1

    GIG HARBOR       WA   98335          1            07/12/01         00
    0433141819                           05           09/01/01          0
    61002274                             O            08/01/31
    0

    5401573          964/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.250          2,319.40         67
                                       7.000          2,319.40
    SANTA CLARA      CA   95050          1            09/06/01         00
    0433194321                           05           11/01/01          0
    143186                               O            10/01/31
    0

    5403012          E76/G01             F          555,000.00         ZZ
                                         360        555,000.00          1
                                       7.000          3,692.43         66
                                       6.750          3,692.43
    FRISCO           CO   80443          2            09/05/01         00
    0433220183                           05           11/01/01          0
    10007883                             O            10/01/31
    0

    5403597          U97/G01             F          335,000.00         ZZ
                                         360        334,738.67          1
                                       7.250          2,285.29         35
                                       7.000          2,285.29
    OAKLAND          CA   94602          2            08/29/01         00
    0433244993                           05           10/01/01          0
    5175456                              O            09/01/31
    0

    5403911          964/G01             F          321,600.00         ZZ
                                         360        321,600.00          1
                                       7.250          2,193.88         80
                                       7.000          2,193.88
    SAN FRANCISCO    CA   94117          1            08/28/01         00
    0433177490                           05           11/01/01          0
    139160                               O            10/01/31
    0

    5404380          356/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       7.375          2,659.10         46
                                       7.125          2,659.10
    FREMONT          CA   94539          5            08/30/01         00
    0433243110                           03           11/01/01          0
    28850915                             O            10/01/31
    0
1

    5407387          E22/G01             F          600,000.00         ZZ
                                         360        599,531.94          1
                                       7.250          4,093.06         58
                                       7.000          4,093.06
    PORTOLA VALLEY   CA   94028          1            08/14/01         00
    0412696379                           05           10/01/01          0
    0412696379                           O            09/01/31
    0

    5407423          E22/G01             F          445,000.00         ZZ
                                         360        444,652.86          1
                                       7.250          3,035.68         43
                                       7.000          3,035.68
    LAGUNA BEACH     CA   92651          2            08/15/01         00
    0412887580                           05           10/01/01          0
    0412887580                           O            09/01/31
    0

    5407443          E22/G01             F          510,000.00         ZZ
                                         360        509,134.38          1
                                       7.375          3,522.44         69
                                       7.125          3,522.44
    SAN MATEO        CA   94403          2            08/15/01         00
    0412906182                           09           10/01/01          0
    0412906182                           O            09/01/31
    0

    5407495          E22/G01             F          420,000.00         ZZ
                                         360        419,655.73          1
                                       7.000          2,794.27         80
                                       6.750          2,794.27
    NEWARK           CA   94560          1            08/16/01         00
    0412954182                           05           10/01/01          0
    0412954182                           O            09/01/31
    0

    5407930          E84/G01             F          293,400.00         ZZ
                                         360        292,963.14          1
                                       7.500          2,051.50         54
                                       7.250          2,051.50
    SCHAUMBURG       IL   60172          2            07/12/01         00
    0433140456                           05           09/01/01          0
    11008292                             O            08/01/31
    0

    5409209          N47/G01             F          410,000.00         ZZ
                                         360        409,655.55          1
1

                                       6.875          2,693.41         70
                                       6.625          2,693.41
    MONTEREY         CA   93940          5            08/27/01         00
    0433183092                           05           10/01/01          0
    20111500                             O            09/01/31
    0

    5411086          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.125          2,358.02         68
                                       6.875          2,358.02
    CHINO HILLS      CA   91709          1            09/10/01         00
    0433199239                           03           11/01/01          0
    141812                               O            10/01/31
    0

    5412055          025/025             F          297,000.00         ZZ
                                         306        295,291.96          1
                                       7.250          2,131.88         40
                                       7.000          2,131.88
    SAMMAMISH        WA   98074          1            04/23/01         00
    0139100499                           05           06/01/01          0
    0139100499                           O            11/01/26
    0

    5412375          196/G01             F          399,200.00         ZZ
                                         360        398,575.28          1
                                       7.250          2,723.25         80
                                       7.000          2,723.25
    LAGUNA NIGUEL    CA   92677          2            07/03/01         00
    0433136488                           03           09/01/01          0
    1418932                              O            08/01/31
    0

    5412379          196/G01             F          296,000.00         ZZ
                                         360        295,548.15          1
                                       7.375          2,044.40         80
                                       7.125          2,044.40
    PENINSULA        OH   44264          1            07/09/01         00
    0433113164                           05           09/01/01          0
    1420787                              O            08/01/31
    0

    5412386          196/G01             F          282,150.00         ZZ
                                         360        281,719.30          1
                                       7.375          1,948.74         56
                                       7.125          1,948.74
    ALAMEDA          CA   94501          5            07/26/01         00
    0433135977                           03           09/01/01          0
1

    1425741                              O            08/01/31
    0

    5412397          196/G01             F          408,000.00         ZZ
                                         360        407,407.52          1
                                       7.625          2,887.80         80
                                       7.375          2,887.80
    SONOMA           CA   95476          1            07/12/01         00
    0433136108                           05           09/01/01          0
    1428913                              O            08/01/31
    0

    5412406          196/G01             F          382,232.00         ZZ
                                         360        381,648.50          1
                                       7.375          2,639.99         89
                                       7.125          2,639.99
    LADERA RANCH     CA   92694          1            07/06/01         10
    0433135092                           03           09/01/01         25
    1429743                              O            08/01/31
    0

    5412416          196/G01             F          351,000.00         ZZ
                                         360        350,450.72          1
                                       7.250          2,394.44         56
                                       7.000          2,394.44
    SAN DIEGO        CA   92109          5            07/19/01         00
    0433136058                           05           09/01/01          0
    1434393                              O            08/01/31
    0

    5412478          025/025             F          328,000.00         ZZ
                                         360        326,967.20          1
                                       7.250          2,237.54         80
                                       7.000          2,237.54
    CARBONADO        WA   98323          2            05/22/01         00
    0139104665                           05           07/01/01          0
    0139104665                           O            06/01/31
    0

    5413601          696/G01             F          393,750.00         ZZ
                                         360        393,410.98          1
                                       6.750          2,553.86         75
                                       6.500          2,553.86
    ARLINGTON        VA   22207          1            08/20/01         00
    0433112687                           05           10/01/01          0
    22601165                             O            09/01/31
    0

1

    5413603          696/G01             F          519,000.00         ZZ
                                         360        518,595.14          1
                                       7.250          3,540.49         80
                                       7.000          3,540.49
    ROUND HILL       VA   20141          2            08/14/01         00
    0433162542                           05           10/01/01          0
    50101080                             O            09/01/31
    0

    5413995          956/G01             F          395,000.00         ZZ
                                         360        394,699.43          1
                                       7.375          2,728.17         44
                                       7.125          2,728.17
    SAN RAFAEL       CA   94901          2            08/01/01         00
    0433153897                           05           10/01/01          0
    811070327                            O            09/01/31
    0

    5414715          944/G01             F          369,000.00         ZZ
                                         360        368,704.91          1
                                       7.125          2,486.03         90
                                       6.875          2,486.03
    LAS VEGAS        NV   89144          2            08/02/01         01
    0433198835                           03           10/01/01         25
    W01040692                            O            09/01/31
    0

    5415462          E22/G01             F          317,580.00         ZZ
                                         360        317,319.68          1
                                       7.000          2,112.87         76
                                       6.750          2,112.87
    LOS ANGELES      CA   90004          1            08/20/01         00
    0412932121                           05           10/01/01          0
    0412932121                           O            09/01/31
    0

    5415627          025/025             F          356,000.00         ZZ
                                         360        354,906.44          1
                                       7.375          2,458.80         80
                                       7.125          2,458.80
    KNOXVILLE        TN   37919          1            06/01/01         00
    0021801907                           05           07/01/01          0
    0021801907                           O            06/01/31
    0

    5415668          956/G01             F          349,500.00         ZZ
                                         360        349,227.35          1
                                       7.250          2,384.21         75
                                       7.000          2,384.21
1

    ADDISON TWP      MI   48367          5            08/08/01         00
    0433219391                           05           10/01/01          0
    911070098                            O            09/01/31
    0

    5416680          025/025             F          375,000.00         T
                                         360        373,848.06          1
                                       7.375          2,590.03         61
                                       7.125          2,590.03
    ST GEORGE        FL   32328          2            05/25/01         00
    0020930947                           03           07/01/01          0
    0020930947                           O            06/01/31
    0

    5417507          025/025             F          309,000.00         ZZ
                                         360        307,457.93          1
                                       7.000          2,055.79         52
                                       6.750          2,055.79
    CLIFTON          VA   20124          2            03/30/01         00
    0130205024                           05           05/01/01          0
    0130205024                           O            04/01/31
    0

    5422539          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.125          2,560.13         80
                                       6.875          2,560.13
    SAN FRANCISCO    CA   94124          1            09/18/01         00
    0433218153                           09           11/01/01          0
    143951                               O            10/01/31
    0

    5424299          964/G01             F          380,000.00         ZZ
                                         360        379,703.56          1
                                       7.250          2,592.27         74
                                       7.000          2,592.27
    BURBANK          CA   91501          2            08/28/01         00
    0433189065                           05           10/01/01          0
    140491                               O            09/01/31
    0

    5424405          253/253             F          391,200.00         ZZ
                                         360        391,200.00          1
                                       7.375          2,701.93         80
                                       7.125          2,701.93
    OAKLAND          CA   94611          1            09/05/01         00
    973788                               05           11/01/01          0
    973788                               O            10/01/31
    0
1

    5425173          025/025             F          340,000.00         ZZ
                                         360        338,744.83          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
    REDMOND          WA   98053          1            06/01/01         00
    0139266951                           05           08/01/01          0
    0139266951                           O            07/01/31
    0

    5425195          025/025             F          319,987.00         ZZ
                                         360        318,979.41          1
                                       7.250          2,182.88         80
                                       7.000          2,182.88
    CHAPEL HILL      NC   27516          1            05/09/01         00
    0139094015                           03           07/01/01          0
    0139094015                           O            06/01/31
    0

    5425211          025/025             F          388,000.00         ZZ
                                         360        380,252.00          1
                                       7.125          2,614.03         80
                                       6.875          2,614.03
    SEDALIA          CO   80135          1            02/28/01         00
    0138755442                           03           06/01/01          0
    0138755442                           O            05/01/31
    0

    5425225          025/025             F          373,700.00         ZZ
                                         360        372,729.28          1
                                       6.750          2,423.82         80
                                       6.500          2,423.82
    MECHANICSBURG    PA   17055          1            06/22/01         00
    0139367643                           05           08/01/01          0
    0139367643                           O            07/01/31
    0

    5425230          025/025             F          406,880.00         ZZ
                                         360        405,770.53          1
                                       6.500          2,571.76         80
                                       6.250          2,571.76
    CHAPEL HILL      NC   27516          1            06/21/01         00
    0130274244                           03           08/01/01          0
    0130274244                           O            07/01/31
    0

    5425233          025/025             F          365,500.00         ZZ
                                         360        364,639.46          1
1

                                       7.250          2,493.35         70
                                       7.000          2,493.35
    CHAPIN           SC   29036          2            06/22/01         00
    0139253140                           05           08/01/01          0
    0139253140                           O            07/01/31
    0

    5425844          E87/G01             F          385,000.00         ZZ
                                         360        384,684.42          1
                                       7.000          2,561.41         66
                                       6.750          2,561.41
    SANTA MONICA     CA   90405          2            08/29/01         00
    0433187341                           05           10/01/01          0
    70003711                             O            09/01/31
    0

    5426839          964/G01             F          443,000.00         ZZ
                                         360        443,000.00          1
                                       7.250          3,022.04         69
                                       7.000          3,022.04
    WOODLAND         CA   95695          2            09/06/01         00
    0433194297                           05           11/01/01          0
    141281                               O            10/01/31
    0

    5427084          H58/G01             F          345,000.00         ZZ
                                         360        344,724.11          1
                                       7.125          2,324.33         50
                                       6.875          2,324.33
    ALAMO            CA   94507          2            08/29/01         00
    0433224730                           05           10/01/01          0
    0000073328                           O            09/01/31
    0

    5428193          025/025             F          300,000.00         ZZ
                                         360        299,031.78          1
                                       7.125          2,021.16         78
                                       6.875          2,021.16
    JACKSONVILLE     FL   32217          1            05/21/01         00
    0021179650                           05           07/01/01          0
    0021179650                           O            06/01/31
    0

    5428210          E82/G01             F          181,200.00         ZZ
                                         360        180,813.63          1
                                       7.375          1,251.50         60
                                       7.125          1,251.50
    ANAHEIM          CA   92807          2            08/21/01         00
    0400475000                           05           10/01/01          0
1

    0400475000                           O            09/01/31
    0

    5429059          A06/G01             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         80
                                       7.125          2,348.30
    FARMINGTON HILL  MI   48331          1            08/31/01         00
    0433169463                           05           10/01/01          0
    20142172                             O            09/01/31
    0

    5429671          R65/G01             F          313,500.00         ZZ
                                         360        313,255.44          1
                                       7.250          2,138.62         79
                                       7.000          2,138.62
    BALTIMORE        MD   21212          2            08/29/01         00
    0433198702                           05           10/01/01          0
    0487658                              O            09/01/31
    0

    5430355          253/253             F          336,000.00         ZZ
                                         360        335,737.88          1
                                       7.250          2,292.12         80
                                       7.000          2,292.12
    FAIRVIEW         TX   75069          4            08/03/01         00
    957759                               05           10/01/01          0
    957759                               O            09/01/31
    0

    5431330          F44/G01             F          496,600.00         ZZ
                                         360        496,222.12          1
                                       7.375          3,429.90         90
                                       7.125          3,429.90
    ALEXANDRIA       VA   22315          1            08/30/01         11
    0433194123                           03           10/01/01         25
    710061                               O            09/01/31
    0

    5431606          A06/G01             F          326,250.00         ZZ
                                         360        326,007.87          1
                                       7.500          2,281.19         75
                                       7.250          2,281.19
    WEST BLOOMFIELD  MI   48322          5            08/31/01         00
    0433191095                           05           10/01/01          0
    1000020140069                        O            09/01/31
    0

1

    5433110          P60/G01             F          337,500.00         ZZ
                                         360        336,866.89          1
                                       7.375          2,331.03         75
                                       7.125          2,331.03
    HUDSON           IN   46747          5            07/31/01         00
    0433153863                           05           09/01/01          0
    6100061849                           O            08/01/31
    0

    5434081          964/G01             F          424,000.00         ZZ
                                         360        423,660.93          1
                                       7.125          2,856.57         80
                                       6.875          2,856.57
    RANCHO PALOS VE  CA   90275          1            09/04/01         00
    0433178217                           05           10/01/01          0
    140469                               O            09/01/31
    0

    5434099          J37/286             F          399,650.00         ZZ
                                         360        398,148.36          1
                                       7.500          2,794.41         80
                                       7.250          2,794.41
    SCOTTSDALE       AZ   85260          2            04/25/01         00
    5391396                              05           06/01/01          0
    5391396                              O            05/01/31
    0

    5434607          J37/286             F          378,750.00         ZZ
                                         360        377,480.14          1
                                       7.500          2,648.28         75
                                       7.250          2,648.28
    SALADO           TX   76571          1            05/02/01         00
    5391369                              05           07/01/01          0
    5391369                              O            06/01/31
    0

    5434983          964/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.87         80
                                       6.875          2,694.87
    VISALIA          CA   93292          2            09/07/01         00
    0433215803                           05           11/01/01          0
    97936                                O            10/01/31
    0

    5435229          J37/286             F          353,000.00         ZZ
                                         360        351,888.45          1
                                       7.250          2,408.09         70
                                       7.000          2,408.09
1

    WASHIGTON        DC   20015          5            05/17/01         00
    5391774                              05           07/01/01          0
    5391774                              O            06/01/31
    0

    5436046          420/G01             F          432,000.00         ZZ
                                         360        431,671.28          1
                                       7.375          2,983.72         80
                                       7.125          2,983.72
    SANTA ROSA       CA   95404          1            08/30/01         00
    0433210762                           03           10/01/01          0
    51002023                             O            09/01/31
    0

    5436228          K21/G01             F          345,000.00         ZZ
                                         360        344,724.11          1
                                       7.125          2,324.33         74
                                       6.875          2,324.33
    ALHAMBRA         CA   91801          2            08/09/01         00
    0433165800                           05           10/01/01          0
    0114973                              O            09/01/31
    0

    5436688          U87/G01             F          371,000.00         ZZ
                                         360        370,710.59          1
                                       7.250          2,530.87         62
                                       7.000          2,530.87
    SAN DIEGO        CA   92109          2            08/24/01         00
    0433182649                           05           10/01/01          0
    1513                                 O            09/01/31
    0

    5436701          253/253             F          357,500.00         ZZ
                                         360        356,967.70          1
                                       7.500          2,499.70         77
                                       7.250          2,499.70
    PARK CITY        UT   84098          4            07/06/01         00
    956348                               05           09/01/01          0
    956348                               O            08/01/31
    0

    5437170          N47/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       7.000          2,075.74         80
                                       6.750          2,075.74
    SAN JOSE         CA   95148          1            09/01/01         00
    0433191038                           05           11/01/01          0
    20311141                             O            10/01/31
    0
1

    5438390          964/G01             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.250          2,210.25         80
                                       7.000          2,210.25
    SACRAMENTO       CA   95831          1            09/11/01         00
    0433196201                           05           11/01/01          0
    140091                               O            10/01/31
    0

    5439087          E22/G01             F          490,000.00         ZZ
                                         360        489,627.15          1
                                       7.375          3,384.31         52
                                       7.125          3,384.31
    PORTLAND         OR   97210          2            08/17/01         00
    0412891624                           05           10/01/01          0
    0412891624                           O            09/01/31
    0

    5439102          E22/G01             F          331,800.00         ZZ
                                         360        331,547.53          1
                                       7.375          2,291.66         60
                                       7.125          2,291.66
    SAN FRANCISCO    CA   94132          2            08/16/01         00
    0412906174                           07           10/01/01          0
    0412906174                           O            09/01/31
    0

    5439120          E22/G01             F           70,000.00         ZZ
                                         360         69,942.62          1
                                       7.000            465.71         37
                                       6.750            465.71
    SANTA FE         NM   87501          2            08/22/01         00
    0412919748                           05           10/01/01          0
    0412919748                           O            09/01/31
    0

    5439128          E22/G01             F          336,800.00         ZZ
                                         360        336,530.67          1
                                       7.125          2,269.08         60
                                       6.875          2,269.08
    RENTON           WA   98055          2            08/20/01         00
    0412922833                           05           10/01/01          0
    0412922833                           O            09/01/31
    0

    5439154          E22/G01             F          225,000.00         ZZ
                                         360        224,824.48          1
1

                                       7.250          1,534.90         75
                                       7.000          1,534.90
    CARMICHAEL       CA   95608          5            08/17/01         00
    0412936536                           05           10/01/01          0
    0412936536                           O            09/01/31
    0

    5439157          E22/G01             F          375,000.00         ZZ
                                         360        374,721.70          1
                                       7.500          2,622.05         74
                                       7.250          2,622.05
    MOSS BEACH       CA   94038          2            08/20/01         00
    0412939811                           05           10/01/01          0
    0412939811                           O            09/01/31
    0

    5439265          E82/G01             F          399,000.00         ZZ
                                         360        398,703.88          1
                                       7.500          2,789.87         70
                                       7.250          2,789.87
    CAMPBELL         CA   95008          5            08/20/01         00
    0400469706                           05           10/01/01          0
    0400469706                           O            09/01/31
    0

    5439266          E82/G01             F          322,800.00         ZZ
                                         360        322,560.44          1
                                       7.500          2,257.06         80
                                       7.250          2,257.06
    ALEXANDRIA       VA   22305          2            08/24/01         00
    0400468914                           05           10/01/01          0
    3892754                              O            09/01/31
    0

    5439378          026/G01             F          275,050.00         ZZ
                                         360        274,850.92          1
                                       7.625          1,946.79         32
                                       7.375          1,946.79
    ATLANTA          GA   30306          5            08/20/01         00
    0433152907                           05           10/01/01          0
    0201409381                           O            09/01/31
    0

    5439382          696/G01             F          396,000.00         ZZ
                                         360        395,691.08          1
                                       7.250          2,701.42         80
                                       7.000          2,701.42
    WASHINGTON       DC   20007          1            08/24/01         00
    0433190220                           05           10/01/01          0
1

    25601183                             O            09/01/31
    0

    5439383          696/G01             F          336,000.00         ZZ
                                         360        335,737.89          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
    SILVER SPRING    MD   20910          1            08/27/01         00
    0433107414                           05           10/01/01          0
    32601237                             O            09/01/31
    0

    5439385          696/G01             F          384,000.00         ZZ
                                         360        383,669.38          1
                                       6.750          2,490.62         80
                                       6.500          2,490.62
    NORTH POTOMAC    MD   20878          1            08/21/01         00
    0433188687                           05           10/01/01          0
    32701194                             O            09/01/31
    0

    5439397          601/G01             F          345,000.00         ZZ
                                         360        344,750.30          1
                                       7.625          2,441.89         75
                                       7.375          2,441.89
    HADDONFIELD      NJ   08033          5            08/10/01         00
    0433153004                           05           10/01/01          0
    60746609                             O            09/01/31
    0

    5439505          E86/G01             F          432,000.00         ZZ
                                         360        431,388.23          1
                                       7.750          3,094.90         80
                                       7.500          3,094.90
    STATEN ISLAND    NY   10308          1            07/18/01         00
    0433198157                           05           09/01/01          0
    119414                               O            08/01/31
    0

    5439843          J37/286             F          299,250.00         ZZ
                                         360        298,284.20          1
                                       7.125          2,016.11         75
                                       6.875          2,016.11
    MAGNOLIA         TX   77354          2            05/04/01         00
    5391480                              03           07/01/01          0
    5391480                              O            06/01/31
    0

1

    5440245          J37/286             F          324,700.00         ZZ
                                         360        323,386.16          1
                                       7.125          2,187.57         80
                                       6.875          2,187.57
    ANNAPOLIS        MD   21401          1            05/01/01         00
    5391482                              03           06/01/01          0
    5391482                              O            05/01/31
    0

    5442163          N74/G01             F          352,500.00         ZZ
                                         360        352,500.00          1
                                       7.250          2,404.67         72
                                       7.000          2,404.67
    HEBER SPRINGS    AR   72543          2            08/30/01         00
    0433248515                           03           11/01/01          0
    0029282010                           O            10/01/31
    0

    5442676          470/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.875          2,299.26         56
                                       6.625          2,299.26
    SANTA ROSA       CA   95404          1            09/04/01         00
    0433219946                           05           11/01/01          0
    56002926                             O            10/01/31
    0

    5443993          A52/G01             F          364,000.00         ZZ
                                         360        363,716.05          1
                                       7.250          2,483.12         90
                                       7.000          2,483.12
    SENOIA           GA   30267          2            08/31/01         11
    0433181146                           05           10/01/01         25
    15999                                O            09/01/31
    0

    5444021          U28/G01             F          384,800.00         ZZ
                                         360        384,492.28          1
                                       7.125          2,592.47         80
                                       6.875          2,592.47
    ATLANTA          GA   30306          1            08/22/01         00
    0433135779                           05           10/01/01          0
    1                                    O            09/01/31
    0

    5444819          J37/286             F          566,300.00         ZZ
                                         360        564,472.35          1
                                       7.125          3,815.27         66
                                       6.875          3,815.27
1

    PROSPECT         KY   40059          2            05/02/01         00
    5391444                              05           07/01/01          0
    5391444                              O            06/01/31
    0

    5446102          J37/286             F          456,000.00         ZZ
                                         360        454,199.78          1
                                       7.250          3,110.72         80
                                       7.000          3,110.72
    SAN JOSE         CA   95131          1            04/25/01         00
    5391152                              05           06/01/01          0
    5391152                              O            05/01/31
    0

    5446199          696/G01             F          465,000.00         ZZ
                                         360        464,628.15          1
                                       7.125          3,132.79         66
                                       6.875          3,132.79
    ARLINGTON        VA   22207          2            08/21/01         00
    0433162526                           05           10/01/01          0
    22801075                             O            09/01/31
    0

    5447768          B23/G01             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       6.875          3,258.37         80
                                       6.625          3,258.37
    IRVINE           CA   92602          1            09/10/01         00
    0433248911                           03           11/01/01          0
    88004729                             O            10/01/31
    0

    5449981          J37/286             F          397,600.00         ZZ
                                         360        396,068.55          2
                                       7.375          2,746.13         80
                                       7.125          2,746.13
    LONG BEACH       CA   90807          2            04/24/01         00
    0005391450                           05           06/01/01          0
    0005391450                           O            05/01/31
    0

    5450441          J37/286             F          378,000.00         ZZ
                                         360        376,838.81          1
                                       7.375          2,610.76         72
                                       7.125          2,610.76
    FOUNTAIN HILLS   AZ   85268          5            05/09/01         00
    0005391842                           05           07/01/01          0
    0005391842                           O            06/01/31
    0
1

    5451056          J37/286             F          450,000.00         ZZ
                                         360        448,684.72          1
                                       7.625          3,185.08         80
                                       7.375          3,185.08
    LAS CRUCES       NM   88011          1            05/15/01         00
    5391845                              05           07/01/01          0
    5391845                              O            06/01/31
    0

    5451220          964/G01             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       7.125          3,772.82         80
                                       6.875          3,772.82
    DANVILLE         CA   94526          1            08/31/01         00
    0433185717                           03           11/01/01          0
    141195                               O            10/01/31
    0

    5452323          J37/286             F          644,000.00         ZZ
                                         360        641,711.34          1
                                       7.625          4,558.19         45
                                       7.375          4,558.19
    PARADISE VALLEY  AZ   85253          5            05/08/01         00
    5391850                              05           07/01/01          0
    5391850                              O            06/01/31
    0

    5453776          J37/286             F          327,000.00         ZZ
                                         360        325,918.42          1
                                       7.000          2,175.54         73
                                       6.750          2,175.54
    OAKLAND          CA   94609          5            05/01/01         00
    5391837                              05           07/01/01          0
    5391837                              O            06/01/31
    0

    5454030          E33/G01             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         67
                                       6.750          2,328.56
    LAKE FOREST      IL   60045          2            08/24/01         00
    0433163755                           05           10/01/01          0
    CAPELLI                              O            09/01/31
    0

    5454467          964/G01             F          366,000.00         ZZ
                                         360        366,000.00          1
1

                                       7.375          2,527.87         71
                                       7.125          2,527.87
    BELMONT          CA   94002          2            09/06/01         00
    0433194289                           05           11/01/01          0
    142674                               O            10/01/31
    0

    5456437          470/G01             F          295,920.00         ZZ
                                         360        295,920.00          1
                                       7.250          2,018.70         80
                                       7.000          2,018.70
    CORONA           CA   92881          1            09/05/01         00
    0433219888                           05           11/01/01          0
    110100069                            O            10/01/31
    0

    5459446          E22/G01             F          399,950.00         ZZ
                                         360        399,630.16          2
                                       7.125          2,694.54         77
                                       6.875          2,694.54
    SEATTLE          WA   98105          2            08/15/01         00
    0412925141                           05           10/01/01          0
    0412925141                           O            09/01/31
    0

    5460704          964/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.000          2,661.21         70
                                       6.750          2,661.21
    GRANITE BAY      CA   95746          5            09/10/01         00
    0433201860                           05           11/01/01          0
    142455                               O            10/01/31
    0

    5461599          J37/286             F          500,000.00         ZZ
                                         360        497,681.87          1
                                       7.375          3,453.38         59
                                       7.125          3,453.38
    SCOTTSDALE       AZ   85258          2            03/26/01         00
    5390573                              03           05/01/01          0
    5390573                              O            04/01/31
    0

    5461868          J37/286             F          590,000.00         ZZ
                                         360        587,264.64          1
                                       7.375          4,074.98         63
                                       7.125          4,074.98
    SAN DIEGO        CA   92106          5            03/26/01         00
    5390605                              05           05/01/01          0
1

    5390605                              O            04/01/31
    0

    5461897          623/G01             F          414,450.00         ZZ
                                         360        413,474.16          1
                                       7.250          2,827.28         90
                                       7.000          2,827.28
    CASTLE ROCK      CO   80104          1            06/13/01         04
    0433145471                           03           08/01/01         25
    1980341                              O            07/01/31
    0

    5461943          623/G01             F          335,800.00         ZZ
                                         360        335,501.43          1
                                       7.250          2,290.75         68
                                       7.000          2,290.75
    BUENA VISTA      CO   81211          2            08/08/01         00
    0433131653                           05           10/01/01          0
    1986058                              O            09/01/31
    0

    5462016          623/G01             F          372,000.00         ZZ
                                         360        371,432.14          1
                                       7.375          2,569.31         80
                                       7.125          2,569.31
    WELDON SPRINGS   MO   63304          2            07/20/01         00
    0433139078                           05           09/01/01          0
    5360496                              O            08/01/31
    0

    5462036          623/G01             F          352,000.00         ZZ
                                         360        351,449.16          1
                                       7.250          2,401.26         80
                                       7.000          2,401.26
    SKOKIE           IL   60076          1            07/27/01         00
    0433145661                           05           09/01/01          0
    5364106                              O            08/01/31
    0

    5462074          623/G01             F          356,000.00         ZZ
                                         360        355,729.12          1
                                       7.375          2,458.80         80
                                       7.125          2,458.80
    FAIRFAX          VA   22031          1            08/13/01         00
    0433131604                           05           10/01/01          0
    5368379                              O            09/01/31
    0

1

    5462086          623/G01             F          336,000.00         ZZ
                                         360        335,447.55          1
                                       7.000          2,235.42         80
                                       6.750          2,235.42
    BIRMINGHAM       AL   35243          1            07/31/01         00
    0433141090                           05           09/01/01          0
    5370103                              O            08/01/31
    0

    5462501          J37/286             F          406,000.00         ZZ
                                         360        404,357.25          1
                                       7.125          2,735.30         65
                                       6.875          2,735.30
    LITTLETON        CO   80123          2            04/05/01         00
    0005390531                           05           06/01/01          0
    0005390531                           O            05/01/31
    0

    5462821          144/144             F          383,367.00         ZZ
                                         360        383,367.00          1
                                       7.375          2,647.82         80
                                       7.125          2,647.82
    CORTLANDT MANOR  NY   10567          2            09/05/01         00
    01SIMONM                             05           11/01/01          0
    01SIMONM                             O            10/01/31
    0

    5462962          696/G01             F          316,700.00         ZZ
                                         360        316,459.02          1
                                       7.375          2,187.37         80
                                       7.125          2,187.37
    VIENNA           VA   22181          1            08/28/01         00
    0433135902                           03           10/01/01          0
    23601115                             O            09/01/31
    0

    5462963          696/G01             F          417,150.00         ZZ
                                         360        416,840.42          1
                                       7.500          2,916.77         80
                                       7.250          2,916.77
    ASHBURN          VA   20147          1            08/24/01         00
    0433224367                           03           10/01/01          0
    22301043                             O            09/01/31
    0

    5463551          J37/286             F          480,800.00         ZZ
                                         360        478,854.59          1
                                       7.125          3,239.24         80
                                       6.875          3,239.24
1

    AUSTIN           TX   78737          1            04/30/01         00
    0005391392                           05           06/01/01          0
    0005391392                           O            05/01/31
    0

    5463799          J37/286             F          650,000.00         ZZ
                                         360        647,433.85          1
                                       7.250          4,434.15         70
                                       7.000          4,434.15
    MC CORDSVILLE    IN   46055          2            04/20/01         00
    0005391820                           03           06/01/01          0
    0005391820                           O            05/01/31
    0

    5464015          J37/286             F          419,000.00         ZZ
                                         360        417,345.83          1
                                       7.250          2,858.32         80
                                       7.000          2,858.32
    ALPHARETTA       GA   30004          2            04/24/01         00
    5391399                              03           06/01/01          0
    5391399                              O            05/01/31
    0

    5464137          J37/286             F          900,000.00         ZZ
                                         360        896,358.41          1
                                       7.125          6,063.47         70
                                       6.875          6,063.47
    HEALDSBURG       CA   95448          1            04/26/01         00
    5391402                              05           06/01/01          0
    5391402                              O            05/01/31
    0

    5464926          964/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.125          4,379.17         76
                                       6.875          4,379.17
    BERKELEY         CA   94708          1            09/06/01         00
    0433182540                           05           11/01/01          0
    400141477                            O            10/01/31
    0

    5465299          964/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.000          2,361.82         28
                                       6.750          2,361.82
    SAN JOSE         CA   95120          5            09/05/01         00
    0433189834                           05           11/01/01          0
    400139808                            O            10/01/31
    0
1

    5465456          J37/286             F          299,200.00         ZZ
                                         360        297,172.75          1
                                       7.250          2,041.08         79
                                       7.000          2,041.08
    PEORIA           IL   61615          2            03/30/01         00
    5390603                              05           05/01/01          0
    5390603                              O            04/01/31
    0

    5465579          J37/286             F          300,000.00         ZZ
                                         360        299,101.02          1
                                       7.500          2,097.65         78
                                       7.250          2,097.65
    ROCKAWAY         NJ   07866          1            05/01/01         00
    0005391489                           05           07/01/01          0
    0005391489                           O            06/01/31
    0

    5466062          J37/286             F          473,400.00         ZZ
                                         360        470,556.95          1
                                       7.250          3,229.43         79
                                       7.000          3,229.43
    GAITHERSBURG     MD   20882          2            04/30/01         00
    5391492                              05           06/01/01          0
    5391492                              O            05/01/31
    0

    5466288          J37/286             F          352,000.00         ZZ
                                         360        349,953.01          1
                                       7.375          2,431.18         79
                                       7.125          2,431.18
    GOLDEN           CO   80401          2            04/26/01         00
    5391424                              03           06/01/01          0
    5391424                              O            05/01/31
    0

    5466356          J37/286             F          352,000.00         ZZ
                                         360        350,467.51          1
                                       6.750          2,283.07         80
                                       6.500          2,283.07
    GILBERT          AZ   85296          2            04/20/01         00
    5391495                              03           06/01/01          0
    5391495                              O            05/01/31
    0

    5466446          J37/286             F          284,900.00         ZZ
                                         360        283,802.70          1
1

                                       7.375          1,967.73         80
                                       7.125          1,967.73
    RIVERSIDE        CA   92504          1            04/19/01         00
    5391123                              05           06/01/01          0
    5391123                              O            05/01/31
    0

    5466697          J37/286             F          319,200.00         ZZ
                                         360        317,970.57          1
                                       7.375          2,204.64         80
                                       7.125          2,204.64
    SEATTLE          WA   98107          1            04/19/01         00
    5391161                              09           06/01/01          0
    5391161                              O            05/01/31
    0

    5466956          J37/286             F          386,000.00         T
                                         360        226,487.36          1
                                       7.250          2,633.21         80
                                       7.000          2,633.21
    SAUGATUCK        MI   49453          1            04/27/01         00
    5391478                              05           06/01/01          0
    5391478                              O            05/01/31
    0

    5467145          J37/286             F          319,000.00         ZZ
                                         360        317,751.27          1
                                       7.375          2,203.25         80
                                       7.125          2,203.25
    SAN DIEGO        CA   92127          5            04/24/01         00
    5391124                              03           06/01/01          0
    5391124                              O            05/01/31
    0

    5467378          J37/286             F          428,000.00         ZZ
                                         360        426,351.51          1
                                       7.375          2,956.09         80
                                       7.125          2,956.09
    LOS ANGELES      CA   90027          1            04/28/01         00
    0005391215                           05           06/01/01          0
    0005391215                           O            05/01/31
    0

    5467434          J37/286             F          285,000.00         ZZ
                                         300        283,688.25          1
                                       7.500          2,106.13         68
                                       7.250          2,106.13
    OAKDALE          NY   11769          1            05/15/01         00
    5391738                              05           07/01/01          0
1

    5391738                              O            06/01/26
    0

    5467850          253/253             F          305,000.00         ZZ
                                         360        304,767.92          1
                                       7.375          2,106.56         72
                                       7.125          2,106.56
    GREENWOOD        IN   46142          2            08/08/01         00
    960061                               05           10/01/01          0
    960061                               O            09/01/31
    0

    5468481          L60/F27             F           82,600.00         ZZ
                                         360         82,289.64          1
                                       7.500            577.55         70
                                       7.250            577.55
    MILLEDGEVILLE    GA   31061          1            04/30/01         00
    6990362651                           05           06/01/01          0
    6990362651                           O            05/01/31
    0

    5468488          L60/F27             F          110,000.00         ZZ
                                         360        109,840.27          1
                                       7.625            778.57         58
                                       7.375            778.57
    ROCKY MOUNT      NC   27803          5            07/13/01         00
    6610773573                           05           09/01/01          0
    6610773573                           O            08/01/31
    0

    5468507          L60/F27             F          285,000.00         ZZ
                                         360        284,606.44          1
                                       7.875          2,066.45         80
                                       7.625          2,066.45
    WILMINGTON       NC   28411          2            06/29/01         00
    6960186751                           05           09/01/01          0
    6960186751                           O            08/01/31
    0

    5468509          L60/F27             F          293,250.00         ZZ
                                         360        292,592.99          1
                                       7.500          2,050.45         85
                                       7.250          2,050.45
    NITRO            WV   25143          2            06/15/01         01
    6920094595                           05           08/01/01         12
    6920094595                           O            07/01/31
    0

1

    5468513          L60/F27             F          300,000.00         ZZ
                                         360        298,844.50          1
                                       7.375          2,072.03         53
                                       7.125          2,072.03
    CUMMING          GA   30040          5            04/19/01         00
    6990343118                           03           06/01/01          0
    6990343118                           O            05/01/31
    0

    5468518          L60/F27             F          304,000.00         ZZ
                                         360        303,301.77          1
                                       7.375          2,099.65         77
                                       7.125          2,099.65
    REISTERSTOWN     MD   21136          5            06/25/01         00
    6990385074                           05           08/01/01          0
    6990385074                           O            07/01/31
    0

    5468524          L60/F27             F          308,800.00         ZZ
                                         357        308,330.50          1
                                       7.500          2,164.02         80
                                       7.250          2,164.02
    WILLIAMSTON      NC   27892          2            07/06/01         00
    6610276642                           05           09/01/01          0
    6610276642                           O            05/01/31
    0

    5468525          L60/F27             F          310,000.00         ZZ
                                         360        309,071.10          1
                                       7.500          2,167.56         95
                                       7.250          2,167.56
    DUBLIN           GA   31021          2            05/29/01         12
    6960154809                           05           07/01/01         30
    6960154809                           O            06/01/31
    0

    5468531          L60/F27             F          315,200.00         ZZ
                                         360        313,629.33          1
                                       7.875          2,285.42         80
                                       7.625          2,285.42
    CHESAPEAKE       VA   23321          1            02/21/01         00
    6990297841                           03           04/01/01          0
    6990297841                           O            03/01/31
    0

    5468535          L60/F27             F          320,000.00         ZZ
                                         360        319,283.07          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
1

    ARNOLD           MD   21012          2            06/27/01         00
    6990393905                           05           08/01/01          0
    6990393905                           O            07/01/31
    0

    5468536          L60/F27             F          321,200.00         ZZ
                                         360        320,213.32          1
                                       7.375          2,218.45         80
                                       7.125          2,218.45
    CARY             NC   27513          1            05/25/01         00
    6610721522                           03           07/01/01          0
    6610721522                           O            06/01/31
    0

    5468542          L60/F27             F          333,550.00         ZZ
                                         360        333,053.37          1
                                       7.500          2,332.23         80
                                       7.250          2,332.23
    OLNEY            MD   20832          1            07/02/01         00
    6920032662                           05           09/01/01          0
    6920032662                           O            08/01/31
    0

    5468546          L60/F27             F          340,000.00         ZZ
                                         360        339,238.27          1
                                       7.500          2,377.33         80
                                       7.250          2,377.33
    ANNAPOLIS        MD   21401          2            07/02/01         00
    6990395428                           03           08/01/01          0
    6990395428                           O            07/01/31
    0

    5468552          L60/F27             F          350,000.00         ZZ
                                         360        349,175.92          1
                                       7.250          2,387.62         61
                                       7.000          2,387.62
    SAVANNAH         GA   31410          5            06/18/01         00
    6610629979                           05           08/01/01          0
    6610629979                           O            07/01/31
    0

    5468555          L60/F27             F          355,000.00         ZZ
                                         360        353,435.72          1
                                       7.750          2,543.26         74
                                       7.500          2,543.26
    LUTHERVILLE      MD   21093          5            06/04/01         00
    6920092495                           05           08/01/01          0
    6920092495                           O            07/01/31
    0
1

    5468563          L60/F27             F          375,000.00         ZZ
                                         360        372,315.44          1
                                       7.250          2,558.16         63
                                       7.000          2,558.16
    ATLANTA          GA   30306          5            04/13/01         00
    6990351579                           05           06/01/01          0
    6990351579                           O            05/01/31
    0

    5468564          L60/F27             F          375,200.00         ZZ
                                         360        374,359.42          1
                                       7.500          2,623.45         80
                                       7.250          2,623.45
    STAFFORD         VA   22554          1            06/28/01         00
    6920071404                           05           08/01/01          0
    6920071404                           O            07/01/31
    0

    5468567          L60/F27             F          397,000.00         ZZ
                                         360        396,423.50          1
                                       7.625          2,809.94         73
                                       7.375          2,809.94
    MACON            NC   27551          5            07/06/01         00
    6610788112                           05           09/01/01          0
    6610788112                           O            08/01/31
    0

    5468581          L60/F27             F          433,500.00         ZZ
                                         360        432,845.17          1
                                       7.625          3,068.29         58
                                       7.375          3,068.29
    SUWANEE          GA   30024          2            06/29/01         00
    6610765503                           05           09/01/01          0
    6610765503                           O            08/01/31
    0

    5468587          L60/F27             F          446,000.00         ZZ
                                         360        445,000.78          1
                                       7.500          3,118.50         80
                                       7.250          3,118.50
    DULUTH           GA   30097          1            06/28/01         00
    6610759503                           05           08/01/01          0
    6610759503                           O            07/01/31
    0

    5468597          L60/F27             F          480,800.00         ZZ
                                         360        476,606.51          1
1

                                       7.125          3,239.24         80
                                       6.875          3,239.24
    POTOMAC          MD   20854          2            05/15/01         00
    6990358875                           03           07/01/01          0
    6990358875                           O            06/01/31
    0

    5468603          L60/F27             F          485,000.00         ZZ
                                         360        483,886.06          1
                                       7.375          3,349.77         63
                                       7.125          3,349.77
    ATLANTA          GA   30327          5            05/29/01         00
    6960166556                           05           08/01/01          0
    6960166556                           O            07/01/31
    0

    5468610          L60/F27             F          512,000.00         T
                                         360        510,852.93          1
                                       7.500          3,579.98         76
                                       7.250          3,579.98
    HOLDEN BEACH     NC   28462          2            06/22/01         00
    6610748226                           05           08/01/01          0
    6610748226                           O            07/01/31
    0

    5468615          L60/F27             F          525,000.00         ZZ
                                         356        524,153.07          1
                                       7.875          3,817.23         55
                                       7.625          3,817.23
    RALEIGH          NC   27607          2            03/20/00         00
    6610264121                           05           09/01/01          0
    6610264121                           O            04/01/31
    0

    5468620          L60/F27             F          560,000.00         ZZ
                                         360        558,681.49          1
                                       7.250          3,820.19         74
                                       7.000          3,820.19
    MC LEAN          VA   22101          1            06/29/01         00
    6920041327                           05           08/01/01          0
    6920041327                           O            07/01/31
    0

    5468623          L60/F27             F          571,000.00         ZZ
                                         360        569,688.50          1
                                       7.375          3,943.76         76
                                       7.125          3,943.76
    ROCK HILL        SC   29732          2            06/20/01         00
    6610664286                           05           08/01/01          0
1

    6610664286                           O            07/01/31
    0

    5468634          L60/F27             F        1,000,000.00         ZZ
                                         360        997,703.19          1
                                       7.375          6,906.75         69
                                       7.125          6,906.75
    GREENSBORO       NC   27407          2            06/20/01         00
    6610731439                           03           08/01/01          0
    6610731439                           O            07/01/31
    0

    5468816          286/286             F          343,000.00         ZZ
                                         360        342,476.40          1
                                       7.375          2,369.02         64
                                       7.125          2,369.02
    ROSELLE          IL   60172          2            07/05/01         00
    442273                               05           09/01/01          0
    442273                               O            08/01/31
    0

    5468848          286/286             F          368,000.00         ZZ
                                         360        367,438.26          1
                                       7.375          2,541.68         80
                                       7.125          2,541.68
    ATLANTA          GA   30306          2            07/09/01         00
    443270                               05           09/01/01          0
    443270                               O            08/01/31
    0

    5468864          286/286             F          320,000.00         ZZ
                                         360        319,398.61          1
                                       7.250          2,182.97         80
                                       7.000          2,182.97
    CHARLOTTE        NC   28277          1            07/13/01         00
    440943                               03           09/01/01          0
    440943                               O            08/01/31
    0

    5468869          286/286             F          344,000.00         ZZ
                                         360        343,461.66          1
                                       7.250          2,346.69         80
                                       7.000          2,346.69
    HERNDON          VA   20171          1            07/16/01         00
    9339968                              03           09/01/01          0
    9339968                              O            08/01/31
    0

1

    5468910          286/286             F          345,000.00         ZZ
                                         360        344,432.75          1
                                       7.000          2,295.30         80
                                       6.750          2,295.30
    MOUNT HOLLY      NJ   08060          1            07/17/01         00
    397252                               05           09/01/01          0
    397252                               O            08/01/31
    0

    5468917          286/286             F          327,600.00         ZZ
                                         360        323,617.62          1
                                       7.125          2,207.10         79
                                       6.875          2,207.10
    HENDERSONVILLE   TN   37075          1            07/17/01         00
    443652                               05           09/01/01          0
    443652                               O            08/01/31
    0

    5468932          286/286             F          400,000.00         ZZ
                                         360        398,823.11          1
                                       6.875          2,627.72         75
                                       6.625          2,627.72
    CARMEL           IN   46033          1            07/16/01         00
    442989                               03           09/01/01          0
    442989                               O            08/01/31
    0

    5468965          286/286             F          363,500.00         ZZ
                                         360        362,754.55          1
                                       7.375          2,510.61         68
                                       7.125          2,510.61
    LAKE ORION       MI   48362          1            07/17/01         00
    455879                               05           09/01/01          0
    455879                               O            08/01/31
    0

    5468986          286/286             F          316,000.00         ZZ
                                         360        315,517.63          1
                                       7.375          2,182.53         80
                                       7.125          2,182.53
    SEATTLE          WA   98115          1            07/12/01         00
    9873948                              05           09/01/01          0
    9873948                              O            08/01/31
    0

    5471376          E22/G01             F          360,000.00         ZZ
                                         360        359,664.36          1
                                       7.125          2,425.39         80
                                       6.875          2,425.39
1

    SAN JOSE         CA   95136          1            08/22/01         00
    0412953952                           05           10/01/01          0
    0412953952                           O            09/01/31
    0

    5471480          J37/286             F          358,100.00         ZZ
                                         360        356,642.69          1
                                       7.250          2,442.87         75
                                       7.000          2,442.87
    WALNUT           CA   91789          1            05/01/01         00
    0005391108                           05           07/01/01          0
    0005391108                           O            06/01/31
    0

    5471627          J37/286             F          410,000.00         ZZ
                                         360        408,051.75          1
                                       7.250          2,796.92         52
                                       7.000          2,796.92
    CARMEL           CA   93921          5            03/26/01         00
    5390708                              05           05/01/01          0
    5390708                              O            04/01/31
    0

    5471643          J37/286             F          475,000.00         ZZ
                                         360        473,071.62          1
                                       7.375          3,280.71         71
                                       7.125          3,280.71
    LOOMIS           CA   95650          5            04/23/01         00
    5391205                              03           06/01/01          0
    5391205                              O            05/01/31
    0

    5471709          J37/286             F          650,000.00         ZZ
                                         360        647,496.42          1
                                       7.375          4,489.39         49
                                       7.125          4,489.39
    GREAT FALLS      VA   22066          1            04/05/01         00
    5390719                              03           06/01/01          0
    5390719                              O            05/01/31
    0

    5471785          J37/286             F          385,000.00         ZZ
                                         360        383,761.79          1
                                       7.250          2,626.38         78
                                       7.000          2,626.38
    PLEASANTON       CA   94588          1            05/11/01         00
    0005391675                           05           07/01/01          0
    0005391675                           O            06/01/31
    0
1

    5471839          J37/286             F          390,000.00         ZZ
                                         360        388,801.95          1
                                       7.375          2,693.64         74
                                       7.125          2,693.64
    EVERGREEN        CO   80439          5            05/16/01         00
    5391733                              05           07/01/01          0
    5391733                              O            06/01/31
    0

    5471883          J37/286             F          409,500.00         ZZ
                                         360        407,406.05          1
                                       6.875          2,690.12         76
                                       6.625          2,690.12
    SAN CLEMENTE     CA   92672          2            03/26/01         00
    5390726                              03           05/01/01          0
    5390726                              O            04/01/31
    0

    5471928          J37/286             F          650,000.00         ZZ
                                         360        647,902.23          1
                                       7.125          4,379.17         73
                                       6.875          4,379.17
    SEATTLE          WA   98102          1            05/10/01         00
    5391728                              05           07/01/01          0
    5391728                              O            06/01/31
    0

    5472054          J37/286             F          495,900.00         ZZ
                                         360        493,843.69          1
                                       7.000          3,299.24         80
                                       6.750          3,299.24
    VIENNA           VA   22182          1            04/30/01         00
    5391377                              03           06/01/01          0
    5391377                              O            05/01/31
    0

    5472081          J37/286             F          440,800.00         ZZ
                                         360        439,143.73          1
                                       7.500          3,082.14         80
                                       7.250          3,082.14
    DARNESTOWN       MD   20878          1            04/30/01         00
    5391497                              05           06/01/01          0
    5391497                              O            05/01/31
    0

    5472087          J37/286             F          344,000.00         ZZ
                                         360        342,916.80          1
1

                                       7.250          2,346.69         79
                                       7.000          2,346.69
    ALEXDRIA         VA   22309          1            05/17/01         00
    5391652                              05           07/01/01          0
    5391652                              O            06/01/31
    0

    5472253          J37/286             F          575,000.00         ZZ
                                         360        573,233.69          1
                                       7.375          3,971.38         59
                                       7.125          3,971.38
    AGOURA HILLS     CA   91301          1            05/02/01         00
    5391654                              03           07/01/01          0
    5391654                              O            06/01/31
    0

    5472383          J37/286             F          424,000.00         ZZ
                                         360        422,055.81          1
                                       7.250          2,892.43         80
                                       7.000          2,892.43
    ROCKVILLE        MD   20852          1            05/15/01         00
    0005391650                           05           07/01/01          0
    0005391650                           O            06/01/31
    0

    5472548          J37/286             F          385,000.00         ZZ
                                         360        383,787.72          1
                                       7.250          2,626.38         58
                                       7.000          2,626.38
    UNION CITY       CA   94587          2            05/03/01         00
    5391656                              03           07/01/01          0
    5391656                              O            06/01/31
    0

    5472675          696/G01             F          337,000.00         ZZ
                                         360        336,709.85          1
                                       6.750          2,185.78         80
                                       6.500          2,185.78
    ARLINGTON        VA   22207          1            08/28/01         00
    0433163284                           05           10/01/01          0
    24601226                             O            09/01/31
    0

    5472681          696/G01             F          353,500.00         ZZ
                                         360        353,231.01          1
                                       7.375          2,441.54         65
                                       7.125          2,441.54
    WASHINGTON       DC   20007          5            08/15/01         00
    0433171865                           05           10/01/01          0
1

    25601195                             O            09/01/31
    0

    5472682          696/G01             F          830,000.00         ZZ
                                         360        829,352.52          1
                                       7.250          5,662.06         70
                                       7.000          5,662.06
    ARLINGTON        VA   22207          2            08/16/01         00
    0433164928                           05           10/01/01          0
    22301138                             O            09/01/31
    0

    5472955          J37/286             F          330,000.00         ZZ
                                         360        328,986.28          1
                                       7.375          2,279.23         62
                                       7.125          2,279.23
    SAN JOSE         CA   95136          5            05/01/01         00
    5391704                              05           07/01/01          0
    5391704                              O            06/01/31
    0

    5473240          076/076             F          388,000.00         ZZ
                                         360        387,407.71          1
                                       7.375          2,679.82         68
                                       7.125          2,679.82
    GERMANTOWN       MD   20874          2            07/31/01         00
    5192115                              05           09/01/01          0
    5192115                              O            08/01/31
    0

    5473264          076/076             F          320,000.00         ZZ
                                         360        319,460.76          1
                                       6.875          2,102.18         64
                                       6.625          2,102.18
    BETHEL           CT   06801          1            07/26/01         00
    7002897                              05           09/01/01          0
    7002897                              O            08/01/31
    0

    5474036          J37/286             F          396,050.00         ZZ
                                         360        394,740.00          1
                                       7.000          2,634.94         80
                                       6.750          2,634.94
    MOORESTOWN       NJ   08057          1            05/17/01         00
    5391660                              03           07/01/01          0
    5391660                              O            06/01/31
    0

1

    5474359          J37/286             F          642,800.00         ZZ
                                         360        640,825.39          1
                                       7.375          4,439.67         77
                                       7.125          4,439.67
    HOUSTON          TX   77005          2            05/16/01         00
    0005391651                           05           07/01/01          0
    0005391651                           O            06/01/31
    0

    5474692          J37/286             F          421,000.00         ZZ
                                         360        419,503.06          1
                                       7.375          2,907.74         57
                                       7.125          2,907.74
    SAN ANSELMO      CA   94960          5            05/02/01         00
    5391713                              05           07/01/01          0
    5391713                              O            06/01/31
    0

    5474843          J37/286             F          550,000.00         ZZ
                                         360        222,339.92          1
                                       7.125          3,705.46         62
                                       6.875          3,705.46
    CHESTERFIELD     MO   63017          1            05/17/01         00
    5391663                              03           07/01/01          0
    5391663                              O            06/01/31
    0

    5475235          J37/286             F          374,000.00         ZZ
                                         360        372,822.35          1
                                       7.250          2,551.34         75
                                       7.000          2,551.34
    SCOTTSDALE       AZ   85255          1            05/14/01         00
    5391797                              03           07/01/01          0
    5391797                              O            06/01/31
    0

    5475436          J37/286             F          476,000.00         ZZ
                                         360        474,120.79          1
                                       7.250          3,247.16         80
                                       7.000          3,247.16
    PLEASANTON       CA   94588          1            04/23/01         00
    5391259                              05           06/01/01          0
    5391259                              O            05/01/31
    0

    5476127          J37/286             F          511,000.00         ZZ
                                         360        509,350.80          1
                                       7.125          3,442.71         80
                                       6.875          3,442.71
1

    HUDSON           OH   44236          2            05/14/01         00
    5391778                              05           07/01/01          0
    5391778                              O            06/01/31
    0

    5476352          956/G01             F          341,000.00         ZZ
                                         360        340,733.99          1
                                       7.250          2,326.22         71
                                       7.000          2,326.22
    LOUISVILLE       KY   40222          2            08/23/01         00
    0433134616                           05           10/01/01          0
    3311070162                           O            09/01/31
    0

    5476862          J37/286             F          476,000.00         ZZ
                                         360        474,537.82          1
                                       7.375          3,287.61         80
                                       7.125          3,287.61
    FOREST HILL      MD   21050          1            05/01/01         00
    5391782                              05           07/01/01          0
    5391782                              O            06/01/31
    0

    5477106          J37/286             F          500,000.00         T
                                         360        498,425.58          1
                                       7.250          3,410.89         69
                                       7.000          3,410.89
    PALM DESERT      CA   92260          1            05/03/01         00
    5391514                              03           07/01/01          0
    5391514                              O            06/01/31
    0

    5477350          J37/286             F          380,800.00         ZZ
                                         360        379,658.92          1
                                       7.500          2,662.61         80
                                       7.250          2,662.61
    LAS CRUCES       NM   88005          2            05/10/01         00
    5391799                              05           07/01/01          0
    5391799                              O            06/01/31
    0

    5477455          J37/286             F          312,000.00         ZZ
                                         360        310,066.03          1
                                       7.375          2,154.91         80
                                       7.125          2,154.91
    INDIANAPOLIS     IN   46260          2            04/30/01         00
    5391291                              05           06/01/01          0
    5391291                              O            05/01/31
    0
1

    5478015          J37/286             F          500,000.00         ZZ
                                         360        498,425.62          1
                                       7.250          3,410.88         79
                                       7.000          3,410.88
    SANTA ROSA       CA   95409          2            05/03/01         00
    5391815                              05           07/01/01          0
    5391815                              O            06/01/31
    0

    5478355          J37/286             F          337,600.00         ZZ
                                         360        336,468.12          1
                                       7.500          2,360.55         80
                                       7.250          2,360.55
    SAN DIEGO        CA   92128          1            05/17/01         00
    5391800                              03           07/01/01          0
    5391800                              O            06/01/31
    0

    5478435          J37/286             F          420,000.00         ZZ
                                         360        418,772.40          1
                                       7.625          2,972.74         80
                                       7.375          2,972.74
    COMUS            MD   20842          2            05/14/01         00
    5391818                              05           07/01/01          0
    5391818                              O            06/01/31
    0

    5478767          J37/286             F          347,600.00         ZZ
                                         360        346,158.66          1
                                       7.000          2,312.59         80
                                       6.750          2,312.59
    CREVE COUER      MO   63141          1            04/05/01         00
    5390670                              03           06/01/01          0
    5390670                              O            05/01/31
    0

    5479096          J37/286             F          375,900.00         ZZ
                                         360        374,487.59          1
                                       7.500          2,628.35         80
                                       7.250          2,628.35
    SAN DIEGO        CA   92121          1            05/01/01         00
    5391247                              03           06/01/01          0
    5391247                              O            05/01/31
    0

    5480162          J37/286             F          500,000.00         ZZ
                                         360        497,590.14          1
1

                                       7.000          3,326.52         63
                                       6.750          3,326.52
    DALLAS           TX   75230          1            04/04/01         00
    5390661                              03           06/01/01          0
    5390661                              O            05/01/31
    0

    5483380          E22/G01             F          300,000.00         ZZ
                                         360        299,754.09          1
                                       7.000          1,995.91         79
                                       6.750          1,995.91
    SALISBURY        MA   01952          1            08/31/01         00
    0412893513                           05           10/01/01          0
    0412893513                           O            09/01/31
    0

    5483670          F97/F97             F          644,000.00         ZZ
                                         360        642,627.60          1
                                       7.750          4,613.69         80
                                       7.500          4,613.69
    LAKE BLUFF       IL   60044          1            06/29/01         00
    8000082951                           03           08/01/01          0
    8000082951                           O            07/01/31
    0

    5483888          N47/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.000          2,262.03         80
                                       6.750          2,262.03
    CHULA VISTA      CA   91913          1            09/07/01         00
    0433196797                           03           11/01/01          0
    30111731                             O            10/01/31
    0

    5484002          J37/286             F          311,200.00         ZZ
                                         360        310,179.73          1
                                       7.125          2,096.61         80
                                       6.875          2,096.61
    VIRGINIA BEACH   VA   23455          1            05/16/01         00
    0005391697                           05           07/01/01          0
    0005391697                           O            06/01/31
    0

    5484114          J37/286             F          300,000.00         ZZ
                                         360        299,078.44          1
                                       7.375          2,072.03         80
                                       7.125          2,072.03
    BETHESDA         MD   20816          1            05/04/01         00
    5391301                              05           07/01/01          0
1

    5391301                              O            06/01/31
    0

    5484139          J37/286             F          504,000.00         ZZ
                                         360        502,332.97          1
                                       7.000          3,353.13         80
                                       6.750          3,353.13
    LEXINGTON        KY   40513          2            05/16/01         00
    0005391764                           03           07/01/01          0
    0005391764                           O            06/01/31
    0

    5484166          J37/286             F          278,000.00         ZZ
                                         360        277,227.18          1
                                       7.875          2,015.69         60
                                       7.625          2,015.69
    SAN JOSE         CA   95117          2            05/03/01         00
    5391680                              05           07/01/01          0
    5391680                              O            06/01/31
    0

    5484195          J37/286             F          966,000.00         ZZ
                                         360        962,279.32          1
                                       7.375          6,671.92         70
                                       7.125          6,671.92
    SEATTLE          WA   98115          1            04/23/01         00
    5391106                              05           06/01/01          0
    5391106                              O            05/01/31
    0

    5484328          J37/286             F          538,400.00         ZZ
                                         360        536,274.43          1
                                       7.250          3,672.84         69
                                       7.000          3,672.84
    SALINAS          CA   93908          1            04/19/01         00
    5391252                              03           06/01/01          0
    5391252                              O            05/01/31
    0

    5484464          J37/286             F          454,000.00         ZZ
                                         360        452,639.55          1
                                       7.500          3,174.44         77
                                       7.250          3,174.44
    PHOENIX          AZ   85020          2            05/01/01         00
    5391304                              05           07/01/01          0
    5391304                              O            06/01/31
    0

1

    5484583          J37/286             F          320,000.00         ZZ
                                         360        318,797.62          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    ROCKVILLE        MD   20852          2            05/01/01         00
    5391384                              09           06/01/01          0
    5391384                              O            05/01/31
    0

    5484971          J37/286             F          360,000.00         ZZ
                                         360        358,973.80          1
                                       7.750          2,579.08         80
                                       7.500          2,579.08
    SANTA CRUZ       CA   95062          2            04/30/01         00
    5391694                              05           07/01/01          0
    5391694                              O            06/01/31
    0

    5485221          J37/286             F          600,000.00         ZZ
                                         360        598,156.85          1
                                       7.375          4,144.06         63
                                       7.125          4,144.06
    SAN DIEGO        CA   92131          5            05/16/01         00
    5391689                              03           07/01/01          0
    5391689                              O            06/01/31
    0

    5485458          J37/286             F          432,000.00         ZZ
                                         360        430,639.73          1
                                       7.250          2,947.00         70
                                       7.000          2,947.00
    LOS GATOS        CA   95032          2            05/03/01         00
    5391769                              05           07/01/01          0
    5391769                              O            06/01/31
    0

    5485880          696/G01             F          323,900.00         ZZ
                                         360        323,621.13          1
                                       6.750          2,100.81         80
                                       6.500          2,100.81
    SOUTH RIDING     VA   20152          1            08/28/01         00
    0433159712                           03           10/01/01          0
    23301234                             O            09/01/31
    0

    5485968          J37/286             F          475,000.00         ZZ
                                         360        473,078.03          1
                                       7.125          3,200.17         68
                                       6.875          3,200.17
1

    CHEVY CHASE      MD   20815          1            05/04/01         00
    5391432                              05           06/01/01          0
    5391432                              O            05/01/31
    0

    5486248          J37/286             F          411,000.00         ZZ
                                         360        408,949.98          1
                                       7.375          2,838.67         47
                                       7.125          2,838.67
    PEBBLE BEACH     CA   93953          2            03/29/01         00
    5390746                              05           05/01/01          0
    5390746                              O            04/01/31
    0

    5487186          J37/286             F          347,500.00         ZZ
                                         360        346,022.85          1
                                       6.875          2,282.83         70
                                       6.625          2,282.83
    OLYMPIA          WA   98503          2            04/18/01         00
    5391171                              05           06/01/01          0
    5391171                              O            05/01/31
    0

    5487334          J37/286             F          328,000.00         ZZ
                                         360        326,585.49          1
                                       7.625          2,321.56         80
                                       7.375          2,321.56
    SANTA MARIA      CA   93455          1            04/18/01         00
    5391172                              03           06/01/01          0
    5391172                              O            05/01/31
    0

    5487781          J37/286             F          535,000.00         ZZ
                                         360        530,710.10          1
                                       7.750          3,832.81         51
                                       7.500          3,832.81
    DALLAS           TX   75230          1            11/14/00         00
    5389298                              05           01/01/01          0
    5389298                              O            12/01/30
    0

    5487985          964/G01             F          588,000.00         ZZ
                                         360        588,000.00          1
                                       7.125          3,961.47         80
                                       6.875          3,961.47
    COTO DE CAZA     CA   92679          1            08/30/01         00
    0433178340                           03           11/01/01          0
    137379                               O            10/01/31
    0
1

    5488326          J37/286             F          289,270.00         ZZ
                                         348        288,304.50          1
                                       7.375          2,016.97         70
                                       7.125          2,016.97
    SOUTH RIDING     VA   20152          2            05/01/01         00
    5391418                              03           07/01/01          0
    5391418                              O            06/01/30
    0

    5488842          J37/286             F          451,900.00         ZZ
                                         360        450,115.97          1
                                       7.250          3,082.75         80
                                       7.000          3,082.75
    SAN DIEGO        CA   92130          1            04/23/01         00
    5391174                              03           06/01/01          0
    5391174                              O            05/01/31
    0

    5488907          J37/286             F          410,400.00         ZZ
                                         360        409,139.28          1
                                       7.375          2,834.54         80
                                       7.125          2,834.54
    ANTIOCH          CA   94509          1            05/01/01         00
    5391417                              05           07/01/01          0
    5391417                              O            06/01/31
    0

    5489136          J37/286             F          319,100.00         ZZ
                                         360        317,857.87          1
                                       7.375          2,203.94         80
                                       7.125          2,203.94
    ANNAPOLIS        MD   21401          1            04/27/01         00
    5391088                              03           06/01/01          0
    5391088                              O            05/01/31
    0

    5489287          J37/286             F          305,000.00         ZZ
                                         360        303,936.65          1
                                       7.875          2,211.46         80
                                       7.625          2,211.46
    SAN JOSE         CA   95127          2            04/04/01         00
    5391089                              07           06/01/01          0
    5391089                              O            05/01/31
    0

    5489294          J37/286             F          432,000.00         ZZ
                                         360        430,478.79          1
1

                                       7.250          2,947.01         80
                                       7.000          2,947.01
    MAHOMET          IL   61853          2            05/14/01         00
    5391725                              05           07/01/01          0
    5391725                              O            06/01/31
    0

    5490643          E82/G01             F          315,000.00         ZZ
                                         360        314,760.31          1
                                       7.375          2,175.63         70
                                       7.125          2,175.63
    PANAMA CITY      FL   32408          2            08/31/01         00
    0400476149                           05           10/01/01          0
    0400476149                           O            09/01/31
    0

    5490644          E82/G01             F          573,000.00         ZZ
                                         360        572,574.75          1
                                       7.500          4,006.50         79
                                       7.250          4,006.50
    MCLEAN           VA   22101          2            08/29/01         00
    0400471306                           05           10/01/01          0
    0400471306                           O            09/01/31
    0

    5490654          E82/G01             F          178,700.00         T
                                         360        178,567.38          1
                                       7.500          1,249.50         69
                                       7.250          1,249.50
    CASCADE          CO   81301          2            08/30/01         00
    0400471876                           03           10/01/01          0
    1924554                              O            09/01/31
    0

    5491449          964/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.125          2,223.27         55
                                       6.875          2,223.27
    SAN JOSE         CA   95124          5            09/06/01         00
    0433188745                           05           11/01/01          0
    119590                               O            10/01/31
    0

    5493176          964/G01             F          294,700.00         ZZ
                                         360        294,700.00          1
                                       7.000          1,960.65         64
                                       6.750          1,960.65
    HOLLISTER        CA   95023          1            09/11/01         00
    0433220753                           05           11/01/01          0
1

    145864                               O            10/01/31
    0

    5494351          E22/G01             F          404,500.00         ZZ
                                         360        404,184.45          1
                                       7.250          2,759.40         69
                                       7.000          2,759.40
    SACRAMENTO       CA   95831          2            08/21/01         00
    0412886574                           05           10/01/01          0
    0412886574                           O            09/01/31
    0

    5494390          E22/G01             F          378,000.00         ZZ
                                         360        377,697.72          1
                                       7.125          2,546.66         80
                                       6.875          2,546.66
    DECATUR          AL   35601          2            08/29/01         00
    0412938508                           05           10/01/01          0
    0412938508                           O            09/01/31
    0

    5494404          E22/G01             F          397,000.00         ZZ
                                         360        396,682.53          1
                                       7.125          2,674.66         80
                                       6.875          2,674.66
    SAN JOSE         CA   95123          1            08/23/01         00
    0412952822                           05           10/01/01          0
    0412952822                           O            09/01/31
    0

    5494417          E22/G01             F          425,050.00         ZZ
                                         360        424,684.04          1
                                       6.750          2,756.87         45
                                       6.500          2,756.87
    SAN ANTONIO      TX   78212          2            08/28/01         00
    0412964579                           05           10/01/01          0
    0412964579                           O            09/01/31
    0

    5494496          J37/286             F          307,000.00         ZZ
                                         360        305,607.85          1
                                       7.375          2,120.37         74
                                       7.125          2,120.37
    MEADOW VISTA     CA   95722          2            04/12/01         00
    5391273                              05           06/01/01          0
    5391273                              O            05/01/31
    0

1

    5494616          J37/286             F          648,000.00         ZZ
                                         360        645,683.52          1
                                       7.750          4,642.35         70
                                       7.500          4,642.35
    ORINDA           CA   94563          5            04/24/01         00
    5391184                              05           06/01/01          0
    5391184                              O            05/01/31
    0

    5494654          E82/G01             F          362,300.00         ZZ
                                         360        362,017.38          1
                                       7.250          2,471.52         62
                                       7.000          2,471.52
    MILLBRAE         CA   94030          5            08/31/01         00
    0400471934                           05           10/01/01          0
    0400471934                           O            09/01/31
    0

    5494690          J37/286             F          550,000.00         ZZ
                                         360        547,187.56          1
                                       6.875          3,613.11         62
                                       6.625          3,613.11
    CARMEL VALLEY    CA   93924          5            03/28/01         00
    5390739                              05           05/01/01          0
    5390739                              O            04/01/31
    0

    5494759          J37/286             F          428,000.00         ZZ
                                         360        426,310.28          1
                                       7.250          2,919.72         75
                                       7.000          2,919.72
    ATLANTA          GA   30328          2            04/30/01         00
    5391309                              05           06/01/01          0
    5391309                              O            05/01/31
    0

    5494895          J37/286             F          328,000.00         ZZ
                                         360        326,115.77          1
                                       7.250          2,237.54         80
                                       7.000          2,237.54
    RANCHO SANTA MA  CA   92688          1            04/24/01         00
    5391228                              03           06/01/01          0
    5391228                              O            05/01/31
    0

    5495168          J37/286             F          350,000.00         ZZ
                                         360        348,651.93          1
                                       7.375          2,417.36         74
                                       7.125          2,417.36
1

    YORBA LINDA      CA   92887          1            04/20/01         00
    5391221                              05           06/01/01          0
    5391221                              O            05/01/31
    0

    5495474          J37/286             F          289,600.00         ZZ
                                         360        287,901.96          1
                                       7.000          1,926.72         80
                                       6.750          1,926.72
    WESTMINSTER      CA   92683          1            04/26/01         00
    5391246                              05           06/01/01          0
    5391246                              O            05/01/31
    0

    5495679          J37/286             F          450,700.00         ZZ
                                         360        448,784.96          1
                                       6.875          2,960.78         74
                                       6.625          2,960.78
    FEDERAL WAY      WA   98003          2            04/23/01         00
    5391266                              05           06/01/01          0
    5391266                              O            05/01/31
    0

    5496542          J37/286             F          573,700.00         ZZ
                                         360        571,490.32          1
                                       7.375          3,962.40         68
                                       7.125          3,962.40
    SCOTTSDALE       AZ   85259          2            04/10/01         00
    5391361                              03           06/01/01          0
    5391361                              O            05/01/31
    0

    5496831          N47/G01             F          348,500.00         ZZ
                                         360        348,500.00          1
                                       6.875          2,289.40         80
                                       6.625          2,289.40
    SAN JOSE         CA   95118          2            09/07/01         00
    0433196615                           05           11/01/01          0
    20211283                             O            10/01/31
    0

    5496884          J37/286             F          304,500.00         ZZ
                                         360        303,237.35          1
                                       7.000          2,025.85         76
                                       6.750          2,025.85
    ROCKVILLE        MD   20852          2            04/09/01         00
    5390517                              05           06/01/01          0
    5390517                              O            05/01/31
    0
1

    5497873          J37/286             F          650,000.00         ZZ
                                         360        648,052.28          1
                                       7.500          4,544.89         66
                                       7.250          4,544.89
    PHOENIX          AZ   85048          1            05/16/01         00
    5391321                              03           07/01/01          0
    5391321                              O            06/01/31
    0

    5498421          975/G01             F          200,000.00         ZZ
                                         360        199,836.07          1
                                       7.000          1,330.60         48
                                       6.750          1,330.60
    COSTA MESA       CA   92626          2            08/09/01         00
    0433210994                           05           10/01/01          0
    2013734                              O            09/01/31
    0

    5499134          J37/286             F          404,400.00         ZZ
                                         360        402,803.43          1
                                       7.250          2,758.73         80
                                       7.000          2,758.73
    WOODBINE         MD   21797          1            04/30/01         00
    5391334                              05           06/01/01          0
    5391334                              O            05/01/31
    0

    5499316          J37/286             F          296,000.00         ZZ
                                         360        295,090.73          1
                                       7.375          2,044.40         80
                                       7.125          2,044.40
    HUNTINGTOWN      MD   20639          1            05/04/01         00
    5391359                              05           07/01/01          0
    5391359                              O            06/01/31
    0

    5499499          J37/286             F          308,000.00         ZZ
                                         360        306,813.70          1
                                       7.375          2,127.28         80
                                       7.125          2,127.28
    SAN DIEGO        CA   92131          5            04/24/01         00
    5391345                              05           06/01/01          0
    5391345                              O            05/01/31
    0

    5500108          J37/286             F          536,000.00         ZZ
                                         360        533,883.91          1
1

                                       7.250          3,656.47         80
                                       7.000          3,656.47
    EDGEWATER        MD   21037          1            04/27/01         00
    5391351                              03           06/01/01          0
    5391351                              O            05/01/31
    0

    5500231          J37/286             F          300,000.00         ZZ
                                         360        299,055.36          1
                                       7.250          2,046.53         72
                                       7.000          2,046.53
    NAPERVILLE       IL   60564          5            04/27/01         00
    5391352                              05           07/01/01          0
    5391352                              O            06/01/31
    0

    5500888          J37/286             F          440,700.00         ZZ
                                         360        439,242.34          1
                                       7.000          2,931.99         79
                                       6.750          2,931.99
    BELLAIRE         TX   77401          2            05/04/01         00
    5391313                              05           07/01/01          0
    5391313                              O            06/01/31
    0

    5502959          964/G01             F          620,000.00         ZZ
                                         360        620,000.00          1
                                       7.125          4,177.06         64
                                       6.875          4,177.06
    LONGMONT         CO   80504          5            09/17/01         00
    0433215662                           03           11/01/01          0
    146096                               O            10/01/31
    0

    5504677          J37/286             F          360,000.00         ZZ
                                         360        358,894.10          1
                                       7.375          2,486.44         80
                                       7.125          2,486.44
    BETHESDA         MD   20814          2            05/16/01         00
    5391763                              05           07/01/01          0
    5391763                              O            06/01/31
    0

    5505955          J37/286             F          340,000.00         ZZ
                                         360        338,286.84          1
                                       7.750          2,435.81         78
                                       7.500          2,435.81
    THURMONT         MD   21788          4            02/16/01         00
    0005390841                           05           04/01/01          0
1

    0005390841                           O            03/01/31
    0

    5505996          Q51/G01             F          468,000.00         ZZ
                                         360        467,634.92          1
                                       7.250          3,192.58         52
                                       7.000          3,192.58
    BRADBURY         CA   91010          5            08/24/01         00
    0433216355                           03           10/01/01          0
    0484565R1052208                      O            09/01/31
    0

    5506056          J37/286             F          492,000.00         ZZ
                                         360        490,104.99          1
                                       7.375          3,398.12         75
                                       7.125          3,398.12
    GRANITE BAY      CA   95746          2            04/24/01         00
    0005391070                           05           06/01/01          0
    0005391070                           O            05/01/31
    0

    5506140          J37/286             F          592,000.00         ZZ
                                         360        589,604.63          1
                                       7.125          3,988.42         80
                                       6.875          3,988.42
    NEW ALBANY       OH   43054          1            04/27/01         00
    5391501                              05           06/01/01          0
    5391501                              O            05/01/31
    0

    5506408          J37/286             F          317,900.00         ZZ
                                         360        316,947.38          1
                                       7.500          2,222.81         80
                                       7.250          2,222.81
    GEORGETOWN       TX   78628          1            05/04/01         00
    5391508                              03           07/01/01          0
    5391508                              O            06/01/31
    0

    5506479          E22/G01             F          331,500.00         ZZ
                                         360        331,247.75          1
                                       7.375          2,289.59         74
                                       7.125          2,289.59
    BIRMINGHAM       AL   35209          2            08/30/01         00
    0412903874                           05           10/01/01          0
    0412903874                           O            09/01/31
    0

1

    5506672          J37/286             F          372,400.00         ZZ
                                         360        370,893.20          1
                                       7.125          2,508.93         80
                                       6.875          2,508.93
    PLANO            TX   75093          2            04/24/01         00
    0005391458                           03           06/01/01          0
    0005391458                           O            05/01/31
    0

    5507646          964/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.875          2,759.10         80
                                       6.625          2,759.10
    NOVATO           CA   94947          1            09/20/01         00
    0433220654                           03           11/01/01          0
    144830                               O            10/01/31
    0

    5509293          944/G01             F          305,000.00         ZZ
                                         360        305,000.00          1
                                       7.125          2,054.85         61
                                       6.875          2,054.85
    SAN JOSE         CA   95124          5            09/12/01         00
    0433235223                           05           11/01/01          0
    W01082138                            O            10/01/31
    0

    5513182          696/G01             F          524,250.00         ZZ
                                         360        523,841.03          1
                                       7.250          3,576.31         80
                                       7.000          3,576.31
    GLENELG          MD   21737          1            08/30/01         00
    0433175403                           03           10/01/01          0
    30501140                             O            09/01/31
    0

    5513186          696/G01             F          350,000.00         ZZ
                                         360        349,698.66          1
                                       6.750          2,270.09         41
                                       6.500          2,270.09
    FALLS CHURCH     VA   22044          1            08/31/01         00
    0433187473                           05           10/01/01          0
    25101236                             O            09/01/31
    0

    5513217          964/G01             F          443,500.00         ZZ
                                         360        443,500.00          1
                                       6.875          2,913.48         80
                                       6.625          2,913.48
1

    SAN DIEGO        CA   92130          1            09/14/01         00
    0433215985                           03           11/01/01          0
    147247                               O            10/01/31
    0

    5514878          738/G01             F          618,100.00         ZZ
                                         360        617,629.67          1
                                       7.375          4,269.07         80
                                       7.125          4,269.07
    RALEIGH          NC   27614          4            08/03/01         00
    0433233699                           03           10/01/01          0
    5622827                              O            09/01/31
    0

    5515616          H58/G01             F          304,100.00         ZZ
                                         360        303,856.81          1
                                       7.125          2,048.78         80
                                       6.875          2,048.78
    DISCOVERY BAY    CA   94514          1            08/23/01         00
    0433235561                           05           10/01/01          0
    0000074624                           O            09/01/31
    0

    5515685          Q44/G01             F          336,750.00         ZZ
                                         360        336,473.96          1
                                       7.000          2,240.41         80
                                       6.750          2,240.41
    COMMERCE TWP     MI   48382          1            08/30/01         00
    0433200565                           05           10/01/01          0
    12171                                O            09/01/31
    0

    5516965          E22/G01             F          318,300.00         ZZ
                                         360        318,063.78          1
                                       7.500          2,225.60         80
                                       7.250          2,225.60
    BRENTWOOD        CA   94513          1            08/29/01         00
    0412923344                           05           10/01/01          0
    0412923344                           O            09/01/31
    0

    5516981          E22/G01             F          353,000.00         ZZ
                                         360        352,724.63          1
                                       7.250          2,408.08         46
                                       7.000          2,408.08
    SAN FRANCISCO    CA   94116          2            08/28/01         00
    0412938391                           05           10/01/01          0
    0412938391                           O            09/01/31
    0
1

    5516998          E22/G01             F          223,000.00         ZZ
                                         360        222,826.04          1
                                       7.250          1,521.25         75
                                       7.000          1,521.25
    AUSTIN           TX   78733          5            08/30/01         00
    0412948192                           03           10/01/01          0
    0412948192                           O            09/01/31
    0

    5517015          E22/G01             F          295,000.00         ZZ
                                         360        295,000.00          1
                                       7.125          1,987.47         75
                                       6.875          1,987.47
    ROSEVILLE        CA   95747          5            08/27/01         00
    0412959025                           03           11/01/01          0
    0412959025                           O            10/01/31
    0

    5517048          E22/G01             F          363,960.00         ZZ
                                         360        363,661.67          1
                                       7.000          2,421.43         80
                                       6.750          2,421.43
    SAN RAMON        CA   94583          1            08/31/01         00
    0412978538                           03           10/01/01          0
    0412978538                           O            09/01/31
    0

    5517268          994/X14             F          460,000.00         ZZ
                                         360        459,280.13          1
                                       7.250          3,138.02         69
                                       7.000          3,138.02
    STONINGTON       CT   06378          2            07/02/01         00
    1000256005                           05           09/01/01          0
    1000256005                           O            08/01/31
    0

    5517417          994/X14             F          296,500.00         ZZ
                                         360        295,852.10          1
                                       7.625          2,098.61         46
                                       7.375          2,098.61
    SANTA CRUZ       CA   95062          2            06/08/01         00
    218401168                            05           08/01/01          0
    218401168                            O            07/01/31
    0

    5517444          994/X14             F          500,000.00         ZZ
                                         360        498,822.75          1
1

                                       7.250          3,410.89         69
                                       7.000          3,410.89
    HOPKINTON        MA   01748          2            06/19/01         00
    1000317436                           05           08/01/01          0
    1000317436                           O            07/01/31
    0

    5517643          994/X14             F          383,200.00         ZZ
                                         360        382,341.48          1
                                       7.500          2,679.39         80
                                       7.250          2,679.39
    COLD SPRING HAR  NY   11724          1            06/22/01         00
    1000301446                           05           08/01/01          0
    1000301446                           O            07/01/31
    0

    5518352          994/X14             F          343,900.00         ZZ
                                         360        343,611.08          1
                                       6.875          2,259.18         80
                                       6.625          2,259.18
    MCDONALD         TN   37353          2            08/08/01         00
    80809054                             05           10/01/01          0
    80809054                             O            09/01/31
    0

    5523248          964/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.125          2,627.50         47
                                       6.875          2,627.50
    ANGWIN           CA   94508          1            09/13/01         00
    0433203353                           05           11/01/01          0
    400144384                            O            10/01/31
    0

    5523849          E22/G01             F           65,000.00         ZZ
                                         360         64,949.30          1
                                       7.250            443.41         30
                                       7.000            443.41
    CARPINTERIA      CA   93013          5            08/20/01         00
    0412912891                           01           10/01/01          0
    0412912891                           O            09/01/31
    0

    5524198          994/X14             F          312,700.00         ZZ
                                         360        312,033.62          1
                                       7.750          2,240.22         75
                                       7.500          2,240.22
    STONEHAM         MA   02180          5            06/04/01         00
    218387342                            02           08/01/01          0
1

    218387342                            O            07/01/31
    0

    5524503          994/X14             F          400,000.00         ZZ
                                         300        399,048.01          1
                                       7.250          2,891.23         56
                                       7.000          2,891.23
    ARMONK           NY   10504          5            07/16/01         00
    1000272078                           05           09/01/01          0
    1000272078                           O            08/01/26
    0

    5525532          994/X14             F          528,000.00         ZZ
                                         360        527,663.31          1
                                       8.250          3,966.69         73
                                       8.000          3,966.69
    SUNFISH LAKE     MN   55077          2            08/02/01         00
    218486805                            05           10/01/01          0
    218486805                            O            09/01/31
    0

    5525961          994/X14             F          650,000.00         ZZ
                                         360        649,056.11          1
                                       7.625          4,600.66         77
                                       7.375          4,600.66
    EAST HILLS       NY   11576          1            07/23/01         00
    80693859                             05           09/01/01          0
    80693859                             O            08/01/31
    0

    5526345          944/G01             F          319,000.00         ZZ
                                         360        319,000.00          1
                                       7.000          2,122.32         50
                                       6.750          2,122.32
    MANTECA          CA   95336          2            09/13/01         00
    0433238714                           05           11/01/01          0
    W88021148                            O            10/01/31
    0

    5527409          994/X14             F          408,000.00         ZZ
                                         360        407,392.51          1
                                       7.500          2,852.80         77
                                       7.250          2,852.80
    LAS VEGAS        NV   89134          2            07/19/01         00
    217326317                            03           09/01/01          0
    217326317                            O            08/01/31
    0

1

    5527573          994/X14             F          600,000.00         ZZ
                                         360        599,531.94          1
                                       7.250          4,093.06         80
                                       7.000          4,093.06
    LAS VEGAS        NV   89149          2            07/31/01         00
    218544215                            05           10/01/01          0
    218544215                            O            09/01/31
    0

    5527912          994/X14             F          300,000.00         ZZ
                                         360        299,518.76          1
                                       7.125          2,021.16         59
                                       6.875          2,021.16
    OAKLAND          NJ   07436          2            07/12/01         00
    1000321016                           05           09/01/01          0
    1000321016                           O            08/01/31
    0

    5527938          994/X14             F          469,600.00         ZZ
                                         360        468,865.12          1
                                       7.250          3,203.50         80
                                       7.000          3,203.50
    GRANGER          IN   46530          1            07/31/01         00
    218132219                            03           09/01/01          0
    218132219                            O            08/01/31
    0

    5527977          994/X14             F          311,250.00         ZZ
                                         360        310,458.42          1
                                       7.500          2,176.31         75
                                       7.250          2,176.31
    NEW CASTLE       NY   10514          1            06/21/01         00
    1000277961                           01           08/01/01          0
    1000277961                           O            07/01/31
    0

    5527985          994/X14             F          295,900.00         ZZ
                                         360        294,760.29          1
                                       7.375          2,043.71         80
                                       7.125          2,043.71
    METHUEN          MA   01844          1            04/26/01         00
    1000262848                           05           06/01/01          0
    1000262848                           O            05/01/31
    0

    5528077          994/X14             F          384,000.00         ZZ
                                         360        383,508.60          1
                                       8.250          2,884.86         79
                                       8.000          2,884.86
1

    SAN JOSE         CA   95111          1            07/10/01         00
    218452393                            05           09/01/01          0
    218452393                            O            08/01/31
    0

    5528099          994/X14             F          380,000.00         ZZ
                                         360        379,461.86          1
                                       7.750          2,722.37         80
                                       7.500          2,722.37
    TRACY            CA   95376          2            07/02/01         00
    218531055                            05           09/01/01          0
    218531055                            O            08/01/31
    0

    5528405          994/X14             F          384,000.00         ZZ
                                         360        383,456.19          1
                                       7.750          2,751.03         80
                                       7.500          2,751.03
    WOODMERE         NY   11598          1            07/30/01         00
    80779663                             05           09/01/01          0
    80779663                             O            08/01/31
    0

    5529127          994/X14             F          350,000.00         ZZ
                                         360        349,491.75          1
                                       7.625          2,477.28         50
                                       7.375          2,477.28
    NORTH AUGUSTA    SC   29841          5            07/27/01         00
    80754329                             03           09/01/01          0
    80754329                             O            08/01/31
    0

    5529201          994/X14             F          375,000.00         ZZ
                                         360        374,413.15          1
                                       7.250          2,558.17         60
                                       7.000          2,558.17
    PLEASANTVILLE    NY   10570          1            07/23/01         00
    1000266663                           05           09/01/01          0
    1000266663                           O            08/01/31
    0

    5529293          964/G01             F          382,000.00         ZZ
                                         360        382,000.00          1
                                       7.125          2,573.60         67
                                       6.875          2,573.60
    YORBA LINDA      CA   92886          2            09/05/01         00
    0433192937                           05           11/01/01          0
    142465                               O            10/01/31
    0
1

    5529332          994/X14             F          320,000.00         ZZ
                                         360        319,645.10          1
                                       7.125          2,155.90         80
                                       6.875          2,155.90
    GREAT FALLS      MT   59404          1            08/13/01         00
    403471852                            05           10/01/01          0
    403471852                            O            09/01/31
    0

    5529358          994/X14             F          406,000.00         ZZ
                                         360        404,316.49          1
                                       7.000          2,701.13         80
                                       6.750          2,701.13
    AMBLER           PA   19002          1            04/25/01         00
    1000246630                           05           06/01/01          0
    1000246630                           O            05/01/31
    0

    5529403          994/X14             F          377,000.00         ZZ
                                         360        376,759.60          1
                                       8.250          2,832.28         72
                                       8.000          2,832.28
    DARIEN           IL   60561          2            08/10/01         00
    218611725                            05           10/01/01          0
    218611725                            O            09/01/31
    0

    5529456          994/X14             F          296,000.00         ZZ
                                         360        293,648.58          1
                                       7.500          2,069.68         77
                                       7.250          2,069.68
    BROOKLYN         NY   11238          2            04/26/01         00
    100159246                            07           06/01/01          0
    100159246                            O            05/01/31
    0

    5529472          994/X14             F          360,000.00         ZZ
                                         360        359,739.44          1
                                       7.625          2,548.06         80
                                       7.375          2,548.06
    SAN FRANCISCO    CA   94080          2            07/30/01         00
    218622045                            05           10/01/01          0
    218622045                            O            09/01/31
    0

    5529529          994/X14             F          344,000.00         ZZ
                                         360        343,731.64          1
1

                                       7.250          2,346.69         80
                                       7.000          2,346.69
    MABLETON         GA   30126          1            08/08/01         00
    008082408                            03           10/01/01          0
    008082408                            O            09/01/31
    0

    5529825          994/X14             F          650,000.00         ZZ
                                         360        649,124.82          1
                                       8.000          4,769.47         69
                                       7.750          4,769.47
    NEW YORK         NY   10021          1            07/20/01         00
    1000326588                           06           09/01/01          0
    1000326588                           O            08/01/31
    0

    5529915          994/X14             F          454,000.00         ZZ
                                         360        452,412.13          1
                                       8.250          3,410.75         63
                                       8.000          3,410.75
    NORTHBROOK       IL   60062          2            07/16/01         00
    218560617                            05           09/01/01          0
    218560617                            O            08/01/31
    0

    5530011          994/X14             F          301,500.00         ZZ
                                         360        301,051.10          1
                                       7.500          2,108.13         90
                                       7.250          2,108.13
    CHINO            CA   91710          1            07/27/01         11
    618634933                            03           09/01/01         25
    618634933                            O            08/01/31
    0

    5530059          994/X14             F          328,000.00         ZZ
                                         360        327,581.13          1
                                       7.250          2,237.54         73
                                       7.000          2,237.54
    SAN JOSE         CA   95148          2            07/30/01         00
    218562662                            05           10/01/01          0
    218562662                            O            09/01/31
    0

    5530087          994/X14             F          415,800.00         ZZ
                                         360        414,711.97          1
                                       7.750          2,978.84         66
                                       7.500          2,978.84
    CASTRO VALLEY    CA   94552          2            06/19/01         00
    218445801                            03           08/01/01          0
1

    218445801                            O            07/01/31
    0

    5530108          994/X14             F          303,900.00         ZZ
                                         360        303,458.68          1
                                       7.625          2,150.99         80
                                       7.375          2,150.99
    COLUMBIA         MD   21044          1            07/31/01         00
    218589269                            05           09/01/01          0
    218589269                            O            08/01/31
    0

    5530188          994/X14             F          300,000.00         ZZ
                                         360        299,542.04          1
                                       7.375          2,072.03         80
                                       7.125          2,072.03
    TUPELO           MS   38804          1            07/23/01         00
    8080316                              05           09/01/01          0
    8080316                              O            08/01/31
    0

    5530598          623/623             F          387,298.00         ZZ
                                         360        385,843.34          1
                                       7.500          2,708.05         78
                                       7.250          2,708.05
    CLARENDON HILLS  IL   60514          2            04/16/01         00
    5255251                              05           06/01/01          0
    5255251                              O            05/01/31
    0

    5530600          623/623             F          600,000.00         T
                                         360        598,784.16          1
                                       8.000          4,402.59         69
                                       7.750          4,402.59
    PETOSKEY         MI   49770          1            06/15/01         00
    5274334                              05           08/01/01          0
    5274334                              O            07/01/31
    0

    5530601          623/623             F          497,700.00         ZZ
                                         360        494,433.89          1
                                       7.625          3,522.69         90
                                       7.375          3,522.69
    GRAND RAPIDS     MI   49525          4            07/01/01         10
    5306290                              05           08/01/01         25
    5306290                              O            07/01/31
    0

1

    5530602          623/623             F          297,600.00         ZZ
                                         360        297,156.90          1
                                       7.500          2,080.86         76
                                       7.250          2,080.86
    CLARKSTON        MI   48348          2            07/17/01         00
    5332489                              01           09/01/01          0
    5332489                              O            08/01/31
    0

    5530603          623/623             F          315,000.00         ZZ
                                         360        314,258.34          1
                                       7.250          2,148.86         59
                                       7.000          2,148.86
    NOVI             MI   48375          1            06/15/01         00
    5336869                              05           08/01/01          0
    5336869                              O            07/01/31
    0

    5530604          623/623             F          393,000.00         T
                                         360        389,211.92          1
                                       7.500          2,747.91         47
                                       7.250          2,747.91
    FREESOIL         MI   49411          2            05/03/01         00
    5338249                              05           06/01/01          0
    5338249                              O            05/01/31
    0

    5530605          623/623             F          435,000.00         ZZ
                                         360        434,096.01          1
                                       7.875          3,154.05         75
                                       7.625          3,154.05
    WEST BLOOMFIELD  MI   48323          5            06/18/01         00
    5345391                              05           08/01/01          0
    5345391                              O            07/01/31
    0

    5530606          623/623             F          333,350.00         ZZ
                                         360        332,539.67          1
                                       7.625          2,359.43         79
                                       7.375          2,359.43
    DETROIT          MI   48214          2            06/05/01         00
    5348370                              05           08/01/01          0
    5348370                              O            07/01/31
    0

    5530607          623/623             F          400,000.00         ZZ
                                         360        398,942.69          1
                                       8.125          2,969.99         68
                                       7.875          2,969.99
1

    MANISTEE         MI   49660          1            06/01/01         00
    5354251                              05           07/01/01          0
    5354251                              O            06/01/31
    0

    5532769          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.375          2,762.36         62
                                       7.125          2,762.36
    SAN JOSE         CA   95123          5            09/04/01         00
    0433214749                           05           11/01/01          0
    400143228                            O            10/01/31
    0

    5534172          E22/G01             F          239,000.00         ZZ
                                         360        239,000.00          1
                                       7.500          1,671.12         79
                                       7.250          1,671.12
    STOUGHTON        MA   02072          1            09/10/01         00
    0412861650                           07           11/01/01          0
    0412861650                           O            10/01/31
    0

    5534207          E22/G01             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       6.875          1,806.55         80
                                       6.625          1,806.55
    ANTIOCH          CA   94509          2            08/28/01         00
    0412931453                           05           11/01/01          0
    0412931453                           O            10/01/31
    0

    5534240          E22/G01             F          329,000.00         ZZ
                                         360        329,000.00          1
                                       7.250          2,244.36         70
                                       7.000          2,244.36
    SAN JOSE         CA   95148          5            08/29/01         00
    0412959264                           05           11/01/01          0
    0412959264                           O            10/01/31
    0

    5534285          E22/G01             F          366,300.00         ZZ
                                         360        366,300.00          1
                                       7.875          2,655.93         90
                                       7.625          2,655.93
    RARITAN          NJ   08822          1            09/10/01         04
    0412992513                           03           11/01/01         25
    0412992513                           O            10/01/31
    0
1

    5534286          E22/G01             F          246,000.00         ZZ
                                         360        246,000.00          1
                                       7.125          1,657.35         56
                                       6.875          1,657.35
    ARLINGTON        TX   76016          5            09/05/01         00
    0412992745                           03           11/01/01          0
    0412992745                           O            10/01/31
    0

    5534329          664/G01             F          395,000.00         ZZ
                                         360        394,136.86          1
                                       7.625          2,795.79         46
                                       7.375          2,795.79
    LOS ANGELES      CA   91356          2            06/19/01         00
    0433151255                           03           08/01/01          0
    0008168304                           O            07/01/31
    0

    5534510          664/G01             F          332,425.00         ZZ
                                         360        331,447.41          1
                                       6.875          2,183.80         70
                                       6.625          2,183.80
    YARDLEY          PA   19067          1            06/15/01         00
    0433150711                           05           08/01/01          0
    0008005738                           O            07/01/31
    0

    5534737          994/X14             F          392,000.00         ZZ
                                         360        391,444.87          1
                                       7.750          2,808.34         80
                                       7.500          2,808.34
    SANTA MONICA     CA   90405          1            07/09/01         00
    218549735                            01           09/01/01          0
    218549735                            O            08/01/31
    0

    5535023          994/X14             F          375,000.00         ZZ
                                         360        374,309.74          1
                                       7.500          2,622.05         53
                                       7.250          2,622.05
    GUILFORD         CT   06437          1            07/12/01         00
    3918378655                           05           09/01/01          0
    3918378655                           O            08/01/31
    0

    5535067          E82/G01             F          353,500.00         ZZ
                                         360        353,500.00          1
1

                                       7.375          2,441.54         79
                                       7.125          2,441.54
    ROCKVILLE CENTR  NY   11570          2            09/07/01         00
    0400465803                           05           11/01/01          0
    1982603                              O            10/01/31
    0

    5538447          664/G01             F          356,450.00         ZZ
                                         360        355,970.05          1
                                       8.000          2,615.51         90
                                       7.750          2,615.51
    WOODBRIDGE       VA   22193          1            07/13/01         11
    0433149655                           05           09/01/01         25
    8233413                              O            08/01/31
    0

    5539109          664/G01             F          311,500.00         ZZ
                                         360        310,729.51          1
                                       7.000          2,072.42         57
                                       6.750          2,072.42
    SAN DIEGO        CA   92109          2            06/15/01         00
    0433151537                           05           08/01/01          0
    8101636                              O            07/01/31
    0

    5539348          664/G01             F          300,000.00         ZZ
                                         360        299,530.53          1
                                       7.250          2,046.53         75
                                       7.000          2,046.53
    SUWANEE          GA   30024          5            07/24/01         00
    0433149168                           03           09/01/01          0
    8248668                              O            08/01/31
    0

    5539552          664/G01             F          306,000.00         ZZ
                                         360        305,205.14          1
                                       6.750          1,984.72         43
                                       6.500          1,984.72
    SAN DIEGO        CA   92130          2            06/26/01         00
    0433152543                           05           08/01/01          0
    8163164                              O            07/01/31
    0

    5539634          664/G01             F          300,000.00         ZZ
                                         360        296,299.01          1
                                       7.625          2,123.39         43
                                       7.375          2,123.39
    NORTH ANDOVER    MA   01845          5            07/06/01         00
    0433142486                           05           09/01/01          0
1

    8217630                              O            08/01/31
    0

    5539824          G52/G01             F          355,800.00         ZZ
                                         360        355,522.45          1
                                       7.250          2,427.18         66
                                       7.000          2,427.18
    SPICEWOOD        TX   78669          5            08/24/01         00
    0433244902                           03           10/01/01          0
    74050002481                          O            09/01/31
    0

    5539869          664/G01             F          449,600.00         ZZ
                                         360        448,913.67          1
                                       7.375          3,105.28         80
                                       7.125          3,105.28
    SOUTH BURLINGTO  VT   05403          1            07/11/01         00
    0433151362                           05           09/01/01          0
    0008084634                           O            08/01/31
    0

    5540080          964/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       7.125          2,694.20         74
                                       6.875          2,694.20
    SAN FRANCISCO    CA   94122          1            09/17/01         00
    0433198090                           05           11/01/01          0
    144835                               O            10/01/31
    0

    5540416          696/G01             F          366,000.00         ZZ
                                         360        365,714.48          1
                                       7.250          2,496.77         72
                                       7.000          2,496.77
    BETHESDA         MD   20817          5            09/06/01         00
    0433190808                           05           10/01/01          0
    22801142                             O            09/01/31
    0

    5540489          225/G01             F          438,000.00         ZZ
                                         360        435,674.98          1
                                       7.500          3,062.56         75
                                       7.250          3,062.56
    MIAMI            FL   33156          5            05/16/01         00
    0433200672                           05           07/01/01          0
    727096500                            O            06/01/31
    0

1

    5541197          225/G01             F          329,500.00         ZZ
                                         360        327,856.53          1
                                       7.250          2,247.77         63
                                       7.000          2,247.77
    WASHINGTON       DC   20011          1            04/30/01         00
    0433195427                           05           06/01/01          0
    6533732                              O            05/01/31
    0

    5543739          E22/G01             F          139,200.00         ZZ
                                         360        139,200.00          1
                                       7.500            973.31         80
                                       7.250            973.31
    OKLAHOMA CITY    OK   73150          2            09/06/01         00
    0412885220                           05           11/01/01          0
    0412885220                           O            10/01/31
    0

    5543962          664/G01             F          320,000.00         ZZ
                                         360        319,523.54          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    HINGHAM          MA   02043          5            07/10/01         00
    0433170461                           05           09/01/01          0
    0008192478                           O            08/01/31
    0

    5545194          227/G01             F          287,200.00         ZZ
                                         360        286,981.46          1
                                       7.375          1,983.62         80
                                       7.125          1,983.62
    NORTHS RICHLAND  TX   76180          1            08/20/01         00
    0433215654                           03           10/01/01          0
    1920655                              O            09/01/31
    0

    5547187          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.125          3,368.59         65
                                       6.875          3,368.59
    LAKE OSWEGO      OR   97034          5            09/18/01         00
    0433215910                           05           11/01/01          0
    146005                               O            10/01/31
    0

    5548795          964/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         63
                                       7.000          2,046.53
1

    FAIR OAKS        CA   95628          1            09/19/01         00
    0433239936                           05           11/01/01          0
    143267                               O            10/01/31
    0

    5549480          227/G01             F          164,000.00         ZZ
                                         360        163,623.32          1
                                       7.375          1,132.71         80
                                       7.125          1,132.71
    WOOSTER          OH   44691          1            07/02/01         00
    0433223211                           05           08/01/01          0
    1952020                              O            07/01/31
    0

    5549781          664/G01             F          399,950.00         ZZ
                                         360        398,960.74          1
                                       7.000          2,660.88         41
                                       6.750          2,660.88
    COARL SPRINGS    FL   33067          1            06/15/01         00
    0433143955                           03           08/01/01          0
    0008090771                           O            07/01/31
    0

    5549963          664/G01             F          320,000.00         ZZ
                                         360        319,447.41          1
                                       6.750          2,075.52         80
                                       6.500          2,075.52
    KIRKLAND         WA   98034          1            07/20/01         00
    0433143039                           05           09/01/01          0
    0008244311                           O            08/01/31
    0

    5553115          D03/G01             F          483,000.00         ZZ
                                         360        483,000.00          1
                                       7.000          3,213.41         27
                                       6.750          3,213.41
    STANFORD         CA   94305          5            09/18/01         00
    0433238326                           02           11/01/01          0
    1                                    O            10/01/31
    0

    5553857          664/G01             F          352,000.00         ZZ
                                         360        351,211.37          1
                                       7.500          2,461.24         79
                                       7.250          2,461.24
    LAS VEGAS        NV   89134          1            06/18/01         00
    0433182961                           03           08/01/01          0
    8185175                              O            07/01/31
    0
1

    5553907          664/G01             F          323,200.00         T
                                         360        322,255.35          1
                                       7.625          2,287.59         80
                                       7.375          2,287.59
    TEHACHAPI        CA   93561          1            05/31/01         00
    0433152295                           03           07/01/01          0
    8121105                              O            06/01/31
    0

    5554084          664/G01             F          380,000.00         ZZ
                                         360        379,419.92          1
                                       7.375          2,624.57         63
                                       7.125          2,624.57
    HIGHLANDS RANCH  CO   80126          5            07/25/01         00
    0433146065                           05           09/01/01          0
    8249211                              O            08/01/31
    0

    5554122          664/G01             F          327,000.00         ZZ
                                         360        326,416.88          1
                                       7.000          2,175.54         77
                                       6.750          2,175.54
    YARDLEY          PA   19067          1            07/16/01         00
    0433145927                           05           09/01/01          0
    8215600                              O            08/01/31
    0

    5555654          E22/G01             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       7.250          1,719.08         79
                                       7.000          1,719.08
    LAS VEGAS        NV   89149          2            09/05/01         00
    0412885691                           03           11/01/01          0
    0412885691                           O            10/01/31
    0

    5555684          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         55
                                       7.000          4,434.15
    LAGUNA BEACH     CA   92651          2            09/07/01         00
    0412952459                           05           11/01/01          0
    0412952459                           O            10/01/31
    0

    5555693          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
1

                                       7.250          4,434.15         77
                                       7.000          4,434.15
    LOS ANGELES      CA   90024          2            08/31/01         00
    0412958746                           05           11/01/01          0
    0412958746                           O            10/01/31
    0

    5555723          E22/G01             F          340,750.00         ZZ
                                         360        340,750.00          1
                                       7.125          2,295.70         80
                                       6.875          2,295.70
    FLOWER MOUND     TX   75028          2            09/07/01         00
    0412987760                           03           11/01/01          0
    0412987760                           O            10/01/31
    0

    5555811          664/G01             F          340,000.00         ZZ
                                         360        339,257.05          1
                                       7.625          2,406.50         80
                                       7.375          2,406.50
    NEWPORT BEACH    CA   92660          1            06/12/01         00
    0433149093                           01           08/01/01          0
    0003876331                           O            07/01/31
    0

    5555889          664/G01             F          439,500.00         ZZ
                                         360        438,412.90          1
                                       7.000          2,924.01         74
                                       6.750          2,924.01
    HEBER CITY       UT   84032          2            06/19/01         00
    0433149606                           05           08/01/01          0
    0008143679                           O            07/01/31
    0

    5555963          696/G01             F          478,000.00         ZZ
                                         360        478,000.00          1
                                       7.125          3,220.37         78
                                       6.875          3,220.37
    BETHESDA         MD   20817          2            09/06/01         00
    0433162849                           05           11/01/01          0
    31201413                             O            10/01/31
    0

    5556143          664/G01             F          330,000.00         ZZ
                                         360        329,508.65          1
                                       7.500          2,307.41         57
                                       7.250          2,307.41
    RADNOR           PA   19087          5            07/20/01         00
    0433150588                           03           09/01/01          0
1

    8230971                              O            08/01/31
    0

    5557404          R88/G01             F          290,000.00         ZZ
                                         360        289,779.33          1
                                       7.375          2,002.96         65
                                       7.125          2,002.96
    SAN JOSE         CA   95119          2            08/14/01         00
    0433153749                           05           10/01/01          0
    1207758                              O            09/01/31
    0

    5560669          R88/G01             F          400,000.00         T
                                         360        399,404.42          1
                                       7.500          2,796.86         80
                                       7.250          2,796.86
    SPRINGDALE       UT   84767          2            07/26/01         00
    0433150968                           03           09/01/01          0
    1200220                              O            08/01/31
    0

    5563048          R88/G01             F          335,858.00         ZZ
                                         360        335,608.74          1
                                       7.500          2,348.37         80
                                       7.250          2,348.37
    ROCKVILLE        MD   20850          1            08/17/01         00
    0433176963                           03           10/01/01          0
    1214580                              O            09/01/31
    0

    5563578          R88/G01             F          401,200.00         ZZ
                                         360        400,862.94          1
                                       6.875          2,635.60         80
                                       6.625          2,635.60
    SIMI VALEY       CA   93063          1            08/01/01         00
    0433177003                           03           10/01/01          0
    1200715                              O            09/01/31
    0

    5563834          964/G01             F          340,000.00         ZZ
                                         360        339,734.77          1
                                       7.250          2,319.40         56
                                       7.000          2,319.40
    COLFAX           CA   95713          2            08/23/01         00
    0433177565                           03           10/01/01          0
    140378                               O            09/01/31
    0

1

    5564421          R88/G01             F          330,400.00         ZZ
                                         360        329,908.05          1
                                       7.500          2,310.21         80
                                       7.250          2,310.21
    ANAHEIM HILLS    CA   92808          1            07/30/01         00
    0433153103                           03           09/01/01          0
    1186298                              O            08/01/31
    0

    5566171          964/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.750          2,918.69         52
                                       6.500          2,918.69
    NOVATO           CA   94945          1            09/25/01         00
    0433245172                           05           11/01/01          0
    143959                               O            10/01/31
    0

    5566535          964/G01             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.000          2,448.31         80
                                       6.750          2,448.31
    SAN CLEMENTE     CA   92672          1            09/19/01         00
    0433215522                           05           11/01/01          0
    147290                               O            10/01/31
    0

    5567746          E22/G01             F          570,000.00         ZZ
                                         360        570,000.00          3
                                       7.125          3,840.20         71
                                       6.875          3,840.20
    BERKELEY         CA   94705          1            08/31/01         00
    0412910150                           05           11/01/01          0
    0412910150                           O            10/01/31
    0

    5567782          E22/G01             F          326,400.00         ZZ
                                         360        326,400.00          1
                                       7.000          2,171.55         80
                                       6.750          2,171.55
    SAN PEDRO        CA   90731          1            09/06/01         00
    0413016692                           05           11/01/01          0
    0413016692                           O            10/01/31
    0

    5568174          696/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.000          2,993.86         56
                                       6.750          2,993.86
1

    OAKTON           VA   22124          1            09/13/01         00
    0433188885                           03           11/01/01          0
    30501139                             O            10/01/31
    0

    5568387          R88/G01             F          368,000.00         ZZ
                                         360        367,690.83          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    ARDSLEY          NY   10502          5            08/03/01         00
    0433153038                           05           10/01/01          0
    1203557                              O            09/01/31
    0

    5569223          R88/G01             F          572,000.00         ZZ
                                         360        571,542.58          1
                                       7.125          3,853.67         80
                                       6.875          3,853.67
    CALABASAS        CA   91302          1            08/07/01         00
    0433153673                           03           10/01/01          0
    1220683                              O            09/01/31
    0

    5569946          R88/G01             F          400,000.00         ZZ
                                         360        399,655.61          1
                                       6.750          2,594.39         75
                                       6.500          2,594.39
    LOS ANGELES      CA   91436          1            08/20/01         00
    0433158532                           05           10/01/01          0
    1213124                              O            09/01/31
    0

    5570240          286/286             F          300,000.00         ZZ
                                         360        299,777.35          1
                                       7.500          2,097.65         80
                                       7.250          2,097.65
    WASHINGTON       DC   20003          1            08/15/01         00
    0000477020                           05           10/01/01          0
    0000477020                           O            09/01/31
    0

    5570462          286/286             F          415,000.00         ZZ
                                         360        412,300.81          1
                                       7.500          2,901.74         85
                                       7.250          2,901.74
    DENVER           CO   80230          1            01/22/01         10
    225917                               05           03/01/01         12
    225917                               O            02/01/31
    0
1

    5570519          R88/G01             F          316,000.00         ZZ
                                         360        315,375.67          1
                                       8.125          2,346.29         80
                                       7.875          2,346.29
    HOLTSVILLE       NY   11742          1            06/28/01         00
    0433161247                           03           08/01/01          0
    1166393                              O            07/01/31
    0

    5570797          R88/G01             F          348,000.00         ZZ
                                         360        347,714.75          1
                                       7.000          2,315.25         80
                                       6.750          2,315.25
    BREA             CA   92821          5            08/21/01         00
    0433161288                           05           10/01/01          0
    1241398                              O            09/01/31
    0

    5571430          964/G01             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       7.000          3,160.19         62
                                       6.750          3,160.19
    THOUSAND OAKS    CA   91320          1            09/14/01         00
    0433202751                           03           11/01/01          0
    145220                               O            10/01/31
    0

    5572326          R88/G01             F          360,000.00         ZZ
                                         360        359,719.16          1
                                       7.250          2,455.84         79
                                       7.000          2,455.84
    SIERRA MADRE     CA   91024          5            08/01/01         00
    0433161353                           05           10/01/01          0
    1203729                              O            09/01/31
    0

    5572353          R88/G01             F          440,000.00         ZZ
                                         360        439,630.34          1
                                       6.875          2,890.49         71
                                       6.625          2,890.49
    SCOTTS VALLEY    CA   95066          2            08/20/01         00
    0433156213                           05           10/01/01          0
    1228183                              O            09/01/31
    0

    5572720          R88/G01             F          394,950.00         ZZ
                                         360        394,347.09          1
1

                                       7.375          2,727.83         74
                                       7.125          2,727.83
    OXNARD           CA   93035          1            07/25/01         00
    0433159530                           05           09/01/01          0
    1196449                              O            08/01/31
    0

    5573869          696/G01             F          358,000.00         ZZ
                                         360        358,000.00          1
                                       7.375          2,472.62         60
                                       7.125          2,472.62
    WASHINGTON       DC   20007          5            09/11/01         00
    0433183282                           05           11/01/01          0
    31201449                             O            10/01/31
    0

    5574445          E22/G01             F          583,000.00         ZZ
                                         360        583,000.00          1
                                       7.000          3,878.71         56
                                       6.750          3,878.71
    LITTLETON        CO   80123          2            09/10/01         00
    0412803777                           03           11/01/01          0
    0412803777                           O            10/01/31
    0

    5574476          E22/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.000          2,474.93         80
                                       6.750          2,474.93
    SACRAMENTO       CA   95819          1            09/06/01         00
    0412979783                           05           11/01/01          0
    0412979783                           O            10/01/31
    0

    5574526          E22/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.250          4,093.06         72
                                       7.000          4,093.06
    SUISUN           CA   94585          1            09/10/01         00
    0413017112                           05           11/01/01          0
    0413017112                           O            10/01/31
    0

    5574540          E22/G01             F          469,000.00         ZZ
                                         360        469,000.00          1
                                       6.625          3,003.06         67
                                       6.375          3,003.06
    SAN JOSE         CA   95124          1            09/11/01         00
    0413030255                           05           11/01/01          0
1

    0413030255                           O            10/01/31
    0

    5576880          696/G01             F          650,000.00         ZZ
                                         360        649,492.93          1
                                       7.250          4,434.15         41
                                       7.000          4,434.15
    MCLEAN           VA   22102          1            08/16/01         00
    0433189024                           05           10/01/01          0
    10101103                             O            09/01/31
    0

    5579729          994/994             F          318,750.00         ZZ
                                         360        318,519.29          1
                                       7.625          2,256.10         75
                                       7.375          2,256.10
    DOWNERS GROVE    IL   60516          5            08/07/01         00
    403838178                            05           10/01/01          0
    403838178                            O            09/01/31
    0

    5580329          994/994             F          400,000.00         ZZ
                                         360        399,309.26          1
                                       6.750          2,594.40         62
                                       6.500          2,594.40
    NORTH EASTON     MA   02356          1            07/13/01         00
    1000321151                           05           09/01/01          0
    1000321151                           O            08/01/31
    0

    5580631          994/994             F          388,300.00         ZZ
                                         360        388,052.39          1
                                       8.250          2,917.17         58
                                       8.000          2,917.17
    LINCOLNSHIRE     IL   60069          5            08/23/01         00
    218690570                            05           10/01/01          0
    218690570                            O            09/01/31
    0

    5580665          405/405             F          356,000.00         ZZ
                                         360        354,559.55          1
                                       7.125          2,398.44         80
                                       6.750          2,398.44
    DUBLIN           CA   94568          5            04/24/01         00
    0012135497                           05           06/01/01          0
    0012135497                           O            05/01/31
    0

1

    5580670          405/405             F          344,000.00         ZZ
                                         360        343,524.97          1
                                       7.875          2,494.24         75
                                       7.375          2,494.24
    LOS ANGELES      CA   90066          2            07/12/01         00
    0012274080                           05           09/01/01          0
    0012274080                           O            08/01/31
    0

    5580674          405/405             F          306,000.00         ZZ
                                         360        305,521.14          1
                                       7.250          2,087.46         80
                                       6.750          2,087.46
    WESTMINSTER      CA   92683          1            07/16/01         00
    0012309415                           05           09/01/01          0
    0012309415                           O            08/01/31
    0

    5580675          405/405             F          309,000.00         ZZ
                                         360        308,504.33          1
                                       7.125          2,081.79         44
                                       6.750          2,081.79
    LAFAYETTE        CA   94549          5            07/12/01         00
    0012309506                           05           09/01/01          0
    0012309506                           O            08/01/31
    0

    5580678          405/405             F          338,500.00         ZZ
                                         360        337,957.00          1
                                       7.125          2,280.54         47
                                       6.750          2,280.54
    TACOMA           WA   98403          5            07/23/01         00
    0012354619                           05           09/01/01          0
    0012354619                           O            08/01/31
    0

    5580679          405/405             F          348,000.00         ZZ
                                         360        347,413.61          1
                                       6.875          2,286.11         80
                                       6.625          2,286.11
    ST AUGUSTINE     FL   32080          1            07/27/01         00
    0012358297                           03           09/01/01          0
    0012358297                           O            08/01/31
    0

    5580680          405/405             F          352,550.00         ZZ
                                         360        352,011.81          1
                                       7.375          2,434.98         80
                                       6.875          2,434.98
1

    ELKRIDGE         MD   21075          1            07/31/01         00
    0012359519                           03           09/01/01          0
    0012359519                           O            08/01/31
    0

    5580681          405/405             F          400,000.00         ZZ
                                         360        399,404.42          1
                                       7.500          2,796.86         80
                                       7.000          2,796.86
    NEWPORT BEACH    CA   92663          1            07/23/01         00
    0012361028                           05           09/01/01          0
    0012361028                           O            08/01/31
    0

    5580683          405/405             F          350,000.00         ZZ
                                         360        349,733.67          1
                                       7.375          2,417.37         80
                                       6.875          2,417.37
    CLARKSON VALLEY  MO   63005          1            08/16/01         00
    0012366811                           05           10/01/01          0
    0012366811                           O            09/01/31
    0

    5580684          405/405             F          370,000.00         ZZ
                                         360        369,704.12          1
                                       7.125          2,492.76         37
                                       6.750          2,492.76
    RANCHO PALOS VE  CA   90275          2            08/08/01         00
    0012411278                           03           10/01/01          0
    0012411278                           O            09/01/31
    0

    5580685          405/405             F          335,000.00         ZZ
                                         360        334,738.67          1
                                       7.250          2,285.29         51
                                       6.750          2,285.29
    SAN MARCOS       CA   92069          5            08/10/01         00
    0017338625                           03           10/01/01          0
    0017338625                           O            09/01/31
    0

    5580686          405/405             F          480,000.00         T
                                         360        479,634.76          1
                                       7.375          3,315.24         69
                                       6.875          3,315.24
    SAN FRANCISCO    CA   94115          2            08/09/01         00
    0017451121                           01           10/01/01          0
    0017451121                           O            09/01/31
    0
1

    5580687          405/405             F          428,000.00         ZZ
                                         360        427,690.22          1
                                       7.625          3,029.36         54
                                       7.125          3,029.36
    CUPERTINO        CA   95014          5            08/01/01         00
    0017460684                           05           10/01/01          0
    0017460684                           O            09/01/31
    0

    5580689          405/405             F          380,000.00         ZZ
                                         360        379,710.85          1
                                       7.375          2,624.57         80
                                       6.875          2,624.57
    SAN JOSE         CA   95117          2            08/10/01         00
    0017496183                           05           10/01/01          0
    0017496183                           O            09/01/31
    0

    5580691          405/405             F          600,000.00         ZZ
                                         360        599,255.40          1
                                       7.375          4,144.05         80
                                       6.875          4,144.05
    WASHINGTON       DC   20016          2            08/15/01         00
    0017539461                           05           10/01/01          0
    0017539461                           O            09/01/31
    0

    5580692          405/405             F          480,000.00         ZZ
                                         360        479,625.50          1
                                       7.250          3,274.45         42
                                       6.750          3,274.45
    ALAMO            CA   94507          2            08/02/01         00
    0017562422                           05           10/01/01          0
    0017562422                           O            09/01/31
    0

    5580693          405/405             F          450,000.00         ZZ
                                         360        449,657.58          1
                                       7.375          3,108.04         75
                                       6.875          3,108.04
    APTOS            CA   95003          5            08/10/01         00
    0017572934                           05           10/01/01          0
    0017572934                           O            09/01/31
    0

    5580694          405/405             F          400,000.00         ZZ
                                         360        399,703.14          1
1

                                       7.500          2,796.86         43
                                       7.000          2,796.86
    MILL VALLEY      CA   94941          5            08/01/01         00
    0017601089                           05           10/01/01          0
    0017601089                           O            09/01/31
    0

    5580696          405/405             F          309,600.00         ZZ
                                         360        309,352.41          1
                                       7.125          2,085.84         80
                                       6.750          2,085.84
    TORRANCE         CA   90503          1            08/10/01         00
    0017612730                           05           10/01/01          0
    0017612730                           O            09/01/31
    0

    5580699          405/405             F          507,000.00         ZZ
                                         360        506,594.55          1
                                       7.125          3,415.76         57
                                       6.750          3,415.76
    CUPERTINO        CA   95014          2            08/03/01         00
    0017634601                           03           10/01/01          0
    0017634601                           O            09/01/31
    0

    5580700          405/405             F          445,000.00         ZZ
                                         360        443,652.85          1
                                       7.250          3,035.69         71
                                       6.750          3,035.69
    SUNNYVALE        CA   94086          2            08/10/01         00
    0017643289                           05           10/01/01          0
    0017643289                           O            09/01/31
    0

    5580702          405/405             F          360,000.00         ZZ
                                         360        359,739.44          1
                                       7.625          2,548.06         67
                                       7.125          2,548.06
    SANTA CLARA      CA   95051          5            08/10/01         00
    0017644030                           05           10/01/01          0
    0017644030                           O            09/01/31
    0

    5580703          405/405             F          508,000.00         ZZ
                                         360        507,303.71          1
                                       7.250          3,465.46         80
                                       6.750          3,465.46
    WALNUT CREEK     CA   94598          1            08/07/01         00
    0017646100                           05           10/01/01          0
1

    0017646100                           O            09/01/31
    0

    5580704          405/405             F          351,200.00         ZZ
                                         360        350,919.15          1
                                       7.125          2,366.10         80
                                       6.750          2,366.10
    BURBANK          CA   91501          1            08/10/01         00
    0017646993                           05           10/01/01          0
    0017646993                           O            09/01/31
    0

    5580705          405/405             F          340,000.00         ZZ
                                         360        339,734.77          1
                                       7.250          2,319.40         69
                                       6.750          2,319.40
    CARLSBAD         CA   92009          1            08/20/01         00
    0017650227                           05           10/01/01          0
    0017650227                           O            09/01/31
    0

    5580707          405/405             F          356,000.00         ZZ
                                         360        355,215.79          1
                                       7.500          2,489.21         33
                                       7.000          2,489.21
    CUPERTINO        CA   95014          2            08/06/01         00
    0017651142                           05           10/01/01          0
    0017651142                           O            09/01/31
    0

    5580708          405/405             F          388,000.00         ZZ
                                         360        387,704.76          1
                                       7.375          2,679.82         80
                                       6.875          2,679.82
    LOS ANGELES      CA   90066          2            08/08/01         00
    0017657750                           05           10/01/01          0
    0017657750                           O            09/01/31
    0

    5580709          405/405             F          352,000.00         ZZ
                                         360        351,732.15          1
                                       7.375          2,431.18         80
                                       6.875          2,431.18
    LOS ANGELES      CA   90291          1            08/13/01         00
    0017657792                           05           10/01/01          0
    0017657792                           O            09/01/31
    0

1

    5580710          405/405             F          503,200.00         ZZ
                                         360        502,817.10          1
                                       7.375          3,475.48         80
                                       6.875          3,475.48
    OJAI             CA   93023          1            08/10/01         00
    0017659038                           05           10/01/01          0
    0017659038                           O            09/01/31
    0

    5580711          405/405             F          408,000.00         ZZ
                                         360        407,507.50          1
                                       7.375          2,817.96         80
                                       6.875          2,817.96
    OAKLAND          CA   94619          1            08/13/01         00
    0017660051                           05           10/01/01          0
    0017660051                           O            09/01/31
    0

    5580713          405/405             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         45
                                       6.875          2,762.70
    BEVERLY HILLS    CA   90211          1            08/15/01         00
    0017662891                           05           10/01/01          0
    0017662891                           O            09/01/31
    0

    5580714          405/405             F          347,680.00         ZZ
                                         360        347,415.44          1
                                       7.375          2,401.34         80
                                       6.875          2,401.34
    CARLSBAD         CA   92009          1            08/09/01         00
    0017663980                           05           10/01/01          0
    0017663980                           O            09/01/31
    0

    5580715          405/405             F          310,000.00         ZZ
                                         360        309,733.09          1
                                       6.750          2,010.66         52
                                       6.500          2,010.66
    MOUNTAIN VIEW    CA   94043          2            08/03/01         00
    0017664772                           05           10/01/01          0
    0017664772                           O            09/01/31
    0

    5580716          405/405             F          312,000.00         ZZ
                                         360        311,737.88          1
                                       6.875          2,049.62         77
                                       6.625          2,049.62
1

    OAK PARK         CA   91377          2            08/09/01         00
    0017664905                           05           10/01/01          0
    0017664905                           O            09/01/31
    0

    5580717          405/405             F          327,000.00         ZZ
                                         360        326,757.31          1
                                       7.500          2,286.44         80
                                       7.000          2,286.44
    MC LEAN          VA   22101          1            08/17/01         00
    0017665951                           05           10/01/01          0
    0017665951                           O            09/01/31
    0

    5580718          405/405             F          295,000.00         ZZ
                                         360        294,775.52          1
                                       7.375          2,037.50         77
                                       6.875          2,037.50
    CASTRO VALLEY    CA   94546          2            08/10/01         00
    0017666447                           05           10/01/01          0
    0017666447                           O            09/01/31
    0

    5580719          405/405             F          366,000.00         ZZ
                                         360        365,707.32          1
                                       7.125          2,465.81         72
                                       6.750          2,465.81
    SEATTLE          WA   98136          5            08/06/01         00
    0017667791                           05           10/01/01          0
    0017667791                           O            09/01/31
    0

    5580720          405/405             F          650,000.00         ZZ
                                         360        649,359.38          1
                                       7.125          4,379.18         70
                                       6.750          4,379.18
    SAN JOSE         CA   95135          1            08/15/01         00
    0017670472                           05           10/01/01          0
    0017670472                           O            09/01/31
    0

    5580722          405/405             F          708,700.00         ZZ
                                         360        708,147.11          1
                                       7.250          4,834.58         75
                                       6.750          4,834.58
    PLEASANTON       CA   94588          1            08/10/01         00
    0017671595                           03           10/01/01          0
    0017671595                           O            09/01/31
    0
1

    5580724          405/405             F          433,000.00         ZZ
                                         360        432,686.53          1
                                       7.625          3,064.75         75
                                       7.125          3,064.75
    SAN JOSE         CA   95124          5            08/03/01         00
    0017678426                           05           10/01/01          0
    0017678426                           O            09/01/31
    0

    5580725          405/405             F          456,800.00         ZZ
                                         360        456,452.40          1
                                       7.375          3,155.01         71
                                       6.875          3,155.01
    SANTA MONICA     CA   90405          1            08/15/01         00
    0017679671                           05           10/01/01          0
    0017679671                           O            09/01/31
    0

    5580728          405/405             F          389,500.00         ZZ
                                         360        389,203.62          1
                                       7.375          2,690.18         65
                                       6.875          2,690.18
    SAN JOSE         CA   95119          2            08/09/01         00
    0017683277                           05           10/01/01          0
    0017683277                           O            09/01/31
    0

    5580730          405/405             F          585,500.00         ZZ
                                         360        585,048.39          1
                                       7.375          4,043.91         71
                                       6.875          4,043.91
    LIVERMORE        CA   94550          2            08/13/01         00
    0017684853                           03           10/01/01          0
    0017684853                           O            09/01/31
    0

    5580731          405/405             F          390,000.00         ZZ
                                         360        389,687.63          1
                                       7.125          2,627.51         80
                                       6.750          2,627.51
    HAYWARD          CA   94544          1            08/14/01         00
    0017686999                           05           10/01/01          0
    0017686999                           O            09/01/31
    0

    5580733          405/405             F          500,000.00         ZZ
                                         360        499,619.54          1
1

                                       7.375          3,453.38         75
                                       6.875          3,453.38
    OAKLAND          CA   94611          5            08/06/01         00
    0017689100                           05           10/01/01          0
    0017689100                           O            09/01/31
    0

    5580734          405/405             F          500,000.00         ZZ
                                         360        499,619.54          1
                                       7.375          3,453.38         34
                                       6.875          3,453.38
    MONTE SERENO     CA   95030          5            08/16/01         00
    0017689134                           05           10/01/01          0
    0017689134                           O            09/01/31
    0

    5580735          405/405             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         49
                                       6.750          2,661.21
    SAN MATEO        CA   94402          1            08/16/01         00
    0017689571                           05           10/01/01          0
    0017689571                           O            09/01/31
    0

    5580737          405/405             F          352,800.00         ZZ
                                         360        352,517.87          1
                                       7.125          2,376.88         80
                                       6.750          2,376.88
    LOS ANGELES      CA   90007          1            08/16/01         00
    0017692393                           05           10/01/01          0
    0017692393                           O            09/01/31
    0

    5580738          405/405             F          362,000.00         ZZ
                                         360        361,724.54          1
                                       7.375          2,500.25         62
                                       6.875          2,500.25
    SAN JOSE         CA   95130          5            08/13/01         00
    0017693722                           05           10/01/01          0
    0017693722                           O            09/01/31
    0

    5580740          405/405             F          304,000.00         ZZ
                                         360        303,774.38          1
                                       7.500          2,125.62         80
                                       7.000          2,125.62
    SHARPSBURG       GA   30277          2            08/20/01         00
    0017697541                           05           10/01/01          0
1

    0017697541                           O            09/01/31
    0

    5580741          405/405             F          316,000.00         ZZ
                                         360        315,753.44          1
                                       7.250          2,155.68         80
                                       6.750          2,155.68
    SAN DIEGO        CA   92129          1            08/16/01         00
    0017702713                           05           10/01/01          0
    0017702713                           O            09/01/31
    0

    5580743          405/405             F          551,200.00         ZZ
                                         360        550,770.01          1
                                       7.250          3,760.16         80
                                       6.750          3,760.16
    ORINDA           CA   94563          1            08/14/01         00
    0017705054                           05           10/01/01          0
    0017705054                           O            09/01/31
    0

    5580744          405/405             F          416,000.00         ZZ
                                         360        415,683.46          1
                                       7.375          2,873.21         80
                                       6.875          2,873.21
    LA CANADA FLINT  CA   91011          1            08/19/01         00
    0017709601                           05           10/01/01          0
    0017709601                           O            09/01/31
    0

    5580745          405/405             F          296,000.00         ZZ
                                         360        295,780.32          1
                                       7.500          2,069.68         76
                                       7.000          2,069.68
    CARMEL VALLEY    CA   93924          2            08/09/01         00
    0019838515                           03           10/01/01          0
    0019838515                           O            09/01/31
    0

    5580747          405/405             F          400,000.00         ZZ
                                         360        399,680.12          1
                                       7.125          2,694.88         75
                                       6.750          2,694.88
    SAN JOSE         CA   95120          1            08/20/01         00
    0019898519                           05           10/01/01          0
    0019898519                           O            09/01/31
    0

1

    5580748          405/405             F          439,000.00         ZZ
                                         360        438,674.19          1
                                       7.500          3,069.56         62
                                       7.000          3,069.56
    TORRANCE         CA   90277          5            08/10/01         00
    0019908748                           05           10/01/01          0
    0019908748                           O            09/01/31
    0

    5581387          994/994             F          437,000.00         ZZ
                                         360        435,366.45          1
                                       7.375          3,018.25         48
                                       7.125          3,018.25
    SAN DIEGO        CA   92103          5            07/31/01         00
    218450660                            05           09/01/01          0
    218450660                            O            08/01/31
    0

    5581729          964/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.000          2,195.50         37
                                       6.750          2,195.50
    DANVILLE         CA   94506          5            09/24/01         00
    0433235694                           03           11/01/01          0
    400145363                            O            10/01/31
    0

    5581827          405/405             F          360,000.00         ZZ
                                         360        359,436.64          1
                                       7.250          2,455.83         72
                                       6.750          2,455.83
    SANTA BARBARA    CA   93105          5            07/27/01         00
    0012367801                           05           09/01/01          0
    0012367801                           O            08/01/31
    0

    5581832          405/405             F          348,000.00         ZZ
                                         360        347,735.20          1
                                       7.375          2,403.55         80
                                       6.750          2,403.55
    SAN FRANCISCO    CA   94112          5            08/10/01         00
    0017480138                           05           10/01/01          0
    0017480138                           O            09/01/31
    0

    5581838          405/405             F          400,000.00         ZZ
                                         360        399,687.96          1
                                       7.250          2,728.71         20
                                       6.750          2,728.71
1

    LOS ALTOS HILLS  CA   94022          5            08/02/01         00
    0017552027                           05           10/01/01          0
    0017552027                           O            09/01/31
    0

    5581840          405/405             F          485,000.00         ZZ
                                         360        484,545.06          1
                                       7.375          3,349.78         67
                                       6.750          3,349.78
    ALAMEDA          CA   94501          5            08/16/01         00
    0017584582                           05           10/01/01          0
    0017584582                           O            09/01/31
    0

    5581859          405/405             F          388,000.00         ZZ
                                         360        387,704.76          1
                                       7.375          2,679.82         80
                                       6.750          2,679.82
    CARLSBAD         CA   92008          5            08/10/01         00
    0017648346                           03           10/01/01          0
    0017648346                           O            09/01/31
    0

    5581865          405/405             F          958,750.00         ZZ
                                         360        957,983.30          1
                                       7.125          6,459.28         65
                                       6.750          6,459.28
    SANTA BARBARA    CA   93108          1            08/15/01         00
    0017659673                           05           10/01/01          0
    0017659673                           O            09/01/31
    0

    5581868          405/405             F          405,000.00         ZZ
                                         360        404,691.82          1
                                       7.375          2,797.24         72
                                       6.750          2,797.24
    SAN FRANCISCO    CA   94118          1            08/02/01         00
    0017663303                           01           10/01/01          0
    0017663303                           O            09/01/31
    0

    5581871          405/405             F          390,000.00         ZZ
                                         360        389,703.23          1
                                       7.375          2,693.64         46
                                       6.750          2,693.64
    LOS ALAMITOS     CA   90720          2            08/03/01         00
    0017668955                           05           10/01/01          0
    0017668955                           O            09/01/31
    0
1

    5581872          405/405             F          315,000.00         ZZ
                                         360        314,754.27          1
                                       7.250          2,148.86         66
                                       6.750          2,148.86
    TOPANGA          CA   90290          2            08/10/01         00
    0017669052                           05           10/01/01          0
    0017669052                           O            09/01/31
    0

    5581876          405/405             F          345,000.00         ZZ
                                         360        344,730.87          1
                                       7.250          2,353.51         79
                                       6.750          2,353.51
    SIMI VALLEY      CA   93065          2            08/07/01         00
    0017671744                           05           10/01/01          0
    0017671744                           O            09/01/31
    0

    5581877          405/405             F          355,000.00         ZZ
                                         360        354,723.06          1
                                       7.250          2,421.73         61
                                       6.750          2,421.73
    RANCHO PALOS VE  CA   90275          1            08/21/01         00
    0017671850                           05           10/01/01          0
    0017671850                           O            09/01/31
    0

    5581894          405/405             F          382,000.00         ZZ
                                         360        381,709.33          1
                                       7.375          2,638.38         77
                                       6.750          2,638.38
    SANTA MONICA     CA   90405          2            08/10/01         00
    0017698028                           05           10/01/01          0
    0017698028                           O            09/01/31
    0

    5581900          405/405             F          362,000.00         ZZ
                                         360        361,147.65          1
                                       7.250          2,469.48         54
                                       6.750          2,469.48
    RAMONA           CA   92065          5            06/05/01         00
    0019862986                           05           08/01/01          0
    0019862986                           O            07/01/31
    0

    5581904          405/405             F          340,000.00         ZZ
                                         360        339,741.28          1
1

                                       7.375          2,348.30         74
                                       6.750          2,348.30
    MANHATTAN BEACH  CA   90266          5            08/10/01         00
    0019904192                           05           10/01/01          0
    0019904192                           O            09/01/31
    0

    5581944          405/405             F          320,000.00         ZZ
                                         360        319,511.52          1
                                       7.375          2,210.16         68
                                       6.875          2,210.16
    ORANGE           CA   92869          5            06/29/01         00
    0012289971                           05           09/01/01          0
    0012289971                           O            08/01/31
    0

    5581946          405/405             F          350,000.00         ZZ
                                         360        349,452.27          1
                                       7.250          2,387.62         53
                                       6.750          2,387.62
    LAGUNA NIGUEL    CA   92677          1            07/01/01         00
    0012298790                           03           09/01/01          0
    0012298790                           O            08/01/31
    0

    5581947          405/405             F          455,000.00         ZZ
                                         360        454,287.95          1
                                       7.250          3,103.91         80
                                       6.750          3,103.91
    BETHESDA         MD   20814          1            07/25/01         00
    0012309761                           05           09/01/01          0
    0012309761                           O            08/01/31
    0

    5581948          405/405             F          337,500.00         ZZ
                                         360        336,971.85          1
                                       7.250          2,302.34         71
                                       6.750          2,302.34
    SAN FRANCISCO    CA   94112          5            07/13/01         00
    0012309993                           05           09/01/01          0
    0012309993                           O            08/01/31
    0

    5581950          405/405             F          300,000.00         ZZ
                                         360        299,553.33          1
                                       7.500          2,097.64         80
                                       7.000          2,097.64
    AUSTIN           TX   78704          1            07/27/01         00
    0012316840                           05           09/01/01          0
1

    0012316840                           O            08/01/31
    0

    5581954          405/405             F          343,750.00         ZZ
                                         360        343,250.82          1
                                       7.625          2,433.04         90
                                       7.125          2,433.04
    LOS ANGELES      CA   91423          2            07/20/01         11
    0017244591                           05           09/01/01         25
    0017244591                           O            08/01/31
    0

    5581958          405/405             F          640,000.00         ZZ
                                         360        636,461.82          1
                                       7.750          4,585.04         70
                                       7.250          4,585.04
    SAN MARINO       CA   91108          2            07/18/01         00
    0017532946                           05           09/01/01          0
    0017532946                           O            08/01/31
    0

    5581960          405/405             F          295,000.00         ZZ
                                         360        294,775.52          1
                                       7.375          2,037.50         53
                                       6.875          2,037.50
    FOSTER CITY      CA   94404          5            08/02/01         00
    0017567231                           03           10/01/01          0
    0017567231                           O            09/01/31
    0

    5581961          405/405             F          383,000.00         ZZ
                                         360        382,708.56          1
                                       7.375          2,645.29         64
                                       6.875          2,645.29
    LOS ANGELES      CA   90046          2            08/02/01         00
    0017571977                           05           10/01/01          0
    0017571977                           O            09/01/31
    0

    5581962          405/405             F          444,800.00         ZZ
                                         360        444,137.72          1
                                       7.500          3,110.11         80
                                       7.000          3,110.11
    LOS ANGELES      CA   90046          1            07/26/01         00
    0017572025                           05           09/01/01          0
    0017572025                           O            08/01/31
    0

1

    5581963          405/405             F          476,000.00         ZZ
                                         360        475,628.62          1
                                       7.250          3,247.16         80
                                       6.750          3,247.16
    ATHERTON         CA   94027          1            08/01/01         00
    0017585837                           01           10/01/01          0
    0017585837                           O            09/01/31
    0

    5581964          405/405             F          300,000.00         ZZ
                                         360        299,771.72          1
                                       7.375          2,072.03         77
                                       6.875          2,072.03
    BRENTWOOD        CA   94513          2            07/30/01         00
    0017589086                           05           10/01/01          0
    0017589086                           O            09/01/31
    0

    5581965          405/405             F          480,000.00         ZZ
                                         360        479,643.77          1
                                       7.500          3,356.23         47
                                       7.000          3,356.23
    LOS ANGELES      CA   90068          2            08/02/01         00
    0017594557                           05           10/01/01          0
    0017594557                           O            09/01/31
    0

    5581966          405/405             F          310,000.00         ZZ
                                         360        309,752.10          1
                                       7.125          2,088.53         73
                                       6.750          2,088.53
    WEST HILLS       CA   91307          2            08/08/01         00
    0017599754                           05           10/01/01          0
    0017599754                           O            09/01/31
    0

    5581967          405/405             F          322,000.00         ZZ
                                         360        321,565.42          1
                                       7.250          2,196.61         80
                                       6.750          2,196.61
    MOORPARK         CA   93021          1            08/01/01         00
    0017600487                           03           10/01/01          0
    0017600487                           O            09/01/31
    0

    5581968          405/405             F          352,000.00         ZZ
                                         360        351,725.41          1
                                       7.250          2,401.26         79
                                       6.750          2,401.26
1

    SAN DIEGO        CA   92121          5            08/01/01         00
    0017605205                           03           10/01/01          0
    0017605205                           O            09/01/31
    0

    5581969          405/405             F          352,000.00         ZZ
                                         360        347,726.10          1
                                       7.250          2,401.26         79
                                       6.750          2,401.26
    SAN JOSE         CA   95111          2            07/26/01         00
    0017608092                           05           09/01/01          0
    0017608092                           O            08/01/31
    0

    5581970          405/405             F          375,000.00         ZZ
                                         360        374,427.54          1
                                       7.375          2,590.04         45
                                       6.875          2,590.04
    SANTA BARBARA    CA   93105          2            07/27/01         00
    0017608787                           05           09/01/01          0
    0017608787                           O            08/01/31
    0

    5581971          405/405             F          360,000.00         ZZ
                                         360        359,422.51          1
                                       7.125          2,425.39         66
                                       6.750          2,425.39
    LA CRESCENTA     CA   91214          5            07/31/01         00
    0017610080                           05           09/01/01          0
    0017610080                           O            08/01/31
    0

    5581973          405/405             F          508,300.00         ZZ
                                         360        507,903.48          1
                                       7.250          3,467.50         67
                                       6.750          3,467.50
    LOS ANGELES      CA   90027          2            08/02/01         00
    0017611807                           05           10/01/01          0
    0017611807                           O            09/01/31
    0

    5581976          405/405             F          437,000.00         ZZ
                                         360        436,667.48          1
                                       7.375          3,018.25         38
                                       6.875          3,018.25
    LOS ANGELES      CA   91436          2            08/01/01         00
    0017613993                           05           10/01/01          0
    0017613993                           O            09/01/31
    0
1

    5581977          405/405             F          335,000.00         ZZ
                                         360        334,513.54          1
                                       7.625          2,371.11         76
                                       7.125          2,371.11
    FREMONT          CA   94536          5            07/24/01         00
    0017623141                           03           09/01/01          0
    0017623141                           O            08/01/31
    0

    5581978          405/405             F          410,000.00         ZZ
                                         360        409,404.61          1
                                       7.625          2,901.96         69
                                       7.125          2,901.96
    LOS GATOS        CA   95032          2            07/26/01         00
    0017624040                           05           09/01/01          0
    0017624040                           O            08/01/31
    0

    5581981          405/405             F          376,500.00         ZZ
                                         360        376,220.58          1
                                       7.500          2,632.55         79
                                       7.000          2,632.55
    SAN JOSE         CA   95123          5            08/01/01         00
    0017630948                           05           10/01/01          0
    0017630948                           O            09/01/31
    0

    5581982          405/405             F          505,000.00         ZZ
                                         360        504,606.05          1
                                       7.250          3,444.99         80
                                       6.750          3,444.99
    HOLLYWOOD        FL   33023          1            08/10/01         00
    0017638354                           03           10/01/01          0
    0017638354                           O            09/01/31
    0

    5581983          405/405             F          360,000.00         ZZ
                                         360        359,463.97          1
                                       7.500          2,517.18         80
                                       7.000          2,517.18
    SILVER SPRING    MD   20905          2            08/03/01         00
    0017639923                           05           09/01/01          0
    0017639923                           O            08/01/31
    0

    5581984          405/405             F          350,000.00         ZZ
                                         360        349,726.96          1
1

                                       7.250          2,387.62         54
                                       6.750          2,387.62
    CARPINTERIA      CA   93013          1            08/03/01         00
    0017642828                           05           10/01/01          0
    0017642828                           O            09/01/31
    0

    5581985          405/405             F          636,000.00         ZZ
                                         360        635,508.75          1
                                       7.375          4,392.70         80
                                       6.875          4,392.70
    WASHINGTON       DC   20007          1            08/09/01         00
    0017644733                           05           10/01/01          0
    0017644733                           O            09/01/31
    0

    5581987          405/405             F          325,000.00         ZZ
                                         360        324,758.80          1
                                       7.500          2,272.45         61
                                       7.000          2,272.45
    SALINAS          CA   93908          5            08/02/01         00
    0017645979                           05           10/01/01          0
    0017645979                           O            09/01/31
    0

    5581989          405/405             F          310,000.00         ZZ
                                         360        309,672.92          1
                                       7.250          2,114.75         80
                                       6.750          2,114.75
    GLENDALE         CA   91202          1            08/10/01         00
    0017647603                           05           10/01/01          0
    0017647603                           O            09/01/31
    0

    5581991          405/405             F          474,000.00         ZZ
                                         360        473,648.22          1
                                       7.500          3,314.28         79
                                       7.000          3,314.28
    CARLSBAD         CA   92009          2            08/01/01         00
    0017647876                           03           10/01/01          0
    0017647876                           O            09/01/31
    0

    5581993          405/405             F          469,200.00         ZZ
                                         360        468,860.41          1
                                       7.625          3,320.97         80
                                       7.125          3,320.97
    SAN CARLOS       CA   94070          1            08/01/01         00
    0017650037                           05           10/01/01          0
1

    0017650037                           O            09/01/31
    0

    5581994          405/405             F          452,000.00         ZZ
                                         360        451,656.06          1
                                       7.375          3,121.86         80
                                       6.875          3,121.86
    ALAMEDA          CA   94501          1            08/01/01         00
    0017653809                           05           10/01/01          0
    0017653809                           O            09/01/31
    0

    5581995          405/405             F          324,000.00         ZZ
                                         360        323,653.46          1
                                       7.375          2,237.79         80
                                       6.875          2,237.79
    BURBANK          CA   91505          5            08/08/01         00
    0017657818                           05           10/01/01          0
    0017657818                           O            09/01/31
    0

    5581996          405/405             F          327,750.00         ZZ
                                         360        327,500.61          1
                                       7.375          2,263.69         75
                                       6.875          2,263.69
    LOS ANGELES      CA   91311          1            08/01/01         00
    0017659327                           05           10/01/01          0
    0017659327                           O            09/01/31
    0

    5581997          405/405             F          385,000.00         ZZ
                                         360        384,714.27          1
                                       7.500          2,691.98         62
                                       7.000          2,691.98
    PENNGROVE        CA   94951          5            08/19/01         00
    0017661026                           05           10/01/01          0
    0017661026                           O            09/01/31
    0

    5581998          405/405             F          500,000.00         ZZ
                                         360        499,579.93          1
                                       6.875          3,284.65         47
                                       6.625          3,284.65
    LAFAYETTE        CA   94549          1            08/01/01         00
    0017662503                           05           10/01/01          0
    0017662503                           O            09/01/31
    0

1

    5582000          405/405             F          650,000.00         ZZ
                                         360        649,505.40          1
                                       7.375          4,489.39         57
                                       6.875          4,489.39
    SAN MARINO       CA   91108          1            08/06/01         00
    0017663642                           05           10/01/01          0
    0017663642                           O            09/01/31
    0

    5582001          405/405             F          425,000.00         ZZ
                                         360        424,676.61          1
                                       7.375          2,935.37         37
                                       6.875          2,935.37
    MOUNTAIN VIEW    CA   94040          5            08/06/01         00
    0017663667                           05           10/01/01          0
    0017663667                           O            09/01/31
    0

    5582002          405/405             F          383,200.00         ZZ
                                         360        382,908.41          1
                                       7.375          2,646.67         80
                                       6.875          2,646.67
    LOS ANGELES      CA   91604          1            08/01/01         00
    0017665100                           05           10/01/01          0
    0017665100                           O            09/01/31
    0

    5582003          405/405             F          540,000.00         ZZ
                                         360        539,589.10          1
                                       7.375          3,729.65         40
                                       6.875          3,729.65
    ARCADIA          CA   91007          2            08/09/01         00
    0017667551                           05           10/01/01          0
    0017667551                           O            09/01/31
    0

    5582004          405/405             F          396,800.00         ZZ
                                         360        396,490.45          1
                                       7.250          2,706.88         80
                                       6.750          2,706.88
    MOUNTAIN VIEW    CA   94043          1            08/06/01         00
    0017668120                           03           10/01/01          0
    0017668120                           O            09/01/31
    0

    5582005          405/405             F          650,000.00         ZZ
                                         360        649,480.20          1
                                       7.125          4,379.18         79
                                       6.750          4,379.18
1

    SAN FRANCISCO    CA   94109          1            08/07/01         00
    0017669722                           01           10/01/01          0
    0017669722                           O            09/01/31
    0

    5582007          405/405             F          396,000.00         ZZ
                                         360        395,283.32          1
                                       7.125          2,667.93         80
                                       6.750          2,667.93
    OAKLAND          CA   94611          1            08/03/01         00
    0017671553                           05           10/01/01          0
    0017671553                           O            09/01/31
    0

    5582008          405/405             F          296,000.00         ZZ
                                         360        295,774.77          1
                                       7.375          2,044.40         80
                                       6.875          2,044.40
    LOS ANGELES      CA   91602          1            08/07/01         00
    0017675828                           05           10/01/01          0
    0017675828                           O            09/01/31
    0

    5582010          405/405             F          485,000.00         ZZ
                                         360        484,621.65          1
                                       7.250          3,308.56         64
                                       6.750          3,308.56
    PALO ALTO        CA   94303          1            08/07/01         00
    0017679580                           05           10/01/01          0
    0017679580                           O            09/01/31
    0

    5582011          405/405             F          397,000.00         ZZ
                                         360        396,705.36          1
                                       7.500          2,775.89         73
                                       7.000          2,775.89
    RANCHO PALOS VE  CA   90275          2            08/06/01         00
    0017685587                           05           10/01/01          0
    0017685587                           O            09/01/31
    0

    5582012          405/405             F          384,000.00         ZZ
                                         360        383,700.44          1
                                       7.250          2,619.56         80
                                       6.750          2,619.56
    SANTA CLARA      CA   95050          1            08/08/01         00
    0017687229                           05           10/01/01          0
    0017687229                           O            09/01/31
    0
1

    5582013          405/405             F          339,920.00         ZZ
                                         360        339,667.73          1
                                       7.500          2,376.77         80
                                       7.000          2,376.77
    SANTA ANA        CA   92707          1            08/08/01         00
    0017687526                           05           10/01/01          0
    0017687526                           O            09/01/31
    0

    5582014          405/405             F          500,000.00         ZZ
                                         360        499,655.90          1
                                       7.875          3,625.35         80
                                       7.375          3,625.35
    LOS ANGELES      CA   90064          1            08/09/01         00
    0017699729                           05           10/01/01          0
    0017699729                           O            09/01/31
    0

    5582015          405/405             F          362,000.00         ZZ
                                         360        361,717.60          1
                                       7.250          2,469.48         54
                                       6.750          2,469.48
    SAN JOSE         CA   95127          2            08/03/01         00
    0019849066                           05           10/01/01          0
    0019849066                           O            09/01/31
    0

    5582016          405/405             F          430,000.00         ZZ
                                         360        429,680.87          2
                                       7.500          3,006.63         61
                                       7.000          3,006.63
    SAN JOSE         CA   95120          2            08/06/01         00
    0019899194                           05           10/01/01          0
    0019899194                           O            09/01/31
    0

    5582017          405/405             F          400,000.00         ZZ
                                         360        399,703.14          1
                                       7.500          2,796.86         50
                                       7.000          2,796.86
    LOS ANGELES      CA   90027          5            08/04/01         00
    0019901099                           05           10/01/01          0
    0019901099                           O            09/01/31
    0

    5582018          405/405             F          300,000.00         ZZ
                                         360        299,575.15          1
1

                                       7.750          2,149.24         70
                                       7.250          2,149.24
    SAN FRANCISCO    CA   94134          5            07/20/01         00
    0019901313                           05           09/01/01          0
    0019901313                           O            08/01/31
    0

    5582019          405/405             F          440,425.00         ZZ
                                         360        440,031.09          2
                                       7.375          3,041.91         79
                                       6.875          3,041.91
    HERMOSA BEACH    CA   90254          1            08/03/01         00
    0019908664                           05           10/01/01          0
    0019908664                           O            09/01/31
    0

    5582081          405/405             F          950,000.00         ZZ
                                         360        949,258.91          1
                                       7.250          6,480.67         33
                                       6.750          6,480.67
    LOS ANGELES      CA   90049          5            08/01/01         00
    0017565953                           05           10/01/01          0
    0017565953                           O            09/01/31
    0

    5582084          405/405             F          380,000.00         ZZ
                                         360        379,703.56          1
                                       7.250          2,592.27         65
                                       6.750          2,592.27
    SAN DIEGO        CA   92130          2            08/07/01         00
    0017605551                           03           10/01/01          0
    0017605551                           O            09/01/31
    0

    5582094          405/405             F          355,000.00         ZZ
                                         360        354,729.87          1
                                       7.375          2,451.90         51
                                       6.750          2,451.90
    BURLINGAME       CA   94010          5            08/01/01         00
    0017636218                           05           10/01/01          0
    0017636218                           O            09/01/31
    0

    5582095          405/405             F          401,000.00         ZZ
                                         360        400,679.32          1
                                       7.125          2,701.62         73
                                       6.750          2,701.62
    SANTA BARBARA    CA   93111          2            08/01/01         00
    0017637711                           05           10/01/01          0
1

    0017637711                           O            09/01/31
    0

    5582097          405/405             F          340,000.00         ZZ
                                         360        339,734.77          1
                                       7.250          2,319.40         70
                                       6.750          2,319.40
    WALNUT           CA   91789          1            08/01/01         00
    0017640616                           05           10/01/01          0
    0017640616                           O            09/01/31
    0

    5582098          405/405             F          308,700.00         ZZ
                                         360        308,307.40          1
                                       7.375          2,132.12         71
                                       6.750          2,132.12
    MILPITAS         CA   95035          5            08/07/01         00
    0017647686                           05           10/01/01          0
    0017647686                           O            09/01/31
    0

    5582100          405/405             F          345,000.00         ZZ
                                         360        344,743.95          1
                                       7.500          2,412.30         60
                                       6.750          2,412.30
    MONTEREY         CA   93940          2            08/03/01         00
    0017647884                           05           10/01/01          0
    0017647884                           O            09/01/31
    0

    5582102          405/405             F          307,000.00         ZZ
                                         360        306,754.49          1
                                       7.125          2,068.32         62
                                       6.750          2,068.32
    SAN JOSE         CA   95133          2            08/01/01         00
    0017652967                           05           10/01/01          0
    0017652967                           O            09/01/31
    0

    5582108          405/405             F          367,000.00         ZZ
                                         360        366,213.97          1
                                       7.250          2,503.59         63
                                       6.750          2,503.59
    LOS ALAMITOS     CA   90720          5            08/01/01         00
    0017663204                           05           10/01/01          0
    0017663204                           O            09/01/31
    0

1

    5582111          405/405             F          360,000.00         ZZ
                                         360        359,726.07          1
                                       7.375          2,486.43         77
                                       6.750          2,486.43
    DUARTE           CA   91010          5            08/06/01         00
    0017668823                           05           10/01/01          0
    0017668823                           O            09/01/31
    0

    5582116          405/405             F          400,000.00         ZZ
                                         360        398,687.96          1
                                       7.250          2,728.71         61
                                       6.750          2,728.71
    SAN MATEO        CA   94403          5            08/06/01         00
    0019880947                           05           10/01/01          0
    0019880947                           O            09/01/31
    0

    5582117          405/405             F          350,000.00         ZZ
                                         360        349,726.94          1
                                       7.250          2,387.62         74
                                       6.750          2,387.62
    GOLETA           CA   93117          2            07/30/01         00
    0019885557                           05           10/01/01          0
    0019885557                           O            09/01/31
    0

    5582119          405/405             F          525,000.00         ZZ
                                         360        524,600.51          1
                                       7.375          3,626.05         46
                                       6.750          3,626.05
    ORINDA           CA   94563          5            08/04/01         00
    0019909373                           05           10/01/01          0
    0019909373                           O            09/01/31
    0

    5582121          405/405             F          355,200.00         ZZ
                                         360        354,683.23          1
                                       7.250          2,423.09         80
                                       6.750          2,423.09
    CALABASAS        CA   91302          1            08/14/01         00
    0019916105                           05           10/01/01          0
    0019916105                           O            09/01/31
    0

    5582142          405/405             F          623,200.00         ZZ
                                         360        622,760.15          1
                                       7.750          4,464.68         80
                                       7.250          4,464.68
1

    PT WASHINGTON    NY   11050          1            08/17/01         00
    0012149936                           05           10/01/01          0
    0012149936                           O            09/01/31
    0

    5582143          405/405             F          325,000.00         ZZ
                                         360        324,448.25          1
                                       7.375          2,244.69         75
                                       6.875          2,244.69
    LOS ANGELES      CA   91326          5            07/12/01         00
    0012279642                           05           09/01/01          0
    0012279642                           O            08/01/31
    0

    5582144          405/405             F          419,000.00         ZZ
                                         360        418,360.38          1
                                       7.375          2,893.93         43
                                       6.875          2,893.93
    SIMI VALLEY      CA   93063          1            07/13/01         00
    0012308086                           05           09/01/01          0
    0012308086                           O            08/01/31
    0

    5582145          405/405             F          366,550.00         ZZ
                                         360        365,990.46          1
                                       7.375          2,531.67         80
                                       6.875          2,531.67
    BOERNE           TX   78006          1            07/27/01         00
    0012346623                           03           09/01/01          0
    0012346623                           O            08/01/31
    0

    5582149          405/405             F          311,250.00         ZZ
                                         360        310,786.56          1
                                       7.500          2,176.31         75
                                       7.000          2,176.31
    LOS ANGELES      CA   91367          1            07/25/01         00
    0012358313                           05           09/01/01          0
    0012358313                           O            08/01/31
    0

    5582151          405/405             F          346,500.00         ZZ
                                         360        346,222.90          1
                                       7.125          2,334.43         90
                                       6.750          2,334.43
    FRIENDSWOOD      TX   77546          1            08/16/01         11
    0012430989                           05           10/01/01         25
    0012430989                           O            09/01/31
    0
1

    5582152          405/405             F          605,000.00         ZZ
                                         360        604,218.23          1
                                       7.375          4,178.58         47
                                       6.875          4,178.58
    SAN JOSE         CA   95132          5            08/16/01         00
    0017236803                           05           10/01/01          0
    0017236803                           O            09/01/31
    0

    5582153          405/405             F          295,000.00         ZZ
                                         360        294,769.87          1
                                       7.250          2,012.42         74
                                       6.750          2,012.42
    SAN FRANCISCO    CA   94116          2            08/13/01         00
    0017286717                           01           10/01/01          0
    0017286717                           O            09/01/31
    0

    5582154          405/405             F          399,990.00         ZZ
                                         360        399,670.13          1
                                       7.125          2,694.81         80
                                       6.750          2,694.81
    IRVINE           CA   92602          1            08/22/01         00
    0017329699                           03           10/01/01          0
    0017329699                           O            09/01/31
    0

    5582156          405/405             F          344,000.00         ZZ
                                         360        343,738.24          1
                                       7.375          2,375.93         80
                                       6.875          2,375.93
    THOUSAND OAKS    CA   91360          1            08/21/01         00
    0017455742                           05           10/01/01          0
    0017455742                           O            09/01/31
    0

    5582160          405/405             F          296,000.00         ZZ
                                         360        295,769.08          1
                                       7.250          2,019.24         80
                                       6.750          2,019.24
    THOUSAND OAKS    CA   91320          1            08/17/01         00
    0017626425                           05           10/01/01          0
    0017626425                           O            09/01/31
    0

    5582162          405/405             F          300,000.00         ZZ
                                         360        299,777.35          1
1

                                       7.500          2,097.64         58
                                       7.000          2,097.64
    CHATSWORTH       CA   91311          2            08/16/01         00
    0017637737                           05           10/01/01          0
    0017637737                           O            09/01/31
    0

    5582163          405/405             F          424,000.00         ZZ
                                         360        423,669.24          1
                                       7.250          2,892.43         80
                                       6.750          2,892.43
    ORANGE           CA   92867          1            08/27/01         00
    0017647298                           03           10/01/01          0
    0017647298                           O            09/01/31
    0

    5582164          405/405             F          300,000.00         ZZ
                                         360        299,765.97          1
                                       7.250          2,046.53         48
                                       6.750          2,046.53
    SAN JOSE         CA   95124          2            08/20/01         00
    0017650672                           05           10/01/01          0
    0017650672                           O            09/01/31
    0

    5582167          405/405             F          408,000.00         ZZ
                                         360        407,681.72          1
                                       7.250          2,783.28         80
                                       6.750          2,783.28
    WALNUT CREEK     CA   94598          1            08/09/01         00
    0017660580                           03           10/01/01          0
    0017660580                           O            09/01/31
    0

    5582168          405/405             F          375,000.00         ZZ
                                         360        374,289.14          1
                                       7.000          2,494.89         52
                                       6.750          2,494.89
    NOVATO           CA   94949          2            08/10/01         00
    0017661596                           05           10/01/01          0
    0017661596                           O            09/01/31
    0

    5582169          405/405             F          350,000.00         ZZ
                                         360        349,726.96          1
                                       7.250          2,387.62         70
                                       6.750          2,387.62
    CONCORD          CA   94521          5            08/14/01         00
    0017666942                           05           10/01/01          0
1

    0017666942                           O            09/01/31
    0

    5582170          405/405             F          417,000.00         ZZ
                                         360        416,682.69          1
                                       7.375          2,880.11         46
                                       6.875          2,880.11
    MORAGA           CA   94556          5            08/17/01         00
    0017675000                           05           10/01/01          0
    0017675000                           O            09/01/31
    0

    5582171          405/405             F          480,000.00         ZZ
                                         360        479,634.76          1
                                       7.375          3,315.24         80
                                       6.875          3,315.24
    MEDFIELD         MA   02052          2            08/23/01         00
    0017675356                           05           10/01/01          0
    0017675356                           O            09/01/31
    0

    5582172          405/405             F          725,000.00         ZZ
                                         360        724,405.72          1
                                       7.000          4,823.44         65
                                       6.750          4,823.44
    SAN DIEGO        CA   92106          1            08/23/01         00
    0017679689                           05           10/01/01          0
    0017679689                           O            09/01/31
    0

    5582173          405/405             F          359,000.00         ZZ
                                         360        358,073.18          1
                                       7.000          2,388.43         27
                                       6.750          2,388.43
    TIBURON          CA   94920          2            08/16/01         00
    0017680331                           05           10/01/01          0
    0017680331                           O            09/01/31
    0

    5582174          405/405             F          382,800.00         ZZ
                                         360        382,493.88          1
                                       7.125          2,578.99         80
                                       6.750          2,578.99
    LOS ANGELES      CA   90068          1            08/23/01         00
    0017684168                           05           10/01/01          0
    0017684168                           O            09/01/31
    0

1

    5582175          405/405             F          450,000.00         ZZ
                                         360        449,621.95          1
                                       6.875          2,956.18         27
                                       6.625          2,956.18
    DANVILLE         CA   94506          1            08/20/01         00
    0017689340                           03           10/01/01          0
    0017689340                           O            09/01/31
    0

    5582177          405/405             F          356,000.00         ZZ
                                         360        351,990.48          1
                                       7.375          2,458.80         80
                                       6.875          2,458.80
    CARLSBAD         CA   92008          2            08/20/01         00
    0017696931                           05           10/01/01          0
    0017696931                           O            09/01/31
    0

    5582178          405/405             F          353,000.00         ZZ
                                         240        352,322.36          1
                                       7.000          2,736.80         62
                                       6.750          2,736.80
    MARIETTA         GA   30067          2            08/24/01         00
    0017697210                           03           10/01/01          0
    0017697210                           O            09/01/21
    0

    5582179          405/405             F          353,500.00         ZZ
                                         360        353,231.01          1
                                       7.375          2,441.54         67
                                       6.875          2,441.54
    MOUNTAIN VIEW    CA   94040          2            08/16/01         00
    0017707712                           01           10/01/01          0
    0017707712                           O            09/01/31
    0

    5582180          405/405             F          479,200.00         ZZ
                                         360        478,835.36          1
                                       7.375          3,309.71         80
                                       6.875          3,309.71
    ALTADENA         CA   91001          1            08/21/01         00
    0017708371                           05           10/01/01          0
    0017708371                           O            09/01/31
    0

    5582183          405/405             F          456,000.00         ZZ
                                         360        455,661.58          1
                                       7.500          3,188.42         65
                                       7.000          3,188.42
1

    LARKSPUR         CA   94939          5            08/21/01         00
    0017717810                           05           10/01/01          0
    0017717810                           O            09/01/31
    0

    5582185          405/405             F          480,000.00         ZZ
                                         360        479,625.55          1
                                       7.250          3,274.44         73
                                       6.750          3,274.44
    REDWOOD CITY     CA   94061          1            08/23/01         00
    0017724360                           05           10/01/01          0
    0017724360                           O            09/01/31
    0

    5582187          405/405             F          476,000.00         ZZ
                                         360        475,364.04          1
                                       7.750          3,410.13         80
                                       7.250          3,410.13
    DANA POINT       CA   92629          1            08/14/01         00
    0019912468                           05           10/01/01          0
    0019912468                           O            09/01/31
    0

    5583113          994/994             F          559,000.00         ZZ
                                         360        557,680.52          1
                                       8.250          4,199.58         65
                                       8.000          4,199.58
    HIGHLAND PARK    IL   60035          2            07/25/01         00
    218585705                            05           09/01/01          0
    218585705                            O            08/01/31
    0

    5588138          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.000          2,494.88         81
                                       6.750          2,494.88
    SAN DIEGO        CA   92130          2            09/11/01         01
    0412930158                           05           11/01/01         12
    0412930158                           O            10/01/31
    0

    5588171          E22/G01             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.250          2,619.56         75
                                       7.000          2,619.56
    LOS GATOS        CA   95030          2            09/07/01         00
    0412979882                           09           11/01/01          0
    0412979882                           O            10/01/31
    0
1

    5588218          E22/G01             F          292,000.00         ZZ
                                         360        292,000.00          1
                                       7.625          2,066.76         80
                                       7.375          2,066.76
    WESTON           FL   33326          2            09/11/01         00
    0413011222                           03           11/01/01          0
    0413011222                           O            10/01/31
    0

    5588601          E82/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         70
                                       7.000          2,387.62
    COLLEYVILLE      TX   76034          2            09/14/01         00
    0400477543                           03           11/01/01          0
    0400477543                           O            10/01/31
    0

    5588605          E82/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.500          2,405.30         65
                                       7.250          2,405.30
    SAN BRUNO        CA   94066          2            09/10/01         00
    0400479341                           05           11/01/01          0
    0400479341                           O            10/01/31
    0

    5588615          E82/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       7.500          3,006.62         68
                                       7.250          3,006.62
    RANCHO CUCAMONG  CA   91739          5            09/05/01         00
    0400476560                           05           11/01/01          0
    0400476560                           O            10/01/31
    0

    5591339          994/994             F          348,750.00         ZZ
                                         360        348,491.17          1
                                       7.500          2,438.52         75
                                       7.250          2,438.52
    WALPOLE          MA   02081          5            08/13/01         00
    1000328187                           05           10/01/01          0
    1000328187                           O            09/01/31
    0

    5593085          944/G01             F          378,000.00         ZZ
                                         360        377,131.81          1
1

                                       7.375          2,610.76         58
                                       7.125          2,610.76
    WALNUT CREEK     CA   94598          1            06/30/01         00
    0433189297                           05           08/01/01          0
    W01053394                            O            07/01/31
    0

    5593184          994/994             F          350,000.00         T
                                         360        348,744.41          1
                                       7.250          2,387.62         27
                                       7.000          2,387.62
    SEA GIRT         NJ   08750          1            05/23/01         00
    1000282038                           05           07/01/01          0
    1000282038                           O            06/01/31
    0

    5595966          994/994             F          370,000.00         ZZ
                                         360        369,718.46          2
                                       7.375          2,555.50         87
                                       7.125          2,555.50
    BROOKLYN         NY   11209          1            08/03/01         11
    1000226740                           07           10/01/01         25
    1000226740                           O            09/01/31
    0

    5596245          696/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.87         73
                                       6.875          2,694.87
    POTOMAC          MD   20854          1            09/14/01         00
    0433183423                           03           11/01/01          0
    32901229                             O            10/01/31
    0

    5600343          E22/G01             F          366,000.00         ZZ
                                         360        366,000.00          1
                                       7.000          2,435.01         56
                                       6.750          2,435.01
    SAN JOSE         CA   95129          5            09/04/01         00
    0413004409                           05           11/01/01          0
    0413004409                           O            10/01/31
    0

    5600503          994/994             F          324,000.00         ZZ
                                         360        323,765.50          1
                                       7.625          2,293.25         85
                                       7.375          2,293.25
    FORT PIERCE      FL   34951          2            08/06/01         10
    403471344                            05           10/01/01         12
1

    403471344                            O            09/01/31
    0

    5600724          994/994             F          400,800.00         ZZ
                                         360        399,568.79          1
                                       7.375          2,768.23         80
                                       7.125          2,768.23
    STAMFORD         CT   06905          1            05/25/01         00
    217998446                            05           07/01/01          0
    217998446                            O            06/01/31
    0

    5600753          994/994             F          315,000.00         ZZ
                                         360        314,783.22          1
                                       7.875          2,283.97         80
                                       7.625          2,283.97
    BEDFORD          MA   01730          2            08/10/01         00
    403355172                            05           10/01/01          0
    403355172                            O            09/01/31
    0

    5600837          994/994             F          395,000.00         ZZ
                                         360        394,411.87          1
                                       7.500          2,761.90         45
                                       7.250          2,761.90
    NEW ROCHELLE     NY   10804          1            07/17/01         00
    1000296797                           05           09/01/01          0
    1000296797                           O            08/01/31
    0

    5600910          994/994             F          550,600.00         ZZ
                                         360        550,191.37          1
                                       7.500          3,849.88         79
                                       7.250          3,849.88
    COLTS NECK       NJ   07722          2            08/15/01         00
    1000243762                           05           10/01/01          0
    1000243762                           O            09/01/31
    0

    5601206          994/994             F          456,000.00         ZZ
                                         360        455,303.91          1
                                       7.375          3,149.48         80
                                       7.125          3,149.48
    SAN DIEGO        CA   92109          1            07/01/01         00
    218469512                            05           09/01/01          0
    218469512                            O            08/01/31
    0

1

    5603688          994/994             F          300,000.00         ZZ
                                         360        299,606.19          1
                                       8.125          2,227.49         76
                                       7.875          2,227.49
    HOWELL           MI   48843          2            07/26/01         00
    218465700                            05           09/01/01          0
    218465700                            O            08/01/31
    0

    5604117          025/025             F          390,000.00         ZZ
                                         360        389,374.40          1
                                       7.125          2,627.50         58
                                       6.875          2,627.50
    BRENTWOOD        TN   37027          1            07/23/01         00
    0025819772                           05           09/01/01          0
    0025819772                           O            08/01/31
    0

    5604495          025/025             F          285,000.00         ZZ
                                         360        284,586.13          1
                                       7.625          2,017.22         90
                                       7.375          2,017.22
    UNIVERSITY PLAC  WA   98467          2            07/09/01         11
    0139336879                           05           09/01/01         25
    0139336879                           O            08/01/31
    0

    5604901          025/025             F          425,000.00         ZZ
                                         360        424,334.91          1
                                       7.250          2,899.25         58
                                       7.000          2,899.25
    MISSION VIEJO    CA   92692          2            07/24/01         00
    0138923503                           03           09/01/01          0
    0138923503                           O            08/01/31
    0

    5605537          025/025             F          441,600.00         ZZ
                                         360        440,610.65          1
                                       7.500          3,087.73         80
                                       7.250          3,087.73
    CARLSBAD         CA   92009          1            06/18/01         00
    0139367536                           03           08/01/01          0
    0139367536                           O            07/01/31
    0

    5605778          025/025             F          458,000.00         ZZ
                                         360        455,259.79          1
                                       6.875          3,008.74         80
                                       6.625          3,008.74
1

    MCLEAN           VA   22102          1            02/28/01         00
    0138732813                           05           04/01/01          0
    0138732813                           O            03/01/31
    0

    5606014          025/025             F          400,000.00         ZZ
                                         349        399,341.12          1
                                       7.375          2,786.76         63
                                       7.125          2,786.76
    OLD HICKORY      TN   37138          2            07/09/01         00
    0025084682                           03           09/01/01          0
    0025084682                           O            09/01/30
    0

    5606247          025/025             F          599,000.00         ZZ
                                         360        598,151.73          1
                                       7.750          4,291.31         80
                                       7.500          4,291.31
    SAN DIEGO        CA   92101          1            07/03/01         00
    0130346851                           06           09/01/01          0
    0130346851                           O            08/01/31
    0

    5606496          025/025             F          309,000.00         ZZ
                                         360        308,453.23          1
                                       6.625          1,978.57         77
                                       6.375          1,978.57
    LEESBURG         VA   20176          2            07/10/01         00
    0130306350                           05           09/01/01          0
    0130306350                           O            08/01/31
    0

    5606581          994/994             F          388,000.00         ZZ
                                         360        387,407.71          1
                                       7.375          2,679.82         80
                                       7.125          2,679.82
    CORTLAND MANOR   NY   10567          1            07/27/01         00
    1000292683                           05           09/01/01          0
    1000292683                           O            08/01/31
    0

    5606805          025/025             F          360,000.00         ZZ
                                         360        359,235.41          1
                                       7.250          2,455.84         71
                                       7.000          2,455.84
    SAMMAMISH        WA   98075          1            07/18/01         00
    0139335897                           05           09/01/01          0
    0139335897                           O            08/01/31
    0
1

    5606944          025/025             F          400,000.00         ZZ
                                         360        399,389.37          1
                                       7.375          2,762.71         73
                                       7.125          2,762.71
    SCOTTS VALLEY    CA   95066          5            07/09/01         00
    0139191621                           05           09/01/01          0
    0139191621                           O            08/01/31
    0

    5606987          025/025             F          508,000.00         ZZ
                                         360        506,861.88          1
                                       7.500          3,552.01         80
                                       7.250          3,552.01
    NORTHBROOK       IL   60062          1            06/19/01         00
    0139215240                           05           08/01/01          0
    0139215240                           O            07/01/31
    0

    5607027          994/994             F          340,000.00         ZZ
                                         360        339,714.36          1
                                       6.875          2,233.56         80
                                       6.625          2,233.56
    BELTSVILLE       MD   20705          2            08/22/01         00
    218727729                            03           10/01/01          0
    218727729                            O            09/01/31
    0

    5607272          025/025             F          309,100.00         ZZ
                                         360        308,500.18          1
                                       7.500          2,161.27         64
                                       7.250          2,161.27
    HAMBURG TWP      MI   48116          2            07/24/01         00
    0139087399                           05           09/01/01          0
    0139087399                           O            08/01/31
    0

    5607294          025/025             F          455,500.00         ZZ
                                         360        454,838.53          1
                                       7.625          3,224.01         80
                                       7.375          3,224.01
    EL CERRITO       CA   94530          2            07/01/01         00
    0130360282                           05           09/01/01          0
    0130360282                           O            08/01/31
    0

    5607319          025/025             F          400,000.00         ZZ
                                         360        399,389.37          1
1

                                       7.375          2,762.71         76
                                       7.125          2,762.71
    SAN JOSE         CA   95117          2            07/17/01         00
    0139198881                           05           09/01/01          0
    0139198881                           O            08/01/31
    0

    5607342          025/025             F          656,000.00         ZZ
                                         360        654,493.29          1
                                       7.375          4,530.83         80
                                       7.125          4,530.83
    TAMPA            FL   33629          1            06/27/01         00
    0020832275                           05           08/01/01          0
    0020832275                           O            07/01/31
    0

    5607473          025/025             F          356,800.00         ZZ
                                         360        352,438.50          1
                                       7.875          2,587.05         43
                                       7.625          2,587.05
    SUNNYVALE        CA   94087          1            08/15/01         00
    0139199251                           05           10/01/01          0
    0139199251                           O            09/01/31
    0

    5607499          025/025             F          363,000.00         ZZ
                                         360        362,123.96          1
                                       7.125          2,445.60         80
                                       6.875          2,445.60
    TEMECULA         CA   92591          2            06/27/01         00
    0139233860                           03           08/01/01          0
    0139233860                           O            07/01/31
    0

    5607532          025/025             F          344,000.00         ZZ
                                         360        342,405.15          1
                                       7.375          2,375.92         80
                                       7.125          2,375.92
    LONGWOOD         FL   32779          1            03/15/01         00
    0025403742                           03           05/01/01          0
    0025403742                           O            04/01/31
    0

    5607663          025/025             F          647,500.00         ZZ
                                         360        645,195.93          1
                                       6.625          4,146.01         34
                                       6.375          4,146.01
    SAUSALITO        CA   94965          2            05/08/01         00
    0130255144                           05           07/01/01          0
1

    0130255144                           O            06/01/31
    0

    5607852          025/025             F          352,000.00         ZZ
                                         360        351,393.41          1
                                       7.375          2,431.18         80
                                       7.125          2,431.18
    SAN DIEGO        CA   92131          2            07/02/01         00
    0139283477                           05           09/01/01          0
    0139283477                           O            08/01/31
    0

    5607872          025/025             F          432,000.00         ZZ
                                         360        431,007.77          1
                                       7.375          2,983.72         80
                                       7.125          2,983.72
    SALINAS          CA   93908          2            06/28/01         00
    0139195200                           09           08/01/01          0
    0139195200                           O            07/01/31
    0

    5608028          025/025             F          325,000.00         ZZ
                                         360        323,831.17          1
                                       7.250          2,217.07         74
                                       7.000          2,217.07
    PORTLAND         OR   97210          1            06/12/01         00
    130356272                            05           08/01/01          0
    130356272                            O            07/01/31
    0

    5608132          025/025             F          352,500.00         ZZ
                                         360        351,988.10          1
                                       7.625          2,494.98         75
                                       7.375          2,494.98
    SAN DIEGO        CA   92129          5            07/09/01         00
    0139284897                           05           09/01/01          0
    0139284897                           O            08/01/31
    0

    5608201          025/025             F          442,000.00         ZZ
                                         360        440,959.33          1
                                       7.250          3,015.22         75
                                       7.000          3,015.22
    DUVALL           WA   98019          2            06/07/01         00
    0139265581                           05           08/01/01          0
    0139265581                           O            07/01/31
    0

1

    5608206          025/025             F          515,250.00         ZZ
                                         360        514,095.62          1
                                       7.500          3,602.71         75
                                       7.250          3,602.71
    FREMONT          CA   94539          1            06/21/01         00
    0139196463                           05           08/01/01          0
    0139196463                           O            07/01/31
    0

    5608357          025/025             F          360,000.00         ZZ
                                         360        359,463.99          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    CHULA VISTA      CA   91913          2            07/12/01         00
    0139153233                           05           09/01/01          0
    0139153233                           O            08/01/31
    0

    5608374          025/025             F          320,000.00         ZZ
                                         360        319,318.06          1
                                       7.750          2,292.52         80
                                       7.500          2,292.52
    RICHMOND         CA   94805          2            06/18/01         00
    0139193742                           05           08/01/01          0
    0139193742                           O            07/01/31
    0

    5608443          025/025             F          400,000.00         ZZ
                                         360        399,374.03          1
                                       7.250          2,728.71         87
                                       7.000          2,728.71
    BELLINGHAM       WA   98225          1            07/11/01         14
    0139243323                           05           09/01/01         25
    0139243323                           O            08/01/31
    0

    5608635          696/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.625          2,881.40         57
                                       6.375          2,881.40
    CHEVY CHASE      MD   20815          1            09/12/01         00
    0433177441                           05           11/01/01          0
    31201405                             O            10/01/31
    0

    5608637          696/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.500          2,405.30         80
                                       7.250          2,405.30
1

    GERMANTOWN       MD   20876          2            09/14/01         00
    0433188349                           03           11/01/01          0
    31201435                             O            10/01/31
    0

    5608702          025/025             F          336,000.00         ZZ
                                         360        335,512.07          1
                                       7.625          2,378.19         80
                                       7.375          2,378.19
    TACOMA           WA   98443          2            07/11/01         00
    0130384456                           05           09/01/01          0
    0130384456                           O            08/01/31
    0

    5608972          025/025             F          296,000.00         ZZ
                                         360        295,559.29          1
                                       7.500          2,069.67         76
                                       7.250          2,069.67
    JACKSON          NJ   08527          1            07/05/01         00
    0139370837                           05           09/01/01          0
    0139370837                           O            08/01/31
    0

    5609351          025/025             F          300,000.00         ZZ
                                         360        299,293.66          1
                                       7.250          2,046.53         70
                                       7.000          2,046.53
    FISHERSVILLE     VA   22939          2            06/22/01         00
    0130274525                           03           08/01/01          0
    0130274525                           O            07/01/31
    0

    5609662          025/025             F          337,180.00         ZZ
                                         360        336,405.56          1
                                       7.375          2,328.82         65
                                       7.125          2,328.82
    BRADLEY          SC   29819          5            06/22/01         00
    0139223903                           05           08/01/01          0
    0139223903                           O            07/01/31
    0

    5609987          025/025             F          296,900.00         ZZ
                                         360        294,762.09          1
                                       7.250          2,025.38         90
                                       7.000          2,025.38
    HOMEWOOD         AL   35226          1            01/31/01         01
    0138591706                           05           03/01/01         25
    0138591706                           O            02/01/31
    0
1

    5610258          025/025             F          304,000.00         ZZ
                                         360        303,318.93          1
                                       7.500          2,125.61         80
                                       7.250          2,125.61
    NASHVILLE        TN   37221          1            06/14/01         00
    0021729207                           05           08/01/01          0
    0021729207                           O            07/01/31
    0

    5611303          964/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       6.625          6,403.11         49
                                       6.375          6,403.11
    TARZANA          CA   91356          1            09/25/01         00
    0433231248                           05           11/01/01          0
    148754                               O            10/01/31
    0

    5614822          E22/G01             F          317,100.00         ZZ
                                         360        317,100.00          1
                                       7.375          2,190.13         90
                                       7.125          2,190.13
    MONROE TWP       NJ   08831          1            09/21/01         04
    0412927758                           05           11/01/01         25
    0412927758                           O            10/01/31
    0

    5614828          E22/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.875          2,529.18         51
                                       6.625          2,529.18
    HUNTINGTON BEAC  CA   92648          2            09/11/01         00
    0412936486                           03           11/01/01          0
    0412936486                           O            10/01/31
    0

    5614840          E22/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       7.125          2,863.30         74
                                       6.875          2,863.30
    SANDY            OR   97055          5            09/11/01         00
    0412956179                           05           11/01/01          0
    0412956179                           O            10/01/31
    0

    5614848          E22/G01             F          414,000.00         ZZ
                                         360        414,000.00          1
1

                                       7.000          2,754.35         80
                                       6.750          2,754.35
    REDONDO BEACH    CA   90277          1            09/10/01         00
    0412962250                           05           11/01/01          0
    0412962250                           O            10/01/31
    0

    5614873          E22/G01             F          552,000.00         ZZ
                                         360        552,000.00          1
                                       7.500          3,859.66         80
                                       7.250          3,859.66
    SAN MATEO        CA   94403          1            09/18/01         00
    0412975856                           05           11/01/01          0
    0412975856                           O            10/01/31
    0

    5614905          E22/G01             F          386,400.00         ZZ
                                         360        386,400.00          1
                                       7.250          2,635.93         80
                                       7.000          2,635.93
    CONCORD          CA   94518          1            09/10/01         00
    0412985558                           03           11/01/01          0
    0412985558                           O            10/01/31
    0

    5614912          E22/G01             F          354,500.00         ZZ
                                         360        354,500.00          1
                                       6.750          2,299.28         57
                                       6.500          2,299.28
    EL CERRITO       CA   94530          1            09/12/01         00
    0412986713                           05           11/01/01          0
    0412986713                           O            10/01/31
    0

    5614926          E22/G01             F          381,500.00         ZZ
                                         360        381,500.00          1
                                       7.500          2,667.50         90
                                       7.250          2,667.50
    OVERLAND PARK    KS   66213          2            09/17/01         04
    0412993024                           03           11/01/01         25
    0412993024                           O            10/01/31
    0

    5614982          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.375          2,072.03         72
                                       7.125          2,072.03
    WILTON           CA   95693          5            09/13/01         00
    0413010588                           05           11/01/01          0
1

    0413010588                           O            10/01/31
    0

    5614984          E22/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.750          2,983.55         48
                                       6.500          2,983.55
    DANVILLE         CA   94506          2            09/11/01         00
    0413010752                           03           11/01/01          0
    0413010752                           O            10/01/31
    0

    5615007          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.000          2,661.21         80
                                       6.750          2,661.21
    SAN MATEO        CA   94403          1            09/07/01         00
    0413020942                           05           11/01/01          0
    0413020942                           O            10/01/31
    0

    5615040          E22/G01             F          399,999.00         ZZ
                                         360        399,999.00          1
                                       7.125          2,694.87         68
                                       6.875          2,694.87
    FORT COLLINS     CO   80528          2            09/21/01         00
    0413032400                           03           11/01/01          0
    0413032400                           O            10/01/31
    0

    5615164          E82/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         72
                                       7.250          2,517.17
    BAYSIDE          NY   11361          2            09/13/01         00
    0400456372                           05           11/01/01          0
    1967813                              O            10/01/31
    0

    5615291          025/025             F          283,200.00         ZZ
                                         360        282,788.76          1
                                       7.625          2,004.47         90
                                       7.375          2,004.47
    GAINSVILLE       FL   32607          4            07/24/01         11
    0020883559                           03           09/01/01         25
    0020883559                           O            08/01/31
    0

1

    5615381          025/025             F          554,000.00         ZZ
                                         360        552,994.24          1
                                       7.625          3,921.18         80
                                       7.375          3,921.18
    AURORA           CO   80016          2            07/20/01         00
    0139254650                           03           09/01/01          0
    0139254650                           O            08/01/31
    0

    5615532          025/025             F          317,250.00         ZZ
                                         360        317,014.55          1
                                       7.500          2,218.26         80
                                       7.250          2,218.26
    SCOTTSDALE       AZ   85262          1            08/02/01         00
    0139385942                           03           10/01/01          0
    0139385942                           O            09/01/31
    0

    5615697          025/025             F          570,000.00         ZZ
                                         360        569,192.80          1
                                       7.750          4,083.55         60
                                       7.500          4,083.55
    NEWTON           MA   02458          2            06/18/01         00
    0139219232                           05           08/01/01          0
    0139219232                           O            07/01/31
    0

    5615824          025/025             F          336,000.00         ZZ
                                         360        335,283.08          1
                                       7.750          2,407.15         80
                                       7.500          2,407.15
    WESTON           FL   33327          1            07/06/01         00
    0025601592                           03           08/01/01          0
    0025601592                           O            07/01/31
    0

    5616124          A06/G01             F          345,600.00         ZZ
                                         360        345,600.00          1
                                       7.250          2,357.60         80
                                       7.000          2,357.60
    LATHRUP VILLAGE  MI   48076          1            09/28/01         00
    0433226008                           05           11/01/01          0
    021000020143881                      O            10/01/31
    0

    5616154          025/025             F          332,000.00         ZZ
                                         360        331,256.17          1
                                       7.500          2,321.40         80
                                       7.250          2,321.40
1

    SAN RAMON        CA   94583          2            06/11/01         00
    0139059273                           05           08/01/01          0
    0139059273                           O            07/01/31
    0

    5616798          025/025             F          281,300.00         ZZ
                                         360        280,859.80          1
                                       7.250          1,918.96         70
                                       7.000          1,918.96
    ADA              MI   49301          2            07/05/01         00
    0139222939                           05           09/01/01          0
    0139222939                           O            08/01/31
    0

    5619093          964/G01             F          358,400.00         ZZ
                                         360        358,400.00          1
                                       7.125          2,414.61         80
                                       6.875          2,414.61
    THOUSAND OAKS    CA   91320          1            09/18/01         00
    0433213584                           05           11/01/01          0
    135903                               O            10/01/31
    0

    5619464          025/025             F          297,600.00         ZZ
                                         360        296,933.25          1
                                       7.500          2,080.86         93
                                       7.250          2,080.86
    SANTA ANA        CA   92704          1            06/27/01         14
    0139287635                           05           08/01/01         30
    0139287635                           O            07/01/31
    0

    5619775          025/025             F          424,000.00         ZZ
                                         354        422,095.15          1
                                       7.750          3,050.72         80
                                       7.500          3,050.72
    PALM HARBOR      FL   34685          1            03/26/01         00
    0020805966                           03           05/01/01          0
    0020805966                           O            10/01/30
    0

    5620125          025/025             F          350,750.00         ZZ
                                         360        349,944.40          1
                                       7.375          2,422.54         74
                                       7.125          2,422.54
    SAN LEANDRO      CA   94577          5            06/13/01         00
    0130336001                           05           08/01/01          0
    0130336001                           O            07/01/31
    0
1

    5620526          025/025             F          714,700.00         ZZ
                                         360        713,176.91          1
                                       7.750          5,120.20         60
                                       7.500          5,120.20
    MCDONOUGH        GA   30253          2            06/07/01         00
    0139024376                           03           08/01/01          0
    0139024376                           O            07/01/31
    0

    5620982          025/025             F          450,000.00         ZZ
                                         360        449,295.78          1
                                       7.250          3,069.80         53
                                       7.000          3,069.80
    SAN JOSE         CA   95120          1            07/01/01         00
    0139317119                           05           09/01/01          0
    0139317119                           O            08/01/31
    0

    5621593          025/025             F          510,000.00         ZZ
                                         360        509,201.90          1
                                       7.250          3,479.10         80
                                       7.000          3,479.10
    MISSION VIEJO    CA   92692          1            07/11/01         00
    0139289276                           03           09/01/01          0
    0139289276                           O            08/01/31
    0

    5621907          025/025             F          623,000.00         ZZ
                                         360        620,231.19          1
                                       6.750          4,040.77         70
                                       6.500          4,040.77
    SAN FRANCISCO    CA   94118          2            05/22/01         00
    0138917638                           05           07/01/01          0
    0138917638                           O            06/01/31
    0

    5622484          696/G01             F          572,000.00         ZZ
                                         360        572,000.00          1
                                       6.875          3,757.63         80
                                       6.625          3,757.63
    RESTON           VA   20194          1            09/19/01         00
    0433200458                           03           11/01/01          0
    25001121                             O            10/01/31
    0

    5622489          696/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
1

                                       7.375          2,486.43         67
                                       7.125          2,486.43
    CHEVY CHASE      MD   20815          5            09/06/01         00
    0433188596                           05           11/01/01          0
    30101186                             O            10/01/31
    0

    5622573          025/025             F          540,000.00         ZZ
                                         360        538,820.02          1
                                       7.625          3,822.09         80
                                       7.375          3,822.09
    CLAYTON          MO   63105          1            06/15/01         00
    0139159511                           01           08/01/01          0
    0139159511                           O            07/01/31
    0

    5622811          025/025             F          698,600.00         ZZ
                                         360        698,068.42          1
                                       7.375          4,825.06         70
                                       7.125          4,825.06
    MISSION HILLS    KS   66208          1            08/09/01         00
    0139397814                           03           10/01/01          0
    0139397814                           O            09/01/31
    0

    5626053          025/025             F          382,000.00         ZZ
                                         360        381,100.62          1
                                       7.250          2,605.91         51
                                       7.000          2,605.91
    ASHLAND          OR   97520          5            06/04/01         00
    0139135933                           05           08/01/01          0
    0139135933                           O            07/01/31
    0

    5626068          E22/G01             F          231,800.00         ZZ
                                         360        231,800.00          1
                                       7.750          1,660.64         95
                                       7.500          1,660.64
    STATEN ISLAND    NY   10303          1            09/24/01         01
    0412907040                           07           11/01/01         30
    0412907040                           O            10/01/31
    0

    5626107          E22/G01             F          292,500.00         ZZ
                                         360        292,500.00          1
                                       7.250          1,995.37         75
                                       7.000          1,995.37
    BERKELEY         CA   94710          5            09/13/01         00
    0412976011                           05           11/01/01          0
1

    0412976011                           O            10/01/31
    0

    5626139          E22/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.875          2,036.48         69
                                       6.625          2,036.48
    BROOMFIELD       CO   80020          2            09/19/01         00
    0412996092                           05           11/01/01          0
    0412996092                           O            10/01/31
    0

    5626201          E22/G01             F          230,500.00         ZZ
                                         360        230,500.00          1
                                       6.750          1,495.02         61
                                       6.500          1,495.02
    PLANO            TX   75024          5            09/19/01         00
    0413035486                           03           11/01/01          0
    0413035486                           O            10/01/31
    0

    5626380          025/025             F          348,000.00         ZZ
                                         360        347,220.34          1
                                       7.500          2,433.27         76
                                       7.250          2,433.27
    SAN JOSE         CA   95123          2            07/25/01         00
    0139059547                           05           08/01/01          0
    0139059547                           O            07/01/31
    0

    5626587          025/025             F          340,000.00         ZZ
                                         360        338,577.21          1
                                       7.250          2,319.40         80
                                       7.000          2,319.40
    CHESAPEAKE       VA   23322          2            04/20/01         00
    0138415245                           05           06/01/01          0
    0138415245                           O            05/01/31
    0

    5628570          B68/G01             F          292,000.00         ZZ
                                         360        291,777.81          1
                                       7.375          2,016.77         80
                                       7.125          2,016.77
    BRAINTREE        MA   02184          1            08/22/01         00
    0433188679                           05           10/01/01          0
    1031036404                           O            09/01/31
    0

1

    5630323          964/G01             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.000          2,022.52         67
                                       6.750          2,022.52
    SANTA CLARA      CA   95051          2            09/25/01         00
    0433231313                           05           11/01/01          0
    400137779                            O            10/01/31
    0

    5632257          E84/G01             F          445,000.00         ZZ
                                         360        444,626.15          1
                                       6.875          2,923.33         69
                                       6.625          2,923.33
    DEDHAM           MA   02026          1            08/17/01         00
    0433179371                           05           10/01/01          0
    15403060                             O            09/01/31
    0

    5633550          B68/G01             F          305,000.00         ZZ
                                         360        304,767.92          1
                                       7.375          2,106.56         69
                                       7.125          2,106.56
    HUNTINGTON BEAC  CA   92649          1            08/22/01         00
    0433187267                           09           10/01/01          0
    1031036119                           O            09/01/31
    0

    5636215          356/G01             F          344,200.00         ZZ
                                         360        344,200.00          1
                                       7.250          2,348.06         68
                                       7.000          2,348.06
    BENICIA          CA   94510          2            08/28/01         00
    0433249513                           05           11/01/01          0
    28850873                             O            10/01/31
    0

    5638103          964/G01             F          382,000.00         ZZ
                                         360        382,000.00          1
                                       7.125          2,573.61         50
                                       6.875          2,573.61
    LAGUNA BEACH     CA   92651          5            09/20/01         00
    0433220522                           05           11/01/01          0
    145218                               O            10/01/31
    0

    5639762          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.000          2,661.21         69
                                       6.750          2,661.21
1

    BELLEVUE         WA   98006          2            09/19/01         00
    0413043399                           03           11/01/01          0
    0413043399                           O            10/01/31
    0

    5640515          G52/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.125          2,122.21         72
                                       6.875          2,122.21
    WHITTIER         CA   90601          1            09/07/01         00
    0433248218                           05           11/01/01          0
    830501809                            O            10/01/31
    0

    5647816          025/025             F          467,500.00         ZZ
                                         349        464,827.23          1
                                       7.500          3,296.60         79
                                       7.250          3,296.60
    ST PETERSBURG    FL   33710          1            03/15/01         00
    0020840815                           05           04/01/01          0
    0020840815                           O            04/01/30
    0

    5648193          286/286             F          540,000.00         ZZ
                                         360        539,589.10          1
                                       7.375          3,729.65         79
                                       7.125          3,729.65
    ENGLEWOOD        NJ   07631          2            08/27/01         00
    58184                                05           10/01/01          0
    58184                                O            09/01/31
    0

    5648196          286/286             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       7.250          2,101.11         80
                                       7.000          2,101.11
    ANNANDALE        VA   22003          2            08/28/01         00
    508855                               05           11/01/01          0
    508855                               O            10/01/31
    0

    5648198          286/286             F          419,500.00         ZZ
                                         360        419,188.68          1
                                       7.500          2,933.20         75
                                       7.250          2,933.20
    COLDWATER        MI   49036          2            08/17/01         00
    511582                               05           10/01/01          0
    511582                               O            09/01/31
    0
1

    5648202          286/286             F          324,000.00         ZZ
                                         360        323,747.24          1
                                       7.250          2,210.26         80
                                       7.000          2,210.26
    INDIANAPOLIS     IN   46236          1            08/15/01         00
    517005                               03           10/01/01          0
    517005                               O            09/01/31
    0

    5648208          286/286             F          365,000.00         ZZ
                                         360        364,715.27          1
                                       7.250          2,489.95         36
                                       7.000          2,489.95
    CORONADO         CA   92118          2            08/08/01         00
    515203                               05           10/01/01          0
    515203                               O            09/01/31
    0

    5648209          286/286             F          373,000.00         ZZ
                                         360        372,723.17          1
                                       7.500          2,608.08         78
                                       7.250          2,608.08
    XENIA            OH   45385          2            08/10/01         00
    478857                               05           10/01/01          0
    478857                               O            09/01/31
    0

    5648217          286/286             F          305,000.00         ZZ
                                         360        304,762.07          1
                                       7.250          2,080.64         68
                                       7.000          2,080.64
    DULUTH           GA   30097          2            08/25/01         00
    477303                               05           10/01/01          0
    477303                               O            09/01/31
    0

    5648223          286/286             F          359,700.00         ZZ
                                         360        359,433.05          1
                                       7.500          2,515.08         80
                                       7.250          2,515.08
    SOUTH RIDING     VA   20152          2            08/25/01         00
    540655                               03           10/01/01          0
    540655                               O            09/01/31
    0

    5648229          286/286             F          377,500.00         ZZ
                                         360        377,212.75          1
1

                                       7.375          2,607.30         80
                                       7.125          2,607.30
    PEORIA           AZ   85382          2            08/10/01         00
    499738                               03           10/01/01          0
    499738                               O            09/01/31
    0

    5648232          286/286             F          332,800.00         ZZ
                                         360        332,540.38          1
                                       7.250          2,270.29         80
                                       7.000          2,270.29
    PENNINGTON       NJ   08534          1            08/30/01         00
    499478                               05           10/01/01          0
    499478                               O            09/01/31
    0

    5648233          286/286             F          319,500.00         ZZ
                                         360        319,244.49          1
                                       7.125          2,152.54         90
                                       6.875          2,152.54
    WHEATRIDGE       CO   80215          1            08/28/01         10
    535224                               05           10/01/01         25
    535224                               O            09/01/31
    0

    5648241          286/286             F          500,000.00         ZZ
                                         360        499,272.84          1
                                       6.750          3,243.00         77
                                       6.500          3,243.00
    YORK             PA   17403          2            08/24/01         00
    519904                               05           10/01/01          0
    519904                               O            09/01/31
    0

    5648242          286/286             F          300,800.00         ZZ
                                         360        300,571.11          1
                                       7.375          2,077.56         80
                                       7.125          2,077.56
    ARLINGTON        VA   22205          5            08/25/01         00
    477514                               05           10/01/01          0
    477514                               O            09/01/31
    0

    5648243          286/286             F          432,000.00         ZZ
                                         360        431,637.06          1
                                       6.875          2,837.94         80
                                       6.625          2,837.94
    MANASSAS         VA   20111          1            08/24/01         00
    501376                               03           10/01/01          0
1

    501376                               O            09/01/31
    0

    5648253          286/286             F          298,400.00         ZZ
                                         360        298,172.95          1
                                       7.375          2,060.97         80
                                       7.125          2,060.97
    COLLEYVILLE      TX   76034          2            08/27/01         00
    517555                               03           10/01/01          0
    517555                               O            09/01/31
    0

    5648257          286/286             F          306,000.00         ZZ
                                         360        305,749.17          1
                                       7.000          2,035.83         54
                                       6.750          2,035.83
    ORO VALLEY       AZ   85737          2            08/21/01         00
    309323                               03           10/01/01          0
    309323                               O            09/01/31
    0

    5648258          286/286             F          458,400.00         ZZ
                                         300        457,856.15          1
                                       7.250          3,313.35         80
                                       7.000          3,313.35
    GLENWOOD         MD   21738          2            08/24/01         00
    506477                               05           10/01/01          0
    506477                               O            09/01/26
    0

    5648266          286/286             F          384,000.00         ZZ
                                         360        383,692.92          1
                                       7.125          2,587.08         90
                                       6.875          2,587.08
    MISSOURI CITY    TX   77459          2            08/29/01         11
    515551                               05           10/01/01         25
    515551                               O            09/01/31
    0

    5648269          286/286             F          307,500.00         ZZ
                                         360        307,260.11          1
                                       7.250          2,097.70         80
                                       7.000          2,097.70
    TERRACE PARK     OH   45174          2            08/30/01         00
    557476                               05           10/01/01          0
    557476                               O            09/01/31
    0

1

    5648280          286/286             F          287,000.00         ZZ
                                         360        286,781.61          1
                                       7.375          1,982.24         79
                                       7.125          1,982.24
    LOVELAND         OH   45140          2            08/30/01         00
    552445                               05           10/01/01          0
    552445                               O            09/01/31
    0

    5648281          286/286             F          320,000.00         ZZ
                                         360        319,750.36          1
                                       7.250          2,182.97         80
                                       7.000          2,182.97
    WOODSTOCK        MD   21163          2            08/27/01         00
    506804                               03           10/01/01          0
    506804                               O            09/01/31
    0

    5648285          286/286             F          350,000.00         ZZ
                                         360        349,705.95          1
                                       6.875          2,299.26         54
                                       6.625          2,299.26
    CROZET           VA   22932          1            08/30/01         00
    501289                               05           10/01/01          0
    501289                               O            09/01/31
    0

    5648287          286/286             F          523,600.00         ZZ
                                         360        523,211.41          1
                                       7.500          3,661.09         75
                                       7.250          3,661.09
    CLIFTON          VA   20124          2            08/20/01         00
    506222                               03           10/01/01          0
    506222                               O            09/01/31
    0

    5648293          286/286             F          455,600.00         ZZ
                                         360        455,226.55          1
                                       7.000          3,031.12         75
                                       6.750          3,031.12
    BRIGHTON         CO   80602          1            08/30/01         00
    535117                               03           10/01/01          0
    535117                               O            09/01/31
    0

    5648295          286/286             F          303,988.00         ZZ
                                         348        303,754.16          1
                                       7.750          2,197.10         70
                                       7.500          2,197.10
1

    WALNUT CREEK     CA   94598          2            08/24/01         00
    500420                               05           10/01/01          0
    500420                               O            09/01/30
    0

    5648297          286/286             F          500,000.00         ZZ
                                         360        499,600.15          1
                                       7.125          3,368.60         75
                                       6.875          3,368.60
    GREAT FALLS      VA   22066          2            08/29/01         00
    475773                               05           10/01/01          0
    475773                               O            09/01/31
    0

    5648307          286/286             F          346,750.00         ZZ
                                         360        346,479.50          1
                                       7.250          2,365.45         95
                                       7.000          2,365.45
    HARLEYSVILLE     PA   19438          1            08/29/01         01
    553239                               05           10/01/01         30
    553239                               O            09/01/31
    0

    5648310          286/286             F          351,200.00         ZZ
                                         360        350,926.02          1
                                       7.250          2,395.81         80
                                       7.000          2,395.81
    BETHESDA         MD   20814          1            08/20/01         00
    424146                               05           10/01/01          0
    424146                               O            09/01/31
    0

    5648311          286/286             F          416,000.00         ZZ
                                         360        415,675.47          1
                                       7.250          2,837.86         80
                                       7.000          2,837.86
    HARWOOD          MD   20776          1            08/17/01         00
    477063                               05           10/01/01          0
    477063                               O            09/01/31
    0

    5648312          286/286             F          459,000.00         ZZ
                                         360        458,659.35          1
                                       7.500          3,209.40         79
                                       7.250          3,209.40
    POTOMAC FALLS    VA   20165          2            08/27/01         00
    517200                               03           10/01/01          0
    517200                               O            09/01/31
    0
1

    5648315          286/286             F          368,400.00         ZZ
                                         348        368,109.69          1
                                       7.625          2,631.19         75
                                       7.375          2,631.19
    CHARLOTTESVILLE  VA   22903          2            08/23/01         00
    498169                               05           10/01/01          0
    498169                               O            09/01/30
    0

    5648324          286/286             F          479,000.00         ZZ
                                         360        478,661.93          1
                                       7.750          3,431.61         52
                                       7.500          3,431.61
    DEL MAR          CA   92014          2            08/20/01         00
    9878299                              05           10/01/01          0
    9878299                              O            09/01/31
    0

    5648328          286/286             F          324,000.00         ZZ
                                         360        323,727.80          1
                                       6.875          2,128.45         80
                                       6.625          2,128.45
    AUSTIN           TX   78737          1            08/30/01         00
    9886193                              03           10/01/01          0
    9886193                              O            09/01/31
    0

    5648331          286/286             F          315,900.00         ZZ
                                         360        315,647.38          1
                                       7.125          2,128.28         80
                                       6.875          2,128.28
    CAMERON PARK     CA   95682          1            08/16/01         00
    9884725                              05           10/01/01          0
    9884725                              O            09/01/31
    0

    5648333          286/286             F          390,000.00         ZZ
                                         360        389,695.76          1
                                       7.250          2,660.49         58
                                       7.000          2,660.49
    VIRGINIA BEACH   VA   23451          5            08/23/01         00
    9879747                              05           10/01/01          0
    9879747                              O            09/01/31
    0

    5648336          286/286             F          315,000.00         ZZ
                                         360        310,299.05          1
1

                                       7.000          2,095.70         65
                                       6.750          2,095.70
    LIVERMORE        CA   94550          2            08/23/01         00
    9877781                              05           10/01/01          0
    9877781                              O            09/01/31
    0

    5648342          286/286             F          468,000.00         ZZ
                                         360        314,148.58          1
                                       7.250          3,192.58         80
                                       7.000          3,192.58
    POWAY            CA   92064          1            08/13/01         00
    9880956                              05           10/01/01          0
    9880956                              O            09/01/31
    0

    5648347          286/286             F          332,000.00         ZZ
                                         360        331,741.00          1
                                       7.250          2,264.83         51
                                       7.000          2,264.83
    LIVERMORE        CA   94550          5            08/22/01         00
    9936077                              05           10/01/01          0
    9936077                              O            09/01/31
    0

    5648360          286/286             F          315,500.00         ZZ
                                         360        315,253.88          1
                                       7.250          2,152.27         77
                                       7.000          2,152.27
    ALPINE           CA   91901          5            08/08/01         00
    9880597                              05           10/01/01          0
    9880597                              O            09/01/31
    0

    5648364          286/286             F          150,050.00         ZZ
                                         360        149,927.00          1
                                       7.000            998.29         30
                                       6.750            998.29
    OAKDALE          CA   95361          5            08/23/01         00
    9937441                              05           10/01/01          0
    9937441                              O            09/01/31
    0

    5648366          286/286             F          367,500.00         ZZ
                                         360        367,220.36          1
                                       7.375          2,538.23         75
                                       7.125          2,538.23
    RENTON           WA   98059          5            08/17/01         00
    9881325                              05           10/01/01          0
1

    9881325                              O            09/01/31
    0

    5648367          286/286             F          528,000.00         ZZ
                                         360        527,588.11          1
                                       7.250          3,601.89         80
                                       7.000          3,601.89
    SALT LAKE CITY   UT   84117          2            08/28/01         00
    9892466                              05           10/01/01          0
    9892466                              O            09/01/31
    0

    5648369          286/286             F          650,000.00         ZZ
                                         360        649,480.21          1
                                       7.125          4,379.17         69
                                       6.875          4,379.17
    SAN DIEGO        CA   92130          1            08/20/01         00
    9883977                              03           10/01/01          0
    9883977                              O            09/01/31
    0

    5648372          286/286             F          335,000.00         ZZ
                                         360        334,738.67          1
                                       7.250          2,285.29         53
                                       7.000          2,285.29
    OAKLAND          CA   94610          2            08/20/01         00
    9883105                              05           10/01/01          0
    9883105                              O            09/01/31
    0

    5648374          286/286             F          300,000.00         ZZ
                                         360        299,765.97          1
                                       7.250          2,046.53         80
                                       7.000          2,046.53
    RIVERSIDE        CA   92503          1            08/17/01         00
    9937578                              05           10/01/01          0
    9937578                              O            09/01/31
    0

    5648378          286/286             F          359,750.00         ZZ
                                         360        359,462.32          1
                                       7.125          2,423.70         95
                                       6.875          2,423.70
    FARMINGTON       UT   84025          1            08/28/01         10
    9934666                              05           10/01/01         30
    9934666                              O            09/01/31
    0

1

    5648381          286/286             F          314,400.00         ZZ
                                         360        314,148.58          1
                                       7.125          2,118.17         80
                                       6.875          2,118.17
    LONG BEACH       CA   90803          1            08/17/01         00
    9883216                              05           10/01/01          0
    9883216                              O            09/01/31
    0

    5648382          286/286             F          500,000.00         ZZ
                                         360        499,647.11          1
                                       7.750          3,582.06         44
                                       7.500          3,582.06
    MENDOCINO        CA   95460          5            08/27/01         00
    9888611                              05           10/01/01          0
    9888611                              O            09/01/31
    0

    5648383          286/286             F          390,000.00         ZZ
                                         360        389,680.32          1
                                       7.000          2,594.68         49
                                       6.750          2,594.68
    SANTA CRUZ       CA   95062          5            08/27/01         00
    9892405                              03           10/01/01          0
    9892405                              O            09/01/31
    0

    5648384          286/286             F          317,600.00         ZZ
                                         360        317,326.55          1
                                       6.750          2,059.95         80
                                       6.500          2,059.95
    ENCINITAS        CA   92024          1            08/14/01         00
    9948995                              03           10/01/01          0
    9948995                              O            09/01/31
    0

    5648385          286/286             F          400,000.00         T
                                         360        399,695.63          1
                                       7.375          2,762.70         34
                                       7.125          2,762.70
    REDWOOD CITY     CA   94062          1            08/23/01         00
    9885759                              05           10/01/01          0
    9885759                              O            09/01/31
    0

    5648600          461/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         34
                                       6.625          2,627.72
1

    LOS ANGELES      CA   90402          2            09/10/01         00
    0433230745                           05           11/01/01          0
    9030764161                           O            10/01/31
    0

    5648602          461/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         80
                                       7.000          2,046.53
    LOS ANGELES      CA   90025          5            09/12/01         00
    0433230851                           01           11/01/01          0
    9030831531                           O            10/01/31
    0

    5648604          461/G01             F          309,900.00         ZZ
                                         360        309,900.00          1
                                       6.750          2,010.01         89
                                       6.500          2,010.01
    CLAREMONT        CA   91711          1            08/30/01         14
    0433230661                           05           11/01/01         25
    9030763684                           O            10/01/31
    0

    5648609          461/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       7.250          6,821.77         50
                                       7.000          6,821.77
    NEWPORT BEACH    CA   92657          2            09/06/01         00
    0433230760                           03           11/01/01          0
    9030794622                           O            10/01/31
    0

    5648613          461/G01             F          304,000.00         ZZ
                                         360        302,456.89          1
                                       7.125          2,048.11         63
                                       6.875          2,048.11
    SANTA ANA        CA   92705          2            09/07/01         00
    0433230729                           05           10/01/01          0
    9030787865                           O            09/01/31
    0

    5652470          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.875          3,284.64         77
                                       6.625          3,284.64
    SAN CLEMENTE     CA   92673          2            09/10/01         00
    0412899585                           03           11/01/01          0
    0412899585                           O            10/01/31
    0
1

    5652476          E22/G01             F          399,999.00         ZZ
                                         360        399,999.00          1
                                       6.875          2,627.71         80
                                       6.625          2,627.71
    CONCORD          CA   94518          1            09/07/01         00
    0412946048                           05           11/01/01          0
    0412946048                           O            10/01/31
    0

    5652486          E22/G01             F          451,250.00         ZZ
                                         360        451,250.00          1
                                       6.875          2,964.39         73
                                       6.625          2,964.39
    SAN ANTONIO      TX   78255          2            09/07/01         00
    0412972507                           05           11/01/01          0
    0412972507                           O            10/01/31
    0

    5652519          E22/G01             F          308,500.00         ZZ
                                         360        308,500.00          1
                                       7.000          2,052.46         80
                                       6.750          2,052.46
    SAMMAMISH        WA   98074          2            09/19/01         00
    0413009994                           03           11/01/01          0
    0413009994                           O            10/01/31
    0

    5652535          E22/G01             F          330,500.00         ZZ
                                         360        330,500.00          1
                                       6.750          2,143.62         69
                                       6.500          2,143.62
    GARDNERVILLE     NV   89410          2            09/20/01         00
    0413028697                           05           11/01/01          0
    0413028697                           O            10/01/31
    0

    5652755          E84/G01             F          438,550.00         ZZ
                                         360        438,240.47          1
                                       7.750          3,141.83         80
                                       7.500          3,141.83
    BONITA SPRINGS   FL   34135          1            08/30/01         00
    0433191970                           03           10/01/01          0
    12601798                             O            09/01/31
    0

    5652891          E84/G01             F          478,000.00         ZZ
                                         360        476,929.10          1
1

                                       7.500          3,342.25         72
                                       7.250          3,342.25
    BARRINGTON       IL   60010          2            06/18/01         00
    0433193000                           05           08/01/01          0
    11207671                             O            07/01/31
    0

    5653004          E84/G01             F          311,000.00         ZZ
                                         360        310,769.19          1
                                       7.500          2,174.56         78
                                       7.250          2,174.56
    PETALUMA         CA   94952          2            08/03/01         00
    0433193331                           05           10/01/01          0
    37011015                             O            09/01/31
    0

    5653071          E84/G01             F          356,000.00         ZZ
                                         360        355,742.33          1
                                       7.625          2,519.75         80
                                       7.375          2,519.75
    PORTLAND         OR   97210          1            08/07/01         00
    0433193430                           05           10/01/01          0
    29010716                             O            09/01/31
    0

    5653445          E84/G01             F          316,000.00         ZZ
                                         360        315,753.49          1
                                       7.250          2,155.68         80
                                       7.000          2,155.68
    LIBERTYVILLE     IL   60048          1            08/30/01         00
    0433191319                           05           10/01/01          0
    11008732                             O            09/01/31
    0

    5653732          E84/G01             F          336,000.00         ZZ
                                         360        335,750.64          1
                                       7.500          2,349.36         79
                                       7.250          2,349.36
    GAINSVILLE       VA   20155          2            08/02/01         00
    0433201654                           03           10/01/01          0
    703073646                            O            09/01/31
    0

    5653772          E84/G01             F          310,000.00         ZZ
                                         360        309,526.79          1
                                       7.375          2,141.09         74
                                       7.125          2,141.09
    SACRAMENTO       CA   95816          2            07/20/01         00
    0433190493                           05           09/01/01          0
1

    755120520                            O            08/01/31
    0

    5653776          E84/G01             F          585,450.00         ZZ
                                         360        584,105.33          1
                                       7.375          4,043.56         49
                                       7.125          4,043.56
    PALO ALTO        CA   94306          2            06/26/01         00
    0433201910                           05           08/01/01          0
    73810757                             O            07/01/31
    0

    5653985          E84/G01             F          480,000.00         ZZ
                                         360        479,285.31          1
                                       7.500          3,356.23         80
                                       7.250          3,356.23
    EVERGREEN        CO   80439          1            08/02/01         00
    0433190584                           03           09/01/01          0
    32800620                             O            08/01/31
    0

    5654386          E84/G01             F          330,000.00         ZZ
                                         360        329,748.89          1
                                       7.375          2,279.23         44
                                       7.125          2,279.23
    REDWOOD CITY     CA   94061          5            07/20/01         00
    0433191269                           03           09/01/01          0
    72911116                             O            08/01/31
    0

    5654551          E84/G01             F          372,000.00         ZZ
                                         360        371,716.94          1
                                       7.375          2,569.31         80
                                       7.125          2,569.31
    EVANSTON         IL   60201          1            08/23/01         00
    0433190048                           05           10/01/01          0
    11208394                             O            09/01/31
    0

    5655175          E84/G01             F          375,000.00         ZZ
                                         360        374,159.87          1
                                       7.500          2,622.05         46
                                       7.250          2,622.05
    MILL VALLEY      CA   94941          5            06/14/01         00
    0433190626                           05           08/01/01          0
    37011447                             O            07/01/31
    0

1

    5657823          L20/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       7.500          2,880.76         80
                                       7.250          2,880.76
    SALT LAKE CITY   UT   84124          2            09/17/01         00
    0433231149                           05           11/01/01          0
    283201                               O            10/01/31
    0

    5659317          E84/G01             F          330,000.00         ZZ
                                         360        329,755.09          1
                                       7.500          2,307.41         80
                                       7.250          2,307.41
    VALPARAISO       IN   46383          2            08/20/01         00
    0433194446                           05           10/01/01          0
    11304529                             O            09/01/31
    0

    5659905          286/286             F          400,000.00         ZZ
                                         360        399,325.97          1
                                       6.875          2,627.72         90
                                       6.625          2,627.72
    SCOTTSDALE       AZ   85258          1            07/24/01         12
    313751                               03           09/01/01         25
    313751                               O            08/01/31
    0

    5659911          286/286             F          358,200.00         ZZ
                                         360        357,053.37          1
                                       7.500          2,504.59         90
                                       7.250          2,504.59
    SCOTTSDALE       AZ   85259          1            06/13/01         11
    29592                                03           07/01/01         25
    29592                                O            06/01/31
    0

    5659914          286/286             F          300,000.00         ZZ
                                         360        299,798.70          1
                                       8.000          2,201.30         79
                                       7.750          2,201.30
    SANTA ROSA       CA   95404          5            08/02/01         00
    513831                               05           10/01/01          0
    513831                               O            09/01/31
    0

    5659919          286/286             F          580,000.00         ZZ
                                         360        578,700.59          1
                                       7.500          4,055.44         80
                                       7.250          4,055.44
1

    FLAGSTAFF        AZ   86001          1            06/15/01         00
    74684                                03           08/01/01          0
    74684                                O            07/01/31
    0

    5659920          286/286             F          520,000.00         ZZ
                                         360        519,594.35          1
                                       7.250          3,547.32         80
                                       7.000          3,547.32
    PHOENIX          AZ   85022          1            08/09/01         00
    519447                               03           10/01/01          0
    519447                               O            09/01/31
    0

    5659922          286/286             F          385,000.00         ZZ
                                         360        384,335.19          1
                                       6.750          2,497.10         54
                                       6.500          2,497.10
    BARRINGTON HILL  IL   60010          1            07/25/01         00
    444865                               05           09/01/01          0
    444865                               O            08/01/31
    0

    5659924          286/286             F          353,000.00         ZZ
                                         360        352,731.39          1
                                       7.375          2,438.09         79
                                       7.125          2,438.09
    BELVIDERE        IL   61008          2            08/13/01         00
    499676                               05           10/01/01          0
    499676                               O            09/01/31
    0

    5659928          286/286             F          478,350.00         ZZ
                                         360        478,029.03          1
                                       8.000          3,509.97         80
                                       7.750          3,509.97
    WESTON           FL   33327          1            08/10/01         00
    502232                               03           10/01/01          0
    502232                               O            09/01/31
    0

    5659932          286/286             F          360,000.00         ZZ
                                         360        359,436.64          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    DULUTH           GA   30096          2            07/23/01         00
    445962                               05           09/01/01          0
    445962                               O            08/01/31
    0
1

    5659937          286/286             F          552,000.00         ZZ
                                         360        551,579.97          1
                                       7.375          3,812.53         80
                                       7.125          3,812.53
    IPSWICH          MA   01938          1            08/10/01         00
    511099                               03           10/01/01          0
    511099                               O            09/01/31
    0

    5659944          286/286             F          403,000.00         ZZ
                                         360        402,693.34          1
                                       7.375          2,783.43         79
                                       7.125          2,783.43
    LITTLETON        CO   80124          2            08/09/01         00
    515875                               03           10/01/01          0
    515875                               O            09/01/31
    0

    5659946          286/286             F          604,500.00         ZZ
                                         360        604,040.02          1
                                       7.375          4,175.14         54
                                       7.125          4,175.14
    ZIONSVILLE       IN   46077          2            08/10/01         00
    497902                               05           10/01/01          0
    497902                               O            09/01/31
    0

    5659947          286/286             F          324,000.00         ZZ
                                         360        323,454.04          1
                                       6.875          2,128.45         90
                                       6.625          2,128.45
    FOX RIVER GROVE  IL   60021          1            07/27/01         11
    409120                               05           09/01/01         25
    409120                               O            08/01/31
    0

    5659961          286/286             F          310,073.00         ZZ
                                         360        309,837.06          1
                                       7.375          2,141.60         80
                                       7.125          2,141.60
    ELK GROVE        CA   95624          1            08/06/01         00
    513520                               05           10/01/01          0
    513520                               O            09/01/31
    0

    5659962          286/286             F          399,200.00         ZZ
                                         360        398,527.30          1
1

                                       6.875          2,622.47         80
                                       6.625          2,622.47
    ALEXANDRIA       VA   22314          1            07/31/01         00
    497596                               03           09/01/01          0
    497596                               O            08/01/31
    0

    5659967          286/286             F          401,000.00         ZZ
                                         360        400,687.18          1
                                       7.250          2,735.53         64
                                       7.000          2,735.53
    CHICAGO          IL   60657          2            08/10/01         00
    497580                               05           10/01/01          0
    497580                               O            09/01/31
    0

    5659970          286/286             F          440,000.00         ZZ
                                         360        439,656.75          1
                                       7.250          3,001.58         68
                                       7.000          3,001.58
    LEESBURG         VA   20176          5            08/10/01         00
    506003                               03           10/01/01          0
    506003                               O            09/01/31
    0

    5659973          286/286             F          340,800.00         ZZ
                                         360        340,253.30          1
                                       7.125          2,296.04         80
                                       6.875          2,296.04
    CLIFTON          VA   20124          1            07/30/01         00
    404347                               03           09/01/01          0
    404347                               O            08/01/31
    0

    5659986          286/286             F          421,000.00         ZZ
                                         360        420,663.33          1
                                       7.125          2,836.36         61
                                       6.875          2,836.36
    WASHINGTON       DC   20013          2            08/10/01         00
    445467                               05           10/01/01          0
    445467                               O            09/01/31
    0

    5659995          286/286             F          368,000.00         ZZ
                                         360        367,719.98          1
                                       7.375          2,541.69         80
                                       7.125          2,541.69
    PHOENIX          AZ   85018          1            08/09/01         00
    520200                               05           10/01/01          0
1

    520200                               O            09/01/31
    0

    5659997          286/286             F          300,000.00         ZZ
                                         360        299,765.97          1
                                       7.250          2,046.53         64
                                       7.000          2,046.53
    MOUNT LAUREL     NJ   08054          1            08/10/01         00
    509010                               05           10/01/01          0
    509010                               O            09/01/31
    0

    5660008          286/286             F          650,000.00         T
                                         360        649,007.76          1
                                       7.375          4,489.39         73
                                       7.125          4,489.39
    LOVELADIES       NJ   08008          1            07/27/01         00
    145802                               05           09/01/01          0
    145802                               O            08/01/31
    0

    5660016          286/286             F          320,000.00         ZZ
                                         360        318,767.43          1
                                       7.375          2,210.17         80
                                       7.125          2,210.17
    CHARLOTTESVILLE  VA   22901          1            04/25/01         00
    187750                               05           06/01/01          0
    187750                               O            05/01/31
    0

    5660018          286/286             F          310,000.00         ZZ
                                         360        309,769.93          1
                                       7.500          2,167.57         50
                                       7.250          2,167.57
    DANVILLE         CA   94506          5            08/01/01         00
    342725                               03           10/01/01          0
    342725                               O            09/01/31
    0

    5660019          286/286             F          431,000.00         ZZ
                                         360        430,273.73          1
                                       6.875          2,831.37         80
                                       6.625          2,831.37
    WESTLAKE         OH   44145          1            07/30/01         00
    508155                               05           09/01/01          0
    508155                               O            08/01/31
    0

1

    5660020          286/286             F          587,500.00         ZZ
                                         360        585,782.85          1
                                       7.625          4,158.29         80
                                       7.375          4,158.29
    ATLANTA          GA   30309          2            05/15/01         00
    285298                               05           07/01/01          0
    285298                               O            06/01/31
    0

    5660029          286/286             F          400,000.00         ZZ
                                         360        399,389.39          1
                                       7.375          2,762.70         60
                                       7.125          2,762.70
    MCLEAN           VA   22101          5            07/20/01         00
    443810                               05           09/01/01          0
    443810                               O            08/01/31
    0

    5660037          286/286             F          591,920.00         ZZ
                                         360        589,370.58          1
                                       7.375          4,088.24         80
                                       7.125          4,088.24
    LITTLETON        CO   80127          1            05/29/01         00
    287279                               03           07/01/01          0
    287279                               O            06/01/31
    0

    5660038          286/286             F          330,000.00         ZZ
                                         360        329,748.89          1
                                       7.375          2,279.23         72
                                       7.125          2,279.23
    MEQUON           WI   53092          5            08/03/01         00
    442848                               05           10/01/01          0
    442848                               O            09/01/31
    0

    5660039          286/286             F          341,500.00         ZZ
                                         360        340,965.57          1
                                       7.250          2,329.64         68
                                       7.000          2,329.64
    ANDOVER          MN   55304          1            07/17/01         00
    442351                               05           09/01/01          0
    442351                               O            08/01/31
    0

    5660046          286/286             F          437,000.00         ZZ
                                         360        436,641.79          1
                                       7.000          2,907.38         70
                                       6.750          2,907.38
1

    FRANKTOWN        CO   80116          2            08/08/01         00
    368296                               03           10/01/01          0
    368296                               O            09/01/31
    0

    5660055          286/286             F          393,000.00         ZZ
                                         360        392,353.84          1
                                       7.000          2,614.64         68
                                       6.750          2,614.64
    NORTH ANDOVER    MA   01845          2            07/18/01         00
    444860                               05           09/01/01          0
    444860                               O            08/01/31
    0

    5660071          286/286             F          323,550.00         ZZ
                                         360        323,297.60          1
                                       7.250          2,207.18         39
                                       7.000          2,207.18
    OAKLAND          CA   94611          2            08/07/01         00
    9835697                              05           10/01/01          0
    9835697                              O            09/01/31
    0

    5660073          286/286             F          115,000.00         ZZ
                                         360        114,905.73          1
                                       7.000            765.10         41
                                       6.750            765.10
    FAIRFAX          VA   22030          5            08/13/01         00
    9945678                              05           10/01/01          0
    9945678                              O            09/01/31
    0

    5660081          286/286             F          300,000.00         ZZ
                                         360        299,754.09          1
                                       7.000          1,995.91         80
                                       6.750          1,995.91
    ESCONDIDO        CA   92026          1            08/01/01         00
    9938509                              05           10/01/01          0
    9938509                              O            09/01/31
    0

    5660091          286/286             F          500,000.00         T
                                         360        499,628.93          1
                                       7.500          3,496.07         50
                                       7.250          3,496.07
    CORONADO         CA   92118          5            08/07/01         00
    9877045                              08           10/01/01          0
    9877045                              O            09/01/31
    0
1

    5660095          286/286             F          588,000.00         ZZ
                                         360        585,554.80          1
                                       7.375          4,061.17         80
                                       7.125          4,061.17
    DALLAS           TX   75206          2            08/08/01         00
    9882249                              05           10/01/01          0
    9882249                              O            09/01/31
    0

    5660096          286/286             F          375,000.00         ZZ
                                         360        374,707.47          1
                                       7.250          2,558.16         58
                                       7.000          2,558.16
    BELLEVUE         WA   98004          5            07/30/01         00
    9877194                              05           10/01/01          0
    9877194                              O            09/01/31
    0

    5660098          286/286             F          323,700.00         ZZ
                                         360        323,447.49          1
                                       7.250          2,208.20         95
                                       7.000          2,208.20
    SPANISH FORK     UT   84660          2            08/02/01         10
    9937052                              05           10/01/01         30
    9937052                              O            09/01/31
    0

    5660105          286/286             F          422,000.00         ZZ
                                         360        421,678.89          1
                                       7.375          2,914.65         53
                                       7.125          2,914.65
    APTOS            CA   95003          2            07/31/01         00
    9877106                              05           10/01/01          0
    9877106                              O            09/01/31
    0

    5660107          286/286             F          320,000.00         ZZ
                                         360        319,312.93          1
                                       7.000          2,128.97         80
                                       6.750          2,128.97
    EL CAJON         CA   92021          2            07/31/01         00
    9875435                              05           09/01/01          0
    9875435                              O            08/01/31
    0

    5660108          286/286             F          503,900.00         ZZ
                                         360        503,506.91          1
1

                                       7.250          3,437.49         80
                                       7.000          3,437.49
    CROWNSVILLE      MD   21032          1            08/14/01         00
    9936066                              03           10/01/01          0
    9936066                              O            09/01/31
    0

    5660111          286/286             F          305,000.00         ZZ
                                         360        304,522.70          1
                                       7.250          2,080.64         74
                                       7.000          2,080.64
    ALISO VIEJO      CA   92656          1            07/27/01         00
    9879435                              03           09/01/01          0
    9879435                              O            08/01/31
    0

    5660125          286/286             F          312,000.00         ZZ
                                         360        311,774.18          1
                                       7.625          2,208.32         80
                                       7.375          2,208.32
    DALY CITY        CA   94015          1            08/06/01         00
    9872611                              05           10/01/01          0
    9872611                              O            09/01/31
    0

    5660128          286/286             F          318,000.00         ZZ
                                         360        317,502.36          1
                                       7.250          2,169.32         85
                                       7.000          2,169.32
    ARCADIA          CA   91006          1            07/18/01         11
    9856637                              01           09/01/01         12
    9856637                              O            08/01/31
    0

    5660138          286/286             F          339,900.00         ZZ
                                         360        339,634.84          1
                                       7.250          2,318.72         80
                                       7.000          2,318.72
    ANNAPOLIS        MD   21401          1            08/15/01         00
    9968919                              05           10/01/01          0
    9968919                              O            09/01/31
    0

    5660147          286/286             F          345,500.00         ZZ
                                         360        345,243.59          1
                                       7.500          2,415.79         41
                                       7.250          2,415.79
    SAN RAMON        CA   94588          5            08/02/01         00
    9868723                              05           10/01/01          0
1

    9868723                              O            09/01/31
    0

    5660152          286/286             F          725,000.00         ZZ
                                         360        724,434.43          1
                                       7.250          4,945.78         58
                                       7.000          4,945.78
    NAPA             CA   94558          5            08/03/01         00
    9878493                              05           10/01/01          0
    9878493                              O            09/01/31
    0

    5660158          286/286             F          328,000.00         ZZ
                                         360        327,268.15          1
                                       7.375          2,265.41         80
                                       7.125          2,265.41
    ISSAQUAH         WA   98029          5            07/31/01         00
    9873711                              03           09/01/01          0
    9873711                              O            08/01/31
    0

    5660170          286/286             F          348,000.00         ZZ
                                         360        347,741.73          1
                                       7.500          2,433.27         80
                                       7.250          2,433.27
    MAPLE VALLEY     WA   98038          5            08/02/01         00
    9877843                              03           10/01/01          0
    9877843                              O            09/01/31
    0

    5660278          956/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.000          2,594.68         72
                                       6.750          2,594.68
    SALT LAKE CITY   UT   84108          1            09/05/01         00
    0433223625                           05           11/01/01          0
    1000005543                           O            10/01/31
    0

    5660353          956/G01             F          295,500.00         ZZ
                                         360        295,263.69          1
                                       7.125          1,990.84         75
                                       6.875          1,990.84
    MAPLE GROVE      MN   55311          5            08/29/01         00
    0433211489                           05           10/01/01          0
    3511080158                           O            09/01/31
    0

1

    5660394          E84/G01             F          452,000.00         ZZ
                                         360        451,327.00          1
                                       7.500          3,160.45         80
                                       7.250          3,160.45
    WILMETTE         IL   60091          1            08/01/01         00
    0433195617                           05           09/01/01          0
    11208173                             O            08/01/31
    0

    5660738          E82/G01             F          311,000.00         ZZ
                                         360        311,000.00          1
                                       7.250          2,121.57         77
                                       7.000          2,121.57
    BOSTON HEIGHTS   OH   44236          2            09/19/01         00
    0400483608                           05           11/01/01          0
    0400483608                           O            10/01/31
    0

    5660740          E82/G01             F          305,000.00         ZZ
                                         360        305,000.00          1
                                       7.375          2,106.56         78
                                       7.125          2,106.56
    NASHUA           NH   03062          2            09/18/01         00
    0400445243                           01           11/01/01          0
    0400445243                           O            10/01/31
    0

    5661862          956/G01             F          468,000.00         ZZ
                                         360        468,000.00          1
                                       7.250          3,192.59         79
                                       7.000          3,192.59
    FAIRFIELD        CT   06430          2            09/05/01         00
    0433223856                           05           11/01/01          0
    2611080015                           O            10/01/31
    0

    5662301          956/G01             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       7.000          2,115.66         75
                                       6.750          2,115.66
    COLFAX           CA   95713          5            09/07/01         00
    0433223476                           05           11/01/01          0
    4511080170                           O            10/01/31
    0

    5662302          956/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.250          2,182.96         80
                                       7.000          2,182.96
1

    BAINBRIDGE ISLA  WA   98110          2            09/06/01         00
    0433210861                           05           11/01/01          0
    1711080136                           O            10/01/31
    0

    5663818          H12/G01             F          327,600.00         ZZ
                                         360        327,600.00          1
                                       7.500          2,290.63         80
                                       7.250          2,290.63
    OMAHA            NE   68132          1            09/20/01         00
    0433239902                           05           11/01/01          0
    0800014997601                        O            10/01/31
    0

    5665055          E22/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.750          2,224.69         65
                                       6.500          2,224.69
    MILPITAS         CA   95035          5            09/17/01         00
    0413022492                           05           11/01/01          0
    0413022492                           O            10/01/31
    0

    5675436          696/G01             F          323,900.00         ZZ
                                         360        323,900.00          1
                                       6.625          2,073.97         79
                                       6.375          2,073.97
    ANNANDALE        VA   22003          2            09/17/01         00
    0433202553                           05           11/01/01          0
    25601213                             O            10/01/31
    0

    5678146          E82/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.500          2,097.64         75
                                       7.250          2,097.64
    NEWHALL (AREA)   CA   91321          5            09/20/01         00
    0400477568                           05           11/01/01          0
    0400477568                           O            10/01/31
    0

    5678159          E82/G01             F          428,300.00         ZZ
                                         360        428,300.00          1
                                       7.375          2,958.16         68
                                       7.125          2,958.16
    SOMIS            CA   93066          2            09/20/01         00
    0400468799                           05           11/01/01          0
    1978276                              O            10/01/31
    0
1

    5678165          E82/G01             F          373,200.00         ZZ
                                         360        373,200.00          1
                                       7.250          2,545.88         80
                                       7.000          2,545.88
    SAN JOSE         CA   95136          2            09/20/01         00
    0400475364                           05           11/01/01          0
    0400475364                           O            10/01/31
    0

    5678179          E82/G01             F          630,000.00         ZZ
                                         360        630,000.00          1
                                       7.875          4,567.94         70
                                       7.625          4,567.94
    TEMPLETON        CA   93465          2            09/07/01         00
    0400450441                           05           11/01/01          0
    0400450441                           O            10/01/31
    0

    5678187          E82/G01             F          481,000.00         ZZ
                                         360        481,000.00          1
                                       7.250          3,281.27         54
                                       7.000          3,281.27
    SCOTTSDALE       AZ   85258          2            09/11/01         00
    0400483814                           05           11/01/01          0
    1637918                              O            10/01/31
    0

    5681357          L49/G01             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.125          2,128.95         80
                                       6.875          2,128.95
    RANCHO CUCAMONG  CA   91739          2            09/05/01         00
    0433224284                           05           11/01/01          0
    10007561                             O            10/01/31
    0

    5687552          601/G01             F          396,800.00         ZZ
                                         360        396,474.74          1
                                       7.000          2,639.93         71
                                       6.750          2,639.93
    MARIETTA         GA   30067          2            08/28/01         00
    0433248002                           05           10/01/01          0
    1                                    O            09/01/31
    0

    5704472          E22/G01             F          100,000.00         ZZ
                                         360        100,000.00          1
1

                                       7.750            716.41         70
                                       7.500            716.41
    MERRIMACK        NH   03054          1            09/28/01         00
    0412931883                           01           11/01/01          0
    0412931883                           O            10/01/31
    0

    5704506          E22/G01             F          310,800.00         ZZ
                                         360        310,800.00          1
                                       7.250          2,120.20         80
                                       7.000          2,120.20
    CARLSBAD         CA   92008          1            09/25/01         00
    0412986341                           03           11/01/01          0
    0412986341                           O            10/01/31
    0

    5704513          E22/G01             F          184,000.00         ZZ
                                         360        184,000.00          1
                                       7.625          1,302.34         80
                                       7.375          1,302.34
    HOLLYWOOD        FL   33019          1            09/28/01         00
    0412991259                           03           11/01/01          0
    0412991259                           O            10/01/31
    0

    5704520          E22/G01             F          326,250.00         ZZ
                                         360        326,250.00          1
                                       7.375          2,253.33         75
                                       7.125          2,253.33
    GRANBURY         TX   76049          5            09/24/01         00
    0412997553                           03           11/01/01          0
    0412997553                           O            10/01/31
    0

    5704550          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.750          2,432.24         66
                                       6.500          2,432.24
    STERLING         VA   20165          2            09/24/01         00
    0413015751                           05           11/01/01          0
    0413015751                           O            10/01/31
    0

    5704555          E22/G01             F          190,000.00         ZZ
                                         360        190,000.00          1
                                       7.000          1,264.07         34
                                       6.750          1,264.07
    HEALDSBURG       CA   95448          5            09/21/01         00
    0413019225                           05           11/01/01          0
1

    0413019225                           O            10/01/31
    0

    5704596          E22/G01             F          118,000.00         ZZ
                                         360        118,000.00          1
                                       6.875            775.18         75
                                       6.625            775.18
    JACKSONVILLE     FL   32244          1            09/28/01         00
    0413035007                           03           11/01/01          0
    0413035007                           O            10/01/31
    0

    5704607          E22/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       7.500          2,691.98         70
                                       7.250          2,691.98
    MCKINNEY         TX   75071          5            09/24/01         00
    0413040122                           05           11/01/01          0
    0413040122                           O            10/01/31
    0

    5704625          E22/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       7.250          3,751.97         80
                                       7.000          3,751.97
    MORGAN HILL      CA   95037          2            09/21/01         00
    0413047226                           03           11/01/01          0
    0413047226                           O            10/01/31
    0

    5704662          E22/G01             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.875          1,576.63         80
                                       6.625          1,576.63
    SANTA ROSA       CA   95407          2            09/24/01         00
    0413060336                           05           11/01/01          0
    0413060336                           O            10/01/31
    0

    5704669          E22/G01             F          337,500.00         ZZ
                                         360        337,500.00          1
                                       7.125          2,273.80         75
                                       6.875          2,273.80
    SAN JOSE         CA   95132          5            09/20/01         00
    0413061383                           05           11/01/01          0
    0413061383                           O            10/01/31
    0

1

    5704895          696/G01             F          381,200.00         ZZ
                                         360        381,200.00          1
                                       7.250          2,600.46         80
                                       7.000          2,600.46
    WASHINGTON       DC   20007          1            09/20/01         00
    0433217239                           05           11/01/01          0
    31801141                             O            10/01/31
    0

    5704897          696/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.375          3,591.51         70
                                       7.125          3,591.51
    FALLS CHURCH     VA   22043          5            09/21/01         00
    0433237906                           05           11/01/01          0
    32201204                             O            10/01/31
    0

    5707301          696/G01             F          556,000.00         ZZ
                                         360        556,000.00          1
                                       7.250          3,792.90         80
                                       7.000          3,792.90
    MCLEAN           VA   22101          1            09/13/01         00
    0433201704                           05           11/01/01          0
    31801132                             O            10/01/31
    0

    5707302          696/G01             F          300,000.00         ZZ
                                         360        299,771.72          1
                                       7.375          2,072.03         14
                                       7.125          2,072.03
    POTOMAC          MD   20854          1            08/30/01         00
    0433201548                           03           10/01/01          0
    21301126                             O            09/01/31
    0

    5707303          696/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.250          2,660.49         75
                                       7.000          2,660.49
    WASHINGTON       DC   20012          2            09/17/01         00
    0433207941                           05           11/01/01          0
    32701072                             O            10/01/31
    0

    5707304          696/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       7.250          2,339.86         73
                                       7.000          2,339.86
1

    VIENNA           VA   22182          5            09/07/01         00
    0433207966                           05           11/01/01          0
    23301253                             O            10/01/31
    0

    5716941          L49/G01             F          345,000.00         ZZ
                                         360        344,717.20          1
                                       7.000          2,295.30         75
                                       6.750          2,295.30
    FULLERTON        CA   92835          1            08/13/01         00
    0433218468                           03           10/01/01          0
    10006900                             O            09/01/31
    0

    5717081          025/025             F          473,800.00         ZZ
                                         360        472,738.50          1
                                       7.500          3,312.88         80
                                       7.250          3,312.88
    JACKSONVILLE     FL   32224          2            06/25/01         00
    0025510827                           03           08/01/01          0
    0025510827                           O            07/01/31
    0

    5717270          025/025             F          494,900.00         ZZ
                                         351        493,775.08          1
                                       7.750          3,568.79         79
                                       7.500          3,568.79
    WINTER PARK      FL   32789          2            06/29/01         00
    0021873344                           02           08/01/01          0
    0021873344                           O            10/01/30
    0

    5717519          025/025             F          309,000.00         ZZ
                                         360        308,770.67          1
                                       7.500          2,160.58         75
                                       7.250          2,160.58
    CHELMSFORD       MA   01824          5            08/09/01         00
    0139413322                           05           10/01/01          0
    0139413322                           O            09/01/31
    0

    5717730          025/025             F          507,100.00         ZZ
                                         360        507,100.00          1
                                       7.250          3,459.32         80
                                       7.000          3,459.32
    BETHESDA         MD   20814          2            09/07/01         00
    130453368                            05           11/01/01          0
    130453368                            O            10/01/31
    0
1

    5718026          025/025             F          466,000.00         ZZ
                                         360        463,994.47          1
                                       7.750          3,338.48         68
                                       7.500          3,338.48
    NEWTON           MA   02460          5            03/07/01         00
    138780093                            05           05/01/01          0
    138780093                            O            04/01/31
    0

    5718231          025/025             F          874,300.00         ZZ
                                         360        871,680.11          1
                                       7.500          6,113.24         37
                                       7.250          6,113.24
    RANCHO SANTA FE  CA   92067          2            05/25/01         00
    0138917554                           03           07/01/01          0
    0138917554                           O            06/01/31
    0

    5724021          E22/G01             F          331,500.00         ZZ
                                         360        331,500.00          1
                                       7.000          2,205.48         48
                                       6.750          2,205.48
    PETALUMA         CA   94954          2            09/20/01         00
    0412809816                           05           11/01/01          0
    0412809816                           O            10/01/31
    0

    5724067          E22/G01             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       7.125          2,674.66         69
                                       6.875          2,674.66
    DALLAS           TX   75229          5            09/25/01         00
    0413013558                           05           11/01/01          0
    0413013558                           O            10/01/31
    0

    5724145          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.250          2,592.27         64
                                       7.000          2,592.27
    HIGHLAND PARK    TX   75205          5            09/25/01         00
    0413067158                           05           11/01/01          0
    0413067158                           O            10/01/31
    0

    5724164          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
1

                                       6.875          2,496.33         47
                                       6.625          2,496.33
    SHERMAN OAKS     CA   91403          5            09/25/01         00
    0413083155                           05           11/01/01          0
    0413083155                           O            10/01/31
    0

    5724224          696/G01             F          939,050.00         ZZ
                                         360        939,050.00          1
                                       6.875          6,168.89         70
                                       6.625          6,168.89
    OAKTON           VA   22124          1            09/28/01         00
    0433211547                           03           11/01/01          0
    30501159                             O            10/01/31
    0

    5724227          696/G01             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.125          2,479.28         80
                                       6.875          2,479.28
    ROCKVILLE        MD   20852          1            09/28/01         00
    0433217536                           05           11/01/01          0
    32901212                             O            10/01/31
    0

    5724228          696/G01             F          361,750.00         ZZ
                                         360        361,750.00          1
                                       7.250          2,467.77         80
                                       7.000          2,467.77
    MANASSAS         VA   20112          1            09/21/01         00
    0433212594                           05           11/01/01          0
    25501131                             O            10/01/31
    0

    5724240          E84/G01             F          448,000.00         ZZ
                                         360        447,667.52          1
                                       7.500          3,132.48         80
                                       7.250          3,132.48
    MOUNT PROSPECT   IL   60056          1            08/10/01         00
    0433236460                           05           10/01/01          0
    11208273                             O            09/01/31
    0

    5725022          994/994             F          340,000.00         ZZ
                                         360        339,753.92          1
                                       7.625          2,406.50         80
                                       7.375          2,406.50
    GREENVALE        NY   11546          1            08/22/01         00
    1000293050                           05           10/01/01          0
1

    1000293050                           O            09/01/31
    0

    5725355          994/994             F          387,000.00         ZZ
                                         360        386,698.10          1
                                       7.250          2,640.03         70
                                       7.000          2,640.03
    HENDERSON        NV   89052          1            08/15/01         00
    01003651                             03           10/01/01          0
    01003651                             O            09/01/31
    0

    5725450          994/994             F          545,800.00         ZZ
                                         360        545,442.97          1
                                       8.125          4,052.55         60
                                       7.875          4,052.55
    LOS ANGELES      CA   90210          2            08/08/01         00
    218652737                            05           10/01/01          0
    218652737                            O            09/01/31
    0

    5726374          994/994             F          331,000.00         ZZ
                                         360        330,239.77          1
                                       7.375          2,286.13         80
                                       7.125          2,286.13
    SPICE            MN   56288          2            06/01/01         00
    218331589                            05           08/01/01          0
    218331589                            O            07/01/31
    0

    5727025          994/994             F          495,000.00         ZZ
                                         360        494,604.15          1
                                       7.125          3,334.91         71
                                       6.875          3,334.91
    SOUTH LYON       MI   48178          2            08/21/01         00
    218590911                            05           10/01/01          0
    218590911                            O            09/01/31
    0

    5727137          994/994             F          410,000.00         ZZ
                                         360        409,655.55          1
                                       6.875          2,693.41         63
                                       6.625          2,693.41
    SOUTHPORT        CT   06490          1            08/31/01         00
    218734790                            05           10/01/01          0
    218734790                            O            09/01/31
    0

1

    5727365          994/994             F          340,000.00         ZZ
                                         360        339,444.37          1
                                       7.500          2,377.33         76
                                       7.250          2,377.33
    LA CANADA FLINT  CA   91001          1            07/03/01         00
    80911557                             05           09/01/01          0
    80911557                             O            08/01/31
    0

    5727372          994/994             F          505,000.00         ZZ
                                         360        504,634.49          1
                                       7.625          3,574.36         68
                                       7.375          3,574.36
    CAMPBELL         CA   95008          2            08/24/01         00
    218510414                            05           10/01/01          0
    218510414                            O            09/01/31
    0

    5727402          994/994             F          300,000.00         ZZ
                                         360        299,760.09          1
                                       7.125          2,021.16         69
                                       6.875          2,021.16
    PASADENA         CA   91107          1            08/17/01         00
    218717092                            05           10/01/01          0
    218717092                            O            09/01/31
    0

    5727495          994/994             F          343,920.00         ZZ
                                         360        343,651.71          1
                                       7.250          2,346.14         80
                                       7.000          2,346.14
    NEWTOWN          CT   06482          1            08/24/01         00
    403341872                            05           10/01/01          0
    403341872                            O            09/01/31
    0

    5727802          994/994             F          388,000.00         ZZ
                                         360        387,674.04          1
                                       6.875          2,548.88         72
                                       6.625          2,548.88
    ANNANDALE        VA   22003          2            08/10/01         00
    218684086                            05           10/01/01          0
    218684086                            O            09/01/31
    0

    5727864          994/994             F          504,000.00         ZZ
                                         360        503,678.62          1
                                       8.250          3,786.38         54
                                       8.000          3,786.38
1

    RANCHO PALOS VE  CA   90275          2            08/24/01         00
    218737447                            05           10/01/01          0
    218737447                            O            09/01/31
    0

    5727985          994/994             F          350,000.00         ZZ
                                         360        349,395.62          1
                                       6.750          2,270.09         61
                                       6.500          2,270.09
    OAKLAND          MI   48363          1            07/31/01         00
    218483083                            05           09/01/01          0
    218483083                            O            08/01/31
    0

    5728353          994/994             F          367,500.00         ZZ
                                         360        367,230.27          1
                                       7.750          2,632.82         75
                                       7.500          2,632.82
    BEDFORD          NH   03110          2            08/27/01         00
    1000266967                           05           10/01/01          0
    1000266967                           O            09/01/31
    0

    5728545          994/994             F          622,500.00         ZZ
                                         360        622,049.45          1
                                       7.625          4,406.02         75
                                       7.375          4,406.02
    GOLDEN           CO   80401          1            08/17/01         00
    218664450                            03           10/01/01          0
    218664450                            O            09/01/31
    0

    5728790          994/994             F          360,000.00         ZZ
                                         360        359,131.19          1
                                       7.125          2,425.39         67
                                       6.875          2,425.39
    SONOMA           CA   95476          5            06/13/01         00
    718371262                            05           08/01/01          0
    718371262                            O            07/01/31
    0

    5729201          994/994             F          311,900.00         ZZ
                                         360        311,662.67          1
                                       7.375          2,154.22         80
                                       7.125          2,154.22
    MARBLEHEAD       MA   01945          1            08/15/01         00
    1000295086                           05           10/01/01          0
    1000295086                           O            09/01/31
    0
1

    5729335          964/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.875          1,313.86         74
                                       6.625          1,313.86
    PASO ROBLES      CA   93446          5            09/19/01         00
    0433220316                           03           11/01/01          0
    136823                               O            10/01/31
    0

    5729394          994/994             F          300,000.00         ZZ
                                         360        299,765.97          1
                                       7.250          2,046.53         71
                                       7.000          2,046.53
    CLINTON          NJ   08809          1            08/03/01         00
    218639577                            05           10/01/01          0
    218639577                            O            09/01/31
    0

    5729424          994/994             F          439,000.00         ZZ
                                         360        438,697.89          1
                                       7.875          3,183.05         70
                                       7.625          3,183.05
    LA HABRA         CA   90631          2            08/24/01         00
    218717043                            03           10/01/01          0
    218717043                            O            09/01/31
    0

    5729547          994/994             F          433,000.00         ZZ
                                         360        432,678.65          1
                                       7.500          3,027.60         62
                                       7.250          3,027.60
    DIAMOND BAR      CA   91765          2            08/15/01         00
    80762159                             03           10/01/01          0
    80762159                             O            09/01/31
    0

    5729607          994/994             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.250          2,455.83         77
                                       7.000          2,455.83
    ALPINE           CA   91901          2            09/06/01         00
    218705634                            05           11/01/01          0
    218705634                            O            10/01/31
    0

    5730053          994/994             F          750,000.00         ZZ
                                         360        746,400.33          1
1

                                       7.375          5,180.07         70
                                       7.125          5,180.07
    SAM MATEO        CA   94402          1            07/26/01         00
    1000338029                           05           09/01/01          0
    1000338029                           O            08/01/31
    0

    5730111          994/994             F          572,250.00         ZZ
                                         360        571,479.50          1
                                       8.000          4,198.97         75
                                       7.750          4,198.97
    BOCA RATON       FL   33431          1            07/16/01         00
    218485302                            03           09/01/01          0
    218485302                            O            08/01/31
    0

    5730113          994/994             F          333,750.00         ZZ
                                         360        333,514.44          1
                                       7.750          2,391.03         75
                                       7.500          2,391.03
    FRESNO           CA   93720          5            08/23/01         00
    218645939                            03           10/01/01          0
    218645939                            O            09/01/31
    0

    5730226          994/994             F          349,800.00         ZZ
                                         360        349,553.12          1
                                       7.750          2,506.01         52
                                       7.500          2,506.01
    SAN FRANCISCO    CA   94116          2            08/08/01         00
    718677577                            05           10/01/01          0
    718677577                            O            09/01/31
    0

    5730262          994/994             F          424,000.00         ZZ
                                         360        423,368.69          1
                                       7.500          2,964.67         80
                                       7.250          2,964.67
    BOYNTON BEACH    FL   33436          1            07/31/01         00
    218476038                            03           09/01/01          0
    218476038                            O            08/01/31
    0

    5730453          994/994             F          352,000.00         ZZ
                                         360        351,757.76          1
                                       7.875          2,552.24         75
                                       7.625          2,552.24
    REDONDO BEACH    CA   90278          5            08/07/01         00
    218657207                            05           10/01/01          0
1

    218657207                            O            09/01/31
    0

    5730492          994/994             F          319,920.00         ZZ
                                         360        319,602.88          1
                                       6.875          2,101.65         80
                                       6.625          2,101.65
    COLUMBUS         IN   47201          1            08/15/01         00
    80889812                             05           10/01/01          0
    80889812                             O            09/01/31
    0

    5731636          E84/G01             F          311,200.00         ZZ
                                         360        310,963.20          1
                                       7.375          2,149.38         80
                                       7.125          2,149.38
    LOS ANGELES      CA   90041          1            08/02/01         00
    0433236478                           05           10/01/01          0
    12051994                             O            09/01/31
    0

    5736510          994/994             F          310,000.00         ZZ
                                         360        309,764.12          1
                                       7.375          2,141.09         73
                                       7.125          2,141.09
    NAPA             CA   94559          2            08/06/01         00
    218608333                            05           10/01/01          0
    218608333                            O            09/01/31
    0

    5736722          994/994             F          341,000.00         ZZ
                                         360        340,230.57          1
                                       7.625          2,413.58         73
                                       7.375          2,413.58
    WALNUT CREEK     CA   94598          5            06/20/01         00
    218345688                            09           08/01/01          0
    218345688                            O            07/01/31
    0

    5741352          696/G01             F          444,450.00         ZZ
                                         360        444,450.00          1
                                       7.250          3,031.93         80
                                       7.000          3,031.93
    ROCKVILLE        MD   20850          1            09/28/01         00
    0433211901                           03           11/01/01          0
    32700162                             O            10/01/31
    0

1

    5766856          E82/G01             F          458,000.00         ZZ
                                         360        458,000.00          1
                                       7.500          3,202.40         54
                                       7.250          3,202.40
    SAN DIEGO        CA   92130          2            09/28/01         00
    0400485454                           05           11/01/01          0
    0400485454                           O            10/01/31
    0

    5766866          E82/G01             F          307,500.00         ZZ
                                         360        307,500.00          1
                                       7.250          2,097.69         75
                                       7.000          2,097.69
    WOODBRIDGE       CA   95258          5            09/28/01         00
    0400467973                           05           11/01/01          0
    0400467973                           O            10/01/31
    0

    5767364          E22/G01             F          494,000.00         ZZ
                                         360        494,000.00          1
                                       7.375          3,411.94         42
                                       7.125          3,411.94
    MORAGA           CA   94556          5            09/25/01         00
    0413044009                           03           11/01/01          0
    0413044009                           O            10/01/31
    0

    5812110          696/G01             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       7.250          2,564.98         80
                                       7.000          2,564.98
    ALEXANDRIA       VA   22305          2            09/24/01         00
    0433243425                           05           11/01/01          0
    24601272                             O            10/01/31
    0

    5821296          E84/G01             F          425,000.00         ZZ
                                         360        424,668.46          1
                                       7.250          2,899.25         49
                                       7.000          2,899.25
    SAN FRANCISCO    CA   94115          1            08/02/01         00
    0433229044                           01           10/01/01          0
    23013314                             O            09/01/31
    0

    5849024          286/286             F          582,400.00         ZZ
                                         360        581,554.26          1
                                       7.625          4,122.20         78
                                       7.375          4,122.20
1

    LITHONIA         GA   30038          2            07/31/01         00
    172628                               05           09/01/01          0
    172628                               O            08/01/31
    0

    5849026          286/286             F          482,700.00         ZZ
                                         360        482,332.70          1
                                       7.375          3,333.89         80
                                       7.125          3,333.89
    CLARKSTON        MI   48348          1            08/13/01         00
    100728                               05           10/01/01          0
    100728                               O            09/01/31
    0

    5849032          286/286             F          306,400.00         ZZ
                                         360        306,160.98          1
                                       7.250          2,090.19         80
                                       7.000          2,090.19
    STERLING         VA   20165          1            08/21/01         00
    517642                               03           10/01/01          0
    517642                               O            09/01/31
    0

    5849036          286/286             F          287,200.00         ZZ
                                         360        286,981.46          1
                                       7.375          1,983.62         80
                                       7.125          1,983.62
    RESTON           VA   20194          1            08/15/01         00
    520097                               03           10/01/01          0
    520097                               O            09/01/31
    0

    5849044          286/286             F          442,800.00         ZZ
                                         360        442,463.06          1
                                       7.375          3,058.31         80
                                       7.125          3,058.31
    GAITHERSBURG     MD   20882          1            08/27/01         00
    542998                               03           10/01/01          0
    542998                               O            09/01/31
    0

    5849048          286/286             F          298,400.00         ZZ
                                         360        298,400.00          1
                                       7.250          2,035.62         80
                                       7.000          2,035.62
    PETALUMA         CA   94954          5            09/05/01         00
    551098                               05           11/01/01          0
    551098                               O            10/01/31
    0
1

    5849050          286/286             F          350,000.00         ZZ
                                         360        349,491.75          1
                                       7.625          2,477.28         77
                                       7.375          2,477.28
    ST GEORGE ISLAN  FL   32328          2            07/27/01         00
    297967                               03           09/01/01          0
    297967                               O            08/01/31
    0

    5849052          286/286             F          384,000.00         ZZ
                                         360        383,728.97          1
                                       7.750          2,751.03         80
                                       7.500          2,751.03
    LEONIA           NJ   07605          2            08/30/01         00
    547199                               05           10/01/01          0
    547199                               O            09/01/31
    0

    5849064          286/286             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.375          2,210.16         80
                                       7.125          2,210.16
    PEOTONE          IL   60468          2            09/07/01         00
    566089                               05           11/01/01          0
    566089                               O            10/01/31
    0

    5849068          286/286             F          519,000.00         ZZ
                                         360        518,605.08          1
                                       7.375          3,584.61         80
                                       7.125          3,584.61
    BETHESDA         MD   20814          2            08/22/01         00
    291036                               05           10/01/01          0
    291036                               O            09/01/31
    0

    5858202          286/286             F          560,000.00         ZZ
                                         360        559,573.89          1
                                       7.375          3,867.78         80
                                       7.125          3,867.78
    MORRISON         CO   80465          2            08/30/01         00
    544019                               05           10/01/01          0
    544019                               O            09/01/31
    0
1

   TOTAL NUMBER OF LOANS   :      1,051

   TOTAL ORIGINAL BALANCE  :   415,287,599.00

   TOTAL PRINCIPAL BALANCE :   413,989,184.08

   TOTAL ORIGINAL P+I      :     2,850,056.37

   TOTAL CURRENT P+I       :     2,850,056.38

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate Discount Fraction  PO Balance
5425230 "$405,770.53 "  0.0622  0.078518519     "$31,860.50 "
5611303 "$1,000,000.00 "        0.06345 0.06    "$60,000.00 "
5574540 "$469,000.00 "  0.06345 0.06    "$28,140.00 "
4093253 "$499,080.63 "  0.06345 0.06    "$29,944.84 "
5606496 "$308,453.23 "  0.06345 0.06    "$18,507.19 "
5608635 "$450,000.00 "  0.06345 0.06    "$27,000.00 "
5675436 "$323,900.00 "  0.06345 0.06    "$19,434.00 "
5188769 "$312,346.35 "  0.06345 0.06    "$18,740.78 "
5607663 "$645,195.93 "  0.06345 0.06    "$38,711.76 "
5413601 "$393,410.98 "  0.0647  0.041481481     "$16,319.27 "
5539552 "$305,205.14 "  0.0647  0.041481481     "$12,660.36 "
5659922 "$384,335.19 "  0.0647  0.041481481     "$15,942.79 "
5648384 "$317,326.55 "  0.0647  0.041481481     "$13,163.18 "
5704550 "$375,000.00 "  0.0647  0.041481481     "$15,555.56 "
5513186 "$349,698.66 "  0.0647  0.041481481     "$14,506.02 "
5614984 "$460,000.00 "  0.0647  0.041481481     "$19,081.48 "
5665055 "$343,000.00 "  0.0647  0.041481481     "$14,228.15 "
5549963 "$319,447.41 "  0.0647  0.041481481     "$13,251.15 "
5494417 "$424,684.04 "  0.0647  0.041481481     "$17,616.52 "
5485880 "$323,621.13 "  0.0647  0.041481481     "$13,424.28 "
5439385 "$383,669.38 "  0.0647  0.041481481     "$15,915.17 "
5652535 "$330,500.00 "  0.0647  0.041481481     "$13,709.63 "
5472675 "$336,709.85 "  0.0647  0.041481481     "$13,967.22 "
5648604 "$309,900.00 "  0.0647  0.041481481     "$12,855.11 "
5626201 "$230,500.00 "  0.0647  0.041481481     "$9,561.48 "
5180642 "$364,685.75 "  0.0647  0.041481481     "$15,127.71 "
5391948 "$387,449.66 "  0.0647  0.041481481     "$16,071.99 "
5648241 "$499,272.84 "  0.0647  0.041481481     "$20,710.58 "
5580715 "$309,733.09 "  0.0647  0.041481481     "$12,848.19 "
5466356 "$350,467.51 "  0.0647  0.041481481     "$14,537.91 "
5580329 "$399,309.26 "  0.0647  0.041481481     "$16,563.94 "
5614912 "$354,500.00 "  0.0647  0.041481481     "$14,705.19 "
5367291 "$349,698.65 "  0.0647  0.041481481     "$14,506.02 "
5621907 "$620,231.19 "  0.0647  0.041481481     "$25,728.11 "
5288771 "$446,000.00 "  0.0647  0.041481481     "$18,500.74 "
5569946 "$399,655.61 "  0.0647  0.041481481     "$16,578.31 "
5727985 "$349,395.62 "  0.0647  0.041481481     "$14,493.45 "
5566171 "$450,000.00 "  0.0647  0.041481481     "$18,666.67 "
5425225 "$372,729.28 "  0.0647  0.041481481     "$15,461.36 "
5626139 "$310,000.00 "  0.06595 0.022962963     "$7,118.52 "
5614828 "$385,000.00 "  0.06595 0.022962963     "$8,840.74 "
5607027 "$339,714.36 "  0.06595 0.022962963     "$7,800.85 "
5181419 "$330,326.56 "  0.06595 0.022962963     "$7,585.28 "
5605778 "$455,259.79 "  0.06595 0.022962963     "$10,454.11 "
5468932 "$398,823.11 "  0.06595 0.022962963     "$9,158.16 "
5622484 "$572,000.00 "  0.06595 0.022962963     "$13,134.81 "
5496831 "$348,500.00 "  0.06595 0.022962963     "$8,002.59 "
5518352 "$343,611.08 "  0.06595 0.022962963     "$7,890.33 "
5580716 "$311,737.88 "  0.06595 0.022962963     "$7,158.43 "
5580679 "$347,413.61 "  0.06595 0.022962963     "$7,977.65 "
5572353 "$439,630.34 "  0.06595 0.022962963     "$10,095.22 "
4615746 "$338,555.32 "  0.06595 0.022962963     "$7,774.23 "
5568387 "$367,690.83 "  0.06595 0.022962963     "$8,443.27 "
5563578 "$400,862.94 "  0.06595 0.022962963     "$9,205.00 "
5581998 "$499,579.93 "  0.06595 0.022962963     "$11,471.84 "
5494690 "$547,187.56 "  0.06595 0.022962963     "$12,565.05 "
5534207 "$275,000.00 "  0.06595 0.022962963     "$6,314.81 "
5473264 "$319,460.76 "  0.06595 0.022962963     "$7,335.77 "
5513217 "$443,500.00 "  0.06595 0.022962963     "$10,184.07 "
5507646 "$420,000.00 "  0.06595 0.022962963     "$9,644.44 "
4969248 "$399,663.95 "  0.06595 0.022962963     "$9,177.47 "
5495679 "$448,784.96 "  0.06595 0.022962963     "$10,305.43 "
5632257 "$444,626.15 "  0.06595 0.022962963     "$10,209.93 "
5487186 "$346,022.85 "  0.06595 0.022962963     "$7,945.71 "
5582175 "$449,621.95 "  0.06595 0.022962963     "$10,324.65 "
5534510 "$331,447.41 "  0.06595 0.022962963     "$7,611.01 "
5704596 "$118,000.00 "  0.06595 0.022962963     "$2,709.63 "
5659905 "$399,325.97 "  0.06595 0.022962963     "$9,169.71 "
5659947 "$323,454.04 "  0.06595 0.022962963     "$7,427.46 "
5660019 "$430,273.73 "  0.06595 0.022962963     "$9,880.36 "
5704662 "$240,000.00 "  0.06595 0.022962963     "$5,511.11 "
5471883 "$407,406.05 "  0.06595 0.022962963     "$9,355.25 "
5442676 "$350,000.00 "  0.06595 0.022962963     "$8,037.04 "
5730492 "$319,602.88 "  0.06595 0.022962963     "$7,339.03 "
5303649 "$303,088.41 "  0.06595 0.022962963     "$6,959.81 "
5727137 "$409,655.55 "  0.06595 0.022962963     "$9,406.91 "
5344594 "$342,000.00 "  0.06595 0.022962963     "$7,853.33 "
5341261 "$351,000.00 "  0.06595 0.022962963     "$8,060.00 "
5235447 "$348,813.65 "  0.06595 0.022962963     "$8,009.79 "
5338516 "$367,067.17 "  0.06595 0.022962963     "$8,428.95 "
5409209 "$409,655.55 "  0.06595 0.022962963     "$9,406.91 "
5729335 "$200,000.00 "  0.06595 0.022962963     "$4,592.59 "
5724164 "$380,000.00 "  0.06595 0.022962963     "$8,725.93 "
5652476 "$399,999.00 "  0.06595 0.022962963     "$9,185.16 "
5648243 "$431,637.06 "  0.06595 0.022962963     "$9,911.67 "
5724224 "$939,050.00 "  0.06595 0.022962963     "$21,563.37 "
5652470 "$500,000.00 "  0.06595 0.022962963     "$11,481.48 "
5300978 "$357,199.66 "  0.06595 0.022962963     "$8,202.36 "
5648600 "$400,000.00 "  0.06595 0.022962963     "$9,185.19 "
5648285 "$349,705.95 "  0.06595 0.022962963     "$8,030.28 "
5447768 "$496,000.00 "  0.06595 0.022962963     "$11,389.63 "
5652486 "$451,250.00 "  0.06595 0.022962963     "$10,362.04 "
5385828 "$371,890.50 "  0.06595 0.022962963     "$8,539.71 "
5659962 "$398,527.30 "  0.06595 0.022962963     "$9,151.37 "
5727802 "$387,674.04 "  0.06595 0.022962963     "$8,902.14 "
5648328 "$323,727.80 "  0.06595 0.022962963     "$7,433.75 "
5571430 "$475,000.00 "  0.0672  0.004444444     "$2,111.11 "
5284324 "$342,618.93 "  0.0672  0.004444444     "$1,522.75 "
5566535 "$368,000.00 "  0.0672  0.004444444     "$1,635.56 "
5568174 "$450,000.00 "  0.0672  0.004444444     "$2,000.00 "
5283095 "$263,347.01 "  0.0672  0.004444444     "$1,170.43 "
5567782 "$326,400.00 "  0.0672  0.004444444     "$1,450.67 "
5580678 "$337,957.00 "  0.0672  0.004444444     "$1,502.03 "
5570797 "$347,714.75 "  0.0672  0.004444444     "$1,545.40 "
5580692 "$479,625.50 "  0.0672  0.004444444     "$2,131.67 "
5580719 "$365,707.32 "  0.0672  0.004444444     "$1,625.37 "
5211471 "$647,850.07 "  0.0672  0.004444444     "$2,879.33 "
5580705 "$339,734.77 "  0.0672  0.004444444     "$1,509.93 "
5580704 "$350,919.15 "  0.0672  0.004444444     "$1,559.64 "
5580703 "$507,303.71 "  0.0672  0.004444444     "$2,254.68 "
5580700 "$443,652.85 "  0.0672  0.004444444     "$1,971.79 "
5580674 "$305,521.14 "  0.0672  0.004444444     "$1,357.87 "
5580696 "$309,352.41 "  0.0672  0.004444444     "$1,374.90 "
5574445 "$583,000.00 "  0.0672  0.004444444     "$2,591.11 "
5580685 "$334,738.67 "  0.0672  0.004444444     "$1,487.73 "
5580684 "$369,704.12 "  0.0672  0.004444444     "$1,643.13 "
5235442 "$371,650.17 "  0.0672  0.004444444     "$1,651.78 "
5580675 "$308,504.33 "  0.0672  0.004444444     "$1,371.13 "
5580665 "$354,559.55 "  0.0672  0.004444444     "$1,575.82 "
5277103 "$294,195.18 "  0.0672  0.004444444     "$1,307.53 "
5574476 "$372,000.00 "  0.0672  0.004444444     "$1,653.33 "
5580699 "$506,594.55 "  0.0672  0.004444444     "$2,251.53 "
5580720 "$649,359.38 "  0.0672  0.004444444     "$2,886.04 "
5529358 "$404,316.49 "  0.0672  0.004444444     "$1,796.96 "
5484139 "$502,332.97 "  0.0672  0.004444444     "$2,232.59 "
5483888 "$340,000.00 "  0.0672  0.004444444     "$1,511.11 "
5483380 "$299,754.09 "  0.0672  0.004444444     "$1,332.24 "
5480162 "$497,590.14 "  0.0672  0.004444444     "$2,211.51 "
5478767 "$346,158.66 "  0.0672  0.004444444     "$1,538.48 "
5437170 "$312,000.00 "  0.0672  0.004444444     "$1,386.67 "
5472054 "$493,843.69 "  0.0672  0.004444444     "$2,194.86 "
5493176 "$294,700.00 "  0.0672  0.004444444     "$1,309.78 "
5581966 "$309,752.10 "  0.0672  0.004444444     "$1,376.68 "
5453776 "$325,918.42 "  0.0672  0.004444444     "$1,448.53 "
5454030 "$349,713.11 "  0.0672  0.004444444     "$1,554.28 "
5468910 "$344,432.75 "  0.0672  0.004444444     "$1,530.81 "
5460704 "$400,000.00 "  0.0672  0.004444444     "$1,777.78 "
5462086 "$335,447.55 "  0.0672  0.004444444     "$1,490.88 "
5474036 "$394,740.00 "  0.0672  0.004444444     "$1,754.40 "
5330008 "$587,518.02 "  0.0672  0.004444444     "$2,611.19 "
5554122 "$326,416.88 "  0.0672  0.004444444     "$1,450.74 "
5553115 "$483,000.00 "  0.0672  0.004444444     "$2,146.67 "
5549781 "$398,960.74 "  0.0672  0.004444444     "$1,773.16 "
5539109 "$310,729.51 "  0.0672  0.004444444     "$1,381.02 "
5526345 "$319,000.00 "  0.0672  0.004444444     "$1,417.78 "
5465299 "$355,000.00 "  0.0672  0.004444444     "$1,577.78 "
5439120 "$69,942.62 "   0.0672  0.004444444     $310.86
5515685 "$336,473.96 "  0.0672  0.004444444     "$1,495.44 "
5555889 "$438,412.90 "  0.0672  0.004444444     "$1,948.50 "
5337845 "$363,701.63 "  0.0672  0.004444444     "$1,616.45 "
5500888 "$439,242.34 "  0.0672  0.004444444     "$1,952.19 "
5498421 "$199,836.07 "  0.0672  0.004444444     $888.16
5496884 "$303,237.35 "  0.0672  0.004444444     "$1,347.72 "
5338503 "$279,307.42 "  0.0672  0.004444444     "$1,241.37 "
5495474 "$287,901.96 "  0.0672  0.004444444     "$1,279.56 "
5517048 "$363,661.67 "  0.0672  0.004444444     "$1,616.27 "
5582173 "$358,073.18 "  0.0672  0.004444444     "$1,591.44 "
5582119 "$524,600.51 "  0.0672  0.004444444     "$2,331.56 "
5648293 "$455,226.55 "  0.0672  0.004444444     "$2,023.23 "
5648257 "$305,749.17 "  0.0672  0.004444444     "$1,358.89 "
5639762 "$400,000.00 "  0.0672  0.004444444     "$1,777.78 "
5630323 "$304,000.00 "  0.0672  0.004444444     "$1,351.11 "
5615007 "$400,000.00 "  0.0672  0.004444444     "$1,777.78 "
5614848 "$414,000.00 "  0.0672  0.004444444     "$1,840.00 "
5600343 "$366,000.00 "  0.0672  0.004444444     "$1,626.67 "
5588138 "$375,000.00 "  0.0672  0.004444444     "$1,666.67 "
5582185 "$479,625.55 "  0.0672  0.004444444     "$2,131.67 "
5648364 "$149,927.00 "  0.0672  0.004444444     $666.34
5582174 "$382,493.88 "  0.0672  0.004444444     "$1,699.97 "
5648383 "$389,680.32 "  0.0672  0.004444444     "$1,731.91 "
5582172 "$724,405.72 "  0.0672  0.004444444     "$3,219.58 "
5582169 "$349,726.96 "  0.0672  0.004444444     "$1,554.34 "
5582168 "$374,289.14 "  0.0672  0.004444444     "$1,663.51 "
5582167 "$407,681.72 "  0.0672  0.004444444     "$1,811.92 "
5582164 "$299,765.97 "  0.0672  0.004444444     "$1,332.29 "
5582163 "$423,669.24 "  0.0672  0.004444444     "$1,882.97 "
5582160 "$295,769.08 "  0.0672  0.004444444     "$1,314.53 "
5582154 "$399,670.13 "  0.0672  0.004444444     "$1,776.31 "
5582153 "$294,769.87 "  0.0672  0.004444444     "$1,310.09 "
5582151 "$346,222.90 "  0.0672  0.004444444     "$1,538.77 "
5581948 "$336,971.85 "  0.0672  0.004444444     "$1,497.65 "
5582178 "$352,322.36 "  0.0672  0.004444444     "$1,565.88 "
5724021 "$331,500.00 "  0.0672  0.004444444     "$1,473.33 "
5417507 "$307,457.93 "  0.0672  0.004444444     "$1,366.48 "
5415462 "$317,319.68 "  0.0672  0.004444444     "$1,410.31 "
5407495 "$419,655.73 "  0.0672  0.004444444     "$1,865.14 "
5403012 "$555,000.00 "  0.0672  0.004444444     "$2,466.67 "
5395583 "$204,332.38 "  0.0672  0.004444444     $908.14
5383819 "$471,223.95 "  0.0672  0.004444444     "$2,094.33 "
5374252 "$297,909.39 "  0.0672  0.004444444     "$1,324.04 "
5374209 "$367,394.96 "  0.0672  0.004444444     "$1,632.87 "
5374066 "$299,257.96 "  0.0672  0.004444444     "$1,330.04 "
5364556 "$401,670.48 "  0.0672  0.004444444     "$1,785.20 "
5648336 "$310,299.05 "  0.0672  0.004444444     "$1,379.11 "
5355418 "$323,285.82 "  0.0672  0.004444444     "$1,436.83 "
5582117 "$349,726.94 "  0.0672  0.004444444     "$1,554.34 "
5716941 "$344,717.20 "  0.0672  0.004444444     "$1,532.08 "
5704555 "$190,000.00 "  0.0672  0.004444444     $844.44
5687552 "$396,474.74 "  0.0672  0.004444444     "$1,762.11 "
5662301 "$318,000.00 "  0.0672  0.004444444     "$1,413.33 "
5660278 "$390,000.00 "  0.0672  0.004444444     "$1,733.33 "
5660107 "$319,312.93 "  0.0672  0.004444444     "$1,419.17 "
5660081 "$299,754.09 "  0.0672  0.004444444     "$1,332.24 "
5660073 "$114,905.73 "  0.0672  0.004444444     $510.69
5660055 "$392,353.84 "  0.0672  0.004444444     "$1,743.79 "
5660046 "$436,641.79 "  0.0672  0.004444444     "$1,940.63 "
5652519 "$308,500.00 "  0.0672  0.004444444     "$1,371.11 "
5362526 "$299,754.09 "  0.0672  0.004444444     "$1,332.24 "
5581859 "$387,704.76 "  0.0672  0.004444444     "$1,723.13 "
5582121 "$354,683.23 "  0.0672  0.004444444     "$1,576.37 "
5581947 "$454,287.95 "  0.0672  0.004444444     "$2,019.06 "
5581946 "$349,452.27 "  0.0672  0.004444444     "$1,553.12 "
5581904 "$339,741.28 "  0.0672  0.004444444     "$1,509.96 "
5581900 "$361,147.65 "  0.0672  0.004444444     "$1,605.10 "
5581894 "$381,709.33 "  0.0672  0.004444444     "$1,696.49 "
5581877 "$354,723.06 "  0.0672  0.004444444     "$1,576.55 "
5581876 "$344,730.87 "  0.0672  0.004444444     "$1,532.14 "
5581872 "$314,754.27 "  0.0672  0.004444444     "$1,398.91 "
5581871 "$389,703.23 "  0.0672  0.004444444     "$1,732.01 "
5425844 "$384,684.42 "  0.0672  0.004444444     "$1,709.71 "
5581865 "$957,983.30 "  0.0672  0.004444444     "$4,257.70 "
5581967 "$321,565.42 "  0.0672  0.004444444     "$1,429.18 "
5581840 "$484,545.06 "  0.0672  0.004444444     "$2,153.53 "
5581838 "$399,687.96 "  0.0672  0.004444444     "$1,776.39 "
5581832 "$347,735.20 "  0.0672  0.004444444     "$1,545.49 "
5581827 "$359,436.64 "  0.0672  0.004444444     "$1,597.50 "
5581729 "$330,000.00 "  0.0672  0.004444444     "$1,466.67 "
5580747 "$399,680.12 "  0.0672  0.004444444     "$1,776.36 "
5580743 "$550,770.01 "  0.0672  0.004444444     "$2,447.87 "
5580741 "$315,753.44 "  0.0672  0.004444444     "$1,403.35 "
5580737 "$352,517.87 "  0.0672  0.004444444     "$1,566.75 "
5580735 "$399,672.12 "  0.0672  0.004444444     "$1,776.32 "
5580731 "$389,687.63 "  0.0672  0.004444444     "$1,731.95 "
5581868 "$404,691.82 "  0.0672  0.004444444     "$1,798.63 "
5582012 "$383,700.44 "  0.0672  0.004444444     "$1,705.34 "
5582116 "$398,687.96 "  0.0672  0.004444444     "$1,771.95 "
5582111 "$359,726.07 "  0.0672  0.004444444     "$1,598.78 "
5582108 "$366,213.97 "  0.0672  0.004444444     "$1,627.62 "
5582102 "$306,754.49 "  0.0672  0.004444444     "$1,363.35 "
5582100 "$344,743.95 "  0.0672  0.004444444     "$1,532.20 "
5582098 "$308,307.40 "  0.0672  0.004444444     "$1,370.26 "
5582097 "$339,734.77 "  0.0672  0.004444444     "$1,509.93 "
5582095 "$400,679.32 "  0.0672  0.004444444     "$1,780.80 "
5582094 "$354,729.87 "  0.0672  0.004444444     "$1,576.58 "
5582084 "$379,703.56 "  0.0672  0.004444444     "$1,687.57 "
5581963 "$475,628.62 "  0.0672  0.004444444     "$2,113.91 "
5582015 "$361,717.60 "  0.0672  0.004444444     "$1,607.63 "
5580722 "$708,147.11 "  0.0672  0.004444444     "$3,147.32 "
5582010 "$484,621.65 "  0.0672  0.004444444     "$2,153.87 "
5582007 "$395,283.32 "  0.0672  0.004444444     "$1,756.81 "
5582005 "$649,480.20 "  0.0672  0.004444444     "$2,886.58 "
5582004 "$396,490.45 "  0.0672  0.004444444     "$1,762.18 "
5581989 "$309,672.92 "  0.0672  0.004444444     "$1,376.32 "
5581984 "$349,726.96 "  0.0672  0.004444444     "$1,554.34 "
5581982 "$504,606.05 "  0.0672  0.004444444     "$2,242.69 "
5581973 "$507,903.48 "  0.0672  0.004444444     "$2,257.35 "
5581971 "$359,422.51 "  0.0672  0.004444444     "$1,597.43 "
5581969 "$347,726.10 "  0.0672  0.004444444     "$1,545.45 "
5581968 "$351,725.41 "  0.0672  0.004444444     "$1,563.22 "
5582081 "$949,258.91 "  0.0672  0.004444444     "$4,218.93 "

260     "$100,593,494.49 "              1.51673435%     "$1,525,736.08 "

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
          Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
          Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the aggregate Certificate Principal Balance of each Class of
        Certificates  and the  Senior  Percentage,  after  giving  effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (vii) the related Subordinate  Principal  Distribution Amount and
          Prepayment Distribution Percentage, if applicable;

               (viii) on the basis of the most recent reports furnished to it by
        Sub-Servicers,  the number and aggregate  principal balances of Mortgage
        Loans that are  Delinquent  (A) 30-59 days, (B) 60-89 days and (C) 90 or
        more days and the number and  aggregate  principal  balance of  Mortgage
        Loans that are in foreclosure;

               (ix) the number,  aggregate  principal  balance and book value of
          any REO Properties;

               (x) the aggregate Accrued Certificate  Interest remaining unpaid,
        if any,  for each  Class of  Certificates,  after  giving  effect to the
        distribution made on such Distribution Date;

               (xi) the Special Hazard Amount,  Fraud Loss Amount and Bankruptcy
        Amount  as of the  close of  business  on such  Distribution  Date and a
        description of any change in the calculation of such amounts;

               (xii) the weighted average Pool Strip Rate for such  Distribution
        Date  and  the  Pass-  Through  Rate  with  respect  to  the  Class  A-V
        Certificates and each Subclass, if any, thereof;

                                       -1-

<PAGE>

               (xiii) [RESERVED];

               (xiv) the Notional  Amount with respect to each class of Interest
        Only Certificates and each Subclass Notional Amount;

               (xv)   the occurrence of the Credit Support Depletion Date;

               (xvi) the  related  Senior  Accelerated  Distribution  Percentage
          applicable to such distribution;

               (xvii) the related Senior Percentage for such Distribution Date;

               (xviii)the   aggregate   amount  of  Realized   Losses  for  such
          Distribution Date;

               (xix)  the  aggregate  amount  of any  recoveries  on  previously
        foreclosed  loans  from  Sellers  due to a breach of  representation  or
        warranty assigned to the Trustee pursuant to Section 2.04;

               (xx) the  weighted  average  remaining  term to  maturity  of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date;

               (xxi) the weighted  average  Mortgage Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date; and

             (xxii) the Accrual Distribution Amount for such Distribution Date.

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

The    Trustee's    internet    website    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.

                                       -2-

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF JULY 1, 2001

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                 Residential Funding Mortgage Securities I, Inc.

                       Mortgage Pass-Through Certificates

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

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................29

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................30
        Section 2.02  Acceptance by Trustee.................................................36
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................37
        Section 2.04  Representations and Warranties of Sellers.............................39
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................41
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                       Acceptance by the Trustee.............................................41
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............41
       Section 2.08  Purposes and Powers of the Trust......................................41

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................41
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................43
        Section 3.03  Successor Subservicers................................................44
        Section 3.04  Liability of the Master Servicer......................................44
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................45
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......45
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................45
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................48
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................49
        Section 3.10  Permitted Withdrawals from the Custodial Account......................50
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections Thereunder
                       .....................................................................51

                                              i

<PAGE>

        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....52
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................54
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................56
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................59
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............60
        Section 3.17  Reports to the Trustee and the Company................................61
        Section 3.18  Annual Statement as to Compliance.....................................61
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............62
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............62
        Section 3.21  Administration of Buydown Funds.......................................63

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................63
        Section 4.02  Distributions.........................................................64
        Section 4.03  Statements to Certificateholders......................................64
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................65
        Section 4.05  Allocation of Realized Losses.........................................66
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........66
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................67
        Section 4.08  Surety Bond...........................................................67

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................68
        Section 5.02  Registration of Transfer and Exchange of Certificates.................70
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................75
        Section 5.04  Persons Deemed Owners.................................................76
        Section 5.05  Appointment of Paying Agent...........................................76

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........77
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................77
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and Others
                       .....................................................................78
        Section 6.04  Company and Master Servicer Not to Resign.............................79

                                         ARTICLE VII

                                              ii

<PAGE>

                                           DEFAULT
        Section 7.01  Events of Default.....................................................79
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................81
        Section 7.03  Notification to Certificateholders....................................82
        Section 7.04  Waiver of Events of Default...........................................82

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................83
        Section 8.02  Certain Matters Affecting the Trustee.................................84
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................86
        Section 8.04  Trustee May Own Certificates..........................................86
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...86
        Section 8.06  Eligibility Requirements for Trustee..................................87
        Section 8.07  Resignation and Removal of the Trustee................................88
        Section 8.08  Successor Trustee.....................................................89
        Section 8.09  Merger or Consolidation of Trustee....................................89
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................89
        Section 8.11  Appointment of Custodians.............................................90
        Section 8.12  Appointment of Office or Agency.......................................91

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                      Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans
                                                                                            91
        Section 9.02  Additional Termination Requirements...................................94
        Section 9.03  Termination of Multiple REMICs........................................95

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................95
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification......99
        Section 10.03 Designation of REMIC(s)...............................................99

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.............................................................99
        Section 11.02 Recordation of Agreement; Counterparts...............................102
        Section 11.03 Limitation on Rights of Certificateholders...........................102
        Section 11.04 Governing Law........................................................103
        Section 11.05 Notices..............................................................103

                                             iii

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer....................103
        Section 11.07 Severability of Provisions...........................................104
        Section 11.08 Supplemental Provisions for Resecuritization.........................104
        Section 11.09 Allocation of Voting Rights..........................................105
</TABLE>

EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter

Exhibit K: Text of  Amendment  to Pooling and  Servicing  Agreement  Pursuant to
     Section 11.01(e) for a Limited Guaranty

Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form

                                              iv

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (the "Standard  Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I,
INC., as the company  (together with its permitted  successors and assigns,  the
"Company"),  RESIDENTIAL FUNDING CORPORATION,  as master servicer (together with
its permitted  successors and assigns,  the "Master Servicer"),  and the trustee
named  in  the  applicable  Series  Supplement   (together  with  its  permitted
successors and assigns, the "Trustee").

                                    PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  pass-through  certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans.

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

                                    ARTICLE I

                                   DEFINITIONS
        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard

                                              1

<PAGE>

               Losses,   Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  and
               Extraordinary  Losses)  not  allocated  solely  to  one  or  more
               specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

                                              2

<PAGE>

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  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.

        Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
 Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

     Assignment: 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

                                              3

<PAGE>

is located to reflect of record the sale of the Mortgage Loan to the Trustee for
the  benefit of  Certificateholders,  which  assignment,  notice of  transfer or
equivalent  instrument  may be in the  form of one or more  blanket  assignments
covering  Mortgages secured by Mortgaged  Properties located in the same county,
if permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the immediately preceding Determination Date of (x) the
Amount Held for Future  Distribution,  and (y) amounts permitted to be withdrawn
by the Master  Servicer  from the  Custodial  Account in respect of the Mortgage
Loans pursuant to clauses (ii)-(x),  inclusive,  of Section 3.10(a). Such amount
shall be determined separately for each Loan Group.  Additionally,  with respect
to any Mortgage  Pool that is  comprised  of two or more Loan Groups,  if on any
Distribution Date Compensating  Interest provided pursuant to Section 3.16(e) is
less than  Prepayment  Interest  Shortfalls  incurred on the  Mortgage  Loans in
connection  with  Principal  Prepayments  in Full  received  during the  related
Prepayment  Period  and  Curtailments  made in the prior  calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest under the related Mortgage Loan and any premiums on any

                                              4

<PAGE>

applicable  primary hazard  insurance  policy and any related escrow payments in
respect  of such  Mortgage  Loan are being  advanced  on a current  basis by the
Master  Servicer or a  Subservicer,  in either case without giving effect to any
Debt Service Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

                                              5

<PAGE>

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

        (ii)   in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iii)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

                                              6

<PAGE>

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

                                              7

<PAGE>

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

                                              8

<PAGE>

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

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

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

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date:  As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

                                              9

<PAGE>

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a  corporation  if all of its  activities  are  subject  to tax and,  except for
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

                                              10

<PAGE>

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

        (a) losses  that are of the type that  would be covered by the  fidelity
bond and the errors and  omissions  insurance  policy  required to be maintained
pursuant  to  Section  3.12(b)  but are in  excess  of the  coverage  maintained
thereunder;

        (b) nuclear reaction or nuclear radiation or radioactive  contamination,
all whether  controlled  or  uncontrolled,  and  whether  such loss be direct or
indirect,  proximate or remote or be in whole or in part caused by,  contributed
to or  aggravated  by a peril  covered by the  definition  of the term  "Special
Hazard Loss";

        (c) hostile or warlike action in time of peace or war,  including action
in hindering,  combating or defending  against an actual,  impending or expected
attack:

               1.   by any government or sovereign  power,  de jure or de facto,
                    or by any authority maintaining or using military,  naval or
                    air forces; or

               2.     by military, naval or air forces; or

               3.   by an agent  of any such  government,  power,  authority  or
                    forces;

                                              11

<PAGE>

     (d) any weapon of war employing atomic fission or radioactive force whether
in time of peace or war; or

        (e)  insurrection,  rebellion,  revolution,  civil war, usurped power or
action  taken by  governmental  authority in  hindering,  combating or defending
against such an occurrence,  seizure or destruction  under quarantine or customs
regulations,  confiscation  by order of any government or public  authority;  or
risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

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

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

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

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

        Freddie  Mac:  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.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

                                              12

<PAGE>

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

                                              13

<PAGE>

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02(a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

     MLCC: Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

                                              14

<PAGE>

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

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

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

                                              15

<PAGE>

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

     Outstanding  Mortgage Loan: As to any Due Date, a Mortgage Loan  (including
an REO  Property)  which was not the subject of a Principal  Prepayment in Full,
Cash Liquidation or REO

                                              16

<PAGE>

Disposition  and which was not purchased,  deleted or  substituted  for prior to
such Due Date pursuant to Section 2.02, 2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

               (i)  obligations of or guaranteed as to principal and interest by
        the United  States or any agency or  instrumentality  thereof  when such
        obligations  are  backed  by the full  faith and  credit  of the  United
        States;

               (ii) repurchase agreements on obligations specified in clause (i)
        maturing not more than one month from the date of  acquisition  thereof,
        provided  that  the  unsecured  obligations  of the  party  agreeing  to
        repurchase such  obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

               (iii) federal funds,  certificates of deposit,  demand  deposits,
        time  deposits  and  bankers'  acceptances  (which  shall  each  have an
        original  maturity of not more than 90 days and, in the case of bankers'
        acceptances,  shall in no event have an  original  maturity of more than
        365 days or a remaining  maturity of more than 30 days)  denominated  in
        United  States  dollars  of any  U.S.  depository  institution  or trust
        company  incorporated  under the laws of the United  States or any state
        thereof or of any domestic branch of a foreign depository institution or
        trust company;  provided that the debt  obligations  of such  depository
        institution  or trust company (or, if the only Rating Agency is Standard
        &  Poor's,  in the case of the  principal  depository  institution  in a
        depository   institution  holding  company,   debt  obligations  of  the
        depository  institution  holding  company)  at the  date of  acquisition
        thereof have been rated by each Rating Agency in its highest  short-term
        rating  available;  and provided further that, if the only Rating Agency
        is  Standard  &  Poor's  and if the  depository  or trust  company  is a
        principal  subsidiary of a bank holding company and the debt obligations
        of such subsidiary are not separately rated, the applicable rating shall
        be that of the bank holding company;  and, provided further that, if the
        original maturity of such short-term obligations

                                              17

<PAGE>

        of a  domestic  branch  of a  foreign  depository  institution  or trust
        company shall exceed 30 days, the short-term  rating of such institution
        shall be A-1+ in the case of  Standard & Poor's if  Standard & Poor's is
        the Rating Agency;

               (iv)   commercial   paper  and  demand  notes  (having   original
        maturities  of not more than 365 days) of any  corporation  incorporated
        under the laws of the United  States or any state  thereof  which on the
        date of acquisition  has been rated by each Rating Agency in its highest
        short-term rating  available;  provided that such commercial paper shall
        have a remaining maturity of not more than 30 days;

               (v) a money market fund or a qualified  investment  fund rated by
        each Rating Agency in its highest long-term rating available; and

               (vi) other  obligations or securities that are acceptable to each
        Rating  Agency as a Permitted  Investment  hereunder and will not reduce
        the rating  assigned to any Class of  Certificates by such Rating Agency
        below the lower of the  then-current  rating or the rating  assigned  to
        such  Certificates  as of the  Closing  Date by such Rating  Agency,  as
        evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive 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 greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

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

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or

                                              18

<PAGE>

description  pledged by  Combined  Collateral  LLC as security in respect of any
Realized  Losses in connection  with such Mortgage Loan up to the Pledged Amount
for such Mortgage Loan, and any related collateral,  or such other collateral as
may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

                                              19

<PAGE>

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

        Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential  Funding's  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

                                              20

<PAGE>

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

               (a)  as to  which  a  Cash  Liquidation  or REO  Disposition  has
                    occurred,  an amount  (not less than zero)  equal to (i) the
                    Stated  Principal  Balance  of the  Mortgage  Loan  (or  REO
                    Property)  as  of  the  date  of  Cash  Liquidation  or  REO
                    Disposition,  plus (ii) interest (and REO Imputed  Interest,
                    if any) at the Net  Mortgage  Rate  from  the Due Date as to
                    which    interest    was   last   paid   or    advanced   to
                    Certificateholders  up to the Due  Date  in the  Due  Period
                    related to the Distribution Date on which such Realized Loss
                    will be  allocated  pursuant  to Section  4.05 on the Stated
                    Principal  Balance of such  Mortgage  Loan (or REO Property)
                    outstanding  during each Due Period that such  interest  was
                    not paid or  advanced,  minus  (iii) the  proceeds,  if any,
                    received during the month in which such Cash Liquidation (or
                    REO  Disposition)   occurred,   to  the  extent  applied  as
                    recoveries  of  interest  at the Net  Mortgage  Rate  and to
                    principal of the Mortgage Loan,  net of the portion  thereof
                    reimbursable to the Master Servicer or any Subservicer  with
                    respect  to related  Advances  or  expenses  as to which the
                    Master Servicer or Subservicer is entitled to  reimbursement
                    thereunder but which have not been previously reimbursed,

                                              21

<PAGE>

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

                                              22

<PAGE>

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

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

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

                                              23

<PAGE>

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

        (i)    for any Distribution Date after the 60th Distribution Date but on
               or  prior to the  72nd  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   for any Distribution Date after the 72nd Distribution Date but on
               or  prior to the  84th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 60% of the  related
               Subordinate Percentage for such Distribution Date;

        (iii)  for any Distribution Date after the 84th Distribution Date but on
               or  prior to the  96th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

        (iv)   for any Distribution Date after the 96th Distribution Date but on
               or prior to the  108th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 20% of the  related
               Subordinate Percentage for such Distribution Date; and

          (v)  for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the Subordinate Certificates, is less than 50%

                                              24

<PAGE>

        or (Y) the outstanding principal balance of Mortgage Loans delinquent 60
        days or more averaged  over the last six months,  as a percentage of the
        aggregate  outstanding  principal balance of all Mortgage Loans averaged
        over the last six months,  does not exceed 2% and (2) Realized Losses on
        the  Mortgage  Loans  to date for such  Distribution  Date if  occurring
        during  the  sixth,  seventh,  eighth,  ninth or tenth year (or any year
        thereafter)  after the Closing Date are less than 30%,  35%, 40%, 45% or
        50%,  respectively,  of the  sum of the  Initial  Certificate  Principal
        Balances of the Subordinate Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

          (ii) that for any Distribution  Date on which the Senior Percentage is
               greater than the  Percentage as of the Closing  Date,  the Senior
               Accelerated  Distribution  Percentage for such  Distribution Date
               shall be 100%,  or, if the  Mortgage  Pool is comprised of two or
               more Loan Groups, for any Distribution Date on which the weighted
               average of the Senior  Percentages for each Loan Group,  weighted
               on the basis of the Stated  Principal  Balances  of the  Mortgage
               Loans in the related Loan Group,  exceeds the weighted average of
               the initial  Senior  Percentages  (calculated  on such basis) for
               each Loan  Group,  each of the  Senior  Accelerated  Distribution
               Percentages for such Distribution Date will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage:  As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

                                              25

<PAGE>

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

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

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such Mortgage Loan or REO Property, in each case

                                              26

<PAGE>

which were  distributed  pursuant to Section 4.02 on any  previous  Distribution
Date,  and (c) any Realized Loss  allocated to  Certificateholders  with respect
thereto for any previous Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation,

                                              27

<PAGE>

the Addendum and Assignment  Agreement,  dated as of November 24, 1998,  between
the Master  Servicer and GMAC  Mortgage  Corporation,  as such  agreement may be
amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

          (i)  the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging to the Trust Fund, including the proceeds from

                                              28

<PAGE>

               the  liquidation  of  Additional  Collateral  for any  Additional
               Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
               not including  amounts on deposit in the Initial  Monthly Payment
               Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and the  interest in the Surety Bond  transferred  to the Trustee
               pursuant to Section 2.01, and

        (v)    all proceeds of clauses (i) through (iv) above.

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  provided  that,  for  purposes  solely  of  the
restrictions  on the transfer of residual  interests,  no  partnership  or other
entity  treated as a partnership  for United States  federal income tax purposes
shall be treated  as a United  States  Person  unless  all  persons  that own an
interest in such partnership either directly or through any entity that is not a
corporation  for United States  federal  income tax purposes are required by the
applicable  operating agreement to be United States Persons,  any state thereof,
or the District of Columbia (except in the case of a partnership,  to the extent
provided in Treasury  regulations) or any political  subdivision  thereof, or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," 'hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definition  set forth herein  include both the singular and the
plural.

                                              29

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.

        (a) The Company,  concurrently  with the execution and delivery  hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly  appointed  agent or agents of the Trustee for such purpose,  the following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and

                                              30

<PAGE>

                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               and (II) with respect to each Cooperative Loan so assigned:

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii)  A  counterpart  of the  Cooperative  Lease  and  the
               Assignment  of  Proprietary   Lease  to  the  originator  of  the
               Cooperative Loan with intervening assignments showing an unbroken
               chain of title from such originator to the Trustee;

                      (iii)   The   related   Cooperative   Stock   Certificate,
               representing the related  Cooperative  Stock pledged with respect
               to such  Cooperative  Loan,  together with an undated stock power
               (or other similar instrument) executed in blank;

                    (iv) The original  recognition  agreement by the Cooperative
               of the  interests  of the  mortgagee  with respect to the related
               Cooperative Loan;

                      (v)    The Security Agreement;

                      (vi) Copies of the original UCC-1 financing statement, and
               any  continuation  statements,  filed by the  originator  of such
               Cooperative  Loan  as  secured  party,   each  with  evidence  of
               recording  thereof,  evidencing  the  interest of the  originator
               under the Security  Agreement and the  Assignment of  Proprietary
               Lease;

                      (vii)  Copies  of  the  filed  UCC-3  assignments  of  the
               security  interest  referenced  in clause  (vi) above  showing an
               unbroken chain of title from the originator to the Trustee,  each
               with evidence of recording  thereof,  evidencing  the interest of
               the originator under the Security Agreement and the Assignment of
               Proprietary Lease;

                      (viii)  An  executed  assignment  of the  interest  of the
               originator in the Security  Agreement,  Assignment of Proprietary
               Lease and the  recognition  agreement  referenced  in clause (iv)
               above,  showing an unbroken chain of title from the originator to
               the Trustee;

                      (ix)  The  original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Cooperative Loan; and

                      (x) A duly completed UCC-1 financing statement showing the
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee as assignee and a

                                              31

<PAGE>

               duly completed UCC-1 financing  statement  showing the Company as
               debtor  and  the  Trustee  as  secured  party,  each  in  a  form
               sufficient for filing, evidencing the interest of such debtors in
               the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  by
Section  2.01(b)) to the Trustee or the  Custodian or  Custodians,  deliver such
documents  to the  Master  Servicer,  and the  Master  Servicer  shall hold such
documents  in  trust  for  the  use  and  benefit  of  all  present  and  future
Certificateholders until such time as is set forth in the next sentence.  Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii),  (iii),
(iv) and (v) and  Section  (b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies
thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a written
request by the Trustee to deliver those  documents with respect to any or all of
the Mortgage Loans then being held by the Master  Servicer,  the Master Servicer
shall  deliver a complete set of such  documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.

        (d)  Notwithstanding  the provisions of Section  2.01(c),  in connection
with any  Mortgage  Loan,  if the Company  cannot  deliver  the  original of the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy thereof as permitted by Section  2.01(b))  with  evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because  of (i) a  delay  caused  by the  public  recording  office  where  such
Mortgage,  assignment,  modification,  assumption  agreement or  preferred  loan
agreement  as the case may be, has been  delivered  for  recordation,  or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage,  assignment,  modification,
assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation

                                              32

<PAGE>

statements  with regard to each financing  statement and assignment  relating to
Cooperative  Loans as to which the  related  Cooperative  Apartment  is  located
outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

        (e)  Residential  Funding  hereby  assigns to the Trustee  its  security
interest in and to any  Additional  Collateral or Pledged  Assets,  its right to
receive amounts due or to become due in respect of any Additional  Collateral or
Pledged Assets pursuant to the related Subservicing  Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With  respect  to  any  Additional   Collateral  Loan  or  Pledged  Asset  Loan,
Residential Funding shall cause to be filed in the appropriate  recording office
a UCC-3  statement  giving  notice of the  assignment  of the  related  security
interest to the Trust Fund and shall  thereafter  cause the timely filing of all
necessary continuation statements with regard to such financing statements.

        (f) It is intended that the  conveyance by the Company to the Trustee of
the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  be  and  the
Uncertificated  REMIC  Regular  Interests,  if any (as  provided  for in Section
2.06),  be  construed  as a sale by the Company to the  Trustee of the  Mortgage
Loans and any  Uncertificated  REMIC  Regular  Interests  for the benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction;

                                              33

<PAGE>

(b) the  conveyance  provided  for in  Section  2.01  shall be deemed to be, and
hereby is, (1) a grant by the Company to the  Trustee of a security  interest in
all of the Company's right (including the power to convey title thereto),  title
and  interest,  whether now owned or hereafter  acquired,  in and to any and all
general intangibles, payment intangibles,  accounts, chattel paper, instruments,
documents,  money, deposit accounts,  certificates of deposit, goods, letters of
credit, advices of credit and investment property and other property of whatever
kind or description  now existing or hereafter  acquired  consisting of, arising
from or relating to any of the following:  (A) the Mortgage Loans, including (i)
with respect to each  Cooperative  Loan,  the related  Mortgage  Note,  Security
Agreement,  Assignment of Proprietary  Lease,  Cooperative Stock Certificate and
Cooperative  Lease,  (ii)  with  respect  to each  Mortgage  Loan  other  than a
Cooperative  Loan,  the  related  Mortgage  Note and  Mortgage,  and  (iii)  any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding'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), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities 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
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 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, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined 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 Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements as may be occasioned

                                              34

<PAGE>

by (1) any change of name of  Residential  Funding,  the  Company or the Trustee
(such  preparation  and  filing  shall  be at the  expense  of the  Trustee,  if
occasioned by a change in the Trustee's name), (2) any change of location of the
place of business or the chief  executive  office of Residential  Funding or the
Company,  (3) any transfer of any interest of Residential Funding or the Company
in any Mortgage Loan or (4) any transfer of any interest of Residential  Funding
or the Company in any Uncertificated REMIC Regular Interest.

        (g) The Master  Servicer  hereby  acknowledges  the receipt by it of the
Initial  Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial
Monthly  Payment Fund in the  Custodial  Account and shall  include such Initial
Monthly  Payment  Fund in the  Available  Distribution  Amount  for the  initial
Distribution Date.  Notwithstanding anything herein to the contrary, the Initial
Monthly  Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly  Payment Fund  constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts  transferred by any REMIC to
the Initial  Monthly  Payment Fund shall be treated as transferred to the Seller
or any successor,  all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this  Agreement  will also  constitute the  assignment,  sale,  setting-over,
transfer and  conveyance  to the Trustee,  without  recourse (but subject to the
Company's  covenants,   representations  and  warranties  specifically  provided
herein),  of all of the Company's  obligations  and all of the Company's  right,
title and interest in, to and under,  whether now existing or hereafter acquired
as owner of the Mortgage  Loan with respect to all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other property of whatever kind or  description  consisting of, arising from
or related to (i) the Assigned Contracts,  (ii) all rights,  powers and remedies
of the Company as owner of such Mortgage  Loan under or in  connection  with the
Assigned Contracts,  whether arising under the terms of such Assigned Contracts,
by statute,  at law or in equity, or otherwise arising out of any default by the
Mortgagor  under or in  connection  with the Assigned  Contracts,  including all
rights  to  exercise  any  election  or  option  or  to  make  any  decision  or
determination  or to give or receive  any  notice,  consent,  approval or waiver
thereunder,  (iii) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged  Amounts and all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other  property of whatever  kind or  description  and all cash and non-cash
proceeds of the sale,  exchange,  or redemption  of, and all stock or conversion
rights,  rights  to  subscribe,  liquidation  dividends  or  preferences,  stock
dividends,  rights to interest,  dividends,  earnings,  income,  rents,  issues,
profits, interest payments or other distributions of cash or other property that
is credited to the  Custodial  Account,  (iv) all  documents,  books and records
concerning the foregoing  (including  all computer  programs,  tapes,  disks and
related items containing any such  information)  and (v) all insurance  proceeds
(including  proceeds  from the  Federal  Deposit  Insurance  Corporation  or the
Securities  Investor  Protection  Corporation or any other insurance company) of
any of the foregoing or replacements thereof or substitutions therefor, proceeds
of proceeds and the conversion,  voluntary or involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company, or any other person in

                                              35

<PAGE>

connection with the Pledged Assets or under any agreement or instrument relating
thereto,  including any obligation to the Mortgagor,  other than as owner of the
Mortgage Loan.

        Section 2.02  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  only, a Mortgage  Note may be
endorsed in blank) and declares that it, or a Custodian as its agent,  holds and
will hold such  documents  and the other  documents  constituting  a part of the
Mortgage Files  delivered to it, or a Custodian as its agent,  and the rights of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in  Section  2.01(b)),  have been  executed  and  received,  and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented,  that have been conveyed to it, and to deliver to the Trustee a
certificate  (the  "Interim  Certification")  to the effect  that all  documents
required to be delivered  pursuant to Section  2.01(b)  above have been executed
and received and that such documents  relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such Interim  Certification.  Upon delivery of the Mortgage Files by
the Company or the Master Servicer,  the Trustee shall acknowledge  receipt (or,
with  respect to  Mortgage  Loans  subject to a Custodial  Agreement,  and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective  Custodian  as  the  duly  appointed  agent  of the  Trustee)  of the
documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account maintained by it pursuant to Section 3.07

                                              36

<PAGE>

and, upon receipt by the Trustee of written  notification of such deposit signed
by a Servicing Officer, the Trustee or any Custodian,  as the case may be, shall
release to the Master  Servicer the related  Mortgage File and the Trustee shall
execute and deliver such  instruments of transfer or assignment  prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Seller or its designee or the  Subservicer or its designee,  as the case may
be, any Mortgage Loan released pursuant hereto and thereafter such Mortgage Loan
shall not be part of the Trust Fund. In  furtherance  of the  foregoing,  if the
Subservicer or Seller that repurchases the Mortgage Loan is not a member of MERS
and the Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at
its own  expense and  without  any right of  reimbursement,  shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the  Mortgage  from MERS to such  Subservicer  or Seller  and shall  cause  such
Mortgage to be removed from  registration  on the MERS(R)  System in  accordance
with  MERS'  rules  and  regulations.  It is  understood  and  agreed  that  the
obligation of the Seller or the  Subservicer,  as the case may be, to so cure or
purchase  any  Mortgage  Loan as to which a material  and  adverse  defect in or
omission of a  constituent  document  exists  shall  constitute  the sole remedy
respecting  such  defect or  omission  available  to  Certificateholders  or the
Trustee on behalf of the Certificateholders.

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                      (i) The Master  Servicer is a corporation  duly organized,
               validly  existing and in good standing  under the laws  governing
               its creation and existence  and is or will be in compliance  with
               the laws of each state in which any Mortgaged Property is located
               to the  extent  necessary  to ensure the  enforceability  of each
               Mortgage Loan in accordance with the terms of this Agreement;

                      (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  violate  the  Master   Servicer's
               Certificate of  Incorporation  or Bylaws or constitute a material
               default  (or an event  which,  with  notice or lapse of time,  or
               both,  would  constitute a material  default) under, or result in
               the material breach of, any material contract, agreement or other
               instrument  to which the Master  Servicer is a party or which may
               be applicable to the Master Servicer or any of its assets;

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

                                              37

<PAGE>

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

                      (v) 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;

                      (vi) The  Master  Servicer  will  comply  in all  material
               respects in the performance of this Agreement with all reasonable
               rules  and  requirements  of each  insurer  under  each  Required
               Insurance Policy;

                      (vii) No information, certificate of an officer, statement
               furnished  in writing or report  delivered  to the  Company,  any
               Affiliate  of the Company or the  Trustee by the Master  Servicer
               will, to the knowledge of the Master Servicer, contain any untrue
               statement of a material fact or omit a material fact necessary to
               make  the  information,  certificate,  statement  or  report  not
               misleading;

                      (viii) The Master Servicer has examined each existing, and
               will examine each new,  Subservicing  Agreement and is or will be
               familiar  with the  terms  thereof.  The  terms of each  existing
               Subservicing   Agreement  and  each  designated  Subservicer  are
               acceptable  to the  Master  Servicer  and  any  new  Subservicing
               Agreements will comply with the provisions of Section 3.02; and

                      (ix)  The  Master  Servicer  is a  member  of MERS in good
               standing, and will comply in all material respects with the rules
               and  procedures of MERS in  connection  with the servicing of the
               Mortgage Loans that are registered with MERS.

               It  is  understood  and  agreed  that  the   representations  and
               warranties  set  forth  in this  Section  2.03(a)  shall  survive
               delivery of the  respective  Mortgage Files to the Trustee or any
               Custodian.

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master

                                              38

<PAGE>

Servicer  to cure  such  breach  or to so  purchase  such  Mortgage  Loan  shall
constitute  the sole  remedy  in  respect  of a breach of a  representation  and
warranty set forth in this Section 2.03(a)  available to the  Certificateholders
or the Trustee on behalf of the Certificateholders.

        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        Section 2.04  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's  Agreement (to the extent assigned to the Company  pursuant to the
Assignment  Agreement)  applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment  of the Mortgage in recordable  form if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage

                                              39

<PAGE>

Loan for such month and  thereafter  Residential  Funding  shall be  entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule,  and, if
the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount
Fractions,  for the benefit of the  Certificateholders to reflect the removal of
such Deleted  Mortgage Loan and the  substitution  of the  Qualified  Substitute
Mortgage  Loan or Loans  and the  Master  Servicer  shall  deliver  the  amended
Mortgage  Loan  Schedule,  and,  if the  Deleted  Mortgage  Loan was a  Discount
Mortgage Loan, the amended Schedule of Discount Fractions,  to the Trustee. Upon
such  substitution,  the  Qualified  Substitute  Mortgage Loan or Loans shall be
subject to the terms of this Agreement and the related Subservicing Agreement in
all   respects,   the  related   Seller   shall  be  deemed  to  have  made  the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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<PAGE>

        Section       2.05 Execution and Authentication of Certificates/Issuance
                      of Certificates Evidencing Interests in REMIC I.

               As provided in Section 2.05 of the Series Supplement.

        Section       2.06  Conveyance  of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

        Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

        Section 2.08 Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

     (a) to sell the  Certificates  to the Company in exchange  for the Mortgage
Loans;

        (b)    to enter into and perform its obligations under this Agreement;

     (c)  to  engage  in  those  activities  that  are  necessary,  suitable  or
convenient to accomplish  the foregoing or are  incidental  thereto or connected
therewith; and

        (d) subject to compliance with this  Agreement,  to engage in such other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

        The trust is hereby  authorized to engage in the  foregoing  activities.
Notwithstanding  the provisions of Section 11.01,  the trust shall not engage in
any  activity  other  than in  connection  with the  foregoing  or other than as
required or authorized by the terms of this Agreement  while any  Certificate is
outstanding,  and this Section  2.08 may not be amended,  without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

        Section 3.01  Master Servicer to Act as Servicer.

        (a) The Master  Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and

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<PAGE>

authority,  acting alone or through Subservicers as provided in Section 3.02, to
do any and all things which it may deem  necessary  or  desirable in  connection
with such servicing and  administration.  Without limiting the generality of the
foregoing,  the Master  Servicer in its own name or in the name of a Subservicer
is hereby  authorized  and empowered by the Trustee when the Master  Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment,  to execute and deliver, on behalf of the  Certificateholders  and the
Trustee or any of them, any and all instruments of satisfaction or cancellation,
or of  partial or full  release or  discharge,  or of consent to  assumption  or
modification in connection with a proposed  conveyance,  or of assignment of any
Mortgage and Mortgage Note in connection  with the repurchase of a Mortgage Loan
and all other  comparable  instruments,  or with respect to the  modification or
re-recording  of a Mortgage  for the purpose of  correcting  the  Mortgage,  the
subordination  of the lien of the Mortgage in favor of a public utility  company
or government agency or unit with powers of eminent domain, the taking of a deed
in lieu of foreclosure, the commencement,  prosecution or completion of judicial
or  non-judicial  foreclosure,  the  conveyance  of a Mortgaged  Property to the
related Insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of  foreclosure,  or the  management,  marketing  and  conveyance of any
property  acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage  Loans and with  respect to the  Mortgaged  Properties.  The Master
Servicer  further is authorized  and empowered by the Trustee,  on behalf of the
Certificateholders  and  the  Trustee,  in its own  name  or in the  name of the
Subservicer,  when the Master Servicer or the  Subservicer,  as the case may be,
believes it is appropriate in its best judgment to register any Mortgage Loan on
the MERS(R) System,  or cause the removal from the  registration of any Mortgage
Loan on the MERS(R) System, to execute and deliver, on behalf of the Trustee and
the Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re- recording of
a  Mortgage  in the name of MERS,  solely as  nominee  for the  Trustee  and its
successors  and assigns.  Any expenses  incurred in connection  with the actions
described in the  preceding  sentence  shall be borne by the Master  Servicer in
accordance with Section 3.16(c), with no right of reimbursement;  provided, that
if, as a result of MERS discontinuing or becoming unable to continue  operations
in connection with the MERS System,  it becomes necessary to remove any Mortgage
Loan from  registration  on the MERS System and to arrange for the assignment of
the  related  Mortgages  to the  Trustee,  then any  related  expenses  shall be
reimbursable to the Master Servicer.  Notwithstanding the foregoing,  subject to
Section  3.07(a),  the Master  Servicer shall not permit any  modification  with
respect to any  Mortgage  Loan that would both  constitute a sale or exchange of
such  Mortgage  Loan  within the  meaning  of  Section  1001 of the Code and any
proposed,  temporary or final regulations  promulgated thereunder (other than in
connection  with a proposed  conveyance or assumption of such Mortgage Loan that
is treated as a Principal Prepayment in Full pursuant to Section 3.13(d) hereof)
and cause any REMIC formed under the Series  Supplement  to fail to qualify as a
REMIC under the Code.  The Trustee  shall  furnish the Master  Servicer with any
powers of attorney and other  documents  necessary or  appropriate to enable the
Master Servicer to service and administer the Mortgage Loans.  The Trustee shall
not be liable for any action  taken by the Master  Servicer  or any  Subservicer
pursuant  to such  powers  of  attorney.  In  servicing  and  administering  any
Nonsubserviced  Mortgage  Loan,  the Master  Servicer  shall,  to the extent not
inconsistent  with this  Agreement,  comply with the Program Guide as if it were
the  originator of such Mortgage Loan and had retained the servicing  rights and
obligations in respect thereof.  In connection with servicing and  administering
the Mortgage Loans, the Master Servicer and any Affiliate of the Master Servicer
(i) may perform services such as appraisals and brokerage  services that are not
customarily  provided by servicers of mortgage  loans,  and shall be entitled to
reasonable compensation therefor in

                                              42

<PAGE>

accordance  with Section 3.10 and (ii) may, at its own  discretion and on behalf
of the Trustee, obtain credit information in the form of a "credit score" from a
credit repository.

        (b) All costs  incurred  by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the Certificateholders,  be added to the amount owing under the
related Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so
permit,  and such costs shall be recoverable to the extent  permitted by Section
3.10(a)(ii).

        (c) The  Master  Servicer  may  enter  into  one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

          Section 3.02  Subservicing  Agreements  Between  Master  Servicer  and
               Subservicers;   Enforcement   of   Subservicers'   and   Sellers'
               Obligations.

        (a) The Master Servicer may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

        (b) As part of its servicing activities hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable efforts to enforce the obligations of

                                              43

<PAGE>

each  Subservicer  under the related  Subservicing  Agreement and of each Seller
under the  related  Seller's  Agreement  insofar as the  Company's  rights  with
respect to such  obligation has been assigned to the Trustee  hereunder,  to the
extent that the  non-performance  of any such Seller's  obligation  would have a
material and adverse effect on a Mortgage Loan,  including,  without limitation,
the   obligation   to  purchase  a  Mortgage   Loan  on  account  of   defective
documentation,  as  described  in Section  2.02,  or on account of a breach of a
representation  or warranty,  as described in Section  2.04.  Such  enforcement,
including,  without limitation,  the legal prosecution of claims, termination of
Subservicing Agreements or Seller's Agreements, as appropriate,  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  would  employ in its good faith
business  judgment  and  which are  normal  and  usual in its  general  mortgage
servicing  activities.   The  Master  Servicer  shall  pay  the  costs  of  such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general  recovery  resulting from such  enforcement to the extent,  if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such  enforcement is directed.  For purposes of clarification
only,  the parties  agree that the  foregoing  is not intended to, and does not,
limit the ability of the Master  Servicer to be reimbursed for expenses that are
incurred in connection with the enforcement of a Seller's  obligations  (insofar
as the  Company's  rights with respect to such  Seller's  obligations  have been
assigned  to the Trustee  hereunder)  and are  reimbursable  pursuant to Section
3.10(a)(viii).

        Section 3.03  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

        Section 3.04  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and

                                              44

<PAGE>

conditions as if the Master Servicer alone were servicing and  administering the
Mortgage  Loans.  The  Master  Servicer  shall be  entitled  to  enter  into any
agreement  with a  Subservicer  or  Seller  for  indemnification  of the  Master
Servicer  and nothing  contained in this  Agreement  shall be deemed to limit or
modify such indemnification.

          Section 3.05  No  Contractual  Relationship  Between  Subservicer  and
               Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

          Section 3.06 Assumption or Termination of  Subservicing  Agreements by
               Trustee.

        (a) If the Master  Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master  Servicer  under each  Subservicing  Agreement that may have been entered
into. The Trustee,  its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master  Servicer's  interest therein and to
have replaced the Master  Servicer as a party to the  Subservicing  Agreement to
the same  extent  as if the  Subservicing  Agreement  had been  assigned  to the
assuming party except that the Master  Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

          Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
               Custodial Account.

        (a) The Master  Servicer  shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver or

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<PAGE>

extension will not impair the coverage of any related Primary  Insurance  Policy
or materially adversely affect the lien of the related Mortgage. In the event of
any such  arrangement,  the Master  Servicer  shall make timely  advances on the
related  Mortgage  Loan  during  the  scheduled  period in  accordance  with the
amortization  schedule of such  Mortgage  Loan without  modification  thereof by
reason of such  arrangements  unless  otherwise  agreed to by the Holders of the
Classes  of  Certificates  affected  thereby;  provided,  however,  that no such
extension shall be made if any such advance would be a  Nonrecoverable  Advance.
Consistent with the terms of this Agreement, the Master Servicer may also 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 if in the Master Servicer's  determination such waiver,  modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

        (b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                      (i)  All  payments  on  account  of  principal,  including
               Principal  Prepayments  made by Mortgagors on the Mortgage  Loans
               and the principal  component of any Subservicer Advance or of any
               REO  Proceeds  received in  connection  with an REO  Property for
               which an REO Disposition has occurred;

                      (ii) All  payments on account of interest at the  Adjusted
               Mortgage Rate on the Mortgage Loans,  including Buydown Funds, if
               any, and the interest component of any Subservicer  Advance or of
               any REO Proceeds  received in connection with an REO Property for
               which an REO Disposition has occurred;

                                              46

<PAGE>

                    (iii) Insurance  Proceeds and  Liquidation  Proceeds (net of
               any related expenses of the Subservicer);

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection  with the  substitution of a Qualified
               Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;

                    (v) Any amounts required to be deposited pursuant to Section
               3.07(c) or 3.21;

                    (vi) All amounts transferred from the Certificate Account to
               the Custodial Account in accordance with Section 4.02(a);

                    (vii) Any amounts  realized by the  Subservicer and received
               by the Master  Servicer in respect of any Additional  Collateral;
               and

                    (viii)  Any  amounts  received  by the  Master  Servicer  in
               respect of Pledged Assets.

        The foregoing requirements for deposit in the Custodial Account shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) The  Master  Servicer  shall  use its  best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall mature not later than the Certificate Account Deposit Date next

                                              47

<PAGE>

following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized without any right of reimbursement.

        (d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the  Custodial  Account and the location of the
Certificate Account prior to the use thereof.

        Section 3.08  Subservicing Accounts; Servicing Accounts.

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

        (b) The Subservicer may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following

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<PAGE>

month.  Any amounts paid by a  Subservicer  pursuant to the  preceding  sentence
shall  be for  the  benefit  of the  Master  Servicer  as  additional  servicing
compensation  and shall be subject to its  withdrawal or order from time to time
pursuant to Sections 3.10(a)(iv) and (v).

        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

          Section 3.09 Access to Certain Documentation and Information Regarding
               the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

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<PAGE>

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                    (i) to make  deposits  into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  advances or expenses  made  pursuant to
               Sections 3.01,  3.07(a),  3.08, 3.11,  3.12(a),  3.14 and 4.04 or
               otherwise  reimbursable  pursuant to the terms of this Agreement,
               such  withdrawal  right  being  limited  to amounts  received  on
               particular  Mortgage  Loans  (including,  for this  purpose,  REO
               Proceeds,  Insurance Proceeds,  Liquidation Proceeds and proceeds
               from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
               2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of
               Monthly  Payments for which any such advance was made in the case
               of Subservicer  Advances or Advances pursuant to Section 4.04 and
               (B)  recoveries of amounts in respect of which such advances were
               made in the case of Servicing Advances;

                      (iii) to pay to itself or the related  Subservicer (if not
               previously  retained  by such  Subservicer)  out of each  payment
               received  by the Master  Servicer  on account  of  interest  on a
               Mortgage  Loan as  contemplated  by  Sections  3.14 and 3.16,  an
               amount equal to that remaining  portion of any such payment as to
               interest  (but  not  in  excess  of the  Servicing  Fee  and  the
               Subservicing  Fee,  if  not  previously   retained)  which,  when
               deducted,  will result in the  remaining  amount of such interest
               being interest at the Net Mortgage Rate (or Modified Net Mortgage
               Rate in the  case of a  Modified  Mortgage  Loan)  on the  amount
               specified in the  amortization  schedule of the related  Mortgage
               Loan as the  principal  balance  thereof at the  beginning of the
               period  respecting  which such  interest  was paid  after  giving
               effect to any previous Curtailments;

                      (iv) to pay to itself as additional servicing compensation
               any  interest  or  investment  income  earned  on funds and other
               property  deposited in or credited to the Custodial  Account that
               it is entitled to withdraw pursuant to Section 3.07(c);

                      (v) to pay to itself as additional servicing  compensation
               any Foreclosure  Profits, any amounts remitted by Subservicers as
               interest in respect of Curtailments  pursuant to Section 3.08(b),
               and  any  amounts  paid  by a  Mortgagor  in  connection  with  a
               Principal  Prepayment  in Full in  respect  of  interest  for any
               period  during  the  calendar   month  in  which  such  Principal
               Prepayment    in   Full   is   to   be    distributed    to   the
               Certificateholders;

                      (vi)  to  pay  to  itself,   a   Subservicer,   a  Seller,
               Residential Funding, the Company or any other appropriate Person,
               as the  case  may  be,  with  respect  to each  Mortgage  Loan or
               property acquired in respect thereof that has been purchased or

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<PAGE>

               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided in  subsection  (c) below,  any Advance  made in
               connection  with a  modification  of a  Mortgage  Loan that is in
               default or, in the  judgment of the Master  Servicer,  default is
               reasonably foreseeable pursuant to Section 3.07(a), to the extent
               the  amount  of the  Advance  has been  added to the  outstanding
               principal   balance  of  the  Mortgage   Loan,   or  any  Advance
               reimbursable to the Master Servicer pursuant to Section 4.02(a);

                      (viii) to  reimburse  itself or the Company  for  expenses
               incurred by and  reimbursable  to it or the  Company  pursuant to
               Sections 3.01(a),  3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
               or  in  connection  with  enforcing,   in  accordance  with  this
               Agreement,   any  repurchase,   substitution  or  indemnification
               obligation of any Seller (other than an Affiliate of the Company)
               pursuant to the related Seller's Agreement;

                      (ix) to reimburse itself for Servicing  Advances  expended
               by it (a)  pursuant to Section  3.14 in good faith in  connection
               with the restoration of property  damaged by an Uninsured  Cause,
               and (b) in connection  with the liquidation of a Mortgage Loan or
               disposition  of an REO  Property  to  the  extent  not  otherwise
               reimbursed pursuant to clause (ii) or (viii) above; and

                      (x) to  withdraw  any amount  deposited  in the  Custodial
               Account that was not required to be deposited therein pursuant to
               Section 3.07.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

          Section  3.11   Maintenance   of  the  Primary   Insurance   Policies;
               Collections Thereunder.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss

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<PAGE>

which,  but for the actions of the Master  Servicer or  Subservicer,  would have
been  covered  thereunder.  To the  extent  coverage  is  available,  the Master
Servicer  shall  keep or cause to be kept in full  force  and  effect  each such
Primary  Insurance  Policy until the principal  balance of the related  Mortgage
Loan secured by a Mortgaged  Property is reduced to 80% or less of the Appraised
Value in the  case of such a  Mortgage  Loan  having  a  Loan-to-Value  Ratio at
origination in excess of 80%, provided that such Primary Insurance Policy was in
place as of the  Cut-off  Date and the  Company had  knowledge  of such  Primary
Insurance Policy.  The Master Servicer shall be entitled to cancel or permit the
discontinuation  of any Primary Insurance Policy as to any Mortgage Loan, if the
Stated  Principal  Balance of the Mortgage Loan is reduced below an amount equal
to 80% of the appraised value of the related Mortgaged Property as determined in
any appraisal thereof after the Closing Date, or if the  Loan-to-Value  Ratio is
reduced  below 80% as a result of principal  payments on the Mortgage Loan after
the Closing Date. In the event that the Company gains  knowledge  that as of the
Closing Date, a Mortgage Loan had a Loan-to-Value Ratio at origination in excess
of 80% and is not  the  subject  of a  Primary  Insurance  Policy  (and  was not
included in any exception to the representation in Section 2.03(b)(iv)) and that
such Mortgage Loan has a current  Loan-to-Value  Ratio in excess of 80% then the
Master  Servicer  shall use its  reasonable  efforts  to obtain  and  maintain a
Primary  Insurance  Policy to the extent that such a policy is  obtainable  at a
reasonable  price.  The Master  Servicer shall not cancel or refuse to renew any
such Primary Insurance Policy  applicable to a Nonsubserviced  Mortgage Loan, or
consent to any  Subservicer  canceling  or  refusing  to renew any such  Primary
Insurance  Policy  applicable to a Mortgage Loan  subserviced  by it, that is in
effect at the date of the initial  issuance of the  Certificates and is required
to be kept in force hereunder  unless the replacement  Primary  Insurance Policy
for such  canceled or  non-renewed  policy is  maintained  with an insurer whose
claims-paying   ability  is  acceptable  to  each  Rating  Agency  for  mortgage
pass-through  certificates  having a rating equal to or better than the lower of
the  then-current  rating or the rating  assigned to the  Certificates as of the
Closing Date by such Rating Agency.

        (b) In connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

          Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity
               Coverage.

        (a) The Master  Servicer  shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.

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<PAGE>

The Master Servicer shall also cause to be maintained on property  acquired upon
foreclosure,  or deed in lieu of foreclosure, of any Mortgage Loan (other than a
Cooperative  Loan),  fire insurance with extended coverage in an amount which is
at  least  equal  to the  amount  necessary  to  avoid  the  application  of any
co-insurance  clause contained in the related hazard insurance policy.  Pursuant
to Section 3.07,  any amounts  collected by the Master  Servicer  under any such
policies  (other than amounts to be applied to the  restoration or repair of the
related Mortgaged  Property or property thus acquired or amounts released to the
Mortgagor in accordance with the Master Servicer's normal servicing  procedures)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10. Any cost incurred by the Master  Servicer in maintaining  any such
insurance shall not, for the purpose of calculating monthly distributions to the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  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. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the
Master  Servicer if the Master  Servicer were  servicing and  administering  the
Mortgage Loans for Fannie Mae or Freddie Mac. In the event that

                                              53

<PAGE>

any such bond or policy ceases to be in effect, the Master Servicer shall obtain
a comparable  replacement bond or policy from an issuer or insurer,  as the case
may be, meeting the requirements, if any, of the Program Guide and acceptable to
the Company.  Coverage of the Master Servicer under a policy or bond obtained by
an Affiliate of the Master Servicer and providing the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).

          Section  3.13  Enforcement  of  Due-on-Sale  Clauses;  Assumption  and
               Modification Agreements; Certain Assignments.

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

                      (i) the  Master  Servicer  shall  not be  deemed  to be in
               default  under this Section  3.13(a) by reason of any transfer or
               assumption  which the Master  Servicer is  restricted by law from
               preventing; and

                      (ii)  if  the  Master  Servicer   determines  that  it  is
               reasonably  likely  that  any  Mortgagor  will  bring,  or if any
               Mortgagor  does  bring,   legal  action  to  declare  invalid  or
               otherwise avoid enforcement of a due-on-sale  clause contained in
               any Mortgage Note or Mortgage,  the Master  Servicer shall not be
               required to enforce  the  due-on-sale  clause or to contest  such
               action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction involving the

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<PAGE>

assumption  or transfer (A) the Mortgage  Loan will  continue to be secured by a
first mortgage lien pursuant to the terms of the Mortgage,  (B) such transaction
will not adversely  affect the coverage under any Required  Insurance  Policies,
(C) the Mortgage Loan will fully amortize over the remaining  term thereof,  (D)
no material  term of the  Mortgage  Loan  (including  the  interest  rate on the
Mortgage Loan) will be altered nor will the term of the Mortgage Loan be changed
and (E) if the  seller/transferor  of the  Mortgaged  Property is to be released
from liability on the Mortgage Loan,  such release will not (based on the Master
Servicer's  or  Subservicer's  good faith  determination)  adversely  affect the
collectability  of the Mortgage Loan.  Upon receipt of appropriate  instructions
from the Master  Servicer in accordance  with the  foregoing,  the Trustee shall
execute  any  necessary  instruments  for such  assumption  or  substitution  of
liability as directed in writing by the Master Servicer. Upon the closing of the
transactions contemplated by such documents, the Master Servicer shall cause the
originals or true and correct  copies of the assumption  agreement,  the release
(if any), or the  modification or supplement to the Mortgage Note or Mortgage to
be delivered to the Trustee or the  Custodian  and  deposited  with the Mortgage
File for such Mortgage  Loan.  Any fee collected by the Master  Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement  will be  retained  by the  Master  Servicer  or such  Subservicer  as
additional servicing compensation.

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

        (d)  Subject  to any  other  applicable  terms  and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit M, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the substance of the assignment is, and is intended to
be, a refinancing  of such  Mortgage;  (ii) that the Mortgage Loan following the
proposed  assignment will have a rate of interest at least 0.25 percent below or
above  the  rate of  interest  on such  Mortgage  Loan  prior  to such  proposed
assignment;  and (iii) that such  assignment  is at the request of the  borrower
under the related  Mortgage  Loan.  Upon  approval of an  assignment  in lieu of
satisfaction  with  respect to any  Mortgage  Loan,  the Master  Servicer  shall
receive cash in an amount equal to the unpaid  principal  balance of and accrued
interest on such Mortgage Loan and the Master  Servicer  shall treat such amount
as a Principal  Prepayment  in Full with respect to such  Mortgage  Loan for all
purposes hereof.

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        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans 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 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations under the Credit Support Pledge

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Agreement in accordance  with such Agreement and in a manner that is in the best
interests of the Certificateholders.  Further, the Master Servicer shall use its
best  reasonable  efforts to  realize  upon any  Pledged  Assets for such of the
Pledged  Asset  Loans 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 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee,  obtain  title to any such  Pledged  Assets as a result of or in
lieu of the disposition thereof or otherwise;  and provided further that (i) the
Master  Servicer  shall not proceed with  respect to such Pledged  Assets in any
manner that would  impair the ability to recover  against the related  Mortgaged
Property, and (ii) the Master Servicer shall proceed with any REO Acquisition in
a manner that preserves the ability to apply the proceeds of such Pledged Assets
against  amounts owed under the defaulted  Mortgage Loan. Any proceeds  realized
from such Pledged  Assets (other than amounts to be released to the Mortgagor or
the related  guarantor in accordance  with  procedures  that the Master Servicer
would follow in servicing  loans held for its own account,  subject to the terms
and  conditions  of the related  Mortgage and Mortgage Note and to the terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

        Concurrently  with the  foregoing,  the Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted  Mortgage Loan or REO Property
have been  received,  and (ii) for  purposes  of  determining  the amount of any
Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled
collections  or the amount of any Realized  Loss,  the Master  Servicer may take
into account minimal amounts of additional  receipts  expected to be received or
any  estimated  additional  liquidation  expenses  expected  to be  incurred  in
connection with the related defaulted Mortgage Loan or REO Property.

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<PAGE>

        (b) If title to any Mortgaged  Property is acquired by the Trust Fund as
an REO Property by  foreclosure or by deed in lieu of  foreclosure,  the deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

        (c) If the  Trust  Fund  acquires  any  REO  Property  as  aforesaid  or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the  Master  Servicer  on behalf of the Trust  Fund  shall  dispose  of such REO
Property as soon as practicable,  giving due  consideration  to the interests of
the  Certificateholders,  but in all cases  within  three full  years  after the
taxable  year of its  acquisition  by the Trust  Fund for  purposes  of  Section
860G(a)(8)  of the  Code (or  such  shorter  period  as may be  necessary  under
applicable  state (including any state in which such property is located) law to
maintain  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement as a REMIC under  applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of the Trust Fund,  request,  more than 60 days before the day on
which such grace  period  would  otherwise  expire,  an  extension of such grace
period unless the Master Servicer  (subject to Section 10.01(f)) obtains for the
Trustee an Opinion of Counsel, addressed to the Trustee and the Master Servicer,
to the effect that the holding by the Trust Fund of such REO Property subsequent
to such  period  will not  result  in the  imposition  of  taxes on  "prohibited
transactions"  as defined in Section  860F of the Code or cause any REMIC formed
under the Series  Supplement  to fail to qualify as a REMIC (for federal (or any
applicable   State  or  local)  income  tax  purposes)  at  any  time  that  any
Certificates are outstanding,  in which case the Trust Fund may continue to hold
such REO  Property  (subject  to any  conditions  contained  in such  Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

        (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and

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<PAGE>

unpaid interest on the Mortgage Loan, and any related REO Imputed  Interest,  at
the Net  Mortgage  Rate  (or the  Modified  Net  Mortgage  Rate in the case of a
Modified  Mortgage Loan) to the Due Date prior to the Distribution Date on which
such  amounts  are to be  distributed;  third,  to the  Certificateholders  as a
recovery of principal on the Mortgage Loan (or REO  Property)(provided  that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

        (e) In the event of a default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.

        (a) Upon becoming  aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian,  an electronic request in a form acceptable to the
Custodian,  requesting  delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause  the  Custodian  to  release,  the  related  Mortgage  File to the  Master
Servicer.  The Master  Servicer  is  authorized  to execute  and  deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon  and to cause the  removal  from the  registration  on the
MERS(R)  System of such  Mortgage and to execute and  deliver,  on behalf of the
Trustee and the  Certificateholders  or any of them, any and all  instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance  shall
be chargeable to the Custodial Account or the Certificate Account.

        (b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession

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of all, or any document  constituting  part of, the Mortgage File be released to
the Master  Servicer and  certifying  as to the reason for such release and that
such release will not invalidate any insurance  coverage  provided in respect of
the  Mortgage  Loan under any  Required  Insurance  Policy.  Upon receipt of the
foregoing,  the Trustee shall  deliver,  or cause the Custodian to deliver,  the
Mortgage  File or any  document  therein  to the  Master  Servicer.  The  Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

        (c) The Trustee or the Master  Servicer on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

        Section 3.16  Servicing and Other Compensation; Compensating Interest.

        (a) The Master Servicer,  as compensation for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

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        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

        (d) The Master  Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

        (e)  Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section  3.10(a)(iii) and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled  pursuant to Section  3.10(a)(iii)  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

        Section 3.17 Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

        Section 3.18  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master Servicer has complied in all material respects with the

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minimum servicing  standards set forth in the Uniform Single Attestation Program
for Mortgage Bankers and has fulfilled all of its material  obligations relating
to this Agreement in all material  respects  throughout  such year, or, if there
has been material  noncompliance  with such servicing  standards or a default in
the fulfillment in all material respects of any such obligation relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

        Section 3.20 Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee. The

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Company shall not have any responsibility or liability for any action or failure
to act by the Master  Servicer and is not obligated to supervise the performance
of the Master Servicer under this Agreement or otherwise.

        Section 3.21  Administration of Buydown Funds.

        (a) With  respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

        (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.

        (a) The Master  Servicer on behalf of the Trustee  shall  establish  and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section

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9.01 and (v) all other amounts  constituting the Available  Distribution  Amount
for the immediately succeeding Distribution Date.

        (b) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature or be payable on demand not later than the  Business  Day next  preceding
the  Distribution  Date next following the date of such investment  (except that
(i) any  investment in the  institution  with which the  Certificate  Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

        Section 4.02  Distributions.

        As provided in Section 4.02 of the Series Supplement.

        Section 4.03  Statements to Certificateholders.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available to each Holder and the Company,  via the Trustee's internet website, a
statement  (and  at  its  option,  any  additional  files  containing  the  same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups,  each Loan Group, to the extent applicable.  This statement
will include the information  set forth in an exhibit to the Series  Supplement.
Such exhibit shall set forth the Trustee's  internet  website  address  together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail.  The Trustee may modify the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement  containing the information set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or

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applicable  portion  thereof  during which such Person was a  Certificateholder.
Such obligation of the Master Servicer shall be deemed to have been satisfied to
the extent that  substantially  comparable  information shall be provided by the
Master Servicer pursuant to any requirements of the Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

        (d)  Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

        Section       4.04  Distribution  of  Reports  to the  Trustee  and  the
                      Company; Advances by the Master Servicer.

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the

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<PAGE>

Certificate  Account  on or  before  11:00  A.M.  New  York  time on any  future
Certificate  Account  Deposit Date to the extent that funds  attributable to the
Mortgage  Loans that are available in the  Custodial  Account for deposit in the
Certificate  Account on such Certificate Account Deposit Date shall be less than
payments to Certificateholders required to be made on the following Distribution
Date.  The  Master  Servicer  shall be  entitled  to use any  Advance  made by a
Subservicer  as  described  in Section  3.07(b)  that has been  deposited in the
Custodial  Account on or before  such  Distribution  Date as part of the Advance
made by the Master  Servicer  pursuant to this Section  4.04.  The amount of any
reimbursement  pursuant to Section 4.02(a) in respect of outstanding Advances on
any  Distribution  Date shall be allocated to specific  Monthly Payments due but
delinquent  for previous Due Periods,  which  allocation  shall be made,  to the
extent  practicable,  to Monthly  Payments  which have been  delinquent  for the
longest  period of time.  Such  allocations  shall be conclusive for purposes of
reimbursement  to the Master Servicer from recoveries on related  Mortgage Loans
pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

        Section 4.05  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and

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6050P,  respectively,  of the Code,  and  deliver to the  Trustee  an  Officers'
Certificate  on or before  March 31 of each year  stating that such reports have
been filed.  Such reports shall be in form and substance  sufficient to meet the
reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however  the  Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

        Section 4.08  Surety Bond.

        (a) If a Required Surety Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.

        (b) Upon receipt of a Required  Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

        (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01  The Certificates.

        (a) The  Senior,  Class M,  Class B and  Class R  Certificates  shall be
substantially  in the forms set forth in Exhibits  A, B, C and D,  respectively,
and shall,  on original  issue,  be executed and delivered by the Trustee to the
Certificate  Registrar for  authentication  and delivery to or upon the order of
the  Company  upon  receipt  by the  Trustee  or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates  shall be issuable in the
minimum  denominations  designated  in the  Preliminary  Statement to the Series
Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

        (b) Except as provided below,  registration  of Book-Entry  Certificates
may not be transferred by the Trustee except to another  Depository  that agrees
to hold such Certificates for the respective  Certificate  Owners with Ownership
Interests therein.  The Holders of the Book-Entry  Certificates shall hold their
respective  Ownership Interests in and to each of such Certificates  through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive  Certificates in respect of such Ownership  Interests.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed inconsistent if they

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are made with respect to different Certificate Owners. The Trustee may establish
a reasonable  record date in connection with  solicitations  of consents from or
voting by  Certificateholders  and shall give notice to the  Depository  of such
record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

        (c) From time to time Residential  Funding, as the initial Holder of the
Class A-V  Certificates,  may exchange such Holder's Class A-V  Certificates for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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<PAGE>

        Section 5.02  Registration of Transfer and Exchange of Certificates.

        (a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate  Register in which,  subject to such reasonable  regulations as it
may prescribe,  the Trustee shall provide for the  registration  of Certificates
and of transfers and exchanges of Certificates as herein  provided.  The Trustee
is initially  appointed  Certificate  Registrar  for the purpose of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

        (b) Upon surrender for  registration  of transfer of any  Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;

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provided,  however,  that such  representation  letters  will not be required in
connection  with any  transfer  of any such  Certificate  by the  Company or any
Affiliate thereof to the Company or an Affiliate of the Company, and the Trustee
shall be entitled to conclusively  rely upon a representation  (which,  upon the
request of the Trustee, shall be a written  representation) from the Company, of
the  status  of such  transferee  as an  Affiliate  of the  Company  or (ii) the
prospective  transferee of such a  Certificate  shall be required to provide the
Trustee,  the  Company  and  the  Master  Servicer  with  an  investment  letter
substantially  in the form of Exhibit J  attached  hereto (or such other form as
the Company in its sole discretion deems  acceptable),  which investment  letter
shall not be an expense of the Trustee, the Company or the Master Servicer,  and
which investment letter states that, among other things,  such transferee (A) is
a "qualified institutional buyer" as defined under Rule 144A, acting for its own
account or the  accounts of other  "qualified  institutional  buyers" as defined
under Rule 144A, and (B) is aware that the proposed  transferor  intends to rely
on the exemption  from  registration  requirements  under the  Securities Act of
1933,  as  amended,  provided by Rule 144A.  The Holder of any such  Certificate
desiring to effect any such transfer,  sale, pledge or other disposition  shall,
and does  hereby  agree to,  indemnify  the  Trustee,  the  Company,  the Master
Servicer and the Certificate  Registrar against any liability that may result if
the transfer,  sale, pledge or other disposition is not so exempt or is not made
in accordance with such federal and state laws.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (A) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under  Section 406 of the Employee  Retirement  Income  Security Act of 1974, as
amended ("ERISA"),  or Section 4975 of the Code (or comparable provisions of any
subsequent  enactments),  and will not subject the  Trustee,  the Company or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company or the  Master  Servicer  or (B) the  prospective
Transferee shall be required to provide the Trustee,  the Company and the Master
Servicer  with a  certification  to the  effect  set forth in  paragraph  six of
Exhibit H (with  respect to any Class B  Certificate)  or paragraph  fourteen of
Exhibit  G-1 (with  respect to any Class R  Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
Transferee or the Person in whose name such registration is requested either (a)
is not an  employee  benefit  plan  or  other  plan  subject  to the  prohibited
transaction  provisions  of ERISA or  Section  4975 of the Code,  or any  Person
(including an  investment  manager,  a named  fiduciary or a trustee of any such
plan) who is using  "plan  assets" of any such plan to effect  such  acquisition
(each,  a "Plan  Investor") or (b) in the case of any Class B  Certificate,  the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such  Certificate (or interest
therein)  is  an  "insurance  company  general  account"  (as  defined  in  U.S.
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60, and
(iii) the  conditions  set forth in  Sections  I and III of PTCE 95-60 have been
satisfied  (each entity that satisfies  this clause (b), a "Complying  Insurance
Company").

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such Certificate (or interest

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<PAGE>

               therein) that either (a) such  Transferee is not a Plan Investor,
               (b) it has acquired and is holding such  Certificate  in reliance
               on Prohibited  Transaction  Exemption ("PTE") 94-29, 59 Fed. Reg.
               14674 (March 29,  1994),  as amended by PTE 97-34,  62 Fed.  Reg.
               39021  (July 21,  1997),  and PTE  2000-58,  65 Fed.  Reg.  67765
               (November   13,  2000)  (the  "RFC   Exemption"),   and  that  it
               understands that there are certain conditions to the availability
               of the RFC  Exemption  including  that such  Certificate  must be
               rated,  at the time of  purchase,  not lower than  "BBB-" (or its
               equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c) such
               Transferee is a Complying Insurance Company.

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

                             (B)   Any   purported   Certificate   Owner   whose
                      acquisition  or  holding  of any Class M  Certificate  (or
                      interest   therein)  was  effected  in  violation  of  the
                      restrictions  in this Section  5.02(e) shall indemnify and
                      hold  harmless  the  Company,   the  Trustee,  the  Master
                      Servicer,  any  Subservicer,  and the Trust  Fund from and
                      against any and all liabilities, claims, costs or expenses
                      incurred by such  parties as a result of such  acquisition
                      or holding.

        (f) (i) Each Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                             (A) Each Person  holding or acquiring any Ownership
                      Interest  in a Class R  Certificate  shall be a  Permitted
                      Transferee  and shall  promptly  notify the Trustee of any
                      change or  impending  change in its status as a  Permitted
                      Transferee.

                             (B) In connection with any proposed Transfer of any
                      Ownership  Interest in a Class R Certificate,  the Trustee
                      shall  require  delivery to it, and shall not register the
                      Transfer of any Class R Certificate  until its receipt of,
                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit G-1)
                      from the proposed Transferee, in form

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<PAGE>

                      and  substance   satisfactory  to  the  Master   Servicer,
                      representing and warranting,  among other things,  that it
                      is a Permitted  Transferee,  that it is not  acquiring its
                      Ownership  Interest in the Class R Certificate that is the
                      subject of the proposed Transfer as a nominee,  trustee or
                      agent for any  Person who is not a  Permitted  Transferee,
                      that for so long as it retains its Ownership Interest in a
                      Class  R  Certificate,   it  will  endeavor  to  remain  a
                      Permitted  Transferee,   and  that  it  has  reviewed  the
                      provisions of this Section  5.02(f) and agrees to be bound
                      by them,  and  (II) a  certificate,  in the form  attached
                      hereto as Exhibit G-2, from the Holder wishing to transfer
                      the   Class  R   Certificate,   in  form   and   substance
                      satisfactory  to the  Master  Servicer,  representing  and
                      warranting,  among  other  things,  that no purpose of the
                      proposed   Transfer  is  to  impede  the   assessment   or
                      collection of tax.

                             (C)  Notwithstanding  the  delivery  of a  Transfer
                      Affidavit  and  Agreement by a proposed  Transferee  under
                      clause (B) above, if a Responsible  Officer of the Trustee
                      who is assigned  to this  Agreement  has actual  knowledge
                      that  the   proposed   Transferee   is  not  a   Permitted
                      Transferee,  no  Transfer  of an  Ownership  Interest in a
                      Class R Certificate to such proposed  Transferee  shall be
                      effected.

                             (D) Each Person  holding or acquiring any Ownership
                      Interest  in a  Class R  Certificate  shall  agree  (x) to
                      require a Transfer  Affidavit and Agreement from any other
                      Person  to whom  such  Person  attempts  to  transfer  its
                      Ownership Interest in a Class R Certificate and (y) not to
                      transfer  its  Ownership  Interest  unless it  provides  a
                      certificate to the Trustee in the form attached  hereto as
                      Exhibit G-2.

                             (E) Each Person  holding or  acquiring an Ownership
                      Interest  in a  Class  R  Certificate,  by  purchasing  an
                      Ownership Interest in such Certificate, agrees to give the
                      Trustee written notice that it is a "pass-through interest
                      holder"   within  the   meaning  of   Temporary   Treasury
                      Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
                      acquiring an Ownership  Interest in a Class R Certificate,
                      if it is, or is holding an Ownership Interest in a Class R
                      Certificate  on  behalf  of,  a   "pass-through   interest
                      holder."

                      (ii) The Trustee will register the Transfer of any Class R
               Certificate only if it shall have received the Transfer Affidavit
               and  Agreement,  a  certificate  of the  Holder  requesting  such
               transfer  in the form  attached  hereto as Exhibit G-2 and all of
               such other  documents as shall have been  reasonably  required by
               the Trustee as a condition to such registration. Transfers of the
               Class  R   Certificates   to   Non-United   States   Persons  and
               Disqualified  Organizations (as defined in Section  860E(e)(5) of
               the Code) are prohibited.

                      (iii) (A) If any Disqualified  Organization shall become a
               holder  of  a  Class  R  Certificate,  then  the  last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive

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<PAGE>

               to the date of  registration  of such  Transfer  of such  Class R
               Certificate.  If a Non-United States Person shall become a holder
               of a Class R Certificate,  then the last preceding  United States
               Person shall be restored,  to the extent permitted by law, to all
               rights and obligations as Holder thereof  retroactive to the date
               of registration of such Transfer of such Class R Certificate.  If
               a transfer of a Class R Certificate  is  disregarded  pursuant to
               the  provisions  of  Treasury  Regulations  Section  1.860E-1  or
               Section 1.860G-3,  then the last preceding  Permitted  Transferee
               shall be restored,  to the extent permitted by law, to all rights
               and  obligations  as Holder  thereof  retroactive  to the date of
               registration  of such Transfer of such Class R  Certificate.  The
               Trustee  shall  be  under  no  liability  to any  Person  for any
               registration of Transfer of a Class R Certificate that is in fact
               not permitted by this Section  5.02(f) or for making any payments
               due on such  Certificate  to the holder thereof or for taking any
               other action with respect to such holder under the  provisions of
               this Agreement.

                             (B) If any  purported  Transferee  shall  become  a
                      Holder  of a  Class  R  Certificate  in  violation  of the
                      restrictions  in this  Section  5.02(f)  and to the extent
                      that the  retroactive  restoration  of the  rights  of the
                      Holder of such Class R Certificate  as described in clause
                      (iii)(A) above shall be invalid, illegal or unenforceable,
                      then the Master  Servicer  shall  have the right,  without
                      notice to the  holder or any prior  holder of such Class R
                      Certificate,  to  sell  such  Class  R  Certificate  to  a
                      purchaser selected by the Master Servicer on such terms as
                      the Master Servicer may choose. Such purported  Transferee
                      shall   promptly   endorse  and   deliver   each  Class  R
                      Certificate  in accordance  with the  instructions  of the
                      Master Servicer. Such purchaser may be the Master Servicer
                      itself  or any  Affiliate  of  the  Master  Servicer.  The
                      proceeds of such sale, net of the  commissions  (which may
                      include  commissions payable to the Master Servicer or its
                      Affiliates),  expenses  and  taxes  due,  if any,  will be
                      remitted  by  the  Master   Servicer  to  such   purported
                      Transferee.  The terms and  conditions  of any sale  under
                      this  clause  (iii)(B)  shall  be  determined  in the sole
                      discretion of the Master Servicer, and the Master Servicer
                      shall  not be  liable to any  Person  having an  Ownership
                      Interest  in a  Class R  Certificate  as a  result  of its
                      exercise of such discretion.

                      (iv) The Master Servicer, on behalf of the Trustee,  shall
               make  available,  upon  written  request  from the  Trustee,  all
               information  necessary to compute any tax imposed (A) as a result
               of the Transfer of an Ownership Interest in a Class R Certificate
               to any Person who is a Disqualified  Organization,  including the
               information   regarding  "excess  inclusions"  of  such  Class  R
               Certificates  required  to be provided  to the  Internal  Revenue
               Service and certain Persons as described in Treasury  Regulations
               Sections  1.860D-1(b)(5) and 1.860E-2(a)(5),  and (B) as a result
               of any  regulated  investment  company,  real  estate  investment
               trust,   common  trust  fund,   partnership,   trust,  estate  or
               organization  described in Section 1381 of the Code that holds an
               Ownership  Interest in a Class R Certificate  having as among its
               record  holders  at any time  any  Person  who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

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<PAGE>

                      (v) The provisions of this Section 5.02(f) set forth prior
               to this  clause  (v) may be  modified,  added  to or  eliminated,
               provided that there shall have been  delivered to the Trustee the
               following:

                             (A) written notification from each Rating Agency to
                      the  effect   that  the   modification,   addition  to  or
                      elimination of such  provisions will not cause such Rating
                      Agency to downgrade its then-current  ratings,  if any, of
                      any Class of the Senior,  Class M or Class B  Certificates
                      below the lower of the  then-current  rating or the rating
                      assigned to such  Certificates  as of the Closing  Date by
                      such Rating Agency; and

                             (B)  subject  to  Section  10.01(f),  an  Officers'
                      Certificate of the Master Servicer stating that the Master
                      Servicer has  received an Opinion of Counsel,  in form and
                      substance  satisfactory  to the  Master  Servicer,  to the
                      effect that such  modification,  addition to or absence of
                      such  provisions  will not cause any  portion of any REMIC
                      formed under the Series  Supplement to cease to qualify as
                      a REMIC and will not cause  (x) any  portion  of any REMIC
                      formed  under the  Series  Supplement  to be subject to an
                      entity-level  tax  caused by the  Transfer  of any Class R
                      Certificate   to  a   Person   that   is  a   Disqualified
                      Organization or (y) a Certificateholder  or another Person
                      to  be  subject  to a  REMIC-related  tax  caused  by  the
                      Transfer of a Class R Certificate  to a Person that is not
                      a Permitted Transferee.

        (g) No service  charge  shall be made for any  transfer  or  exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate issued pursuant to this Section

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<PAGE>

shall constitute  complete and  indefeasible  evidence of ownership in the Trust
Fund,  as if  originally  issued,  whether or not the lost,  stolen or destroyed
Certificate shall be found at any time.

        Section 5.04  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

        Section 5.05  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

          Section 6.01  Respective  Liabilities  of the  Company  and the Master
               Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

          Section 6.02  Merger or  Consolidation  of the  Company  or the Master
               Servicer; Assignment of Rights and Delegation of Duties by Master
               Servicer.

        (a) The  Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

        (b) Any Person  into which the  Company  or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
Fannie Mae or Freddie  Mac;  and  provided  further  that each  Rating  Agency's
ratings,  if any,  of the  Senior,  Class M or Class B  Certificates  in  effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

        (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this Agreement;  provided that the Person accepting
such  assignment or  delegation  shall be a Person which is qualified to service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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<PAGE>

rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

          Section 6.03  Limitation  on  Liability  of the  Company,  the  Master
               Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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        Section 6.04  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

                                   ARTICLE VII

                                     DEFAULT

        Section 7.01  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall 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) the Master  Servicer shall fail to distribute or cause
               to be distributed to the Holders of Certificates of any Class any
               distribution   required  to  be  made  under  the  terms  of  the
               Certificates  of such  Class and this  Agreement  and,  in either
               case,  such failure shall  continue  unremedied for a period of 5
               days after the date upon which  written  notice of such  failure,
               requiring  such failure to be remedied,  shall have been given to
               the  Master  Servicer  by the  Trustee  or the  Company or to the
               Master  Servicer,  the  Company and the Trustee by the Holders of
               Certificates  of  such  Class  evidencing   Percentage  Interests
               aggregating not less than 25%; or

                      (ii) the Master  Servicer shall fail to observe or perform
               in any material  respect any other of the covenants or agreements
               on the part of the Master Servicer  contained in the Certificates
               of any Class or in this Agreement and such failure shall continue
               unremedied  for a period of 30 days  (except  that such number of
               days shall be 15 in the case of a failure to pay the  premium for
               any Required  Insurance  Policy)  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  Trustee or the
               Company,  or to the Master Servicer,  the Company and the Trustee
               by the Holders of  Certificates of any Class  evidencing,  in the
               case of any such Class, Percentage Interests aggregating not less
               than 25%; or

                      (iii)  a  decree   or  order  of  a  court  or  agency  or
               supervisory  authority having  jurisdiction in the premises in an
               involuntary  case under any  present  or future  federal or state
               bankruptcy, insolvency or similar law or appointing 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,

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               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

                      (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,  or
               similar  proceedings  of, or relating to, the Master  Servicer or
               of, or relating to, all or  substantially  all of the property of
               the Master Servicer; or

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

                      (vi) the Master Servicer shall notify the Trustee pursuant
               to  Section   4.04(b)  that  it  is  unable  to  deposit  in  the
               Certificate Account an amount equal to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  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 Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  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
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

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        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

        Section 7.02  Trustee or Company to Act; Appointment of Successor.

        (a) On and  after  the time the  Master  Servicer  receives  a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate  Account.  If the Trustee
has become the successor to the Master  Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling 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,  which  is  also a  Fannie  Mae- or  Freddie  Mac-approved
mortgage servicing institution,  having a net worth of not less than $10,000,000
as the successor to the Master  Servicer  hereunder in the  assumption of all or
any part of the  responsibilities,  duties or liabilities of the Master Servicer
hereunder.  Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become  successor to the Master Servicer and shall act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the Trustee may make such arrangements for the compensation of such
successor  out of  payments  on Mortgage  Loans as it and such  successor  shall
agree;  provided,  however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder.  The Company,  the Trustee, the
Custodian  and such  successor  shall  take such  action,  consistent  with this
Agreement,  as  shall be  necessary  to  effectuate  any  such  succession.  The
Servicing  Fee for any  successor  Master  Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the

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successor  Master  Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

        Section 7.03  Notification to Certificateholders.

        (a) Upon any such  termination  or  appointment  of a  successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

        (b) Within 60 days after the  occurrence  of any Event of  Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

        Section 7.04  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

        Section 8.01  Duties of Trustee.

        (a) The  Trustee,  prior to the  occurrence  of an Event of Default  and
after the  curing or waiver of all Events of  Default  which may have  occurred,
undertakes to perform such duties and only such duties as are  specifically  set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived),  the Trustee shall exercise such of the rights and powers
vested  in it by this  Agreement,  and use the same  degree of care and skill in
their  exercise  as  a  prudent   investor  would  exercise  or  use  under  the
circumstances in the conduct of such investor's own affairs.

        (b)  The  Trustee,  upon  receipt  of  all  resolutions,   certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

        (c) No  provision  of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                      (i) Prior to the  occurrence  of an Event of Default,  and
               after the curing or waiver of all such  Events of  Default  which
               may have  occurred,  the duties and  obligations  of the  Trustee
               shall be  determined  solely by the  express  provisions  of this
               Agreement,  the  Trustee  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 Trustee and, in the
               absence of bad faith on the part of the Trustee,  the Trustee 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 Trustee by the Company
               or the

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               Master  Servicer and which on their face, do not  contradict  the
               requirements of this Agreement;

                      (ii) The  Trustee  shall not be  personally  liable for an
               error of judgment made in good faith by a Responsible  Officer or
               Responsible  Officers of the  Trustee,  unless it shall be proved
               that the Trustee was  negligent  in  ascertaining  the  pertinent
               facts;

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

                      (iv) The Trustee  shall not be charged  with  knowledge of
               any  default  (other  than a default in  payment to the  Trustee)
               specified  in clauses (i) and (ii) of Section 7.01 or an Event of
               Default under clauses (iii),  (iv) and (v) of Section 7.01 unless
               a Responsible  Officer of the Trustee  assigned to and working in
               the  Corporate  Trust  Office  obtains  actual  knowledge of such
               failure or event or the Trustee  receives  written notice of such
               failure or event at its  Corporate  Trust  Office from the Master
               Servicer, the Company or any Certificateholder; and

                      (v) Except to the extent  provided  in  Section  7.02,  no
               provision in this  Agreement  shall require the Trustee to expend
               or risk its own funds (including,  without limitation, the making
               of  any  Advance)  or  otherwise  incur  any  personal  financial
               liability  in the  performance  of any of its  duties as  Trustee
               hereunder,  or in the exercise of any of its rights or powers, if
               the Trustee  shall have  reasonable  grounds for  believing  that
               repayment  of funds or adequate  indemnity  against  such risk or
               liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02  Certain Matters Affecting the Trustee.

        (a)    Except as otherwise provided in Section 8.01:

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

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

                      (iii) The Trustee shall be under no obligation to exercise
               any of the trusts or powers vested in it by this  Agreement or to
               institute,  conduct  or defend  any  litigation  hereunder  or in
               relation hereto at the request,  order or direction of any of the
               Certificateholders, pursuant to the provisions of this Agreement,
               unless such Certificateholders  shall have offered to the Trustee
               reasonable security or indemnity against the costs,  expenses and
               liabilities  which may be incurred  therein or  thereby;  nothing
               contained  herein  shall,  however,  relieve  the  Trustee of the
               obligation, upon the occurrence of an Event of Default (which has
               not been cured or  waived),  to  exercise  such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their  exercise as a prudent  investor would
               exercise  or use under the  circumstances  in the conduct of such
               investor's own affairs;

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

                      (v)  Prior  to  the  occurrence  of an  Event  of  Default
               hereunder and after the curing or waiver of all Events of Default
               which may have  occurred,  the Trustee shall not be bound to make
               any  investigation  into  the  facts  or  matters  stated  in any
               resolution,  certificate, statement, instrument, opinion, report,
               notice, request, consent, order, approval, bond or other paper or
               document,  unless  requested  in  writing  so to do by Holders of
               Certificates  of  any  Class   evidencing,   as  to  such  Class,
               Percentage  Interests,  aggregating not less than 50%;  provided,
               however,  that if the  payment  within a  reasonable  time to the
               Trustee  of the  costs,  expenses  or  liabilities  likely  to be
               incurred  by it in the  making of such  investigation  is, in the
               opinion of the Trustee,  not reasonably assured to the Trustee by
               the security  afforded to it by the terms of this Agreement,  the
               Trustee may require reasonable  indemnity against such expense or
               liability as a condition to so proceeding. The reasonable expense
               of every such  examination  shall be paid by the Master Servicer,
               if an Event of Default shall have occurred and is continuing, and
               otherwise by the Certificateholder requesting the investigation;

                      (vi) The  Trustee  may execute any of the trusts or powers
               hereunder or perform any duties  hereunder  either directly or by
               or through agents or attorneys; and

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                      (vii)  To the  extent  authorized  under  the Code and the
               regulations  promulgated  thereunder,  each  Holder  of a Class R
               Certificate  hereby  irrevocably   appoints  and  authorizes  the
               Trustee to be its  attorney-in-fact  for  purposes of signing any
               Tax Returns required to be filed on behalf of the Trust Fund. The
               Trustee shall sign on behalf of the Trust Fund and deliver to the
               Master Servicer in a timely manner any Tax Returns prepared by or
               on behalf of the Master  Servicer that the Trustee is required to
               sign as determined by the Master Servicer  pursuant to applicable
               federal,  state or  local  tax  laws,  provided  that the  Master
               Servicer  shall  indemnify  the  Trustee for signing any such Tax
               Returns that contain errors or omissions.

        (b)  Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect  that such  contribution  will not (i) cause any portion of any REMIC
formed  under the  Series  Supplement  to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited  transactions"  imposed under Section  860F(a) of
the Code).

        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

        Section 8.04  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

          Section 8.05  Master  Servicer  to Pay  Trustee's  Fees and  Expenses;
               Indemnification.

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and

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any  co-trustee,  and the Master  Servicer will pay or reimburse the Trustee and
any  co-trustee  upon request for all  reasonable  expenses,  disbursements  and
advances  incurred or made by the Trustee or any  co-trustee in accordance  with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly  in its  employ,  and the  expenses  incurred  by the  Trustee  or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

                      (i) with respect to any such claim, the Trustee shall have
               given the Master Servicer  written notice thereof  promptly after
               the Trustee shall have actual knowledge thereof;

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

                      (iii)  notwithstanding  anything in this  Agreement to the
               contrary,  the Master Servicer shall not be liable for settlement
               of any  claim by the  Trustee  entered  into  without  the  prior
               consent  of  the  Master  Servicer  which  consent  shall  not be
               unreasonably withheld.

        No termination of this Agreement shall affect the obligations created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

        Section 8.06  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined

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capital  and  surplus as set forth in its most  recent  report of  condition  so
published.  In case at any time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

        Section 8.07 Resignation and Removal of the Trustee.

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

        (b) If at any time the Trustee  shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

        (c) The Holders of  Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (d) Any  resignation  or removal of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

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        Section 8.08  Successor Trustee.

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

        (b) No successor  trustee shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

        (c) Upon acceptance of appointment by a successor trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

        Section 8.09  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10 Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section

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8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (b) In the case of any  appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

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

        (d) Any separate trustee or co-trustee may, at any time,  constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  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
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

        Section 8.11  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the

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Certificateholders of the appointment of any Custodian (other than the Custodian
appointed as of the Closing Date) pursuant to this Section 8.11.

        Section 8.12  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

        Section       9.01  Optional  Purchase  by the  Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer or Liquidation of All Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust created hereby  continue  beyond
               the expiration of 21 years from the death of the last survivor of
               the descendants of Joseph P. Kennedy,  the late ambassador of the
               United  States  to the  Court of St.  James,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC.

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<PAGE>

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by the Master  Servicer,  the Master  Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the certification  required by Section 3.15 and the
Trustee and any  Custodian  shall,  promptly  following  payment of the purchase
price,  release to the Master  Servicer the  Mortgage  Files  pertaining  to the
Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) The Master  Servicer  shall give the  Trustee not less than 60 days'
prior notice of the Distribution  Date on which the Master Servicer  anticipates
that the final  distribution  will be made to  Certificateholders  (whether as a
result of the  exercise  by the Master  Servicer  of its right to  purchase  the
assets  of the  Trust  Fund  or  otherwise)  or on  which  the  Master  Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates).  Notice of any
termination,  specifying the anticipated Final Distribution Date (which shall be
a  date  that  would   otherwise  be  a   Distribution   Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation  or  notice  of  any  purchase  of  the  outstanding  Certificates,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment,  shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the  outstanding  Certificates),  or by the Trustee (in any other
case) by letter to the  Certificateholders  mailed not earlier than the 15th day
and not later  than the 25th day of the month next  preceding  the month of such
final distribution specifying:

                      (i) the  anticipated  Final  Distribution  Date upon which
               final payment of the  Certificates is anticipated to be made upon
               presentation  and  surrender  of  Certificates  at the  office or
               agency of the Trustee  therein  designated or, in the case of the
               purchase by the Master Servicer of the outstanding  Certificates,
               the Distribution Date on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and

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                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution  Date  is not  applicable,  and in the  case  of the
               Senior  Certificates and Class M Certificates,  that payment will
               be made only upon  presentation and surrender of the Certificates
               at the office or agency of the Trustee therein specified.

        If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the case of the  Senior,  Class M or Class B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have

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<PAGE>

been surrendered for cancellation,  the Trustee shall pay to the Master Servicer
all amounts  distributable  to the holders thereof and the Master Servicer shall
thereafter  hold such amounts until  distributed  to such  Holders.  No interest
shall  accrue or be payable to any  Certificateholder  on any amount held in the
escrow account or by the Master Servicer as a result of such Certificateholder's
failure to surrender its  Certificate(s) for final payment thereof in accordance
with this Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the  failure of each such REMIC to comply with the  requirements
of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited  transactions," as described in Section 860F of the Code, or (ii)
cause  any  such  REMIC  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding:

                      (i)  The  Master   Servicer   shall   establish  a  90-day
               liquidation  period for each such REMIC and specify the first day
               of such period in a statement  attached to the Trust Fund's final
               Tax Return pursuant to Treasury regulations Section 1.860F-1. The
               Master  Servicer also shall satisfy all of the  requirements of a
               qualified  liquidation for a REMIC under Section 860F of the Code
               and regulations thereunder;

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                      (ii) The Master  Servicer  shall notify the Trustee at the
               commencement of such 90-day  liquidation  period and, at or prior
               to the time of making of the final  payment on the  Certificates,
               the  Trustee  shall  sell  or  otherwise  dispose  of  all of the
               remaining  assets of the Trust Fund in accordance  with the terms
               hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
               its right to purchase  the assets of the Trust  Fund,  the Master
               Servicer shall,  during the 90-day  liquidation  period and at or
               prior to the Final Distribution Date,  purchase all of the assets
               of the Trust Fund for cash.

        (b) Each  Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete  liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.

        Section 9.03 Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.

        (a) The REMIC  Administrator  shall make an  election to treat the Trust
Fund as one or more REMICs under the Code and, if  necessary,  under  applicable
state  law.  The  assets of each  such  REMIC  will be set  forth in the  Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax

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matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a
Class R Certificate  such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set forth herein as shall be necessary
or  desirable  to  maintain  the status of each REMIC as a REMIC under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d)

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of the Code) (either such event,  in the absence of an Opinion of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such reimbursement the aggregate of such taxes shall be

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allocated  in  reduction  of the  Accrued  Certificate  Interest  on each  Class
entitled  thereto in the same manner as if such taxes  constituted  a Prepayment
Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (k)  Solely  for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the
Treasury  Regulations,   the  "latest  possible  maturity  date"  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only  Certificates)  representing a regular  interest in the applicable
REMIC and the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC
Regular  Interest  (other  than  each  Uncertificated   REMIC  Regular  Interest
represented by a Class A-V  Certificate,  if any) and the rights to the Interest
Only Certificates and Uncertificated  REMIC Regular Interest  represented by any
Class A-V  Certificate  would be reduced to zero is the  Maturity  Date for each
such Certificate and Interest.

        (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare  and file with the  Internal  Revenue  Service  Form 8811,  "Information
Return for Real  Estate  Mortgage  Investment  Conduits  (REMIC)  and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify the Trust Fund against such tax, cause such REMIC

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to be subject to a tax on "prohibited  transactions" or "contributions" pursuant
to the REMIC Provisions.

          Section  10.02  Master  Servicer,   REMIC  Administrator  and  Trustee
               Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC  Administrator  and the  Trustee  for any taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

        Section 10.03 Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i)    to cure any ambiguity,

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                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

                      (vi) to make any other  provisions with respect to matters
               or  questions  arising  under this  Agreement  or such  Custodial
               Agreement  which shall not be  materially  inconsistent  with the
               provisions  of this  Agreement,  provided  that such action shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any Certificateholder, or

                    (vii) to amend any  provision  herein or therein that is not
               material to any of the Certificateholders.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates

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evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each  Class of  Certificates  affected  thereby  for the  purpose  of adding any
provisions to or changing in any manner or eliminating  any of the provisions of
this  Agreement  or such  Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

                      (i)  reduce  in any  manner  the  amount  of, or delay the
               timing of,  payments  which are required to be distributed on any
               Certificate   without   the   consent   of  the  Holder  of  such
               Certificate,

                      (ii) reduce the aforesaid  percentage of  Certificates  of
               any Class the  Holders  of which are  required  to consent to any
               such  amendment,  in any such case  without  the  consent  of the
               Holders of all Certificates of such Class then outstanding.

        (c)  Notwithstanding  any  contrary  provision  of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 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  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside  reserve fund and not an asset of the Trust Fund,  (ii) any such reserve
fund shall be owned by the Company,  and (iii) amounts  transferred by the Trust
Fund to any such  reserve  fund shall be treated as amounts  distributed  by the
Trust Fund to the Company or any  successor,  all within the meaning of Treasury
Regulations  Section  1.860G-2(h)  as  it  reads  as of  the  Cut-off  Date.  In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified,  added to, deleted or otherwise amended in
any manner  that is  related or  incidental  to such  instrument  or fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any

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Certificateholder  and without the consent of the Master Servicer or the Trustee
being required unless any such amendment would impose any additional  obligation
on,   or   otherwise    adversely   affect   the   interests   of   the   Senior
Certificateholders,  the Class M Certificateholders,  the Master Servicer or the
Trustee,  as applicable;  provided that the Company obtains  (subject to Section
10.01(f))  an Opinion of Counsel  (which  need not be an opinion of  Independent
counsel)  to the effect that any such  amendment  will not cause (a) any federal
tax to be imposed on the Trust Fund,  including without limitation,  any federal
tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or
on "contributions  after the startup date" under Section  860G(d)(1) of the Code
and (b) any REMIC  created  hereunder  to fail to qualify as a REMIC at any time
that any  Certificate  is  outstanding.  In the event that the Company elects to
provide  such  coverage  in the form of a limited  guaranty  provided by General
Motors  Acceptance  Corporation,  the  Company  may elect  that the text of such
amendment to this Agreement shall be  substantially  in the form attached hereto
as Exhibit K (in which case Residential Funding's  Subordinate  Certificate Loss
Obligation  as described in such exhibit  shall be  established  by  Residential
Funding's  consent to such  amendment)  and that the limited  guaranty  shall be
executed  in the form  attached  hereto as Exhibit  K, with such  changes as the
Company shall deem to be appropriate;  it being  understood that the Trustee has
reviewed and approved the content of such forms and that the  Trustee's  consent
or approval to the use thereof is not required.

        Section 11.02 Recordation of Agreement; Counterparts.

        (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all  appropriate  public offices for real property  records in
all the counties or other  comparable  jurisdictions  in which any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

        (b) For the purpose of facilitating the recordation of this Agreement as
herein  provided  and  for  other  purposes,  this  Agreement  may  be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

        Section 11.03 Limitation on Rights of Certificateholders.

        (a) The death or incapacity of any  Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

        (b) No  Certificateholder  shall  have  any  right  to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or

                                             102

<PAGE>

members  of an  association;  nor  shall  any  Certificateholder  be  under  any
liability  to any third  person by reason of any action  taken by the parties to
this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue of any provision
of this  Agreement to institute  any suit,  action or proceeding in equity or at
law  upon or  under  or with  respect  to this  Agreement,  unless  such  Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee  hereunder  and  shall  have  offered  to the  Trustee  such  reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

        Section 11.05 Notices.

        As provided in Section 11.05 of the Series Supplement.

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

        (a)    a material change or amendment to this Agreement,

        (b)    the occurrence of an Event of Default,

                                             103

<PAGE>

     (c) the  termination  or  appointment  of a  successor  Master  Servicer or
Trustee or a change in the majority ownership of the Trustee,

        (d) the filing of any claim under the Master Servicer's blanket fidelity
bond and the errors and omissions  insurance  policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,

     (e) the statement  required to be delivered to the Holders of each Class of
Certificates pursuant to Section 4.03,

     (f) the statements  required to be delivered  pursuant to Sections 3.18 and
3.19,

     (g) a change in the location of the  Custodial  Account or the  Certificate
Account,

        (h) the  occurrence of any monthly cash flow shortfall to the Holders of
any Class of  Certificates  resulting from the failure by the Master Servicer to
make an Advance pursuant to Section 4.04,

        (i)    the occurrence of the Final Distribution Date, and

        (j)    the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

        Section 11.07 Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

        Section 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective interests would not be materially adversely affected

                                             104

<PAGE>

thereby. To the extent that the terms of the Supplemental  Article do not in any
way  affect  any  provisions  of this  Agreement  as to any of the  Certificates
initially issued hereunder,  the adoption of the Supplemental  Article shall not
constitute an "amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

                                             105

<PAGE>

<PAGE>Q3 2001 Exhbit 10.1

                                                 Exhibit 10.1

AGREEMENT AND PLAN OF REORGANIZATION

BY AND AMONG

CELL GENESYS, INC.

SATELLITE ACQUISITION CORPORATION

CALYDON, INC.

AND WITH RESPECT TO ARTICLES VII and IX ONLY

KENNETH SOCHA

AS SHAREHOLDER REPRESENTATIVE

AND

CHASE MANHATTAN BANK AND TRUST

COMPANY, NATIONAL ASSOCIATION

AS ESCROW AGENT

 

Dated as of August 1, 2001

 

INDEX OF EXHIBITS AND SCHEDULES

	
Exhibit

	
Description

	

Exhibit A

	

Form of Voting Agreement

	

Exhibit B-1

	

Non-Competition Agreement

	

Exhibit B-2

	

Non-Solicitation Agreement

	

Exhibit C

	

Investment Representation Certificate

	

Exhibit D

	

Declaration of Registration Rights

	

Exhibit E

	

Sixth Amended and Restated Articles of Incorporation

	

Exhibit F

	

Surviving Corporation Articles of Incorporation

	

Exhibit G

	

Form of Warrant and Promissory Note Cancellation  Agreement

	

Exhibit H

	

Form of Warrant Cancellation Agreement

	

Exhibit I

	

Form of Amendment to the Management Plan

	

Exhibit J

	

Form of Amendment to Severance Plan

	

Exhibit K

	

Form of Indemnification Agreement

	
Schedule

	
Description

	

Schedule 6.2(d)

	

Consents, Waivers, Approvals and Assignments

TABLE OF CONTENTS

	
Page

	
 

	
ARTICLE I THE MERGER*

1.1The Merger*

1.2Effective Time*

1.3Effect of the Merger*

1.4Articles of Incorporation and Bylaws
*

1.5Directors and Officers*

1.6Effect of Merger on the Capital Stock of the Constituent
Corporations*

1.7Surrender of Stock Certificates*

1.8No Further Ownership Rights in Company Common and Preferred
Stock*

1.9Lost, Stolen or Destroyed Stock Certificates
*

1.10Accounting and Tax Treatment*

1.11Definitions*

1.12Taking of Necessary Action; Further Action
*

ARTICLE II REPRESENTATIONS AND WARRANTIES OF THE COMPANY
*
2.1Organization of the Company*

2.2Company Capital Structure*

2.3Authority*

2.4No Conflict*

2.5Consents*

2.6Company Financial Statements*

2.7No Undisclosed Liabilities*

2.8No Changes*

2.9Tax Matters*

2.10Restrictions on Business Activities
*

2.11Title of Properties; Absence of Liens and Encumbrances; Condition of
Equipment*

2.12Intellectual Property*

2.13Agreements, Contracts and Commitments
*

2.14Interested Party Transactions*

2.15Governmental Authorization*

2.16Litigation*

2.17Minute Books*

2.18Brokers' and Finders' Fees; Third Party Expenses
*

2.19Employee Benefit Plan and Compensation
*

2.20Insurance*

2.21Compliance with Laws*

2.22Shareholder Loans*

2.23Environmental Matters*

ARTICLE III REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB
*
3.1Organization, Standing and Power*

3.2Authority*

3.3Parent Common Stock*

3.4SEC Reports; Financial Statements
*

3.5No Undisclosed Liabilities*

3.6No Changes*

3.7Parent Capital Structure*

ARTICLE IV CONDUCT PRIOR TO THE EFFECTIVE TIME
*
4.1Conduct of Business of the Company
*

4.2No Solicitation*

ARTICLE V ADDITIONAL AGREEMENTS*
5.1Registration Exemption and Shareholder Approval
*

5.2Access to Information*

5.3Confidentiality*

5.4Expenses*

5.5Public Disclosure*

5.6Consents*

5.7Reasonable Efforts*

5.8Notification of Certain Matters*

5.9Additional Documents and Further Assurances
*

5.10Registration Statement on Form S-3
*

5.11Statement of Expenses*

5.12Termination of Severance Plans*

5.13Termination of Company 401(k) Plans
*

5.14Statement of Indebtedness*

5.15Credit for Service*

5.16Indemnification of Directors and Officers
*

5.17Option Covenant*

5.18The Management Plan*

5.19The Severance Plan*

5.20S-8 Registration*

ARTICLE VI CONDITIONS TO THE MERGER
*
6.1Conditions to Obligations of Each Party to Effect the Merger
*

6.2Conditions to the Obligations of Parent and Merger Sub
*

6.3Conditions to Obligations of the Company
*

ARTICLE VII SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ESCROW
*
7.1Survival of Representations, Warranties and Covenants
*

7.2Indemnification*

7.3Escrow Arrangements*

7.4Shareholder Representative*

7.5Maximum Payments; Remedy*

ARTICLE VIII TERMINATION, AMENDMENT AND WAIVER
*
8.1Termination*

8.2Effect of Termination*

8.3Amendment*

8.4Extension; Waiver*

ARTICLE IX GENERAL PROVISIONS*
9.1Notices*

9.2Interpretation*

9.3Counterparts*

9.4Entire Agreement; Assignment*

9.5Severability*

9.6Other Remedies*

9.7Governing Law*

9.8Rules of Construction*

9.9Attorneys' Fees*

9.10Time of Essence*

9.11Third Party Beneficiaries*

THIS AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made
and entered into as of August 1, 2001 by and among Cell Genesys, Inc., a
Delaware corporation ("Parent"), Satellite Acquisition Corporation, a
Delaware corporation and a wholly owned subsidiary of Parent ("Merger
Sub"), Calydon, Inc., a California corporation (the "Company"), and
with respect to Article VII, Article VIII and
Article IX hereof, Kenneth Socha (the "Shareholder
Representative") and Chase Manhattan Bank and Trust Company, National
Association, as Escrow Agent (the "Escrow Agent").

RECITALS

	The Boards of Directors of each of Parent, Merger Sub and the Company
believe it is in the best interests of each company and its respective
shareholders that Parent acquire the Company through the statutory merger of
Merger Sub with and into the Company (the "Merger") in accordance with
the terms and provisions of this Agreement and, in furtherance thereof, have
approved the Merger.
	Pursuant to the Merger, among other things, all of the issued and
outstanding Company Capital Stock shall be converted into the right to receive
the consideration set forth herein.
	A portion of the consideration otherwise payable by Parent in connection
with the Merger shall be placed in escrow by Parent as security for the
indemnification obligations set forth in this Agreement.
	Concurrent with the execution and delivery of this Agreement, as a material
inducement to Parent and Merger Sub to enter into this Agreement, certain
shareholders of the Company holding a sufficient number of shares of Common
Stock and Preferred Stock to approve the principal terms of the Merger and amend
the Company's Articles of Incorporation are entering into Voting Agreements, in
the form attached hereto as Exhibit A (the "Voting
Agreements"), with Parent and delivering Investment Representation
Certificates.
	Concurrent with the execution and delivery of this Agreement, as a material
inducement to Parent and Merger Sub to enter into this Agreement, certain
employees of the Company are entering into Non-Competition and Non-Solicitation
Agreements in the form attached hereto as Exhibit B-1 (the "Non-Competition
Agreements") and Non-Solicitation Agreements in the form
attached hereto as Exhibit B-2 (the "Non-Solicitation
Agreements.)
	Concurrent with the execution and delivery of this Agreement, as a material
inducement to Parent and Merger Sub to enter into this Agreement, Perseus
Capital L.L.C. shall have consented to the transactions contemplated hereby as
required under the Company's Bridge Loan Agreement dated as of March 30, 2001 by
and among Company, Perseus 2000, L.L.C., Perseus Capital, L.L.C. and the Other
Lenders (as defined therein) (the "Bridge Loan").
	Concurrent with the execution and delivery of this Agreement, as a material
inducement to Parent and Merger Sub to enter into this Agreement, (1) holders of
Company Warrants issued pursuant to the Bridge Loan ("Bridge Warrants")
and promissory notes issued pursuant to the Bridge Loan ("Bridge Notes")
are each entering into an agreement to cancel the Bridge Notes and Bridge
Warrants they hold in the form attached hereto as Exhibit G (the
"Warrant and Promissory Note Cancellation Agreements") and delivering an
Investment Representation Certificate and (2) Lease Management Services, Inc. is
entering into an agreement to waive the notice provisions relating to the Merger
in the Company Warrants it holds and cancel such Company Warrants in the form
attached hereto as Exhibit H (the "Warrant Cancellation
Agreements").
	Concurrent with the execution and delivery of this Agreement, as a material
inducement to Parent and Merger Sub to enter into this Agreement, the
beneficiaries of the Management Plan are each entering into an Amendment to the
Management Plan and an Amendment to Severance Plan in the form attached hereto
as Exhibit J and Exhibit K, respectively (the
"Amendment to the Management Plan" and the "Amendment to the Severance
Plan," respectively) and delivering Investment Representation
Certificates.

NOW, THEREFORE, in consideration of the mutual agreements, covenants and
other promises set forth herein, the mutual benefits to be gained by the
performance thereof, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged and accepted, the parties
hereby agree as follows:

 

ARTICLE I

THE MERGER

	The Merger.  At the
Effective Time (as defined in Section 1.2 hereof) and subject to and
upon the terms and conditions of this Agreement and the applicable provisions of
the California Business Corporations Code ("California Law") and the
Delaware General Corporation Law ("Delaware Law"), Merger Sub shall be
merged with and into the Company, the separate corporate existence of Merger Sub
shall cease and the Company shall continue as the surviving corporation and as a
wholly owned subsidiary of Parent. The surviving corporation after the Merger is
sometimes referred to hereinafter as the "Surviving Corporation."
	Effective Time.  Unless this
Agreement is earlier terminated pursuant to Section 8.1 hereof, the
closing of the Merger (the "Closing") will take place as promptly as
practicable after the execution and delivery hereof by the parties hereto, but
no later than five (5) business days following satisfaction or waiver of
the conditions set forth in Article VI hereof, at the offices of
Wilson Sonsini Goodrich & Rosati, Professional Corporation, Spear
Street Tower, One Market, San Francisco, California, 94105, unless another
time and/or place is mutually agreed upon in writing by Parent and the Company.
The date upon which the Closing actually occurs shall be referred to herein as
the "Closing Date." On the Closing Date, the parties hereto shall cause
the Merger to be consummated by filing an Agreement of Merger with the Secretary
of State of the State of California (the "Agreement of Merger") and a
Certificate of Merger with the Secretary of State of the State of Delaware (the
"Certificate of Merger"), in accordance with the applicable provisions of
California Law and Delaware Law (the time of acceptance by the Secretary of
State of the State of Delaware of such filing, or such later time as may be
specified in the Certificate of Merger, shall be referred to herein as the
"Effective Time").
	Effect of the Merger.  At the
Effective Time, the effect of the Merger shall be as provided by the applicable
provisions of Delaware Law and California Law. Without limiting the generality
of the foregoing, and subject thereto, at the Effective Time, except as
otherwise agreed to pursuant to the terms of this Agreement, all the property,
rights, privileges, powers and franchises of the Company and Merger Sub shall
vest in the Surviving Corporation, and all debts, liabilities and duties of the
Company and Merger Sub shall become the debts, liabilities and duties of the
Surviving Corporation.
	Articles of Incorporation and
Bylaws.  

	Unless otherwise determined by Parent prior to the Effective Time, the
articles of incorporation in the form attached as Exhibit F shall be the
articles of incorporation of the Surviving Corporation at the Effective Time
until thereafter amended in accordance with California Law and as provided in
such articles of incorporation.
	Unless otherwise determined by Parent prior to the Effective Time, the
bylaws of Merger Sub, as in effect immediately prior to the Effective Time,
shall be the bylaws of the Surviving Corporation at the Effective Time until
thereafter amended in accordance with California Law and as provided in the
articles of incorporation of the Surviving Corporation and such
bylaws.

	Directors and Officers.  

	Unless otherwise determined by Parent prior to the Effective Time, the
directors of Merger Sub immediately prior to the Effective Time shall be the
directors of the Surviving Corporation immediately after the Effective Time,
each to hold the office of a director of the Surviving Corporation in accordance
with the provisions of California Law and the articles of incorporation and
bylaws of the Surviving Corporation until their successors are duly elected and
qualified. 
	Unless otherwise determined by Parent prior to the Effective Time, the
officers of Merger Sub immediately prior to the Effective Time shall be the
officers of the Surviving Corporation immediately after the Effective Time, each
to hold office in accordance with the provisions of the bylaws of the Surviving
Corporation.

	Effect of Merger on the Capital Stock of the
Constituent Corporations.  

	Conversion of Company Capital Stock. At the Effective Time, each
outstanding share of the Company Common and Preferred Stock (other than any
Dissenting Shares and any shares of Company Capital Stock cancelled pursuant to
Section 1.6(f) below) will be canceled and extinguished and converted
automatically into the right to receive such number of shares of fully paid and
non assessable Parent Common Stock equal to the Exchange Ratio, upon the terms
and subject to conditions set forth in this Section 1.6 and
throughout this Agreement, including, without limitation, the escrow provisions
set forth in Article VII hereof.

	Company Options. No options to purchase Common Stock will be assumed
in connection with the Merger. Pursuant to Section 12(c) of the Plan,
effective as of the Effective Time, the Plan and each outstanding option to
purchase Common Stock issued thereunder shall terminate. 

	Withholding Taxes. Any consideration payable to any Shareholder or
holder of Bridge Notes pursuant to this Section 1.6 shall be subject
to, and reduced by a number of shares of Parent Common Stock equal to the
quotient obtained by dividing the amount of any state, federal and foreign
withholding taxes incurred (and not previously paid by or on behalf of such
Shareholder) in connection with the acquisition of Company common or preferred
stock, conversion of accrued interest due under or otherwise in connection with
the Bridge Notes, upon the exercise of Company Options, upon the lapsing of
repurchase rights in respect of shares of Company Common or Preferred Stock, or
upon payment of a bonus in the form of Company Common or Preferred Stock, if
any, to such Shareholder, by the Trading Price.

	Capital Stock of Merger Sub. Each share of common stock of Merger Sub
issued and outstanding immediately prior to the Effective Time shall be
converted into and exchanged for one validly issued, fully paid and
nonassessable share of common stock of the Surviving Corporation. Each stock
certificate of Merger Sub evidencing ownership of any such shares shall evidence
ownership of such share of common stock of the Surviving Corporation.

	Fractional Shares. No fraction of a share of Parent Common Stock will
be issued, but in lieu thereof, each holder of shares of Company Preferred Stock
or Bridge Notes or a beneficiary under the Amendment to the Management Plan or
Amendment to the Severance Plan who would otherwise be entitled to a fraction of
a share of Parent Common Stock (after aggregating all fractional shares of
Parent Common Stock to be received by such holder) shall be entitled to receive
from Parent an amount of cash (rounded to the nearest whole cent) equal to the
product of (i) such fraction, multiplied by (ii) the Trading
Price.

	Cancellation of Company Capital Stock Owned by Company. At the
Effective Time, all shares of Company Capital Stock that are owned by Company as
treasury stock shall be canceled and extinguished without any conversion
thereof.

	Adjustments to Exchange Ratio. Parent, Merger Sub and the Company
hereby acknowledge and agree that the Exchange Ratio has been determined based
upon the representations and warranties of the Company set forth in Section
2.2 hereof and upon Section 6.2(f)(iii) hereof. Accordingly, (i)
in the event that the representations and warranties of the Company set forth in
Section 2.2 hereof shall be determined to be inaccurate in any
respect prior to the Effective Time, the Exchange Ratio shall be appropriately
adjusted such that the aggregate number of shares of Parent Common Stock
issuable pursuant to the Merger shall not exceed the aggregate number of shares
of Parent Common Stock that otherwise would have been issuable pursuant the
Merger had such representations and warranties been accurate and (ii) in the
event that consideration to holders of Company Warrants is required to satisfy
Section 6.2(f)(iii) hereof, the Exchange Ratios of the Junior
Preferred shall be appropriately reduced (pro rata based on the proportion that
the aggregate number of shares of Parent Common Stock to be issued to the
holders of a series of Junior Preferred bears to the aggregate number of shares
of Parent Common Stock to be issued to the holders of all Junior Preferred; for
purposes of calculating such decrease in each of the Exchange Ratios relating to
the Junior Preferred, the number of shares of each series of Junior Preferred
outstanding shall be as specified in the Company Disclosure Schedule) by such
amount as is required to reduce the number of shares of Parent Common Stock
received by the Junior Preferred, in the aggregate, by the number of shares of
Parent Common Stock constituting such consideration or, if such consideration is
paid in cash, by the number of shares of Parent Common Stock equal to the
quotient obtained by dividing the dollar amount of such consideration by the
Trading Price. The Exchange Ratio shall also be adjusted to reflect fully the
effect of any stock split, reverse stock split, stock dividend (including any
dividend or general distribution of securities convertible into or exchangeable
for Parent Common Stock or Company Capital Stock), reorganization,
recapitalization or other like change with respect to Parent Common Stock or
Company Capital Stock occurring after the date hereof and prior to the Effective
Time.

	Dissenters' Rights. Any Dissenting Shares shall not be converted into
the right to receive Parent Common Stock but shall instead be converted into the
right to receive such consideration as may be determined to be due with respect
to such Dissenting Shares pursuant to California Law. Company agrees that,
except with the prior written consent of Parent it will not voluntarily make any
payment with respect to, or settle or offer to settle, any such demand. Each
holder of Dissenting Shares ("Dissenting Shareholder") who, pursuant to
the provisions of California Law, becomes entitled to payment of the fair value
for shares of Company Capital Stock shall receive payment therefor (but only
after the value therefor shall have been agreed upon or finally determined
pursuant to such provisions of California Law). If, after the Effective Time,
any Dissenting Shares shall lose their status as Dissenting Shares, Parent shall
issue and deliver, upon surrender by such Shareholder of certificate or
certificates representing such shares of Company Capital Stock, the number of
shares of Parent Common Stock, if any, to which such Shareholder would otherwise
be entitled under this Section 1.6 less the number of shares
allocable to such Shareholder that have been deposited in the Escrow Fund (as
defined in Section 7.3(a) below) in respect of such shares of Parent
Common Stock pursuant to Article VII hereof.

	Sufficient Reserved Shares. Parent will reserve sufficient shares of
Parent Common Stock for issuance under this Section 1.6.

	Treatment of Bridge Notes. At the Effective Time, each outstanding
Bridge Note shall be canceled and extinguished and be converted automatically
into the right to receive such number of fully paid and non assessable shares of
Parent Common Stock equal to the quotient obtained by dividing (i) the amount of
principal and interest outstanding under such Bridge Note as of the Effective
Time by (ii) the Trading Price. 

	Company Warrants. At the Effective Time, each outstanding Company
Warrant shall be canceled and extinguished.
	Surrender of Stock Certificates. 

	Exchange Agent. The Equiserve Trust Company, N.A. shall serve as the
exchange agent (the "Exchange Agent") for the Merger.

	Parent to Provide Parent Common Stock and Cash. Promptly after the
Effective Time, Parent shall make available to the Exchange Agent for exchange
in accordance with this Article I the shares of Parent Common Stock
issuable pursuant to Section 1.6 in exchange for outstanding shares
of Company Preferred Stock and Bridge Notes; provided that, on behalf of the
Merger Shareholders, Parent shall deposit into the Escrow Fund the Escrow Amount
out of the aggregate number of shares of Parent Common Stock otherwise issuable
to the Merger Shareholders pursuant to Section 1.6. Each Merger
Shareholder shall be deemed to have contributed his or her Pro Rata Portion of
the Escrow Amount to the Escrow Fund. Promptly after the Effective Time, Parent
shall also make available to the Exchange Agent for exchange in accordance with
this Article I, cash in an amount sufficient to permit payment of
cash in lieu of fractional shares pursuant to Section 1.6(g) hereof,
less any amount required to be withheld from such cash under foreign, federal,
state or local tax laws.

	Exchange Procedures. On or promptly after the Effective Time, the
Shareholders will surrender the certificates representing their Company Common
and Preferred Stock (the "Stock Certificates") to the Exchange Agent for
cancellation and the holders of Bridge Notes will surrender the Bridge Notes
marked "cancelled" to the Exchange Agent, together with a letter of transmittal
in such form and having such provisions as Parent may reasonably request. Upon
surrender of a Stock Certificate for cancellation or a Bridge Note marked
"cancelled" to the Exchange Agent, or such other agent or agents as may be
appointed by Parent, together with such letter of transmittal, duly completed
and validly executed in accordance with the instructions thereto, subject to the
terms of Section 1.6 hereof, the holder of such Stock Certificate or
Bridge Note marked "cancelled" shall be entitled to receive from the Exchange
Agent in exchange therefor a certificate representing the number of whole shares
of Parent Common Stock such holder is entitled to receive pursuant to
Section 1.6 hereof (less, in the case of a holder of a Stock
Certificate, the number of shares of Parent Common Stock to be deposited in the
Escrow Fund on such holder's behalf pursuant to Section 1.7(b) above
and Article VII hereof), and the Stock Certificate or Bridge Note so
surrendered shall be canceled. Until so surrendered, each outstanding Stock
Certificate or Bridge Note will be deemed from the Effective Time and for all
corporate purposes, to evidence only the ownership of the number of full shares
of Parent Common Stock into which the shares of Company Common and Preferred
Stock or outstanding principal and interest evidenced thereby shall have been so
converted.

	Distributions With Respect to Unexchanged Shares. No dividends or
other distributions declared or made after the Effective Time with respect to
Parent Common Stock with a record date after the Effective Time will be paid to
the holder of any unsurrendered Stock Certificate or Bridge Note with respect to
the shares of Parent Common Stock represented thereby until the holder of record
of such Stock Certificate shall surrender such Stock Certificate or Bridge Note
marked "cancelled". Subject to applicable law, following surrender of any such
Stock Certificate or Bridge Note marked "cancelled", there shall be paid to the
record holder of the certificates representing whole shares of Parent Common
Stock issued in exchange therefor, without interest, at the time of such
surrender, the amount of dividends or other distributions with a record date
after the Effective Time theretofore paid with respect to such whole shares of
Parent Common Stock.

	Transfers of Ownership. If any certificate for shares of Parent
Common Stock is to be issued in a name other than that in which the Stock
Certificate surrendered in exchange therefor is registered, it will be a
condition of the issuance and/or delivery thereof that the Stock Certificate so
surrendered will be properly endorsed and otherwise in proper form for transfer
and that the person requesting such exchange will have paid to Parent or any
agent designated by it any transfer or other taxes required by reason of the
issuance of a certificate for shares of Parent Common Stock in any name other
than that of the registered holder of the Stock Certificate surrendered, or
established to the satisfaction of Parent or any agent designated by it that
such tax has been paid or is not payable.

	No Liability. Notwithstanding anything to the contrary in this
Section 1.7 hereof, neither the Exchange Agent, the Surviving
Corporation nor any party hereto shall be liable to a holder of shares of
Company Common or Preferred Stock or Bridge Notes for any amount properly paid
to a public official pursuant to any applicable abandoned property, escheat or
similar law.

	Dissenting Shares. The provisions of this Section 1.7
shall also apply to Dissenting Shares that lose their status as such, except
that the obligations of Parent under this Section 1.7 shall commence
only on the date of such loss.
	No Further Ownership Rights in Company Common and
Preferred Stock.  The shares of Parent Common Stock paid in respect
of the surrender for exchange of shares of Preferred Stock and Bridge Notes and
cancellation of Common Stock in accordance with the terms hereof, shall be
deemed to be full satisfaction of all rights pertaining to such shares of
Company Common and Preferred Stock and Bridge Notes, and there shall be no
further registration of transfers on the records of the Surviving Corporation of
shares of Company Common and Preferred Stock which were outstanding immediately
prior to the Effective Time. If, after the Effective Time, Stock Certificates or
Bridge Notes are presented to the Surviving Corporation for any reason, they
shall be canceled and, in the case of Stock Certificates evidencing Preferred
Stock and Bridge Notes, exchanged as provided in this
Article I.
	Lost, Stolen or Destroyed Stock
Certificates.  In the event any Stock Certificates shall have been
lost, stolen or destroyed, the Exchange Agent shall issue in exchange for such
lost, stolen or destroyed Stock Certificates, upon the making of an affidavit of
that fact by the holder thereof, such consideration, if any, as may be required
pursuant to Section 1.6 hereof; provided, however,
that Parent may, in its discretion and as a condition precedent to the issuance
thereof, require the Merger Shareholder who is the owner of such lost, stolen or
destroyed Stock Certificates to deliver a bond in such amount as Parent may
reasonably direct against any claim that may be made against Parent or the
Exchange Agent with respect to the Stock Certificates alleged to have been lost,
stolen or destroyed.
	Accounting and Tax Treatment.  It is
intended by the parties hereto that the Merger shall be accounted for using the
purchase method of accounting under GAAP. No party has made any representation
or warranty to any other party as to the tax consequences of the Merger or the
other transactions contemplated hereby. All parties are relying on their own tax
counsel with respect to such tax consequences.
	Definitions.  For all purposes of
this Agreement, the following terms shall have the following respective
meanings:

"Affiliate" shall have the meaning specified in Section 2.19
hereof.

"Agreement" shall have the meaning specified in the first paragraph
hereof.

"Agreement of Merger" shall have the meaning specified in Section
1.2 hereof.

"Basket Amount" shall have the meaning specified in Section
7.3(a) hereof.

"Bridge Loan" shall have the meaning specified in Recital F
hereof.

"Bride Note" shall have the meaning specified in Recital F hereof.

"Bridge Warrant" shall have the meaning specified in Recital F
hereof.

"California Law" shall have the meaning specified in Section
1.1 hereof.

"Certificate of Merger" shall have the meaning specified in Section
1.2 hereof.

"Closing" shall have the meaning specified in Section 1.2
hereof.

"Closing Date" shall have the meaning specified in Section 1.2
hereof.

"COBRA" shall have the meaning specified in Section 2.19
hereof.

"Code" shall have the meaning specified in Section 1.10
hereof.

"Company" shall have the meaning specified in the first paragraph
hereof.

"Company Authorizations" shall have the meaning specified in
Section 2.15 hereof.

"Company Capital Stock" shall mean each outstanding share capital
stock of the Company.

"Company Common Stock" shall mean shares of common stock, no par
value, of the Company.

"Company Disclosure Schedule" shall have the meaning specified in
Article II hereof.

"Company Employee Plan" shall have the meaning specified in Section
2.19 hereof.

"Company 401(k) Plan" shall have the meaning specified in Section
5.13 hereof.

"Company Intellectual Property" shall mean any Intellectual Property
that is owned by or exclusively licensed to Company or any of its
Subsidiaries.

"Company Options" shall mean all issued and outstanding options to
purchase shares of Company Common Stock (whether or not vested) held by any
person or entity.

"Company Products" shall have the meaning specified in Section
2.12(b) hereof.

"Company Registered Intellectual Property" means all of the Registered
Intellectual Property owned by, or as to which the relevant registration
documents have been filed in the name of, Company or any of its
Subsidiaries.

"Company Warrant" shall mean a warrant issued by the Company.

"Company Shareholders' Meeting" shall have the meaning specified in
Section 5.1(d) hereof.

"Confidential Disclosure Agreement" shall have the meaning specified
in Section 5.3 hereof.

"Conflict" shall have the meaning specified in Section 2.4
hereof.

"Contract" shall have the meaning specified in Section 2.4
hereof.

"Current Balance Sheet" shall have the meaning specified in Section
2.6 hereof.

"Customer Information" shall have the meaning specified in Section
2.11(c) hereof. 

"Debt" shall mean liabilities of the type required to be disclosed in
the liabilities column of a balance sheet of Company prepared in accordance with
GAAP other than (i) the Bridge Notes reflected on the balance sheet of the
Company as of June 30, 2001, (ii) payments under the Amendment to the
Management Plan and the Amendment to Severance Plan in the forms attached hereto
as Exhibit J and Exhibit K, respectively, and
(iii) Estimated Third Party Expenses.

"Delaware Law" shall have the meaning specified in Section 1.1
hereof.

"Dissenting Shareholder" shall have the meaning specified in
Section 1.6(h) hereof. 

"Dissenting Shares" shall mean shares of Company Capital Stock held by
a holder who has exercised dissenters' rights in accordance with California Law
and who, as of the Effective Time, has not effectively withdrawn or lost such
dissenter's rights.

"DOL" shall have the meaning specified in Section 2.19
hereof.

"Effective Time" shall have the meaning specified in Section
1.2 hereof.

"Employee" shall have the meaning specified in Section 2.19
hereof.

"Employment Agreement" shall have the meaning specified in Section
2.19 hereof.

"Environmental Law" shall have the meaning specified in Section
2.23 hereof.

"Environmental Permit" shall have the meaning specified in Section
2.23 hereof.

"Equipment" shall have the meaning specified in Section 2.11(b)
hereof.

"ERISA" shall have the meaning specified in Section 2.19
hereof.

"Escrow Agent" shall have the meaning specified in the first paragraph
hereof.

"Escrow Amount" shall mean an amount of Parent Common Stock equal to
the sum of (1) ten percent (10%), as adjusted pursuant to Section
7.3(a) hereof, of the aggregate number of shares of Parent Common Stock to
be issued in the Merger (such 10% amount, as adjusted, the "General Escrow
Amount") and (2) ten percent (10%) of the aggregate number of shares of
Parent Common Stock to be issued in the Merger (such 10% amount the
"Dissenters Rights Escrow Amount").

"Escrow Fund" shall have the meaning specified in Section
7.3(a) hereof.

"Escrow Termination Period" shall have the meaning specified in
Section 7.3(b) hereof.

"Estimated Third Party Expenses" shall mean the amount of Third Party
Expenses payable by the Company estimated by the Company in good faith and based
on reasonable assumptions as of the Closing Date.

"Exchange Agent" shall have the meaning specified in Section
1.7(a) hereof.

"Exchange Ratio" shall mean with respect to the Company Common Stock,
0 (zero), with respect to the Series A Preferred Stock of Company, 0.0163,
with respect to Series A-1 Preferred Stock of Company, 0.0383, with respect to
the Series B Preferred Stock of Company, 0.0323, with respect to the Series B-2
Preferred Stock of Company, 0.0760, with respect to Series C Preferred Stock of
Company, 0.0907 with respect to the Series C-2 Preferred Stock of Company,
0.2134, with respect to the Series D Preferred Stock of Company, 0.1603, with
respect to the Series D-2 Preferred Stock of Company, 0.3772, as adjusted
pursuant to Section 1.6(g); provided however, that in the event
that, as of the Closing, the number of shares of Parent Common Stock to be
issued pursuant to the terms of the Amendment to the Management Plan, is reduced
pursuant to such Amendment to the Management Plan, then the Exchange Ratios with
respect to each of the Series A, Series B, Series C and
Series D Preferred Stock of the Company (the "Junior Preferred")
shall be increased (pro rata based on the proportion that the aggregate
number of shares of Parent Common Stock to be issued to the holders of a series
of Junior Preferred bears to the aggregate number of shares of Parent Common
Stock to be issued to the holders of all Junior Preferred; for purposes of
calculating such increase in each of the Exchange Ratios relating to the Junior
Preferred, the number of shares of each series of Junior Preferred outstanding
shall be as specified in the Company Disclosure Schedule) by such amount as is
required for an additional number of shares of Parent Common Stock equal to the
aggregate number of "Cutback Shares" (as defined in the Amendment to the
Management Plan) under the Amendment to the Management Plan to be issued to the
Junior Preferred. 

"FICA" shall have the meaning specified in Section
2.9(b)(ii) hereof. 

"Financials" shall have the meaning specified in Section 2.6
hereof.

"FMLA" shall have the meaning specified in Section 2.19
hereof.

"FUTA" shall have the meaning specified in Section 2.9(b)(ii)
hereof.

"GAAP" shall mean United States generally accepted accounting
principles consistently applied.

"Governmental Entity" shall have the meaning specified in Section
2.5 hereof.

"Hazardous Material" shall have the meaning specified in Section
2.23 hereof.

"Indemnified Parties" shall have the meaning specified in Section
7.2 hereof.

"Intellectual Property" shall mean any or all of the following and all
rights in, arising out of, or associated therewith: (i) all United States
and foreign issued patents and patent applications and all reissues, divisions,
renewals, extensions, re-examinations, provisionals, continuations and
continuations-in-part thereof ("Patents"); (ii) all inventions
(whether patentable or not), improvements, trade secrets, proprietary
information, know how, technology, compositions of matter, organic and inorganic
compounds, natural products and extracts or fractions thereof, cells and cell
lines, DNA and RNA molecules, plasmids, proteins, peptides, organisms,
genetically altered species, viruses, cell products and cloned DNA and other
biological materials, technical data and customer lists, and all documentation
relating to any of the foregoing; (iii) all copyrights, copyright
registrations and applications therefor and all other rights corresponding
thereto throughout the world; (iv) all semiconductor and semiconductor
circuit designs; (v) mask works, all rights to all mask works, mask work
registrations and applications therefor; (vi) all industrial designs and
any registrations and applications therefor throughout the world; (vii) all
trade names, logos, common law trademarks and service marks; trademark and
service mark registrations and applications therefor and all goodwill associated
therewith throughout the world; (viii) all databases and data collections
and all rights therein throughout the world; (ix) all computer software
including all source code, object code, firmware, development tools, files,
records and data, all media on which any of the foregoing is recorded, all Web
addresses, sites and domain names; (x) any similar, corresponding or
equivalent rights to any of the foregoing; and (xi) all documentation
related to any of the foregoing.

"International Employee Plan" shall have the meaning specified in
Section 2.19 hereof.

"Investment Representation Certificate" shall have the meaning
specified in Section 5.1(c).

"IRS" shall have the meaning specified in Section 2.19
hereof.

"Liens" shall have the meaning specified in Section 2.9(b)(vii)
hereof.

"Loss" shall have the meaning specified in Section 7.2
hereof.

"Management Plan" shall mean the Company's Management Incentive and
Retention Plan.

"Material Adverse Effect" shall mean any change, event or effect that
is materially adverse to the business, assets (including intangible assets),
condition (financial or otherwise), results of operations or
capitalization of the Company and its subsidiaries, taken as a whole (except for
those changes, events and effects that are caused by (i) conditions resulting
from the announcement or the pendency of the Merger, (ii) conditions affecting
the United States economy as a whole, (iii) conditions affecting the industry in
which Company competes as a whole, (iv) changes in GAAP, or (v) Company's
budgeted continued operating loss).

"Merger" shall have the meaning specified in Recital A hereof.

"Merger Shareholder" shall mean a Shareholder who is entitled to
receive Parent Common Stock in the Merger.

"Merger Sub" shall have the meaning specified in the first paragraph
hereof.

"Multiemployer Plan" shall have the meaning specified in Section
2.19 hereof.

"New Shares" shall have the meaning specified in Section
7.3(c)(ii) hereof.

"Non-Competition Agreements" shall have the meaning specified in
Recital E hereof. 

"Non-Solicitation Agreements" shall have the meaning specified in
Recital E hereof.

"Offering Circular" shall have the meaning specified in Section
5.1(e) hereof.

"Officer's Certificate" shall have the meaning specified in Section
7.3(d)(i) hereof.

"Parent" shall have the meaning specified in the first paragraph
hereof.

"Parent Common Stock" shall mean unregistered shares of the common
stock, par value $0.001 per share, of Parent. 

"Parent Disclosure Schedule" shall have the meaning specified in
Article III hereof.

"Parent Material Adverse Effect" shall have the meaning specified in
Section 3.1 hereof.

"Parent Option" shall mean any option to purchase shares of Parent
Common Stock issued pursuant to the terms of Section 1.6(b) hereof
in connection with the assumption of a Company Option.

"Pension Plan" shall have the meaning specified in Section 2.19
hereof.

"Plan" shall mean the Company's 1994 Incentive Stock Plan.

"Preferred Stock" shall mean the Series A Preferred Stock, Series A-1
Preferred Stock, Series B Preferred Stock, Series B-1 Preferred Stock, Series B-2 Preferred
Stock, Series C Preferred Stock, Series C-1 Preferred Stock, Series
C-2 Preferred Stock, Series D Preferred Stock, Series D-1 Preferred Stock, and
Series D-2 Preferred Stock of the Company.

"Pro Rata Portion" shall mean with respect to each Merger Shareholder
an amount equal to the quotient obtained by dividing (x) the number of shares of
Parent Common Stock to be received by such Merger Shareholder in the Merger, by
(y) the aggregate number of shares of Parent Common Stock to be issued in the
Merger by Parent.

"PTO" shall have the meaning specified in Section 2.12(a)
hereof.

"Registered Intellectual Property" shall mean all Intellectual
Property that is the subject of an application, certificate, filing,
registration or other document issued by, filed with, or recorded by, any state,
government or other public legal authority in any jurisdiction of any country in
the world.

"Related Agreements" shall have the meaning specified in Section
2.3 hereof. 

"Remaining Portion" shall have the meaning specified in Section
7.3(b) hereof.

"Returns" shall have the meaning specified in Section 2.9(b)(i)
hereof. 

"Rule 506 Documents" shall have the meaning specified in Section
5.1(e) hereof.

"Rule 506 Information Statement" shall have the meaning specified in
Section 5.1(e) hereof.

"Sixth Amended and Restated Articles of Incorporation" shall mean the
Articles of Incorporation of the Company in the form attached as Exhibit
I hereto.

"SEC Reports" shall have the meaning specified in Section 3.4
hereof.

"Severance Plan" shall mean the Company's Executive Change in Control
Severance Plan.

"Shareholder" shall mean each holder of Company Common Stock or
Preferred Stock immediately prior to the Effective Time.

"Shareholder Representative" shall have the meaning specified in the
first paragraph hereof.

"Statement of Expenses" shall have the meaning specified in Section
5.11 hereof.

"Stock Certificates" shall have the meaning specified in Section
1.7(c) hereof.

"Surviving Corporation" shall have the meaning specified in Section
1.1 hereof.

"Tax" shall have the meaning specified in Section 2.9(a)
hereof.

"Third Party Expenses" shall have the meaning specified in Section
5.4 hereof.

"Trading Price" shall mean $18.56.

"Voting Agreements" shall have the meaning specified in Recital D
hereof.

	Taking of Necessary Action; Further
Action.  If at any time after the Effective Time, any further
action is necessary or desirable to carry out the purposes of this Agreement and
to vest the Surviving Corporation with full right, title and possession to all
assets, property, rights, privileges, powers and franchises of the Company,
Parent, Merger Sub, and the officers and directors of the Company, Parent and
Merger Sub are fully authorized in the name of their respective corporations or
otherwise to take, and will take, all such lawful and necessary
action.

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

The Company hereby represents and warrants to Parent and Merger
Sub, subject to such exceptions as are specifically disclosed in the disclosure
letter (referencing the appropriate section and paragraph numbers) (the
disclosure contained in each section shall be deemed to be disclosed and
incorporated by reference in each of the other sections as though fully set
forth in such other sections for which the applicability of such disclosure is
reasonably apparent on the face of such disclosure) supplied by the Company to
Parent (the "Company Disclosure Schedule") and dated as of the date
hereof as follows.

	Organization of the Company.  The
Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of California. The Company has the corporate power
to own its properties and to carry on its business as currently conducted and as
currently contemplated to be conducted. The Company is duly qualified or
licensed to do business and in good standing as a foreign corporation in each
jurisdiction in which it conducts business, except where the failure to be so
qualified would not have a Material Adverse Effect. The Company has delivered a
true and correct copy of its articles of incorporation and bylaws, each as
amended to date and in full force and effect on the date hereof, to Parent. The
operations now being conducted by the Company are not now and have never been
conducted by the Company under any other name.
	Company Capital Structure.  

	As of the date hereof, the capitalization of the Company is as set forth in
Section 2.2(a)(i) of the Company Disclosure Schedule. The Company
Common and Preferred Stock is held by the persons with the domicile addresses
and in the amounts set forth in Section 2.2(a)(iii) of the Company
Disclosure Schedule. All outstanding shares of Company Common and Preferred
Stock are duly authorized, validly issued, fully paid and non-assessable and not
subject to preemptive rights created by statute, the articles of incorporation
or bylaws of the Company, or any agreement to which the Company is a party or by
which it is bound, and have been issued in compliance with federal and state
securities laws. There are no declared or accrued but unpaid dividends with
respect to any shares of Company Common and Preferred Stock. The Company has no
other capital stock authorized, issued or outstanding.
	Except for the Plan, the Company has never adopted or maintained any stock
option plan or other plan providing for equity compensation of any person. The
Company has reserved 3,811,870 shares of Company Common Stock for issuance to
employees, contract workers and directors of, and consultants to, the Company
upon the exercise of options granted under the Plan, of which 1,383,159
shares are issuable, as of the date hereof, upon the exercise of
outstanding, unexercised options granted under the Plan.
Section 2.2(b) of the Company Disclosure Schedule sets forth for
each outstanding Company Option, the name of the holder of such option, the
number of shares of Company Common Stock issuable upon the exercise of such
option, the exercise price of such option, including the extent vested to date,
and whether such option is intended to qualify as an incentive stock option as
defined in Section 422 of the Code. A copy of each outstanding Company
Option agreement, including the domicile address of each holder of an
outstanding Company Option and the vesting schedule of each such option, has
been previously provided to Parent.
	Except for the Company Options and warrants to purchase 151,079 shares of
Company Common Stock and as disclosed in Section 2.2(c) of the Company
Disclosure Schedule, there are no options, warrants, calls, rights, commitments
or agreements of any character, written or oral, to which the Company is a party
or by which it is bound obligating the Company to issue, deliver, sell,
repurchase or redeem, or cause to be issued, delivered, sold, repurchased or
redeemed, any shares of the capital stock of the Company or obligating the
Company to grant, extend, accelerate the vesting of, change the price of,
otherwise amend or enter into any such option, warrant, call, right, commitment
or agreement or allowing the Company to repurchase any shares of the capital
stock of the Company. Section 2.2(c) of the Company Disclosure
Schedule sets forth for each outstanding warrant to purchase Company Common
Stock the name of the holder of such option, the domicile address of such
holder, the number of shares of Company Common Stock issuable upon the exercise
of such warrant and the exercise price of such warrant. There are no outstanding
or authorized stock appreciation, phantom stock, profit participation, or other
similar rights with respect to the Company. Except as contemplated hereby, there
are no voting trusts, proxies, or other agreements or understandings with
respect to the voting stock of the Company.

	Authority.  The Company has all
requisite power and authority to enter into this Agreement and any Related
Agreements (as hereinafter defined in this Section 2.3) to which it
is a party and to consummate the transactions contemplated hereby and thereby.
The execution and delivery of this Agreement and any Related Agreements to which
the Company is a party and the consummation of the transactions contemplated
hereby and thereby have been duly authorized by all necessary corporate action
on the part of the Company, and no further action is required on the part of the
Company to authorize the Agreement and any Related Agreements to which it is a
party and the transactions contemplated hereby and thereby, subject only to the
approval of this Agreement by the Shareholders. This Agreement and the Merger
have been unanimously approved by the Board of Directors of the Company. This
Agreement and each of the Related Agreements to which the Company is a party has
been duly executed and delivered by the Company and assuming the due
authorization, execution and delivery by the other parties hereto and thereto,
constitute the valid and binding obligations of the Company, enforceable against
the Company in accordance with their respective terms, except as such
enforceability may be subject to the laws of general application relating to
bankruptcy, insolvency and the relief of debtors and rules of law governing
specific performance, injunctive relief or other equitable remedies. For all
purposes of this Agreement, the term "Related Agreements" shall mean the
Voting Agreements, the Declaration of Registration Rights, Certificate of Merger
and the Agreement of Merger.
	No Conflict.  The execution and
delivery by the Company of this Agreement and any Related Agreement to which the
Company is a party, and the consummation of the transactions contemplated hereby
and thereby, will not conflict with or result in any violation of or default
under (with or without notice or lapse of time, or both) or give rise to a right
of termination, cancellation, modification or acceleration of any obligation or
loss of any benefit under (any such event, a "Conflict") (i) any
provision of the articles of incorporation or bylaws of the Company,
(ii) any mortgage, indenture, lease, contract, covenant or other agreement,
instrument or commitment, permit, concession, franchise or license (each a
"Contract" and collectively the "Contracts") to which the Company
or any of its properties or assets (including intangible assets), is subject,
other than Contracts where such Conflict would not individually or in the
aggregate have a Material Adverse Effect or (iii) any judgment, order,
decree, statute, law, ordinance, rule or regulation applicable to the Company or
any of its properties (tangible and intangible) or assets. The Company is in
compliance with and has not breached, violated or defaulted under, or received
notice that it has breached, violated or defaulted under, any of the terms or
conditions of any Contract, nor is the Company aware of any event that would
constitute such a breach, violation or default with the lapse of time, giving of
notice or both other than any such breach, violation or default that
individually or in the aggregate would not have, individually or in the
aggregate, a Material Adverse Effect. Each Contract is in full force and effect
and the Company is not subject to any default thereunder, nor to the knowledge
of the Company is any party obligated to the Company pursuant to any such
Contract subject to any default thereunder. The Company has obtained, or will
obtain prior to the Effective Time, all necessary consents, waivers and
approvals of parties to any Contract as are required thereunder in connection
with the Merger, or for any such Contract to remain in full force and effect
without limitation, modification or alteration after the Effective Time.
Following the Effective Time, the Company will be permitted to exercise all of
its rights under the Contracts without the payment of any additional amounts or
consideration other than ongoing fees, royalties or payments which the Company
would otherwise be required to pay pursuant to the terms of such Contracts had
the transactions contemplated by this Agreement not occurred.
	Consents.  To the Company's
knowledge, no consent, waiver, approval, order or authorization of, or
registration, declaration or filing with any court, administrative agency or
commission or other federal, state, county, local or other foreign governmental
authority, instrumentality, agency or commission (each, a "Governmental Entity")
or any third party, including a party to any agreement with the Company, is
required by or with respect to the Company in connection with the execution and
delivery of this Agreement and any Related Agreement to which the Company is a
party or the consummation of the transactions contemplated hereby and thereby,
except for (i) orders, authorizations, registrations, declarations and
filings as may be required under applicable securities laws (ii) the filing
of the Agreement of Merger with the Secretary of State of the State of
California and the Certificate of Merger with the Secretary of State of the
State of Delaware and (iii) such consent, waiver, approval, order or
authorization of, or registration, declaration or filing with any Governmental
Entity or any third party that, individually or in the aggregate, would not
constitute a Material Adverse Effect.
	Company Financial Statements. 
Section 2.6 of the Company Disclosure Schedule sets forth the
Company's audited financial statements as of December 31, 2000 and for the
fiscal year then ended, and the Company's unaudited balance sheet as of June 30,
2001 and related unaudited statements of income, cash flow and shareholders'
equity for the six (6) month period ended June 30, 2001 (the
"Financials"). The Financials are correct in all material respects and
have been prepared in accordance with GAAP, except as disclosed therein,
consistently applied on a basis consistent throughout the periods indicated and
consistent with each other (except that such unaudited financials do not contain
footnotes and other presentation items that may be required by GAAP). The
Financials present fairly the financial condition, operating results and cash
flows of the Company as of the dates and during the periods indicated therein,
subject to normal year-end adjustments, which are not material in amount or
significance in any individual case or in the aggregate. The Company's unaudited
balance sheet as of June 30, 2001 is referred to hereinafter as the "Current
Balance Sheet."
	No Undisclosed Liabilities.  The
Company has no liability, indebtedness, or obligation of the type required to be
disclosed in the liabilities column of a balance sheet of the Company prepared
in accordance with GAAP except for liabilities reflected in the Financials,
or liabilities that have arisen in the ordinary course of business
consistent with past practices since December 31, 2000.
	No Changes.  Since June 30, 2001,
there has not been, occurred or arisen any:

	transaction by the Company except in the ordinary course of business as
conducted on that date and consistent with past practices;
	amendments or changes to the articles of incorporation or bylaws of the
Company;
	capital expenditure or commitment by the Company exceeding $10,000
individually or in the aggregate;
	payment, discharge or satisfaction, in any amount in excess of $10,000 in
any one case, or in the aggregate, of any claim, liability or obligation
(absolute, accrued, asserted or unasserted, contingent or otherwise), other than
payment, discharge or satisfaction in the ordinary course of business of
liabilities reflected or reserved against in the Current Balance Sheet;
	destruction of, damage to or loss of any material assets, material business
or material customer of the Company (whether or not covered by insurance);
	claim of wrongful discharge or other unlawful labor practice or action or
any attempt to unionize employees;
	change in accounting methods or practices (including any change in
depreciation or amortization policies or rates) by the Company other than as
required by GAAP;
	change in any material election in respect of Taxes (as defined below),
adoption or change in any accounting method in respect of Taxes, agreement or
settlement of any claim or assessment in respect of Taxes, or extension or
waiver of the limitation period applicable to any claim or assessment in respect
of Taxes;
	revaluation by the Company of any of its assets;
	declaration, setting aside or payment of a dividend or other distribution
(whether in cash, stock or property) in respect of any Company Common or
Preferred Stock, or any split, combination or reclassification in respect of any
shares of Company Common or Preferred Stock, or any issuance or authorization of
any issuance of any other securities in respect of, in lieu of or in
substitution for shares of Company Common or Preferred Stock, or any direct or
indirect repurchase, redemption, or other acquisition by the Company of any
shares of Company Common or Preferred Stock (or options, warrants or other
rights convertible into, exercisable or exchangeable therefor), except in
accordance with the agreements evidencing Company Options;
	increase in the salary or other compensation payable or to become payable by
the Company to any of its officers, directors, employees, contract workers or
advisors, or the declaration, payment or commitment or obligation of any kind
for the payment by the Company of a severance payment, termination payment,
bonus or other additional salary or compensation to any such person;
	any agreement, contract, covenant, instrument, lease, license or commitment
to which the Company is a party or by which it or any of its assets (including
intangible assets) are bound involving an obligation in excess of $10,000
or any termination, extension, amendment or modification the terms of any
such agreement, contract, covenant, instrument, lease, license or commitment to
which the Company is a party or by which it or any of its assets are bound;
	sale, lease, license or other disposition of any of the material assets or
material properties of the Company or any creation of any security interest in
such material assets or material properties;
	loan by the Company to any person or entity, incurring by the Company of any
indebtedness, guaranteeing by the Company of any indebtedness, issuance or sale
of any debt securities of the Company or guaranteeing of any debt securities of
others, except for advances to employees or contract workers for travel and
business expenses in the ordinary course of business consistent with past
practices;
	waiver or release of any right or claim of the Company, including any write-off or other
compromise of any account receivable of the Company;
	the commencement, settlement, notice or, to the knowledge of the Company,
threat of any lawsuit or proceeding or other investigation against the Company
or its affairs, or any reasonable basis for any of the foregoing;
	notice of any claim or potential claim (i) of ownership by any person other
than the Company of the Company Intellectual Property or (ii) of infringement by
the Company of any other person's Intellectual Property;
	issuance or sale, or contract to issue or sell, by the Company of any shares
of Company Common Stock or securities convertible into, or exercisable or
exchangeable for, shares of Company Common Stock, or any securities, warrants,
options or rights to purchase any of the foregoing, except for issuances of
Company Common Stock upon the exercise thereof;
	(i) sale or license of any Company Intellectual Property or agreement
by the Company with respect to the Company Intellectual Property with any person
or entity, or with respect to the Intellectual Property of any person or entity
which is not Company Intellectual Property, or (ii) purchase or license of
any Intellectual Property or entering into of any agreement with respect to the
Intellectual Property of any person or entity, (iii) agreement with a third
party with respect to the development of any Intellectual Property by such third
party, or (iv) change in pricing or royalties set or charged by the Company
to its customers or licensees or in pricing or royalties set or charged by
persons or entities who have licensed Intellectual Property to the Company;
	agreement or modification to any existing agreement pursuant to which any
other party was granted marketing, distribution, development or similar rights
of any type or scope with respect to any products or technology of the
Company;
	any event or condition of any character that has had or is reasonably likely
to have a Material Adverse Effect on the Company; or
	agreement by the Company or any officer, employees or contract worker on
behalf of the Company to do any of the things described in the preceding clauses
(a) through (u) of this Section 2.8 (other than negotiations with
Parent and its representatives regarding the transactions contemplated by this
Agreement).

	Tax Matters.  

	Definition of Taxes. For the purposes of this Agreement, the term
"Tax" or, collectively, "Taxes" shall mean (i) any and all
federal, state, local and foreign taxes, assessments and other governmental
charges, duties, impositions and liabilities, including taxes based upon or
measured by gross receipts, income, profits, sales, use and occupation, and
value added, ad valorem, transfer, franchise, withholding, payroll, recapture,
employment, excise and property taxes, together with all interest, penalties and
additions imposed with respect to such amounts, (ii) any liability for the
payment of any amounts of the type described in clause (i) of this
Section 2.9(a) as a result of being a member of an affiliated,
consolidated, combined or unitary group for any period, and (iii) any
liability for the payment of any amounts of the type described in
clauses (i) or (ii) of this Section 2.9(a) as a result of any
express or implied obligation to indemnify any other person or as a result of
any obligations under any agreements or arrangements with any other person with
respect to such amounts and including any liability for taxes of a predecessor
entity.

	Tax Returns and Audits.

	As of the Effective Time, the Company will have prepared and timely filed
all required federal, state, local and foreign returns, estimates, information
statements and reports ("Returns") relating to any and all Taxes
concerning or attributable to the Company or its operations and such Returns are
true and correct and have been completed in accordance with applicable law.
	As of the Effective Time, the Company (A) will have paid all Taxes it
is required to pay, and, will have withheld with respect to its employees and
contract workers all federal and state income taxes, Federal Insurance
Contribution Act ("FICA"), Federal Unemployment Tax Act ("FUTA")
and other Taxes required to be withheld, and (B) will have accrued on the
Current Balance Sheet all unpaid Taxes attributable to the periods preceding the
date of the Current Balance Sheet and will not have incurred any liability for
Taxes for the period commencing on the date of the Current Balance Sheet and
ending immediately prior to the Effective Time, other than in the ordinary
course of business.
	The Company has not been delinquent in the payment of any Tax, nor is there
any Tax deficiency outstanding, assessed or proposed against the Company, nor
has the Company executed any waiver of any statute of limitations on or
extending the period for the assessment or collection of any Tax.
	No audit or other examination of any Return of the Company is presently in
progress, nor has the Company been notified of any request for such an audit or
other examination.
	The Company has no liabilities for unpaid federal, state, local and foreign
Taxes which have not been accrued or reserved on the Current Balance Sheet,
whether asserted or unasserted, contingent or otherwise, and the Company has not
incurred any liability for Taxes since the date of the Current Balance Sheet
other than in the ordinary course of business.
	The Company has made available to Parent or its legal counsel, copies of all
foreign, federal, state and local income and all state and local sales and use
Returns for the Company filed for all periods since its inception.
	There are (and immediately prior to the Effective Time there will be) no
liens, pledges, charges, claims, restrictions on transfer, mortgages, security
interests or other encumbrances of any sort (collectively, "Liens") on
the assets of the Company relating to or attributable to Taxes other than Liens
for Taxes not yet due and payable.
	The Company has no knowledge of any basis for the assertion of any claim
relating or attributable to Taxes which, if adversely determined, would result
in any Lien on the assets of the Company.
	None of the Company's assets is treated as "tax-exempt use property," within
the meaning of Section 168(h) of the Code.
	The Company has not filed any consent agreement under Section 341(f) of
the Code or agreed to have Section 341(f)(4) of the Code apply to any
disposition of a subsection (f) asset (as defined in Section 341(f)(4)
of the Code) owned by the Company.
	The Company is not a party to any tax sharing, indemnification or allocation
agreement nor does the Company owe any amount under any such agreement.
	The Company is not, and has not been at any time, a "United States Real
Property Holding Corporation" within the meaning of Section 897(c)(2) of
the Code.
	No adjustment relating to any Return filed by the Company has been proposed
formally or, to the knowledge of the Company, informally by any tax authority to
the Company or any representative thereof.
	The Company has not constituted either a "distributing corporation" or a
"controlled corporation" in a distribution of stock qualifying for tax-free
treatment under Section 355 of the Code (x) in the two years prior to the
date of this Agreement or (y) in a distribution which could otherwise constitute
part of a "plan" or "series of related transactions" (within the meaning of
Section 355(e) of the Code) in conjunction with the Merger.

	Executive Compensation Tax. There is no contract, agreement, plan or
arrangement to which the Company is a party, including, without limitation, the
provisions of this Agreement, covering any employee, former employee or contract
worker of the Company, which, individually or collectively, could give rise to
the payment of any amount that would not be deductible pursuant to
Sections 280G, or 162(m) of the Code. There is no contract, agreement, plan
or arrangement to which the Company is a party, including, without limitation,
the provisions of this Agreement, covering any employee, former employee or
contract worker of the Company, which, individually or collectively, could give
rise to the payment by the Company of any amount pursuant to a plan described in
Section 401(a) of the Code that would not be deductible by Company pursuant to
Section 404 of the Code.
	Restrictions on Business
Activities.  To the Company's knowledge, there is no agreement
(non-compete or otherwise), commitment, judgment, injunction, order or decree to
which the Company is a party or otherwise binding upon the Company which has or
may reasonably be expected to have the effect of prohibiting or impairing any
business practice of the Company, any acquisition of property (tangible or
intangible) by the Company, the conduct of business by the Company or otherwise
limiting the freedom of the Company to engage in any line of business or to
compete with any person. Without limiting the generality of the foregoing, the
Company has not entered into any agreement under which the Company is restricted
from selling, licensing or otherwise distributing any of its technology or
products to or providing services to, customers or potential customers or any
class of customers, in any geographic area, during any period of time or in any
segment of the market.
	Title of Properties; Absence of Liens and
Encumbrances; Condition of Equipment.  The Company owns no real
property nor has it ever owned any real property. All such current leases are in
full force and effect, are valid and effective in accordance with their
respective terms, and there is not, under any of such leases, any existing
default or event of default (or event which with notice or lapse of time, or
both, would constitute a default).

	The Company has good and valid title to, or, in the case of leased
properties and assets, valid leasehold interests in, all of its material
tangible properties and material assets, real, personal and mixed, used or held
for use in its business, except for such as are no longer used or useful in the
conduct of its business or as have been disposed of in the ordinary course of
business, free and clear of any Liens, except (i) as reflected in the
Current Balance Sheet, (ii) Liens for Taxes not yet due and payable,
(iii) such imperfections of title, restrictive covenants and encumbrances,
if any, which do not materially interfere with the value or interfere with the
present use of the property subject thereto or affected thereby, and (iv) Liens
that are created or arise in the ordinary course of business.
	Each material item of equipment (the "Equipment") owned or leased by
the Company is (i) adequate for the conduct of the business of the Company
as currently conducted and as currently contemplated to be conducted, and
(ii) in good operating condition, regularly and properly maintained,
subject to normal wear and tear.
	The Company has sole and exclusive ownership, free and clear of any Liens,
of all customer lists, customer contact information, customer correspondence and
customer licensing and purchasing histories relating to its current and former
customers (the "Customer Information"). No person other than the Company
possesses any claims or rights with respect to use of the Customer
Information.

	Intellectual Property.  

	Section 2.12(a) of the Company Disclosure Schedule sets forth a
complete and accurate list of all Company Registered Intellectual Property and
specifies, where applicable, the jurisdictions in which each such item of
Company Registered Intellectual Property has been issued or registered and lists
any proceedings or actions before any court, tribunal (including the United
States Patent and Trademark Office (the "PTO") or equivalent authority
anywhere in the world) related to any of Company Registered Intellectual
Property.

	Section 2.12(b) of the Company Disclosure Schedule sets forth a
complete and accurate list (by name and where applicable, version number) of all
products or service offerings (including related software, if any) of Company or
any of its Subsidiaries ("Company Products") that have been distributed
or provided since Company's inception or which Company or any of its
Subsidiaries currently intends to distribute or provide in the future, including
any products or service offerings currently under development. 
	Company has no knowledge of any facts or circumstances that would render any
of Company Intellectual Property invalid or unenforceable. Without limiting the
foregoing, Company knows of no information, materials, facts, or circumstances,
including any information or fact that would constitute prior art, that would
render any of Company Registered Intellectual Property invalid or unenforceable,
or would adversely effect any pending application for any Company Registered
Intellectual Property and Company has not misrepresented, or failed to disclose,
and has no knowledge of any misrepresentation or failure to disclose, any fact
or circumstances in any application for any Company Registered Intellectual
Property that would constitute fraud or a misrepresentation with respect to such
application or that would otherwise affect the validity or enforceability of any
Company Registered Intellectual Property.
	To the knowledge of the Company, no Company Intellectual Property or Company
Product is subject to any proceeding or outstanding decree, order, judgment,
contract, license, agreement, or stipulation restricting in any manner the use,
transfer, or licensing thereof by Company or any of its Subsidiaries, or which
may adversely affect the validity, use or enforceability of such Company
Intellectual Property or Company Product.
	Except for Company Registered Intellectual Property registrations which have
been abandoned by the Company and are disclosed in Section 2.12(e) of the
Company Disclosure Schedule, with respect to each material item of Company
Registered Intellectual Property, all necessary registration, maintenance and
renewal fees currently due in connection with such Company Registered
Intellectual Property have been made and all necessary documents, recordations
and certificates in connection with such Company Registered Intellectual
Property have been filed with the relevant patent, copyright, trademark or other
authorities in the United States or foreign jurisdictions, as the case may be,
for the purposes of perfecting and maintaining such Company Registered
Intellectual Property.

	Section 2.12(f) of the Company Disclosure Schedule sets forth a
complete and accurate list of all actions that are required to be taken by
Company within ninety (90) days after the date hereof with respect to any of
Company Registered Intellectual Property.
	Company or its Subsidiaries either own and have good and exclusive title to,
or have a valid license to use, each material item of Company Intellectual
Property free and clear of any lien (excluding non-exclusive licenses and
related restrictions granted in the ordinary course). Without limiting the
foregoing: (i) Company or its Subsidiaries is the exclusive owner of all
trademarks and trade names (other than trademarks and trade names licensed to
Company) used in connection with the operation or conduct of the business of
Company and its Subsidiaries, including the sale, distribution or provision of
any Company Products by Company or its Subsidiaries; and (ii) Company or
its Subsidiaries own exclusively, and have good title to, or have a valid
license to use, all copyrighted works that are Company Products or which Company
or any of its Subsidiaries otherwise purports to own or license; and (iii) to
the extent that the use, manufacture, sale or importation of any Company Product
infringes any Patent, Company or its Subsidiaries is the owner of exclusive
licenses of such Company Product.
	Except set forth in Section 2.12(h) of the Company Disclosure
Schedule, all Company Intellectual Property (other than off-the-shelf commercial
software) will be fully transferable, alienable or licensable by the Surviving
Corporation without restriction and without payment of any kind to any third
party.
	To the extent that any technology, software or material Intellectual
Property has been developed or created independently or jointly by a third party
for Company or any of its Subsidiaries or is incorporated into any of Company
Products, Company or its Subsidiaries have a written agreement with such third
party with respect thereto and Company or its Subsidiaries thereby either
(i) has obtained ownership of, and is the exclusive owner of, or
(ii) has obtained a perpetual, non-terminable license (sufficient for the
conduct of its business as currently conducted and as currently proposed to be
conducted) to all such third party's Intellectual Property in such work,
material or invention by operation of law or by valid assignment, to the fullest
extent it is legally possible to do so.
	With the exception of "shrink-wrap" or similar widely-available commercial
end-user licenses, all Intellectual Property used in or necessary to the conduct
of Company's business as presently conducted or currently contemplated to be
conducted by Company was written and created solely by either (i) employees
of Company acting within the scope of their employment or (ii) by third
parties who have irrevocably assigned all of their rights, including
Intellectual Property Rights therein, to Company, and no third party owns or has
any rights to any of Company Intellectual Property.
	All employees of Company have entered into valid and binding written
agreements with Company assigning to Company all of their rights, title and
interest in and to all Intellectual Property created by such employee in the
scope of his or her employment with Company.
	No person who has licensed any Intellectual Property to Company has
ownership rights or license rights to improvements made by or for Company in
such Intellectual Property.
	Neither Company nor any of its Subsidiaries has transferred ownership of, or
granted any exclusive license with respect to, any Intellectual Property that is
or was material to the conduct of Company's business as currently conducted and
anticipated to be conducted, to any third party, or permitted Company's rights
in such material to the conduct of Company's business as currently conducted and
anticipated to be conducted to lapse or enter the public domain.

	Section 2.12(n) of the Company Disclosure Schedule lists all
material contracts, licenses and agreements to which Company or any of its
Subsidiaries is a party: (i) with respect to Company Intellectual Property
licensed or transferred to any third party (other than end-user licenses in the
ordinary course); or (ii) pursuant to which a third party has licensed or
transferred any Intellectual Property to Company.
	All contracts, licenses and agreements relating to either (i) Company
Intellectual Property or (ii) Intellectual Property of a third party
licensed to Company or any of its Subsidiaries, are in full force and effect.
The consummation of the transactions contemplated by this Agreement will neither
violate nor result in the breach, modification, cancellation, termination or
suspension of such contracts, licenses and agreements. Each of Company and its
Subsidiaries is in material compliance with, and has not materially breached any
term of any such contracts, licenses and agreements and, to the knowledge of
Company, all other parties to such contracts, licenses and agreements are in
compliance with, and have not materially breached any term of, such contracts,
licenses and agreements. Following the Closing Date, the Surviving Corporation
and its subsidiaries will be permitted to exercise all of Company's rights under
such contracts, licenses and agreements to the same extent Company and its
Subsidiaries would have been able to had the transactions contemplated by this
Agreement not occurred and without the payment of any additional amounts or
consideration other than ongoing fees, royalties or payments which Company or
its Subsidiaries would otherwise be required to pay.
	Except as set forth on Section 2.12(p) of the Company Disclosure
Schedule, neither this Agreement nor the transactions contemplated by this
Agreement, including the assignment to Parent or Merger Sub by operation of law
or otherwise of any contracts or agreements to which Company is a party, will
result in: (i) either Parent's or the Merger Sub's granting to any third
party any right to or with respect to any material Intellectual Property right
owned by, or licensed to, either of them; (ii) either Parent or Merger Sub
being bound by, or subject to, any non-compete or other material restriction on
the operation or scope of their respective businesses; or (iii) either
Parent or Merger Sub being obligated to pay any royalties or other material
amounts to any third party in excess of those payable by Parent or Merger Sub,
respectively, prior to the Closing.
	The operation of the business of Company as it currently is conducted or, to
the knowledge of Company, as it is currently contemplated to be conducted by
Company, including but not limited to the design, development, use, import,
branding, advertising, promotion, marketing, manufacture and sale of Company
Products (including products, technology or services currently under
development) has not misappropriated or, to its knowledge, infringed, and to its
knowledge, does not and will not, when conducted by Parent and/or the Surviving
Corporation in substantially the same manner following the Closing, infringe or
misappropriate any Intellectual Property right of any person, violate any right
of any person (including any right to privacy or publicity) or constitute unfair
competition or trade practices under the laws of any jurisdiction, and Company
has not received notice from any person claiming that such operation or any act,
product, technology or service (including products, technology or services
currently under development) of Company infringes or misappropriates any
Intellectual Property right of any person or constitutes unfair competition or
trade practices under the laws of any jurisdiction (nor does Company have
knowledge of any basis therefor).
	Except as set forth on Section 2.12(r) of the Company Disclosure
Schedule, Company Intellectual Property constitutes all the Intellectual
Property used in and/or necessary to the conduct of the business of Company as
it currently is conducted, and, to the knowledge of Company, as it is currently
planned or contemplated to be conducted by Company, including, without
limitation, the design, development, manufacture, use, import and sale of
products, technology and performance of services (including products, technology
or services currently under development).
	To the knowledge of Company, no person has or is infringing or
misappropriating any Company Intellectual Property.
	Each of Company and its Subsidiaries has and enforces a policy requiring
each employee and contractor to execute a proprietary
information/confidentiality agreement substantially in the form provided to
Parent and all current and former employees and contractors of Company and any
of its Subsidiaries have executed such an agreement, except where the failure to
do so is not reasonably expected to be material to Company.
	Agreements, Contracts and
Commitments.  As of the date of this Agreement, the Company is not
a party to nor is it bound by:

	any employment or consulting agreement, contract or commitment with an
employee, contract worker or individual consultant or salesperson or consulting
or sales agreement, contract or commitment with a firm or other
organization;
	any agreement or plan, including, without limitation, any stock option plan,
stock appreciation rights plan or stock purchase plan, any of the benefits of
which will be increased, or the vesting of benefits of which will be
accelerated, by the occurrence of any of the transactions contemplated by this
Agreement or the value of any of the benefits of which will be calculated on the
basis of any of the transactions contemplated by this Agreement;
	any fidelity or surety bond or completion bond;
	any lease of personal property having a value in excess of $10,000
individually or in the aggregate;
	any agreement, contract or commitment relating to capital expenditures and
involving future payments in excess of $10,000 individually or in the
aggregate;
	any agreement, contract or commitment relating to the disposition or
acquisition of assets or any interest in any business enterprise outside the
ordinary course of the Company's business;
	any mortgages, indentures, guarantees, loans or credit agreements, security
agreements or other agreements or instruments relating to the borrowing of money
or extension of credit;
	any purchase order or contract for the purchase of materials involving in
excess of $10,000 individually or in the aggregate;
	any construction contracts;
	any dealer, distribution, joint marketing or development agreement;
	any sales representative, original equipment manufacturer, value added,
remarketer, reseller or independent software vendor or other agreement for use
or distribution of the Company's products, technology or services; or
	any other agreement, contract or commitment that involves $10,000
individually or in the aggregate or more and is not cancelable without penalty
within thirty (30) days.

	Interested Party Transactions.  No
officer, director or, to the knowledge of the Company, Shareholder of the
Company (nor their immediate family, or any trust, partnership or corporation in
which any of such persons has or has had an interest), has or has had, directly
or indirectly, (i) an interest in any entity which furnished or sold, or
furnishes or sells, services, products or technology that the Company furnishes
or sells, or proposes to furnish or sell, or (ii) any interest in any
entity that purchases from or sells or furnishes to the Company, any goods or
services, or (iii) a beneficial interest in any Contract to which the
Company is a party; provided, however, that ownership of no more
than one percent (1%) of the outstanding voting stock of a publicly traded
corporation shall not be deemed to be an "interest in any entity" for purposes
of this Section 2.14.
	Governmental Authorization.  Each
consent, license, permit, grant or other authorization which is material to the
Company's business and (i) pursuant to which the Company currently operates
or holds any interest in any of its properties, or (ii) which is required
for the operation of the Company's business as currently conducted or currently
contemplated to be conducted or the holding of any such interest (collectively,
"Company Authorizations") has been issued or granted to the Company. The
Company Authorizations are in full force and effect.
	Litigation.  Section 2.16 of
the Company Disclosure Schedule describes any action, suit, claim or
proceeding of any nature pending or to the knowledge of Company threatened,
against the Company, its properties (tangible or intangible) or any of its
officers or directors. There is no action, suit, claim or proceeding of any
nature pending or to the knowledge of the Company threatened, against the
Company, its properties (tangible or intangible) or any of its officers or
directors, nor to the knowledge of the Company is there any reasonable basis
therefor that would constitute, individually or in the aggregate, a Material
Adverse Effect. There is no investigation or other proceeding pending or to the
knowledge of the Company threatened, against the Company, any of its properties
(tangible or intangible) or any of their officers or directors by or before any
Governmental Entity that would constitute; individually or in the aggregate, a
Material Adverse Effect. No Governmental Entity has challenged the legal right
of the Company to conduct its operations as presently conducted or as presently
contemplated to be conducted.
	Minute Books.  The minutes of the
Company made available to counsel for Parent contain accurate summaries of all
meetings of the Board of Directors (or committees thereof) of the Company and
its shareholders or actions by written consent since the time of incorporation
of the Company.
	Brokers' and Finders' Fees; Third Party
Expenses.  The Company has not incurred, nor will it incur,
directly or indirectly, any liability for brokerage or finders' fees or agents'
commissions or any similar charges in connection with the Agreement or any
transaction contemplated hereby. Section 2.18 of the Company
Disclosure Schedule sets forth the Company's current reasonable estimate of all
Third Party Expenses (as defined in Section 5.4 hereof) expected to
be incurred by the Company in connection with the negotiation and effectuation
of the terms and conditions of this Agreement and the transactions contemplated
hereby.
	Employee Benefit Plan and
Compensation.  Definitions. For all purposes of this Agreement, the
following terms shall have the following respective meanings:

"Affiliate" shall mean any other person or entity under common control
with the Company within the meaning of Section 414(b), (c), (m) or (o) of
the Code, and the regulations issued thereunder.

"Company Employee Plan" shall mean any plan, program, policy,
practice, contract, agreement or other material arrangement providing for
compensation, severance, termination pay, deferred compensation, performance
awards, stock or stock-related awards, fringe benefits or other employee
benefits or remuneration of any kind, whether written, unwritten or otherwise,
funded or unfunded, including without limitation, each "employee benefit plan,"
within the meaning of Section 3(3) of ERISA which is or has been
maintained, contributed to, or required to be contributed to, by the Company or
any Affiliate for the benefit of any Employee, or with respect to which the
Company or any Affiliate has or may have any liability or obligation.

"COBRA" shall mean the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended.

"DOL" shall mean the United States Department of Labor.

"Employee" shall mean any current or former employee, contract worker,
consultant or director of the Company or any Affiliate.

"Employment Agreement" shall mean each management, employment,
severance, consulting, relocation, repatriation, expatriation, visas, work
permit or other agreement, or contract between the Company or any Affiliate and
any Employee.

"ERISA" shall mean the Employee Retirement Income Security Act of
1974, as amended.

"FMLA" shall mean the Family Medical Leave Act of 1993, as
amended.

"International Employee Plan" shall mean each Company Employee Plan
that has been adopted or maintained by the Company or any Affiliate, whether
informally or formally, or with respect to which the Company or any Affiliate
will or may have any liability, for the benefit of Employees who perform
services outside the United States.

"IRS" shall mean the United States Internal Revenue Service.

"Multiemployer Plan" shall mean any "Pension Plan" (as defined below)
which is a "multiemployer plan," as defined in Section 3(37) of ERISA.

"Pension Plan" shall mean each Company Employee Plan which is an
"employee pension benefit plan," within the meaning of Section 3(2) of
ERISA.

	Schedule. Section 2.19(a) of the Company Disclosure
Schedule contains an accurate and complete list of each Company Employee Plan,
International Employee Plan, and each Employment Agreement under each Company
Employee Plan or Employee Agreement. The Company has no plan or commitment to
establish any new Company Employee Plan, International Employee Plan, or
Employee Agreement, to modify any Company Employee Plan or Employment Agreement
(except to the extent required by law or to conform any such Company Employee
Plan or Employee Agreement to the requirements of any applicable law, in each
case as previously disclosed to Parent in writing, or as required by this
Agreement), or to enter into any Company Employee Plan, International Employee
Plan, or Employment Agreement.

	Documents. The Company has made available to Parent (i) correct
and complete copies of all documents embodying each Company Employee Plan,
International Employee Plan, and each Employment Agreement including, without
limitation, all amendments thereto and all related trust documents,
(ii) the three (3) most recent annual reports (Form Series 5500 and
all schedules and financial statements attached thereto), if any, required under
ERISA or the Code in connection with each Company Employee Plan, (iii) if
the Company Employee Plan is funded, the most recent annual and periodic
accounting of Company Employee Plan assets, (iv) the most recent summary
plan description together with the summary(ies) of material modifications
thereto, if any, required under ERISA with respect to each Company Employee
Plan, (v) all material written agreements and contracts relating to each
Company Employee Plan, including, without limitation, administrative service
agreements and group insurance contracts, (vi) all communications material
to any Employee or Employees relating to any Company Employee Plan and any
proposed Company Employee Plan, in each case, relating to any amendments,
terminations, establishments, increases or decreases in benefits, acceleration
of payments or vesting schedules or other events which would result in any
liability to the Company, (vii) all material correspondence to or from any
governmental agency relating to any Company Employee Plan, (viii) all COBRA
forms and related notices, (ix) all policies pertaining to fiduciary
liability insurance covering the fiduciaries for each Company Employee Plan,
(x) the three (3) most recent plan years discrimination tests for each
Company Employee Plan, and (xi) all registration statements, annual reports
(Form 11-K and all attachments thereto) and prospectuses prepared in
connection with each Company Employee Plan.

	Employee Plan Compliance. The Company has performed all material
obligations required to be performed by it under, is not in material default or
material violation of, and has no knowledge of any default or violation by any
other party to each Company Employee Plan, and each Company Employee Plan has
been established and maintained in accordance with its terms and is in material
compliance with all applicable laws, statutes, orders, rules and regulations,
including but not limited to ERISA or the Code. Each Company Employee Plan
intended to qualify under Section 401(a) of the Code and each trust
intended to qualify under Section 501(a) of the Code has either received a
favorable determination, opinion, notification or advisory letter from the IRS
with respect to each such Company Employee Plan as to its qualified status under
the Code, including all amendments to the Code effected by the Tax Reform Act of
1986 and subsequent legislation, or has remaining a period of time under
applicable Treasury regulations or IRS pronouncements in which to apply for such
a letter and make any amendments necessary to obtain a favorable determination
as to the qualified status of each such Company Employee Plan. No "prohibited
transaction," within the meaning of Section 4975 of the Code or
Sections 406 and 407 of ERISA, and not otherwise exempt under
Section 4975 of the Code or Section 408 of ERISA (or any
administrative class exemption issued thereunder), has occurred with respect to
any Company Employee Plan. There are no actions, suits or claims pending, or to
the knowledge of the Company, threatened or reasonably anticipated (other than
routine claims for benefits) against any Company Employee Plan or against the
assets of any Company Employee Plan. Each Company Employee Plan (other than any
stock option plan) can be amended, terminated or otherwise discontinued after
the Effective Time in accordance with its terms, without liability to Parent,
the Company or any Affiliate (other than liabilities accrued on Company's
balance sheet as of June 30, 2001 and other than ordinary course of business
expenses associated with any Company Employee Plan from June 30, 2001 to
immediately prior to the Effective Time). There are no audits, inquiries or
proceedings pending or, to the knowledge of the Company, threatened by the IRS
or DOL with respect to any Company Employee Plan. Neither the Company nor any
Affiliate is subject to any penalty or tax with respect to any Company Employee
Plan under Section 502(i) of ERISA or Sections 4975 through 4980 of
the Code.

	No Pension Plan. Neither the Company nor any other Affiliate has ever
maintained, established, sponsored, participated in, or contributed to, any
Pension Plan subject to Title IV of ERISA or Section 412 of the
Code.

	Collectively Bargained, Multiemployer and Multiple Employer Plans. At
no time has the Company or any Affiliate contributed to or been obligated to
contribute to any Multiemployer Plan. Neither the Company, nor any Affiliate has
at any time ever maintained, established, sponsored, participated in, or
contributed to any multiple employer plan, or to any plan described in
Section 413 of the Code.

	No Post-Employment Obligations. No Company Employee Plan provides, or
reflects or represents any liability to provide, retiree life insurance, retiree
health or other retiree employee welfare benefits to any person for any reason,
except as may be required by COBRA or other applicable statute, and the Company
has never represented, promised or contracted (whether in oral or written form)
to any Employee (either individually or to Employees as a group) or any other
person that such Employee(s) or other person would be provided with retiree life
insurance, retiree health or other retiree employee welfare benefit, except to
the extent required by statute.

	Health Care Compliance. Neither the Company nor any Affiliate has,
prior to the Effective Time and in any material respect, violated any of the
health care continuation requirements of COBRA, the requirements of FMLA, the
requirements of the Health Insurance Portability and Accountability Act of 1996,
the requirements of the Women's Health and Cancer Rights Act of 1998, the
requirements of the Newborns' and Mothers' Health Protection Act of 1996, or any
amendment to each such act, or any similar provisions of state law applicable to
its Employees.

	Effect of Transaction. The execution of this Agreement and the
consummation of the transactions contemplated hereby will not (either alone or
upon the occurrence of any additional or subsequent events) constitute an event
under any Company Employee Plan, Employment Agreement, trust or loan that will
or may result in any payment (whether of severance pay or otherwise),
acceleration, forgiveness of indebtedness, vesting, distribution, increase in
benefits or obligation to fund benefits with respect to any Employee, except as
expressly required by this Agreement.

	Employment Matters. The Company, in all material respects:
(i) is in compliance with all applicable foreign, federal, state and local
laws, rules and regulations respecting employment, employment practices, terms
and conditions of employment and wages and hours, in each case, with respect to
Employees, including all applicable laws of foreign jurisdictions where the
Company has Employees; (ii) has withheld and reported all amounts required
by law or by agreement to be withheld and reported with respect to wages,
salaries and other payments to Employees, (iii) is not liable for any
arrears of wages or any taxes or any penalty for failure to comply with any of
the foregoing, and (iv) is not liable for any payment to any trust or other
fund governed by or maintained by or on behalf of any governmental authority,
with respect to unemployment compensation benefits, social security or other
benefits or obligations for Employees (other than routine payments to be made in
the normal course of business and consistent with past practice). There are no
pending, or to the knowledge of the Company threatened, or reasonably
anticipated claims or actions against the Company under any worker's
compensation policy or long-term disability policy.

	International Employee Plan. The Company does not now, nor has it
ever had the obligation to, maintain, establish, sponsor, participate in, or
contribute to any International Employee Plan.
	Insurance.  Section 2.20
of the Company Disclosure Schedule lists all insurance policies and fidelity
bonds covering the assets, business, equipment, properties, operations,
employees, contract workers, officers and directors of the Company or any
Affiliate. To the Company's knowledge, there is no claim by the Company or any
Affiliate pending under any of such policies or bonds as to which coverage has
been questioned, denied or disputed by the underwriters of such policies or
bonds. All premiums due and payable under all such policies and bonds have been
paid, and the Company and its Affiliates are otherwise in material compliance
with the terms of such policies and bonds (or other policies and bonds providing
substantially similar insurance coverage). The Company has no knowledge of
threatened termination of, or premium increase with respect to, any of such
policies.
	Compliance with Laws.  The Company
has complied with, in all material respects, is not in material violation of,
and has not received any notices of violation with respect to, any foreign,
federal, state or local statute, law or regulation.
	Shareholder Loans.  No Shareholder
has outstanding loans from the Company.
	Environmental Matters.  Except as
would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect on the Company, (i) Company and the Company
Subsidiaries are in compliance with all applicable Environmental Laws and all
Company Permits required by Environmental Laws; (ii) all past noncompliance
of Company or any Company Subsidiary with Environmental Laws or Environmental
Permits has been resolved without any pending, ongoing or future obligation,
cost or liability; and (iii) neither Company, to its knowledge, nor any
Company Subsidiary, to its knowledge, has released a Hazardous Material at, or
transported a Hazardous Material to or from, any real property currently or
formerly owned, leased or occupied by Company or any Company Subsidiary, in
violation of any Environmental Law. For purposes of this Agreement,
"Environmental Law" shall mean any Law and any enforceable judicial or
administrative interpretation thereof, including any judicial or administrative
order, consent decree or judgment, relating to pollution or protection of the
environment or natural resources, including, without limitation, those relating
to the use, handling, transportation, treatment, storage, disposal, release or
discharge of Hazardous Material, as in effect as of the date hereof.
"Environmental Permit" shall mean any permit, approval, identification
number, license or other authorization required under or issued pursuant to any
applicable Environmental Law. "Hazardous Material" shall mean
(i) any petroleum, petroleum products, byproducts or breakdown products,
radioactive materials, asbestos-containing materials or polychlorinated
biphenyls or (ii) any chemical, material or substance defined or regulated
as toxic or hazardous or as a pollutant or contaminant or waste under any
applicable Environmental Law.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER
SUB

Parent and Merger Sub hereby represent and warrant to the Company,
subject to such exceptions as are specifically disclosed in the disclosure
letter (referencing the appropriate section and paragraph numbers) supplied by
the Parent and Merger Sub to the Company (the "Parent Disclosure
Schedule") and dated as of the date hereof and as disclosed in Parent's SEC
Reports, that on the date hereof and as of the Effective Time as though made at
the Effective Time as follows:

	Organization, Standing and Power. 
Parent is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware. Merger Sub is a corporation duly
organized, validly existing and in good standing under the Delaware Law. Each of
Parent and Merger Sub has the corporate power to own its properties and to carry
on its business as now being conducted and is duly qualified or licensed to do
business and is in good standing in each jurisdiction in which the failure to be
so qualified or licensed would have a change, event or effect that is materially
adverse to the business, assets (including intangible assets), condition
(financial or otherwise) or results of operations of Parent and its
subsidiaries, taken as a whole (except for those changes, events and effects
that are caused by (i) conditions affecting the United States economy as a
whole, (ii) conditions affecting the industry in which Parent competes as a
whole, (iii) conditions resulting from the announcement or the pendency of
the Merger, (iv) any decline in Parent's stock price or (v) any failure by
Parent to meet analyst expectations) (a "Parent Material Adverse
Effect").
	Authority.  Each of Parent and
Merger Sub has all requisite corporate power and authority to enter into this
Agreement and any Related Agreements to which it is a party and to consummate
the transactions contemplated hereby and thereby. The execution and delivery of
this Agreement and any Related Agreements to which it is a party and the
consummation of the transactions contemplated hereby and thereby have been duly
authorized by all necessary corporate action on the part of Parent and Merger
Sub, subject only to stockholder approval. This Agreement and any Related
Agreements to which Parent and Merger Sub are parties have been duly executed
and delivered by Parent and Merger Sub and constitute the valid and binding
obligations of Parent and Merger Sub, enforceable in accordance with their
terms, except as such enforceability may be limited by principles of public
policy and subject to the laws of general application relating to bankruptcy,
insolvency and the relief of debtors and rules of law governing specific
performance, injunctive relief or other equitable remedies.
	Parent Common Stock.  The Parent
Common Stock to be issued in the Merger has been duly authorized, and upon
consummation of the transactions contemplated by this Agreement, will be validly
issued, fully paid and nonassessable.
	SEC Reports; Financial Statements. 
Parent has made available to Company a correct and complete copy of each report,
schedule, registration statement and definitive proxy statement filed by
Purchaser with the SEC on or after December 31, 1999 (the "SEC
Reports"), which are all the forms, reports and documents required to be
filed by Parent with the SEC since December 31, 1999. The Parent SEC Reports
(A) were prepared in accordance with the requirements of the Securities Act
or the Exchange Act, as the case may be, and (B) did not at the time they
were filed (or if amended or superseded by a filing prior to the date of this
Agreement, then on the date of such filing) contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

Each set of consolidated financial statements (including, in each case, any
related notes thereto) contained in the Parent SEC Reports was prepared in
accordance with the published rules and regulations of the SEC and U.S. GAAP
applied on a consistent basis throughout the periods involved (except as may be
indicated in the notes thereto or, in the case of unaudited statements, do not
contain footnotes as permitted by Form 10-Q of the Exchange Act) and each
fairly presents the consolidated financial position of Parent and its
subsidiaries at the respective dates thereof and the consolidated results of its
operations and cash flows for the periods indicated, except that the unaudited
interim financial statements were or are subject to normal adjustments which are
not material in the aggregate.

	No Undisclosed Liabilities.  Parent
has no liability, indebtedness, obligation, of the type required to be disclosed
in the liabilities column of a balance sheet of Parent prepared in accordance
with GAAP except for liabilities reflected in the consolidated financial
statements contained in the Parent SEC Reports, or liabilities that have
arisen in the ordinary course of business consistent with past practices since
the last Parent SEC Report.
	No Changes.  Since December 31,
2000, Parent has conducted its business as described and proposed to be
conducted in the Parent SEC Report and there has not occurred: (i) any
change in accounting methods or practices (including any change in depreciation
or amortization policies or rates) by Parent or any revaluation by Parent of any
of its assets; (ii) any declaration, setting aside, or payment of a
dividend or other distribution with respect to the shares of Parent, or any
direct or indirect redemption, purchase or other acquisition by Parent of any of
its shares of capital stock, other than repurchases of stock as a result of
termination of employees; (iii) any agreement by Parent to do any of the
things described in the preceding clauses (i) through (ii).
	Parent Capital Structure. There has been
no material change in the capital structure of Parent since its last Form 10-Q.

ARTICLE IV

CONDUCT PRIOR TO THE EFFECTIVE TIME

	Conduct of Business of the
Company.  During the period from the date of this Agreement and
continuing until the earlier of the termination of this Agreement or the
Effective Time, the Company agrees, (i) except to the extent that Parent shall
otherwise consent in writing or, (ii) required by this Agreement to carry on the
Company's business in the usual, regular and ordinary course in substantially
the same manner as heretofore conducted, to pay the debts and Taxes of the
Company when due, to pay or perform other obligations when due, and, to the
extent consistent with such business, use its commercially reasonable efforts
consistent with past practice and policies to preserve intact the Company's
present business organizations, keep available the services of the Company's
present officers and key employees and preserve the Company's relationships with
customers, suppliers, distributors, licensors, licensees, and others having
business dealings with it, all with the goal of preserving the Company's
goodwill and ongoing businesses at the Effective Time. Except as expressly
required by this Agreement, the Company shall not, without the prior written
consent of Parent (which consent shall not be unreasonably withheld):

	make any expenditures, other than pursuant to existing obligations and other
than with respect to trade creditors in the ordinary course, or enter into any
commitment or transaction exceeding $10,000 individually or in the aggregate or
any commitment or transaction of the type described in Section 2.8
hereof;
	(i) except for in the ordinary course of business, sell, license or
transfer to any person or entity any rights to any Company Intellectual Property
or enter into any agreement with respect to any Company Intellectual Property
with any person or entity or with respect to any Intellectual Property of any
person or entity, (ii) buy or license any Intellectual Property or enter
into any agreement with respect to the Intellectual Property of any person or
entity, (iii) enter into any agreement with respect to the development of
any Intellectual Property with a third party, (iv) or change pricing or
royalties charged by the Company to its customers or licensees, or the pricing
or royalties set or charged by persons who have licensed Intellectual Property
to the Company;
	enter into or amend any Contract pursuant to which any other party is
granted marketing, distribution, development or similar rights of any type or
scope with respect to any products or technology of the Company;
	amend or otherwise modify (or agree to do so), or violate the terms of, any
of the Contracts set forth or described in the Company Disclosure Schedule;
	commence or settle any litigation;
	declare, set aside or pay any dividends on or make any other distributions
(whether in cash, stock or property) in respect of any Company Common or
Preferred Stock, or split, combine or reclassify any Company Common or Preferred
Stock or issue or authorize the issuance of any other securities in respect of,
in lieu of or in substitution for shares of Company Common or Preferred Stock,
or repurchase, redeem or otherwise acquire, directly or indirectly, any shares
of Company Common or Preferred Stock (or options, warrants or other rights
exercisable therefor) other than in accordance (i) with the agreements
evidencing Company Options or restricted stock awards, (ii) the issuance of
Company Common Stock upon the exercise of warrants outstanding as of the date
hereof, and (iii) the issuance of Company Common Stock upon conversion of
Company Preferred Stock.
	issue, grant, deliver or sell or authorize or propose the issuance, grant,
delivery or sale of, or purchase or propose the purchase of, any shares of
capital stock of the Company or securities convertible into, or subscriptions,
rights, warrants or options to acquire, or other agreements or commitments of
any character obligating it to issue or purchase any such shares or other
convertible securities other than in accordance (i) with the agreements
evidencing Company Options or restricted stock awards, (ii) the issuance of
Company Common Stock upon the exercise of warrants outstanding as of the date
hereof, and (iii) the issuance of Company Common Stock upon conversion of
Company Preferred Stock.
	cause or permit any amendments to its articles of incorporation, bylaws or
other organizational documents of the Company (except for amendment by the Sixth
Amended and Restated Articles of Incorporation of Company);
	acquire or agree to acquire by merging or consolidating with, or by
purchasing any assets or equity securities of, or by any other manner, any
business or any corporation, partnership, association or other business
organization or division thereof, or otherwise acquire or agree to acquire any
assets which are material, individually or in the aggregate, to the Company's
business;
	except as allowed pursuant to Section 4.1(b) hereof, sell,
lease, license or otherwise dispose of any of its properties or assets, except
properties or assets which are not Intellectual Property and only in the
ordinary course of business and consistent with past practices;
	incur any indebtedness or guarantee any indebtedness or issue or sell any
debt securities or guarantee any debt securities of others except for (i) short-term unsecured
borrowing incurred in the ordinary course of business consistent
with past practice, and (ii) unsecured borrowings pursuant to existing credit
facilities in the ordinary course of business, not in excess of $100,000;
	grant any loans to others or purchase debt securities of others or amend the
terms of any outstanding loan agreement;
	grant any severance or termination pay (i) to any director or officer,
or (ii) to any other employee or contract worker except payments made
pursuant to standard written agreements outstanding prior to the date hereof or
disclosed in the Company Disclosure Schedule;
	except as required to comply with applicable law, and except for the
amendments to the Management Plan and the Severance Plan as set forth as
Exhibits I and J, respectively, hereto adopt or amend any
employee benefit plan, or enter into any employment contract, pay or agree to
pay any special bonus or special remuneration to any director, employee or
contract worker, or increase the salaries or wage rates of its employees or
contract workers except payments made pursuant to standard written agreements in
place prior to the date hereof or disclosed in the Company Disclosure
Schedule;
	revalue any of its assets, including without limitation writing down the
value of inventory or writing off notes or accounts receivable other than in the
ordinary course of business;
	pay, discharge or satisfy, in an amount in excess of $10,000 in any one
case, or in the aggregate, any claim, liability or obligation (absolute,
accrued, asserted or unasserted, contingent or otherwise), other than the
payment, discharge or satisfaction in the ordinary course of business of
liabilities reflected or reserved against in the Current Balance Sheet;
	make or change any material election in respect of Taxes, adopt or change
any accounting method in respect of Taxes, enter into any closing agreement,
settle any claim or assessment in respect of Taxes, or consent to any extension
or waiver of the limitation period applicable to any claim or assessment in
respect of Taxes;
	enter into any strategic alliance or joint marketing arrangement or
agreement;
	take any action to accelerate the vesting schedule of any of the outstanding
Company Options or Company Common or Preferred Stock;
	hire or terminate any employees or contract workers, or encourage any
employees or contract workers to resign from the Company; or
	take, or agree in writing or otherwise to take, any of the actions described
in Sections 4.1(a) through 4.1(t) hereof, or any other action
that would (i) prevent the Company from performing or cause the Company not
to perform their respective covenants hereunder or (ii) cause or result in
any or their respective representations and warranties contained herein being
untrue or incorrect.

	No Solicitation.  

	From and after the date hereof and until the earlier of the Effective
Time, or the termination of this Agreement pursuant to Section 8.1
hereof, the Company shall not (nor shall the Company permit, as applicable, any
of the Company's officers, directors, employees, contract workers, shareholders,
agents, representatives or affiliates to), directly or indirectly take any of
the following actions with any party other than Parent and its designees:
(a) solicit, knowingly encourage, initiate or participate in any inquiry,
negotiations or discussions, or enter into any agreement, with respect to any
offer or proposal to acquire all or any material part of the Company's business,
properties or technologies, or any material amount of the Company Common or
Preferred Stock (whether or not outstanding), whether by merger, purchase of
assets, tender offer, license or otherwise, or effect any such transaction,
(b) disclose any information not customarily disclosed to any person
concerning the Company's business, technologies or properties, or afford to any
person or entity access to its properties, technologies, books or records, not
customarily afforded such access, (c) assist or cooperate with any person
to make any proposal to purchase all or any material part of the Company Common
or Preferred Stock or assets of the Company, other than in the ordinary course
of business, or (d) enter into any agreement with any person providing for
the acquisition of the Company, whether by merger, purchase of assets, license,
tender offer or otherwise. In the event that the Company or any of the Company's
affiliates shall receive, prior to the Effective Time or the termination of this
Agreement, any offer, proposal, or request, directly or indirectly, of the type
referenced in clause (a) or (c) above, or any request for disclosure or
access pursuant to clause (b) above, the Company shall immediately notify
Parent thereof, including information as to the identity of the offeror or the
party making any such offer or proposal and the specific terms of such offer or
proposal, as the case may be, and such other information related thereto as
Parent may reasonably request. The parties hereto agree that irreparable damage
would occur in the event that the provisions of this Section 4.2
were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed by the parties hereto that Parent shall be
entitled to seek an injunction or injunctions to prevent breaches of the
provisions of this Section 4.2 and to enforce specifically the terms
and provisions hereof in any court of the United States or any state having
jurisdiction, this being in addition to any other remedy to which Parent may be
entitled at law or in equity.

ARTICLE V

ADDITIONAL AGREEMENTS

	Registration Exemption and Shareholder
Approval.  

	The Company shall cooperate with Parent with respect to meeting the
exemption from registration under Rule 506 of Regulation D of the Securities Act
of 1933 (the "Reg D Exemption") and qualification or exemption under state
securities or "blue sky" laws, with respect to the shares of Parent Common Stock
to be issued pursuant to this Agreement. Without limiting the generality of the
foregoing, the Company shall:

	promptly provide to Parent all pertinent information concerning the Company,
its capital stock and the Shareholders and Company Option holders;
	promptly review and comment on any documents or drafts supplied by
Parent;
	promptly take all other actions with respect to the Reg D Exemption and
qualification or exemption under state securities or "blue sky" laws as Parent
may reasonably request; and
	promptly inform Parent, at any time prior to the Effective Time, of any
event or information discovered by the Company that should be set forth in an
amendment to the Rule 506 Information Statement.

	The information provided by the Company and Parent in connection with the
Reg D Exemption and exemption under state securities or "blue sky" laws, pursued
by Parent with respect to the shares of Parent Common Stock to be issued
pursuant to this Agreement, shall not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. Whenever the Company or Parent obtains any
knowledge of any event that causes any of such information provided by the
Company or Parent, as the case may be, to contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, the Company or Parent, as the case may be,
shall promptly inform the Parent or Company, as the case may be. The Company or
Parent, as the case may be, shall promptly inform the Parent or the Company, as
the case may be, if it obtains any knowledge of any event or occurrence that
should be set forth in an amendment or a supplement to any application or other
documents relating to the exemption from registration, and will cooperate in
mailing to the Shareholders such amendments or supplements as may be
appropriate.
	Each Merger Shareholder and Bridge Note holder shall execute and deliver to
Parent an Investment Representation Certificate in the form of
Exhibit C attached hereto (the "Investment Representation
Certificate").
	Promptly after the date hereof, Company will take all action necessary in
accordance with California Law to convene a Company Shareholders' meeting
("Company Shareholders' Meeting") to be held as promptly as practicable
or, for the purpose of voting upon the principal terms of the Merger. The
Company will use its commercially reasonable efforts to solicit from the
Shareholders proxies in favor of approval of the principal terms of the Merger
and will take all other action necessary or advisable to secure the vote or
consent of the Shareholders required by California Law to obtain such approvals.
The Company shall ensure that the Company Shareholders' Meeting is called,
noticed, convened, held and conducted, and that all proxies solicited by the
Company in connection with the Company Shareholders' Meeting are solicited, in
compliance with California Law, and all other applicable legal requirements. In
lieu of seeking approval of the principal terms of the Merger at the Company
Shareholders' Meeting, the Company may solicit the written consent of the
Shareholders to the principal terms of the Merger.
	The Company, in consultation with Parent, will prepare the an information
statement in compliance with the requirements under the California Corporations
Code and Rule 506 under the Securities Act (the "Rule 506
Information Statement"), which shall also include an offering circular
prepared by Parent, which shall comply as to form and substance in all material
respects with the applicable provisions of the Securities Act, the blue sky laws
and all rules and regulations promulgated thereunder (the "Offering
Circular," and, collectively with the Rule 506 Information Statement,
the "Rule 506 Documents") to be used in connection with obtaining
the approval by the Shareholders of this Agreement. The Company shall not
distribute the Rule 506 Documents without Parent's approval (which shall
not be unreasonably withheld or delayed); provided, that Parent shall in no way
be responsible for any of the content of the Rule 506 Documents except for
the Offering Circular and content in the Rule 506 Information Statement as
it pertains to and is supplied by Parent. Each of the Company and Parent shall
ensure that the Rule 506 Documents do not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading with respect to the Company or Parent, as
the case may be. For these purposes, the Company, may in consultation with
Parent, amend or supplement the Rule 506 Information Statement, to the extent
necessary, to incorporate all information and disclosures required by Rule 506
promulgated under the Securities Act. Whenever either of the Company or Parent,
as the case may be, obtains any knowledge of any event that should be set forth
in an amendment or a supplement to the Rule 506 Documents, the Company or
Parent, as the case may be, will promptly inform Parent or the Company, as the
case may be, and will cooperate in mailing to the Shareholders as requested by
Parent such amendment or supplement.
	The Company, acting through its Board of Directors, shall, in accordance
with all applicable legal requirements and the Company's charter and
bylaws:

	cause the Rule 506 Information Statement and the Offering Circular and
any other disclosure documents deemed appropriate by Parent to be mailed to the
Shareholders of the Company promptly upon completion thereof;
	recommend approval and adoption of the principal terms of the Merger by the
Shareholders of the Company, and include in the Rule 506 Information
Statement such recommendation, and take all lawful action to solicit such
approval.

	Access to Information.  The Company
shall afford Parent and its accountants, counsel and other representatives,
reasonable access during the period prior to the Effective Time to (i) all
of the Company's properties, books, contracts, commitments and records,
(ii) all other information concerning the business, properties and
personnel (subject to restrictions imposed by applicable law) of the Company as
Parent may reasonably request, and (iii) all employees and contract workers
of the Company as identified by Parent. The Company agrees to provide to Parent
and its accountants, counsel and other representatives copies of internal
financial statements (including Tax returns and supporting documentation)
promptly upon request. No information or knowledge obtained in any investigation
pursuant to this Section 5.2 shall affect or be deemed to modify any
representation or warranty contained herein or the conditions to the obligations
of the parties to consummate the Merger in accordance with the terms and
provisions hereof.
	Confidentiality.  Each of the
parties hereto hereby agrees that the information obtained in any investigation
pursuant to Section 5.2 hereof, or pursuant to the negotiation and
execution of this Agreement or the effectuation of the transactions contemplated
hereby, shall be governed by the terms of the confidentiality letter agreement
effective as of May 9, 2001 (the "Confidential Disclosure
Agreement") among the Company and Parent.
	Expenses.  In the event the Merger
is consummated, Parent agrees to pay up to $100,000 of such reasonable and
documented fees and expenses incurred in connection with the Merger including,
without limitation, all legal, accounting, financial advisory, consulting and
all other fees and expenses of third parties ("Third Party Expenses")
incurred by the Company, and a number of shares of Parent Common Stock equal to
the quotient obtained by dividing the amount of any Third Party Expenses
incurred by the Company in excess of $100,000 by the Trading Price shall be paid
out of the Escrow Fund and shall not be limited by the Basket Amount. In the
event the Merger is not consummated, all Third Party Expenses incurred by a
party in connection with the negotiation and effectuation of the terms and
conditions of this Agreement and the transactions contemplated hereby, shall be
the obligation of the respective party incurring such fees and expenses. 
	Public Disclosure.  Neither party
shall issue any statement or communication to any third party (other than their
respective agents) regarding the subject matter of this Agreement or the
transactions contemplated hereby, including, if applicable, the termination of
this Agreement and the reasons therefor, without the prior written approval of
the other party, which consent shall not be unreasonably withheld, provided,
however, that Parent may make any public disclosure which counsel advises is
required by applicable law or exchange requirements or any listing or trading
agreement concerning its publicly-traded securities.
	Consents.  The Company shall obtain
the consents, waivers and approvals required in connection with the Merger,
including all matters identified in Section 2.4 of the Company Disclosure
Schedule or elsewhere in the Company Disclosure Schedule and applicable to
Section 2.4, so as to preserve all rights of, and benefits to, the
Company thereunder from and after the Effective Time.
	Reasonable Efforts.  Subject to the
terms and conditions provided in this Agreement, each of the parties hereto
shall use reasonable efforts to take promptly, or cause to be taken, all
actions, and to do promptly, or cause to be done, all things necessary, proper
or advisable under applicable laws and regulations to consummate and make
effective the transactions contemplated hereby, to obtain all necessary waivers,
consents and approvals and to effect all necessary registrations and filings and
to remove any injunctions or other impediments or delays, legal or otherwise, in
order to consummate and make effective the transactions contemplated by this
Agreement for the purpose of securing to the parties hereto the benefits
contemplated by this Agreement.
	Notification of Certain Matters. 
The Company and Parent shall use reasonable efforts to give prompt notice to
Parent and the Company, as the case may be, of the occurrence or non-occurrence
of any material event, the occurrence or non-occurrence of which causes a breach
of any representation or warranty of the Company or Parent, as the case may be,
contained in this Agreement; provided, however, that the delivery
of any notice pursuant to this Section 5.8 shall not (a) limit
or otherwise affect any remedies available to the party receiving such notice or
(b) constitute an acknowledgment or admission of a breach of this
Agreement. No disclosure by the Company pursuant to this Section 5.8,
however, shall be deemed to amend or supplement the Company Disclosure Schedule
or prevent or cure any misrepresentations, breach of warranty or breach of
covenant.
	Additional Documents and Further
Assurances.  Each party hereto, at the request of another party
hereto, shall execute and deliver such other instruments and do and perform such
other reasonable acts and things as may be necessary or desirable for effecting
completely the consummation of the Merger and the transactions contemplated
hereby.
	Registration Statement on Form S-3.  Parent
shall use its best efforts to prepare and file with the
SEC within forty-five (45) days of Closing, and shall use its reasonable
diligent efforts to cause to become effective as soon as practicable thereafter,
a Registration Statement on Form S-3 with the SEC covering the resale of
the shares of Parent Common Stock issued to holders of Company Preferred Stock,
Bridge Notes and beneficiaries of the Amendment to the Management Plan pursuant
to the Merger. Any such registration shall be subject to the terms and
conditions set forth in the Declaration of Registration Rights attached hereto
as Exhibit D.
	Statement of Expenses.  The Company
shall provide Parent with a statement of Estimated Third Party Expenses incurred
by the Company three (3) business days prior to the Closing Date (the
"Statement of Expenses").
	Termination of Severance Plans. 
Except for the Management Plan as amended by the Amendment to the Management
Plan and the Severance Plan as amended by the Amendment to Severance Plan, both
in the form previously provided to Parent, the Company and its Affiliates, as
applicable, each agrees to terminate any and all group severance, separation or
salary continuation plans, programs or arrangements that are covered under ERISA
("Company Severance Plans") immediately prior to Closing, to the extent
permitted under the applicable laws that govern such Company Severance Plan(s).
The Parent shall receive from the Company evidence that the Company's and each
Affiliate's (as applicable) Company Severance Plan(s) has been terminated, to
the extent permitted under the applicable laws, pursuant to resolution of each
such entity's Board of Directors (the form and substance of which resolutions
shall be subject to review and approval of the Parent), effective as of the day
immediately preceding the Closing Date. Parent agrees to assume all obligations
of the Company contained in the Management Plan as amended by the amendment in
the form set forth in Exhibit I hereto and the Severance Plan as
amended by the amendment in the form set forth in Exhibit J
hereto.
	Termination of Company 401(k)
Plans.  Effective as of the date immediately preceding the
Effective Time, the Company and its Affiliates, as applicable, shall each
terminate all plans intended to include a Code Section 401(k) arrangement
(the "Company 401(k) Plans"), to the extent permitted under the applicable laws
that govern such Company 401(k) Plans (unless Parent provides written notice to
the Company that such Company 401(k) Plans shall not be terminated). Unless
Parent provides such written notice to the Company no later than three business
days prior to the Effective Time, the Company shall provide Parent with evidence
that such Company 401(k) Plan(s) has been terminated (effective as of the day
immediately preceding the Effective Time), to the extent permitted under
applicable laws, pursuant to resolutions of the Company's Board of Directors.
The form and substance of such resolutions shall be subject to prior review and
approval of Parent. The Company also shall take such other actions in
furtherance of terminating such Company 401(k) Plan(s) as Parent may reasonably
require.
	Statement of Indebtedness.  The
Company shall provide Parent with a statement of its Debt as of the Closing Date
three (3) business days prior to the Closing Date.
	Credit for Service.  To the extent
that service is relevant for purposes of eligibility, level of participation, or
vesting under any employee benefit plan, program or arrangement established or
maintained by Parent or any of its affiliates, (other than any option plan)
employees of the Company who become employees of the Parent or any of its
affiliates shall be credited for service accrued or deemed accrued prior to the
Effective Time with the Company or its affiliates, as the case may be. Any pre-existing
condition limitations contained in any employee benefit plan, program
or agreement established or maintained by Parent or any its affiliates under
which any employee of the Company otherwise becomes eligible to receive benefits
and who would be deemed under such plan, program or arrangement to have a
disqualifying pre-existing condition, will be waived, to the extent such
condition was covered by an "employee welfare benefit plan", as such term is
defined under Section 3(1) of ERISA, immediately prior to the Effective Time.
Employees of the Company shall be given credit under the applicable plan of
Parent or any of its affiliates for amounts paid under a corresponding benefit
plan during the same period for purposes of applying deductibles, copayments and
out-of-pocket maximums as though such amounts had been paid in accordance with
the terms and conditions of the successor or replacement plan. 
	Indemnification of Directors and
Officers.  

	For a period of three years from the Closing Date, Parent shall, and shall
cause the Surviving Corporation to, fulfill and honor all rights to
indemnification existing in favor of the current directors and officers of the
Company, as provided in the Company's Articles of Incorporation and Bylaws (as
in effect of the date of this Agreement).
	All expenses, including attorneys' fees, which may be incurred by any Party
in connection with any action to enforce the indemnity and other obligations
provided for in this Section 5.16 shall be paid by the prevailing party
in such action. The officers and directors of the Company shall execute and
deliver to Parent a letter acknowledging and agreeing to the foregoing as a
condition to any obligation of Parent or the Surviving Corporation under this
Section 5.16 of the transactions contemplated by this Agreement.
	This Section 5.16 shall survive the consummation of the transactions
contemplated hereby, is intended to benefit and may be enforced by the directors
and offices of the Company, and shall be binding on all successors and assigns
of Parent and the Company.

	Option Covenant.  Company shall
distribute the 506 Information Statement to all holders of options to purchase
Company Capital Stock with a letter disclosing the treatment of such options in
the Merger and shall take all actions necessary, including obtaining the consent
of the individual option holders, to the treatment of the Plan and each
outstanding option to purchase Common Stock issued thereunder pursuant to
Section 1.6(b) hereof.
	The Management Plan.  Company shall
amend and restate, in accordance with its terms, the Management Plan in the form
attached as Exhibit I hereto.
	The Severance Plan.  Company shall
amend and restate, in accordance with its terms, the Severance Plan in the form
attached as Exhibit J hereto.
	S-8 Registration.  Not later than
forty-five (45) days after the Closing Date, Parent agrees to file with the
Securities and Exchange Commission a registration statement on Form S-8
registering the shares of Parent Common Stock issuable under the Amendment to
the Management Plan and the Amendment to Severance Plan.

ARTICLE VI

CONDITIONS TO THE MERGER

	Conditions to Obligations of Each
Party to Effect the Merger.  The respective obligations of the
Company and Parent to effect the Merger shall be subject to the satisfaction or
waiver by Company and Parent at or prior to the Effective Time of the following
conditions:

	No Order. No Governmental Entity shall have enacted, issued,
promulgated, enforced or entered any statute, rule, regulation, executive order,
decree, injunction or other order (whether temporary, preliminary or permanent)
which is in effect and which has the effect of making the Merger illegal or
otherwise prohibiting consummation of the Merger.

	No Injunctions or Restraints; Illegality. No temporary restraining
order, preliminary or permanent injunction or other order issued by any court of
competent jurisdiction or other legal restraint or prohibition preventing the
consummation of the Merger shall be in effect, nor shall any proceeding brought
by an administrative agency or commission or other governmental authority or
instrumentality, domestic or foreign, seeking any of the foregoing be
pending.

	Votes. This Agreement and the transactions contemplated thereby shall
have been approved by the requisite vote of the Company's shareholders by
written consent or at a duly called meeting of Company's shareholders.

	Cutback Certificate. Company shall have prepared and delivered to
Parent a certificate specifying the individual amounts of the "Cutback Shares"
(if any) (as defined under the Amendment to the Management Plan) for each
individual under the Management Plan, as amended, calculated as specified
therein and Parent shall have acknowledged and agreed (which acknowledgement and
agreement shall not be unreasonably withheld) that such numbers of Cutback
Shares have been properly calculated.
	Conditions to the Obligations of Parent and
Merger Sub.  The obligation of Parent and Merger Sub to effect the
Merger shall be subject to the satisfaction at or prior to the Effective Time of
each of the following conditions, any of which may be waived, in writing,
exclusively by Parent and Merger Sub:

	Representations, Warranties and Covenants. The representations and
warranties of the Company contained in this Agreement shall have been true and
correct as of the Closing Date as though such representations and warranties had
been made on and as of the Closing Date except (i) to the extent that the
failure of such representations and warranties to be true and correct in each
case or in the aggregate does not constitute a Material Adverse Effect,
(ii) for changes contemplated or expressly permitted by, or caused by the
performance by the Company of its obligations under, this Agreement and
(iii) for those representations and warranties which address matters only
as of the date of this Agreement or any other particular date (which shall have
been true and correct as of such particular date except to the extent that the
failure of such representations and warranties to be true and correct as of such
particular date does not constitute a Material Adverse Effect) (it being
understood that, for purposes of determining the accuracy of such
representations and warranties all "Material Adverse Effect" qualifications and
other qualifications based on the word "material" or similar phrases contained
in such representations and warranties shall be disregarded).

	Governmental Approval. Approvals from any court, administrative
agency or commission or other federal, state, county, local or other foreign
governmental authority, instrumentality, agency or commission (if any) deemed
appropriate or necessary by Parent shall have been timely obtained.

	Litigation. There shall be no material action, suit, claim or
proceeding of any nature pending, or overtly threatened, against Parent or the
Company, their respective properties or any of their respective officers or
directors, arising out of, or in any way connected with, the Merger or the other
transactions contemplated by the terms of this Agreement.

	Third Party Consents. Parent shall have received all consents,
waivers, approvals, and assignments listed in Schedule 6.2(d) to
this Agreement.

	Resignation of Directors. Parent shall have received a written
resignation from each of the directors of the Company effective as of the
Effective Time.

	Non-Competition Agreements; Non-Solicitation Agreements; Warrant and
Warrant and Promissory Note Cancellation Agreements; Amendment to the Management
Plan; Indemnification Agreements. 

	Company's current Vice President of Research and Development, D.C. Yu and
Director of Process and Development, Rukmini Pennathur-Das, shall have each
executed and delivered to Parent a Non-Solicitation Agreement in the form
attached hereto as Exhibit B-2 and Company's current Chief Executive
Officer, Daniel R. Henderson, shall have executed and delivered to Parent the
Non-Competition Agreement in the form attached hereto as Exhibit B-1, and all of
such Non-Competition and Non-Solicitation Agreements shall be
in full force and effect.
	Each holder of Bridge Warrants and Bridge Notes shall have executed and
delivered to Parent a Warrant and Promissory Note Cancellation Agreement in the
form attached hereto as Exhibit G and all of such Warrant and Promissory
Note Cancellation Agreements shall be in full force and effect.
	Each holder of Company Warrants that is not also a holder of Bridge Notes,
including The Kriegsman Group, shall have executed and delivered to Parent a
Warrant Cancellation Agreement in the form attached hereto as Exhibit H
and all of such Warrant Cancellation Agreements shall be in full force and
effect.
	Each beneficiary under the Management Plan and the Severance Plan shall have
executed and delivered to Parent an Amendment to the Management Plan in the form
attached hereto as Exhibit I an Amendment to Severance Plan in the form
attached hereto as Exhibit J and an Investment Representation
Certificate and such Amendments to Management Plan and Amendments to Severance
Plan shall be in full force and effect. 
	Each beneficiary under the Management Plan and each Bridge Note holder shall
have executed and delivered to Parent an Indemnification Agreement in the form
attached hereto as Exhibit K and all of such Indemnification
Agreements shall be in full force and effect.

	Company Indebtedness. The Debt of the Company, excluding any secured
promissory notes issued by Company to Parent, as of the Closing Date shall not
exceed $3,000,000.

	Performance of Covenants. All covenants and obligations under this
Agreement to be performed by the Company on or before the Closing have been so
performed in all material respects.

	Certificate of the Company. Parent shall have received a Certificate,
validly executed by the Chief Executive Officer of the Company for and on its
behalf, to the effect that, as of the Closing, the conditions set forth in
Sections 6.2(a), 6.2(b), 6.2(c), 6.2(g),
6.2(h) and 6.2(j).

	Shareholder Approval. The principal terms of this Agreement, shall
have been approved and adopted by the requisite vote or written consent of the
Shareholders and any ten-day period between the date of any such written consent
of the Shareholders that may be required by Section 603(b) of the California Law
shall have terminated.

	Issuance of Parent Common Stock. Prior to the issuance of the Parent
Common Stock in the Merger

	each Merger Shareholder and each Bridge Note holder shall have executed and
delivered to Parent an Investment Representation Certificate,
	the Rule 506 Documents shall have been mailed to the Shareholders of
the Company in accordance with Section 5.1, and
	Parent shall reasonably be satisfied that there are no more than a total of
35 Merger Shareholders, Bridge Note holders and beneficiaries of the Management
Plan who are not "accredited investors," and that each Merger Shareholder,
Bridge Note holder and beneficiary of the Management Plan or who is not an
"accredited investor" shall, either alone or through appropriate representation
by a "purchaser representative" (as such terms used in the Securities Act and
the rules promulgated thereunder), have such knowledge and experience in
financial and business matters that such Merger Shareholder, Bridge Note holder
or beneficiary of the Management Plan is capable of evaluating the merits and
risks of the prospective investment in the Parent Common Stock; provided that
the execution and delivery of the Investment Representation Certificate, with
reasonably acceptable answers thereon, shall be deemed to satisfy this
condition; but provided further, that notwithstanding the above, in the event
Parent has a reasonable belief that any relevant representation is materially
untrue or contains a material misstatement of fact, Parent may demand additional
reasonable evidence from such Merger Shareholder, Bridge Note holder or
beneficiary of the Management Plan as to such Merger Shareholder's, Bridge Note
holder's or Management Plan beneficiary's investor status. 

	Dissenters. The holders of no more than 10% of any class of Company
Capital Stock shall have elected to exercise their rights to dissent from the
Merger.

	Articles. The Sixth Amended and Restated Articles of Incorporation
shall have been filed with the California Secretary of State and shall continue
to be in full force and effect as of the Closing Date.

	Management Plan and Severance Plan. Company shall have amended and
restated the Management Plan and the Severance Plan pursuant to their terms in
the forms attached as Exhibit I and Exhibit J hereto,
respectively, and such amended plans shall be in full force and
effect.
	Conditions to Obligations of the
Company.  The obligations of the Company to consummate and effect
this Agreement and the transactions contemplated hereby shall be subject to the
satisfaction at or prior to the Closing Date as though such representations and
warranties had been made on and as of the Closing Date of each of the following
conditions, any of which may be waived, in writing, exclusively by the
Company:

	Representations, Warranties and Covenants. The representations and
warranties of Parent and Sub contained in this Agreement shall have been true
and correct as of the Effective Time except (i) to the extent that the
failure of such representations and warranties to be true and correct in each
case or in the aggregate does not constitute a Parent Material Adverse Effect,
(ii) for changes contemplated by or expressly permitted by, or caused by
the performance by the Company of its obligations under, this Agreement and
(iii) for those representations and warranties which address matters only
as of the date of this Agreement or any other particular date (which shall have
been true and correct as of such particular date except to the extent that the
failure of such representations and warranties to have been true and correct as
of such particular date does not constitute a Parent Material Adverse Effect)
(it being understood that, for purposes of determining the accuracy of such
representations and warranties all "Material Adverse Effect" qualifications and
other qualifications based on the word "material" or similar phrases contained
in such representations and warranties shall be disregarded).

	Performance of Covenants. All covenants and obligations under this
Agreement to be performed by Parent and Merger Sub on or before the Closing have
been so performed in all material respects.

	Certificate of Parent. Company shall have received a Certificate
executed on behalf of Parent by the Chief Operating Officer or Chief Executive
Officer to the effect that, as of the Closing, the conditions set forth in
Sections 6.3(a) and 6.3(b).

	Declaration of Registration Rights. Parent shall have executed the
Declaration of Registration Rights in the form attached hereto as Exhibit
D and such declaration shall be in full force and effect.

 

ARTICLE VII

SURVIVAL OF REPRESENTATIONS AND WARRANTIES;
ESCROW

	Survival of Representations,
Warranties and Covenants.  The representations and warranties of
the Company contained in this Agreement, or in any Stock Certificate or other
instrument delivered pursuant to this Agreement, shall terminate on the first
anniversary of the Effective Time; provided, however, that the
representations and warranties of the Company contained in
Section 2.9 hereof shall survive until the expiration of the
applicable statute of limitations. The representations and warranties of Parent
and Merger Sub contained in this Agreement, or in any Stock Certificate or other
instrument delivered pursuant to this Agreement, shall terminate at the
Closing.
	Indemnification.  The Merger
Shareholders jointly and severally agree, from and after the Closing, to
indemnify and hold Parent and its officers, directors and affiliates, including
the Surviving Corporation (the "Indemnified Parties"), harmless against
all claims, losses, liabilities, damages, deficiencies, costs and expenses,
including reasonable attorneys' fees and expenses of investigation and defense
relating to such claim, loss, liability, damage, deficiency, cost or expense
(hereinafter individually a "Loss" and collectively "Losses")
incurred or suffered by the Indemnified Parties, or any of them (including the
Surviving Corporation) directly or indirectly, as a result of (i) any
breach or inaccuracy of a representation or warranty of the Company contained in
this Agreement or any Stock Certificate or instrument delivered pursuant to this
Agreement (it being understood that, for purposes of determining the accuracy of
such representations and warranties, (x) all "Material Adverse Effect"
qualifications and other qualifications based on the word "material" or similar
phrases contained in such representations and warranties shall be disregarded,
(y) any update of or modification to the Company Disclosure Schedule made or
purported to have been made after the date of this Agreement shall be
disregarded), (ii) any failure by the Company to perform or comply with any
covenant applicable to it contained in this Agreement, (iii) the failure of
Estimated Third Party Expenses to equal or exceed Third Party Expenses, (iv) any
Debt in excess of $2,645,000 as of the Closing Date, (v) any obligation under
the Severance Plan or Amendment to Severance Plan becoming due, and (vi) the
exercise of dissenters' rights in accordance with Chapter 13 of California
Law (only in the event that holders of an aggregate of at least 10% of any class
of Company Capital Stock shall have exercised their rights to dissent from the
Merger, in accordance with Chapter 13 of the California Law (and have not
withdrawn or lost such right to dissent)) by any additional holders of such
class of Company Capital Stock. The Merger Shareholders shall not have any right
of contribution from the Company with respect to any Loss claimed by an
Indemnified Party after the Effective Time.
	Escrow Arrangements.  

	Escrow Fund. As partial security for the indemnity provided for in
Section 7.2 hereof and by virtue of this Agreement, the Merger
Shareholders will be deemed to have received and deposited with the Escrow Agent
the Escrow Amount without any act of any Merger Shareholder. The General Escrow
Amount shall be increased by a percentage of the aggregate number of shares of
Parent Common Stock to be issued in the Merger to the Merger Shareholders equal
to the quotient obtained by dividing (1) the quotient, obtained by dividing
(x) the amount of Company's Debt on the Closing Date in excess of
$2,645,000 by (y) the Trading Price, by (2) the aggregate number of
shares of Parent Common Stock to be issued to Merger Shareholders in the Merger.
The General Escrow Amount in the Escrow Fund shall be available to compensate
the Indemnified Parties, or any of them, for any claims by such Indemnified
Parties for any Losses suffered or incurred by them pursuant to
Section 7.2 and the Dissenters Rights Escrow Amount shall be
available to compensate the Indemnified Parties only for Losses suffered or
incurred by them pursuant to Section 7.2(vi); provided,
however, that if the Escrow Period (as defined below) has terminated, and
a claim for Losses is made with respect to (i) fraudulent breaches by the
Company of its representations, warranties or covenants, or (ii) breaches
by the Company of the representations and warranties in Section 2.9
hereof, then, subject to Section 7.5, the claim shall be made
directly against the Merger Shareholders. Within three days after the Closing,
the Escrow Amount, without any act of the Merger Shareholders, will be deposited
with Chase Manhattan Bank and Trust Company, National Association, as Escrow
Agent hereunder, or another institution acceptable to Parent and the Shareholder
Representative (as defined in Section 7.4 hereof), such deposit of
the Escrow Amount shall constitute an escrow fund (the "Escrow Fund") to
be governed by the terms set forth herein. The Escrow Agent may execute this
Agreement following the date hereof and prior to the Closing, and such later
execution, if so executed after the date hereof, shall not affect the binding
nature of this Agreement as of the date hereof between the other signatories
hereto. Nothing in this Section 7.3 shall limit the liability of the
Company for any breach or inaccuracy of any representation, warranty or covenant
contained in this Agreement if the Merger does not close. Parent may not receive
any proceeds from the Escrow Fund unless and until Losses which have actually
been incurred by the Indemnified Parties and which would be indemnifiable under
Section 7.2 hereof but for the provisions of this Section 7.3(a)
in excess of $50,000 in the aggregate (the "Basket Amount") has or have
been delivered to the Escrow Agent as provided in Section 7.3(d)
hereof, in which case Parent shall be entitled to recover all Losses so incurred
in excess of the Basket Amount. Notwithstanding the foregoing, Parent shall be
entitled to receive payments out of the Escrow Fund for, and the Basket Amount
shall not apply to any and all claims or payments made with respect to the
matters referred to in Section 7.2(iii), 7.2(iv),
7.2(v) and 7.2(vi).

	Escrow Period; Distribution upon Termination of Escrow Periods. 

	Subject to the following requirements, the Escrow Fund shall be in existence
immediately following the Effective Time and shall terminate on the one year
anniversary of the Effective Time (the "Escrow Period"); provided,
however, that the Escrow Period shall not terminate with respect to any
amount which, in the reasonable judgment of Parent, subject to the objection of
the Shareholder Representative and the subsequent arbitration of the matter in
the manner provided in Section 7.3(f) hereof, is necessary to
satisfy any then pending and unsatisfied claims specified in any Officer's
Certificate delivered to the Escrow Agent prior to the end of the Escrow Period.
As soon as all such claims have been resolved, the Escrow Agent shall deliver to
the Merger Shareholders the remaining portion of the Escrow Fund, if any, not
required to satisfy such claims (the "Remaining Portion"). 
	Notwithstanding the foregoing, subject to the following requirements, on the
thirty-fifth day following the Effective Time, the Dissenters Rights Escrow
Amount shall be released from the Escrow Fund and delivered to the Merger
Shareholders as set forth below; provided, however, that any amount of
the Dissenters Rights Escrow Amount which, in the reasonable judgment of Parent,
subject to the objection of the Shareholder Representative and the subsequent
arbitration of the matter in the manner provided in Section 7.3(f)
hereof, is necessary to satisfy any then pending and unsatisfied claims pursuant
to Section 7.2(vi) specified in any Officer's Certificate delivered to
the Escrow Agent prior to the end of such thirty-five day period shall not be
released from the Escrow Fund until such claims have been resolved. As soon as
any such claim has been resolved, the Escrow Agent shall deliver to the Merger
Shareholders the remaining portion of the Dissenters Rights Escrow Amount in the
Escrow Fund, if any, not required to satisfy any such unresolved claims. 
	Deliveries out of the Escrow Fund to the Merger Shareholders pursuant to
this Section 7.3(b) shall be made in proportion to their respective
Pro Rata Portions of the Escrow Amount.

	Protection of Escrow Fund; Distribution of Interest from Escrow
Fund.

	The Escrow Agent shall hold and safeguard the Escrow Fund during the Escrow
Period, shall treat such fund as a trust fund in accordance with the terms of
this Agreement and not as the property of Parent and shall hold and dispose of
the Escrow Fund only in accordance with the terms hereof.
	Any shares of Parent Common Stock or other equity securities issued or
distributed by Parent (including shares issued upon a stock split) ("New
Shares") in respect of Parent Common Stock in the Escrow Fund which have not
been released from the Escrow Fund shall be added to the Escrow Fund and become
a part thereof. New Shares issued in respect of shares of Parent Common Stock
which have been released from the Escrow Fund shall not be added to the Escrow
Fund but shall be distributed to the record holders thereof. Cash dividends on
Parent Common Stock shall not be added to the Escrow Fund but shall be
distributed to the record holders thereof.
	Each Merger Shareholder shall have voting rights with respect to the shares
of Parent Common Stock contributed to the Escrow Fund by such Merger Shareholder
(and on any voting securities added to the Escrow Fund in respect of such shares
of Parent Common Stock).

	Claims for Indemnification.

	If the Escrow Agent receives at any time on or before the last day of the
Escrow Period an Officer's Certificate (as defined below), subject to the
provisions of Section 7.3(a) or Section 7.3(e) hereof, the
Escrow Agent shall deliver to Parent out of the Escrow Fund, as promptly as
practicable, Parent Common Stock held in the Escrow Fund equal to Losses
specified in the Officer's Certificate. For purposes hereof, "Officer's
Certificate" shall mean a certificate signed by any officer of Parent:
(a) stating that Parent has paid, incurred or properly accrued Losses that
are indemnifiable under Section 7.2, and (b) specifying in
reasonable detail the individual items of Losses included in the amount so
stated, the date each such item was paid, incurred or properly accrued, and the
nature of the misrepresentation, breach of warranty or covenant or other
indemnifiable matter to which such item is related and the facts underlying such
claim.
	For the purposes of determining the number of shares of Parent Common Stock
to be delivered to Parent out of the Escrow Fund as indemnity pursuant to
Section 7.2 hereof, the shares of Parent Common Stock shall be
valued at the Trading Price (as adjusted for any stock split, reverse stock
split, stock dividend (including any dividend or general distribution of
securities convertible into or exchangeable for Parent Common Stock),
reorganization, recapitalization or other like change with respect to Parent
Common Stock occurring after the date hereof).

	Objections to Claims. At the time of delivery of any Officer's
Certificate to the Escrow Agent, a duplicate copy of such certificate shall be
delivered to the Shareholder Representative, and for a period of thirty (30)
days after such delivery, the Escrow Agent shall make no delivery to Parent out
of the Escrow Fund pursuant to Section 7.3(d) hereof unless and
until the Escrow Agent shall have received written authorization from the
Shareholder Representative to make such delivery. After the expiration of such
thirty (30) day period, the Escrow Agent shall make delivery of the shares of
Parent Common Stock from the Escrow Fund in accordance with
Section 7.3(d) hereof; provided, however, that no such
payment or delivery may be made if the Shareholder Representative shall object
in a written statement to the claim made in the Officer's Certificate, and such
statement shall have been delivered to the Escrow Agent prior to the expiration
of such thirty (30) day period.

	Resolution of Conflicts; Arbitration.

	In case the Shareholder Representative shall object in writing to any claim
or claims made in any Officer's Certificate to recover Losses from the Escrow
Fund within thirty (30) days after delivery of such Officer's Certificate to the
Shareholder Representative, the Shareholder Representative and Parent shall
attempt in good faith to agree upon the rights of the respective parties with
respect to each of such claims. If the Shareholder Representative and Parent
should so agree, a memorandum setting forth such agreement shall be prepared and
signed by both the Shareholder Representative and Parent and, in the case of a
claim against the Escrow Fund, shall be furnished to the Escrow Agent. The
Escrow Agent shall be entitled to rely on any such memorandum and distribute
amounts from the Escrow Fund in accordance with the terms thereof.
	If no such agreement can be reached after good faith negotiation, either
Parent or the Shareholder Representative may demand arbitration of the matter
unless the amount of the Loss is at issue in pending litigation with a third
party, in which event arbitration shall not be commenced until such amount is
ascertained or both the Shareholder Representative and Parent agree to
arbitration, and in either such event the matter shall be settled by arbitration
conducted by one arbitrator mutually agreeable to Parent and the Shareholder
Representative. In the event that within forty-five (45) days after submission
of any dispute to arbitration, Parent and the Shareholder Representative cannot
mutually agree on one arbitrator, Parent and the Shareholder Representative
shall each select one arbitrator, and the two arbitrators so selected shall
select a third arbitrator. The arbitrator or arbitrators, as the case may be,
shall set a limited time period and establish procedures designed to reduce the
cost and time for discovery while allowing the Shareholder Representative and
Parent an opportunity, adequate in the sole judgment of the arbitrator or
majority of the three arbitrators, as the case may be, to discover relevant
information about the subject matter of the dispute. The arbitrator or a
majority of the three arbitrators, as the case may be, shall rule upon motions
to compel or limit discovery and shall have the authority to impose sanctions,
including attorneys' fees and costs, to the same extent as a competent court of
law or equity, should the arbitrators or a majority of the three arbitrators, as
the case may be, determine that discovery was sought without substantial
justification or that discovery was refused or objected to without substantial
justification. The decision of the arbitrator or a majority of the three
arbitrators, as the case may be, as to the validity and amount of any claim in
such Officer's Certificate shall be binding and conclusive upon the parties to
this Agreement. Such decision shall be written and shall be supported by written
findings of fact and conclusions which shall set forth the award, judgment,
decree or order awarded by the arbitrator(s).
	Judgment upon any award rendered by the arbitrator(s) may be entered in any
court having jurisdiction. Any such arbitration shall be held in San Francisco
County, California, under the rules then in effect of the American Arbitration
Association. The arbitrator(s) shall determine how all expenses relating to the
arbitration shall be paid, including without limitation, the respective expenses
of each party, the fees of each arbitrator and the administrative fee of the
American Arbitration Association (the "Arbitration Expenses"). The expenses that
the Shareholder Representative incurs in the course of the arbitration pursuant
to this Section 7.3(f) and the Shareholder Representative's portion of
the Arbitration Expenses shall be deducted from any amounts held in the Escrow
Fund. 

	Third-Party Claims. In the event Parent becomes aware of a third-party claim which
Parent reasonably believes may result in a demand against the
Escrow Fund, Parent shall as promptly as possible notify the Shareholder
Representative of such claim, and the Shareholder Representative shall be
entitled on behalf of the Merger Shareholders, at their expense, to participate
in, but not to determine or conduct, the defense of such claim. Parent shall
have the right in its sole discretion to conduct the defense of and settle any
such claim; provided, however, that Parent shall first consult
with the Shareholder Representative regarding such settlement and, except with
the consent of the Shareholder Representative, no settlement of any such claim
with third-party claimants shall be determinative of the amount of Losses
relating to such matter. In the event that the Shareholder Representative has
consented to any such settlement, unless Parent shall agree otherwise, the
Merger Shareholders shall have no power or authority to object under any
provision of this Article VII to the amount of any claim by Parent
against the Escrow Fund with respect to such settlement.

	Escrow Agent's Duties.

	The Escrow Agent shall be obligated only for the performance of such duties
as are specifically set forth herein, and as set forth in any additional written
escrow instructions which the Escrow Agent may receive after the date of this
Agreement which are signed by an officer of Parent and by the Shareholder
Representative, and may rely and shall be protected in relying or refraining
from acting on any instrument reasonably believed to be genuine and to have been
signed or presented by the proper party or parties. The Escrow Agent shall not
be liable for any act done or omitted hereunder as Escrow Agent while acting in
good faith and in the exercise of reasonable judgment, and any act done or
omitted pursuant to the advice of legal counsel shall be conclusive evidence of
such good faith.
	The Escrow Agent is hereby expressly authorized to disregard any and all
warnings given by any of the parties hereto or by any other person, excepting
only orders or process of courts of law and arbitrator's decision, and is hereby
expressly authorized to comply with and obey orders, judgments or decrees of any
court or arbitrator. In case the Escrow Agent obeys or complies with any such
order, judgment or decree of any court, the Escrow Agent shall not be liable to
any of the parties hereto or to any other person by reason of such compliance,
notwithstanding any such order, judgment or decree being subsequently reversed,
modified, annulled, set aside, vacated or found to have been entered without
jurisdiction.
	The Escrow Agent shall not be liable in any respect on account of the
identity, authority or rights of the parties executing or delivering or
purporting to execute or deliver this Agreement or any documents or papers
deposited or called for hereunder.
	The Escrow Agent shall not be liable for the expiration of any rights under
any statute of limitations with respect to this Agreement or any documents
deposited with the Escrow Agent.
	In performing any duties under this Agreement, the Escrow Agent shall not be
liable to any party for damages, losses, or expenses, except for negligence or
willful misconduct on the part of the Escrow Agent. The Escrow Agent shall not
incur any such liability for (A) any act or failure to act made or omitted in
good faith, or (B) any action taken or omitted in reliance upon any instrument,
including any written statement of affidavit provided for in this Agreement that
the Escrow Agent shall in good faith believe to be genuine, nor will the Escrow
Agent be liable or responsible for forgeries, fraud, impersonations, or
determining the scope of any representative authority. In addition, the Escrow
Agent may consult with legal counsel in connection with performing the Escrow
Agent's duties under this Agreement and shall be fully protected in any act
taken, suffered, or permitted by him/her in good faith in accordance with the
advice of counsel. The Escrow Agent is not responsible for determining and
verifying the authority of any person acting or purporting to act on behalf of
any party to this Agreement. The Escrow Agent may rely on the signatures
contained herein as the specimen signatures of the parties, until changed in
writing by a certificate to the Escrow Agent from the party so changing.
	If any controversy arises between the parties to this Agreement, or with any
other party, concerning the subject matter of this Agreement, its terms or
conditions, the Escrow Agent will not be required to determine the controversy
or to take any action regarding it. The Escrow Agent may hold all documents and
the Escrow Amount and may wait for settlement of any such controversy by final
appropriate legal proceedings or other means as, in the Escrow Agent's
discretion, may be required, despite what may be set forth elsewhere in this
Agreement. In such event, the Escrow Agent will not be liable for damages.
Furthermore, the Escrow Agent may at its option, file an action of interpleader
requiring the parties to answer and litigate any claims and rights among
themselves. The Escrow Agent is authorized to deposit with the clerk of the
court all documents and the Escrow Amount held in escrow, except all costs,
expenses, charges and reasonable attorney fees incurred by the Escrow Agent due
to the interpleader action and which Parent agrees to pay. Upon initiating such
action, the Escrow Agent shall be fully released and discharged of and from all
obligations and liability imposed by the terms of this Agreement.
	Parent shall indemnify and hold the Escrow Agent harmless against any and
all losses, claims, damages, liabilities, and expenses, including reasonable
costs of investigation, counsel fees, including allocated costs of in-house
counsel and disbursements that may be imposed on the Escrow Agent or incurred by
the Escrow Agent in connection with the performance of his/her duties under this
Agreement, including but not limited to any litigation arising from this
Agreement or involving its subject matter, other than those arising out of the
negligence or willful misconduct of the Escrow Agent.
	The Escrow Agent may resign at any time upon giving at least thirty (30)
days written notice to the Parent and the Shareholder Representative;
provided, however, that no such resignation shall become effective
until the appointment of a successor escrow agent which shall be accomplished as
follows: Parent and the Shareholder Representative shall use their reasonable
efforts to mutually agree on a successor escrow agent within thirty (30) days
after receiving such notice. If the Stockholder Representative and Parent fail
to agree upon a successor escrow agent within such time, the Escrow Agent shall
have the right to appoint a successor escrow agent authorized to do business in
the State of California. The successor escrow agent shall execute and deliver an
instrument accepting such appointment and it shall, without further acts, be
vested with all the estates, properties, rights, powers, and duties of the
predecessor escrow agent as if originally named as escrow agent. Upon
appointment of a successor escrow agent, the Escrow Agent shall be discharged
from any further duties and liability under this Agreement.

	Fees. All fees of the Escrow Agent for performance of its duties
hereunder shall be paid by Parent in accordance with the standard fee schedule
of the Escrow Agent. It is understood that the fees and usual charges agreed
upon for services of the Escrow Agent shall be considered compensation for
ordinary services as contemplated by this Agreement. In the event that the
conditions of this Agreement are not promptly fulfilled, or if the Escrow Agent
renders any service not provided for in this Agreement, or if the parties
request a substantial modification of its terms, or if any controversy arises,
or if the Escrow Agent is made a party to, or intervenes in, any litigation
pertaining to the Escrow Fund or its subject matter, the Escrow Agent shall be
reasonably compensated by Parent for such extraordinary services and reimbursed
for all costs, attorney's fees, including allocated costs of in-house counsel,
and expenses occasioned by such default, delay, controversy or litigation.

	Consequential Damages. In no event shall the Escrow Agent be liable
for special, indirect or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Escrow Agent has been
advised of the likelihood of such loss or damage and regardless of the form of
action.

	Successor Escrow Agents. Any corporation into which the Escrow Agent
in its individual capacity may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Escrow Agent in its individual capacity shall be a
party, or any corporation to which substantially all the corporate trust
business of the Escrow Agent in its individual capacity may be transferred,
shall be the Escrow Agent under this Escrow Agreement without further
act.
	Shareholder Representative.  

	In the event that the Merger is approved by the Shareholders, effective upon
such approval, and without any further act of any Shareholder, the Shareholder
Representative shall be appointed as for and on behalf of the Merger
Shareholders, to give and receive notices and communications, to authorize
payment to any Indemnified Party of shares of Parent Common Stock from the
Escrow Fund in satisfaction of claims by any Indemnified Party, to object to
such payments, to agree to, negotiate, enter into settlements and compromises
of, and demand arbitration and comply with orders of courts and awards of
arbitrators with respect to such claims, and to take all other actions that are
either (i) necessary or appropriate in the judgment of the Shareholder
Representative for the accomplishment of the foregoing or (ii) specifically
mandated by the terms of this Agreement. Such agency may be changed by the
Merger Shareholders from time to time upon not less than thirty (30) days prior
written notice to Parent; provided, however, that the Shareholder
Representative may not be removed unless holders of a two-thirds interest of the
Escrow Fund agree to such removal and to the identity of the substituted agent.
Any vacancy in the position of Shareholder Representative may be filled by the
holders of a majority in interest of the Escrow Fund. No bond shall be required
of the Shareholder Representative, and the Shareholder Representative shall not
receive compensation for its services. Notices or communications to or from the
Shareholder Representative shall constitute notice to or from each of the Merger
Shareholders.
	The Shareholder Representative shall not be liable for any act done or
omitted hereunder as the Shareholder Representative while acting in good faith
and in the exercise of reasonable judgment. The Merger Shareholders on whose
behalf the Escrow Amount was contributed to the Escrow Fund shall indemnify the
Shareholder Representative and hold the Shareholder Representative harmless
against any loss, liability or expense incurred without gross negligence or bad
faith on the part of the Shareholder Representative and arising out of or in
connection with the acceptance or administration of the Shareholder
Representative's duties hereunder, including the reasonable fees and expenses of
any legal counsel retained by the Shareholder Representative. 
	A decision, act, consent or instruction of the Shareholder Representative
with respect to the matters contemplated by this Section 7 hereof and,
pursuant to Section 8.3 and Section 8.4 hereof, shall
constitute a decision of the Merger Shareholders and shall be final, binding and
conclusive upon the Merger Shareholders; and the Escrow Agent and Parent may
rely upon any such decision, act, consent or instruction of the Shareholder
Representative as being the decision, act, consent or instruction of the Merger
Shareholders. The Escrow Agent and Parent are hereby relieved from any liability
to any person for any acts done by them in accordance with such decision, act,
consent or instruction of the Shareholder Representative.
	Subject to Parent's prior claims for indemnification against the Escrow
Fund, the Shareholder Representative shall be entitled to receive payment for
its reasonable and documented expenses therefrom, prior to any payments to the
Merger Shareholders.

	Maximum Payments; Remedy. 
Notwithstanding anything to the contrary set forth in this
Article VII or elsewhere in this Agreement, the indemnity set forth
in Section 7.2 hereof and the Escrow Fund provided for in
Section 7.3 shall apply only as set forth therein and, except as
provided below, resort to the Escrow Fund shall be the exclusive right and
remedy of Parent and the other Indemnified Parties for such breaches or
otherwise under or in connection with this Agreement once Closing occurs. Such
limitation shall not apply with respect to fraudulent breaches or conduct by the
Company and breaches by Company of its representations and warranties in
Section 2.9 hereof. In the case of fraudulent breaches or conduct by the
Company, the maximum liability of each of the Merger Shareholders to the
Indemnitees shall be limited to the value of 100% of the shares of Parent Common
Stock issued to such Merger Shareholder in the Merger, valued at the Trading
Price, which liability shall be satisfied in cash.

ARTICLE VIII

TERMINATION, AMENDMENT AND WAIVER

	Termination.  Except as
provided in Section 8.2 hereof, this Agreement may be terminated and
the Merger abandoned at any time prior to the Closing:

	by mutual written consent of the Company and Parent;
	by Parent or the Company if the Effective Time shall not have occurred by
August 31, 2001;
	by Parent or the Company if: (i) there shall be a final non-appealable
order of a federal or state court in effect preventing consummation of the
Merger, or (ii) there shall be any statute, rule, regulation or order
enacted, promulgated or issued or deemed applicable to the Merger by any
Governmental Entity that would make consummation of the Merger illegal;
	by Parent if there shall be any action taken, or any statute, rule,
regulation or order enacted, promulgated or issued or deemed applicable to the
Merger by any Governmental Entity, which would: (i) prohibit Parent's
ownership or operation of any portion of the business of the Company or
(ii) compel Parent or the Company to dispose of or hold separate all or any
portion of the business or assets of the Company or Parent as a result of the
Merger;
	by Parent if there has been a breach of any representation, warranty,
covenant or agreement of the Company contained in this Agreement such that the
conditions set forth in Section 6.2(a) would not be satisfied and
such breach has not been cured within ten (10) calendar days after written
notice thereof to the Company; provided, however, that no cure
period shall be required for a breach which by its nature cannot be cured; 
	by the Company if there has been a breach of any representation, warranty,
covenant or agreement contained in this Agreement such that the conditions set
forth in Section 6.3(a) would not be satisfied and such breach has
not been cured within ten (10) calendar days after written notice thereof to
Parent; provided, however, that no cure period shall be required
for a breach which by its nature cannot be cured; or
	by Parent or Company if the Shareholders shall have taken a final vote on
the principal terms of the Merger, and the principal terms of the Merger shall
not have been approved by the Shareholders.

	Effect of Termination.  In the event
of termination of this Agreement as provided in Section 8.1 hereof,
this Agreement shall forthwith become void and there shall be no liability or
obligation on the part of Parent or the Company, or their respective officers,
directors or shareholders, if applicable; provided, however, that
each party hereto shall remain liable for any willful breaches of this Agreement
prior to its termination; and provided further, however, that, the provisions of
Sections 5.3, 5.4 and 5.5 hereof, Article IX hereof and
this Section 8.2 shall remain in full force and effect and survive
any termination of this Agreement pursuant to the terms of this
Article VIII.
	Amendment.  This Agreement may be
amended by the parties hereto at any time by execution of an instrument in
writing signed on behalf of each of the parties hereto. For purposes of this
Section 8.3, the Merger Shareholders agree that any amendment of
this Agreement after the Effective Time signed by the Shareholder Representative
shall be binding upon and effective against the Merger Shareholders whether or
not they have signed such amendment.
	Extension; Waiver.  At any time
prior to the Closing, Parent, on the one hand, and the Company, on the other
hand, may, to the extent legally allowed, (i) extend the time for the
performance of any of the obligations of the other party hereto, (ii) waive
any inaccuracies in the representations and warranties made to such party
contained herein or in any document delivered pursuant hereto, and
(iii) waive compliance with any of the agreements or conditions for the
benefit of such party contained herein. Any agreement on the part of a party
hereto to any such extension or waiver shall be valid only if set forth in an
instrument in writing signed on behalf of such party. For purposes of this
Section 8.4, the Merger Shareholders agree that any extension or
waiver after the Effective Time signed by the Shareholder Representative shall
be binding upon and effective against all Merger Shareholders whether or not
they have signed such extension or waiver.

ARTICLE IX

GENERAL PROVISIONS

	Notices.  All notices and
other communications hereunder shall be in writing and shall be deemed given if
delivered personally or by commercial messenger or courier service, or mailed by
registered or certified mail (return receipt requested) or sent via facsimile
(with acknowledgment of complete transmission) to the parties at the following
addresses (or at such other address for a party as shall be specified by like
notice); provided, however, that notices sent by mail will not be
deemed given until received:

	if to Parent, to:
Cell Genesys, Inc.

   342 Lakeside Drive

   Foster City, California 94404

   Attention: Chief Financial Officer

   Facsimile No.: (650) 358-0803

with a copy to:

   Wilson Sonsini Goodrich & Rosati

   Professional Corporation

   Spear Street Tower

   One Market Street, Suite 3300

   San Francisco, California 94105

   Attention: Michael J. Kennedy, Esq.

   Facsimile No.: (415) 947-2099
	if to the Company or the Shareholder Representative, to:
Calydon, Inc.

   1324 Chesapeake Terrace

   Sunnyvale, California

   94089-1100

   Attention: Daniel Henderson 

   Facsimile No.: (408) 734-2808

with a copy to:

   Cooley Godward LLP

   Five Palo Alto Square

   3000 El Camino Real

   Palo Alto, California

   94306-2155

   Attention: James C. Kitch, Esq. and Brett D. White, Esq. 

   Facsimile No.: (650) 849-7400
	If to the Escrow Agent, to:
Chase Manhattan Bank and Trust Company,

   National Association

   101 California Street, Suite 3800

   San Francisco, CA 94111-5830

   Attention: Hank Helley

   Facsimile No.: (415) 954-2371

	If to the Shareholder Representative, to:
Kenneth Socha

   c/o Perseus Capital LLC

   2099 Pennsylvania Avenue, NW 9th Floor

   Washington, DC 20006

	Interpretation.  The words
"include," "includes" and "including" when used herein shall be deemed in each
case to be followed by the words "without limitation." The table of contents and
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement.
	Counterparts.  This Agreement may be
executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have
been signed by each of the parties and delivered to the other party, it being
understood that all parties need not sign the same counterpart.
	Entire Agreement; Assignment.  This
Agreement, the exhibits hereto, the Company Disclosure Schedule, the
Confidential Disclosure Agreement, and the documents and instruments and other
agreements among the parties hereto referenced herein: (i) constitute the
entire agreement among the parties with respect to the subject matter hereof and
supersede all prior agreements and understandings both written and oral, among
the parties with respect to the subject matter hereof, (ii) except as set
forth in Section 9.11, are not intended to confer upon any other
person any rights or remedies hereunder, and (iii) shall not be assigned by
operation of law or otherwise, except that Parent may assign its rights and
delegate its obligations hereunder (other than its obligations under
Section 5.10) to its affiliates as long as Parent remains ultimately
liable for all of Parent's obligations hereunder.
	Severability.  In the event that any
provision of this Agreement or the application thereof, becomes or is declared
by a court of competent jurisdiction to be illegal, void or unenforceable, the
remainder of this Agreement will continue in full force and effect and the
application of such provision to other persons or circumstances will be
interpreted so as reasonably to effect the intent of the parties hereto. The
parties further agree to replace such void or unenforceable provision of this
Agreement with a valid and enforceable provision that will achieve, to the
extent possible, the economic, business and other purposes of such void or
unenforceable provision.
	Other Remedies.  Except as otherwise
provided herein, any and all remedies herein expressly conferred upon a party
will be deemed cumulative with and not exclusive of any other remedy conferred
hereby, or bylaw or equity upon such party, and the exercise by a party of any
one remedy will not preclude the exercise of any other remedy. 
	Governing Law.  This Agreement shall
be governed by and construed in accordance with the laws of the State of
California, regardless of the laws that might otherwise govern under applicable
principles of conflicts of laws thereof. Each of the parties hereto irrevocably
consents to the exclusive jurisdiction and venue of any court within the State
of California, in connection with any matter based upon or arising out of this
Agreement or the matters contemplated herein, agrees that process may be served
upon them in any manner authorized by the laws of the State of California for
such persons and waives and covenants not to assert or plead any objection which
they might otherwise have to such jurisdiction, venue and such process.
	Rules of Construction.  The parties
hereto agree that they have been represented by counsel during the negotiation
and execution of this Agreement and, therefor, waive the application of any law,
regulation, holding or rule of construction providing that ambiguities in an
agreement or other document will be construed against the party drafting such
agreement or document.
	Attorneys' Fees.  If any legal
proceeding or other action relating to this Agreement is brought or otherwise
initiated, the prevailing party shall be entitled to recover reasonable
attorneys fees, costs and disbursements (in addition to any other relief to
which the prevailing party may be entitled).
	Time of Essence.  With regard to all
dates and time periods set forth or referred to in this Agreement, time is of
the essence.
	Third Party Beneficiaries.  This
Agreement shall not confer any rights or remedies upon any person or entity
other than (i) the parties, (ii) the Merger Shareholders with respect
to the right to receive consideration in the Merger as specified herein and with
respect to Section 5.10 hereof, (iii) those persons referred to in the
last sentence of Section 5.13, with respect to the last sentence of
Section 5.13 and (iv) those persons referred to in Section 5.16
with respect to Section 5.16.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, Parent, Merger Sub, the Company, the Escrow Agent and the
Shareholder Representative have caused this Agreement to be signed, all as of
the date first written above.

	
CELL GENESYS, INC.
	
SATELLITE ACQUISITION CORPORATION

	
By: _______________________
	
By: _______________________

	
Name: _____________________
	
Name: _____________________

	
Title: _____________________
	
Title: _____________________

	
 
	
 

	
CALYDON, INC. 

COMPANY, NATIONAL ASSOCIATION
	
CHASE MANHATTAN BANK AND TRUST

	
By: _______________________
	
By: _______________________

	
Name: _____________________
	
Name: _____________________

	
Title: _____________________
	
Title: _____________________

 

SHAREHOLDERS' REPRESENTATIVE:

By: ______________________________

Name: ____________________________

Title: ___________________________

 

 

[SIGNATURE PAGE TO AGREEMENT AND PLAN OF REORGANIZATION]

 

EXHIBIT A

FORM OF VOTING AGREEMENT

 

 

EXHIBIT B-1

FORM OF NON-COMPETITION AGREEMENT

 

 

EXHIBIT B-2

FORM OF NON-SOLICITATION AGREEMENT

 

 

EXHIBIT C

FORM OF INVESTMENT REPRESENTATION CERTIFICATE

EXHIBIT D

FORM OF INVESTOR REPRESENTATIONS CERTIFICATE

 

 

 

EXHIBIT E

SIXTH AMENDED AND RESTATED ARTICLES OF INCORPORATION

 

 

EXHIBIT F

SURVIVING CORPORATION ARTICLES OF INCORPORATION

 

 

 

EXHIBIT G

FORM OF WARRANT AND PROMISSORY NOTE CANCELLATION
AGREEMENT

 

EXHIBIT H

FORM OF WARRANT CANCELLATION AGREEMENT

 

EXHIBIT I

FORM OF AMENDMENT TO THE MANAGEMENT PLAN

 

 

EXHIBIT J

FORM OF AMENDMENT TO SEVERANCE PLAN

 

 EXHIBIT K

FORM OF INDEMNIFICATION AGREEMENT

 

 

Schedule 6.2(d)

Consents, Waivers, Approvals and
Assignments

Perseus Capital L.L.C. consent to Merger

Consents, waivers and approvals identified in Section 2.4 of the
Company Disclosure Schedule or elsewhere in the Company Disclosure Schedule and
applicable to Section 2.4.

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