Document:

Exhibit 10.5

                                     , 2005

PERSONAL & CONFIDENTIAL

Mr. ________________
____________________
____________________

                                               Re: 2001 Directors and Officers
                                                   Long-Term Incentive Plan
Dear Mr. ___________:

Enclosed herewith is a copy of the McDermott International, Inc. 2001 Directors
and Officers Long-Term Incentive Plan (the "Plan") which was approved and
adopted by the stockholders of McDermott International, Inc. (the "Company") on
May 1, 2002; the provisions of the Plan are incorporated herein by reference.

Any reference or definition contained in this letter agreement shall, except as
otherwise specified, be construed in accordance with the terms and conditions of
the Plan and all determinations and interpretations made by the Compensation
Committee of the Board of Directors with regard to any questions arising
hereunder or under the Plan shall be final and binding upon you and your
beneficiaries. Whenever the words "you" or "your" are used in any provision of
this letter agreement under circumstances where the provision should logically
be construed to apply to the beneficiary, estate, or personal representative, to
whom any rights under this letter agreement may be transferred by will or by the
laws of descent and distribution, it shall be deemed to include such person.

STOCK OPTIONS
-------------

Subject to the terms and conditions of the Plan, the terms and conditions of
this grant of Non-Qualified Stock Options, are as follows:

1.   Number and price of Options - You received an Option Grant of _________
     shares at a price of $___________ per share on _____ __, 2005 (the "Date of
     Grant").

2.   Option Term - Options have been granted for a period of ten years from the
     Date of Grant (the "Option Term").

3.   Exercise of Options - Options do not provide you with any rights or
     interests therein until they become exercisable with respect to ______ of
     the stock subject thereto, on a cumulative basis, on or after the
     __________ anniversaries of the Date of Grant, provided you have remained a
     Director of the Company through such anniversary or anniversaries.

4.   How to Exercise - The Options hereby granted shall be exercised by written
     notice to Mr. L. J. Sannino, Executive Vice President, Human Resources,
     Safety, Health & Environmental, specifying the number of shares you then
     desire to purchase, which may not be fewer than twenty-five (25), together
     with a check payable to the order of McDermott International, Inc. for an
     amount in United States dollars equal to the option price of such shares or
     shares of Common Stock having an aggregate Fair Market Value (as defined in
     the Plan) equal to such option price, or a combination of cash and such
     shares.

     As soon as practicable after receipt of such written notification and
     payment, the Company shall issue or transfer to you the number of shares
     with respect to which such Option shall be so exercised and shall deliver
     to you a certificate or certificates thereof, registered in your name.

5.   Termination of Options - In the event you terminate service by reason of
     death, outstanding Options shall remain in force and shall be exercisable
     by your beneficiary(s) for the remainder of the Option Term, or three years
     from your date of death, whichever is earlier.

<PAGE>

     In the event of your termination of service by reason of retirement or
     disability, outstanding Options shall remain in force and shall continue to
     be exercisable for the remainder of the Option Term.

     If your service as a director terminates for any other reason, all vested
     Options shall remain exercisable for three months from your termination
     date or the expiration of the Option Term, whichever occurs first. All
     unvested Options shall be forfeited.

6.   Who Can Exercise - During your lifetime, the Options shall be exercisable
     only by you. No assignment or transfer of the Options, whether voluntary or
     involuntary, by operation of law or otherwise, except by will or the laws
     of descent and distribution or pursuant to a Qualified Domestic Relations
     Order, shall vest in the assignee or transferee any interest whatsoever.

SECURITIES AND EXCHANGE COMMISSION REQUIREMENTS
-----------------------------------------------

As you are a Section 16 insider, this type of transaction must be reported on a
Form 4 before the end of the second (2) business day following the Date of
Grant. Please be aware that if you are going to reject the Grant, you should do
so immediately after the Date of Grant to avoid potential Section 16 liability.
Please advise Kathy Peres and Renee Hack immediately by e-mail, fax or telephone
call if you intend to reject this grant.

Absent such notice of rejection, we will prepare and file the required Form 4 on
your behalf within the required two business day deadline.

You are also subject to Rule 144. This Rule is applicable only when the shares
are sold, so you need not take any action under Rule 144 at this time.

Please acknowledge receipt and acceptance of said Options and the terms
contained herein by signing both this letter and the enclosed copy hereof and
returning one such signed copy to the Company at P. O. Box 61961, New Orleans,
LA 70161, Attention: L. J. Sannino, Executive Vice President, Human Resources
and Corporate Compliance Officer, and marked "Personal and Confidential." Any
and all of the aforesaid rights granted to you shall become void if you fail to
execute and deliver a copy of this letter agreement to the Company within thirty
(30) days from the date hereof.

                                     Very truly yours,

                                     McDERMOTT INTERNATIONAL, INC.

                                     Bruce W. Wilkinson
                                     Chairman of the Board and
                                     Chief Executive Officer

BWW/kap

Receipt and acceptance of the
foregoing is hereby acknowledged.

__________________________________       Date:________________Amendment No. 2 to PSA

_____________________________________

AMENDMENT NO. 2

Dated as of April 1, 2005

to

POOLING AND SERVICING AGREEMENT

Dated as of June 1, 2003

among

CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,

Depositor,

DLJ MORTGAGE CAPITAL, INC.,

Seller,

CHASE HOME FINANCE LLC,

Servicer,

OCWEN FEDERAL BANK FSB,

Servicer

THE MURRAYHILL COMPANY,

Credit Risk Manager

and

U.S. BANK NATIONAL ASSOCIATION,

Trustee

Home Equity Asset Trust 2003-4

HOME EQUITY PASS-THROUGH CERTIFICATES, SERIES 2003-4

______________________________________

THIS AMENDMENT NO. 2, dated as of April 1, 2005 (the “Amendment”), to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of June 1, 2003, among CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., a Delaware corporation, as depositor (the “Depositor”), DLJ MORTGAGE CAPITAL, INC., a Delaware corporation, as seller (in such capacity, the “Seller”), CHASE HOME FINANCE LLC (as successor in interest to Chase Manhattan Mortgage Corporation), a New Jersey corporation, as a servicer (in such capacity, a “Servicer”), OCWEN FEDERAL BANK FSB, a federally chartered savings bank, as a servicer (in such capacity, a “Servicer”), THE MURRAYHILL COMPANY, a Colorado corporation, as credit risk manager (the “Credit Risk Manager”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and consented to by FINANCIAL SECURITY ASSURANCE INC., a New York stock insurance company, as certificate insurer (the “Certificate Insurer”), as amended by that certain Amendment No. 1, dated as of September 13, 2004.

W I T N E S S E T H

WHEREAS, the Seller, the Servicers, the Depositor, the Credit Risk Manager and the Trustee entered into the Pooling and Servicing Agreement;

WHEREAS, Section 10.01(a)(vi) of the Pooling and Servicing Agreement permits amendments to the Pooling and Servicing Agreement to modify, alter, amend, add to or rescind any of the terms or provisions contained in the Pooling and Servicing Agreement, provided that the Rating Agencies confirm that the Amendment will not result in the downgrading or withdrawal of the respective ratings then assigned to the Certificates;

WHEREAS, the Depositor has received a letter from each Rating Agency, copies of which are attached hereto as Exhibit A, stating that the Amendment will not result in a downgrading or withdrawal of the respective ratings then assigned to the Certificates;

NOW, THEREFORE, the parties hereto hereby agree as follows:

SECTION 1.  

Defined Terms.

For purposes of this Amendment, unless the context clearly requires otherwise, all capitalized terms which are used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Pooling and Servicing Agreement.

SECTION 2.  

Amendments to Article VII.

The third paragraph of Section 7.01 is hereby amended as follows:

(i)

The words “or set forth in clause (iv) above” in the first sentence is hereby deleted; and

(ii)

The words “or an Event of Default set forth in clause (iv) occurs” in the second sentence is hereby deleted.

SECTION 3.  Binding Effect.

The provisions of this Amendment shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Seller, Servicers, Credit Risk Manager, Depositor and Trustee.

SECTION 4.  Effective Date. 

The provisions of this Amendment and the changes to the Pooling and Servicing Agreement provided for herein shall be effective as of April 1, 2005.

SECTION 5.  Governing Law.

This Amendment shall be construed in accordance with the substantive laws of the State of New York (without regard to conflict of law principles) and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such laws.

SECTION 6.  Severability of Provisions.

If any one or more of the provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then such provisions or terms shall be deemed severable from the remaining provisions or terms of this Amendment and shall in no way affect the validity or enforceability of the other provisions or terms of this Amendment.

SECTION 7.  Section Headings.

The section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

SECTION 8.  Counterparts.

This Amendment may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

[signature pages follow]

IN WITNESS WHEREOF, the Depositor, the Trustee, the Seller, the Servicers and the Credit Risk Manager have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.

CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,

as Depositor

By:  /s/ Kevin Steele_______________

Name: Kevin Steele

Title: Vice President

DLJ MORTGAGE CAPITAL, INC.,

as Seller

By:  /s/ Peter J. Sack ____________

Name:  Peter J. Sack

Title: Vice President

CHASE HOME FINANCE LLC,

as a Servicer

By:  /s/ Karen Taylor ____________

Name:  Karen Taylor

Title: Vice President

OCWEN FEDERAL BANK FSB,

as a Servicer

By:  /s/ Richard Delgado____________

Name:  Richard Delgado

Title: Senior Vice President

[signature page continues on following page]

THE MURRAYHILL COMPANY,

as Credit Risk Manager

By:  /s/ Kevin J. Kanouff___________

Name:  Kevin J. Kanouff

Title: President and General Counsel

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

By:  /s/ Becky Warren __________

Name: Becky Warren

Title: Assistant Vice President

Consented to:

FINANCIAL SECURITY ASSURANCE INC.,

as Certificate Insurer

By:  __/s/ Errol Uhr__________________________

Name: Errol Uhr

Title: Managing Director 

Exhibit A

[Rating Confirmations from Rating Agencies]

[ON FILE]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]