Document:

EXHIBIT 4.2

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                           DELTA FUNDING CORPORATION,
                                   as Seller,

                     RENAISSANCE MORTGAGE ACCEPTANCE CORP.,
                                  as Depositor,

                                      [o],
                                   as Servicer

                                      [o],
                                   as Trustee

                                       and

                                      [o],
                 as Master Servicer and Securities Administrator

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

                         POOLING AND SERVICING AGREEMENT

                                 Dated as of [o]

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

                   Home Equity Loan Asset-Backed Certificates,

                                   Series [o]

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<PAGE>

                                TABLE OF CONTENTS

                                    ARTICLE I
                                   Definitions

Section 1.01. DEFINITIONS.......................................................
Section 1.02. INTEREST CALCULATIONS.............................................

                                   ARTICLE II
 Conveyance of Mortgage Loans; Original Issuance of Certificates; Tax Treatment
Section 2.01. CONVEYANCE OF MORTGAGE LOANS......................................
Section 2.02. ACCEPTANCE BY TRUSTEE.............................................
Section 2.03. REPRESENTATIONS AND WARRANTIES REGARDING THE SELLER, THE SERVICER,
              THE DEPOSITOR AND THE MASTER SERVICER.............................
Section 2.04. REPRESENTATIONS AND WARRANTIES OF THE SELLER REGARDING THE
              MORTGAGE LOANS....................................................
Section 2.05. SUBSTITUTION OF MORTGAGE LOANS....................................
Section 2.06. EXECUTION AND AUTHENTICATION OF CERTIFICATES......................
Section 2.07. DESIGNATION OF INTERESTS IN REMICS................................
Section 2.08. DESIGNATION OF STARTUP DAY OF REMIC...............................
Section 2.09. REMIC CERTIFICATE MATURITY DATE...................................
Section 2.10. TAX RETURNS AND REPORTS TO CERTIFICATEHOLDERS.....................
Section 2.11. TAX MATTERS PERSON................................................
Section 2.12. REMIC RELATED COVENANTS...........................................
Section 2.13. OPTION TO CONTRIBUTE DERIVATIVE INSTRUMENT........................

                                   ARTICLE III
                 Administration and Servicing of Mortgage Loans

Section 3.01. THE SERVICER......................................................
Section 3.02. COLLECTION OF CERTAIN MORTGAGE LOAN PAYMENTS......................
Section 3.03. WITHDRAWALS FROM THE COLLECTION ACCOUNT...........................
Section 3.04. MAINTENANCE OF HAZARD INSURANCE; PROPERTY PROTECTION EXPENSES.....
Section 3.05. MAINTENANCE OF MORTGAGE IMPAIRMENT INSURANCE POLICY...............
Section 3.06. MANAGEMENT AND REALIZATION UPON DEFAULTED MORTGAGE LOANS..........
Section 3.07. TRUSTEE TO COOPERATE..............................................
Section 3.08. SERVICING COMPENSATION; PAYMENT OF CERTAIN EXPENSES BY SERVICER...
Section 3.09. ANNUAL STATEMENT AS TO COMPLIANCE.................................
Section 3.10. ANNUAL SERVICING REVIEW...........................................
Section 3.11. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING THE
              MORTGAGE LOANS....................................................
Section 3.12. MAINTENANCE OF CERTAIN SERVICING INSURANCE POLICIES...............
Section 3.13. REPORTS TO THE SECURITIES AND EXCHANGE COMMISSION.................
Section 3.14. REPORTS OF FORECLOSURES AND ABANDONMENTS OF MORTGAGED PROPERTIES,
              RETURNS RELATING TO MORTGAGE INTEREST RECEIVED FROM INDIVIDUALS
              AND RETURNS RELATING TO CANCELLATION OF INDEBTEDNESS..............
Section 3.15. ADVANCES BY THE SERVICER..........................................
Section 3.16. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.....................
Section 3.17. SUPERIOR LIENS....................................................
Section 3.18. ASSUMPTION AGREEMENTS.............................................
Section 3.19. PAYMENT OF TAXES, INSURANCE AND OTHER CHARGES.....................
Section 3.20. ADVANCE FACILITY..................................................
Section 3.21. COVENANTS OF THE SERVICER AND REPRESENTATIONS OF THE SELLER
              REGARDING PREPAYMENT CHARGES......................................
Section 3.22. NON-SOLICITATION..................................................

                                   ARTICLE IV
Administration and Master Servicing of the Mortgage Loans by the Master Servicer

Section 4.01. MASTER SERVICER...................................................
Section 4.02. REMIC-RELATED COVENANTS...........................................
Section 4.03. MONITORING OF SERVICER............................................
Section 4.04. FIDELITY BOND.....................................................
Section 4.05. POWER TO ACT; PROCEDURES..........................................
Section 4.06. DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS........................
Section 4.07. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO
              BE HELD FOR TRUSTEE...............................................
Section 4.08. POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS............
Section 4.09. COMPENSATION FOR THE MASTER SERVICER..............................
Section 4.10. ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.....................
Section 4.11. ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT..................
Section 4.12. OBLIGATION OF THE MASTER SERVICER IN RESPECT OF PREPAYMENT
              INTEREST SHORTFALLS...............................................
Section 4.13. MONTHLY ADVANCES BY THE MASTER SERVICER...........................
Section 4.14. MERGER OR CONSOLIDATION...........................................
Section 4.15. RESIGNATION OF MASTER SERVICER....................................
Section 4.16. ASSIGNMENT OR DELEGATION OF DUTIES BY THE MASTER SERVICER.........

                                    ARTICLE V
   Payments and Statements to Certificateholders; Rights of Certificateholders

Section 5.01. DISTRIBUTIONS.....................................................
Section 5.02. COMPENSATING INTEREST.............................................
Section 5.03. STATEMENTS........................................................
Section 5.04. DISTRIBUTION ACCOUNT..............................................
Section 5.05. INVESTMENT OF ACCOUNTS............................................
Section 5.06. ALLOCATION OF LOSSES..............................................
Section 5.07. NET RATE CAP FUND.................................................
Section 5.08. THE GROUP I INTEREST RATE CAP AGREEMENT...........................

                                   ARTICLE VI
                                The Certificates

Section 6.01. THE CERTIFICATES..................................................
Section 6.02. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.............
Section 6.03. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES.................
Section 6.04. PERSONS DEEMED OWNERS.............................................
Section 6.05. APPOINTMENT OF PAYING AGENT.......................................

                                   ARTICLE VII
         The Seller, The Depositor, The Master Servicer and The Servicer

Section 7.01. LIABILITY OF THE SELLER, THE DEPOSITOR, THE MASTER SERVICER AND
              THE SERVICER......................................................
Section 7.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF,
              THE DEPOSITOR, THE SELLER OR THE SERVICER.........................
Section 7.03. LIMITATION ON LIABILITY OF THE SELLER, THE DEPOSITOR,
              THE SERVICER, THE MASTER SERVICER AND OTHERS......................
Section 7.04. SERVICER NOT TO RESIGN; PLEDGE OF SERVICING RIGHTS................
Section 7.05. DELEGATION OF DUTIES..............................................
Section 7.06. INDEMNIFICATION OF THE TRUST BY THE SERVICER AND THE MASTER
              SERVICER..........................................................

                                  ARTICLE VIII
                                     Default

Section 8.01. SERVICER EVENTS OF DEFAULT........................................
Section 8.02. APPOINTMENT OF SUCCESSOR SERVICER.................................
Section 8.03. MASTER SERVICER EVENTS OF DEFAULT.................................
Section 8.04. APPOINTMENT OF SUCCESSOR MASTER SERVICER..........................
Section 8.05. WAIVER OF DEFAULTS................................................
Section 8.06. NOTIFICATION TO CERTIFICATEHOLDERS................................

                                   ARTICLE IX
                  The Trustee and the Securities Administrator

Section 9.01. DUTIES OF TRUSTEE AND SECURITIES ADMINISTRATOR....................
Section 9.02. CERTAIN MATTERS AFFECTING THE TRUSTEE AND THE SECURITIES
              ADMINISTRATOR.  Except as otherwise provided in Section 9.01:.....
Section 9.03. TRUSTEE AND SECURITIES ADMINISTRATOR NOT LIABLE FOR CERTIFICATES
              OR MORTGAGE LOANS.................................................
Section 9.04. TRUSTEE AND SECURITIES ADMINISTRATOR MAY OWN CERTIFICATES.........
Section 9.05. FEES AND EXPENSES OF THE TRUSTEE AND THE SECURITIES ADMINISTRATOR.
Section 9.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE AND SECURITIES ADMINISTRATOR.
Section 9.07. RESIGNATION OR REMOVAL OF TRUSTEE OR SECURITIES ADMINISTRATOR.....
Section 9.08. SUCCESSOR TRUSTEE AND SUCCESSOR SECURITIES ADMINISTRATOR..........
Section 9.09. MERGER OR CONSOLIDATION OF TRUSTEE OR SECURITIES ADMINISTRATOR....
Section 9.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.....................
Section 9.11. LIMITATION OF LIABILITY...........................................
Section 9.12. TRUSTEE OR SECURITIES ADMINISTRATOR MAY ENFORCE CLAIMS WITHOUT
              POSSESSION OF CERTIFICATES; INSPECTION............................
Section 9.13. SUITS FOR ENFORCEMENT.............................................
Section 9.14. APPOINTMENT OF CUSTODIANS.........................................

                                    ARTICLE X
                                   Termination

Section 10.01. TERMINATION......................................................
Section 10.02. ADDITIONAL TERMINATION REQUIREMENTS..............................

                                   ARTICLE XI
                            Miscellaneous Provisions

Section 11.01. AMENDMENT........................................................
Section 11.02. RECORDATION OF AGREEMENT.........................................
Section 11.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS.......................
Section 11.04. GOVERNING LAW....................................................
Section 11.05. NOTICES..........................................................
Section 11.06. SEVERABILITY OF PROVISIONS.......................................
Section 11.07. ASSIGNMENT.......................................................
Section 11.08. CERTIFICATES NONASSESSABLE AND FULLY PAID........................
Section 11.09. THIRD-PARTY BENEFICIARIES........................................
Section 11.10. COUNTERPARTS.....................................................
Section 11.11. EFFECT OF HEADINGS AND TABLE OF CONTENTS.........................
Section 11.12. MORTGAGE LOANS AND ACCOUNTS HELD FOR BENEFIT OF THE
               CERTIFICATEHOLDERS...............................................
Section 11.13. WAIVER OF JURY TRIAL.............................................

EXHIBIT A         FORMS OF OFFERED CERTIFICATES.................................
EXHIBIT B-1       FORM OF CLASS BIO CERTIFICATE.................................
EXHIBIT B-2       FORM OF CLASS R CERTIFICATES..................................
EXHIBIT B-3       FORM OF CLASS P CERTIFICATES..................................
EXHIBIT C         MORTGAGE LOAN SCHEDULE........................................
EXHIBIT D         [RESERVED]....................................................
EXHIBIT E         FORM OF MORTGAGE NOTE.........................................
EXHIBIT F         FORM OF MORTGAGE..............................................
EXHIBIT G         TRANSFER AFFIDAVITS...........................................
EXHIBIT H         LETTER OF REPRESENTATIONS.....................................
EXHIBIT I         FORM OF REQUEST FOR RELEASE FOR DOCUMENTS.....................
EXHIBIT J         [RESERVED]....................................................
EXHIBIT K         FORM OF CUSTODIAL AGREEMENT...................................
EXHIBIT L         DELINQUENCY AND LOSS INFORMATION..............................
EXHIBIT M         FORM OF TRANSFEROR CERTIFICATE ...............................
EXHIBIT N-1       FORM OF INVESTMENT LETTER (NON-RULE 144A).....................
EXHIBIT N-2       FORM OF RULE 144A LETTER .....................................
EXHIBIT O         FORM OF INITIAL CERTIFICATION.................................
EXHIBIT P         FORM OF FINAL CERTIFICATION...................................
EXHIBIT Q         FORM OF GROUP I INTEREST RATE CAP AGREEMENT...................
EXHIBIT R         PREPAYMENT CHARGE SCHEDULE....................................
EXHIBIT S         [RESERVED]....................................................
EXHIBIT T         FORM OF SECURITIES ADMINISTRATOR CERTIFICATION TO THE MASTER
                  SERVICER PURSUANT TO SECTION 3.13(d)..........................
EXHIBIT U         FORM OF SERVICER CERTIFICATION TO THE MASTER SERVICER
                  PURSUANT TO SECTION 3.13(e)...................................
EXHIBIT V         CALCULATION OF REALIZED LOSS/GAIN FORM 332....................
EXHIBIT W         STANDARD FILE LAYOUT--SCHEDULED/SCHEDULED.....................
EXHIBIT X         STANDARD FILE LAYOUT--DELINQUENCY REPORTING...................

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         This Pooling and Servicing Agreement, dated as of [o], among Delta
Funding Corporation, as Seller (the "Seller"), Renaissance Mortgage Acceptance
Corp., as Depositor, [o] as Servicer (the "Servicer"), [o], as Trustee (the
"Trustee") and [o], as Master Servicer (the "Master Servicer") and as Securities
Administrator (the "Securities Administrator").

                                WITNESSETH THAT:

         In consideration of the mutual agreements herein contained, the parties
hereto 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.

         1933 ACT:  As defined in Section 3.13 herein.

         ACCEPTED MASTER SERVICING PRACTICES: With respect to any Mortgage Loan,
as applicable, either (x) those mortgage master servicing practices of prudent
mortgage lending institutions which master service mortgage loans of the same
type and quality as such Mortgage Loan in the jurisdiction where the related
Mortgaged Property is located to the extent applicable to the Master Servicer,
or (y) as provided in Section 4.01 hereof, but in no event below the standard
set forth in clause (x).

         ACCOUNTS: Collectively, the Collection Account and the Distribution
Account.

         ADJUSTED REMIC II WAC: For any Interest Period, the product of (a)
four, and (b) the weighted average of the interest rates on the Class II-Q,
Class II-AV-1, Class II-AV-2, Class II-AV-3, Class II-MV-1, Class II-MV-2, Class
II-MV-3, Class II-MV-4, Class II-AF-1, Class II-AF-2, Class II-AF-3, Class
II-AF-4, Class II-AF-5, Class II-AF-6, Class II-MF-1, Class II-MF-2, Class
II-MF-3, Class II-MF-4, Class II-MF-5, Class II-MF-6, Class II-MF-7, Class
II-MF-8, Class II-MF-9, Class II-AV-Pool and Class II-AF-Pool Interests in REMIC
II determined for this purpose by first subjecting the rate payable on the Class
II-Q, Class II-AV-Pool and Class II-AF-Pool Interests to a cap of zero, and
subjecting the rate payable on each of the Class II-AV-1, Class II-AV-2, Class
II-AV-3, Class II-MV-1, Class II-MV-2, Class II-MV-3, Class II-MV-4, Class
II-AF-1, Class II-AF-2, Class II-AF-3, Class II-AF-4, Class II-AF-5, Class
II-AF-6, Class II-MF-1, Class II-MF-2, Class II-MF-3, Class II-MF-4, Class
II-MF-5, Class II-MF-6, Class II-MF-7, Class II-MF-8 and Class II-MF-9 Interests
to a cap that corresponds to the Certificate Rate (adjusted in the case of the
Adjustable Rate Certificates to reflect a 30/360 day-count convention) for the
Corresponding Class of Certificates(as described in Section 2.07) for such
Interest Period.

         ADJUSTABLE RATE CERTIFICATES: The Group I Certificates and the Class
AF-1 Certificates.

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

         AGREEMENT: This Pooling and Servicing Agreement and all amendments
hereof and supplements hereto.

         ANCILLARY INCOME: All income derived from the Mortgage Loans, other
than Servicing Fees and Master Servicing Fees, including but not limited to,
late charges, fees received with respect to checks or bank drafts returned by
the related bank for non-sufficient funds, assumption fees, optional insurance
administrative fees and all other incidental fees and charges, including
investment income on the Collection Account and any interest due and actually
received from the related Mortgagor that accrued during the portion of the
Prepayment Period that is in the same calendar month as the Distribution Date
with respect to such Mortgage Loan in connection with such Principal Prepayments
in full. Ancillary Income does not include any Prepayment Charges.

         APPLIED REALIZED LOSS AMOUNTS: As to any Distribution Date and each
Loan Group, an amount equal to the excess, if any, of (i) the aggregate of the
Class Principal Balances of the Group I Certificates or Group II Certificates,
as applicable, after giving effect to all distributions on such Distribution
Date over (ii) the Group I Pool Balance or the Group II Pool Balance, as
applicable, as of the last day of the related Due Period.

         APPRAISED VALUE: The appraised value of the Mortgaged Property based
upon the appraisal or the insured automated valuation report made by or for the
originator at the time of the origination of the related Mortgage Loan.

         APPROVED SERVICER: For purposes of Sections 3.01(b), 7.04, 8.02 and
8.04 hereof, any established housing and home finance institution, bank or other
mortgage loan or home equity loan servicer, that meets each of the following
requirements:

                  1. An Approved Servicer shall be reasonably acceptable to each
                  of the Seller, the Depositor, the Master Servicer, the
                  Securities Administrator and the Trustee;

                  2. An Approved Servicer shall be either (a) an affiliate or
                  division of [o] that services mortgage loans similar to the
                  Mortgage Loans or (b) a Person who has a rating of at least
                  "Above Average" by S&P and either a rating of at least "RPS2"
                  by Fitch or a rating of at least "SQ2" by Moody's;

                  3. Each Rating Agency shall have delivered a letter to the
                  Trustee (such letter not to be an expense of the Trustee)
                  prior to the appointment of the Approved Servicer stating that
                  the proposed appointment of such Approved Servicer as Servicer
                  hereunder will not result in the reduction or withdrawal of
                  the then current ratings of the Offered Certificates; and

                  4. An Approved Servicer shall have a net worth of not less
                  than $25,000,000.

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

         AUTHORIZED NEWSPAPER: A newspaper of general circulation in the Borough
of Manhattan, The City of New York, printed in the English language and
customarily published on each Business Day, whether or not published on
Saturdays, Sundays and holidays.

         AVAILABLE FUNDS: As to any Distribution Date and each Loan Group, an
amount equal to the sum of the following amounts, without duplication, with
respect to the Mortgage Loans in such Loan Group: (i) scheduled payments of
principal and interest on the Mortgage Loans due during the related Due Period
and received by the Servicer and the Master Servicer (net of amounts
representing the Servicing Fee and the Master Servicing Fee with respect to each
Mortgage Loan and reimbursement for Monthly Advances and Servicing Advances and
other amounts reimbursable to the Seller, the Depositor, the Servicer, the
Master Servicer, the Securities Administrator and the Trustee pursuant to
Sections 7.03, 3.01(g), 8.01(b), 8.03(b) (with respect to Servicing Transfer
Costs) and 9.05 (with respect to reasonable indemnification amounts), as
applicable); (ii) Net Liquidation Proceeds, Insurance Proceeds and any
Recoveries with respect to the Mortgage Loans and unscheduled payments of
principal and interest on the Mortgage Loans received by the Servicer and the
Master Servicer during the related Prepayment Period (net of amounts
representing the Servicing Fee and the Master Servicing Fee and any Ancillary
Income with respect to each Mortgage Loan and reimbursement for Monthly Advances
and Servicing Advances); (iii) the Purchase Price for repurchased Defective
Mortgage Loans and any related Substitution Adjustment Amounts; (iv) payments
from the Servicer and the Master Servicer in connection with (a) Monthly
Advances and (b) Compensating Interest; and (v) payments from DFC in connection
with the termination of the Trust with respect to the Mortgage Loans as provided
in this Agreement.

         BALLOON LOAN: Any Mortgage Loan that provided on the date of
origination for scheduled monthly payments in level amounts substantially lower
than the amount of the final scheduled payment.

         BASIC PRINCIPAL AMOUNT: As to any Distribution Date and Loan Group, an
amount equal to the sum of the following amounts (without duplication) with
respect to the Mortgage Loans in that Loan Group: (i) each scheduled payment of
principal on a Mortgage Loan due during such Due Period and received by the
Servicer and remitted by the Servicer to the Master Servicer on or prior to the
related Determination Date; (ii) any Net Liquidation Proceeds allocable to
principal, any Recoveries and all full and partial principal prepayments
received by the Servicer and remitted by the Servicer to the Master Servicer
during the related Prepayment Period; (iii) the portion of the Purchase Price
allocable to principal of all repurchased Defective Mortgage Loans with respect
to such Distribution Date; (iv) any Substitution Adjustment allocable to
principal received on or prior to the previous Determination Date and not yet
distributed; and (vi) any Monthly Advances with respect to scheduled payments of
principal due during the related Due Period.

         BIF: The Bank Insurance Fund, as from time to time constituted, created
under the Financial Institutions Reform, Recovery and Enhancement Act of 1989,
or, if at any time after the execution of this Agreement the Bank Insurance Fund
is not existing and performing duties now assigned to it, the body performing
such duties on such date.

         BLANKET MORTGAGE: The mortgage or mortgages encumbering a Cooperative
Property.

         BOOK-ENTRY CERTIFICATE: Any Offered Certificate registered in the name
of the Depository or its nominee, ownership of which is reflected on the books
of the Depository or on the books of a Person maintaining an account with such
Depository (directly or as an indirect participant in accordance with the rules
of such Depository).

         BUSINESS DAY: Any day other than a Saturday, a Sunday or a day on which
banking institutions in New York City, the States of Florida, Maryland,
Minnesota and New Jersey or the city in which the Corporate Trust Office of the
Trustee or the Securities Administrator is located are authorized or obligated
by law or executive order to close.

         CAP PROVIDER:  [o], and its successors in interest.

         CERTIFICATE: Any Offered Certificate, Class P Certificate, Class BIO
Certificate or Residual Certificate.

         CERTIFICATE BALANCE: As of any date of determination, the aggregate of
the Class Principal Balances of the Certificates.

         CERTIFICATE GROUP:  Either the Group I or the Group II Certificates.

         CERTIFICATE INDEX: The rate for one month United States dollar deposits
quoted on Telerate Page 3750 as of 11:00 A.M., London time, on the second LIBOR
Business Day prior to the first day of any Interest Period relating to the
Adjustable Rate Certificates. "Telerate Page 3750" means the display designated
as page 3750 on Bridge 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, such other service for displaying LIBOR or comparable rates as may be
reasonably selected by the Securities Administrator after consultation with the
Seller), the rate will be the Reference Bank Rate. If no such quotations can be
obtained and no Reference Bank Rate is available, the Certificate Index will be
the Certificate Index applicable to the preceding Distribution Date. On the
second LIBOR Business Day immediately preceding each Distribution Date, the
Securities Administrator shall determine the Certificate Index for the Interest
Period commencing on such Distribution Date and inform the Seller and the
Servicer of such rate.

         CERTIFICATE MARGIN: As to any Adjustable Rate Certificate, the
respective amount set forth below:

         CLASS                                     CERTIFICATE MARGIN
         -----                                     ------------------
                                                  (1)             (2)
         AV-1
         AV-2
         AV-3
         MV-1
         MV-2
         MV-3
         MV-4
         AF-1

----------
(1) On or before the Optional Termination Date.
(2) After the Optional Termination Date.

         CERTIFICATE OWNER: The Person who is the beneficial owner of a
Book-Entry Certificate.

         CERTIFICATE RATE: As to any Class of Certificates, the respective per
annum rate set forth or described below:

         CLASS                                   CERTIFICATE RATE
         -----                                   ----------------

         AV-1
         AV-2
         AV-3
         MV-1
         MV-2
         MV-3
         MV-4
         AF-1
         AF-2
         AF-3
         AF-4
         AF-5
         AF-6
         MF-1
         MF-2
         MF-3
         MF-4
         MF-5
         MF-6
         MF-7
         MF-8
         MF-9
         BIO
         P
         R-1
         R-2

----------
(1) As to any Distribution Date, the lesser of (i) the Certificate Index plus
the applicable Certificate Margin and (ii) the related Net Rate Cap.

(2) As to (i) any Distribution Date before the Optional Termination Date, the
lesser of (a) the fixed rate of interest shown above and (b) the related Net
Rate Cap and (ii) any Distribution Date after the Optional Termination Date, the
lesser of (a) the sum of the fixed interest rate shown above and [o]% and (b)
the related Net Rate Cap.

(3) Calculated as provided in the definition of "Class BIO
Certificate Rate."

         CERTIFICATE REGISTER AND CERTIFICATE REGISTRAR: The register maintained
and the registrar appointed pursuant to Section 6.02.

         CERTIFICATEHOLDER OR HOLDER: The Person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purpose of
giving any consent, direction, waiver or request pursuant to this Agreement, (x)
any Offered Certificate registered in the name of the Seller or the Depositor or
any Person known to a Responsible Officer to be an Affiliate of the Seller or
the Depositor and (y) any Offered Certificate for which the Seller or the
Depositor or any Person known to a Responsible Officer to be an Affiliate of the
Seller or the Depositor is the Certificate Owner or Holder shall be deemed not
to be outstanding (unless to the knowledge of a Responsible Officer (i) the
Seller or such Affiliate is acting as trustee or nominee for a Person who is not
an Affiliate of such Seller or the Depositor and who makes the voting decision
with respect to such Offered Certificates or (ii) the Seller or the Depositor or
such Affiliate is the Certificate Owner or Holder of all the Certificates of a
Class, but only with respect to the Class as to which the Seller or the
Depositor or such Affiliate owns all the Certificates) and the Percentage
Interest evidenced thereby shall not be taken into account in determining
whether the requisite amount of Percentage Interests necessary to effect any
such consent, direction, waiver or request has been obtained.

         CERTIFICATION:  As defined in Section 3.13 herein.

         CIVIL RELIEF ACT: The Servicemembers Civil Relief Act and similar state
laws.

         CIVIL RELIEF ACT INTEREST SHORTFALL: With respect to any Distribution
Date, for any Mortgage Loan as to which there has been a reduction in the amount
of interest collectible thereon for the most recently ended Due Period as a
result of the application of the Civil Relief Act, the amount by which (i)
interest collectible on such Mortgage Loan during such Due Period is less than
(ii) one month's interest on the Principal Balance of such Mortgage Loan at the
Loan Rate for such Mortgage Loan before giving effect to the application of the
Civil Relief Act.

         CLASS:  All Certificates having the same designation.

         CLASS AF CERTIFICATES: The Class AF-1 Certificates, Class AF-2
Certificates, Class AF-3 Certificates, Class AF-4 Certificates, Class AF-5
Certificates and Class AF-6 Certificates.

         CLASS AF-1 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class AF-1 Certificate pursuant to Section 6.01.

         CLASS AF-2 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class AF-2 Certificate pursuant to Section 6.01.

         CLASS AF-3 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class AF-3 Certificate pursuant to Section 6.01.

         CLASS AF-4 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class AF-4 Certificate pursuant to Section 6.01.

         CLASS AF-5 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class AF-5 Certificate pursuant to Section 6.01.

         CLASS AF-6 CALCULATION PERCENTAGE: For any Distribution Date will be
the fraction, expressed as a percentage, the numerator of which is the Class
Principal Balance of the Class AF-6 Certificates, and the denominator of which
is the aggregate of the Class Principal Balances of the Class AF Certificates,
in each case before giving effect to any distributions in reduction of the
Certificate Principal Balances of the Class AF Certificates pursuant to Section
5.01 hereof.

         CLASS AF-6 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class AF-6 Certificate pursuant to Section 6.01.

         CLASS AF-6 LOCKOUT DISTRIBUTION AMOUNT: For any Distribution Date will
be an amount equal to the product of (1) the applicable Class AF-6 Lockout
Percentage for that Distribution Date, (2) the Class AF-6 Calculation Percentage
and (3) the Group II Senior Principal Distribution Amount for that Distribution
Date. In no event shall the Class AF-6 Lockout Distribution Amount exceed the
outstanding Class Principal Balance of the Class AF-6 Certificates or the Group
II Senior Principal Distribution Amount for such Distribution Date.

         CLASS AF-6 LOCKOUT PERCENTAGE: For each Distribution Date will be as
follows:

                DISTRIBUTION DATE                      LOCKOUT PERCENTAGE
               -------------------                     ------------------
                   1st to 36th
                   37th to 60th
                   61st to 72nd
                   73rd to 84th
               85th and thereafter

         CLASS AV CERTIFICATES: The Class AV-1 Certificates, Class AV-2
Certificates and Class AV-3 Certificates.

         CLASS AV-1 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class AV-1 Certificate pursuant to Section 6.01.

         CLASS AV-2 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class AV-2 Certificate pursuant to Section 6.01.

         CLASS AV-3 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class AV-3 Certificate pursuant to Section 6.01.

         CLASS BIO CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit B-1 and designated as a Class BIO Certificate pursuant to Section 6.01.

         CLASS BIO CERTIFICATE RATE: For each Distribution Date (and the related
Interest Period) the Class BIO Certificate shall bear interest at a rate equal
to the excess of (i) the weighted average of the interest rates on the Class
II-AV-1, Class II-AV-2, Class II-AV-3, Class II-MV-1, Class II-MV-2, Class
II-MV-3, Class II-MV-4, Class II-AF-1, Class II-AF-2, Class II-AF-3, Class
II-AF-4, Class II-AF-5, Class II-AF-6, Class II-MF-1, Class II-MF-2, Class
II-MF-3, Class II-MF-4, Class II-MF-5, Class II-MF-6, Class II-MF-7, Class
II-MF-8, Class II-MF-9, Class II-AV-Pool, Class II-AF-Pool and Class II-Q
Interests, weighted on the basis of the principal balance of each such REMIC II
Interest, over (b) the Adjusted REMIC II WAC. For any Distribution Date,
interest that accrues on the Class BIO Interest shall be deferred to the extent
of any increase in the Overcollateralization Amount on such date. Such deferred
interest shall not itself bear interest.

         CLASS BIO DISTRIBUTION AMOUNT: On any Distribution Date, the excess of
(a) the sum of (i) the Class BIO Initial Principal Balance and (ii) all interest
accrued on the Class BIO Notional Amount at the Class BIO Certificate Rate for
the Interest Period related to such Distribution Date and for all prior Interest
Periods, over (b) the sum of all amounts distributed on prior Distribution Dates
with respect to the Class BIO Certificate pursuant to Section 5.01(a)(i)(13) and
(15) and Section 5.01(a)(ii)(18) and (20) hereof.

         CLASS BIO NOTIONAL AMOUNT: On any Distribution Date, an amount equal to
the aggregate of the principal balances of the Class II-AV-1, Class II-AV-2,
Class II-AV-3, Class II-MV-1, Class II-MV-2, Class II-MV-3, Class II-MV-4, Class
II-AF-1, Class II-AF-2, Class II-AF-3, Class II-AF-4, Class II-AF-5, Class
II-AF-6, Class II-MF-1, Class II-MF-2, Class II-MF-3, Class II-MF-4, Class
II-MF-5, Class II-MF-6, Class II-MF-7, Class II-MF-8, Class II-MF-9, Class
II-AV-Pool, Class II-AF-Pool and Class II-Q Interests for such Distribution
Date, determined before taking into account distributions on such Distribution
Date (I.E., the Pool Balance as of the first day of the related Due Period).

         CLASS BIO INITIAL PRINCIPAL BALANCE: An amount equal to the initial
Overcollateralization Amount as of the Closing Date. The Class BIO Certificates
shall not accrue interest on this balance, but instead, will accrue interest on
the Class BIO Notional Amount.

         CLASS INTEREST CARRYOVER SHORTFALL: As to any Class of Regular
Certificates and any Distribution Date, an amount equal to the sum of (i) the
excess of the related Class Monthly Interest Amount for the preceding
Distribution Date and any Outstanding Class Interest Carryover Shortfall with
respect to such Class on such preceding Distribution Date, over the amount in
respect of interest that is actually distributed to the Holders of such Class on
such preceding Distribution Date plus (ii) one month's interest on such excess,
to the extent permitted by law, at the related Certificate Rate.

         CLASS INTEREST DISTRIBUTION: As to any Class of Regular Certificates
and Distribution Date, an amount equal to the sum of (a) the related Class
Monthly Interest Amount and (b) any Class Interest Carryover Shortfall for such
Class of Certificates for such Distribution Date.

         CLASS MF CERTIFICATES: The Class MF-1 Certificates, Class MF-2
Certificates, Class MF-3 Certificates, Class MF-4 Certificates, Class MF-5
Certificates, Class MF-6 Certificates, Class MF-7 Certificates, Class MF-8
Certificates and Class MF-9 Certificates.

         CLASS MF-1 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class MF-1 Certificate pursuant to Section 6.01.

         CLASS MF-1 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group II Stepdown Date, (x) 100% of the Group II Principal
Distribution Amount if the aggregate Class Principal Balance of the Class AF
Certificates has been reduced to zero and a Group II Delinquency Event exists,
or (y) if any Class AF Certificates are outstanding and a Group II Delinquency
Event is not in effect: the excess of (1) the sum of (A) the aggregate Class
Principal Balance of the Class AF Certificates (after giving effect to
distributions of the Group II Senior Principal Distribution Amount for such
Distribution Date) and (B) the Class Principal Balance of the Class MF-1
Certificates immediately prior to such Distribution Date over (2) the lesser of
(A) [o]% of the Group II Pool Balance as of the last day of the related Due
Period, minus the related Subordination Required Overcollateralization Amount
for that Distribution Date and (B) the Group II Pool Balance as of the last day
of the related Due Period minus the related OC Floor.

         CLASS MF-2 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MF-2 Certificate pursuant to Section 6.01.

         CLASS MF-2 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group II Stepdown Date, (x) 100% of the Group II Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AF
and Class MF-1 Certificates have been reduced to zero and a Group II Delinquency
Event exists, or (y) if the Class AF and Class MF-1 Certificates are outstanding
and a Group II Delinquency Event is not in effect: the excess of (1) the sum of
(A) the aggregate Class Principal Balance of the Class AF Certificates (after
giving effect to distributions of the Group II Senior Principal Distribution
Amount for such Distribution Date), (B) the Class Principal Balance of the Class
MF-1 Certificates (after giving effect to distribution of the Class MF-1
Principal Distribution Amount for such Distribution Date) and (C) the Class
Principal Balance of the Class MF-2 Certificates immediately prior to such
Distribution Date over (2) the lesser of (A) [o]% of the Group II Pool Balance
as of the last day of the related Due Period, minus the related Subordination
Required Overcollateralization Amount for that Distribution Date and (B) the
Group II Pool Balance as of the last day of the related Due Period minus the
related OC Floor.

         CLASS MF-3 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MF-3 Certificate pursuant to Section 6.01.

         CLASS MF-3 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group II Stepdown Date, (x) 100% of the Group II Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AF,
Class MF-1 and Class MF-2 Certificates have been reduced to zero and a Group II
Delinquency Event exists, or (y) if the Class AF, Class MF-1 and Class MF-2
Certificates are outstanding and a Group II Delinquency Event is not in effect:
the excess of (1) the sum of (A) the aggregate Class Principal Balance of the
Class AF Certificates (after giving effect to distributions of the Group II
Senior Principal Distribution Amount for such Distribution Date), (B) the Class
Principal Balance of the Class MF-1 Certificates (after giving effect to
distribution of the Class MF-1 Principal Distribution Amount for such
Distribution Date), (C) the Class Principal Balance of the Class MF-2
Certificates (after giving effect to distribution of the Class MF-2 Principal
Distribution Amount for such Distribution Date) and (D) the Class Principal
Balance of the Class MF-3 Certificates immediately prior to such Distribution
Date over (2) the lesser of (A) [o]% of the Group II Pool Balance as of the last
day of the related Due Period, minus the related Subordination Required
Overcollateralization Amount for that Distribution Date and (B) the Group II
Pool Balance as of the last day of the related Due Period minus the related OC
Floor.

         CLASS MF-4 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MF-4 Certificate pursuant to Section 6.01.

         CLASS MF-4 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group II Stepdown Date, (x) 100% of the Group II Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AF,
Class MF-1, Class MF-2 and Class MF-3 Certificates have been reduced to zero and
a Group II Delinquency Event exists, or (y) if the Class AF, Class MF-1, Class
MF-2 and Class MF-3 Certificates are outstanding and a Group II Delinquency
Event is not in effect: the excess of (1) the sum of (A) the aggregate Class
Principal Balance of the Class AF Certificates (after giving effect to
distributions of the Group II Senior Principal Distribution Amount for such
Distribution Date), (B) the Class Principal Balance of the Class MF-1
Certificates (after giving effect to distribution of the Class MF-1 Principal
Distribution Amount for such Distribution Date), (C) the Class Principal Balance
of the Class MF-2 Certificates (after giving effect to distribution of the Class
MF-2 Principal Distribution Amount for such Distribution Date), (D) the Class
Principal Balance of the Class MF-3 Certificates (after giving effect to
distribution of the Class MF-3 Principal Distribution Amount for such
Distribution Date) and (E) the Class Principal Balance of the Class MF-4
Certificates immediately prior to such Distribution Date over (2) the lesser of
(A) [o]% of the Group II Pool Balance as of the last day of the related Due
Period, minus the related Subordination Required Overcollateralization Amount
for that Distribution Date and (B) the Group II Pool Balance as of the last day
of the related Due Period minus the related OC Floor.

         CLASS MF-5 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MF-5 Certificate pursuant to Section 6.01.

         CLASS MF-5 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group II Stepdown Date, (x) 100% of the Group II Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AF,
Class MF-1, Class MF-2, Class MF-3 and Class MF-4 Certificates have been reduced
to zero and a Group II Delinquency Event exists, or (y) if the Class AF, Class
MF-1, Class MF-2, Class MF-3 and Class MF-4 Certificates are outstanding and a
Group II Delinquency Event is not in effect: the excess of (1) the sum of (A)
the aggregate Class Principal Balance of the Class AF Certificates (after giving
effect to distributions of the Group II Senior Principal Distribution Amount for
such Distribution Date), (B) the Class Principal Balance of the Class MF-1
Certificates (after giving effect to distribution of the Class MF-1 Principal
Distribution Amount for such Distribution Date), (C) the Class Principal Balance
of the Class MF-2 Certificates (after giving effect to distribution of the Class
MF-2 Principal Distribution Amount for such Distribution Date), (D) the Class
Principal Balance of the Class MF-3 Certificates (after giving effect to
distribution of the Class MF-3 Principal Distribution Amount for such
Distribution Date), (E) the Class Principal Balance of the Class MF-4
Certificates (after giving effect to distribution of the Class MF-4 Principal
Distribution Amount for such Distribution Date) and (F) the Class Principal
Balance of the Class M-F5 Certificates immediately prior to such Distribution
Date over (2) the lesser of (A) [o]% of the Group II Pool Balance as of the last
day of the related Due Period, minus the related Subordination Required
Overcollateralization Amount for that Distribution Date and (B) the Group II
Pool Balance as of the last day of the related Due Period minus the related OC
Floor.

         CLASS MF-6 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MF-6 Certificate pursuant to Section 6.01.

         CLASS MF-6 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group II Stepdown Date, (x) 100% of the Group II Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AF,
Class MF-1, Class MF-2, Class MF-3, Class MF-4 and Class MF-5 Certificates have
been reduced to zero and a Group II Delinquency Event exists, or (y) if the
Class AF, Class MF-1, Class MF-2, Class MF-3, Class MF-4 and Class MF-5
Certificates are outstanding and a Group II Delinquency Event is not in effect:
the excess of (1) the sum of (A) the aggregate Class Principal Balance of the
Class AF Certificates (after giving effect to distributions of the Senior
Principal Distribution Amount for such Distribution Date), (B) the Class
Principal Balance of the Class MF-1 Certificates (after giving effect to
distribution of the Class MF-1 Principal Distribution Amount for such
Distribution Date), (C) the Class Principal Balance of the Class M-2
Certificates (after giving effect to distribution of the Class MF-2 Principal
Distribution Amount for such Distribution Date), (D) the Class Principal Balance
of the Class MF-3 Certificates (after giving effect to distribution of the Class
MF-3 Principal Distribution Amount for such Distribution Date), (E) the Class
Principal Balance of the Class MF-4 Certificates (after giving effect to
distribution of the Class MF-4 Principal Distribution Amount for such
Distribution Date), (F) the Class Principal Balance of the Class MF-5
Certificates (after giving effect to distribution of the Class MF-5 Principal
Distribution Amount for such Distribution Date) and (G) the Class Principal
Balance of the Class MF-6 Certificates immediately prior to such Distribution
Date over (2) the lesser of (A) [o]% of the Group II Pool Balance as of the last
day of the related Due Period, minus the related Subordination Required
Overcollateralization Amount for that Distribution Date and (B) the Group II
Pool Balance as of the last day of the related Due Period minus the related OC
Floor.

         CLASS MF-7 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MF-7 Certificate pursuant to Section 6.01.

         CLASS MF-7 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group II Stepdown Date, (x) 100% of the Group II Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AF,
Class MF-1, Class MF-2, Class MF-3, Class MF-4, Class MF-5 and Class MF-6
Certificates have been reduced to zero and a Group II Delinquency Event exists,
or (y) if the Class AF, Class MF-1, Class MF-2, Class MF-3, Class MF-4, Class
MF-5 and Class MF-6 Certificates are outstanding and a Group II Delinquency
Event is not in effect: the excess of (1) the sum of (A) the aggregate Class
Principal Balance of the Class AF Certificates (after giving effect to
distributions of the Group II Senior Principal Distribution Amount for such
Distribution Date), (B) the Class Principal Balance of the Class MF-1
Certificates (after giving effect to distribution of the Class MF-1 Principal
Distribution Amount for such Distribution Date), (C) the Class Principal Balance
of the Class MF-2 Certificates (after giving effect to distribution of the Class
MF-2 Principal Distribution Amount for such Distribution Date), (D) the Class
Principal Balance of the Class MF-3 Certificates (after giving effect to
distribution of the Class MF-3 Principal Distribution Amount for such
Distribution Date), (E) the Class Principal Balance of the Class MF-4
Certificates (after giving effect to distribution of the Class MF-4 Principal
Distribution Amount for such Distribution Date), (F) the Class Principal Balance
of the Class MF-5 Certificates (after giving effect to distribution of the Class
MF-5 Principal Distribution Amount for such Distribution Date), (G) the Class
Principal Balance of the Class MF-6 Certificates (after giving effect to
distribution of the Class MF-6 Principal Distribution Amount for such
Distribution Date) and (H) the Class Principal Balance of the Class MF-7
Certificates immediately prior to such Distribution Date over (2) the lesser of
(A) [o]% of the Group II Pool Balance as of the last day of the related Due
Period, minus the related Subordination Required Overcollateralization Amount
for that Distribution Date and (B) the Group II Pool Balance as of the last day
of the related Due Period minus the related OC Floor.

         CLASS MF-8 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MF-8 Certificate pursuant to Section 6.01.

         CLASS MF-8 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group II Stepdown Date, (x) 100% of the Group II Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AF,
Class MF-1, Class MF-2, Class MF-3, Class MF-4, Class MF-5, Class MF-6 and Class
MF-7 Certificates have been reduced to zero and a Group II Delinquency Event
exists, or (y) if the Class AF, Class MF-1, Class MF-2, Class MF-3, Class MF-4,
Class MF-5, Class MF-6 and Class MF-7 Certificates are outstanding and a Group
II Delinquency Event is not in effect: the excess of (1) the sum of (A) the
aggregate Class Principal Balance of the Class AF Certificates (after giving
effect to distributions of the Group II Senior Principal Distribution Amount for
such Distribution Date), (B) the Class Principal Balance of the Class MF-1
Certificates (after giving effect to distribution of the Class MF-1 Principal
Distribution Amount for such Distribution Date), (C) the Class Principal Balance
of the Class MF-2 Certificates (after giving effect to distribution of the Class
MF-2 Principal Distribution Amount for such Distribution Date), (D) the Class
Principal Balance of the Class MF-3 Certificates (after giving effect to
distribution of the Class MF-3 Principal Distribution Amount for such
Distribution Date), (E) the Class Principal Balance of the Class MF-4
Certificates (after giving effect to distribution of the Class MF-4 Principal
Distribution Amount for such Distribution Date), (F) the Class Principal Balance
of the Class MF-5 Certificates (after giving effect to distribution of the Class
MF-5 Principal Distribution Amount for such Distribution Date), (G) the Class
Principal Balance of the Class MF-6 Certificates (after giving effect to
distribution of the Class MF-6 Principal Distribution Amount for such
Distribution Date), (H) the Class Principal Balance of the Class MF-7
Certificates (after giving effect to distribution of the Class MF-7 Principal
Distribution Amount) and (I) the Class Principal Balance of the Class MF-8
Certificates immediately prior to such Distribution Date over (2) the lesser of
(A) [o]% of the Group II Pool Balance as of the last day of the related Due
Period, minus the related Subordination Required Overcollateralization Amount
for that Distribution Date and (B) the Group II Pool Balance as of the last day
of the related Due Period minus the related OC Floor.

         CLASS MF-9 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MF-9 Certificate pursuant to Section 6.01.

         CLASS MF-9 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group II Stepdown Date, (x) 100% of the Group II Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AF,
Class MF-1, Class MF-2, Class MF-3, Class MF-4, Class MF-5, Class MF-6, Class
MF-7 and Class MF-8 Certificates have been reduced to zero and a Group II
Delinquency Event exists, or (y) if the Class AF, Class MF-1, Class MF-2, Class
MF-3, Class MF-4, Class MF-5, Class MF-6, Class MF-7 and Class MF-8 Certificates
are outstanding and a Group II Delinquency Event is not in effect: the excess of
(1) the sum of (A) the aggregate Class Principal Balance of the Class AF
Certificates (after giving effect to distributions of the Group II Senior
Principal Distribution Amount for such Distribution Date), (B) the Class
Principal Balance of the Class MF-1 Certificates (after giving effect to
distribution of the Class MF-1 Principal Distribution Amount for such
Distribution Date), (C) the Class Principal Balance of the Class MF-2
Certificates (after giving effect to distribution of the Class MF-2 Principal
Distribution Amount for such Distribution Date), (D) the Class Principal Balance
of the Class MF-3 Certificates (after giving effect to distribution of the Class
MF-3 Principal Distribution Amount for such Distribution Date), (E) the Class
Principal Balance of the Class MF-4 Certificates (after giving effect to
distribution of the Class MF-4 Principal Distribution Amount for such
Distribution Date), (F) the Class Principal Balance of the Class MF-5
Certificates (after giving effect to distribution of the Class MF-5 Principal
Distribution Amount for such Distribution Date), (G) the Class Principal Balance
of the Class MF-6 Certificates (after giving effect to distribution of the Class
MF-6 Principal Distribution Amount for such Distribution Date), (H) the Class
Principal Balance of the Class MF-7 Certificates (after giving effect to
distribution of the Class MF-7 Principal Distribution Amount), (I) the Class
Principal Balance of the Class M-8 Certificates (after giving effect to
distribution of the Class MF-8 Principal Distribution Amount) and (J) the Class
Principal Balance of the Class MF-9 Certificates immediately prior to such
Distribution Date over (2) the lesser of (A) 100.00% of the Group II Pool
Balance as of the last day of the related Due Period, minus the related
Subordination Required Overcollateralization Amount for that Distribution Date
and (B) the Group II Pool Balance as of the last day of the related Due Period
minus the related OC Floor.

         CLASS MONTHLY INTEREST AMOUNT: As to any Distribution Date and Class of
Regular Certificates, interest (i) for the related Interest Period at the
related Certificate Rate on the related Class Principal Balance immediately
prior to that Distribution Date minus (ii) such Class' pro rata portion of any
Civil Relief Act Interest Shortfall related to the Mortgage Loans in the Loan
Group related to such Class during the related Due Period based on the amount of
interest to which each such Class would otherwise be entitled in the absence of
such shortfall.

         CLASS MV CERTIFICATES: The Class MV-1 Certificates, Class MV-2
Certificates, Class MV-3 Certificates and Class MV-4 Certificates.

         CLASS MV-1 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated as a Class MV-1 Certificate pursuant to Section 6.01.

         CLASS MV-1 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group I Stepdown Date, (x) 100% of the Group I Principal
Distribution Amount if the aggregate Class Principal Balance of the Class AV
Certificates has been reduced to zero and a Group I Delinquency Event exists, or
(y) if any Class AV Certificates are outstanding and a Group I Delinquency Event
is not in effect: the excess of (1) the sum of (A) the aggregate Class Principal
Balance of the Class AV Certificates (after giving effect to distributions of
the Group I Senior Principal Distribution Amount for such Distribution Date) and
(B) the Class Principal Balance of the Class MV-1 Certificates immediately prior
to such Distribution Date over (2) the lesser of (A) [o]% of the Group I Pool
Balance as of the last day of the related Due Period, minus the related
Subordination Required Overcollateralization Amount for that Distribution Date
and (B) the Group I Pool Balance as of the last day of the related Due Period
minus the related OC Floor.

         CLASS MV-2 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MV-2 Certificate pursuant to Section 6.01.

         CLASS MV-2 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group I Stepdown Date, (x) 100% of the Group I Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AV
and Class MV-1 Certificates have been reduced to zero and a Group I Delinquency
Event exists, or (y) if the Class AV and Class MV-1 Certificates are outstanding
and a Group I Delinquency Event is not in effect: the excess of (1) the sum of
(A) the aggregate Class Principal Balance of the Class AV Certificates (after
giving effect to distributions of the Group I Senior Principal Distribution
Amount for such Distribution Date), (B) the Class Principal Balance of the Class
MV-1 Certificates (after giving effect to distribution of the Class MV-1
Principal Distribution Amount for such Distribution Date) and (C) the Class
Principal Balance of the Class MV-2 Certificates immediately prior to such
Distribution Date over (2) the lesser of (A) [o]% of the Group I Pool Balance as
of the last day of the related Due Period, minus the related Subordination
Required Overcollateralization Amount for that Distribution Date and (B) the
Group I Pool Balance as of the last day of the related Due Period minus the
related OC Floor.

         CLASS MV-3 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MV-3 Certificate pursuant to Section 6.01.

         CLASS MV-3 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group I Stepdown Date, (x) 100% of the Group I Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AV,
Class MV-1 and Class MV-2 Certificates have been reduced to zero and a Group I
Delinquency Event exists, or (y) if the Class AV, Class MV-1 and Class MV-2
Certificates are outstanding and a Group I Delinquency Event is not in effect:
the excess of (1) the sum of (A) the aggregate Class Principal Balance of the
Class AV Certificates (after giving effect to distributions of the Group I
Senior Principal Distribution Amount for such Distribution Date), (B) the Class
Principal Balance of the Class MV-1 Certificates (after giving effect to
distribution of the Class MV-1 Principal Distribution Amount for such
Distribution Date), (C) the Class Principal Balance of the Class MV-2
Certificates (after giving effect to distribution of the Class MV-2 Principal
Distribution Amount for such Distribution Date) and (D) the Class Principal
Balance of the Class MV-3 Certificates immediately prior to such Distribution
Date over (2) the lesser of (A) [o]% of the Group I Pool Balance as of the last
day of the related Due Period, minus the related Subordination Required
Overcollateralization Amount for that Distribution Date and (B) the Group I Pool
Balance as of the last day of the related Due Period minus the related OC Floor.

         CLASS MV-4 CERTIFICATE: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form attached hereto as
Exhibit A and designated a Class MV-4 Certificate pursuant to Section 6.01.

         CLASS MV-4 PRINCIPAL DISTRIBUTION AMOUNT: As to any Distribution Date
on or after the Group I Stepdown Date, (x) 100% of the Group I Principal
Distribution Amount if the aggregate Class Principal Balances of the Class AV,
Class MV-1, Class MV-2 and Class MV-3 Certificates have been reduced to zero and
a Group I Delinquency Event exists, or (y) if the Class AV, Class MV-1, Class
MV-2 and Class MV-3 Certificates are outstanding and a Group I Delinquency Event
is not in effect: the excess of (1) the sum of (A) the aggregate Class Principal
Balance of the Class AV Certificates (after giving effect to distributions of
the Group I Senior Principal Distribution Amount for such Distribution Date),
(B) the Class Principal Balance of the Class MV-1 Certificates (after giving
effect to distribution of the Class MV-1 Principal Distribution Amount for such
Distribution Date), (C) the Class Principal Balance of the Class MV-2
Certificates (after giving effect to distribution of the Class MV-2 Principal
Distribution Amount for such Distribution Date), (D) the Class Principal Balance
of the Class MV-3 Certificates (after giving effect to distribution of the Class
MV-3 Principal Distribution Amount for such Distribution Date) and (E) the Class
Principal Balance of the Class MV-4 Certificates immediately prior to such
Distribution Date over (2) the lesser of (A) 100.00% of the Group I Pool Balance
as of the last day of the related Due Period, minus the related Subordination
Required Overcollateralization Amount for that Distribution Date and (B) the
Group I Pool Balance as of the last day of the related Due Period minus the
related OC Floor.

         CLASS P CERTIFICATE: Any Certificate executed and authenticated by the
Securities Administrator substantially in the form attached hereto as Exhibit
B-3 and designated as a Class P Certificate pursuant to Section 6.01.

         CLASS PRINCIPAL BALANCE: As of any date of determination and Class of
Certificates the Original Class Principal Balance for such Class reduced by the
sum of all amounts previously distributed to the Certificateholders of such
Class in respect of principal from the related Group I Principal Distribution
Amount or Group II Principal Distribution Amount, as applicable, on all previous
Distribution Dates and, in the case of any Class of Subordinate Certificates,
reduced by any related Applied Realized Loss Amounts allocated to such Class on
prior Distribution Dates; provided, however, if the context so specifies, the
Class Principal Balance will also be reduced by all distributions of principal
and allocations of related Applied Realized Loss Amounts on the Distribution
Date that is the date of determination.

         CLASS PRINCIPAL CARRYOVER SHORTFALL: As to any Class of Subordinate
Certificates and any Distribution Date, the excess, if any, of (i) the sum of
(x) the amount of the reduction in the Class Principal Balance of that Class of
Subordinate Certificates on such Distribution Date and (y) the amount of such
reductions contemplated by clause (x) above on prior Distribution Dates over
(ii) the amount distributed in respect of such reductions of principal thereof
on prior Distribution Dates.

         CLASS R-1 CERTIFICATE: Any Certificate designated as such and executed
and authenticated by the Securities Administrator substantially in the form
attached hereto as Exhibit B-2.

         CLASS R-2 CERTIFICATE: Any Certificate designated as such and executed
and authenticated by the Securities Administrator substantially in the form
attached hereto as Exhibit B-2.

         CLASS R CERTIFICATEHOLDER:  The Holder of a Residual Certificate.

         CLEAN-UP CALL:  As defined in Section 10.01(a).

         CLOSING DATE:  [o].

         CODE: The Internal Revenue Code of 1986, as the same may be amended
from time to time (or any successor statute thereto).

         COLLECTION ACCOUNT: The custodial account or accounts created and
maintained for the benefit of the Certificateholders pursuant to Section
3.02(b). The Collection Account shall be an Eligible Account.

         COMBINED LOAN-TO-VALUE RATIO or CLTV: With respect to any Mortgage Loan
that is not secured by a first priority lien on the Mortgaged Property, the sum
of the original principal balance of such Mortgage Loan and the outstanding
principal balance of the related First Lien, if any, as of the date of
origination of the Mortgage Loan, divided by the Appraised Value.

         COMPENSATING INTEREST: As to any Distribution Date, the amount
calculated pursuant to Section 5.02.

         COOPERATIVE CORPORATION: The entity that holds title (fee or an
acceptable leasehold estate) to the real property and improvements constituting
the Cooperative Property and which governs the Cooperative Property, which
Cooperative Corporation must qualify as a Cooperative Housing Corporation under
Section 216 of the Code.

         COOPERATIVE LOAN: Any Mortgage Loan secured by Cooperative Shares and a
Proprietary Lease.

         COOPERATIVE PROPERTY: The real property and improvements owned by the
Cooperative Corporation, including the allocation of individual dwelling units
to the holders of the Cooperative Shares of the Cooperative Corporation.

         COOPERATIVE SHARES:  Shares issued by a Cooperative Corporation.

         COOPERATIVE UNIT: A single-family dwelling located in a Cooperative
Property.

         CORPORATE TRUST OFFICE: The designated offices of the Securities
Administrator at which at any particular time its corporate trust business with
respect to this Agreement shall be administered, which offices at the date of
the execution of this Agreement are located for Certificate transfer purposes
at: [o] and for all other purposes at: [o] or in the case of overnight
deliveries, [o] and which are the respective addresses to which notices to and
correspondence with the Securities Administrator should be directed; and the
designated 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 Agreement is located at [o], and
which is the address to which notices to and correspondence with the Trustee
should be directed.

         CURTAILMENT: With respect to a Mortgage Loan, any payment of principal
received during a Due Period as part of a payment that is in excess of the
amount of the Monthly Payment due for such Due Period and which is not intended
to satisfy the Mortgage Loan in full or intended to cure a delinquency.

         CUSTODIAL AGREEMENT: Any Custodial Agreement, as amended and
supplemented from time to time, dated as of the date hereof, by and among the
Trustee, the Seller, the Servicer, the Depositor, the Master Servicer and the
Custodian substantially in the form set forth as Exhibit K hereto.

         CUSTODIAN: The Person acting as custodian under a Custodial Agreement
from time to time. As of the Closing Date, the initial Custodian shall be [o].

         CUT-OFF DATE: As to any Mortgage Loan, the later of (x) close of
business on [o] and (y) date of origination of such Mortgage Loan.

         CUT-OFF DATE POOL BALANCE: The aggregate Cut-Off Date Principal Balance
of the Mortgage Loans in Loan Group I (I.E., $[o]) or the aggregate Cut-Off Date
Principal Balance of the Mortgage Loans in Loan Group II (I.E., $[o]).

         CUT-OFF DATE PRINCIPAL BALANCE: With respect to any Mortgage Loan, the
unpaid principal balance thereof as of the related Cut-Off Date after giving
effect to payments of principal due on or before the Cut-Off Date (or as of the
applicable date of substitution with respect to an Eligible Substitute Mortgage
Loan pursuant to Section 2.02 or 2.04).

         DEFECTIVE MORTGAGE LOAN: Any Mortgage Loan subject to repurchase or
substitution pursuant to Section 2.02 or 2.04.

         DEFINITIVE CERTIFICATES:  As defined in Section 6.02(c).

         DELINQUENCY AMOUNT: As to any Distribution Date and Loan Group, the
aggregate Principal Balance of the related Mortgage Loans that are any of the
following: (a) 60 or more days delinquent, (b) 60 or more days delinquent and in
bankruptcy or foreclosure or (c) REO Property, in each case, as of the last day
of the preceding month.

         DELTA: Delta Funding Corporation, a New York corporation, or any
successor thereto.

         DEPOSIT DATE: As to any Distribution Date, the Business Day preceding
such Distribution Date.

         DEPOSITOR: Renaissance Mortgage Acceptance Corp., a Delaware
corporation, or any successor thereto.

         DEPOSITORY: The initial Depository shall be The Depository Trust
Company, the nominee of which is Cede & Co., as the registered Holder of the
Regular Certificates. The Depository shall at all times be a "clearing
corporation" as defined in Section 8-102(3) of the UCC of the State of New York.

         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.

         DETERMINATION DATE: As to any Distribution Date, the fourth Business
Day preceding such Distribution Date.

         DFC: DFC Acceptance Corporation, a Delaware corporation or any
successor thereto.

         DISTRIBUTION ACCOUNT: The account established and maintained by the
Securities Administrator pursuant to Section 5.04. The Distribution Account
shall be an Eligible Account.

         DISTRIBUTION DATE: The 25th day of each month, or, if such day is not a
Business Day, then the next Business Day, beginning on [o].

         DUE DATE: As to any Mortgage Loan, the day of the month on which the
Monthly Payment is due from the Mortgagor.

         DUE PERIOD: With respect to each Distribution Date, the period from and
including the second day of the month preceding the month in which such
Distribution Date occurs to and including the first day of the month of such
Distribution Date.

         ELECTRONIC LEDGER: The electronic master record of home equity mortgage
loans maintained by the Seller.

         ELIGIBLE ACCOUNT: A segregated account that is (i) maintained with a
depository institution whose debt obligations at the time of any deposit therein
have the highest short-term debt rating by the Rating Agencies and whose
accounts are insured to the maximum extent provided by either the Savings
Association Insurance Fund ("SAIF") or the Bank Insurance Fund ("BIF") of the
Federal Deposit Insurance Corporation and which has a minimum long-term
unsecured debt rating of "A" by S&P, "A2" by Moody's and "A" from Fitch, and
which is any of (A) a federal savings and loan association duly organized,
validly existing and in good standing under the federal banking laws, (B) an
institution duly organized, validly existing and in good standing under the
applicable banking laws of any state, (C) a national banking association duly
organized, validly existing and in good standing under the federal banking laws,
(D) a principal subsidiary of a bank holding company; (ii) a segregated trust
account maintained with the corporate trust department of a federal or state
chartered depository institution or trust company, having capital and surplus of
not less than $50,000,000, acting in its fiduciary capacity; (iii) maintained at
[o], so long as its debt obligations at the time of any deposit therein have a
short-term debt rating of at least "A-1" for S&P, "P-1" for Moody's and "F-1"
for Fitch; or (iv) otherwise acceptable to each Rating Agency as evidenced by a
letter from each Rating Agency to the Securities Administrator, without
reduction or withdrawal of the then current ratings of the Certificates.

         ELIGIBLE INVESTMENTS: One or more of the following (excluding any
callable investments purchased at a premium):

                  (i) direct obligations of, or obligations fully guaranteed as
         to timely payment of principal and interest by, the United States or
         any agency or instrumentality thereof, PROVIDED that 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 three (3) months from the date of
         acquisition thereof, PROVIDED that the short-term unsecured debt
         obligations of the party agreeing to repurchase such obligations are at
         the time rated by each Rating Agency in its highest short-term rating
         category (which is "A-1+" for S&P, "P-1" for Moody's and "F-1+" for
         Fitch);

                  (iii) certificates of deposit, time deposits and bankers'
         acceptances of any U.S. depository institution or trust company
         incorporated under the laws of the United States or any state thereof
         and subject to supervision and examination by federal and/or state
         banking authorities, PROVIDED that the unsecured short-term debt
         obligations of such depository institution or trust company at the date
         of acquisition thereof have been rated by S&P, Moody's and Fitch in
         their respective highest unsecured short-term debt rating category;

                  (iv) commercial paper (having original maturities of not more
         than ninety (90) 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 S&P, Moody's and Fitch in their
         respective highest short-term rating categories;

                  (v) short term investment funds ("STIFS") sponsored by any
         trust company or national banking association 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 their respective
         highest rating category of long term unsecured debt;

                  (vi) interests in any money market fund which at the date of
         acquisition of the interests in such fund including any such fund that
         is managed by the Trustee or the Securities Administrator or an
         Affiliate of the Trustee or the Securities Administrator or for which
         the Trustee or the Securities Administrator or an Affiliate of the
         Trustee or the Securities Administrator acts as advisor and throughout
         the time as the interest is held in such fund has a rating of "AAA" by
         S&P, "Aaa" by Moody's or "AAA" by Fitch; and

                  (vii) other obligations or securities that are acceptable to
         each Rating Agency as an Eligible Investment hereunder and will not
         result in a reduction in the then current rating of the Certificates,
         as evidenced by a letter to such effect from such Rating Agency and
         with respect to which the Trustee and the Securities Administrator have
         received confirmation that, for tax purposes, the investment complies
         with the last clause of this definition;

PROVIDED that no instrument described hereunder shall evidence either the right
to receive (a) only interest with respect to the obligations underlying such
instrument or (b) both principal and interest payments derived from obligations
underlying such instrument and the interest and principal payments with respect
to such instrument provide a yield to maturity at par greater than 120% of the
yield to maturity at par of the underlying obligations; PROVIDED, FURTHER, that
no instrument described hereunder may be purchased at a price greater than par
if such instrument may be prepaid or called at a price less than its purchase
price prior to its stated maturity; and PROVIDED FURTHER, that if S&P is rating
any of the Certificates, an instrument described hereunder shall be rated the
applicable rating of S&P set forth above.

         ELIGIBLE SUBSTITUTE MORTGAGE LOAN: A Mortgage Loan substituted by the
Seller for a Defective Mortgage Loan which must, on the date of such
substitution: (i) have an outstanding Principal Balance after deducting all
scheduled principal payments due in the month of substitution (or in the case of
a substitution of more than one Mortgage Loan for a Defective Mortgage Loan, an
aggregate Principal Balance), not in excess of and not less than 95% of the
Principal Balance of the Defective Mortgage Loan; (ii) have a Loan Rate not less
than the Loan Rate of the Defective Mortgage Loan and not more than 1% in excess
of the Loan Rate of such Defective Mortgage Loan; (iii) if such Defective
Mortgage Loan is an adjustable-rate Mortgage Loan, have a Loan Rate based on the
same Loan Index with adjustments to such Loan Rate made on the same interval
between Interest Rate Adjustment Dates as that of the Defective Mortgage Loan
and have a Margin that is not less than the Margin of the Defective Mortgage
Loan and not more than one hundred (100) basis points higher than the Margin for
the Defective Mortgage Loan; (iv) have a Mortgage of the same or higher level of
priority as the Mortgage relating to the Defective Mortgage Loan at the time
such Mortgage was transferred to the Trust; (v) have a remaining term to
maturity not more than six (6) months earlier and not later than the remaining
term to maturity of the Defective Mortgage Loan; (vi) comply with each
representation and warranty set forth in Section 2.04 (deemed to be made as of
the date of substitution); (vii) have an original Combined Loan-to-Value Ratio
not greater than that of the Defective Mortgage Loan; (viii) if such Defective
Mortgage Loan is an adjustable-rate Mortgage Loan, have a Lifetime Rate Cap and
a Periodic Rate Cap no lower than the Lifetime Rate Cap and Periodic Rate Cap,
respectively, applicable to such Defective Mortgage Loan; (ix) have a credit
risk not less than the credit risk of the Defective Mortgage Loan; and (x) be of
the same type of Mortgaged Property as the Defective Mortgage Loan or a detached
single family residence. More than one Eligible Substitute Mortgage Loan may be
substituted for a Defective Mortgage Loan if such Eligible Substitute Mortgage
Loans meet the foregoing attributes in the aggregate.

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

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

         ERISA RESTRICTED CERTIFICATE: The Class P, Class BIO and Residual
Certificates and any Certificate with a rating below the lowest applicable
rating permitted under the Underwriters' Exemption.

         ESCROW REPAIR LOAN: A Mortgage Loan as to which the Servicer holds a
portion of the proceeds in escrow pending repair of the related Mortgaged
Property as specified in the related Mortgage and Mortgage Note.

         EXCESS OVERCOLLATERALIZATION AMOUNT: As to any Distribution Date and
each Loan Group, the lesser of (i) the related Basic Principal Amount for such
Distribution Date and (ii) the excess, if any, of (x) the related
Overcollateralization Amount (assuming 100% of the related Basic Principal
Amount is distributed on the Offered Certificates) over (y) the Group I Required
Overcollateralization Amount or the Group II Required Overcollateralization
Amount, as applicable.

         EXCHANGE ACT:  As defined in Section 3.13 herein.

         EXPENSE FEE RATE: The sum of the Servicing Fee Rate, the Master
Servicing Fee Rate and the Tax Matters Fee Rate.

         FANNIE MAE: Fannie Mae (formerly known as the Federal National Mortgage
Association).

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

         FINAL SCHEDULED DISTRIBUTION DATE: As to any Class of Certificates, the
Distribution Date occurring in [o].

         FIRST LIEN: With respect to any Mortgage Loan which is a second
priority lien, the mortgage loan relating to the corresponding Mortgaged
Property having a first priority lien.

         FITCH:  Fitch Ratings, or its successor in interest.

         FIXED RATE CERTIFICATES: The Class AF-2, Class AF-3, Class AF-4, Class
AF-5, Class AF-6 and Class MF Certificates.

         FORECLOSURE PROFITS: With respect to a Liquidated Mortgage Loan, the
amount, if any, by which (i) the aggregate of its Net Liquidation Proceeds
exceeds (ii) the related Principal Balance (plus accrued and unpaid interest
thereon at the applicable Loan Rate from the date interest was last paid (or
advanced and not reimbursed) through the date of receipt of the final
Liquidation Proceeds) of such Liquidated Mortgage Loan immediately prior to the
final recovery of its Liquidation Proceeds.

         FREDDIE MAC: Freddie Mac (also known as the Federal Home Loan Mortgage
Corporation).

         GAAP: United States generally accepted accounting principles as in
effect from time to time, consistently applied.

         GROUP I CERTIFICATES: The Class AV and Class MV Certificates.

         GROUP I CUMULATIVE LOSS EVENT: For any Distribution Date in the
applicable period below, if Group I Cumulative Net Losses exceed the applicable
percentage set forth below for the related Distribution Date:

          Number of
          DISTRIBUTION DATES                       PERCENTAGES
          ------------------                       -----------

          37-48
          49-60
          61-72
          73 and thereafter

         GROUP I CUMULATIVE NET LOSSES: As of any date of determination, the
aggregate of the Liquidation Loan Losses related to Loan Group I incurred from
the Cut-Off Date through the end of the calendar month preceding such date of
determination, expressed as a percentage of the related Cut-Off Date Pool
Balance.

         GROUP I DELINQUENCY EVENT: A Group I Delinquency Event shall be in
effect on a Distribution Date, if the related Three Month Delinquency Rate
exceeds [o]% of the related Senior Enhancement Percentage for such Distribution
Date.

         GROUP I EXCESS INTEREST: As to any Distribution Date, the related
Available Funds remaining after the application of payments pursuant to Section
5.01(a)(i)(1) through (8).

         GROUP I INTEREST RATE CAP AGREEMENT: The interest rate cap agreement
relating to the Group I Certificates, dated [o] between the Cap Provider and the
Securities Administrator, on behalf of the Trust, substantially in the form of
Exhibit Q hereto.

         GROUP I NET RATE CAP: For any Class of Group I Certificates and any
Distribution Date, the per annum rate equal to the product of (i) the weighted
average Net Loan Rate of the Mortgage Loans in Loan Group I, expressed as a per
annum rate and (ii) a fraction, the numerator of which is 30 and the denominator
of which is the actual number of days in the Interest Period, adjusted to take
into account any Principal Prepayments in full that are received and distributed
in the preceding calendar month.

         GROUP I NET RATE CAP CARRYOVER: As to any Distribution Date and any
Class of Group I Certificates, the sum of (i) the excess, if any, of the related
Class Monthly Interest Amount, calculated at the applicable Certificate Rate
(without regard to the Group I Net Rate Cap), over the Class Monthly Interest
Amount for such Distribution Date, (ii) any excess described in clause (i)
remaining unpaid from prior Distribution Dates and (iii) interest on the amount
in clause (ii) for the related Interest Period calculated at the applicable
Certificate Rate (without regard to the Group I Net Rate Cap).

         GROUP I PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution
Date, the lesser of (1) the aggregate Class Principal Balance of the Group I
Certificates immediately preceding such Distribution Date and (2) the sum of (x)
the related Basic Principal Amount for such Distribution Date minus the related
Excess Overcollateralization Amount, if any, for such Distribution Date and (y)
the related Subordination Increase Amount, if any, for such Distribution Date.

         GROUP I POOL BALANCE: With respect to any date, the aggregate of the
Principal Balances of the Mortgage Loans in Loan Group I as of such date.

         GROUP I REQUIRED OVERCOLLATERALIZATION AMOUNT: As to any Distribution
Date (a) prior to the Group I Stepdown Date, the product of (x) [o]% and (y) the
related Cut-Off Date Pool Balance; and (b) on and after the Group I Stepdown
Date, the greater of (A) the lesser of (i) the product of (x) [o]% and (y) the
related Cut-Off Date Pool Balance and (ii) the product of (x) [o]% and (y) the
Group I Pool Balance at the end of the related Due Period and (B) the related OC
Floor; PROVIDED, HOWEVER, that on each Distribution Date during the continuance
of (a) a Group I Delinquency Event (whether or not a Group I Cumulative Loss
Event is continuing), the Group I Required Overcollateralization Amount will
equal the Group I Required Overcollateralization Amount in effect as of the
immediately preceding Distribution Date or (b) a Group I Cumulative Loss Event
(and a Group I Delinquency Event is not then continuing), the Group I Required
Overcollateralization Amount will equal the lesser of (x) the Group I Required
Overcollateralization Amount in effect as of the immediately preceding
Distribution Date and (y) the product of [o]% and the Group I Pool Balance as of
the end of the related Due Period. Notwithstanding the foregoing, the Group I
Required Overcollateralization Amount shall never be less than the related OC
Floor.

         GROUP I SENIOR PRINCIPAL DISTRIBUTION AMOUNT: As to (a) any
Distribution Date prior to the Group I Stepdown Date or during the continuance
of a Group I Delinquency Event, the lesser of (i) 100% of the Group I Principal
Distribution Amount and (ii) the aggregate Class Principal Balance of the Class
AV Certificates immediately prior to such Distribution Date, and (b) any other
Distribution Date, an amount equal to the lesser of (x) the Group I Principal
Distribution Amount and (y) the excess, if any, of (i) the aggregate Class
Principal Balance of the Class AV Certificates immediately prior to such
Distribution Date over (ii) the lesser of (x) the product of [o]% and the Group
I Pool Balance as of the last day of the related Due Period, minus the related
Subordination Required Overcollateralization Amount for that Distribution Date
and (y) the Group I Pool Balance as of the last day of the related Due Period
minus the related OC Floor.

         GROUP I STEPDOWN DATE: The earlier to occur of (x) the first
Distribution Date after the Distribution Date on which the aggregate Class
Principal Balance of the Class AV Certificates is reduced to zero and (y) the
later to occur of (i) the Distribution Date in [o] and (ii) the first
Distribution Date on which the related Senior Enhancement Percentage (calculated
for this purpose only after taking into account payments of principal on the
related Mortgage Loans, but prior to distribution of the Group I Principal
Distribution Amount and Group II Principal Distribution Amount to the
Certificates then entitled to distributions of principal on such Distribution
Date) is at least equal to [o]%.

         GROUP II CERTIFICATES:  The Class AF and Class MF Certificates.

         GROUP II CUMULATIVE LOSS EVENT: For any Distribution Date in the
applicable period below, if Group II Cumulative Net Losses exceed the applicable
percentage set forth below for the related Distribution Date:

          Number of
          DISTRIBUTION DATES                       PERCENTAGES
          ------------------                       -----------

          37-48
          49-60
          61-72
          73 and thereafter

         GROUP II CUMULATIVE NET LOSSES: As of any date of determination, the
aggregate of the Liquidation Loan Losses related to Loan Group II incurred from
the Cut-Off Date through the end of the calendar month preceding such date of
determination, expressed as a percentage of the related Cut-Off Date Pool
Balance.

         GROUP II DELINQUENCY EVENT: A Group II Delinquency Event shall be in
effect on a Distribution Date, if the related Three Month Delinquency Rate
exceeds 45% of the related Senior Enhancement Percentage for such Distribution
Date.

         GROUP II EXCESS INTEREST: As to any Distribution Date, the related
Available Funds remaining after the application of payments pursuant to Section
5.01(a)(ii)(1) through (13).

         GROUP II NET RATE CAP: For any Class of Group II Certificates and any
Distribution Date, the per annum rate equal to the weighted average Net Loan
Rate of the Mortgage Loans in Loan Group II, expressed as a per annum rate, and
with respect to the Class AF-1 Certificates only, the resulting amount
multiplied by a fraction, the numerator of which is 30 and the denominator of
which is the actual number of days in the Interest Period, adjusted to take into
account any Principal Prepayments in full that are received and distributed in
the preceding calendar month.

         GROUP II NET RATE CAP CARRYOVER: As to any Distribution Date and any
Class of Group II Certificates, the sum of (i) the excess, if any, of the
related Class Monthly Interest Amount, calculated at the applicable Certificate
Rate (without regard to the Group II Net Rate Cap), over the Class Monthly
Interest Amount for such Distribution Date, (ii) any excess described in clause
(i) remaining unpaid from prior Distribution Dates and (iii) interest on the
amount in clause (ii) for the related Interest Period calculated at the
applicable Certificate Rate (without regard to the Group II Net Rate Cap).

         GROUP II POOL BALANCE: With respect to any date, the aggregate of the
Principal Balances of the Mortgage Loans in Loan Group II as of such date.

         GROUP II PRINCIPAL DISTRIBUTION AMOUNT: With respect to any
Distribution Date, the lesser of (1) the aggregate Class Principal Balance of
the Group II Certificates immediately preceding such Distribution Date and (2)
the sum of (x) the related Basic Principal Amount for such Distribution Date
minus the related Excess Overcollateralization Amount, if any, for such
Distribution Date and (y) the related Subordination Increase Amount, if any, for
such Distribution Date.

         GROUP II REQUIRED OVERCOLLATERALIZATION AMOUNT: As to any Distribution
Date (a) prior to the Group II Stepdown Date, the product of (x) [o]% and (y)
the related Cut-Off Date Pool Balance; and (b) on and after the Group II
Stepdown Date, the greater of (A) the lesser of (i) the product of (x) [o]% and
(y) the related Cut-Off Date Pool Balance and (ii) the product of (x) [o]% and
(y) the Group II Pool Balance at the end of the related Due Period and (B) the
related OC Floor; PROVIDED, HOWEVER, that on each Distribution Date during the
continuance of (a) a Group II Delinquency Event (whether or not a Group II
Cumulative Loss Event is continuing), the Group II Required
Overcollateralization Amount will equal the Group II Required
Overcollateralization Amount in effect as of the immediately preceding
Distribution Date or (b) a Group II Cumulative Loss Event (and a Group II
Delinquency Event is not then continuing), the Group II Required
Overcollateralization Amount will equal the lesser of (x) the Group II Required
Overcollateralization Amount in effect as of the immediately preceding
Distribution Date and (y) the product of [o]% and the Group II Pool Balance as
of the end of the related Due Period. Notwithstanding the foregoing, the Group
II Required Overcollateralization Amount shall never be less than the related OC
Floor.

         GROUP II SENIOR PRINCIPAL DISTRIBUTION AMOUNT: As to (a) any
Distribution Date prior to the Group II Stepdown Date or during the continuance
of a Group II Delinquency Event, the lesser of (i) 100% of the Group II
Principal Distribution Amount and (ii) the aggregate Class Principal Balance of
the Class AF Certificates immediately prior to such Distribution Date, and (b)
any other Distribution Date, an amount equal to the lesser of (x) the Group II
Principal Distribution Amount and (y) the excess, if any, of (i) the aggregate
Class Principal Balance of the Class AF Certificates immediately prior to such
Distribution Date over (ii) the lesser of (x) the product of [o]% and the Group
II Pool Balance as of the last day of the related Due Period, minus the related
Subordination Required Overcollateralization Amount for that Distribution Date
and (y) the Group II Pool Balance as of the last day of the related Due Period
minus the related OC Floor.

         GROUP II STEPDOWN DATE: The earlier to occur of (x) the first
Distribution Date after the Distribution Date on which the aggregate Class
Principal Balance of the Class AF Certificates is reduced to zero and (y) the
later to occur of (i) the Distribution Date in [o] and (ii) the first
Distribution Date on which the related Senior Enhancement Percentage (calculated
for this purpose only after taking into account payments of principal on the
related Mortgage Loans, but prior to distribution of the Group I Principal
Distribution Amount and Group II Principal Distribution Amount to the
Certificates then entitled to distributions of principal on such Distribution
Date) is at least equal to [o]%.

         HIGH COST HOME LOAN: A Mortgage Loan classified as (a) a "high cost"
loan under the Home Ownership and Equity Protection Act of 1994, (b) a "high
cost," "threshold," "covered," "predatory" or similar loan under any other
applicable state, federal or local law (or a similarly classified loan using
different terminology under a law imposing heightened regulatory scrutiny or
additional legal liability for residential mortgage loans having high interest
rates, points and/or fees) or (c) a "High Cost Loan" or "Covered Loan" as
defined in the current S&P LEVELS(R) Glossary.

         INSURANCE PROCEEDS: Proceeds paid by any insurer pursuant to any
insurance policy covering a Mortgage Loan or Mortgaged Property, or amounts
required to be paid by the Servicer pursuant to Section 3.05, net of any
component thereof (i) covering any expenses incurred by or on behalf of the
Servicer in connection with obtaining such proceeds, (ii) applied to the
restoration or repair of the related Mortgaged Property, (iii) released to the
Mortgagor in accordance with the Servicer's normal servicing procedures or (iv)
required to be paid to any holder of a mortgage senior to such Mortgage Loan.

         INTEREST PERIOD: With respect to the Adjustable Rate Certificates, the
period from the preceding Distribution Date (or in the case of the first
Distribution Date, from the Closing Date) through the day preceding the
applicable Distribution Date, calculated on the basis of a 360-day year and the
actual number of days in the applicable Interest Period. With respect to the
Fixed Rate Certificates, Class BIO Certificates and each REMIC II Regular
Interest and any Distribution Date, the calendar month preceding the month in
which such Distribution Date occurs, which such calendar month shall be deemed
to have 30 days.

         INTEREST RATE ADJUSTMENT DATE: With respect to each adjustable-rate
Mortgage Loan, the date or dates on which the Loan Rate is subject to adjustment
in accordance with the related Mortgage Note.

         INTEREST RATE CAP PAYMENT DATE: The date set forth in the Group I
Interest Rate Cap Agreement as the monthly date on which the Cap Provider is
required to make a payment, if any, to the Trust.

         INTEREST RATE CAP TERMINATION DATE: With respect to the Group I
Interest Rate Cap Agreement, the Interest Rate Cap Payment Date in [o] after any
required payment is made.

         INTEREST REMITTANCE AMOUNT: As of any Distribution Date and each Loan
Group, the portion of the related Available Funds that constitutes amounts in
respect of interest.

         LIBOR BUSINESS DAY: Any day other than (i) a Saturday or a Sunday or
(ii) a day on which banking institutions in the State of New York or in the city
of London, England are required or authorized by law to be closed.

         LIFETIME RATE CAP: With respect to each adjustable-rate Mortgage Loan,
the maximum Loan Rate permitted over the life of such Mortgage Loan, as provided
by the terms of the related Mortgage Note.

         LIQUIDATED MORTGAGE LOAN: As to any Distribution Date, a Mortgage Loan
with respect to which the Servicer has determined, in accordance with the
servicing procedures specified herein as of the end of the preceding related
Prepayment Period, that all Liquidation Proceeds which it expects to recover
with respect to such Mortgage Loan (including the disposition of the related REO
Property) have been received.

         LIQUIDATION LOAN LOSSES: For each Liquidated Mortgage Loan the amount,
if any, by which the Principal Balance thereof plus accrued and unpaid interest
thereon is in excess of the Net Liquidation Proceeds realized with respect
thereto.

         LIQUIDATION PROCEEDS: Proceeds (including Insurance Proceeds) received
in connection with the liquidation of any Mortgage Loan or related REO Property,
whether through trustee's sale, foreclosure sale or otherwise, other than
Recoveries.

         LOAN GROUP:  Either Loan Group I or Loan Group II.

         LOAN GROUP I: The Mortgage Loans identified on the Mortgage Loan
Schedule as being part of Loan Group I.

         LOAN GROUP II: The Mortgage Loans identified on the Mortgage Loan
Schedule as being part of Loan Group II.

         LOAN INDEX: With respect to each Interest Rate Adjustment Date for each
adjustable-rate Mortgage Loan that is identified on the Mortgage Loan Schedule
as having a LIBOR Loan Index, the average of the interbank offered rate for
six-month U.S. dollar denominated deposits in the London Market, as determined
according to the terms of the related Note.

         LOAN RATE: With respect to any Mortgage Loan as of any day, the per
annum rate of interest applicable under the related Mortgage Note to the
calculation of interest for such day on the Principal Balance.

         MAINTENANCE: With respect to any Cooperative Unit, the rent paid by the
Mortgagor to the Cooperative Corporation pursuant to the Proprietary Lease.

         MAJORITY CERTIFICATEHOLDER: The Holder or Holders of Certificates
evidencing Voting Rights in excess of 51% in the aggregate.

         MARGIN: As to any adjustable-rate Mortgage Loan, the percentage set
forth as the "Margin" for such Mortgage Loan on the Mortgage Loan Schedule.

         MASTER REMIC:  REMIC I.

         MASTER SERVICER: [o], a national banking association or any successor
thereto or any successor hereunder.

         MASTER SERVICER EVENT OF DEFAULT: As defined in Section 8.03.

         MASTER SERVICING FEE: As to each Distribution Date and each Mortgage
Loan, the monthly fee payable to the Master Servicer, which is calculated as an
amount equal to the product of one-twelfth of the Master Servicing Fee Rate and
the Principal Balance thereof at the beginning of the related Due Period.

         MASTER SERVICING FEE RATE: For any Distribution Date, [o]% per annum.

         MASTER SERVICING OFFICER: Any officer of the Master Servicer involved
in, or responsible for, the administration and master servicing of the Mortgage
Loans whose name and specimen signature appear on a list of master servicing
officers furnished to the Trustee and the Securities Administrator by the Master
Servicer, as such list may be amended from time to time.

         MERS: Mortgage Electronic Registration Systems, Inc., a corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

         MERS MORTGAGE LOAN: Any Mortgage Loan registered with MERS on the MERS
System.

         MERS(R) SYSTEM: The system of recording transfers of mortgages
electronically maintained by MERS.

         MIN: The Mortgage Identification Number for any MERS Mortgage Loan.

         MOM LOAN: Any Mortgage Loan as to which MERS is acting as mortgagee,
solely as nominee for the originator of such Mortgage Loan and its successors
and assigns.

         MONTHLY ADVANCE: An advance made by the Servicer or the Master Servicer
pursuant to Section 3.15 or Section 4.16, respectively.

         MONTHLY PAYMENT: The scheduled monthly payment of principal and/or
interest required to be made by a Mortgagor on the related Mortgage Loan.

         MOODY'S: Moody's Investors Service, Inc. or its successor in interest.

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

         MORTGAGE FILE: The 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 LOAN SCHEDULE: With respect to any date, the schedule of
Mortgage Loans constituting assets of the Trust, which on the Closing Date shall
be the schedule set forth herein as Exhibit C, which schedule sets forth as to
each Mortgage Loan: (i) the Cut-Off Date Principal Balance, (ii) the account
number, (iii) the original principal amount, (iv) the CLTV as of the date of the
origination of the related Mortgage Loan, (v) the Due Date, (vi) the Loan Rate
as of the Cut-Off Date, (vii) the first date on which a Monthly Payment is or
was due under the Mortgage Note, (viii) the original stated maturity date of the
Mortgage Note and if the Mortgage Loan is a Balloon Loan, the amortization
terms, (ix) the remaining number of months to maturity as of the Cut-Off Date,
(x) the state in which the related Mortgaged Property is situated, (xi) the type
of property, (xii) the lien status, (xiii) whether the Mortgage Loan is a MERS
Mortgage Loan and, if so, its corresponding MIN, (xiv) the applicable Loan Group
and (xv) with respect to each adjustable-rate Mortgage Loan, (a) the Periodic
Rate Cap, (b) the Margin, (c) the Lifetime Rate Cap and (d) the next Interest
Rate Adjustment Date after the Cut-Off Date. The Seller shall indicate to the
Trustee, Master Servicer and Securities Administrator which Mortgage Loans, if
any, are Cooperative Loans. The Mortgage Loan Schedule will be amended by the
Seller from time to time to reflect the substitution of an Eligible Substitute
Mortgage Loan for a Defective Mortgage Loan from time to time hereunder.

         MORTGAGE LOANS: The mortgage loans that are transferred and assigned to
the Trustee, on behalf of the Trust, on the Closing Date, pursuant to Sections
2.01 and 2.05, together with the Related Documents, and are held by the
Custodian on behalf of the Trustee as a part of the Trust, exclusive of Mortgage
Loans that are transferred to the Servicer or the Seller, as the case may be,
from time to time pursuant to Section 2.02, 2.04 or 3.16, such mortgage loans
originally so held being identified in the Mortgage Loan Schedule, set forth on
Exhibit C hereto, delivered on the Closing Date.

         MORTGAGE NOTE: With respect to a Mortgage Loan, the note pursuant to
which the related mortgagor agrees to pay the indebtedness evidenced thereby
which is secured by the related Mortgage.

         MORTGAGED PROPERTY: The underlying property, including real property
and improvements thereon, securing a Mortgage Loan, which, with respect to a
Cooperative Loan, is the related Cooperative Shares and Proprietary Lease.

         MORTGAGOR:  The obligor or obligors under a Mortgage Note.

         NET LIQUIDATION PROCEEDS: With respect to any Liquidated Mortgage Loan,
Liquidation Proceeds net of unreimbursed Servicing Fees, Master Servicing Fees,
Servicing Advances and Monthly Advances with respect thereto.

         NET LOAN RATE: With respect to any Mortgage Loan as to any day, the
Loan Rate less the Expense Fee Rate.

         NET RATE CAP: Either the Group I Net Rate Cap or the Group II Net Rate
Cap.

         NET RATE CAP CARRYOVER: Either the Group I Net Rate Cap Carryover or
the Group II Net Rate Cap Carryover.

         NET RATE CAP FUND: The account established and maintained pursuant to
Section 5.07.

         NET RATE CAP FUND DEPOSIT: As defined in Section 5.07.

         NIMS NOTES: The aggregate $[o] initial principal amount of Notes,
Series [o] issued by the NIMs Trust, issued pursuant to the Indenture, dated as
of [o], between the NIMs Trust and [o], as indenture trustee, the collateral for
which consists of, primarily, the Class P and Class BIO Certificates.

         NIMS TRUST: Means Renaissance NIM Trust [o], which, upon issuance of
the Certificates on Closing Date, shall be the registered owner of the Class P
and Class BIO Certificates.

         NINETY DAY DELINQUENCY RATE: As to any Distribution Date and each Loan
Group, the percentage equivalent of a fraction, the numerator of which is the
aggregate Principal Balances of (a) the related Mortgage Loans that are ninety
(90) or more days delinquent as of the last day of the related Prepayment
Period, (b) all REO Property and (c) the related Mortgage Loans in foreclosure
or in bankruptcy and the denominator of which is the Group I Pool Balance or the
Group II Pool Balance, as applicable, as of the last day of the related Due
Period.

         NONRECOVERABLE ADVANCES: With respect to any Mortgage Loan, (i) any
Servicing Advance or Monthly Advance previously made and not reimbursed pursuant
to Section 3.03(ii) or Section 5.04 or (ii) a Servicing Advance or Monthly
Advance proposed to be made in respect of a Mortgage Loan or REO Property which,
in the good faith business judgment of the Servicer or the Master Servicer, as
applicable, as evidenced by an Officer's Certificate delivered to the Seller,
the Master Servicer, the Securities Administrator and the Trustee no later than
the Business Day following such determination, would not be ultimately
recoverable pursuant to Section 3.03(ii) or Section 5.04.

         OC FLOOR: An amount equal to [o]% of the related Cut-Off Date Pool
Balance.

         OFFERED CERTIFICATES: The Senior Certificates and the Subordinate
Certificates.

         OFFICER'S CERTIFICATE: A certificate signed by the President, an
Executive Vice President, a Senior Vice President, a First Vice President, a
Vice President, Assistant Vice President, the Treasurer, Assistant Treasurer,
Assistant Secretary, Controller or Assistant Controller of the Servicer or the
Master Servicer and delivered to the Trustee, the Master Servicer, the
Securities Administrator or the Custodian.

         OPINION OF COUNSEL: A written opinion of counsel reasonably acceptable
to the Trustee and the Securities Administrator, who may be in-house counsel for
the Servicer, the Master Servicer, the Depositor or the Seller (except that any
opinion relating to the qualification of the Trust as a REMIC or compliance with
the REMIC Provisions must be an opinion of independent outside counsel) and who,
in the case of opinions delivered to each Rating Agency, is reasonably
acceptable to it.

         OPTIONAL TERMINATION DATE: The Distribution Date following the Due
Period at the end of which the sum of the Group I Pool Balance and Group II Pool
Balance is less than 10% of the sum of the Cut-Off Date Pool Balance for each
Loan Group.

         ORIGINAL CLASS PRINCIPAL BALANCE: As to the Class BIO Certificates, the
Class P and the Residual Certificates, $0. As to any Class of Offered
Certificates, the respective amount set forth below opposite such Class:

                                              Original Class
         CLASS                                PRINCIPAL BALANCE
         -----                                -----------------

         AV-1
         AV-2
         AV-3
         MV-1
         MV-2
         MV-3
         MV-4
         AF-1
         AF-2
         AF-3
         AF-4
         AF-5
         AF-6
         MF-1
         MF-2
         MF-3
         MF-4
         MF-5
         MF-6
         MF-7
         MF-8
         MF-9                                 -----------------
         Total

         OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL: As to any Class of
Certificates and any Distribution Date, the amount of Class Interest Carryover
Shortfall for such Distribution Date.

         OVERCOLLATERALIZATION AMOUNT: As to any Distribution Date and each Loan
Group, the excess, if any, of (i) the Group I Pool Balance or the Group II Pool
Balance, as applicable, as of the end of the related Due Period over (ii) the
aggregate Class Principal Balance of the related Classes of Certificates after
giving effect to the distribution of the Group I Principal Distribution Amount
or the Group II Principal Distribution Amount, as applicable, on such
Distribution Date.

         OWNERSHIP INTEREST: As to any Certificate 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.

         PAYING AGENT:  Any paying agent appointed pursuant to Section 6.05.

         PERCENTAGE INTEREST: With respect to any Offered Certificate, the
percentage obtained by dividing the denomination of such Certificate by the
aggregate of the denominations of all Certificates of the same Class. With
respect to a Residual Certificate, the portion of the Class evidenced thereby as
stated on the face thereof, which shall be either 99.999999% or, but only with
respect to the Tax Matters Person Residual Interest held by the Tax Matters
Person, 0.000001%. With respect to a Class P Certificate or a Class BIO
Certificate, the percentage set forth on the face thereof.

         PERIODIC RATE CAP: With respect to each adjustable-rate Mortgage Loan
with respect to which the related Mortgage Note provides for a periodic rate
cap, the maximum percentage increase or decrease in the Loan Rate permitted for
such Mortgage Loan over the Loan Rate in effect as of an Interest Rate
Adjustment Date, as set forth on the Mortgage Loan Schedule.

         PERMITTED TRANSFEREE: Any Person other than (i) the United States or
any State or any political subdivision thereof or any agency or instrumentality
of any of the foregoing; (ii) a foreign government, international organization
or any agency or instrumentality of either of the foregoing; (iii) an
organization which is exempt from tax imposed by Chapter 1 of the Code
(including the tax imposed by section 511 of the Code on unrelated business
taxable income) (except certain farmers' cooperatives described in Code section
521) on any excess inclusions (as defined in Section 860E(c)(1)) with respect to
any Residual Certificate; (iv) rural electric and telephone cooperatives
described in Code section 1381(a)(2)(C); (v) a Person that is not (a) a citizen
or resident of the United States, (b) a corporation, partnership or other entity
created or organized in or under the laws of the United States, any State
thereof, or the District of Columbia, (c) an estate whose income from sources
without the United States is includible in gross income for United States
federal income tax purposes regardless of its connection with the conduct of a
trade or business within the United States or (d) a trust if a court within the
United States is able to exercise primary supervision of the administration of
the trust and one or more United States fiduciaries have the authority to
control all substantial decisions of the trust; (vi) an "electing large
partnership" within the meaning of Section 775 of the Code, or (vii) any other
Person so designated by the Securities Administrator based on an Opinion of
Counsel to the effect that any transfer to such Person may cause the Trust to
fail to qualify as a REMIC at any time the Certificates are outstanding. The
terms "United States", "State" and "international organization" shall have the
meanings set forth in Code section 7701 or successor provisions. A corporation
will not be treated as an instrumentality of the United States or of any State
or political subdivision thereof if all of its activities are subject to tax,
and, with the exception of the Freddie Mac, a majority of its board of directors
is not selected by such governmental unit.

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

         PREPAYMENT ASSUMPTION: With respect to the Mortgage Loans in Loan Group
I, a 100% Prepayment Assumption assumes a prepayment rate of [o]% CPR per annum
of the outstanding Principal Balance of such Mortgage Loans in each month of the
life of such Mortgage Loans. With respect to the Mortgage Loans in Loan Group
II, a 100% Prepayment Assumption assumes a prepayment rate of [o]% home equity
prepayment assumption, or HEP. [o]% HEP assumes a constant prepayment rate, or
CPR, of [o]% of the then outstanding Principal Balance of such Mortgage Loans in
the first month and an additional [o]% CPR in each month thereafter up to the
tenth month. Beginning in the tenth month and thereafter, [o]% HEP assumes a
[o]% CPR.

         PREPAYMENT CHARGE: As to a Mortgage Loan, any charge to be paid by a
Mortgagor in connection with certain partial prepayments and all prepayments in
full made during the related Prepayment Charge Period, the Prepayment Charges
with respect to each applicable Mortgage Loan so held by the Trust being
identified in the Prepayment Charge Schedule (other than any Prepayment Charge
Payment Amount).

         PREPAYMENT CHARGE PAYMENT AMOUNT: The amounts payable by the Seller or
the Servicer, as the case may be, pursuant to Section 3.21.

         PREPAYMENT CHARGE PERIOD: As to any Mortgage Loan, the period of time,
if any, during which a Prepayment Charge may be imposed.

         PREPAYMENT CHARGE SCHEDULE: As of any date, the list of Mortgage Loans
subject to Prepayment Charges included in the Trust on such date, attached
hereto as Exhibit R (including the prepayment charge summary attached thereto).
The Prepayment Charge Schedule shall set forth the following information with
respect to each such Mortgage Loan subject to a Prepayment Charge:

         (i)      the Mortgage Loan account number;

         (ii)     a code indicating the type of Prepayment Charge;

         (iii)    the first date on which a Monthly Payment is or was due under
                  the related Mortgage Note;

         (iv)     the original term of the Prepayment Charge;

         (v)      the Cut-Off Date Principal Balance of the related Mortgage
                  Loan; and

         (vi)     the remaining term of the Prepayment Charge.

         The Prepayment Charge Schedule shall be amended by the Seller and
delivered to the Trustee, the Securities Administrator, the Master Servicer and
the Servicer from time to time in accordance with the provisions of this
Agreement, and the Trustee , the Securities Administrator, the Master Servicer
and the Servicer shall have no responsibility to recalculate or otherwise review
the information set forth therein.

         PREPAYMENT INTEREST SHORTFALL: With respect to any Distribution Date,
for each Mortgage Loan that was the subject during the related Prepayment Period
of a voluntary Principal Prepayment (other than Principal Prepayments in full
that occur during the portion of the related Prepayment Period that is in the
same calendar month as the Distribution Date), an amount equal to the excess, if
any, of (i) 30 days of accrued interest on the Principal Balance of such
Mortgage Loan at the Loan Rate (or at such lower rate as may be in effect for
such Mortgage Loan pursuant to application of the Civil Relief Act), net of the
Servicing Fee Rate (which shall constitute payment of the Servicing Fee with
respect to such Mortgage Loan), with respect to the Servicer's obligation in
respect of any Prepayment Interest Shortfall and net of the Master Servicing Fee
Rate (which shall constitute payment of the Master Servicing Fee with respect to
such Mortgage Loan), with respect to the Master Servicer's obligation in respect
of any Prepayment Interest Shortfall, over (ii) the amount of interest actually
remitted by the Mortgagor in connection with such Principal Prepayment.

         PREPAYMENT PERIOD: With respect to any Distribution Date and any
Principal Prepayment in full, the period from the sixteenth day of the calendar
month preceding the month in which such Distribution Date occurs (or in the case
of the first Distribution Date, from the related Cut-off Date) through the
fifteenth day of the month in which such Distribution Date occurs. With respect
to any Distribution Date and any Curtailment, the calendar month preceding such
Distribution Date.

         PRINCIPAL BALANCE: With respect to any date and as to any Mortgage
Loan, other than a Liquidated Mortgage Loan, the related Cut-Off Date Principal
Balance, minus all collections credited against the Cut-Off Date Principal
Balance of such Mortgage Loan, as of such date. For purposes of this definition,
a Liquidated Mortgage Loan shall be deemed to have a Principal Balance equal to
the Principal Balance of the related Mortgage Loan immediately prior to the
final recovery of related Liquidation Proceeds and a Principal Balance of zero
thereafter.

         PRINCIPAL PREPAYMENT: Any payment or other recovery of principal on a
Mortgage Loan equal to the outstanding principal balance thereof, received in
advance of the final scheduled Due Date which is intended to satisfy a Mortgage
Loan in full (without regard to any Prepayment Charge that may have been
collected by the Servicer in connection with such payment of principal).

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

         PROSPECTUS:  The base prospectus of the Depositor dated [o].

         PROSPECTUS SUPPLEMENT: The prospectus supplement dated [o] relating to
the offering of the Offered Certificates.

         PURCHASE PRICE: As to any Mortgage Loan repurchased on any date
pursuant to Section 2.02, 2.04 or 3.16, an amount equal to the sum of (i) the
unpaid Principal Balance thereof, (ii) the greater of (a) all unpaid accrued
interest thereon to the end of the Due Period preceding the Distribution Date on
which such Purchase Price is included in Available Funds and (b) thirty (30)
days' interest thereon, computed at the applicable Loan Rate; PROVIDED, HOWEVER,
that if the purchaser is the Servicer, the amount described in clause (ii) shall
be computed at the Loan Rate net of the Servicing Fee Rate (which shall
constitute payment of the Servicing Fee with respect to such Mortgage Loan),
(iii) if the purchaser is the Seller, (x) any unreimbursed Servicing Advances
with respect to such Mortgage Loan and (y) expenses reasonably incurred or to be
incurred by the Servicer, the Master Servicer, the Securities Administrator, the
Trust or the Trustee in respect of the breach or defect giving rise to the
purchase obligation, including costs due to any violations of any predatory or
abusive lending law and (iv) the amount of any penalties, fines, forfeitures,
legal fees and related costs, judgments and any other costs, fees and expenses
incurred by or imposed on the Trustee, the Servicer, the Master Servicer, the
Securities Administrator or the Trust or with respect to which any of them are
liable arising from a breach by the Seller of its representations and warranties
in Section 2.04.

         RATING AGENCY: Initially Moody's and S&P, and their successors and
assigns. If such agency or a successor is no longer in existence, "Rating
Agency" shall include such other statistical credit rating agency, or other
comparable Person, designated by the Depositor, notice of which designation
shall be given to the Trustee and the Securities Administrator. References
herein to the highest short term unsecured rating category of a Rating Agency
shall mean "A-1" or better in the case of S&P and "P-1" or better in the case of
Moody's. References herein to the highest long-term rating category of a Rating
Agency shall mean "AAA" in the case of S&P and "Aaa" in the case of Moody's.

         RECOGNITION AGREEMENT: With respect to any Cooperative Loan, an
agreement between the Cooperative Corporation and the originator of such
Mortgage Loan, which establishes the rights of such originator in the
Cooperative Property.

         RECORD DATE: As to the Fixed Rate Certificates, Class BIO Certificates,
Class P Certificates and the Residual Certificates and any Distribution Date,
the last Business Day of the month immediately preceding the month in which the
related Distribution Date occurs. As to the Adjustable Rate Certificates and any
Distribution Date, the Business Day preceding such Distribution Date (except in
the case of the first Distribution Date, for which the Record Date shall be the
Closing Date); provided, however, that if the Adjustable Rate Certificates are
no longer Book-Entry Certificates, the "Record Date" shall be the last Business
Day of the month immediately preceding the month in which the related
Distribution Date occurs.

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

         REFERENCE BANK RATE: As to any Interest Period relating to the
Adjustable Rate Certificates as follows: the arithmetic mean (rounded upwards,
if necessary, to the nearest one sixteenth of a percent) of the offered rates
for United States dollar deposits for one month which are offered by the
Reference Banks as of 11:00 A.M., London time, on the second LIBOR Business Day
prior to the first day of such Interest Period to prime banks in the London
interbank market for a period of one month in amounts approximately equal to the
aggregate Class Principal Balance of the Adjustable Rate Certificates; PROVIDED
that at least two such Reference Banks provide such rate. If fewer than two
offered rates appear, the Reference Bank Rate will be the arithmetic mean of the
rates quoted by one or more major banks in New York City, selected by the
Securities Administrator after consultation with the Seller, 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 the aggregate
Class Principal Balance of the Adjustable Rate Certificates. If no such
quotations can be obtained, the Reference Bank Rate shall be the Reference Bank
Rate applicable to the preceding Interest Period.

         REFERENCE BANKS: Three major banks that are engaged in the London
interbank market, selected by the Seller after consultation with the Securities
Administrator.

         REGULAR CERTIFICATES: The Offered Certificates and the Class BIO
Certificates.

         RELATED DOCUMENTS:  As defined in Section 2.01.

         RELEASED MORTGAGED PROPERTY PROCEEDS: As to any Mortgage Loan, proceeds
received by the Servicer in connection with (a) a taking of an entire Mortgaged
Property by exercise of the power of eminent domain or condemnation or (b) any
release of part of the Mortgaged Property from the lien of the related Mortgage,
whether by partial condemnation, sale or otherwise, which are not released to
the Mortgagor in accordance with applicable law and mortgage servicing standards
the Servicer would use in servicing mortgage loans for its own account and this
Agreement.

         REMIC: A "real estate mortgage investment conduit" within the meaning
of Section 860D of the Code.

         REMIC I: The segregated pool of assets consisting of the REMIC II
Regular Interests as described in Section 2.07.

         REMIC I CERTIFICATES: As defined in Section 2.07.

         REMIC I REGULAR INTEREST: As defined in Section 2.07.

         REMIC II: The segregated pool of assets consisting of the assets of the
Trust other than the Net Rate Cap Fund, the Prepayment Charges and the Group I
Interest Rate Cap Agreement.

         REMIC II REGULAR INTEREST: As defined in Section 2.07.

         REMIC CERTIFICATE MATURITY DATE: The "latest possible maturity date" as
that term is defined in Section 2.09.

         REMIC CHANGE OF LAW: Any proposed, temporary or final regulation,
revenue ruling, revenue procedure or other official announcement or
interpretation relating to any REMIC and the REMIC Provisions issued after the
Closing Date.

         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
regulations promulgated thereunder, as the foregoing may be in effect from time
to time.

         REO PROPERTY: A Mortgaged Property that is acquired by the Servicer or
the Master Servicer on behalf of the Trust in foreclosure or by deed in lieu of
foreclosure.

         RESIDENTIAL DWELLING: A one- to five-family dwelling, a five- to
eight-family dwelling, a mixed use property, a unit in a planned unit
development, a unit in a condominium development, a townhouse, a unit in a
cooperative or a mobile home treated as real property under local law.

         RESIDUAL CERTIFICATES: The Class R-1 and Class R-2 Certificates,
collectively.

         RESPONSIBLE OFFICER: When used with respect to the Securities
Administrator, any officer assigned to the corporate trust group (or any
successor thereto), including any executive vice president, senior vice
president, first vice president, vice president, assistant vice president,
controller, assistant controller, trust officer, any assistant secretary, any
trust officer or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
having direct responsibility for the administration of this Agreement. When used
with respect to the Trustee, any officer in the Corporate Trust Office with
direct responsibility for the administration of this Agreement. When used with
respect to the Depositor, the Seller, the Master Servicer or Servicer, the
President or any Vice President, Assistant Vice President or any Secretary or
Assistant Secretary.

         SAIF: The Savings Association Insurance Fund, as from time to time
constituted, created under the Financial Institutions Reform, Recovery and
Enhancement Act of 1989, or, if at any time after the execution of this
Agreement the Savings Association Insurance Fund is not existing and performing
duties now assigned to it, the body performing such duties on such date.

         SECURITIES ADMINISTRATOR: [o], a national banking association or any
successor thereto or any successor hereunder.

         SECURITIES ADMINISTRATOR INFORMATION: As defined in Section 3.13
herein.

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

         SELLER:  Delta.

         SENIOR CERTIFICATE:  Any Group I or Group II Certificate.

         SENIOR CERTIFICATEHOLDER:  The Holder of a Senior Certificate.

         SENIOR ENHANCEMENT PERCENTAGE: As to any Distribution Date and each
Loan Group, the percentage equivalent of a fraction, the numerator of which is
the sum of (i) the aggregate Class Principal Balances of the related Subordinate
Certificates and (ii) the related Overcollateralization Amount (in each case, on
the prior Distribution Date) and the denominator of which is the Group I Pool
Balance or the Group II Pool Balance, as applicable, as of the last day of the
prior Due Period.

         SERVICER: [o], a federally chartered savings bank or any successor
thereto or any successor hereunder.

         SERVICER EVENT OF DEFAULT:  As defined in Section 8.01.

         SERVICER INFORMATION:  As defined in Section 3.13 herein.

         SERVICER REIMBURSEMENT AMOUNT:  As defined in Section 3.20.

         SERVICER TERMINATION TEST: The Servicer Termination Test is failed if
either (x) Cumulative Net Losses for the Mortgage Loans exceed [o]% of the
aggregate Original Class Principal Balance of the Offered Certificates or (y)
the most recent Three Month 90-Day Delinquency Rate exceeds 30%.

         SERVICING ADVANCES: All reasonable and customary "out of pocket" costs
and expenses incurred prior to, on or after the Cut-Off Date in the performance
by the Servicer of its servicing obligations under this Agreement, including,
but not limited to, the cost of (i) the preservation, restoration and protection
of the Mortgaged Property, (ii) any enforcement or judicial proceedings,
including foreclosures and any litigation related to a Mortgage Loan, (iii) the
management and liquidation of the REO Property, including reasonable fees paid
to any independent contractor in connection therewith, (iv) compliance with the
obligations under Section 3.04, 3.06 or 3.19, (v) in connection with the
liquidation of a Mortgage Loan, expenditures relating to the purchase or
maintenance of the First Lien pursuant to Section 3.17, all of which reasonable
and customary out-of-pocket costs and expenses are reimbursable to the Servicer
to the extent provided in Sections 3.03(ii) and (vi), and 3.06 and (vi)
correcting any outstanding title issues (i.e., any lien or encumbrance on the
Mortgaged Property that prevents the effective enforcement of the intended lien
position) not customarily processed internally by servicers in the servicing
industry reasonably necessary for the Servicer to perform its obligations under
this Agreement.

         SERVICING CERTIFICATE: A certificate completed and executed by a
Servicing Officer on behalf of the Servicer.

         SERVICING COMPENSATION: The Servicing Fee and other amounts to which
the Servicer is entitled pursuant to Section 3.08.

         SERVICING FEE: As to each Distribution Date and each Mortgage Loan, the
monthly fee payable to the Servicer, which is calculated as an amount equal to
the product of one-twelfth of the Servicing Fee Rate and the Principal Balance
thereof at the beginning of the related Due Period.

         SERVICING FEE RATE:  For any Distribution Date, [o]% per annum.

         SERVICING OFFICER: Any officer of the 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, the Master Servicer and the Securities Administrator by the
Servicer, as such list may be amended from time to time.

         SERVICING RIGHTS OWNER: The Servicer or an Affiliate of the Servicer
that has acquired or may acquire ownership of the servicing rights associated
with the servicing rights and obligations under this Agreement.

         SERVICING RIGHTS PLEDGEE:  As defined in Section 7.04.

         SERVICING TRANSFER COSTS: All reasonable costs and expenses incurred by
the Successor Servicer or the Successor Master Servicer in connection with the
transfer of servicing from a predecessor Servicer or the transfer of master
servicing from the predecessor Master Servicer, as applicable, including,
without limitation, any reasonable costs or expenses associated with the
complete transfer of all electronic servicing data and the completion,
correction or manipulation of such electronic servicing data as may be required
by the successor to correct any errors or insufficiencies in the servicing data
or otherwise to enable the successor to service or master service, as
applicable, the Mortgage Loans properly and effectively.

         SIXTY DAY DELINQUENCY RATE: As to any Distribution Date and each Loan
Group, the percentage equivalent of a fraction, the numerator of which is the
aggregate of the Principal Balances of (a) the related Mortgage Loans that are
60 or more days delinquent, (b) the related Mortgage Loans that are 60 or more
days delinquent and in bankruptcy or foreclosure and (c) all REO Property, in
each case, as of the last day of the preceding month, and the denominator of
which is the Group I Pool Balance or the Group II Pool Balance, as applicable,
as of the last day of the related Due Period.

         S&P: Standard & Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc. or its successor in interest.

         STARTUP DAY:  The day designated as such pursuant to Section 2.08.

         SUBORDINATE CERTIFICATES: Any Certificate executed and authenticated by
the Securities Administrator substantially in the form set forth in Exhibit A
and designated as a Class MV Certificate or Class MF Certificate pursuant to
Section 6.01.

         SUBORDINATION DEFICIENCY: As to any Distribution Date and each Loan
Group, the excess, if any, of (i) the Group I Required Overcollateralization
Amount or the Group II Required Overcollateralization Amount, as applicable, for
such Distribution Date over (ii) the related Overcollateralization Amount for
such Distribution Date after giving effect to the distribution of the related
Basic Principal Amount on such Distribution Date.

         SUBORDINATION INCREASE AMOUNT: As to any Distribution Date and each
Loan Group, the lesser of (i) the related Subordination Deficiency and (ii) the
Group I Excess Interest or the Group II Excess Interest, as applicable.

         SUBORDINATION REQUIRED OVERCOLLATERALIZATION AMOUNT: As to any
Distribution Date on which a Group I Delinquency Event or a Group II Delinquency
Event, as applicable, does not exist and each Loan Group, the Group I Required
Overcollateralization Amount or the Group II Required Overcollateralization
Amount, as applicable without giving effect to the related OC Floor calculation.
As to any other Distribution Date, the Group I Required Overcollateralization
Amount or the Group II Required Overcollateralization Amount, as applicable.

         SUBSERVICER: Any Person with whom the Servicer has entered into a
Subservicing Agreement and who satisfies the requirements set forth in Section
3.01(b) in respect of the qualification of a Subservicer.

         SUBSERVICING AGREEMENT: Any agreement between the Servicer and any
Subservicer relating to subservicing and/or administration of certain Mortgage
Loans as provided in Section 3.01(b), a copy of which shall be delivered, along
with any modifications thereto, to the Trustee, the Master Servicer and the
Securities Administrator.

         SUBSTITUTION ADJUSTMENT: As to any date on which a substitution occurs
pursuant to Section 2.05, the sum of (a) the excess of (i) the aggregate
Principal Balances of all Defective Mortgage Loans to be replaced by Eligible
Substitute Mortgage Loans (after application of principal payments received on
or before the date of substitution of any Eligible Substitute Mortgage Loans as
of the date of substitution) over (ii) the Principal Balance of such Eligible
Substitute Mortgage Loans and (b) the greater of (x) accrued and unpaid interest
on such excess through the Due Period relating to the Distribution Date for
which such Substitution Adjustment will be included as part of Available Funds
and (y) thirty (30) days' interest on such excess calculated on a 360-day year
in each case at the Loan Rate and (c) the amount of any unreimbursed Servicing
Advances made by the Servicer with respect to such Defective Mortgage Loan and
(d) the amount referred to in clause (iv) of the definition of Purchase Price in
respect of such Defective Mortgage Loan.

         SUCCESSOR SERVICER:  As defined in Section 8.02.

         SUCCESSOR MASTER SERVICER:  As defined in Section 8.04.

         TAX MATTERS FEE: As to any Distribution Date and each Loan Group, an
amount equal to the product of (i) the Tax Matters Fee Rate and (ii) the
aggregate Principal Balance of the Mortgage Loans in such Loan Group as of the
beginning of the related Due Period.

         TAX MATTERS FEE RATE: As to any Distribution Date, an amount equal to
the quotient of (i) $[o] divided by (ii) the sum of the Group I Pool Balance and
the Group II Pool Balance as of the beginning of the related Due Period.

         TAX MATTERS PERSON:  As defined in Section 2.11.

         TAX MATTERS PERSON RESIDUAL INTEREST: A 0.000001% interest in each of
the Class R-1 and Class R-2 Certificates, which shall be issued to and held by
the Tax Matters Person.

         THREE MONTH DELINQUENCY RATE: As to any Distribution Date the
arithmetic average of the Sixty Day Delinquency Rates of each Loan Group for the
three Distribution Dates preceding such Distribution Date.

         THREE MONTH 90-DAY DELINQUENCY RATE: As to any Distribution Date and
each Loan Group, the arithmetic average of the Ninety Day Delinquency Rates of
such Loan Group for the three Distribution Dates preceding such Distribution
Date.

         TRUST: The trust created by this Agreement, the corpus of which
consists of the Mortgage Loans, such assets as shall from time to time be
deposited in the Collection Account, the Distribution Account and the Net Rate
Cap Fund, each in accordance with this Agreement, REO Property, certain hazard
insurance policies maintained by the Mortgagors or the Servicer in respect of
the Mortgage Loans, the rights of the Securities Administrator, on behalf of the
Trust, under the Group I Interest Rate Cap Agreement, and all proceeds of each
of the foregoing.

         TRUSTEE: [o], or any successor Trustee appointed in accordance with
this Agreement that has accepted such appointment in accordance with this
Agreement.

         UNDERWRITERS' EXEMPTION: Prohibited Transaction Exemption 2002-41, 67
Fed. Reg. 54487 (2002), as amended (or any successor thereto), or any
substantially similar administrative exemption granted by the U.S. Department of
Labor.

         VOTING RIGHTS: The right to vote evidenced by a Certificate as follows:
the Class BIO Certificates, in the aggregate, shall evidence Voting Rights equal
to the percentage equivalent of a fraction, the numerator of which is the
Required Overcollateralization Amount and the denominator of which is the Pool
Balance; the Certificates, other than the Class BIO Certificates, shall evidence
Voting Rights equal to 100% minus the Voting Rights evidenced by the Class BIO
Certificates. The Voting Rights shall be allocated to the Certificates, other
than the Class BIO Certificates, as follows: 1% to the Class P Certificates and
1% to the Residual Certificates in the aggregate and the remainder among the
other Classes of Offered Certificates in proportion to their respective Class
Principal Balances. Voting Rights allocated to a Class of Certificates shall be
allocated among the Certificates of such Class in proportion to their respective
Percentage Interests.

         Section 1.02. INTEREST CALCULATIONS. All calculations of interest that
are made in respect of the Principal Balance of the Mortgage Loans shall be made
on the basis of a 360-day year consisting of twelve 30-day months. The
Certificate Rates for the Certificates shall be calculated on the basis set
forth in the definition of Interest Period. The calculation of the Servicing Fee
and the Trustee Fee shall be made on the basis of a 360-day year consisting of
twelve 30-day months. All dollar amounts calculated hereunder shall be rounded
to the nearest penny with one-half of one penny being rounded down.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                       ORIGINAL ISSUANCE OF CERTIFICATES;
                                  TAX TREATMENT

         Section 2.01. CONVEYANCE OF MORTGAGE LOANS.

         (a) The Seller, concurrently with the execution and delivery of this
Agreement, does hereby sell, transfer, assign, set over and otherwise convey, to
the Depositor, without recourse, (subject to Sections 2.02 and 2.04) (i) all of
its right, title and interest in and to each Mortgage Loan, including the
Cut-Off Date Principal Balance and all collections in respect of interest and
principal received after the Cut-Off Date (other than payments in respect of
accrued interest and principal due on or before [o]); (ii) property which
secured such Mortgage Loan and which has been acquired by foreclosure or deed in
lieu of foreclosure; (iii) its interest in any insurance policies in respect of
the Mortgage Loans; (iv) the Net Cap Fund Deposit; and (v) all proceeds of any
of the foregoing.

         Immediately upon the conveyance referred to in the preceding paragraph,
the Depositor does hereby sell, transfer, assign, set over and otherwise convey
to the Trustee on behalf of Certificateholders, without recourse, all of the
Depositor's right, title and interest in and to each asset conveyed to the
Depositor by the Seller, including all of the rights of the Depositor to require
the Seller to comply with its obligations under this Agreement. In addition, on
or prior to the Closing Date, the Depositor shall direct the Securities
Administrator, on behalf of the Trust, to enter into the Group I Interest Rate
Cap Agreement with the Cap Provider.

         It is agreed and understood by the parties hereto that it is not
intended that any Mortgage Loan be included in the Trust that is a "High-Cost
Home Loan" as defined in the New Jersey Home Ownership Act effective November
27, 2003, the Home Loan Protection Act of New Mexico effective January 1, 2004
or the Massachusetts Predatory Home Loan Practices Act, effective as of November
7, 2004.

         In connection with such transfer, assignment and conveyance the Seller
shall deliver to, and deposit with, the Trustee or the Custodian on behalf of
the Trustee, on or before the Closing Date, the following documents or
instruments with respect to each Mortgage Loan (the "Related Documents") and the
related Mortgage Loan Schedule in computer readable format:

                  (i) The original Mortgage Note, with all prior and intervening
         endorsements showing a complete chain of endorsements from the
         originator of the Mortgage Loan to the Person so endorsing the Mortgage
         Loan to the Trustee, endorsed by such Person "Pay to the order of [o],
         as Trustee for [o] without recourse" and signed, by facsimile or manual
         signature, in the name of the Seller by a Responsible Officer;

                  (ii) For each Mortgage Loan that is not a MERS Mortgage Loan,
         any of: (1) the original Mortgage and related power of attorney, if
         any, with evidence of recording thereon, (2) (A) a copy of the
         Mortgage, if any, certified as a true copy of the original Mortgage by
         a Responsible Officer of the Seller by facsimile or manual signature or
         by the closing attorney or by an officer of the title insurer or agent
         of the title insurer that issued the related title insurance policy, in
         such case, if the original has been transmitted for recording until
         such time as the original is returned by the public recording office
         and (B) a copy of the related power of attorney, if any, or (3) a copy
         of the original recorded Mortgage and a copy of the related power of
         attorney, if any, certified by the public recording office. For each
         Mortgage Loan that is a MERS Mortgage Loan, the original Mortgage,
         noting the presence of the MIN of the related Mortgage Loan and either
         language indicating that the Mortgage Loan is a MOM Loan if the
         Mortgage Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan
         at origination, the original Mortgage and the assignment thereof to
         MERS, with evidence of recording indicated thereon, or a copy of the
         Mortgage certified by the public recording office in which such
         Mortgage has been recorded;

                  (iii) For each Mortgage Loan, the original Assignment of
         Mortgage in recordable form, from the Seller in blank, or to "[o]";

                  (iv) The original lender's title insurance policy or a true
         copy thereof or, if such original lender's title insurance policy has
         been lost, a copy thereof certified by the appropriate title insurer to
         be true and complete or, if such lender's title insurance policy has
         not been issued as of the Closing Date, a marked up commitment (binder)
         to issue such policy;

                  (v) For each Mortgage Loan that was not a MERS Mortgage Loan
         at its origination, all intervening assignments, if any, showing a
         complete chain of assignments from the originator to the Seller,
         including any recorded warehousing assignments, with evidence of
         recording thereon, or a copy thereof certified by a Responsible Officer
         of the Seller by facsimile or manual signature, or by the closing
         attorney or by an officer of the title insurer or agent of the title
         insurer that issued the related title insurance policy, as a true copy
         of the original of such intervening assignments if the original has
         been transmitted for recording until such time as the original is
         returned by the public recording office or a copy of the original
         recorded intervening assignments certified by the public recording
         office;

                  (vi) Originals of all assumption, written assurance,
         substitution and modification agreements, if any; and

                  (vii) In the case of a Cooperative Loan, the originals of the
         following documents or instruments:

                  (a)      The Cooperative Shares, together with a stock power
                           in blank;

                  (b)      The executed Security Agreement;

                  (c)      The executed Proprietary Lease;

                  (d)      The executed Recognition Agreement;

                  (e)      The executed assignment of Recognition Agreement;

                  (f)      The executed UCC-1 financing statements with evidence
                           of recording thereon which have been filed in all
                           places required to perfect the Seller's interest in
                           the Cooperative Shares and the Proprietary Lease; and

                  (g)      Executed UCC-3 financing statements or other
                           appropriate UCC financing statements required by
                           state law, evidencing a complete and unbroken line
                           from the mortgagee to the Trustee with evidence of
                           recording thereon (or in a form suitable for
                           recordation).

         In addition, in connection with the assignment of any MERS Mortgage
Loan, the Seller agrees that it will cause, at the Seller's expense, the MERS(R)
System to indicate that such Mortgage Loans have been assigned by the Seller 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
the information required by the MERS(R) System to identify the series of
Certificates issued in connection with such Mortgage Loans. The Seller further
agrees that it will not, and will not permit the Servicer or the Master Servicer
to, and each of the Servicer and the Master Servicer agrees that it will not,
alter the information 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.

         In instances where, for a Mortgage Loan that is not a MERS Mortgage
Loan, the original recorded Mortgage is not delivered as provided above, and in
instances where intervening assignments called for by clause (v) above are
unavailable, the Seller will deliver or cause to be delivered the original
recorded Mortgage and intervening assignments to the Trustee or the Custodian on
behalf of the Trustee promptly upon receipt thereof but in no event later than
one year after the Closing Date.

         The Seller hereby confirms to the Depositor, the Securities
Administrator and the Trustee that it has caused the portions of the Electronic
Ledger relating to the Mortgage Loans to be clearly and unambiguously marked,
and has made the appropriate entries in its general accounting records, to
indicate that such Mortgage Loans have been transferred to the Trustee, as
designee of the Depositor, and constitute part of the Trust in accordance with
the terms of the trust created hereunder.

         (b) The parties hereto intend that the transactions set forth herein be
a sale by the Seller to the Depositor of all the Seller's right, title and
interest in and to the Mortgage Loans and other property described above and the
sale by the Depositor to the Trust of all the Depositor's right, title and
interest in and to the Mortgage Loans and other property described above. In the
event either transaction set forth herein is deemed not to be a sale, the Seller
hereby grants to the Depositor, and the Depositor hereby grants to the Trustee,
a security interest in all of its respective right, title and interest in, to
and under the Mortgage Loans and other property described above; and this
Agreement shall constitute a security agreement under applicable law. The
Seller, the Depositor and the Trustee (or the Securities Administrator on behalf
of the Trustee) shall, to the extent consistent with this Agreement, take such
actions as may be necessary to ensure that, if this Agreement were deemed to
create a security interest in the Mortgage Loans, such security interest would
be deemed to be a perfected security interest of first priority under applicable
law and will be maintained as such throughout the term of the Agreement.

         Except as may otherwise expressly be provided herein, neither the
Seller, the Depositor, the Servicer, the Master Servicer, the Securities
Administrator nor the Trustee shall (and the Servicer shall ensure that no
Subservicer shall) assign, sell, dispose of or transfer any interest in the
Trust or any portion thereof, or permit the Trust or any portion thereof to be
subject to any lien, claim, mortgage, security interest, pledge or other
encumbrance of, any other Person.

         In the event that the parties hereto have failed to transfer the entire
legal ownership in and to each Mortgage Loan to the Trust, the parties hereto
intend that this document operate to transfer the entire equitable ownership
interest in and to each Mortgage Loan to the Trust.

         (c) Within thirty (30) days of the Closing Date, the Seller, at its own
expense, shall prepare and send for recording the Assignments of Mortgage in
favor of the Trustee, in the appropriate real property or other records;
PROVIDED, HOWEVER, that the Seller shall not be required to record Assignments
of Mortgage if the related Mortgaged Property is located in a jurisdiction in
which the recording thereof is not necessary to protect the interests of the
Trustee or Certificateholders in the related Mortgage as evidenced by an Opinion
of Counsel, in form and substance satisfactory to the Rating Agencies, delivered
to the Trustee, the Securities Administrator and the Rating Agencies. With
respect to any Assignment of Mortgage as to which the related recording
information is unavailable within thirty (30) days following the Closing Date,
such Assignment of Mortgage shall be submitted for recording within thirty (30)
days after receipt of such information but in no event later than one year after
the Closing Date. The Trustee or the Custodian on behalf of the Trustee shall be
required to retain a copy of each Assignment of Mortgage submitted for
recording. In the event that any such Assignment of Mortgage is lost or returned
unrecorded because of a defect therein, the Seller shall promptly prepare a
substitute Assignment of Mortgage or cure such defect, as the case may be, and
thereafter the Seller shall be required to submit each such Assignment of
Mortgage for recording. Any failure of the Seller to comply with this Section
2.01(c) shall result in the obligation of the Seller to purchase or substitute
for the related Mortgage Loans pursuant to the provisions of Section 2.02.

         (d) Neither the Trustee nor the Custodian on behalf of the Trustee
shall have any responsibility for reviewing any Mortgage File except as
expressly provided in Section 2.02. Without limiting the effect of the preceding
sentence, in reviewing any Mortgage File pursuant to such subsection, neither
the Trustee nor the Custodian shall have any responsibility for determining
whether any document is valid and binding, whether the text of any assignment or
endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been
recorded in accordance with the requirements of any applicable jurisdiction, or
whether a blanket assignment is permitted in any applicable jurisdiction, but
shall only be required to determine whether a document has been executed, that
it appears to be what it purports to be, and, where applicable, that it purports
to be recorded, but shall not be required to determine whether any Person
executing any document is authorized to do so or whether any signature thereon
is genuine.

         (e) Notwithstanding the delivery of the Opinion of Counsel referred to
in Section 2.01(c), Assignments of Mortgage shall be submitted by the Seller for
recording within five (5) Business Days after the earlier to occur of (i) a
transfer of the servicing of the Mortgage Loans from the Servicer and (ii) an
Event of Default.

         Section 2.02. ACCEPTANCE BY TRUSTEE. The Trustee hereby acknowledges
the sale and assignment of the Mortgage Loans, and, subject to the review
provided for in this Section 2.02 and the period for delivery provided for in
Section 2.01, its receipt or that of the Custodian on behalf of the Trustee of
the Mortgage Files, and declares that the Trustee or the Custodian on behalf of
the Trustee holds and will hold such documents and all amounts received by it
thereunder and hereunder in trust, upon the terms herein set forth, for the use
and benefit of all present and future Certificateholders. If the Seller is given
notice under this Section 2.02 that a Mortgage File is defective or incomplete
and if the Seller does not correct or cure such omission or defect within the
90-day period specified in this Section 2.02, the Seller shall purchase such
Mortgage Loan from the Trustee (i) on the Determination Date in the month
following the month in which such 90-day period expired at the Purchase Price of
such Mortgage Loan or (ii) upon the expiration of such 90-day period if the
omission or defect would result in the related Mortgage Loan not being a
Qualified Mortgage Loan for purposes of Section 860G(a)(3) of the Code. At any
time the Seller exercises its option to repurchase any Mortgage Loan pursuant to
Section 2.04(b), the Seller shall notify the Depositor, the Servicer, the Master
Servicer, the Securities Administrator and the Trustee of any such repurchase no
later than five Business Days prior to the Determination Date of the month in
which it wishes to repurchase such Mortgage Loans and the Seller shall
repurchase such Mortgage Loan from the Trustee on such Determination Date. The
Purchase Price for any purchased or repurchased Mortgage Loan shall be delivered
to the Servicer for deposit in the Collection Account (and the Servicer shall
deposit such amount upon receipt) no later than the applicable Determination
Date or the Business Day preceding the expiration of such 90-day period, as the
case may be; and, upon receipt by the Trustee or the Custodian on behalf of the
Trustee of written notification of such deposit signed by a Responsible Officer
of the Seller, the Trustee or the Custodian on behalf of the Trustee shall
release to the Seller the related Mortgage File and the Trustee shall execute
and deliver such instruments of transfer or assignment, in each case without
recourse, as shall be necessary to vest in the Seller or its designee any
Mortgage Loan released pursuant hereto. It is understood and agreed that the
obligation of the Seller to purchase any Mortgage Loan as to which a material
defect in or omission of a constituent document exists shall constitute the sole
remedy against the Seller respecting such defect or omission available to the
Servicer (in its role as such), the Master Servicer, the Certificateholders, the
Securities Administrator or the Trustee on behalf of Certificateholders. An
Opinion of Counsel to the effect set forth in Section 2.05(d) shall be delivered
to the Trustee and the Securities Administrator in connection with any purchase
or repurchase pursuant to this Section 2.02. If pursuant to the foregoing
provisions the Seller repurchases a Mortgage Loan that is a MERS Mortgage Loan,
the Servicer shall, at the Seller's expense, either (i) cause MERS to execute
and deliver an Assignment of Mortgage in recordable form to transfer the
Mortgage from MERS to the Seller and shall cause such Mortgage to be removed
from registration on the MERS(R) System in accordance with MERS' rules and
regulations or (ii) cause MERS to designate on the MERS(R) System the Seller as
the beneficial holder of such Mortgage Loan.

         The Seller, promptly following the transfer of (i) a Mortgage Loan from
or (ii) an Eligible Substitute Mortgage Loan to the Trust pursuant to this
Section 2.02 or Section 2.05, as the case may be, shall amend the Mortgage Loan
Schedule, appropriately mark the Electronic Ledger and make appropriate entries
in its general account records to reflect such transfer and the addition of any
Eligible Substitute Mortgage Loan, if applicable.

         On the Closing Date or no later than the 45th day following the Closing
Date, the Trustee or the Custodian on behalf of the Trustee shall certify to the
Seller, the Depositor and the Servicer (and the Trustee if the Custodian is so
certifying) that it has reviewed each Mortgage File and that, as to each
Mortgage Loan listed in the related Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or any Mortgage Loan specifically identified in the
certification in the form annexed hereto as Exhibit O as not covered by such
certification), (i) all documents constituting part of such Mortgage File
required to be delivered to it pursuant to paragraphs (i) - (v) and (vii) of
Section 2.01(a) are in its possession, (ii) such documents have been reviewed by
it and appear regular on their face and relate to such Mortgage Loan, (iii)
based on its examination and only as to the foregoing, the information set forth
in the Mortgage Loan Schedule which corresponds to items (ii) and (iii) of the
definition of "Mortgage Loan Schedule" accurately reflects information set forth
in the Mortgage File. If within such 45-day period the Trustee or the Custodian
on behalf of the Trustee finds any document constituting a part of a Mortgage
File not to have been executed or received or to be unrelated to the Mortgage
Loans identified in said Mortgage Loan Schedule or, if in the course of its
review, the Trustee or the Custodian on behalf of the Trustee determines that
such Mortgage File is otherwise defective in any material respect, the Trustee
or the Custodian on behalf of the Trustee shall promptly upon the conclusion of
its review notify the Seller in the form of an exception report and the Seller
shall have a period of ninety (90) days after such notice within which to
correct or cure any such defect.

         On the 360th day following the Closing Date, the Trustee or the
Custodian on behalf of the Trustee shall deliver to the Seller and the Servicer
an exception report showing the documents outstanding pursuant to Section
2.01(a) along with a final certification annexed hereto as Exhibit P updated
from the previous certification issued in the form of Exhibit O. The Trustee or
the Custodian on behalf of the Trustee shall also maintain records adequate to
determine the date on which any document required to be delivered to it after
such 360th day following the Closing Date must be delivered to it, and on each
such date, the Trustee or the Custodian on behalf of the Trustee shall review
the related Mortgage File to determine whether such document has, in fact, been
delivered. After the delivery of the final certification, a form of which is
attached hereto as Exhibit P, (i) the Trustee or the Custodian on behalf of the
Trustee shall provide to the Servicer and the Seller (and to the Trustee if
delivered by the Custodian), no less frequently than monthly, updated exception
reports showing the documents outstanding pursuant to Section 2.01(a) until all
such exceptions have been eliminated and (ii) the Seller shall provide to the
Trustee or the Custodian on behalf of the Trustee and the Servicer, no less
frequently than monthly, updated certifications indicating the then current
status of exceptions until all such exceptions have been eliminated; PROVIDED
that the delivery of the final certification shall not act as a waiver of any of
the rights the Certificateholders may have with respect to such exceptions, and
all rights are reserved with respect thereto.

         Neither the Trustee nor the Custodian makes any representations as to
and shall not be responsible to verify (i) the validity, sufficiency, legality,
due authorization, recordation or genuineness of any document or (ii) the
collectability, insurability or effectiveness of any of the Mortgage Loans.

         Section 2.03. REPRESENTATIONS AND WARRANTIES REGARDING THE SELLER, THE
SERVICER, THE DEPOSITOR AND THE MASTER SERVICER.

         (a) The Seller represents and warrants that, as of the Closing Date:

                  (i) The Seller is a corporation licensed as a mortgage banker
         duly organized, validly existing and in good standing under the laws of
         the state of its incorporation and has, and had at all relevant times,
         full corporate power to originate the Mortgage Loans, to own its
         property, to carry on its business as presently conducted and to enter
         into and perform its obligations under this Agreement. The Seller has
         all necessary licenses and is qualified to transact business in and is
         in good standing under the laws of each state where a Mortgaged
         Property is located or is otherwise exempt under applicable law from
         such qualification or is otherwise not required under applicable law to
         effect such qualification and no demand for such qualification has been
         made upon the Seller by any state having jurisdiction;

                  (ii) The execution and delivery of this Agreement by the
         Seller and the Seller's performance of and compliance with the terms of
         this Agreement will not violate the Seller's articles of incorporation
         or by-laws or constitute a default (or an event which, with notice or
         lapse of time or both, would constitute a default) under, or result in
         the breach or acceleration of, any material contract, agreement or
         other instrument to which the Seller is a party or which may be
         applicable to the Seller or any of its assets;

                  (iii) The Seller has the full power and authority to enter
         into and consummate all transactions contemplated by this Agreement to
         be consummated by it, has duly authorized the execution, delivery and
         performance of this Agreement, and has duly executed and delivered this
         Agreement. This Agreement, assuming due authorization, execution and
         delivery by the other parties hereto, constitutes a valid, legal and
         binding obligation of the Seller, enforceable against it in accordance
         with the terms hereof, except as such enforcement may be limited by
         bankruptcy, insolvency, reorganization, receivership, moratorium or
         other similar laws relating to or affecting the rights of creditors
         generally, and by general equity principles (regardless of whether such
         enforcement is considered in a proceeding in equity or at law);

                  (iv) The Seller is not in violation of, and the execution and
         delivery of this Agreement by the Seller and the performance by it and
         compliance with the terms of this Agreement will not constitute a
         violation with respect to, any order or decree of any court or any
         order or regulation of any federal, state, municipal or governmental
         agency having jurisdiction, which violation would materially and
         adversely affect the condition (financial or otherwise) or operations
         of the Seller or any of its properties or materially and adversely
         affect the performance of any of its duties hereunder;

                  (v) There are no actions or proceedings against, or
         investigations of, the Seller pending or, to the knowledge of the
         Seller, threatened, before any court, administrative agency or other
         tribunal (A) that, if determined adversely, would prohibit its entering
         into this Agreement, (B) seeking to prevent the consummation of any of
         the transactions contemplated by this Agreement or (C) that, if
         determined adversely, would prohibit or materially and adversely affect
         the performance by the Seller of any of its obligations under, or the
         validity or enforceability of, this Agreement;

                  (vi) No consent, approval, authorization or order of any court
         or governmental agency or body is required for the execution, delivery
         and performance by the Seller of, or compliance by the Seller with,
         this Agreement, or for the consummation of the transactions
         contemplated by this Agreement, except for such consents, approvals,
         authorizations and orders, if any, that have been obtained prior to the
         Closing Date;

                  (vii) The Seller did not sell the Mortgage Loans to the
         Depositor with any intent to hinder, delay or defraud any of its
         creditors; and the Seller will not be rendered insolvent as a result of
         the sale of the Mortgage Loans to the Depositor;

                  (viii) The Seller acquired title to the Mortgage Loans in good
         faith, without notice of any adverse claim;

                  (ix) The Seller 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 MERS Mortgage Loans for as long
         as such Mortgage Loans are registered with MERS;

                  (x) No Officer's Certificate, statement, report or other
         document prepared by the Seller and furnished or to be furnished by it
         pursuant to this Agreement or in connection with the transactions
         contemplated hereby contains any untrue statement of material fact;

                  (xi) The transfer, assignment and conveyance of the Mortgage
         Notes and the Mortgages by the Seller pursuant to this Agreement are
         not subject to the bulk transfer laws or any similar statutory
         provisions in effect in any applicable jurisdiction;

                  (xii) The transactions contemplated by this Agreement are in
         the ordinary course of business of the Seller; and

                  (xiii) The Seller has caused or hereby agrees to cause to be
         performed any and all acts required to be performed to preserve the
         rights and remedies of the Trustee in any insurance policies applicable
         to the Mortgage Loans, including, without limitation, any necessary
         notifications of insurers, assignments of policies or interests
         therein, and establishments of co-insured, joint loss payee and
         mortgagee rights in favor of the Trustee.

         (b) The Servicer represents and warrants that, as of the Closing Date:

                  (i) The Servicer is a federally chartered savings bank duly
         organized, validly existing and in good standing under the laws of the
         United States and has, and had at all relevant times, full power to
         service the Mortgage Loans, to own its property, to carry on its
         business as presently conducted and to enter into and perform its
         obligations under this Agreement;

                  (ii) The execution and delivery of this Agreement by the
         Servicer and the performance by it of and compliance with the terms of
         this Agreement will not violate the Servicer's charter or by-laws or
         constitute a default (or an event which, with notice or lapse of time
         or both, would constitute a default) under, or result in the breach or
         acceleration of, any material contract, agreement or other instrument
         to which the Servicer is a party or which may be applicable to the
         Servicer or any of its assets;

                  (iii) The Servicer has the full power and authority to enter
         into and consummate all transactions contemplated by this Agreement to
         be consummated by it, has duly authorized the execution, delivery and
         performance of this Agreement, and has duly executed and delivered this
         Agreement. This Agreement, assuming due authorization, execution and
         delivery by the other parties hereto, constitutes a valid, legal and
         binding obligation of the Servicer, enforceable against it in
         accordance with the terms hereof, except as such enforcement may be
         limited by insolvency, reorganization, receivership, moratorium or
         other similar laws relating to or affecting the rights of creditors
         generally or the rights of creditors of insured institutions, and by
         general equity principles (regardless of whether such enforcement is
         considered in a proceeding in equity or at law);

                  (iv) The Servicer is not in violation of, and the execution
         and delivery of this Agreement by the Servicer and the performance by
         it and compliance with the terms of this Agreement will not constitute
         a violation with respect to, any order or decree of any court or any
         order or regulation of any federal, state, municipal or governmental
         agency having jurisdiction, which violation would materially and
         adversely affect the condition (financial or otherwise) or operations
         of the Servicer or any of its properties or materially and adversely
         affect the performance of any of its duties hereunder;

                  (v) There are no actions or proceedings against, or
         investigations of, the Servicer pending or, to the knowledge of the
         Servicer, threatened, before any court, administrative agency or other
         tribunal (A) that, if determined adversely, would prohibit its entering
         into this Agreement, (B) seeking to prevent the consummation of any of
         the transactions contemplated by this Agreement or (C) that, if
         determined adversely, would prohibit or materially and adversely affect
         the performance by the Servicer of any of its obligations under, or the
         validity or enforceability of, this Agreement;

                  (vi) No consent, approval, authorization or order of any court
         or governmental agency or body is required for the execution, delivery
         and performance by the Servicer of, or compliance by the Servicer with,
         this Agreement, or for the consummation of the transactions
         contemplated by this Agreement, except for such consents, approvals,
         authorizations and orders, if any, that have been obtained prior to the
         Closing Date;

                  (vii) No Officer's Certificate, statement, report or other
         document prepared by the Servicer and furnished or to be furnished by
         it pursuant to this Agreement or in connection with the transactions
         contemplated hereby contains any untrue statement of material fact;

                  (viii) The Servicer believes that the Servicing Fee Rate
         provides a reasonable level of base compensation to the Servicer for
         servicing the Mortgage Loans on the terms set forth herein;

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

                  (x) The collection practices used by the Servicer with respect
         to the Mortgage Loans have been, in all material respects, legal,
         proper, prudent and customary in the non-conforming mortgage servicing
         business; and

                  (xi) The 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 MERS Mortgage Loans for as
         long as such Mortgage Loans are registered with MERS.

         (c) The Depositor represents and warrants that, as of the Closing Date:

                  (i) The Depositor is a corporation duly organized, validly
         existing and in good standing under the laws of the state of Delaware
         and has, and had at all relevant times, full power to own its property,
         to carry on its business as presently conducted and to enter into and
         perform its obligations under this Agreement;

                  (ii) The execution and delivery of this Agreement by the
         Depositor and the performance by it of and compliance with the terms of
         this Agreement will not violate the Depositor's charter or by-laws or
         constitute a default (or an event which, with notice or lapse of time
         or both, would constitute a default) under, or result in the breach or
         acceleration of, any material contract, agreement or other instrument
         to which the Depositor is a party or which may be applicable to the
         Depositor or any of its assets;

                  (iii) The Depositor has the full power and authority to enter
         into and consummate all transactions contemplated by this Agreement to
         be consummated by it, has duly authorized the execution, delivery and
         performance of this Agreement, and has duly executed and delivered this
         Agreement. This Agreement, assuming due authorization, execution and
         delivery by the other parties hereto, constitutes a valid, legal and
         binding obligation of the Depositor, enforceable against it in
         accordance with the terms hereof, except as such enforcement may be
         limited by insolvency, reorganization, receivership, moratorium or
         other similar laws relating to or affecting the rights of creditors
         generally, and by general equity principles (regardless of whether such
         enforcement is considered in a proceeding in equity or at law);

                  (iv) The Depositor is not in violation of, and the execution
         and delivery of this Agreement by the Depositor and the performance by
         it and compliance with the terms of this Agreement will not constitute
         a violation with respect to, any order or decree of any court or any
         order or regulation of any federal, state, municipal or governmental
         agency having jurisdiction, which violation would materially and
         adversely affect the condition (financial or otherwise) or operations
         of the Depositor or any of its properties or materially and adversely
         affect the performance of any of its duties hereunder;

                  (v) There are no actions or proceedings against, or
         investigations of, the Depositor pending or, to the knowledge of the
         Depositor, threatened, before any court, administrative agency or other
         tribunal (A) that, if determined adversely, would prohibit its entering
         into this Agreement, (B) seeking to prevent the consummation of any of
         the transactions contemplated by this Agreement or (C) that, if
         determined adversely, would prohibit or materially and adversely affect
         the performance by the Depositor of any of its obligations under, or
         the validity or enforceability of, this Agreement;

                  (vi) No consent, approval, authorization or order of any court
         or governmental agency or body is required for the execution, delivery
         and performance by the Depositor of, or compliance by the Depositor
         with, this Agreement, or for the consummation of the transactions
         contemplated by this Agreement, except for such consents, approvals,
         authorizations and orders, if any, that have been obtained prior to the
         Closing Date;

                  (vii) With respect to each Mortgage Loan and following the
         transfer of the Mortgage Loans to it by the Seller, the Depositor had
         good title to the Mortgage Loans and the Mortgage Notes were subject to
         no offsets, defenses or counterclaims; and

                  (viii) The Depositor did not sell the Mortgage Loans to the
         Trust with any intent to hinder, delay or defraud any of its creditors;
         and the Depositor will not be rendered insolvent as a result of the
         sale of the Mortgage Loans to the Trust.

         (d) The Master Servicer represents and warrants that, as of the Closing
Date:

                  (i) The Master Servicer is a national banking association duly
         organized, validly existing and in good standing under the laws of the
         United States and has, and had at all relevant times, full power to
         master service the Mortgage Loans, to own its property, to carry on its
         business as presently conducted and to enter into and perform its
         obligations under this Agreement;

                  (ii) The execution and delivery of this Agreement by the
         Master Servicer and the performance by it of and compliance with the
         terms of this Agreement will not violate the Master Servicer's charter
         or by-laws or constitute a default (or an event which, with notice or
         lapse of time or both, would constitute a default) under, or result in
         the breach or acceleration 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) The Master Servicer has the full power and authority to
         enter into and consummate all transactions contemplated by this
         Agreement to be consummated by it, has duly authorized the execution,
         delivery and performance of this Agreement, and has duly executed and
         delivered this Agreement. This Agreement, assuming due authorization,
         execution and delivery by the other parties hereto, constitutes a
         valid, legal and binding obligation of the Master Servicer, enforceable
         against it in accordance with the terms hereof, except as such
         enforcement may be limited by insolvency, reorganization, receivership,
         moratorium or other similar laws relating to or affecting the rights of
         creditors generally or the rights of creditors of insured institutions,
         and by general equity principles (regardless of whether such
         enforcement is considered in a proceeding in equity or at law);

                  (iv) The Master Servicer is not in violation of, and the
         execution and delivery of this Agreement by the Master Servicer and the
         performance by it and compliance with the terms of this Agreement will
         not constitute a violation with respect to, any order or decree of any
         court or any order or regulation of any federal, state, municipal or
         governmental agency having jurisdiction, which violation would
         materially and adversely affect the condition (financial or otherwise)
         or operations of the Master Servicer or any of its properties or
         materially and adversely affect the performance of any of its duties
         hereunder;

                  (v) There are no actions or proceedings against, or
         investigations of, the Master Servicer pending or, to the knowledge of
         the Master Servicer, threatened, before any court, administrative
         agency or other tribunal (A) that, if determined adversely, would
         prohibit its entering into this Agreement, (B) seeking to prevent the
         consummation of any of the transactions contemplated by this Agreement
         or (C) that, if determined adversely, would prohibit or materially and
         adversely affect the performance by the Master Servicer of any of its
         obligations under, or the validity or enforceability of, this
         Agreement;

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

                  (vii) No Officer's Certificate, statement, report or other
         document prepared by the Master Servicer and furnished or to be
         furnished by it pursuant to this Agreement or in connection with the
         transactions contemplated hereby contains any untrue statement of
         material fact; and

                  (viii) The transactions contemplated by this Agreement are in
         the ordinary course of business of the Master Servicer.

         (e) The representations and warranties set forth in this Section 2.03
shall survive the sale and assignment of the Mortgage Loans to the Trust. Upon
discovery of a breach of any representations and warranties which materially and
adversely affects the interests of the Certificateholders, the Person
discovering such breach shall give prompt written notice to the other parties.
Within sixty (60) days of its discovery or its receipt of notice of such breach,
or, with the prior written consent of a Responsible Officer of the Trustee or
the Securities Administrator, such longer period specified in such consent, the
Seller, the Depositor, the Master Servicer or the Servicer, as the case may be,
shall cure such breach in all material respects.

         Section 2.04. REPRESENTATIONS AND WARRANTIES OF THE SELLER REGARDING
THE MORTGAGE LOANS.

         (a) The Seller represents and warrants to the Servicer, Depositor, the
Master Servicer, the Securities Administrator and the Trustee on behalf of the
Certificateholders as follows as of the Closing Date:

                  1.       The information set forth on the Mortgage Loan
                           Schedule and the Prepayment Charge Schedule is
                           complete, true and correct as of the dates as of
                           which the information therein is given;

                  2.       The Mortgage Notes and the Mortgages have not been
                           assigned or pledged by the Seller to any Person other
                           than warehouse lenders, and immediately prior to the
                           transactions herein contemplated, the Seller had good
                           and marketable title thereto, and was the sole owner
                           and holder of the Mortgage Loans free and clear of
                           any and all liens, claims, encumbrances,
                           participation interests, equities, pledges, charges
                           or security interests of any nature (collectively, a
                           "Lien"), other than any such Lien released
                           simultaneously with the sale contemplated herein, and
                           had full right and authority, subject to no interest
                           or participation of, or agreement with, any other
                           party, to sell and assign the same pursuant to this
                           Agreement, and immediately upon the transfer and
                           assignment of each Mortgage Loan as contemplated by
                           this Agreement, the Trust will be the sole beneficial
                           owner of, each Mortgage Loan free and clear of any
                           lien, claim, participation interest, mortgage,
                           security interest, pledge, charge or other
                           encumbrance or other interest of any nature;

                  3.       With respect to any Mortgage Loan that is not a
                           Cooperative Loan, each Mortgage is a valid and
                           existing lien on the property therein described, and
                           each Mortgaged Property is free and clear of all
                           encumbrances and liens having priority over the lien
                           of the Mortgage, except (i) liens for real estate
                           taxes and special assessments not yet due and
                           payable, (ii) covenants, conditions and restrictions,
                           rights of way, easements and other matters of public
                           record as of the date of recording such Mortgage,
                           such exceptions appearing of record being acceptable
                           to mortgage lending institutions generally or
                           specifically reflected in the appraisal made in
                           connection with the origination of the related
                           Mortgage Loan, (iii) other matters to which like
                           properties are commonly subject which do not
                           materially interfere with the benefits of the
                           security intended to be provided by such Mortgage,
                           (iv) in the case of a Mortgaged Property that is a
                           condominium or an individual unit in a planned unit
                           development, liens for common charges permitted by
                           statute and (v) in the case of a Mortgage Loan
                           secured by a second lien on the related Mortgaged
                           Property, the related First Lien. Any security
                           agreement, chattel mortgage or equivalent document
                           related to the Mortgage and delivered to the Trustee
                           or the Custodian on behalf of the Trustee establishes
                           in the Seller a valid and subsisting lien on the
                           property described therein, and the Seller has full
                           right to sell and assign the same to the Trust;

                  4.       The terms of each Mortgage Note and Mortgage have not
                           been impaired, altered or modified in any respect,
                           except by a written instrument which has been
                           recorded, if necessary to protect the interests of
                           the Trust, and which has been delivered to the
                           Trustee or the Custodian on behalf of the Trustee.
                           The substance of any such alteration or modification
                           is reflected on the Mortgage Loan Schedule;

                  5.       No instrument of release or waiver has been executed
                           in connection with any Mortgage Loan, and no
                           Mortgagor has been released, in whole or in part,
                           except in connection with an assumption agreement
                           which has been approved by the primary mortgage
                           guaranty insurer, if any, and which has been
                           delivered to the Trustee or the Custodian on behalf
                           of the Trustee;

                  6.       Except with respect to delinquencies described in
                           clause (12) hereof, no Mortgagor is in default in
                           complying with the terms of its Mortgage Note or
                           Mortgage, and the Seller has not waived any default,
                           breach, violation or event of acceleration except
                           that the Seller may have accepted late payments, and
                           all taxes, governmental assessments, insurance
                           premiums or water, sewer and municipal charges which
                           previously became due and owing have been paid, or an
                           escrow of funds has been established in an amount
                           sufficient to pay for every such item which remains
                           unpaid and which has been assessed but is not yet due
                           and payable. The Seller has not advanced funds or
                           induced, solicited or knowingly received any advance
                           of funds by a party other than the Mortgagor,
                           directly or indirectly, for the payment of any amount
                           required by the Mortgage, except for interest
                           accruing from the date of the Mortgage Note or date
                           of disbursement of the Mortgage proceeds, whichever
                           is more recent, to the day which precedes by one (1)
                           month the Due Date of the first installment of
                           principal and interest;

                  7.       There is no proceeding pending or threatened for the
                           total or partial condemnation of any Mortgaged
                           Property, nor is such a proceeding currently
                           occurring, and such property is undamaged by waste,
                           fire, earthquake or earth movement, windstorm, flood,
                           tornado or otherwise, so as to affect adversely the
                           value of the Mortgaged Property as security for the
                           Mortgage Loan or the use for which the premises were
                           intended;

                  8.       There are no mechanics' or similar liens or claims
                           which have been filed for work, labor or material
                           (and no rights are outstanding that under law could
                           give rise to such lien) affecting any Mortgaged
                           Property which are, or may be, liens prior or equal
                           to, or coordinate with, the lien of the Mortgage
                           except those that are stated in the title insurance
                           policy and for which related losses are affirmatively
                           insured against by such policy;

                  9.       All of the improvements that were included for the
                           purpose of determining the Appraised Value of each
                           Mortgaged Property lie wholly within the boundaries
                           and building restriction lines of such property, and
                           no improvements on adjoining properties encroach upon
                           the Mortgaged Property except those that are stated
                           in the title insurance policy and for which related
                           losses are affirmatively insured against by such
                           policy;

                  10.      No improvement located on or being part of any
                           Mortgaged Property is in violation of any applicable
                           zoning law or regulation. All inspections, licenses
                           and certificates required to be made or issued with
                           respect to all occupied portions of the Mortgaged
                           Property and, with respect to the use and occupancy
                           of the same, including, but not limited to,
                           certificates of occupancy and fire underwriting
                           certificates, have been made or obtained from the
                           appropriate authorities and the Mortgaged Property is
                           lawfully occupied under applicable law;

                  11.      All parties that have had any interest in any
                           Mortgage Loan, whether as mortgagee, assignee,
                           pledgee or otherwise, are (or, during the period in
                           which they held and disposed of such interest, were)
                           (1) in compliance with any and all licensing
                           requirements of the United States and of the laws of
                           the state wherein the Mortgaged Property is located
                           that are applicable to such parties and (2)(A)
                           organized under the laws of such state or (B)
                           qualified to do business in such state or exempt from
                           such qualification in a manner so as not to affect
                           adversely the enforceability of such Mortgage Loan or
                           (C) federal savings and loan associations or national
                           banks having principal offices in such state or (D)
                           not doing business in such state;

                  12.      With respect to the Mortgage Loans, as of the Cut-Off
                           Date, (i) all payments required to be made on each
                           Mortgage Loan under the terms of the related Mortgage
                           Note have been made and none of the Mortgage Loans
                           (by Cut-Off Date Pool Balance) are 31 or more days
                           delinquent, and (ii) no payment required to be made
                           on any Mortgage Loan has been more than 30 to 59 days
                           delinquent more than once during the twelve (12)
                           month period immediately preceding the Cut-Off Date;

                  13.      Each of the documents and instruments included in a
                           Mortgage File is duly executed and in due and proper
                           form and each such document or instrument is in a
                           form generally acceptable to prudent institutional
                           mortgage lenders that regularly originate or purchase
                           mortgage loans;

                  14.      The Mortgage Notes and the related Mortgages are
                           genuine, and each is the legal, valid and binding
                           obligation of the maker thereof, enforceable in
                           accordance with its terms, except as such enforcement
                           may be limited by bankruptcy, insolvency,
                           reorganization, receivership, moratorium or other
                           similar laws relating to or affecting the rights of
                           creditors generally, and by general equity principles
                           (regardless of whether such enforcement is considered
                           in a proceeding in equity or at law). All parties to
                           the Mortgage Note and the Mortgage had legal capacity
                           to execute the Mortgage Note and the Mortgage, and
                           each Mortgage Note and Mortgage have been duly and
                           properly executed by such parties. The Mortgagor is a
                           natural person who is a party to the Mortgage Note
                           and the Mortgage in an individual capacity, and not
                           in the capacity of a trustee or otherwise;

                  15.      Any and all requirements of any federal, state or
                           local law, including, without limitation, usury,
                           truth-in-lending, real estate settlement procedures,
                           consumer credit protection, equal credit opportunity
                           or disclosure laws, applicable to the origination and
                           servicing of the Mortgage Loans or otherwise
                           applicable to the Mortgage Loans have been complied
                           with, and the Seller has and shall maintain in its
                           possession, available for the Trustee's inspection,
                           and shall deliver to the Trustee upon demand,
                           evidence of compliance with all such requirements;

                  16.      Except for Escrow Repair Loans, the proceeds of the
                           Mortgage Loans have been fully disbursed, there is no
                           requirement for future advances thereunder and any
                           and all requirements as to completion of any on-site
                           or off-site improvements and as to disbursements of
                           any escrow funds therefor have been complied with.
                           All costs, fees and expenses incurred in making,
                           closing or recording the Mortgage Loan have been
                           paid;

                  17.      Each Mortgage Loan is covered by an ALTA mortgage
                           title insurance policy or such other form of policy
                           acceptable to Fannie Mae or Freddie Mac, issued by
                           and constituting the valid and binding obligation of
                           a title insurer generally acceptable to prudent
                           mortgage lenders that regularly originate or purchase
                           mortgage loans comparable to the Mortgage Loans for
                           sale to prudent investors in the secondary market
                           that invest in mortgage loans such as the Mortgage
                           Loans and qualified to do business in the
                           jurisdiction where the Mortgaged Property is located,
                           insuring the Seller, its successors and assigns, as
                           to the first priority lien of the Mortgage in the
                           case of a Mortgage Loan secured by a First Lien on
                           the related Mortgaged Property and the second
                           priority lien of the Mortgage in the case of a
                           Mortgage Loan secured by a second lien on the related
                           Mortgaged Property, in the original principal amount
                           of the Mortgage Loan. The Seller is the sole named
                           insured of such mortgage title insurance policy, the
                           assignment to the Trustee of the Seller's interest in
                           such mortgage title insurance policy does not require
                           the consent of or notification to the insurer or the
                           same has been obtained, and such mortgage title
                           insurance policy is in full force and effect and will
                           be in full force and effect and inure to the benefit
                           of the Trustee upon the consummation of the
                           transactions contemplated by this Agreement. No
                           claims have been made under such mortgage title
                           insurance policy and no prior holder of the related
                           Mortgage, including the Seller, has done, by act or
                           omission, anything that would impair the coverage of
                           such mortgage title insurance policy;

                  18.      All improvements upon the Mortgaged Properties are
                           insured by a generally acceptable insurer against
                           loss by fire, hazards of extended coverage and such
                           other hazards as are customary in the area where the
                           Mortgaged Property is located pursuant to insurance
                           policies conforming to the requirements of this
                           Agreement. If a Mortgaged Property was, at the time
                           of origination of the related Mortgage Loan, in an
                           area identified on a Flood Hazard Boundary Map or
                           Flood Hazard Rate Map issued by the Federal Emergency
                           Management Agency as having special flood hazards
                           (and if the flood insurance policy referenced herein
                           has been made available), a flood insurance policy is
                           in effect with respect to such Mortgaged Property
                           with a generally acceptable carrier in an amount
                           representing coverage described in this Agreement.
                           All individual insurance policies (collectively, the
                           "hazard insurance policy") are the valid and binding
                           obligation of the insurer and contain a standard
                           mortgagee clause naming the Seller, its successors
                           and assigns, as mortgagee. All premiums thereon have
                           been paid. The Mortgage obligates the Mortgagor
                           thereunder to maintain all such insurance at the
                           Mortgagor's cost and expense, and upon the
                           Mortgagor's failure to do so, authorizes the holder
                           of the Mortgage to obtain and maintain such insurance
                           at the Mortgagor's cost and expense and to seek
                           reimbursement therefor from the Mortgagor;

                  19.      No Mortgage Loan is subject to any right of
                           rescission, set-off, counterclaim or defense,
                           including the defense of usury, nor will the
                           operation of any of the terms of any Mortgage Note or
                           the related Mortgage, or the exercise of any right
                           thereunder in accordance with the terms thereof,
                           render either the Mortgage Note or the Mortgage
                           unenforceable, in whole or in part, or subject to any
                           right of rescission, set-off, counterclaim or
                           defense, including the defense of usury, and no such
                           right of rescission, set-off, counterclaim or defense
                           has been asserted with respect thereto;

                  20.      Each Mortgage Loan was originated or purchased and
                           reunderwritten by the Seller;

                  21.      Each Mortgage Loan is payable in Monthly Payments
                           which would be sufficient, in the absence of late
                           payments, to fully amortize such loan within the term
                           thereof, beginning no later than sixty (60) days
                           after disbursement of the proceeds of the Mortgage
                           Loan. With the exception of no more than 1% of the
                           Mortgage Loans which have interest rates that may be
                           reduced if the related Mortgagor makes timely
                           payments on such Mortgage Loan, each Mortgage Loan
                           bears a fixed interest rate for the term of the
                           Mortgage Loan or an adjustable-interest rate based on
                           the related Loan Index;

                  22.      Each Mortgage contains a customary provision for the
                           acceleration of the payment of the unpaid principal
                           balance of the Mortgage Loan in the event the related
                           Mortgaged Property is sold without the prior consent
                           of the holder thereunder;

                  23.      No Mortgage Loan is a construction loan;

                  24.      The Mortgage Notes are not and have not been secured
                           by any collateral, pledged account or other security
                           except the lien of the corresponding Mortgage and the
                           security interest of any applicable security
                           agreement or chattel mortgage referred to in clause
                           (3) above;

                  25.      Each Mortgage contains customary and enforceable
                           provisions which render the rights and remedies of
                           the holder thereof adequate for the realization
                           against the Mortgaged Property of the benefits of the
                           security, including (i) in the case of a Mortgage
                           designated as a deed of trust, by trustee's sale and
                           (ii) otherwise by judicial or nonjudicial
                           foreclosure. There is no homestead or other exemption
                           available to the Mortgagor that would interfere with
                           the right to sell the Mortgaged Property at a
                           trustee's sale or the right to foreclose the
                           Mortgage;

                  26.      With respect to each Mortgage constituting a deed of
                           trust, a trustee, duly qualified under applicable law
                           to serve as such, has been properly designated and
                           currently so serves and is named in such Mortgage,
                           and no fees or expenses are or will become payable by
                           the Trustee or the Certificateholders to the trustee
                           under the deed of trust, except in connection with a
                           trustee's sale after default by the Mortgagor, which
                           fees and expenses shall constitute Servicing
                           Advances; 27. Each Mortgaged Property is located in
                           the state identified in the Mortgage Loan Schedule.
                           No residence or dwelling is a manufactured dwelling
                           that is not treated as real property under local law.
                           No Mortgaged Properties are held under a ground
                           lease;

                  28.      The Mortgage Loans were underwritten in accordance
                           with the Seller's underwriting guidelines described
                           in the Prospectus under the heading "The Seller--Loan
                           Underwriting";

                  29.      There exist no deficiencies with respect to escrow
                           deposits and payments, if such are required, for
                           which customary arrangements for repayment thereof
                           have not been made, and no escrow deposits or
                           payments of other charges or payments due the Seller
                           have been capitalized under any Mortgage or the
                           related Mortgage Note;

                  30.      No Mortgage Loan was originated under a buy-down
                           plan;

                  31.      Other than as provided by this Agreement, there is no
                           obligation on the part of the Seller or any other
                           party to make payments in addition to those made by
                           the Mortgagors;

                  32.      With respect to each Mortgage Loan, the Seller is in
                           possession of a complete Mortgage File, except those
                           documents delivered to the Trustee or Custodian on
                           behalf of the Trustee, and there are no custodial
                           agreements in effect adversely affecting the right or
                           ability of the Seller to make the document deliveries
                           required hereby;

                  33.      No Mortgage Loan was selected for inclusion under
                           this Agreement on any basis which was intended to
                           have a material adverse effect on the
                           Certificateholders;

                  34.      No Mortgage Loan has a shared appreciation or other
                           contingent interest feature;

                  35.      With respect to each Mortgage Loan secured by a
                           second lien on the related Mortgaged Property:

                                    (a) the related First Lien does not provide
                           for negative amortization; and

                                    (b) either no consent for the Mortgage Loan
                           secured by a second lien on the related Mortgaged
                           Property is required by the holder of the related
                           First Lien or such consent has been obtained and is
                           contained in the Mortgage File;

                  36.      Each Mortgage Loan conforms, and all the Mortgage
                           Loans in the aggregate conform, in all material
                           respects to the description thereof set forth in the
                           Prospectus Supplement;

                  37.      A full appraisal on forms approved by Fannie Mae or
                           Freddie Mac or on a report of an insured automated
                           valuation model of the related Mortgaged Property was
                           performed in connection with the origination of each
                           Mortgage Loan. Each appraisal or insured automation
                           valuation model report meets guidelines that would be
                           generally acceptable to prudent mortgage lenders that
                           regularly originate or purchase mortgage loans
                           comparable to the Mortgage Loans for sale to prudent
                           investors in the secondary market that invest in
                           mortgage loans such as the Mortgage Loans;

                  38.      To the best of the Seller's knowledge, no Mortgaged
                           Property was, as of the related Cut-Off Date, located
                           within a one-mile radius of any site listed in the
                           National Priorities List as defined under the
                           Comprehensive Environmental Response, Compensation
                           and Liability Act of 1980, as amended, or on any
                           similar state list of hazardous waste sites which are
                           known to contain any hazardous substance or hazardous
                           waste;

                  39.      None of the Mortgage Loans are subject to a
                           bankruptcy proceeding;

                  40.      No more than [o]%,[o]%, and [o]% of the Cut-Off Date
                           Pool Balance relates to Mortgage Loans originated or
                           purchased under the Seller's limited documentation
                           program, non-income verification program for
                           self-employed borrowers or stated income program,
                           respectively;

                  41.      Each Mortgage Loan constitutes a "qualified mortgage"
                           within the meaning of Section 860G(a)(3) of the Code;

                  42.      Each Cooperative Loan is secured by a valid,
                           subsisting and enforceable perfected first lien and
                           security interest in the related Mortgaged Property,
                           subject only to (i) the rights of the Cooperative
                           Corporation to collect Maintenance and assessments
                           from the Mortgagor, (ii) the lien of the Blanket
                           Mortgage, if any, on the Cooperative Property and of
                           real property taxes, water and sewer charges, rents
                           and assessments on the Cooperative Property not yet
                           due and payable, and (iii) other matters to which
                           like Cooperative Units are commonly subject which do
                           not materially interfere with the benefits of the
                           security intended to be provided by the Security
                           Agreement or the use, enjoyment, value or
                           marketability of the Cooperative Unit. Each original
                           UCC financing statement, continuation statement or
                           other governmental filing or recordation necessary to
                           create or preserve the perfection and priority of the
                           first priority lien and security interest in the
                           Cooperative Shares and Proprietary Lease has been
                           timely and properly made. Any security agreement,
                           chattel mortgage or equivalent document related to
                           the Cooperative Loan and delivered to the Seller or
                           its designee establishes in the Seller a valid and
                           subsisting perfected first lien on and security
                           interest in the property described therein, and the
                           Seller has full right to sell and assign the same;

                  43.      Each Cooperative Corporation qualifies as a
                           "cooperative housing corporation" as defined in
                           Section 216 of the Code;

                  44.      Each adjustable-rate Mortgage Loan is secured by a
                           first lien, and each fixed-rate Mortgage Loan is
                           secured by a first or second lien;

                  45.      Each Mortgage Loan that currently bears a fixed rate
                           of interest, will bear such fixed rate of interest
                           for the life of the Mortgage Loan;

                  46.      Each Mortgage Loan will comply with the undertakings
                           in, and no Mortgage Loan will be subject to the
                           requirement for retrospective relief pursuant to,
                           either (a) the Stipulated Order on Consent, dated as
                           of September 17, 1999, among Delta Funding
                           Corporation, Delta Financial Corporation and the
                           Office of the Attorney General of the State of New
                           York or (b) the Remediation Agreement, dated as of
                           September 17, 1999, between Delta Funding Corporation
                           and the Banking Department of the State of New York;

                  47.      No Mortgage Loan was subject to (i) the Home
                           Ownership and Equity Protection Act of 1994, (ii) the
                           regulations promulgated by the New York State Banking
                           Department (3 NYCRR Part 41), or (iii) except as set
                           forth in clause (48) below, any other comparable
                           regulations or legislation enacted by any other State
                           or regulatory body;

                  48.      Any Mortgage Loan that is subject to the regulations
                           promulgated by the Illinois Office of Banks and Real
                           Estate and the Department of Financial Institutions
                           (Title 38 Chapter II Section 1050.155) or the
                           regulations promulgated by the Vermont Commissioner
                           of Banking (Vermont Stat. Ann. Title 9, Subsection
                           104, Reg. B-98-2) is in full compliance therewith as
                           of the Closing Date;

                  49.      With respect to each Mortgage Loan that has a
                           Prepayment Charge feature, each such Prepayment
                           Charge is enforceable and each Prepayment Charge is
                           permitted pursuant to applicable federal, state and
                           local law, subject to federal preemption where
                           applicable;

                  50.      Each Mortgage Loan at the time it was made complied
                           in all material respects with applicable local, state
                           and federal laws, including, but not limited to, all
                           applicable high cost (e.g., predatory and abusive)
                           lending laws;

                  51.      Each Mortgage Loan in Loan Group II bears interest at
                           a fixed rate for the life of the Mortgage Loan; and

                  52.      No Mortgage Loan is a High Cost Home Loan and no
                           Mortgage Loan originated on or after October 1, 2002
                           through March 6, 2003 is governed by the Georgia Fair
                           Lending Act.

                                    (b) It is understood and agreed that the
                           representations and warranties set forth in this
                           Section 2.04 shall survive delivery of the respective
                           Mortgage Files to the Trustee or the Custodian on
                           behalf of the Trustee and the termination of the
                           rights and obligations of the Servicer pursuant to
                           Section 7.04 or 8.01. Upon discovery by the Seller,
                           the Depositor, the Servicer, the Master Servicer or a
                           Responsible Officer of the Trustee or the Securities
                           Administrator of a breach of any of the foregoing
                           representations and warranties, which materially and
                           adversely affects the value of, or the interests of
                           the Trust or the Certificateholders in, the related
                           Mortgage Loan, the party discovering such breach
                           shall give prompt written notice to the other
                           parties. Within sixty (60) days of its discovery or
                           its receipt of notice of breach, the Seller shall use
                           all reasonable efforts to cure such breach in all
                           material respects or shall purchase such Mortgage
                           Loan from the Trust or substitute an Eligible
                           Substitute Mortgage Loan as provided in Section 2.05
                           for such Mortgage Loan. Any such purchase by the
                           Seller shall be at the Purchase Price, and in each
                           case shall be accomplished in the manner set forth in
                           Section 2.02. The Trustee shall enforce the Seller's
                           obligations under this subparagraph. It is understood
                           and agreed that the obligation of the Seller to cure,
                           substitute or purchase any Mortgage Loan as to which
                           such a breach has occurred and is continuing shall
                           constitute the sole remedy against the Seller
                           respecting such breach available to the Servicer (in
                           its role as such), the Master Servicer (in its role
                           as such), the Certificateholders, the Securities
                           Administrator or the Trustee on behalf of
                           Certificateholders. In addition, on any Distribution
                           Date the Seller may, at its option, repurchase
                           Mortgage Loans from the Trust (which such Mortgage
                           Loans shall not be adversely selected), provided that
                           such option shall terminate after the Seller has
                           repurchased Mortgage Loans in the aggregate amount of
                           1% of the Cut-off Date Pool Balance. Any such
                           repurchase by the Seller shall be at the Purchase
                           Price, and in each case shall be accomplished in the
                           manner set forth in Section 2.02. An Officer's
                           Certificate and Opinion of Counsel to the effect set
                           forth in Section 2.05(d) shall be delivered to the
                           Trustee and the Securities Administrator in
                           connection with any purchase or repurchase pursuant
                           to this paragraph (b).

                                    Section 2.05. SUBSTITUTION OF MORTGAGE
                           LOANS.

         (a) On a Determination Date within two (2) years following the Closing
Date and which is on or before the date on which the Seller would otherwise be
required to repurchase a Mortgage Loan under Section 2.02 or 2.04, the Seller
may deliver to the Trustee or the Custodian on behalf of the Trustee one or more
Eligible Substitute Mortgage Loans in substitution for any one or more of the
Defective Mortgage Loans which the Seller would otherwise be required to
repurchase pursuant to Section 2.02 or 2.04.

         (b) The Seller shall notify the Servicer, the Master Servicer, the
Securities Administrator and the Trustee in writing not less than five (5)
Business Days before the related Determination Date which is on or before the
date on which the Seller would otherwise be required to repurchase such Mortgage
Loan pursuant to Section 2.02 or 2.04 of its intention to effect a substitution
under this Section 2.05. On such Determination Date (the "Substitution Date"),
the Seller shall deliver to the Trustee or the Custodian on behalf of the
Trustee (1) the Eligible Substitute Mortgage Loans to be substituted for the
Defective Mortgage Loans, (2) a list of the Defective Mortgage Loans to be
substituted for by such Eligible Substitute Mortgage Loans, (3) an Officer's
Certificate (A) stating that the aggregate Principal Balance of all Eligible
Substitute Mortgage Loans (determined with respect to each Eligible Substitute
Mortgage Loan as of the Determination Date on which it was substituted)
including the principal balance of Eligible Substitute Mortgage Loans being
substituted on such Determination Date does not exceed an amount equal to 5% of
the aggregate Original Class Principal Balance as of the Closing Date, (B)
stating that all conditions precedent to such substitution specified in
subsection (a) have been satisfied and attaching as an exhibit a supplemental
Mortgage Loan schedule (the "Supplemental Mortgage Loan Schedule") setting forth
the same type of information as appears on the Mortgage Loan Schedule and
representing as to the accuracy thereof and (C) confirming that the
representations and warranties contained in Section 2.04 are true and correct in
all material respects with respect to the Substitute Mortgage Loans on and as of
such Determination Date, PROVIDED that remedies for the inaccuracy of such
representations are limited as set forth in Sections 2.02, 2.04 and this Section
2.05, (4) an Opinion of Counsel to the effect set forth below and (5) a
certificate stating that cash in the amount of the related Substitution
Adjustment, if any, has been delivered to the Servicer for deposit in the
Collection Account. Upon receipt of the foregoing, the Trustee or the Custodian
on behalf of the Trustee shall release such Defective Mortgage Loans to the
Seller.

         (c) Concurrently with the satisfaction of the conditions set forth in
Sections 2.05(a) and (b) above and the transfer of such Eligible Substitute
Mortgage Loans to the Trustee pursuant to Section 2.05(a), Exhibit C to this
Agreement shall be deemed to be amended to exclude all Mortgage Loans being
replaced by such Eligible Substitute Mortgage Loans and to include the
information set forth on the Supplemental Mortgage Loan Schedule with respect to
such Eligible Substitute Mortgage Loans, and all references in this Agreement to
Mortgage Loans shall include such Eligible Substitute Mortgage Loans and be
deemed to be made on or after the related Substitution Date, as the case may be,
as to such Eligible Substitute Mortgage Loans.

         (d) In connection with any Mortgage Loan that the Seller is required to
purchase or replace, or any Mortgage Loan that the Seller elects to repurchase
pursuant to Section 2.04(b), the Seller shall deliver to the Trustee and the
Securities Administrator an Opinion of Counsel to the effect that such purchase,
replacement or repurchase will not cause (x) any federal tax to be imposed on
the Trust, including, without limitation, any Federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the start-up day" under Section 860G(d)(1) of the Code or (y) any portion of any
REMIC to fail to qualify as a REMIC at any time that any Certificate is
outstanding. In the event that such opinion indicates that a purchase,
replacement or repurchase will result in the imposition of a prohibited
transaction tax, give rise to net taxable income or be deemed a contribution to
a REMIC after its Startup Day, the Seller shall not be required to purchase,
replace or repurchase any such Mortgage Loan unless and until the Servicer has
determined and given the Seller, the Master Servicer, the Securities
Administrator and the Trustee written notice that there is an actual or imminent
default with respect thereto or that such defect or breach adversely affects the
enforceability of such Mortgage Loan.

         Section 2.06. EXECUTION AND AUTHENTICATION OF CERTIFICATES. The
Securities Administrator on behalf of the Trust shall cause to be executed,
authenticated and delivered on the Closing Date to or upon the order of the
Seller, in exchange for the Mortgage Loans, concurrently with the sale,
assignment and conveyance to the Trustee of the Mortgage Loans, each Class of
Certificates in authorized denominations or Percentage Interests, together
evidencing the ownership of the entire Trust.

         Section 2.07. DESIGNATION OF INTERESTS IN REMICS.

         (a) The Trustee shall elect that each of REMIC I and REMIC II (which,
together with the Net Rate Cap Fund, the Prepayment Charges and the Group I
Interest Rate Cap Agreement constitute the Trust) be treated as a REMIC under
Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement
or in the administration of this Agreement shall be resolved in a manner that
preserves the validity of such REMIC elections. The assets of REMIC II shall
include the Mortgage Loans (net of the Prepayment Charges), the Accounts (other
than the Net Rate Cap Fund and the Group I Interest Rate Cap Agreement), any REO
Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as
defined below) shall constitute the assets of REMIC I. The Prepayment Charges,
the Net Rate Cap Fund and the Group I Interest Rate Cap Agreement shall not be
assets of any REMIC.

         (b) The following table sets forth (or describes) the class
designation, interest rate, and initial principal amount for each class of REMIC
II Interests. Each such class, other than the Class R-2, is hereby designated as
a class of regular interests in REMIC II (the "REMIC II Regular Interests"), and
Class R-2 is hereby designated as the sole class of residual interest in REMIC
II, for purposes of the REMIC Provisions. Only Class R-2 shall be certificated
and the other classes shall be uncertificated and shall be held as assets of
REMIC I.

         REMIC II

<PAGE>

                       REMIC II         INITIAL CLASS        CORRESPONDING CLASS
CLASS DESIGNATION    INTEREST RATE     PRINCIPAL AMOUNT        OF CERTIFICATES
-----------------    -------------     ----------------      ------------------
Class II-AV-1                                                    Class AV-1
Class II-AV-2                                                    Class AV-2
Class II-AV-3                                                    Class AV-3
Class II-MV-1                                                    Class MV-1
Class II-MV-2                                                    Class MV-2
Class II-MV-3                                                    Class MV-3
Class II-MV-4                                                    Class MV-4
Class II-AF-1                                                    Class AF-1
Class II-AF-2                                                    Class AF-2
Class II-AF-3                                                    Class AF-3
Class II-AF-4                                                    Class AF-4
Class II-AF-5                                                    Class AF-5
Class II-AF-6                                                    Class AF-6
Class II-MF-1                                                    Class MF-1
Class II-MF-2                                                    Class MF-2
Class II-MF-3                                                    Class MF-3
Class II-MF-4                                                    Class MF-4
Class II-MF-5                                                    Class MF-5
Class II-MF-6                                                    Class MF-6
Class II-MF-7                                                    Class MF-7
Class II-MF-8                                                    Class MF-8
Class II-MF-9                                                    Class MF-9
Class II-Q                                                       N/A
Class II-AV-Pool                                                 N/A
Class II-AF-Pool                                                 N/A
Class R-2                                                        N/A

---------------------------
(1)      The interest rate with respect to any Distribution Date (and the
         related Interest Period) for each of these REMIC II Regular Interests
         is a per annum rate equal to the weighted average Net Loan Rate of the
         Mortgage Loans in Loan Group I, provided that the Net Loan Rate of any
         Mortgage Loan will be treated as being zero for such Distribution Date
         if the interest payment on such Mortgage Loan, even if received timely,
         would not be distributed on such Distribution Date.

(2)      The interest rate with respect to any Distribution Date (and the
         related Interest Period) for each of these REMIC II Regular Interests
         is a per annum rate equal to the weighted average Net Loan Rate of the
         Mortgage Loans in Loan Group II, provided that the Net Loan Rate of any
         Mortgage Loan will be treated as being zero for such Distribution Date
         if the interest payment on such Mortgage Loan, even if received timely,
         would not be distributed on such Distribution Date.

(3)      The interest rate with respect to any Distribution Date (and the
         related Interest Period) for this REMIC II Regular Interest is a per
         annum rate equal to the weighted average Net Loan Rate of the Mortgage
         Loans, provided that the Net Loan Rate any Mortgage Loan will be
         treated as being zero for such Distribution Date if the interest
         payment on such Mortgage Loan, even if received timely, would not be
         distributed on such Distribution Date.

(4)      This REMIC II Regular Interest shall have an initial class principal
         amount equal to one-fourth of the initial principal balance of its
         Corresponding Class of Certificates.

(5)      This REMIC II Regular Interest shall have an initial principal balance
         equal to the excess of (i) the Cut-Off Date Pool Balance minus (ii) the
         aggregate initial principal balance of each other regular interest in
         REMIC II.

(6)      This REMIC II Regular Interest shall have an initial class principal
         amount equal to the excess of (i) the Cut-Off Date Pool Balance
         computed solely with respect to the Mortgage Loans in Loan Group I
         minus (ii) the aggregate initial principal balance of each other
         regular interest in REMIC II with a Corresponding Class of Certificates
         that is a Group I Certificate.

(7)      This REMIC II Regular Interest shall have an initial class principal
         amount equal to the excess of (i) the Cut-Off Date Pool Balance
         computed solely with respect to the Mortgage Loans in Loan Group II
         minus (ii) the aggregate initial principal balance of each other
         regular interest in REMIC II with a Corresponding Class of Certificates
         that is a Group II Certificate.

(8)      The Class R-2 Certificate is the sole class of residual interest in
         REMIC II. It does not have an interest rate or a principal balance. On
         each Distribution Date, Available Funds remaining after all
         distributions with respect to the other REMIC II Interests have been
         made in the manner described below shall be distributed with respect to
         the Class R-2 Certificate.

         On each Distribution Date the Securities Administrator shall be deemed
to distribute Available Funds in the following order of priority:

         First, the Securities Administrator shall be deemed to distribute
interest with respect to each of the REMIC II Regular Interests based on the
above-described interest rates, provided however, that interest that accrues on
the Class II-Q Interest shall be deferred in an amount necessary to make the
required distributions of principal on the other classes of regular interests in
REMIC II for such Distribution Date. Any interest so deferred shall itself bear
interest at the interest rate for the Class II-Q Interest.

         Second, the Securities Administrator shall be deemed to distribute
principal on the REMIC II Regular Interests (including the amount, if any, equal
to the interest deferred on the Class II-Q Interests for such Distribution
Date), and shall allocate losses, among the REMIC II Regular Interests in the
following order of priority:

         (i)      First, to the Class II-AV-1 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class AV-1 Certificates
                  immediately after such Distribution Date;

         (ii)     Second, to the Class II-AV-2 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class AV-2 Certificates
                  immediately after such Distribution Date;

         (iii)    Third, to the Class II-AV-3 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class AV-3 Certificates
                  immediately after such Distribution Date;

         (iv)     Fourth, to the Class II-AF-1 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class AF-1 Certificates
                  immediately after such Distribution Date;

         (v)      Fifth, to the Class II-AF-2 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class AF-2 Certificates
                  immediately after such Distribution Date;

         (vi)     Sixth, to the Class II-AF-3 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class AF-3 Certificates
                  immediately after such Distribution Date;

         (vii)    Seventh, to the Class II-AF-4 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class AF-4 Certificates
                  immediately after such Distribution Date;

         (viii)   Eighth, to the Class II-AF-5 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class AF-5 Certificates
                  immediately after such Distribution Date;

         (ix)     Ninth, to the Class II-AF-6 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class AF-6 Certificates
                  immediately after such Distribution Date;

         (x)      Tenth, to the Class II-MV-1 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class MV-1 Certificates
                  immediately after such Distribution Date;

         (xi)     Eleventh, to the Class II-MV-2 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class MV-2 Certificates
                  immediately after such Distribution Date;

         (xii)    Twelfth, to the Class II-MV-3 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class MV-3 Certificates
                  immediately after such Distribution Date;

         (xiii)   Thirteenth, to the Class II-MV-4 Interest until the principal
                  balance of such Lower Tier Interest equals one-quarter of the
                  Class Principal Balance of the Class MV-4 Certificates
                  immediately after such Distribution Date;

         (xiv)    Fourteenth, to the Class II-MF-1 Interest until its principal
                  balance equals one-quarter of the Class Principal Balance of
                  the Class MF-1 Certificates immediately after such
                  Distribution Date;

         (xv)     Fifteenth, to the Class II-MF-2 Interest until its principal
                  balance equals one-quarter of the Class Principal Balance of
                  the Class MF-2 Certificates immediately after such
                  Distribution Date;

         (xvi)    Sixteenth, to the Class II-MF-3 Interest until its principal
                  balance equals one-quarter of the Class Principal Balance of
                  the Class MF-3 Certificates immediately after such
                  Distribution Date;

         (xvii)   Seventeenth, to the Class II-MF-4 Interest until its principal
                  balance equals one-quarter of the Class Principal Balance of
                  the Class MF-4 Certificates immediately after such
                  Distribution Date;

         (xviii)  Eighteenth, to the Class II-MF-5 Interest until its principal
                  balance equals one-quarter of the Class Principal Balance of
                  the Class MF-5 Certificates immediately after such
                  Distribution Date;

         (xix)    Nineteenth, to the Class II-MF-6 Interest until its principal
                  balance equals one-quarter of the Class Principal Balance of
                  the Class MF-6 Certificates immediately after such
                  Distribution Date;

         (xx)     Twentieth, to the Class II-MF-7 Interest until its principal
                  balance equals one-quarter of the Class Principal Balance of
                  the Class MF-7 Certificates immediately after such
                  Distribution Date;

         (xxi)    Twenty-first, to the Class II-MF-8 Interest until its
                  principal balance equals one-quarter of the Class Principal
                  Balance of the Class MF-8 Certificates immediately after such
                  Distribution Date;

         (xxii)   Twenty-second, to the Class II-MF-9 Interest until its
                  principal balance equals one-quarter of the Class Principal
                  Balance of the Class MF-9 Certificates immediately after such
                  Distribution Date;

         (xxiii)  Twenty-third, to the Class II-AV-Pool Interest until its
                  principal balance equals the excess of (i) one-half of the
                  Group I Pool Balance minus (ii) the aggregate principal
                  balance of each other regular interest in REMIC II with a
                  Corresponding Class of Certificates that is a Group I
                  Certificate;

         (xxiv)   Twenty-fourth, to the Class II-AF-Pool Interest until its
                  principal balance equals the excess of (i) one-half of the
                  Group II Pool Balance minus (ii) the aggregate principal
                  balance of each other regular interest in REMIC II with a
                  Corresponding Class of Certificates that is a Group II
                  Certificate; and

         (xxv)    Finally, to the Class II-Q Interest, any remaining amounts.

         (d) The Class AV-1, Class AV-2, Class AV-3, Class AF-1, Class AF-2,
Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class MV-1, Class MV-2, Class
MV-3, Class MV-4, Class MF-1, Class MF-2, Class MF-3, Class MF-4, Class MF-5,
Class MF-6, Class MF-7, Class MF-8, Class MF-9 and Class BIO Certificates
(exclusive of any right or obligation with respect to the Net Rate Cap Fund or
Group I Interest Rate Cap Agreement) are hereby designated as "regular
interests" with respect to REMIC I (the "REMIC I Regular Interests") and the
Class R-1 Certificate is hereby designated as the single "residual interest"
with respect to REMIC I. On each Distribution Date, Available Funds, if any,
remaining in REMIC I after payments of interest and principal as designated
herein shall be distributed to the Class R-1 Certificates. It is expected that
there will not be any distributions on the Class R-1 Certificates.

         The Securities Administrator shall treat the rights of a holder of a
Certificate (other than a Class P, Class BIO or Residual Certificate) to receive
payments in excess of the amounts payable on the regular interest in REMIC I
corresponding to such Certificate as rights in an interest rate cap contract
written by the holder of the Class BIO Certificates in favor of the holder of
such Certificate. For this purpose, such rights include the rights with respect
to Net Rate Cap Carryovers in the case of a Class AV-1, Class AV-2, Class AV-3,
Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class
MV-1, Class MV-2, Class MV-3, Class MV-4, Class MF-1, Class MF-2, Class MF-3,
Class MF-4, Class MF-5, Class MF-6, Class MF-7, Class MF-8 or Class MF-9
Certificate. Thus, each Certificate (other than a Class P, Class BIO or Residual
Certificate) shall be treated as representing not only ownership of regular
interests in REMIC I, but also ownership of an interest in an interest rate cap
contract.

         Notwithstanding the priority and sources of payments set forth in
Article V hereof or otherwise, the Securities Administrator shall account for
all distributions on the Certificates as set forth in this section. In no event
shall any payment on a Certificate in excess of the amount payable on the
regular interest in REMIC I corresponding to such Certificate be treated as a
payment with respect to a "regular interest" in a REMIC within the meaning of
Code Section 860G(a)(1).

         The Class P Certificates shall be entitled to receive all Prepayment
Charges collected with respect to the Mortgage Loans. Such Prepayment Charges
shall not be an asset of any REMIC formed hereby and Class P shall not represent
an interest in any REMIC formed hereby.

         Section 2.08. DESIGNATION OF STARTUP DAY OF REMIC. The Closing Date is
hereby designated as the "start-up day" of each REMIC within the meaning of
Section 860G(a)(9) of the Code.

         Section 2.09. REMIC CERTIFICATE MATURITY DATE. Solely for purposes of
satisfying Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the "latest
possible maturity date" of the regular interests in each REMIC is the Final
Scheduled Distribution Date.

         Section 2.10. TAX RETURNS AND REPORTS TO CERTIFICATEHOLDERS.

         (a) For federal income tax purposes, each REMIC shall have a calendar
year and shall maintain its books on the accrual method of accounting.

         (b) Subject to Section 2.10(e) below, the Tax Matters Person shall
prepare, or cause to be prepared, execute and deliver to the Trustee, the
Servicer or Certificateholders, as applicable, any income tax information
returns for each taxable year with respect to the Trust containing such
information at the times and in the manner as may be required by the Code or
state or local tax laws, regulations or rules, and shall furnish or cause to be
furnished to the Trust and the Certificateholders the schedules, statements or
information at such times and in such manner as may be required thereby. Within
thirty (30) days of the Closing Date, the Tax Matters Person shall furnish or
cause to be furnished to the Internal Revenue Service, on Form 8811 or as
otherwise required by the Code, the name, title, address and telephone number of
the person that Holders of the Certificates may contact for tax information
relating thereto, together with such additional information at the time or times
and in the manner required by the Code and shall apply for an employer
identification number from the Internal Revenue Service via Form SS-4 or any
other acceptable method. Such federal, state or local income tax or information
returns shall be signed by the Trustee, unless the Securities Administrator or
another Person is required to sign such returns by the Code or state or local
tax laws, regulations or rules, in which case the Securities Administrator or
such other Person shall sign such returns.

         (c) In the first federal income tax return of the Trust for its short
taxable year ending [o], a REMIC election shall be made with respect to each
REMIC for such taxable year and all succeeding taxable years.

         (d) The Tax Matters Person will maintain or cause to be maintained such
records relating to the Trust, including, but not limited to, the income,
expenses, assets and liabilities of the Trust, and adjusted basis of the Trust
property and assets determined at such intervals as may be required by the Code,
all as may be necessary to prepare the foregoing returns, schedules, statements
or information.

         (e) The Servicer, the Master Servicer, the Securities Administrator and
the Trustee, upon request, shall promptly furnish the Tax Matters Person with
all such information as may be reasonably available to, or in the possession of,
the Servicer, the Master Servicer, the Securities Administrator or the Trustee,
as applicable, and as may be required in connection with the Tax Matters
Person's REMIC reporting obligations pursuant to this Agreement. The Tax Matters
Person shall have no responsibility for the lack of any information required in
connection with REMIC reporting obligations that is not provided to it by the
Servicer, the Master Servicer, the Securities Administrator or the Trustee, as
applicable.

         Section 2.11. TAX MATTERS PERSON. The tax matters person with respect
to each REMIC (the "Tax Matters Person") shall be the holder of the Tax Matters
Person Residual Interest which initially is the Seller. The Tax Matters Person
shall at all times hold the Tax Matters Person Residual Interest and shall have
the same duties with respect to the Trust as those of a "tax matters partner"
under Subchapter C of Chapter 63 of Subtitle F of the Code. Each holder of a
Residual Certificate shall be deemed to have agreed, by acceptance thereof, to
be bound by this Section 2.11. The Securities Administrator shall, to the extent
of funds available therefor, pay the Tax Matters Fee on each Distribution Date
pursuant to Section 5.01 hereof as directed in writing by the Tax Matters Person
with respect to REMIC I; provided, however, that in no event may the Tax Matters
Person direct the Tax Matters Fee to itself. The Securities Administrator shall
be entitled to rely conclusively on such directions of the Tax Matters Person
and shall have no liability for transfer made in accordance therewith.

         Section 2.12. REMIC RELATED COVENANTS. It is intended that each REMIC
formed hereunder shall constitute, and that the affairs of each REMIC shall be
conducted so as to qualify it as, a REMIC as defined in and in accordance with
the REMIC Provisions. For as long as the Trust shall exist, the Trustee, the
Servicer, the Master Servicer, the Securities Administrator and the Tax Matters
Person shall act in accordance herewith to assure continuing treatment of each
REMIC as a REMIC and avoid the imposition of tax on the Trust. In particular:

         (a) The Trustee and the Securities Administrator shall not create, or
knowingly permit the creation of, any "interests" in any REMIC within the
meaning of Code Section 860D(a)(2) other than the interests represented by the
Regular Certificates, the REMIC II Regular Interests and the Residual
Certificates.

         (b) Except as otherwise provided in the Code, the Seller shall not
grant and the Trustee shall not accept property unless (i) substantially all of
the property held in the Trust constitutes either "qualified mortgages" or
"permitted investments" as defined in Code Sections 860G(a)(3) and (5),
respectively, and (ii) no property shall be contributed to the Trust after the
Startup Day unless such grant would not subject any REMIC to the 100% tax on
contributions to a REMIC after its Startup Day imposed by Code Section 860G(d).

         (c) The Trustee shall not accept on behalf of the Trust any fee or
other compensation for services (other than as otherwise provided herein) and
shall not accept on behalf of the Trust any income from assets other than those
permitted to be held by a REMIC.

         (d) The Trustee shall not sell or permit the sale of all or any portion
of the Mortgage Loans (other than in accordance with Section 2.02, 2.04 or
3.16), unless such sale is pursuant to a "qualified liquidation" as defined in
Code Section 860F(a)(4)(A) and in accordance with Article VIII.

         (e) The Tax Matters Person shall maintain books with respect to each
REMIC on a calendar year and on an accrual basis.

         (f) Upon filing with the Internal Revenue Service, the Tax Matters
Person shall furnish to the Holders of the Residual Certificates the Form 1066
and each Form 1066Q for the applicable REMIC and shall respond promptly to
written requests made not more frequently than quarterly by any Holder of
Residual Certificates with respect to the following matters:

                  (i) The original projected principal and interest cash flows
         on the Closing Date on each class of regular and residual interests
         created hereunder and on the Mortgage Loans, based on 100% of the
         applicable Prepayment Assumption in the case of each of the fixed rate
         and adjustable rate Mortgage Loans (and assuming that each REMIC is
         liquidated on the Optional Termination Date);

                  (ii) The projected remaining principal and interest cash flows
         as of the end of any calendar quarter with respect to each class of
         regular and residual interests created hereunder and the Mortgage
         Loans, based on 100% of the applicable Prepayment Assumption in the
         case of each of the fixed rate and adjustable rate Mortgage Loans (and
         assuming that each REMIC is liquidated on the Optional Termination
         Date);

                  (iii) The applicable percentage of the Prepayment Assumption
         and any interest rate assumptions used in determining the projected
         principal and interest cash flows described above;

                  (iv) The original issue discount (or, in the case of the
         Mortgage Loans, market discount) or premium accrued or amortized
         through the end of such calendar quarter with respect to each class of
         regular or residual interests created hereunder and with respect to the
         Mortgage Loans, together with each constant yield to maturity used in
         computing the same;

                  (v) The treatment of losses realized with respect to the
         Mortgage Loans or the regular interests created hereunder, including
         the timing and amount of any cancellation of indebtedness income of
         each REMIC with respect to such regular interests or bad debt
         deductions claimed with respect to the Mortgage Loans;

                  (vi) The amount and timing of any non-interest expenses of
         each REMIC; and

                  (vii) Any taxes (including penalties and interest) imposed on
         each REMIC, including, without limitation, taxes on "prohibited
         transactions," "contributions" or "net income from foreclosure
         property" or state or local income or franchise taxes.

         In the event that any tax is imposed on "prohibited transactions" of
the Trust as defined in Section 860F(a)(2) of the Code, on the "net income from
foreclosure property" of a REMIC as defined in Section 860G(c) of the Code, on
any contribution to the Trust after the Startup Day pursuant to Section 860G(d)
of the Code, or any other tax (other than any minimum tax imposed by Section
24874 and 23153 of the California Revenue and Taxation Code) is imposed, such
tax shall be paid by (i) the Trustee, if such tax arises out of or results from
a breach by the Trustee of any of its obligations under this Agreement, (ii) the
Tax Matters Person, if such tax arises out of or results from a breach by the
Tax Matters Person of any of the obligations under this Agreement, (iii) the
Servicer, if such tax arises out of or results from a breach by the Servicer of
any of its obligations under this Agreement, (iv) 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, (v) the Securities Administrator, if such tax
arises out of or results from a breach by the Securities Administrator of any of
its obligations under this Agreement, or (vi) otherwise the Holders of the
applicable Residual Certificates in proportion to their Percentage Interests. To
the extent any tax is chargeable against the Holders of the Residual
Certificates, notwithstanding anything to the contrary contained herein, the
Securities Administrator is hereby authorized to retain from amounts otherwise
distributable to the Holders of the applicable Residual Certificates on any
Distribution Date sufficient funds to reimburse the Trustee for the payment of
such tax (to the extent that the Trustee has not been previously reimbursed or
indemnified therefor).

         The Trustee shall not engage in a "prohibited transaction" (as defined
in Code Section 860F(a)(2)), except that, with the prior written consent of the
Seller, the Trustee may engage in the activities otherwise prohibited by the
foregoing clauses (b), (c) and (d), PROVIDED that the Seller shall have
delivered to the Trustee an Opinion of Counsel to the effect that such
transaction will not result in the imposition of a contribution or prohibited
transaction tax on the Trust and will not disqualify any REMIC from treatment as
a REMIC; and PROVIDED that the Seller shall have demonstrated to the
satisfaction of the Trustee that such action will not adversely affect the
rights of the holders of the Certificates, the Securities Administrator, the
Master Servicer and the Trustee and that such action will not adversely impact
the rating of the Offered Certificates.

         (g) Except as provided below, the Tax Matters Person shall direct the
Securities Administrator to pay from the Tax Matters Fee any and all tax related
expenses of the Trust (including, but not limited to, tax return preparation and
filing expenses and any professional fees or expenses related to audits or any
administrative or judicial proceedings with respect to the Trust that involve
the Internal Revenue Service or state tax authorities), other than the expense
of obtaining any Opinion of Counsel required pursuant to Sections 2.05, 3.06 and
10.02 and other than taxes except as specified herein. The Securities
Administrator and the Tax Matters Person shall be entitled to be reimbursed for
any professional fees or expenses related to audits or any administrative or
judicial proceedings that do not result from any breach of their respective
duties hereunder.

         (h) On behalf of each REMIC, the Trustee, Servicer, the Master
Servicer, the Securities Administrator or Tax Matters Person, as applicable,
shall do the following:

         (i) the Tax Matters Person shall prepare, sign and file, or cause to be
prepared and filed, in a timely manner, a U.S. Real Estate Mortgage Investment
Conduit Income Tax Return (Form 1066) and any other Tax Return required to be
filed by each REMIC, using a calendar year as the taxable year for each REMIC;

                  (ii) the Tax Matters Person shall make, or cause to be made,
         an election, on behalf of each REMIC, to be treated as a REMIC on the
         federal tax return of each REMIC for its first taxable year;

                  (iii) the Tax Matters Person shall prepare and forward, or
         cause to be prepared and forwarded, to the Servicer, the Seller, the
         Trustee (which, subject to receipt thereof shall forward to the
         Certificateholders, except for Holders of the Residual Certificates)
         and to the Internal Revenue Service and any other relevant governmental
         taxing authority all information returns or reports as and when
         required to be provided to them in accordance with the REMIC
         Provisions;

                  (iv) the Trustee, the Tax Matters Person, the Master Servicer,
         the Securities Administrator and the Servicer shall to the extent that
         the affairs of any REMIC are within its control, conduct such affairs
         of each REMIC at all times that any Certificates are outstanding so as
         to maintain the status of each REMIC as a REMIC under the REMIC
         Provisions and any other applicable federal, state and local laws,
         including, without limitation with respect to the Trustee and the
         Securities Administrator, information reports relating to "original
         issue discount," as defined in the Code, based upon 120% of the
         applicable Prepayment Assumption for fixed rate Mortgage Loans and 100%
         of the applicable Prepayment Assumption for adjustable rate Mortgage
         Loans, calculated by using the issue price of the Certificates;

                  (v) the Trustee, the Servicer, the Master Servicer, the
         Securities Administrator and Tax Matters Person shall not knowingly or
         intentionally take any action or omit to take any action that would
         cause the termination of the REMIC status of any REMIC;

                  (vi) the Securities Administrator shall pay the amount of any
         and all federal, state and local taxes upon the Trustee, the Securities
         Administrator or the Certificateholders in connection with the Trust or
         the Mortgage Loans, prohibited transaction taxes as defined in Section
         860F of the Code, other than any amount due as a result of a transfer
         or attempted or purported transfer in violation of Section 6.02,
         imposed on the Trust when and as the same shall be due and payable (but
         such obligation shall not prevent the Trustee, the Securities
         Administrator or any other appropriate Person from contesting any such
         tax in appropriate proceedings and shall not prevent the Trustee or the
         Securities Administrator from withholding payment of such tax, if
         permitted by law, pending the outcome of such proceedings). The Trustee
         or the Securities Administrator, as applicable, shall be entitled to
         reimbursement for all such amounts in accordance with Section 2.12;

                  (vii) the Trustee and the Tax Matters Person shall ensure that
         any such returns or reports filed on behalf of the Trust are properly
         executed by the appropriate person;

                  (viii) the Tax Matters Person shall represent the Trust in any
         administrative or judicial proceedings relating to an examination or
         audit by any governmental taxing authority, request an administrative
         adjustment as to any taxable year of the Trust, enter into settlement
         agreements with any government taxing agency, extend any statute of
         limitations relating to any item of the Trust and otherwise act on
         behalf of the Trust in relation to any tax matter involving the Trust;

                  (ix) the Securities Administrator and the Tax Matters Person
         shall as provided in Section 6.02, make available information necessary
         for the computation of any tax imposed (1) on transferors of residual
         interests to transferees that are not Permitted Transferees or (2) on
         pass-through entities, any interest in which is held by an entity which
         is not a Permitted Transferee;

                  (x) the Securities Administrator and the Tax Matters Person
         shall make available to the Internal Revenue Service and those Persons
         specified by the REMIC Provisions all information necessary to compute
         any tax imposed (A) as a result of the Transfer of an Ownership
         Interest in a Residual Certificate to any Person who is not a Permitted
         Transferee, including the information described in Treasury regulations
         sections 1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the "excess
         inclusions" of such Residual Certificate 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 Residual
         Certificate having among its record holders at any time any Person that
         is not a Permitted Transferee. Reasonable compensation for providing
         such information may be required by the Securities Administrator; and

                  (xi) the Trustee, the Servicer, the Master Servicer, the
         Securities Administrator and the Tax Matters Person shall cooperate
         with each other in connection with the foregoing obligations, including
         signing any Tax Returns to the extent required by law.

         Section 2.13. OPTION TO CONTRIBUTE DERIVATIVE INSTRUMENT. At any time
on or after the Closing Date, the Seller shall have the right to contribute to,
and deposit into, the Trust a derivative contract or comparable instrument (a
"Derivative Instrument"). The derivative may have a notional amount in excess of
the sum of the beneficial interests in the Trust. Any such instrument shall
constitute a fully prepaid agreement. All collections, proceeds and other
amounts in respect of such instrument shall be distributed to the Holder of the
Residual Certificates on the Distribution Date following receipt thereof. In
addition, in the event any such instrument is deposited, the Trust shall be
deemed to be divided into two separate and discrete sub-trusts. The assets of
one such sub-trust shall consist of all the assets of the Trust other than the
Derivative Instrument and the assets of the other sub-trust shall consist solely
of such instrument. No Derivative Instrument shall be an asset of any REMIC
formed hereby.

         Section 2.14. PURPOSES AND POWERS OF THE TRUST

         The purpose of the common law trust, as created hereunder, is to engage
in the following activities:

         (a) acquire and hold the Mortgage Loans and the other assets of the
Trust Fund and the proceeds therefrom;

         (b) to issue the Certificates sold to the Depositor in exchange for the
Mortgage Loans;

         (c) to make payments on the Certificates;

         (d) to engage in those activities that are necessary, suitable or
convenient to accomplish the foregoing or are incidental thereto or connected
therewith; and

         (e) 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. The
Trustee shall not cause the Trust to 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
2.11 may not be amended, without the consent of the Certificateholders
evidencing 51% or more of the aggregate Voting Rights of the Certificates.

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

         Section 3.01. THE SERVICER.

         (a) It is intended that the Trust formed hereunder shall constitute,
and that the affairs of the Trust shall be conducted so as to qualify each REMIC
as, a "real estate mortgage investment conduit" as defined in and in accordance
with the REMIC Provisions. In furtherance of such intentions, the Servicer
covenants and agrees that it shall not knowingly or intentionally take any
action or omit to take any action that would cause the termination of the REMIC
status of any REMIC.

         (b) The Servicer, as independent contract servicer, shall service and
administer the Mortgage Loans consistent with the terms of this Agreement. The
Servicer may enter into Subservicing Agreements for any servicing and
administration of Mortgage Loans with any institution which (i) is in compliance
with the laws of each state necessary to enable it to perform its obligations
under such Subservicing Agreement and (ii) meets the requirements of clause (2)
of the definition of an Approved Servicer or is an affiliate of the Servicer.
The Servicer shall give notice to the Master Servicer of the appointment of any
Subservicer. Any such Subservicing Agreement shall be consistent with and not
violate the provisions of this Agreement. The Servicer shall be entitled to
terminate any Subservicing Agreement in accordance with the terms and conditions
of such Subservicing Agreement and either itself directly service the related
Mortgage Loans or enter into a Subservicing Agreement with a successor
subservicer which qualifies hereunder.

         (c) Notwithstanding any Subservicing Agreement or any of the provisions
of this Agreement relating to agreements or arrangements between the Servicer
and a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Servicer shall remain obligated and primarily liable for the
servicing and administering of the Mortgage Loans in accordance with the
provisions of this Agreement without diminution of such obligation or liability
by virtue of such Subservicing Agreements or arrangements or by virtue of
indemnification from the Subservicer and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and administering
the Mortgage Loans. For purposes of this Agreement, the Servicer shall be deemed
to have received payments on Mortgage Loans when the Subservicer has received
such payments. The Servicer shall be entitled to enter into any agreement with a
Subservicer for indemnification of the Servicer by such Subservicer, and nothing
contained in this Agreement shall be deemed to limit or modify such
indemnification.

         (d) Any Subservicing Agreement that may be entered into and any
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 Servicer alone, and the Trustee, the Master Servicer,
the Securities Administrator and Certificateholders shall not be deemed parties
thereto and shall have no claims, rights, obligations, duties or liabilities
with respect to the Subservicer except as set forth in Section 3.01(e). The
Servicer shall be solely liable for all fees owed by it to any Subservicer
irrespective of whether the Servicer's compensation pursuant to this Agreement
is sufficient to pay such fees.

         (e) In the event the Servicer shall for any reason no longer be the
Servicer (including by reason of an Event of Default), the Successor Servicer or
its designee approved by the Master Servicer shall thereupon assume all of the
rights and obligations of the Servicer under each Subservicing Agreement that
the Servicer may have entered into, unless the Successor Servicer or designee
approved by the Master Servicer elects to terminate any Subservicing Agreement.
Any fee payable in connection with such a termination will be payable by the
outgoing Servicer. If the Successor Servicer does not terminate the Subservicing
Agreements, the Successor Servicer, its designee or the successor servicer for
the Successor Servicer shall be deemed to have assumed all of the Servicer's
interest therein and to have replaced the Servicer as a party to each
Subservicing Agreement to the same extent as if the Subservicing Agreements had
been assigned to the assuming party, except that the Servicer shall not thereby
be relieved of any liability or obligations under the Subservicing Agreements
with regard to events that occurred prior to the date the Servicer ceased to be
the Servicer hereunder. The Servicer, at its expense and without right of
reimbursement therefor, shall, upon the request of the Successor 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 the Subservicing
Agreements to the assuming party.

         (f) Consistent with the terms of this Agreement, the Servicer may
waive, modify or vary any term of any Mortgage Loan or consent to the
postponement of strict compliance with any such term or in any manner grant
indulgence to any Mortgagor if in the Servicer's good faith determination such
waiver, modification, postponement or indulgence is not materially adverse to
the interests of the Certificateholders, PROVIDED, HOWEVER, that (unless (x) the
Mortgagor is in default with respect to the Mortgage Loan, or such default is,
in the judgment of the Servicer, imminent and (y) such waiver, modification,
postponement or indulgence would not cause any REMIC to be disqualified or
otherwise cause a tax to be imposed on any REMIC) the Servicer may not permit
any modification with respect to any Mortgage Loan that would change the Loan
Rate, defer or forgive the payment of any principal or interest (unless in
connection with the liquidation of the related Mortgage Loan) or extend the
final maturity date on the Mortgage Loan. No costs incurred by the Servicer or
any Subservicer in respect of Servicing Advances shall, for the purposes of
distributions to Certificateholders, be added to the amount owing under the
related Mortgage Loan. Without limiting the generality of the foregoing, the
Servicer shall continue, and is hereby authorized and empowered to execute and
deliver on behalf of the Trustee and each Certificateholder, all instruments of
satisfaction or cancellation, of partial or full release, or of discharge and
all other comparable instruments with respect to the Mortgage Loans and with
respect to the Mortgaged Properties. If reasonably required by the Servicer, the
Trustee shall furnish the Servicer with any powers of attorney and other
documents necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties under this Agreement.

         Notwithstanding anything to the contrary contained herein, the
Servicer, in servicing and administering the Mortgage Loans, shall employ or
cause to be employed procedures (including collection, foreclosure and REO
Property management procedures) and exercise the same care that it customarily
employs and exercises in servicing and administering mortgage loans for its own
account, in accordance with accepted mortgage servicing practices of prudent
lending institutions servicing mortgage loans similar to the Mortgage Loans and
giving due consideration to the Certificateholders' reliance on the Servicer.

         (g) Within ninety (90) days after such time as each of the Trustee, the
Master Servicer and the Securities Administrator receives the resignation of, or
notice of the removal of, the Servicer from its rights and obligations under
this Agreement, and with respect to resignation pursuant to Section 7.04, after
receipt by the Trustee and the Securities Administrator of the Opinion of
Counsel required pursuant to Section 7.04, the Successor Servicer shall assume
all of the rights and obligations of the Servicer, subject to Section 8.02;
provided that if the Servicer is removed pursuant to Section 8.02, the Successor
Servicer shall immediately be obligated to make Monthly Advances and Servicing
Advances as required in this Agreement. The Servicer shall, upon request of the
Successor Servicer but at the expense of the Servicer, deliver to the Successor
Servicer all documents and records relating to the Mortgage Loans and an
accounting of amounts collected and held by the Servicer and otherwise use its
best efforts to effect the orderly and efficient transfer of servicing rights
and obligations to the assuming party who shall be entitled to reimbursement by
the Servicer (or, to the extent not paid by the Servicer, by the Trust prior to
distributions to Certificateholders) for Servicing Transfer Costs.

         (h) The Servicer shall deliver a list of Servicing Officers to the
Trustee, the Master Servicer and the Securities Administrator on or before the
Closing Date.

         (i) Consistent with the terms of this Agreement, the Servicer may
consent to the placing of a lien senior to that of the Mortgage on the related
Mortgaged Property; PROVIDED that such senior lien secures a mortgage loan that
refinances a First Lien and the Combined Loan-to-Value Ratio of the related
Mortgage Loan immediately following the refinancing (based on the outstanding
principal balance of the Mortgage Loan and the original principal balance of
such refinanced mortgage loan) is not greater than the Combined Loan-to-Value
Ratio of such Mortgage Loan as of the related Cut-Off Date.

         (j) The Servicer is authorized and empowered by the Trustee, on behalf
of the Certificateholders and the Trustee, in its own name or in the name of any
Subservicer, when the Servicer or any Subservicer, as the case may be, believes
it 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.

         Section 3.02. COLLECTION OF CERTAIN MORTGAGE LOAN PAYMENTS.

         (a) The 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, follow such
collection procedures as it follows with respect to mortgage loans in its
servicing portfolio comparable to the Mortgage Loans. Consistent with the
foregoing, and without limiting the generality of the foregoing, the Servicer
may in its discretion (i) subject to the provisions of Section 3.21 hereof,
waive any prepayment charge, late payment charge or any assumption fees or other
fees which may be collected in the ordinary course of servicing such Mortgage
Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest
due and unpaid; PROVIDED that such arrangement is consistent with the Servicer's
policies with respect to the mortgage loans it owns or services; PROVIDED,
FURTHER, that notwithstanding such arrangement such Mortgage Loans will be
included in the monthly information delivered by the Servicer to the Master
Servicer pursuant to Section 5.03.

         (b) The Servicer shall establish and maintain a separate trust account
(the "Collection Account") titled "[o], as Trustee, in trust for the registered
holders of [o]". The Collection Account shall be an Eligible Account. On the
Closing Date, the Seller shall cause to be deposited in the Collection Account
any amounts representing payments on and any collections in respect of the
Mortgage Loans received after the related Cut-Off Date (other than principal and
interest accrued and due on or prior to [o]) and prior to the Closing Date. The
Servicer shall deposit within two (2) Business Days following receipt thereof
the following payments and collections received or made by it (without
duplication):

                  (i) all payments received after the related Cut-Off Date on
         account of principal on the Mortgage Loans (exclusive of payments in
         respect of principal on the Mortgage Loans which were due on or prior
         to the related Cut-off Date) and all Principal Prepayments and
         Curtailments collected after the related Cut-Off Date;

                  (ii) all payments received after the related Cut-Off Date on
         account of interest on the Mortgage Loans (exclusive of payments in
         respect of interest on the Mortgage Loans which have accrued and were
         due on or prior to the related Cut-Off Date);

                  (iii) all Net Liquidation Proceeds net of Foreclosure Profits;

                  (iv) all Insurance Proceeds other than any portion thereof
         constituting Net Liquidation Proceeds;

                  (v) all Released Mortgaged Property Proceeds;

                  (vi) any amounts payable in connection with the repurchase of
         any Mortgage Loan and the amount of any Substitution Adjustment
         pursuant to Sections 2.02, 2.04, 2.05 and 3.16;

                  (vii) any amount required to be deposited in the Collection
         Account pursuant to Sections 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05; and

                  (viii) any Prepayment Charges;

PROVIDED, HOWEVER, that, with respect to each Due Period, the Servicer shall be
permitted to retain (x) from payments in respect of interest on a Mortgage Loan,
the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from
payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released
Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly
Advances or unpaid Servicing Fees related thereto. The foregoing requirements
respecting deposits to the Collection Account are exclusive, it being understood
that, without limiting the generality of the foregoing, the Servicer need not
deposit in the Collection Account amounts representing Servicing Compensation or
amounts received by the Servicer for the accounts of Mortgagors for application
toward the payment of taxes, insurance premiums, assessments and similar items.

         The Servicer may cause the institution maintaining the Collection
Account to invest any funds in the Collection Account in Eligible Investments
(including obligations of the Servicer or any of its Affiliates, if such
obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05.
No such investment shall mature later than the Deposit Date. The Servicer shall
deposit in the Collection Account, the amount of any loss incurred in respect of
any Eligible Investment held therein which is in excess of the income and gain
thereon immediately upon realization of such loss, without any right to
reimbursement therefore from its own funds.

         Section 3.03. WITHDRAWALS FROM THE COLLECTION ACCOUNT. The Servicer
shall withdraw or cause to be withdrawn funds from the Collection Account for
the following purposes:

                  (i) before 1:00 p.m. (New York City time) on the related
         Deposit Date to withdraw the remaining Available Funds and Prepayment
         Charges, and, in each case, remit such funds to the Securities
         Administrator for deposit to the Distribution Account;

                  (ii) to reimburse the Servicer for any accrued unpaid
         Servicing Compensation which the Servicer would not have been required
         to deposit in the Collection Account and for unreimbursed Monthly
         Advances and Servicing Advances. The Servicer's right to reimbursement
         for unpaid Servicing Fees and unreimbursed Servicing Advances shall be
         limited to late collections on the related Mortgage Loan, including
         Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance
         Proceeds and such other amounts as may be collected by the Servicer
         from the related Mortgagor or otherwise relating to the Mortgage Loan
         in respect of which such reimbursed amounts are owed. The Servicer's
         right to reimbursement for unreimbursed Monthly Advances shall be
         limited to late collections on any Mortgage Loan and to Liquidation
         Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and
         any purchase or repurchase proceeds on related Mortgage Loans;

                  (iii) to withdraw any amount received from a Mortgagor that is
         recoverable and sought to be recovered as a voidable preference by a
         trustee in bankruptcy pursuant to the United States Bankruptcy Code in
         accordance with a final, nonappealable order of a court having
         competent jurisdiction;

                  (iv) to withdraw any funds deposited in the Collection Account
         that were not required to be deposited therein (such as Servicing
         Compensation) or were deposited therein in error and to pay such funds
         to the appropriate Person;

                  (v) to withdraw funds necessary for the conservation and
         disposition of REO Property pursuant to Section 3.06 to the extent not
         advanced by the Servicer;

                  (vi) to reimburse the Servicer for Nonrecoverable Advances and
         any unpaid Servicing Fees related to a Mortgage Loan secured by a
         second lien on the related Mortgaged Property to the extent not
         recovered pursuant to clause (ii) above;

                  (vii) to pay to the Seller collections received in respect of
         accrued interest and principal on the Mortgage Loans due on or before
         the related Cut-Off Date;

                  (viii) to pay to the Servicer, the Master Servicer, the
         Securities Administrator or the Trustee the portion of any Purchase
         Price in respect of clause (iv) of the definition thereof or of any
         Substitution Adjustment in respect of clause (d) of the definition
         thereof to the extent paid in respect of amounts incurred by or imposed
         on the Servicer, the Master Servicer, the Securities Administrator or
         the Trustee, as the case may be;

                  (ix) to reimburse the Servicer for expenses incurred by it in
         connection with the Mortgage Loans or Certificates and reimbursable
         pursuant to Section 7.03 hereof provided that such amount shall only be
         withdrawn following the withdrawal from the Collection Account for
         deposit into the Distribution Account pursuant to clause (i) above; and

                  (x) to clear and terminate the Collection Account upon the
         termination of this Agreement and to pay any amounts remaining therein
         to the applicable Class R Certificateholders.

         The parties to this Agreement acknowledge that Servicing Advances shall
be reimbursable pursuant to this Section 3.03, and agree that no reimbursement
of a Servicing Advance shall be rejected or disallowed by any party unless it
has been shown that such Servicing Advance was not made in accordance with the
terms of this Agreement.

         Section 3.04. MAINTENANCE OF HAZARD INSURANCE; PROPERTY PROTECTION
EXPENSES. The Servicer shall cause to be maintained for each Mortgage Loan fire
and hazard insurance naming the Servicer as loss payee thereunder providing
extended coverage in an amount which is at least equal to the least of (x) the
maximum insurable value of the improvements securing such Mortgage Loan from
time to time, (y) the combined principal balance owing on such Mortgage Loan and
any mortgage loan senior to such Mortgage Loan and (z) the minimum amount
required to compensate for damage or loss on a replacement cost basis. The
Servicer shall also maintain on property acquired upon foreclosure or by deed in
lieu of foreclosure hazard insurance with extended coverage in an amount which
is at least equal to the least of (i) the maximum insurable value from time to
time of the improvements which are a part of such property, (ii) the combined
principal balance owing on such Mortgage Loan and any mortgage loan senior to
such Mortgage Loan and (iii) the minimum amount required to compensate for
damage or loss on a replacement cost basis at the time of such foreclosure, fire
and/or deed in lieu of foreclosure plus accrued interest and the good-faith
estimate of the Servicer of related Servicing Advances to be incurred in
connection therewith. Amounts collected by the Servicer under any such policies
shall be deposited in the Collection Account to the extent called for by Section
3.02. In cases in which any Mortgaged Property is located in a federally
designated flood area, the hazard insurance to be maintained for the related
Mortgage Loan shall include flood insurance to the extent such flood insurance
is available and the Servicer has determined such insurance to be necessary in
accordance with accepted mortgage loan servicing standards for mortgage loans
similar to the Mortgage Loans. All such flood insurance shall be in amounts
equal to the least of (A) the amount in clause (x) above, (B) the amount in
clause (y) above and (C) the maximum amount of insurance available under the
National Flood Insurance Act of 1968, as amended. The Servicer shall be under no
obligation to require that any Mortgagor maintain earthquake or other additional
insurance and shall be under no obligation itself to maintain any such
additional insurance on property acquired in respect of a Mortgage Loan, other
than pursuant to such applicable laws and regulations as shall at any time be in
force and as shall require such additional insurance. The costs and expenses
incurred by the Servicer in maintaining any such insurance shall constitute
Servicing Advances.

         Section 3.05. MAINTENANCE OF MORTGAGE IMPAIRMENT INSURANCE POLICY. In
the event that the Servicer shall obtain and maintain a blanket policy with an
insurer having a General Policy rating of A:VIII or better in Best's Key Rating
Guide, then, to the extent such policy names the Servicer as loss payee and
provides coverage in an amount equal to the aggregate unpaid principal balance
on the Mortgage Loans without co-insurance, and otherwise complies with the
requirements of Section 3.04, the Servicer shall be deemed conclusively to have
satisfied its obligations with respect to fire and hazard insurance coverage
under Section 3.04, it being understood and agreed that such blanket policy may
contain a deductible clause, in which case the Servicer shall, in the event that
there shall not have been maintained on the related Mortgaged Property a policy
complying with Section 3.04, and there shall have been a loss which would have
been covered by such policy, deposit in the Collection Account the difference,
if any, between the amount that would have been payable under a policy complying
with Section 3.04 and the amount paid under such blanket policy. Upon the
request of the Trustee or the Master Servicer, the Servicer shall cause to be
delivered to the such party, a certified true copy of such policy. In connection
with its activities as administrator and servicer of the Mortgage Loans, the
Servicer agrees to prepare and present, on behalf of itself, the Trustee, and
the Certificateholders, claims under any such policy in a timely fashion in
accordance with the terms of such policy.

         Section 3.06. MANAGEMENT AND REALIZATION UPON DEFAULTED MORTGAGE LOANS.
The Servicer shall manage, conserve, protect and operate each REO Property for
the Certificateholders solely for the purpose of its prudent and prompt
disposition and sale; provided that the Servicer shall not be required to expend
its own funds in connection with any foreclosure or towards the restoration of
any property unless it shall determine (i) that such restoration and/or
foreclosure will increase the proceeds of liquidation of the Mortgage Loan after
reimbursement to itself of such expenses and (ii) that such expenses will be
recoverable to it through Liquidation Proceeds (respecting which it shall have
priority for purposes of withdrawals from the Certificate Account pursuant to
Section 3.03 hereof). The Servicer shall be responsible for all other costs and
expenses incurred by it in any such proceedings; provided that it shall be
entitled to reimbursement thereof from the proceeds of liquidation of the
related Mortgaged Property, as contemplated in Section 3.03 hereof. The Servicer
shall, either itself or through an agent selected by the Servicer, manage,
conserve, protect and operate the REO Property in the same manner that it
manages, conserves, protects and operates other foreclosed property for its own
account, and in the same manner that similar property in the same locality as
the REO Property is managed. The Servicer shall attempt to sell the same (and
may temporarily rent the same) on such terms and conditions as the Servicer
deems to be in the best interest of the Certificateholders.

         The Servicer shall cause to be deposited, no later than two (2)
Business Days after the receipt thereof, in the Collection Account, all revenues
received with respect to the related REO Property and shall retain, or request
the Trustee to withdraw therefrom, funds necessary for the proper operation,
management and maintenance of the REO Property and the fees of any managing
agent acting on behalf of the Servicer.

         The disposition of REO Property shall be carried out by the Servicer
for cash at such price, and upon such terms and conditions, as the Servicer
deems to be in the best interest of the Certificateholders and, as soon as
practicable thereafter, the expenses of such sale shall be paid out of the
proceeds of such sale. The cash proceeds of sale of the REO Property shall be
promptly deposited in the Collection Account, net of Foreclosure Profits and of
any related unreimbursed Servicing Advances, accrued and unpaid Servicing Fees
and unreimbursed Monthly Advances payable to the Servicer in accordance with
Section 3.03, for distribution to the Certificateholders in accordance with
Section 5.01.

         The Servicer shall foreclose upon or otherwise comparably convert to
ownership Mortgaged Properties securing such of the Mortgage Loans as come into
and continue in default when no satisfactory arrangements can be made for
collection of delinquent payments pursuant to Section 3.02 subject to the
provisions contained in the last paragraph of this Section 3.06.

         In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be issued to the Trustee or to its nominee on behalf of
Certificateholders.

         In the event any Mortgaged Property is acquired as aforesaid or
otherwise in connection with a default or imminent default on a Mortgage Loan,
the Servicer shall (i) dispose of such Mortgaged Property within three (3) years
after the close of the taxable year in which the Mortgaged Property was acquired
(the "grace period") or (ii) prior to the expiration of any extension to such
grace period which is requested on behalf of the Trust by the Servicer (at the
expense of the Trust) more than sixty (60) days prior to the end of the grace
period and granted by the Internal Revenue Service, unless the Trust shall have
received an Opinion of Counsel to the effect that the holding of such Mortgaged
Property subsequent to expiration of the grace period will not result in the
imposition of taxes on "prohibited transactions" as defined in Section 860F of
the Code or cause any REMIC to fail to qualify as a REMIC at any time that any
Regular Certificates are outstanding. Notwithstanding any other provision of
this Agreement, (i) no Mortgaged Property acquired by the Servicer pursuant to
this Section 3.06 shall be rented (or allowed to continue to be rented) or
otherwise used for the production of income by or on behalf of the Trust and
(ii) no construction shall take place on such Mortgaged Property in such a
manner or pursuant to any terms, in either case, that would cause such Mortgaged
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code or result in the receipt by the Trust of any "net
income from foreclosure property" which is subject to taxation within the
meaning of Sections 860G(c) and 857(b)(4)(B) of the Code. If a period greater
than the grace period is permitted under this Agreement and is necessary to sell
any REO Property, the Servicer shall give appropriate notice to the Master
Servicer and shall report monthly to the Master Servicer as to the progress
being made in selling such REO Property.

         If the Servicer has actual knowledge that a Mortgaged Property which
the Servicer is contemplating acquiring in foreclosure or by deed in lieu of
foreclosure is located within a one-mile radius of any site with environmental
or hazardous waste risks known to the Servicer, the Servicer will notify the
Master Servicer prior to acquiring the Mortgaged Property. Nothing in this
Section 3.06 shall affect the Servicer's right to deem certain advances proposed
to be made Nonrecoverable Advances. For the purpose of this Section 3.06, actual
knowledge of the Servicer means actual knowledge of a Responsible Officer of the
Servicer involved in the servicing of the relevant Mortgage Loan. Actual
knowledge of the Servicer does not include knowledge imputable by virtue of the
availability of or accessibility to information relating to environmental or
hazardous waste sites or the locations thereof.

         Notwithstanding the other provisions of this Section 3.06 or any other
provision of this Agreement to the contrary, if any Mortgage Loan that is more
than 89 days delinquent as of the Closing Date (hereafter a "Foreclosure
Restricted Mortgage Loan") comes into and continues in default, the Servicer
will nevertheless not complete foreclosure upon, accept a deed in-lieu of
foreclosure of, or otherwise comparably convert the ownership of any property
securing such Foreclosure Restricted Mortgage Loan (hereafter, "Foreclosure
Restricted Property") if the value of such Foreclosure Restricted Property
(measured in all cases as the outstanding principal balance of the Foreclosure
Restricted Mortgage Loan plus accrued interest), when added to the value of all
other Foreclosure Restricted Property then held as part of the Trust, would
exceed 3/4 of one percent (0.75%) of the aggregate Principal Balance of all
Mortgage Loans then held as part of the Trust. Moreover, if, as of the next
Distribution Date, the value of all Foreclosure Restricted Property held as part
of the Trust will exceed one percent (1%) of the aggregate Principal Balance of
all Mortgage Loans held as part of the Trust, then prior to such Distribution
Date, the Servicer will sell as much Foreclosure Restricted Property as
necessary so that as of such Distribution Date, the value of all Foreclosure
Restricted Property held as part of the Trust will be less than one percent (1%)
of the aggregate Principal Balance of all Mortgage Loans held as part of the
Trust.

         Section 3.07. TRUSTEE TO COOPERATE. Upon any Principal Prepayment, the
Servicer is authorized to execute, pursuant to the authorization contained in
Section 3.01(f), if the related Assignment of Mortgage has been recorded as
required hereunder, an instrument of satisfaction regarding the related
Mortgage, which instrument of satisfaction shall be recorded by the Servicer if
required by applicable law and be delivered to the Person entitled thereto. The
Servicer is also authorized to cause the removal from the registration on the
MERS 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. It is understood and
agreed that no expenses incurred in connection with such instrument of
satisfaction or transfer shall be reimbursed from amounts deposited in the
Collection Account. If the Trustee or Custodian is holding the Mortgage Files,
from time to time and as appropriate for the servicing or foreclosure of any
Mortgage Loan, the Trustee or Custodian shall, upon request of the Servicer or
the Master Servicer and delivery to the Custodian of two (2) copies of a Request
for Release, one of which will be returned to the Servicer or the Master
Servicer with the Mortgage File, in the form annexed hereto as Exhibit I, signed
by a Servicing Officer or a Master Servicing Officer or in a mutually agreeable
electronic format which originates from a Servicing Officer or a Master
Servicing Officer, release the related Mortgage File to the Servicer or the
Master Servicer, and the Trustee or Custodian shall execute such documents, in
the forms provided by the Servicer or the Master Servicer, as shall be necessary
for the prosecution of any such proceedings or the taking of other servicing or
master servicing actions. Such Request for Release shall obligate the Servicer
or the Master Servicer to return the Mortgage File to the Trustee or the
Custodian, as the case may be, when the need therefor by the Servicer or the
Master Servicer no longer exists unless the Mortgage Loan shall be liquidated,
in which case, upon receipt of a certificate of a Servicing Officer or Master
Servicing Officer similar to that hereinabove specified, the Mortgage File shall
be released by the Trustee or Custodian to the Servicer or the Master Servicer.

         In order to facilitate the foreclosure of the Mortgage securing any
Mortgage Loan that is in default following recordation of the related Assignment
of Mortgage in accordance with the provisions hereof, the Trustee shall, if so
requested in writing by the Servicer, execute an appropriate assignment in the
form provided to the Trustee by the Servicer to assign such Mortgage Loan for
the purpose of collection to the Servicer (any such assignment shall
unambiguously indicate that the assignment is for the purpose of collection
only) and, upon such assignment, such assignee for collection will thereupon
bring all required actions in its own name and otherwise enforce the terms of
the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive
of Foreclosure Profits, received with respect thereto in the Collection Account.
In the event that all delinquent payments due under any such Mortgage Loan are
paid by the Mortgagor and any other defaults are cured then the assignee for
collection shall promptly reassign such Mortgage Loan to the Trustee and return
it to the place where the related Mortgage File was being maintained.

Section 3.08. SERVICING COMPENSATION; PAYMENT OF CERTAIN EXPENSES BY SERVICER.
Subject to Section 5.02, the Servicer shall be entitled to retain the Servicing
Fee in accordance with Section 3.02 as compensation for its services in
connection with servicing the Mortgage Loans. Moreover, late payment charges or
other receipts not required to be deposited in the Collection Account,
including, without limitation, Foreclosure Profits, Ancillary Income and,
subject to Section 5.05, investment income on the Collection Account and the
Distribution Account shall be additional servicing compensation and retained by
the Servicer. The Servicer shall be required to pay all expenses incurred by it
in connection with its activities hereunder and shall not be entitled to
reimbursement therefor except as specifically provided herein.

         Section 3.09. ANNUAL STATEMENT AS TO COMPLIANCE.

         Not later than March 15th of each calendar year commencing in 2007, the
Servicer will deliver to the Trustee, the NIMS Insurer and the Depositor an
Officers' Certificate (an "Annual Statement of Compliance") substantially in the
form of Exhibit S attached hereto stating, as to each signatory thereof, that
(i) a review of the activities of the Servicer during the preceding calendar
year and of performance under this Agreement or other applicable servicing
agreement has been made under such officers' supervision and (ii) to the best of
such officers' knowledge, based on such review, the Servicer has fulfilled all
of its obligations under this Agreement or other applicable servicing agreement
in all material respects throughout such calendar year, or, if there has been a
failure to fulfill any such obligation in any material respectx, specifying each
such failure known to such officer and the nature and status of cure provisions
thereof. Copies of any such statement shall be provided by the Trustee to any
Certificateholder and to any Person identified to the Trustee as a prospective
transferee of a Certificate, upon request at the expense of the requesting
party, provided such statement is delivered by the Servicer to the Trustee. Such
Annual Statement of Compliance shall contain no restrictions or limitations on
its use. In the event that the Servicer has delegated any servicing
responsibilities with respect to the Mortgage Loans serviced by it to a
Sub-Servicer, the Servicer shall deliver an officer's certificate of the
Sub-Servicer as described above as to each Sub-Servicer as and when required
with respect to the Servicer.

         If the Servicer cannot deliver the Annual Statement of Compliance by
March 15th of such year, the Trustee, at its sole option, may permit a cure
period for the related Servicer to deliver such Annual Statement of Compliance,
but in no event later than March 30th of such year.

         Failure of the Servicer to timely comply with this Section 3.09 shall
be deemed an Servicer Event of Default, automatically, without notice and
without any cure period, and the Trustee may, in addition to whatever rights the
Trustee may have under this Agreement and at law or equity or to damages,
including injunctive relief and specific performance, terminate all the rights
and obligations of the Servicer under this Agreement and in and to the Mortgage
Loans and the proceeds thereof without compensating the Servicer for the same.
This paragraph shall supercede any other provision in this Agreement or any
other agreement to the contrary.

 The Servicer shall indemnify and hold harmless the Depositor, the Trustee and
their officers, directors and Affiliates from and against any actual losses,
damages, penalties, fines, forfeitures, reasonable and necessary legal fees and
related costs, judgments and other costs and expenses that such Person may
sustain based upon a breach of the Servicer's obligations under this Section
3.09.

         Section 3.10. ANNUAL SERVICING REVIEW.

         On and after January 1, 2006, each of the Servicer and the Trustee
shall service and administer the Mortgage Loans in accordance with all
applicable requirements of the Servicing Criteria (as set forth in Exhibit
[__]). Each of the Servicer and the Trustee shall deliver to the Depositor (and,
in the case of the Servicer, the Trustee) on or before March 15th of each
calendar year beginning in 2007, a report (an "Assessment of Compliance")
reasonably satisfactory to the Depositor regarding the Servicer's and Trustee's
assessment of compliance with the applicable Servicing Criteria during the
preceding calendar year as required by Rules 13a-18 and 15d-18 of the Exchange
Act and Item 1122 of Regulation AB, which as of the date hereof, require a
report by an authorized officer of the Servicer or the Trustee that contains the
following:

         A statement by such officer of its responsibility for assessing
compliance with the Servicing Criteria applicable to the Servicer or the
Trustee;

         (a) A statement by such officer that such officer used the Servicing
Criteria to assess compliance with the Servicing Criteria applicable to the
Servicer or the Trustee;

         (b) An assessment by such officer of the Servicer's or Trustee's
compliance with the applicable Servicing Criteria for the period consisting of
the preceding calendar year, including disclosure of any material instance of
noncompliance with respect thereto during such period, which assessment shall be
based on the activities it performs with respect to asset-backed securities
transactions taken as a whole involving the Servicer or the Trustee, as
applicable, that are backed by the same asset type as the Mortgage Loans;

         (c) A statement that a registered public accounting firm has issued an
attestation report on the Servicer's or Trustee's Assessment of Compliance for
the period consisting of the preceding calendar year; and

         (d) A statement as to which of the Servicing Criteria, if any, are not
applicable to the Servicer or Trustee, which statement shall be based on the
activities it performs with respect to asset-backed securities transactions
taken as a whole involving the Servicer or Trustee, that are backed by the same
asset type as the Mortgage Loans.

         Such report at a minimum shall address each of the Servicing Criteria
specified on a certification substantially in the form of Exhibit [___] hereto
delivered to the Depositor (and, in the case of the Servicer, the Trustee)
concurrently with the execution of this Agreement.

         On or before March 15th of each calendar year beginning in 2007, each
of the Servicer and the Trustee shall furnish to the Depositor (and, in the case
of the Servicer, the Trustee) a report (an "Attestation Report") by a registered
public accounting firm that attests to, and reports on, the Assessment of
Compliance made by the Servicer or the Trustee, as applicable, as required by
Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB,
which Attestation Report must be made in accordance with standards for
attestation reports issued or adopted by the Public Company Accounting Oversight
Board.

         Each of the Servicer and the Trustee shall cause any servicer, and each
subcontractor determined by the Servicer or the Trustee, as applicable, to be
"participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, to deliver to the Depositor (and, in the case of the Servicer,
the Trustee) an assessment of compliance and accountants' attestation.

         If the Servicer or the Trustee cannot deliver the related Assessment of
Compliance or Attestation Report by March 15th of such year, the Depositor, at
its sole option, may permit a cure period for the Servicer or the Trustee, as
applicable, to deliver such Assessment of Compliance or Attestation Report, but
in no event later than March 30th of such year.

Failure of the Servicer to timely comply with this Section 3.10 shall be deemed
a Servicer Event of Default automatically, without notice and without any cure
period, and the Trustee may, in addition to whatever rights the Trustee may have
under this Agreement and at law or equity or to damages, including injunctive
relief and specific performance, terminate all the rights and obligations of the
Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
thereof without compensating the Servicer for the same. This paragraph shall
supercede any other provision in this Agreement or any other agreement to the
contrary.

         Section 3.11. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE MORTGAGE LOANS.

The Servicer shall provide to the Office of Thrift Supervision, the FDIC, and
any other federal or state banking or insurance regulatory authority that may
exercise authority over any Certificateholder or Certificate Owner, access to
the documentation in the Servicer's possession regarding the Mortgage Loans
required by applicable laws and regulations. Such access shall be afforded
without charge, but only upon two business days prior written request and during
normal business hours at the offices of the Servicer designated by it. Payments
on the Mortgage Loans, including any Principal Prepayments in full, made in
accordance with the related Mortgage File will be entered into the Servicer's
set of records no more than two Business Days after receipt, and allocated to
principal or interest as specified in the related Mortgage File. In addition,
access to the documentation in the Servicer's possession regarding the Mortgage
Loans will be provided to any Certificateholder or Certificate Owner, the
Trustee and to any Person identified to the Servicer as a prospective transferee
of a Certificate; provided, however, that providing access to such Person will
not violate any applicable laws, upon reasonable request during normal business
hours at the offices of the Servicer designated by it at the expense of the
Person requesting such access. Nothing in this Section shall limit the
obligation of the Servicer to observe any applicable law prohibiting disclosure
of information regarding the Mortgagors and the failure of the Servicer to
provide access as provided in this Section 3.11 as a result of such obligation
shall not constitute a breach of this Section 3.11. (b) In each case, access to
any documentation regarding the Mortgage Loans may be conditioned upon the
requesting party's acknowledgement in writing of a confidentiality agreement
reasonably satisfactory to the Servicer regarding any information that is
required to remain confidential under the Gramm-Leach-Bliley Act of 1999.

         Section 3.12. MAINTENANCE OF CERTAIN SERVICING INSURANCE POLICIES. The
Servicer shall during the term of its service as servicer maintain in force (i)
a policy or policies of insurance covering errors and omissions in the
performance of its obligations as servicer hereunder and (ii) a fidelity bond in
respect of its officers, employees or agents. Each such policy or policies and
bond shall, together, comply with the requirements from time to time of Fannie
Mae for persons performing servicing for mortgage loans purchased by Fannie Mae.

         Section 3.13. REPORTS TO THE SECURITIES AND EXCHANGE COMMISSION.

(a)      (i) Within 15 days after each Distribution Date, the Trustee shall, in
accordance with industry standards, file with the Commission via the Electronic
Data Gathering and Retrieval System ("EDGAR"), a Distribution Report on Form
10-D (which shall, if applicable, provide the information required by each of
the items set forth in Part II thereof) with a copy of the monthly statement to
be furnished by the Trustee to the Certificateholders for such Distribution Date
and detailing all data elements specified in Item 1121(a) of Regulation AB as an
exhibit thereto; provided that the Trustee shall have received no later than 10
days prior to the date such Distribution Report on Form 10-D is required to be
filed, the following information:

                  (A) Notice of any material modifications, extensions or
         waivers to Mortgage Loan terms, fees, penalties or payments during the
         distribution period or that have cumulatively become material over time
         from the Servicer;

                  (B) Notice of any new issuance of asset-backed securities
         backed by the same asset pool, any pool asset changes, such as Mortgage
         Loan substitutions and repurchases, and cash flows available for future
         purchases, if applicable, from the Depositor, the Seller or Servicer;

                  (C) A brief description of any legal proceedings pending,
         including proceedings known to be contemplated by governmental
         authorities, against the Depositor, the Seller and the Servicer or of
         which any property of the foregoing is the subject, that is material to
         Certificateholders from each of the Depositor, the Seller and the
         Master Servicer if applicable;

                  (D) The information required by Item 2 of Part II of Form 10-Q
         regarding any sale of securities that are either backed by the same
         asset pool or are otherwise issued by the issuer, regardless of whether
         the transaction was registered under the Securities Act of 1933 during
         the period covered by the report from the Depositor;

                  (E) The information required by Item 3 of Part II of Form 10-Q
         with respect to defaults upon the senior securities during the period
         covered by the report, from the Depositor;

                  (F) Any information required to be disclosed in a report on
         Form 8-K during the period covered by the report on the Form 10-D, but
         not reported, whether or not otherwise required by the Form 10-D from
         the Depositor and the Servicer; and

                  (G) Any exhibits to the Form 10-D from the Depositor.

         The Trustee will prepare and file Current Reports on Form 8-K in
respect of the Trust at the direction and expense of the Depositor, provided,
that, the Depositor, the Seller or the Servicer shall have timely notified the
Trustee of an item reportable on a Current Report on Form 8-K and shall have
delivered to the Trustee no later than two Business Days prior to the filing
deadline for such Current Report, all information, data, and exhibits required
to be provided or filed with such Current Report with respect to:

                  (A) Any entry into a material definitive agreement, any
         termination of a material definitive agreement and any bankruptcy or
         receivership of the Depositor, the Seller or the Servicer (including
         any servicer that does not sign this Agrement and any Sub-Servicer that
         signs a Sub-Servicing agreement) from the Depositor, the Seller or the
         Servicers as applicable;

                  (B) Any material modification to the rights of
         Certificateholders, amendments of the articles of incorporation or
         bylaws or a change of the fiscal year of any transaction party from
         each of the Depositor, the Seller or the Servicer as applicable; and

                  (C) Any Securities Act update provided by the Depositor.

         (iii) Prior to January 30th in each year commencing in 2007, the
         Trustee shall, in accordance with industry standards, file a Form 15
         Suspension Notice with respect to the Trust Fund, if applicable. Prior
         to (x) March 15, 2007 and (y) unless and until a Form 15 Suspension
         Notice shall have been filed, prior to March 15th of each year
         thereafter, the Servicer shall provide the Trustee with an Annual
         Compliance Statement, together with a copy of the Assessment of
         Compliance and Attestation Report to be delivered by the Servicer
         pursuant to Sections 3.20 and 3.21. Prior to (x) March 31, 2007 and (y)
         unless and until a Form 15 Suspension Notice shall have been filed,
         March 31st of each year thereafter, the Trustee shall, subject to
         subsection (d) below, file a Form 10-K, in substance conforming to
         industry standards, with respect to the Trust Fund. Such Form 10-K
         shall include the Assessment of Compliance, Attestation Report, Annual
         Compliance Statements and other documentation provided by the Servicer
         pursuant to Sections 3.20 and 3.21 and a certification in the form
         attached hereto as Exhibit R-1 (the "Depositor Certification"), which
         shall be signed by the senior officer of the Depositor in charge of
         securitization. The Depositor, the Seller and the Servicers shall
         provide the Trustee with the following information, as applicable, no
         later than March 15th of each calendar year prior to the filing
         deadline for the Form 10-K:

                  (A) Any exhibits or financial statement schedules required by
         Item 15 of Form 10-K from each of the Depositor, the Seller and the
         Servicer;

                  (B) A description of any legal proceedings pending, including
         proceedings known to be contemplated by governmental authorities,
         against the Depositor, the Seller and the Servicer or of which any
         property of the foregoing is the subject, that is material to
         Certificateholders from each of the Depositor, the Seller and the
         Servicer, if applicable;

                  (C) A description of any affiliations between the transaction
         parties pursuant to Item 1119 of Regulation AB from the Depositor; and

                  (D) The Assessment of Compliance, Attestation Report, Annual
         Compliance Statements and other documentation provided by the Servicer
         pursuant to Sections 3.20 and 3.21.

         (b) The Depositor hereby grants to the Trustee a limited power of
attorney to execute any Form 8-K and file each such document on behalf of the
Depositor. Such power of attorney shall continue until the earlier of (i)
receipt by the Trustee from the Depositor of written termination of such power
of attorney and (ii) the termination of the Trust. The Depositor agrees to
promptly furnish to the Trustee, from time to time upon request, such further
information, reports and financial statements within its control related to this
Agreement, the Mortgage Loans as the Trustee reasonably deems appropriate to
prepare and file all necessary reports with the Commission. The Trustee shall
have no responsibility to file any items other than those specified in this
Section 3.13; provided, however, the Trustee will cooperate with the Depositor
in connection with any additional filings with respect to the Trust Fund as the
Depositor deems necessary under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). Copies of all reports filed by the Trustee under the
Exchange Act shall be sent to the Depositor electronically or at the addressed
set forth in Section 11.05. Fees and expenses incurred by the Trustee in
connection with this Section 3.13 shall not be reimbursable from the Trust Fund.

         (c) The Trustee shall sign a certification (in the form attached hereto
as Exhibit R-2) for the benefit of the Depositor and its officers, directors and
Affiliates regarding certain aspects of items 1 through 3 of the Depositor
Certification (provided, however, that the Trustee shall not undertake an
analysis of the accountant's report attached as an exhibit to the Form 10-K).
The Trustee's certification shall be delivered to the Depositor by no later than
March 18th of each year (or if such day is not a Business Day, the immediately
preceding Business Day) and the Depositor shall deliver the Depositor
Certification to the Trustee for filing no later than March 20th of each year
(or if such day is not a Business Day, the immediately preceding Business Day).

         The Trustee shall subject to the provisions of Sections 8.01 and 8.02
hereof, indemnify and hold harmless the Depositor and its officers, directors
and Affiliates from and against any losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments
and other costs and expenses arising out of or based upon third party claims
relating to information included in any Form 10-K provided by the Trustee other
than any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs arising out of third party claims
relating to information contained in the Depositor Certification, the Assessment
of Compliance, Attestation Report, Annual Compliance Statements and other
documentation provided by the Servicer pursuant to Sections 3.20 and 3.21. In
addition, the Trustee shall indemnify and hold harmless the Depositor and its
officers, directors and Affiliates from and against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related
costs, judgments and other costs and expenses arising out of or based upon a
breach of the Trustee's obligations under this Section 3.13 or the Trustee's
negligence, bad faith or willful misconduct in connection therewith. If the
indemnification provided for herein is unavailable or insufficient to hold
harmless the Depositor, then the Trustee, in connection with a breach of the
Trustee's obligations under this Section 3.13 or the Trustee's negligence, bad
faith or willful misconduct in connection therewith, agrees that it shall
contribute to the amount paid or payable by the Depositor as a result of the
losses, claims, damages or liabilities of the Depositor in such proportion as is
appropriate to reflect the relative fault of the Depositor on the one hand and
the Trustee on the other.

         (d) Nothing shall be construed from the foregoing subsections (a), (b)
and (c) to require the Trustee or any officer, director or Affiliate thereof to
sign any Form 10-K or any certification contained therein. Furthermore, the
inability of the Trustee to file a Form 10-K as a result of the lack of required
information as set forth in Section 3.13(a) or required signatures on such Form
10-K or any certification contained therein shall not be regarded as a breach by
the Trustee of any obligation under this Agreement.

         (e) Upon any filing with the Securities and Exchange Commission, the
Trustee shall promptly deliver to the Depositor a copy of any executed report,
statement or information.

         (f) Prior to January 30 of the first year in which the Trustee is able
to do so under applicable law, the Trustee shall file a Form 15 Suspension
Notification with respect to the Trust.

         (g) To the extent that, following the Closing Date, the Depositor
certifies that reports and certifications differing from those required under
this Section 3.22(b) comply with the reporting requirements under the Exchange
Act, the Trustee hereby agrees that it will reasonably cooperate to amend the
provisions of this Section 3.22(b) in order to comply with such amended
reporting requirements and such amendment of this Section 3.22(b). Any such
amendment may result in the reduction of the reports filed by the Depositor
under the Exchange Act. Notwithstanding the foregoing, the Trustee shall not be
obligated to enter into any amendment pursuant to this Section that adversely
affects its obligations and immunities under this Agreement.

         (a) (h) Each of the parties acknowledges and agrees that the purpose of
Sections 3.20, 3.21 and this Section 3.13 of this Agreement is to facilitate
compliance by the Depositor with the provisions of Regulation AB promulgated by
the Commission under the 1934 Act (17 C.F.R. ss.ss. 229.1100 - 229.1123), as
such may be amended from time to time and subject to clarification and
interpretive advice as may be issued by the staff of the Commission from time to
time. Therefore, each of the parties agrees that (a) the obligations of the
parties hereunder shall be interpreted in such a manner as to accomplish that
purpose, (b) the parties' obligations hereunder will be supplemented and
modified as necessary to be consistent with any such amendments, interpretive
advice or guidance, convention or consensus among active participants in the
asset-backed securities markets, advice of counsel, or otherwise in respect of
the requirements of Regulation AB, (c) the parties shall comply with requests
made by the Depositor for delivery of additional or different information as the
Depositor may determine in good faith is necessary to comply with the provisions
of Regulation AB, and (d) no amendment of this Agreement shall be required to
effect any such changes in the parties' obligations as are necessary to
accommodate evolving interpretations of the provisions of Regulation AB.

         Section 3.14. REPORTS OF FORECLOSURES AND ABANDONMENTS OF MORTGAGED
PROPERTIES, RETURNS RELATING TO MORTGAGE INTEREST RECEIVED FROM INDIVIDUALS AND
RETURNS RELATING TO CANCELLATION OF INDEBTEDNESS. The Servicer shall make
reports of foreclosures and abandonments of any Mortgaged Property for each year
beginning in [o]. The Servicer shall file reports relating to each instance
occurring during the previous calendar year in which the Servicer (i) on behalf
of the Trust acquires an interest in any Mortgaged Property through foreclosure
or other comparable conversion in full or partial satisfaction of a Mortgage
Loan or (ii) knows or has reason to know that any Mortgaged Property has been
abandoned. The reports from the Servicer shall be in form and substance
sufficient to meet the reporting requirements imposed by Sections 6050J, 6050H
and 6050P of the Code.

         Section 3.15. ADVANCES BY THE SERVICER.

         (a) Not later than 1:00 p.m. New York time on the Deposit Date related
to each Distribution Date, the Servicer shall remit to the Securities
Administrator for deposit in the Distribution Account an amount to be
distributed on the related Distribution Date pursuant to Section 5.01, equal to
the Monthly Payment due on each Mortgage Loan during the related Due Period, but
not received as of the related Determination Date (net of the Servicing Fee)
such amount being defined herein as the "Monthly Advance." With respect to any
Balloon Loan that is delinquent on its maturity date, the Servicer will continue
to make Monthly Advances with respect to such Balloon Loan in an amount equal to
one month's interest on the unpaid principal balance at the applicable Loan Rate
(net of the Servicing Fee) according to the original amortization schedule for
such Mortgage Loan. The obligation to make Monthly Advances with respect to each
Mortgage Loan shall continue until such Mortgage Loan becomes a Liquidated
Mortgage Loan.

         (b) Notwithstanding anything herein to the contrary, (i) no Servicing
Advance or Monthly Advance shall be required to be made hereunder if the
Servicer determines that such Servicing Advance or Monthly Advance would, if
made, constitute a Nonrecoverable Advance and (ii) no Monthly Advance or
Servicing Advance shall be required with respect to Civil Relief Act Interest
Shortfalls.

         (c) All Monthly Advances and Servicing Advances, including any
Nonrecoverable Advances shall be reimbursed on a "first in, first out" ("FIFO")
basis.

         (d) So long as the Servicer is [o] or otherwise has long-term debt
rated at least investment grade by one of the Rating Agencies, Monthly Advances
may be made by the Servicer either (i) from its own funds or (ii) from the
Collection Account, to the extent of funds held therein for future distribution
(in which case it will cause to be made an appropriate entry in the records of
the Collection Account that amounts held for future distribution have been, as
permitted by this Section 3.15, used by the Servicer in discharge of any such
Monthly Advance) or (iii) in the form of any combination of (i) and (ii)
aggregating the total amount of Monthly Advances to be made by the Servicer with
respect to the Mortgage Loans and REO Properties. Any amounts held for future
distribution and so used shall be appropriately reflected in the Servicer's
records and replaced by the Servicer by deposit in the Collection Account on or
before the next Deposit Date.

         Section 3.16. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS. The
Servicer, in its sole discretion, shall have the right to elect (by written
notice sent to the Master Servicer) to purchase for its own account from the
Trust any Mortgage Loan which is ninety (90) days or more delinquent in the
manner and at the price specified in Section 2.02. The Purchase Price for any
Mortgage Loan purchased hereunder shall be deposited in the Collection Account
and the Trustee, upon receipt of such deposit in the Distribution Account by the
Securities Administrator, shall release or cause to be released to the purchaser
of such Mortgage Loan the related Mortgage File and shall execute and deliver
such instruments of transfer or assignment prepared by the purchaser of such
Mortgage Loan, in each case without recourse, as shall be necessary to vest in
the purchaser of such Mortgage Loan any Mortgage Loan released pursuant hereto
and the purchaser of such Mortgage Loan shall succeed to all the Trustee's
right, title and interest in and to such Mortgage Loan and all security and
documents related thereto. Such assignment shall be an assignment outright and
not for security. The purchaser of such Mortgage Loan shall thereupon own such
Mortgage Loan, and all security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

         Section 3.17. SUPERIOR LIENS. The Servicer shall file (or cause to be
filed) a request for notice of any action by a superior lienholder under a First
Lien for the protection of the Trustee's interest, where permitted by local law
and whenever applicable state law does not require that a junior lienholder be
named as a party defendant in foreclosure proceedings in order to foreclose such
junior lienholder's equity of redemption.

         If the Servicer is notified that any superior lienholder has
accelerated or intends to accelerate the obligations secured by the First Lien,
or has declared or intends to declare a default under the mortgage or the
promissory note secured thereby, or has filed or intends to file an election to
have the Mortgaged Property sold or foreclosed, the Servicer shall take, on
behalf of the Trust, whatever actions are necessary to protect the interests of
the Certificateholders and/or to preserve the security of the related Mortgage
Loan, subject to the application of the REMIC Provisions in accordance with the
terms of this Agreement. The Servicer shall promptly notify the Trustee of any
such action or circumstances. The Servicer shall advance the necessary funds to
cure the default or reinstate the superior lien, if such advance is in the best
interests of the Certificateholders in accordance with the servicing standards
in Section 3.01. The Servicer shall not make such an advance except to the
extent that it determines in its reasonable good faith judgment that the advance
would be recoverable from Liquidation Proceeds on the related Mortgage Loan and
in no event in an amount that is greater than the Principal Balance of the
related Mortgage Loan. The Servicer shall thereafter take such action as is
necessary to recover the amount so advanced.

         Section 3.18. ASSUMPTION AGREEMENTS. When a Mortgaged Property has been
or is about to be conveyed by the Mortgagor, the Servicer shall, to the extent
it has knowledge of such conveyance or prospective conveyance, exercise its
right to accelerate the maturity of the related Mortgage Loan under any
"due-on-sale" clause contained in the related Mortgage or Mortgage Note;
PROVIDED, HOWEVER, that the Servicer shall not exercise any such right if the
"due-on-sale" clause, in the reasonable belief of the Servicer, is not
enforceable under applicable law. In such event, the Servicer shall enter into
an assumption and modification agreement with the person to whom such property
has been or is about to be conveyed, pursuant to which such person shall become
liable under the Mortgage Note and, unless prohibited by applicable law, the
Mortgagor shall remain liable thereon. The Servicer, in accordance with accepted
mortgage loan servicing standards for mortgage loans similar to the Mortgage
Loans, is also authorized to enter into a substitution of liability whereby such
person is substituted as mortgagor and becomes liable under the Mortgage Note.
The Servicer shall notify the Trustee and the Master Servicer that any such
substitution or assumption agreement has been completed by forwarding to the
Trustee and the Master Servicer the original of such substitution or assumption
agreement which original shall be added by the Trustee or its Custodian to the
related Mortgage File and shall, for all purposes, be considered a part of such
Mortgage File to the same extent as all other documents and instruments
constituting a part thereof. In connection with any assumption or substitution
agreement entered into pursuant to this Section 3.18, the Servicer shall not
change the Loan Rate or the Monthly Payment, defer or forgive the payment of
principal or interest, reduce the outstanding principal amount or extend the
final maturity date on such Mortgage Loan.

         Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any assumption of a
Mortgage Loan by operation of law or any assumption which the Servicer may be
restricted by law from preventing, for any reason whatsoever.

         Section 3.19. PAYMENT OF TAXES, INSURANCE AND OTHER CHARGES. With
respect to each Mortgage Loan, the Servicer shall maintain accurate records
reflecting fire and hazard insurance coverage.

         With respect to each Mortgage Loan as to which the Servicer maintains
escrow accounts, the Servicer shall maintain accurate records reflecting the
status of ground rents, taxes, assessments, water rates and other charges which
are or may become a lien upon the Mortgaged Property and the status of primary
mortgage guaranty insurance premiums, if any, and fire and hazard insurance
coverage and shall obtain, from time to time, all bills for the payment of such
charges (including renewal premiums) and shall effect payment thereof prior to
the applicable penalty or termination date and at a time appropriate for
securing maximum discounts allowable, employing for such purpose deposits of the
Mortgagor in any escrow account which shall have been estimated and accumulated
by the Servicer in amounts sufficient for such purposes, as allowed under the
terms of the Mortgage. To the extent that a Mortgage does not provide for escrow
payments, the Servicer shall, if it has received notice of a default or
deficiency, monitor such payments to determine if they are made by the
Mortgagor. The Servicer shall maintain a third-party (which may be an Affiliate
of the Servicer) tax monitoring service.

         Section 3.20. ADVANCE FACILITY.

         (a) The Servicer is hereby authorized to enter in to a financing or
other facility (any such arrangement, an "Advance Facility") under which (1) the
Servicer assigns or pledges to another Person (an "Advancing Person") the
Servicer's rights under this Agreement to be reimbursed for any Monthly Advances
or Servicing Advances and/or (2) an Advancing Person agrees to fund some or all
Monthly Advances and/or Servicing Advances required to be made by the Servicer
pursuant to this Agreement. No consent of the Trustee, the Master Servicer, the
Securities Administrator, Certificateholders or any other party is required
before the Servicer may enter into an Advance Facility; PROVIDED, HOWEVER, that
the consent of the Trustee, the Master Servicer and the Securities Administrator
shall be required before the Servicer may cause to be outstanding at one time
more than one Advance Facility with respect to Monthly Advances or more than one
Advance Facility with respect to Servicing Advances. Notwithstanding the
existence of any Advance Facility under which an Advancing Person agrees to fund
Monthly Advances and/or Servicing Advances on the Servicer's behalf, the
Servicer shall remain obligated pursuant to this Agreement to make Monthly
Advances and Servicing Advances pursuant to and as required by this Agreement.
If the Servicer enters into an Advance Facility, and for so long as an Advancing
Person remains entitled to receive reimbursement for any Monthly Advances
including Nonrecoverable Advances related thereto ("Monthly Advance
Reimbursement Amounts") and/or Servicing Advances including Nonrecoverable
Advances related thereto ("Servicing Advance Reimbursement Amounts" and together
with Monthly Advance Reimbursement Amounts, "Servicer Reimbursement Amounts")
(in each case to the extent that such type of Servicer Reimbursement Amount is
included in the Advance Facility, then the Servicer shall identify such Servicer
Reimbursement Amounts as received, consistently with the reimbursement rights
set forth in this Agreement, and shall remit such Servicer Reimbursement Amounts
in accordance with the documentation establishing the Advance Facility to such
Advancing Person or to a trustee, agent or custodian (each, an "Advance Facility
Trustee") designated by such Advancing Person. Notwithstanding the foregoing, if
so required pursuant to the terms of the Advance Facility, the Servicer may
direct the Securities Administrator to, and if so directed the Securities
Administrator is hereby authorized to and shall, pay to the Advancing Person or
the Advance Facility Trustee the Servicer Reimbursement Amounts identified
pursuant to the preceding sentence. Notwithstanding anything to the contrary
herein, in no event shall Monthly Advance Reimbursement Amounts or Servicing
Advance Reimbursement Amounts be included in "Available Funds" or distributed to
Certificateholders. If the Servicer makes a remittance to the Securities
Administrator of Servicer Reimbursement Amounts under Section 3.03(i) as
described above, the Servicer shall report to the Master Servicer and the
Securities Administrator the portions of such remittance that consist of
Available Funds, Monthly Advance Reimbursement Amounts and Servicing Advance
Reimbursement Amounts, respectively.

         (b) If the Servicer enters into an Advance Facility and elects to remit
Servicer Reimbursement Amounts to the Securities Administrator, the Servicer and
the related Advancing Person shall deliver to the Securities Administrator a
written notice and payment instruction (an "Advance Facility Notice"), providing
the Securities Administrator with written payment instructions as to where to
remit Monthly Advance Reimbursement Amounts and/or Servicing Advance
Reimbursement Amounts (each to the extent such type of Servicer Reimbursement
Amount is included within the Advance Facility) on subsequent Distribution
Dates. The payment instruction shall require the applicable Servicer
Reimbursement Amounts to be distributed to the Advancing Person or to an Advance
Facility Trustee designated in the Advance Facility Notice. An Advance Facility
Notice may only be terminated by the joint written direction of the Servicer and
the related Advancing Person (and any related Advance Facility Trustee);
PROVIDED, HOWEVER, that the provisions of this Section 3.20 shall cease to be
applicable when all Monthly Advances and Servicing Advances funded by an
Advancing Person, and when all Monthly Advances and Servicing Advances the
rights to be reimbursed for which have been assigned or pledged to an Advancing
Person, have been repaid to the related Advancing Person in full.

         (c) Servicer Reimbursement Amounts shall consist solely of amounts in
respect of Monthly Advances and/or Servicing Advances made with respect to the
Mortgage Loans for which the Servicer would be permitted to reimburse itself in
accordance with Section 3.03(ii) or Section 3.03(vi) hereof, assuming the
Servicer had made the related Monthly Advance(s) and/or Servicing Advance(s).
Notwithstanding the foregoing, no Person shall be entitled to reimbursement from
funds held in the Collection Account for future distribution to
Certificateholders pursuant to the provisions of Section 3.15. Neither the
Securities Administrator nor the Trustee shall have any duty or liability with
respect to the calculation of any Servicer Reimbursement Amount and, if the
Servicer has elected to remit Servicer Reimbursement Amounts to the Securities
Administrator, both the Securities Administrator and the Trustee shall be
entitled to rely without independent investigation on the Advance Facility
Notice and on the Servicer's report of the amount of Monthly Advance
Reimbursement Amounts and Servicing Advance Reimbursement Amounts that were
included in the remittance from the Servicer to the Securities Administrator
pursuant to Section 3.03(i). The Servicer shall maintain and provide to any
Successor Servicer and (upon request) the Master Servicer a detailed accounting
on a loan-by-loan basis as to amounts advanced by, pledged or assigned to, and
reimbursed to any Advancing Person. The Successor Servicer shall be entitled to
rely on any such information provided by the predecessor Servicer, and the
Successor Servicer shall not be liable for any errors in such information. None
of the Depositor, the Trustee, the Master Servicer or the Securities
Administrator shall, as a result of the existence of any Advance Facility, have
any additional duty or liability with respect to the calculation or payment of
any Servicer Reimbursement Amount, and none of the Depositor, the Trustee, the
Master Servicer or the Securities Administrator shall, as a result of the
existence of any Advance Facility, have any additional responsibility to track
or monitor the administration of such Advance Facility or the payment of
Servicer Reimbursement Amounts to an Advancing Person.

         (d) An Advancing Person who receives an assignment or pledge of the
rights to be reimbursed for Monthly Advances and/or Servicing Advances, and/or
whose obligations hereunder are limited to the funding of Monthly Advances
and/or Servicing Advances shall not be required to meet the criteria for
qualification of a Sub-Servicer set forth in Section 3.01 hereof.

         (e) Servicer Reimbursement Amounts distributed with respect to each
Mortgage Loan shall be allocated to outstanding unreimbursed Monthly Advances or
Servicing Advances (as the case may be) made with respect to that Mortgage Loan
on a FIFO basis. The Servicer shall provide to the related Advancing Person or
Advance Facility Trustee loan-by-loan information with respect to each Servicer
Reimbursement Amount distributed by the Securities Administrator to such
Advancing Person or Advance Facility Trustee on each Distribution Date, to
enable the Advancing Person or Advance Facility Trustee to make the FIFO
allocation of each Servicer Reimbursement Amount with respect to each Mortgage
Loan. The Servicer shall remain entitled to be reimbursed by the Advancing
Person or Advance Facility Trustee for all Monthly Advances and Servicing
Advances funded by the Servicer to the extent the related rights to be
reimbursed therefor have not been assigned or pledged to an Advancing Person.

         (f) Notwithstanding anything to the contrary in this Agreement, none of
the Master Servicer, the Securities Administrator or the Trustee shall be
responsible for tracking or monitoring Servicer Reimbursement Amounts or any
Advance Facility, and none of such parties shall be obligated to make any
payment with respect to any Servicer Reimbursement Amount. The Servicer who
enters into an Advance Facility shall indemnify the Trustee, the Trust, the
Master Servicer, the Securities Administrator and any Successor Servicer for any
loss, liability or damage resulting from any claim by the related Advancing
Person, except (i) in the case of the Trustee, the Securities Administrator, the
Master Servicer or the Trust, (A) resulting from any such claim which arises by
reason of such party's, as applicable, willful misfeasance, bad faith or
negligence in the performance of its duties hereunder or by reason of the such
party's reckless disregard of its obligations and duties hereunder or (B) any
such claim for which such party receives indemnification from the Servicer or a
Successor Servicer pursuant to Section 7.06(a), or (ii) in the case of a
Successor Servicer, which claim arises by reason of such Successor Servicer's
willful misfeasance, bad faith or negligence in the performance of its duties
hereunder or by reason of its reckless disregard of its obligations and duties
hereunder. Notwithstanding the foregoing, the exclusions set forth in clauses
(i) and (ii) above from the Servicer's obligation to indemnify the Trustee, the
Trust, the Master Servicer, the Securities Administrator and any Successor
Servicer shall not be applicable, in any case, to the extent the applicable
claim, loss, liability or damage was incurred by reason of the Servicer's
willful misfeasance, bad faith or negligence in the performance of its duties
hereunder or by reason of its reckless disregard of its obligations and duties
hereunder, or by reason of a breach of the Servicer's obligations and duties
under this Agreement.

         (g) Notwithstanding anything to the contrary in this Section 3.20, the
Servicer shall consult with the Master Servicer in determining the manner in
which any Advance Facility shall affect a Successor Servicer before the Servicer
shall enter into an Advance Facility. Any amendment to this Section 3.20 or to
any other provision of this Agreement that may be necessary or appropriate to
effect the terms of an Advance Facility as described generally in this Section
3.20, including amendments to add provisions relating to a Successor Servicer,
may be entered into by the Trustee, the Seller, the Depositor, the Master
Servicer, the Securities Administrator and the Servicer without the consent of
any Certificateholder, notwithstanding anything to the contrary in Section 11.01
hereof or elsewhere in this Agreement, and provided that such Amendment
otherwise complies with Section 11.01 hereof. All reasonable costs and expenses
(including attorneys' fees) of each party hereto of any such amendment shall be
borne solely by the Servicer. The parties hereto hereby acknowledge and agree
that: (i) the Monthly Advances and/or Servicing Advances financed by and/or
pledged to an Advancing Person under any Advance Facility are obligations owed
to the Servicer payable only from the cash flows and proceeds received under
this Agreement for reimbursement of Monthly Advances and/or Servicing Advances
only to the extent provided herein, and the Trustee and the Trust are not, as a
result of the existence of any Advance Facility, obligated or liable to repay
any Monthly Advances and/or Servicing Advances financed by the Advancing Person;
(ii) the Servicer will be responsible for remitting to the Advancing Person the
applicable amounts collected by it as reimbursement for Monthly Advances and/or
Servicing Advances funded by the Advancing Person, subject to the provisions of
this Agreement and (iii) the Trustee, the Master Servicer and the Securities
Administrator shall not have any responsibility to track or monitor the
administration of the financing arrangement between the Servicer and any
Advancing Person.

         Section 3.21. COVENANTS OF THE SERVICER AND REPRESENTATIONS OF THE
SELLER REGARDING PREPAYMENT CHARGES.

         (a) The Servicer will not waive any Prepayment Charge or part of a
Prepayment Charge unless (i) such waiver would maximize recovery of total
proceeds taking into account the value of such Prepayment Charge and related
Mortgage Loan and doing so is standard and customary in servicing similar
Mortgage Loans (including any waiver of a Prepayment Charge in connection with a
refinancing of a Mortgage Loan that is related to a default or a reasonably
foreseeable default) and in no event will it waive a Prepayment Charge in
connection with a refinancing of a Mortgage Loan that is not related to a
default or a reasonably foreseeable default, or (ii) the collection of the
Prepayment Charge would be in violation of applicable laws or regulations.

         (b) The Seller hereby represents that the information set forth in the
Prepayment Charge Schedule (including the prepayment charge summary attached
thereto) is complete, true and correct in all material respects at the date or
dates respecting which such information is furnished and each Prepayment Charge
is permissible and enforceable in accordance with its terms (except to the
extent that the enforceability thereof may be limited by bankruptcy, insolvency,
moratorium, receivership and other similar laws relating to creditors' rights
generally) under applicable state law.

         (c) Upon discovery by the Servicer, the Seller, the Depositor, the
Master Servicer or a Responsible Officer of the Trustee or the Securities
Administrator of a breach of the foregoing, which materially and adversely
affects the Holders of the Class P Certificates, the party discovering such
breach shall give prompt written notice to the other parties. Within 60 days of
the earlier of discovery by the Servicer, the Depositor, Master Servicer or the
Seller, as applicable, or receipt of notice by the Servicer, the Depositor, the
Master Servicer or the Seller, as applicable, of such breach, the Servicer (with
respect to clause (a) above) or the Seller (on behalf of itself and the
Depositor) (with respect to clause (b) above), as applicable, shall cure such
breach in all material respects. If the covenant made by the Servicer in clause
(a) above is breached the Servicer must pay into the Collection Account the
amount of the waived Prepayment Charge (less any amount previously collected and
paid by the Servicer into the Collection Account; provided, however, that the
Servicer shall not have an obligation to pay the amount of any uncollected
Prepayment Charge if the failure to collect such amount is the direct result of
inaccurate or incomplete information on the Prepayment Charge Schedule in effect
at such time). If the representation made by the Seller in clause (b) above is
breached, the Seller must pay to the Servicer for deposit into the Collection
Account the amount of the scheduled Prepayment Charge, less any amount
previously collected and paid by the Servicer into the Collection Account.

         Section 3.22. NON-SOLICITATION. The Servicer shall not take any action
or permit or cause any action to be taken by any of the Servicer's agents or
affiliates, or by any independent contractors on the Servicer's behalf, to
personally, by telephone, mail, e-mail or other similar methods of
communication, solicit any Mortgagor or obligor under any of the Mortgage Loans
to refinance a Mortgage Loan, in whole or in part, without the prior written
consent of the Seller, or any of its successors or assigns. It is understood and
agreed that promotions undertaken by the Servicer which are directed to the
general public at large, or designated segments thereof, including without
limitation mass mailings based on commercially acquired mailing lists,
newspaper, radio, telephone and television advertisements shall not constitute
solicitation under this Section 3.22.

                                   ARTICLE IV

ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER SERVICER

         Section 4.01. MASTER SERVICER. The Master Servicer shall supervise,
monitor and oversee the obligation of the Servicer to service and administer the
Mortgage Loans in accordance with the terms of the Agreement and shall have full
power and authority to do any and all things which it may deem necessary or
desirable in connection with such master servicing and administration. In
performing its obligations hereunder, the Master Servicer shall act in a manner
consistent with Accepted Master Servicing Practices. Furthermore, the Master
Servicer shall oversee and consult with the Servicer as necessary from
time-to-time to carry out the Master Servicer's obligations hereunder, shall
receive, review and evaluate all reports, information and other data provided to
the Master Servicer by the Servicer and shall cause the Servicer to perform and
observe the covenants, obligations and conditions to be performed or observed by
the Servicer under this Agreement. The Master Servicer shall independently and
separately monitor the Servicer's servicing activities with respect to each
related Mortgage Loan, reconcile the results of such monitoring with such
information provided in the previous sentence on a monthly basis and coordinate
corrective adjustments to the Servicer's and Master Servicer's records. The
Master Servicer shall reconcile the results of its Mortgage Loan monitoring with
the actual remittances of the Servicer to the Distribution Account pursuant to
the terms hereof based on information provided to the Master Servicer by the
Securities Administrator pursuant to the third paragraph of Section 9.01.

         The Trustee shall provide access and shall cause the Custodian to
provide access and the Securities Administrator shall provide access, in each
case to the records and documentation in possession of the Trustee, the
Custodian or the Securities Administrator, as the case may be, regarding the
related Mortgage Loans and REO Property and the servicing thereof to the
Certificateholders, the FDIC, and the supervisory agents and examiners of the
FDIC, such access being afforded only upon reasonable prior written request and
during normal business hours at the office of the Trustee, the Custodian or the
Securities Administrator; provided, however, that, unless otherwise required by
law, none of the Trustee, the Custodian or the Securities Administrator shall be
required to provide access to such records and documentation if the provision
thereof would violate the legal right to privacy of any Mortgagor. The Trustee
shall allow representatives of the above entities and shall cause the Custodian
to allow representatives of the above entities and the Securities Administrator
shall allow representatives of the above entities, in each case to photocopy any
of the records and documentation and shall provide equipment for that purpose at
a charge that covers the Trustee's, the Custodian's or the Securities
Administrator's, as the case may be, actual costs.

         Section 4.02. REMIC-RELATED COVENANTS. For as long as each REMIC shall
exist, the Trustee and the Securities Administrator shall act in accordance
herewith to treat such REMIC as a REMIC, and the Trustee and the Securities
Administrator shall comply with any directions of the Servicer or the Master
Servicer to assure such continuing treatment. In particular, the Trustee shall
not (a) sell or permit the sale of all or any portion of the Mortgage Loans or
of any investment of deposits in either the Collection Account or the
Distribution Account unless such sale is as a result of a repurchase of the
Mortgage Loans pursuant to this Agreement or the Trustee has received an Opinion
of Counsel prepared at the expense of the Trust Fund; and (b) other than with
respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or
Section 2.03 of this Agreement, as applicable, accept any contribution to any
REMIC after the Startup Day (as defined in Section 2.08) without receipt of a
Opinion of Counsel stating that such contribution will not result in an adverse
event on any REMIC created hereunder.

         Section 4.03. MONITORING OF SERVICER.

         (a) The Master Servicer shall be responsible for monitoring the
compliance by the Servicer with its duties under this Agreement. In the review
of the Servicer's activities, the Master Servicer may rely upon an Officer's
Certificate of the Servicer with regard to the Servicer's compliance with the
terms of this Agreement. In the event that the Master Servicer, in its judgment,
determines that the Servicer should be terminated in accordance with the terms
hereof, or that a notice should be sent pursuant to the terms hereof with
respect to the occurrence of an event that, unless cured, would constitute a
Servicer Event of Default, the Master Servicer shall notify the Servicer, the
Seller and the Trustee thereof and the Master Servicer shall issue such notice
or take such other action as it deems appropriate.

         (b) The Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall enforce the obligations of the Servicer under this
Agreement, and shall, in the event that the Servicer fails to perform its
obligations in accordance with this Agreement, subject to the preceding
paragraph, Article III and Article VIII, cause the Trustee to terminate the
rights and obligations of the Servicer hereunder in accordance with the
provisions of Article VIII. Such enforcement, including, without limitation, the
legal prosecution of claims and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer, in its good faith business judgment, would require were it the owner
of the related Mortgage Loans. The Master Servicer shall pay the costs of such
enforcement at its own expense, provided that the Master Servicer shall not be
required to prosecute or defend any legal action except to the extent that the
Master Servicer shall have received reasonable indemnity for its costs and
expenses in pursuing such action.

         (c) The Master Servicer shall be entitled to be reimbursed by the
Servicer (or from amounts on deposit in the Distribution Account if the Servicer
does not timely fulfill its obligations hereunder) for all reasonable
out-of-pocket or third party costs associated with the transfer of servicing
from the predecessor Servicer (or if the predecessor Servicer is the Master
Servicer, from the Servicer immediately preceding the Master Servicer),
including without limitation, any reasonable out-of-pocket or third party costs
or expenses associated with the complete transfer of all servicing data and the
completion, correction or manipulation of such servicing data as may be required
by the Master Servicer to correct any errors or insufficiencies in the servicing
data or otherwise to enable the Master Servicer to service the Mortgage Loans
properly and effectively, upon presentation of reasonable documentation of such
costs and expenses.

         (d) The Master Servicer shall require the Servicer to comply with the
remittance requirements and other obligations set forth in this Agreement.

         (e) If the Master Servicer acts as successor Servicer, it will not
assume liability for the representations and warranties of the terminated
Servicer.

         (f) The Master Servicer shall not be liable for any acts or omissions
of the Servicer.

         Section 4.04. FIDELITY BOND. The Master Servicer, at its expense, shall
maintain in effect a blanket fidelity bond and an errors and omissions insurance
policy, affording coverage with respect to all directors, officers, employees
and other Persons acting on such Master Servicer's behalf, and covering errors
and omissions in the performance of the Master Servicer's obligations hereunder.
The errors and omissions insurance policy and the fidelity bond shall be in such
form and amount generally acceptable for entities serving as master servicers or
trustees.

         Section 4.05. POWER TO ACT; PROCEDURES. The Master Servicer shall
master service the Mortgage Loans and shall have full power and authority,
subject to the REMIC Provisions and the provisions of Article X, to do any and
all things that it may deem necessary or desirable in connection with the master
servicing and administration of the Mortgage Loans, including but not limited to
the power and authority (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages, (iii) to
collect any Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan, in each case, in accordance with the provisions of
this Agreement; provided, however, that the Master Servicer shall not (and,
consistent with its responsibilities under Section 4.03, shall not permit the
Servicer to) knowingly or intentionally take any action, or fail to take (or
fail to cause to be taken) any action reasonably within its control and the
scope of duties more specifically set forth herein, that, under the REMIC
Provisions, if taken or not taken, as the case may be, would cause any REMIC
created hereunder to fail to qualify as a REMIC or 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 set forth in Section 860G(d) of the Code) unless the
Master Servicer has received an Opinion of Counsel (but not at the expense of
the Master Servicer) to the effect that the contemplated action will not would
cause any REMIC created hereunder to fail to qualify as a REMIC or result in the
imposition of a tax upon any REMIC created hereunder. The Trustee shall furnish
the Master Servicer, upon written request from a Master Servicing Officer, with
any powers of attorney empowering the Master Servicer or the Servicer to execute
and deliver instruments of satisfaction or cancellation, or of partial or full
release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
Property, and to appeal, prosecute or defend in any court action relating to the
Mortgage Loans or the Mortgaged Property, in accordance with this Agreement, and
the Trustee shall execute and deliver such other documents, as the Master
Servicer or the Servicer may request, to enable the Master Servicer to master
service and administer the Mortgage Loans and carry out its duties hereunder, in
each case in accordance with Accepted Master Servicing Practices (and the
Trustee shall have no liability for misuse of any such powers of attorney by the
Master Servicer or the Servicer and shall be indemnified by the Master Servicer
or the Servicer, as applicable, for any cost, liability or expense incurred by
the Trustee in connection with such Person's use or misuse of any such power of
attorney). If the Master Servicer or the Trustee has been advised that it is
likely that the laws of the state in which action is to be taken prohibit such
action if taken in the name of the Trustee or that the Trustee would be
adversely affected under the "doing business" or tax laws of such state if such
action is taken in its name, the Master Servicer shall join with the Trustee in
the appointment of a co-trustee pursuant to Section 9.10. In the performance of
its duties hereunder, the Master Servicer shall be an independent contractor and
shall not, except in those instances where it is taking action in the name of
the Trustee, be deemed to be the agent of the Trustee.

         Section 4.06. DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS. To the extent
Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer
shall cause the Servicer to enforce such clauses in accordance with this
Agreement.

         Section 4.07. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER
SERVICER TO BE HELD FOR TRUSTEE.

         (a) The Master Servicer shall transmit to the Trustee or Custodian such
documents and instruments coming into the possession of the Master Servicer from
time to time as are required by the terms hereof to be delivered to the Trustee
or Custodian. Any funds received by the Master Servicer in respect of any
Mortgage Loan or which otherwise are collected by the Master Servicer as
Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall
be remitted to the Securities Administrator for deposit in the Distribution
Account. The Master Servicer shall, and, subject to Section 3.11, shall cause
the Servicer to, provide access to information and documentation regarding the
Mortgage Loans to the Trustee, its agents and accountants at any time upon
reasonable request and during normal business hours, and to Certificateholders
that are savings and loan associations, banks or insurance companies, the Office
of Thrift Supervision, the FDIC and the supervisory agents and examiners of such
Office and Corporation or examiners of any other federal or state banking or
insurance regulatory authority if so required by applicable regulations of the
Office of Thrift Supervision or other regulatory authority, such access to be
afforded without charge but only upon reasonable request in writing and during
normal business hours at the offices of the Master Servicer designated by it. In
fulfilling such a request the Master Servicer shall not be responsible for
determining the sufficiency of such information.

         (b) All funds collected or held by, or under the control of, the Master
Servicer, in respect of any Mortgage Loans, whether from the collection of
principal and interest payments or from Liquidation Proceeds or Insurance
Proceeds, shall be remitted to the Securities Administrator for deposit in the
Distribution Account.

         Section 4.08. POSSESSION OF CERTAIN INSURANCE POLICIES AND DOCUMENTS.
The Trustee or the applicable Custodian, shall retain possession and custody of
the originals (to the extent available) of any primary mortgage insurance
policies, or certificate of insurance if applicable, and any certificates of
renewal as to the foregoing as may be issued from time to time as contemplated
by this Agreement. Until all amounts distributable in respect of the
Certificates has been distributed in full and the Master Servicer and the
Servicer have otherwise fulfilled their respective obligations under this
Agreement, the Trustee or the Custodian shall also retain possession and custody
of each Mortgage File in accordance with and subject to the terms and conditions
of this Agreement. The Master Servicer shall promptly deliver or cause to be
delivered to the Trustee or the Custodian, upon the execution or receipt thereof
the originals of any primary mortgage insurance policies, any certificates of
renewal, and such other documents or instruments related to the Mortgage Loans
that come into the possession of the Master Servicer from time to time.

         Section 4.09. COMPENSATION FOR THE MASTER SERVICER. As compensation for
the activities of the Master Servicer hereunder, the Master Servicer shall be
entitled to the Master Servicing Fee, payable to the Master Servicer by the
Securities Administrator on each Distribution Date (with respect to the calendar
month that immediately preceded the month of such Distribution Date) from funds
in the Distribution Account. The Master Servicing Fee payable to the Master
Servicer in respect of any Distribution Date shall be reduced in accordance with
Section 4.12. The Master Servicer shall be required to pay all expenses incurred
by it in connection with its activities hereunder and shall not be entitled to
reimbursement therefor except as provided in this Agreement.

         Section 4.10. ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.

         (a) The Master Servicer will deliver to the Seller, the Trustee, the
Securities Administrator and the Rating Agencies, on or before March 15 of each
year, beginning with delivery on March 15, 2007, an Officer's Certificate
certifying that with respect to the period ending December 31 of the prior year:
(i) such Master Servicing Officer has reviewed the activities of the Master
Servicer during the preceding calendar year or portion thereof and its
performance under this Agreement, (ii) to the best of such Master Servicing
Officer's knowledge, based on such review, the Master Servicer has performed and
fulfilled its duties, responsibilities and obligations under this Agreement in
all material respects throughout such year, or, if there has been a default in
the fulfillment of any such duties, responsibilities or obligations, specifying
each such default known to such Master Servicing Officer and the nature and
status thereof, (iii) nothing has come to the attention of such Master Servicing
Officer to lead such Master Servicing Officer to believe that the Master
Servicer has failed to perform any of its duties, responsibilities and
obligations under this Agreement in all material respects throughout such year,
or, if there has been a material default in the performance or fulfillment of
any such duties, responsibilities or obligations, specifying each such default
known to such Master Servicing Officer and the nature and status thereof.

         (b) Copies of such statements shall be provided to any
Certificateholder upon request, by the Master Servicer or by the Securities
Administrator at the Master Servicer's expense if the Master Servicer failed to
provide such copies (unless (i) the Master Servicer shall have failed to provide
the Securities Administrator with such statement or (ii) the Securities
Administrator shall be unaware of the Master Servicer's failure to provide such
statement).

         Section 4.11. ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT. Not
later than March 15 of each year, beginning with the letter due March 15, 2007,
if the Master Servicer has, during the course of any calendar year, directly
serviced any of the Mortgage Loans, then the Master Servicer at its expense
shall cause a nationally recognized firm of independent certified public
accountants to furnish a statement to the Trustee, the Securities Administrator,
the Rating Agencies and the Seller to the effect that, with respect to the most
recently ended fiscal year, such firm has examined certain records and documents
relating to the Master Servicer's performance of its servicing obligations under
this Agreement and pooling and servicing and trust agreements in material
respects similar to this Agreement and to each other and that, on the basis of
such examination conducted substantially in compliance with the audit program
for mortgages serviced for Freddie Mac or the Uniform Single Attestation Program
for Mortgage Bankers, such firm is of the opinion that the Master Servicer's
activities have been conducted in compliance with this Agreement, or that such
examination has disclosed no material items of noncompliance except for (i) such
exceptions as such firm believes to be immaterial, (ii) such other exceptions as
are set forth in such statement and (iii) such exceptions that the Uniform
Single Attestation Program for Mortgage Bankers or the Audit Program for
Mortgages Serviced by Freddie Mac requires it to report. Copies of such
statements shall be provided to any Certificateholder upon request by the Master
Servicer, or by the Securities Administrator at the expense of the Master
Servicer if the Master Servicer shall fail to provide such copies. If such
report discloses exceptions that are material, the Master Servicer shall advise
the Trustee and the Securities Administrator whether such exceptions have been
or are susceptible of cure, and will take prompt action to do so.

         Section 4.12. OBLIGATION OF THE MASTER SERVICER IN RESPECT OF
PREPAYMENT INTEREST SHORTFALLS. In the event that the Servicer fails to perform
on any Determination Date its obligations pursuant to Section 5.02, the Master
Servicer shall remit to the Securities Administrator not later than the
Distribution Date an amount equal to the lesser of (i) the aggregate amounts
required to be paid by the Servicer with respect to Prepayment Interest
Shortfalls attributable to Principal Prepayments on the related Mortgage Loans
for the related Distribution Date, and not so paid by the Servicer and (ii) the
Master Servicing Fee for such Distribution Date, without reimbursement therefor.

         Section 4.13. MONTHLY ADVANCES BY THE MASTER SERVICER. If the Servicer
fails to remit any Monthly Advance required to be made pursuant to Section 3.15,
the Master Servicer shall itself make, or shall cause the Successor Servicer to
make, such Advance. If the Master Servicer determines that a Monthly Advance is
required, it shall on the Business Day preceding the related Distribution Date
immediately following such Determination Date remit to the Securities
Administrator from its own funds (or funds advanced by the applicable Servicer)
for deposit in the Distribution Account immediately available funds in an amount
equal to such Monthly Advance. The Master Servicer shall be entitled to be
reimbursed for all Monthly Advances made by it. Notwithstanding anything to the
contrary herein, in the event the Master Servicer determines in its reasonable
judgment that a Monthly Advance is a Nonrecoverable Advance, the Master Servicer
shall be under no obligation to make such Monthly Advance. If the Master
Servicer determines that an Monthly Advance is a Nonrecoverable Advance, it
shall, on or prior to the related Distribution Date, deliver an Officer's
Certificate to the Trustee and the Securities Administrator to such effect.

         Section 4.14. MERGER OR CONSOLIDATION. Any Person into which the Master
Servicer may be merged or consolidated, or any Person resulting from any merger,
conversion, other change in form or consolidation to which the Master Servicer
shall be a party, or any Person succeeding to the business of the Master
Servicer, shall be the successor to the Master Servicer hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; PROVIDED,
HOWEVER, that the successor or resulting Person to the Master Servicer or its
Affiliate whose primary business is the servicing of conventional residential
mortgage loans shall be a Person that is an Approved Servicer.

         Section 4.15. RESIGNATION OF MASTER SERVICER. Except as otherwise
provided in Sections 4.14 and 4.16 hereof, the Master Servicer shall not resign
from the obligations and duties hereby imposed on it unless the Master
Servicer's duties hereunder are no longer permissible under applicable law or
are in material conflict by reason of applicable law with any other activities
carried on by it and cannot be cured. Any such determination permitting the
resignation of the Master Servicer shall be evidenced by an independent Opinion
of Counsel to such effect delivered to the Depositor, the Seller and the
Trustee. No such resignation shall become effective until the Trustee shall have
assumed, or a Successor Master Servicer shall have been appointed by the Trustee
and until such successor shall have assumed, the Master Servicer's
responsibilities and obligations under this Agreement. Notice of such
resignation shall be given promptly by the Master Servicer and the Depositor to
the Trustee.

         If, at any time, the Master Servicer resigns under this Section 4.15,
or transfers or assigns its rights and obligations under Section 4.16, or is
removed as Master Servicer pursuant to Section 8.03, then at such time [o] also
shall resign (and shall be entitled to resign) as Securities Administrator,
Paying Agent and Certificate Registrar under this Agreement. In such event, the
obligations of each such party shall be assumed by the Trustee or such Successor
Master Servicer appointed by the Trustee (subject to the provisions of Section
8.04).

         Section 4.16. ASSIGNMENT OR DELEGATION OF DUTIES BY THE MASTER
SERVICER. Except as expressly provided herein, the Master Servicer shall not
assign or transfer any of its rights, benefits or privileges hereunder to any
other Person, or delegate to or subcontract with, or authorize or appoint any
other Person to perform any of the duties, covenants or obligations to be
performed by the Master Servicer hereunder; PROVIDED, HOWEVER, that the Master
Servicer shall have the right with the prior written consent of the Trustee and
the Seller (which consent shall not be unreasonably withheld), and upon delivery
to the Trustee and the Seller of a letter from each Rating Agency to the effect
that such action shall not result in a downgrading of the Certificates, to
delegate or assign to or subcontract with or authorize or appoint any qualified
Person to perform and carry out any duties, covenants or obligations to be
performed and carried out by the Master Servicer hereunder. Notice of such
permitted assignment shall be given promptly by the Master Servicer to the
Seller and the Trustee. If, pursuant to any provision hereof, the duties of the
Master Servicer are transferred to a Successor Master Servicer, the entire
amount of the Master Servicing Fees and other compensation payable to the Master
Servicer pursuant hereto shall thereafter be payable to such Successor Master
Servicer. Such Successor Master Servicer shall also pay the fees of the Trustee
and the Securities Administrator, as provided herein.

                                   ARTICLE V

                           PAYMENTS AND STATEMENTS TO
                CERTIFICATEHOLDERS; RIGHTS OF CERTIFICATEHOLDERS

Section 5.01.     DISTRIBUTIONS.

         (a) On each Distribution Date, the Securities Administrator shall
withdraw (i) from the Distribution Account, the Available Funds for the related
Loan Group for such Distribution Date and (ii) from the Net Rate Cap Fund, funds
on deposit therein, and apply such amounts in the following order of priority,
in each case, to the extent of the funds remaining therefor (and shall make
corresponding allocations with respect to each REMIC):

                  (i) With respect to Available Funds received with respect to
         the Mortgage Loans in Loan Group I:

                  (1)      To the entity designated by the Tax Matters Person,
                           the Tax Matters Fee with respect to Loan Group I for
                           such Distribution Date;

                  (2)      Concurrently, to each Class of Class AV Certificates,
                           the related Class Interest Distribution for such
                           Distribution Date, pro rata based on their respective
                           entitlements;

                  (3)      Sequentially, first to the Class MV-1 Certificates,
                           second to the Class MV-2 Certificates, third to the
                           Class MV-3 Certificates and fourth to the Class MV-4
                           Certificates, the related Class Monthly Interest
                           Amount for such Distribution Date;

                  (4)      To the Class AV Certificates, the Group I Senior
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein, sequentially, first to the
                           Class AV-1 Certificates, second to the Class AV-2
                           Certificates and third to the Class AV-3
                           Certificates, until the respective Class Principal
                           Balance of such Classes has been reduced to zero;

                  (5)      To the Class MV-1 Certificates, the Class MV-1
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (6)      To the Class MV-2 Certificates, the Class MV-2
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (7)      To the Class MV-3 Certificates, the Class MV-3
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (8)      To the Class MV-4 Certificates, the Class MV-4
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (9)      To the Group I Certificates, the related
                           Subordination Increase Amount for such Distribution
                           Date, allocated in the same order of priority set
                           forth in subclauses (4) through (8) of this clause
                           (i);

                  (10)     To the Group II Certificates, the related
                           Subordination Increase Amount for such Distribution
                           Date, allocated in the same order of priority set
                           forth in subclauses (4) through (13) of clause (ii)
                           below (after giving effect to distributions made
                           pursuant to clause (ii) below on such Distribution
                           Date);

                  (11)     Sequentially, first to the Class MV-1 Certificates,
                           second to the Class MV-2 Certificates, third to the
                           Class MV-3 Certificates and fourth to the Class MV-4
                           Certificates, (a) any related Class Interest
                           Carryover Shortfall and then (b) any related Class
                           Principal Carryover Shortfall;

                  (12)     Sequentially, first to the Class MF-1 Certificates,
                           second to the Class MF-2 Certificates, third to the
                           Class MF-3 Certificates, fourth to the Class MF-4
                           Certificates, fifth to the Class MF-5 Certificates,
                           sixth to the Class MF-6 Certificates, seventh to the
                           Class MF-7 Certificates, eighth to the Class MF-8
                           Certificates and ninth to the Class MF-9
                           Certificates, (a) any related Class Interest
                           Carryover Shortfall and then (b) any related Class
                           Principal Carryover Shortfall (after giving effect to
                           distributions made pursuant to clause (ii) below on
                           such Distribution Date);

                  (13)     To the Class BIO Certificates for concurrent deposit
                           in the Net Rate Cap Fund, the Net Rate Cap Fund
                           Deposit;

                  (14)     To the Offered Certificates in the order and priority
                           described in Section 5.07(c), the related Net Rate
                           Cap Carryover, to be paid from and to the extent of
                           funds on deposit in the Net Rate Cap Fund (including
                           amounts under the Group I Interest Rate Cap
                           Agreement);

                  (15)     To the Class BIO Certificates, the Class BIO
                           Distribution Amount, less amounts distributed
                           pursuant to Section 5.01(a)(i)(13) on such
                           Distribution Date; and

                  (16)     To the Class R-1 Certificateholders and Class R-2
                           Certificateholders, the remainder in REMIC I and
                           REMIC II, respectively.

                  (ii) With respect to Available Funds received with respect to
         the Mortgage Loans in Loan Group II:

                  (1)      To the entity designated by the Tax Matters Person,
                           the Tax Matters Fee with respect to Loan Group II for
                           such Distribution Date;

                  (2)      Concurrently, to each Class of Class AF Certificates,
                           the related Class Interest Distribution for such
                           Distribution Date, pro rata based on their respective
                           entitlements;

                  (3)      Sequentially, first to the Class MF-1 Certificates,
                           second to the Class MF-2 Certificates, third to the
                           Class MF-3 Certificates, fourth to the Class MF-4
                           Certificates, fifth to the Class MF-5 Certificates,
                           sixth to the Class MF-6 Certificates, seventh to the
                           Class MF-7 Certificates, eighth to the Class MF-8
                           Certificates and ninth to the Class MF-9
                           Certificates, the related Class Monthly Interest
                           Amount for such Distribution Date;

                  (4)      To the Class AF Certificates, the Group II Senior
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein, sequentially, first to the
                           Class AF-6 Certificates, the Class AF-6 Lockout
                           Distribution Amount, and second, sequentially, to the
                           Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class
                           AF-5 and Class AF-6 Certificates, in that order,
                           until the respective Class Principal Balance of such
                           Classes has been reduced to zero;

                  (5)      To the Class MF-1 Certificates, the Class MF-1
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (6)      To the Class MF-2 Certificates, the Class MF-2
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (7)      To the Class MF-3 Certificates, the Class MF-3
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (8)      To the Class MF-4 Certificates, the Class MF-4
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (9)      To the Class MF-5 Certificates, the Class MF-5
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (10)     To the Class MF-6 Certificates, the Class MF-6
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (11)     To the Class MF-7 Certificates, the Class MF-7
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (12)     To the Class MF-8 Certificates, the Class MF-8
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (13)     To the Class MF-9 Certificates, the Class MF-9
                           Principal Distribution Amount for such Distribution
                           Date, excluding any related Subordination Increase
                           Amount included therein;

                  (14)     To the Group II Certificates, the related
                           Subordination Increase Amount for such Distribution
                           Date, allocated in the same order of priority set
                           forth in subclauses (4) through (13) of this clause
                           (ii);

                  (15)     To the Group I Certificates, the related
                           Subordination Increase Amount for such Distribution
                           Date, allocated in the same order of priority set
                           forth in subclauses (4) through (8) of clause (i)
                           above (after giving effect to distributions made
                           pursuant to clause (i) above on such Distribution
                           Date);

                  (16)     Sequentially, first to the Class MF-1 Certificates,
                           second to the Class MF-2 Certificates, third to the
                           Class MF-3 Certificates, fourth to the Class MF-4
                           Certificates, fifth to the Class MF-5 Certificates,
                           sixth to the Class MF-6 Certificates, seventh to the
                           Class MF-7 Certificates, eighth to the Class MF-8
                           Certificates and ninth to the Class MF-9
                           Certificates, (a) any related Class Interest
                           Carryover Shortfall and then (b) any related Class
                           Principal Carryover Shortfall;

                  (17)     Sequentially, first to the Class MV-1 Certificates,
                           second to the Class MV-2 Certificates, third to the
                           Class MV-3 Certificates and fourth to the Class MV-4
                           Certificates, (a) any related Class Interest
                           Carryover Shortfall and then (b) any related Class
                           Principal Carryover Shortfall (after giving effect to
                           distributions made pursuant to clause (i) above on
                           such Distribution Date);

                  (18)     To the Class BIO Certificates for concurrent deposit
                           in the Net Rate Cap Fund, the Net Rate Cap Fund
                           Deposit;

                  (19)     To the Offered Certificates in the order and priority
                           described in Section 5.07(c), the related Net Rate
                           Cap Carryover, to be paid from and to the extent of
                           funds on deposit in the Net Rate Cap Fund (including
                           amounts under the Group I Interest Rate Cap
                           Agreement);

                  (20)     To the Class BIO Certificates, the Class BIO
                           Distribution Amount, less amounts distributed
                           pursuant to Section 5.01(a)(ii)(18) on such
                           Distribution Date; and

                  (21)     To the Class R-1 Certificateholders and Class R-2
                           Certificateholders, the remainder in REMIC I and
                           REMIC II, respectively.

         (b) On each Distribution Date, the Class Interest Distribution for each
Class of Senior Certificates in a Certificate Group will be distributed on an
equal priority within such Certificate Group and any shortfall in the amount
required to be distributed as interest will be allocated to the Senior
Certificates in such Certificate Group, between the related Classes of
Certificates, pro rata based on the amount that would have been distributed to
each Class in the absence of such shortfall.

         (c) On each Distribution Date, the Securities Administrator shall make
distributions to the Holders of the Class P Certificates of all Prepayment
Charges on deposit in the Distribution Account with respect to the Mortgage
Loans during the related Prepayment Period. Such Prepayment Charges will not be
available for distributions to the Holders of the other Classes of Certificates.

         (d) The Securities Administrator shall make distributions in respect of
a Distribution Date to each Certificateholder of record on the related Record
Date (other than as provided in Section 10.01 respecting the final
distribution), in the case of Holders of Offered Certificates, by check or money
order mailed to such Certificateholder at the address appearing in the
Certificate Register, or, upon written request by a Holder of an Offered
Certificate delivered to the Securities Administrator at least five Business
Days prior to the related Distribution Date, by wire transfer or otherwise, and,
in the case of Holders of Class P Certificates, Class BIO Certificates or
Residual Certificates, by wire transfer, if appropriate wiring instructions have
been received by the Trustee at least five (5) Business Days prior to the
related Distribution Date, or, if not, by check or money order to such
Certificateholder at the address appearing in the Certificate Register.
Distributions among Certificateholders of a Class shall be made in proportion to
the Percentage Interests evidenced by the Certificates of such Class held by
such Certificateholders.

         (e) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, which shall credit 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" or "indirect participating
firm") for which it acts as agent. Each brokerage firm shall be responsible for
disbursing funds to the Certificate Owners that it represents. All such credits
and disbursements with respect to a Book-Entry Certificate are to be made by the
Depository and the Depository Participants in accordance with the provisions of
the Certificates. None of the Trustee, the Paying Agent, the Certificate
Registrar, the Depositor, the Servicer, the Master Servicer, the Securities
Administrator or the Seller shall have any responsibility therefor except as
otherwise provided by applicable law.

         Section 5.02. COMPENSATING INTEREST. Not later than the Determination
Date, the Servicer shall deposit to the Collection Account an amount equal to
the lesser of (A) the aggregate of the Prepayment Interest Shortfalls for the
related Distribution Date resulting from Principal Prepayments in full during
the related Prepayment Period and (B) an amount equal to the product of (i)
1/12, (ii) the Servicing Fee Rate and (iii) the sum of the Group I Pool Balance
and Group II Pool Balance as of the first day of the related Due Period. The
Servicer shall not have the right to reimbursement for any amounts deposited to
the Collection Account pursuant to this Section 5.02.

         Section 5.03. STATEMENTS.

         (a) Not later than 1:00 p.m., New York time, on the 18th calendar day
of each month, or if such 18th day is not a Business Day, the immediately
preceding Business Day, the Servicer shall deliver to the Master Servicer who
shall deliver to the Securities Administrator by electronic means reasonably
acceptable to the Master Servicer, a computer file containing the loan level
information set forth in Exhibits V, W and X hereto necessary to permit the
Master Servicer to perform its obligations hereunder and the Securities
Administrator to calculate the information required by clauses (i) through (xxv)
below as of the end of the preceding Prepayment Period or Due Period, as
applicable, and such other information as the Master Servicer or the Securities
Administrator shall reasonably require, and the Seller hereby agrees to provide
the Master Servicer and the Servicer with an amended Prepayment Charge Schedule,
if required, at such time. Not later than each Distribution Date the Securities
Administrator shall prepare a statement (the "Remittance Report") containing the
information set forth below with respect to such Distribution Date, which
information shall be based solely upon the loan level information furnished by
the Servicer and the Master Servicer, as applicable, upon which the Securities
Administrator shall conclusively rely without independent verification thereof:

                  (i) Available Funds for each Loan Group and in the aggregate
         and the Certificate Rate for each Class for the related Distribution
         Date;

                  (ii) the aggregate amount of the distribution to each Class of
         Certificates on such Distribution Date;

                  (iii) the amount of the distribution set forth in paragraph
         (i) above in respect of interest and the amount thereof in respect of
         any Class Interest Carryover Shortfall, and the amount of any Class
         Interest Carryover Shortfall remaining;

                  (iv) the amount of the distribution set forth in paragraph (i)
         above in respect of principal and the amount thereof in respect of the
         Class Principal Carryover Shortfall, and any remaining Class Principal
         Carryover Shortfall;

                  (v) the amount of Group I Excess Interest and Group II Excess
         Interest paid as principal;

                  (vi) the aggregate amount of the Servicing Fee, the Master
         Servicing Fee and the Tax Matters Fee for such Distribution Date, in
         each case by Loan Group;

                  (vii) the number and aggregate unpaid principal balance of
         Mortgage Loans in respect of which (1) one Monthly Payment is
         Delinquent, (2) two Monthly Payments are Delinquent, (3) three Monthly
         Payments are Delinquent and (4) foreclosure proceedings have begun;

                  (viii) the Class Principal Balance of each Class of
         Certificates after giving effect to payments allocated to principal
         above;

                  (ix) each Overcollateralization Amount, the Group I Required
         Overcollateralization Amount and the Group II Required
         Overcollateralization Amount as of the close of business on the
         Distribution Date, after giving effect to distributions of principal on
         such Distribution Date;

                  (x) whether a Group I Cumulative Loss Event, a Group II
         Cumulative Loss Event, a Group I Delinquency Event or a Group II
         Delinquency Event has occurred and is continuing and the calculation
         thereof;

                  (xi) the aggregate amount of Principal Prepayments received
         during the related Prepayment Period for each Loan Group;

                  (xii) the amount of all Curtailments that were received during
         the Due Period for each Loan Group;

                  (xiii) the principal portion of all Monthly Payments received
         during the Due Period for each Loan Group;

                  (xiv) the interest portion of all Monthly Payments received on
         the Mortgage Loans during the Due Period for each Loan Group;

                  (xv) the amount of the Monthly Advances and the Compensating
         Interest payment to be made on the Determination Date for each Loan
         Group;

                  (xvi) the amount to be distributed to the Class P
         Certificates, Class BIO and Class R Certificateholders, respectively
         for the Distribution Date;

                  (xvii) the weighted average remaining term to maturity of the
         Mortgage Loans and the weighted average Loan Rate as of the first day
         of the related Due Period for each Loan Group;

                  (xviii) the amount of all payments or reimbursements to the
         Servicer pursuant to Sections 3.03(ii) and (vi) (as reported by the
         Servicer);

                  (xix) the number of Mortgage Loans outstanding at the
         beginning and at the end of the related Due Period for each Loan Group;

                  (xx) the amount of Liquidation Loan Losses experienced during
         the preceding Due Period and the Cumulative Net Losses as a percentage
         of the Cut-Off Date Pool Balance for each Loan Group;

                  (xxi) for each Loan Group, as of the end of the preceding
         calendar month, the number and Principal Balance of Mortgage Loans
         which are 30-59 days delinquent; the number and Principal Balance of
         Mortgage Loans which are 60-89 days delinquent; the number and
         Principal Balance of Mortgage Loans which are 90 or more days
         delinquent (including the number and Principal Balance of Mortgage
         Loans which are in foreclosure; the number and Principal Balance of
         Mortgage Loans in bankruptcy; and the number and Principal Balance of
         Mortgage Loans which are REO Property, each separately set forth) for
         each Loan Group;

                  (xxii) the amounts of Applied Realized Loss Amounts for each
         Loan Group for the applicable Due Period and the cumulative amount of
         Applied Realized Loss Amounts to date for each Loan Group;

                  (xxiii) the number and aggregate Principal Balance of Mortgage
         Loans, other than Mortgage Loans in default or imminent default, that
         were modified by the Servicer during the related Due Period (as
         reported by the Servicer) for each Loan Group;

                  (xxiv) the amount of Net Rate Cap Carryover distributed to
         each Class of Offered Certificates, stating separately any amounts
         received from the Cap Provider with respect to the Group I Interest
         Rate Cap Agreement, and the amount of Net Rate Cap Carryover remaining
         for each such Class;

                  (xxv) the amount on deposit in the Net Rate Cap Fund, and the
         amounts of each deposit and withdrawal from such Account;

                  (xxvi) the Net Monthly Excess Cashflow, if any, for such
         Distribution Date;

                  (xxvii) if the Stepdown Date is in effect (and if not, the
         months remaining until the Stepdown Date);

                  (xxviii) [(a) the Delinquency Percentage, the numerator and
         the denominator used to calculate the Delinquency Percentage and
         whether the Delinquency Percentage exceeds the level set forth in
         clause (a) of the definition of Trigger Event, (b) the Cumulative
         Realized Loss Percentage, the numerator and the denominator used to
         calculate the Cumulative Realized Loss Percentage and whether the
         Cumultaive Realized Loss Percentage exceeds the level set forth in
         clause (b) of the definition of Trigger Event];

                  (xxix) the total cashflows received and the general sources
         thereof;

                  (xxx) if applicable, material modifications, extensions or
         waivers to Mortgage Loan terms, fees, penalties or payments during the
         preceding calendar month or that have become material over time;

                  (xxxi) the applicable Record Dates, Accrual Periods and
         Determination Dates for calculating distributions for such Distribution
         Date;

                  (xxxii) the fees and expenses accrued and paid on such
         Distribution Date and to whom such fees and expenses were paid; and

                  (xxxiii) material breaches of representations and warranties
         regarding the Mortgage Loans.

         The Securities Administrator shall make available such report to the
Servicer, the Master Servicer, the Trustee, the Seller, the Certificateholders,
the Rating Agencies, Bloomberg (at 499 Park Avenue, New York, New York 10022,
Attention: [o]) and Intex Solutions (at 35 Highland Circle, Needham,
Massachusetts 02144, Attention: [o]) on the Distribution Date. The Securities
Administrator may fully rely upon and shall have no liability with respect to
information provided by the Servicer or the Master Servicer. In the case of
information furnished pursuant to subclauses (ii), (iii), (iv) and (vi) above,
the amounts shall be expressed in a separate section of the report as a dollar
amount for each Class for each $1,000 original dollar amount as of the related
Cut-Off Date.

         The Securities Administrator will make the Remittance Report (and, at
its option, any additional files containing the same information in an
alternative format) available each month to Certificateholders and the parties
to this Agreement via the Securities Administrator's internet website. The
Securities Administrator's internet website shall initially be located at "[o]".
Assistance in using the website can be obtained by calling the Securities
Administrator's customer service desk at [o]. Parties that are unable to use the
above distribution options are entitled to have a paper copy mailed to them via
first class mail by calling the customer service desk and indicating such. The
Securities Administrator shall have the right to change the way Remittance
Reports are distributed in order to make such distribution more convenient
and/or more accessible to the above parties and the Securities Administrator
shall provide timely and adequate notification to all above parties regarding
any such changes. As a condition to access the Securities Administrator's
internet website, the Securities Administrator may require registration and the
acceptance of a disclaimer. The Securities Administrator will not be liable for
the dissemination of information in accordance with this Agreement. The
Securities Administrator shall also be entitled to rely on but shall not be
responsible for the content or accuracy of any information provided by third
parties for purposes of preparing the Remittance Report and may affix thereto
any disclaimer it deems appropriate in its reasonable discretion (without
suggesting liability on the part of any other party hereto).

         (b) Within a reasonable period of time after the end of each calendar
year, the Securities Administrator shall furnish to each Person who at any time
during the calendar year was a Holder of a Regular Certificate, if requested in
writing by such Person, such information as is reasonably necessary to provide
to such Person a statement containing the information set forth in subclauses
(iii) and (iv) above, aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of the
Securities Administrator shall be deemed to have been satisfied to the extent
that substantially comparable information shall be prepared and furnished by the
Securities Administrator to Certificateholders pursuant to any requirements of
the Code as are in force from time to time.

         (c) On each Distribution Date, the Securities Administrator shall make
available to the Class R Certificateholders in the same manner as the Remittance
Report is made available to all Certificateholders a copy of the reports
forwarded to the Holders of the Regular Certificates in respect of such
Distribution Date and a statement setting forth the amounts actually distributed
to the Class R Certificateholders on such Distribution Date together with such
other information as the Securities Administrator deems necessary or
appropriate.

         (d) Within a reasonable period of time after the end of each calendar
year, the Securities Administrator shall deliver to each Person who at any time
during the calendar year was a Class R Certificateholder, if requested in
writing by such Person, such information as is reasonably necessary to provide
to such Person a statement containing the information provided pursuant to the
previous paragraph aggregated for such calendar year or applicable portion
thereof during which such Person was a Class R Certificateholder. Such
obligation of the Securities Administrator shall be deemed to have been
satisfied to the extent that substantially comparable information shall be
prepared by the Tax Matters Persons and furnished to Certificateholders by the
Securities Administrator or Tax Matters Person pursuant to any requirements of
the Code as from time to time in force.

         (e) The Servicer, the Master Servicer and the Securities Administrator
shall furnish to the Depositor, the Seller, the Trustee and each
Certificateholder (if requested in writing), during the term of this Agreement,
such periodic, special or other reports or information for which the Securities
Administrator has the necessary information to prepare such report and in a
format acceptable to the Securities Administrator, whether or not provided for
herein, as shall be necessary, reasonable or appropriate with respect to the
Certificateholder or otherwise with respect to the purposes of this Agreement,
all such reports or information to be provided by and in accordance with such
applicable instructions and directions (if requested in writing) as the
Certificateholder may reasonably require; PROVIDED that the Servicer, the Master
Servicer and the Securities Administrator shall be entitled to be reimbursed by
the Depositor, the Seller, the Trustee or such Certificateholder for their
respective fees and actual expenses associated with providing such reports, if
such reports are not generally produced in the ordinary course of their
respective businesses or readily obtainable.

         (f) Reports and computer diskettes or files furnished by the Servicer
or the Master Servicer pursuant to this Agreement shall be deemed confidential
and of a proprietary nature, and shall not be copied or distributed except to
the extent required by law or to the Rating Agencies. No Person entitled to
receive copies of such reports or diskettes or files or lists of
Certificateholders shall use the information therein for the purpose of
soliciting the customers of the Seller or for any other purpose except as set
forth in this Agreement.

         Section 5.04. DISTRIBUTION ACCOUNT. The Securities Administrator shall
establish with itself, a separate account (the "Distribution Account") titled
"[o]." The Distribution Account shall be an Eligible Account. The Securities
Administrator shall deposit any amounts representing payments on and any
collections in respect of the Mortgage Loans received by it immediately
following receipt thereof, including, without limitation, all amounts withdrawn
by the Servicer from the Collection Account pursuant to Section 3.03 for deposit
to the Distribution Account. Amounts on deposit in the Distribution Account may
be invested in Eligible Investments pursuant to Section 5.05. Immediately prior
to each Distribution Date, the Securities Administrator shall withdrawal from
the Distribution Account and pay to the Master Servicer an amount equal to the
Master Servicing Fee for such Distribution Date and any unreimbursed Monthly
Advances made by the Master Servicer.

         Section 5.05. INVESTMENT OF ACCOUNTS.

         (a) Consistent with any requirements of the Code, all or a portion of
any Account held by the Securities Administrator shall be invested and
reinvested by the Securities Administrator, as directed in writing by the
Servicer (in the case of the Collection Account), but only for the period from
the date of deposit of funds therein to the Deposit Date after which time frame
the Securities Administrator may direct any investments in the Distribution
Account, or the Servicer (with respect to the Collection Account) or the Seller
(in the case of any other Account) (the applicable Person, the "Directing
Party"), in one or more Eligible Investments bearing interest or sold at a
discount. If the applicable Directing Party does not provide investment
directions, or if the Directing Party is the Servicer and an Event of Default
shall have occurred and be continuing, the Securities Administrator shall invest
all Accounts in Eligible Investments described in paragraph (vi) of the
definition of Eligible Investments. No such investment in any Account shall
mature later than the Business Day immediately preceding the next Distribution
Date (except that for any such Account other than the Distribution Account (i)
if such Eligible Investment is an obligation of the Securities Administrator or
a money market fund for which the Securities Administrator or any Affiliate is
the manager or the advisor, then such Eligible Investment shall mature not later
than such Distribution Date and (ii) any other date may be approved by the
Rating Agencies).

         (b) If any amounts are needed for disbursement from any Account held by
the Securities Administrator and sufficient uninvested funds are not available
to make such disbursement, the Securities Administrator shall cause to be sold
or otherwise converted to cash a sufficient amount of the investments in such
Account. The Securities Administrator shall not be liable for any investment
loss or other charge resulting therefrom unless the Securities Administrator's
failure to perform in accordance with this Section 5.05 is the cause of such
loss or charge.

         (c) Subject to Section 9.01, the Securities Administrator shall not in
any way be held liable by reason of any insufficiency in any Account held by the
Securities Administrator resulting from any investment loss on any Eligible
Investment included therein (except to the extent that the Securities
Administrator is the obligor and has defaulted thereon or as provided in
subsection (b) of this Section 5.05).

         (d) The Securities Administrator shall invest and reinvest funds in the
Accounts held by the Securities Administrator, to the fullest extent
practicable, in such manner as the applicable Directing Party shall from time to
time direct as set forth in Section 5.05(a), but only in one or more Eligible
Investments.

         (e) So long as no Event of Default shall have occurred and be
continuing, all net income and gain realized from investment of, and all
earnings on, funds deposited in the Collection Account shall be for the benefit
of the Servicer as Servicing Compensation (in addition to the Servicing Fee),
and shall be subject to withdrawal on or before the first Business Day of the
month following the month in which such income or gain is received. The Servicer
shall deposit in the Collection Account, the amount of any loss incurred in
respect of any Eligible Investment held therein which is in excess of the income
and gain thereon immediately upon realization of such loss, without any right to
reimbursement therefore from its own funds.

         (f) All net income and gain realized from investment of, and all
earnings on, funds deposited in the Collection Account shall be for the benefit
of the Servicer for the period from the date of deposit to the Deposit Date, as
Servicing Compensation in addition to the Servicing Fee. All net income and gain
realized from investment of, and all earnings on, funds deposited in the
Distribution Account shall be for the benefit of the Securities Administrator
for the period from the Deposit Date to the Distribution Date, as compensation.
Any such income shall be subject to withdrawal on or before the first Business
Day of the month following the month in which such income or gain is received.
The Securities Administrator, as applicable, shall deposit in the Distribution
Account from its own funds the amount of any loss incurred in respect of any
Eligible Investment held therein which is in excess of the income and gain
thereon payable to Securities Administrator immediately upon the realization of
such loss, without any right to reimbursement therefor.

         Section 5.06. ALLOCATION OF LOSSES.

         (a) On each Distribution Date, the Securities Administrator shall
determine the total of the related Applied Realized Loss Amounts for such
Distribution Date. The related Applied Realized Loss Amount for any Distribution
Date shall be applied by reducing the Class Principal Balance of each related
Class of Subordinate Certificates beginning with the related Class of
Subordinate Certificates then outstanding with the lowest relative payment
priority, in each case until the respective Class Principal Balance thereof is
reduced to zero. Any related Applied Realized Loss Amount allocated to a related
Class of Subordinate Certificates shall be allocated among the Subordinate
Certificates of such Class in proportion to their respective Percentage
Interests.

         (b) With respect to any Class of Subordinate Certificates to which an
Applied Realized Loss Amount has been allocated (including any such Class for
which the related Class Principal Balance has been reduced to zero), the Class
Principal Balance of such Class will be increased up to the amount of related
Recoveries for such Distribution Date, beginning with the related Class of
Subordinate Certificates with the highest relative payment priority, up to the
amount of related Applied Realized Loss Amounts previously allocated to reduce
such Class Principal Balance. Any increase to the Class Principal Balance of a
Class of Subordinate Certificates shall increase the Certificate Balance of the
related Class pro rata in accordance with each Percentage Interest.

         Section 5.07. NET RATE CAP FUND.

         (a) On the Closing Date, the Securities Administrator shall establish
and maintain in its name, in trust for the benefit of the Offered Certificates,
the Net Rate Cap Fund and deposit therein the amount of $5,000 paid to the
Securities Administrator by the Depositor therefor. The Net Rate Cap Fund shall
be an Eligible Account, and funds on deposit therein shall be held separate and
apart from, and shall not be commingled with, any other moneys, including
without limitation, other moneys held by the Securities Administrator pursuant
to this Agreement. The Net Rate Cap Fund shall be treated as an "outside reserve
fund" under applicable Treasury regulations and will not be part of any REMIC.
Any investment earnings on the Net Rate Cap Fund will be treated as owned by the
Class BIO Certificateholder and will be taxable to the Class BIO
Certificateholder. Distributions made or deemed deposited to any outside reserve
fund under this Agreement shall be treated as made to the owner of such fund.
The Securities Administrator and the Trustee shall treat the Net Rate Cap Fund
as having a nominal (zero) value for the Holders of the Offered Certificates.

         (b) On each Distribution Date, the Securities Administrator shall
deposit amounts, (i) if any, received from the Cap Provider under the Group I
Interest Rate Cap Agreement into the Net Rate Cap Fund, subject to the
provisions of Section 5.08(b) hereof, and (ii) if necessary and to the extent
available, from the Distribution Account to the Net Rate Cap Fund pursuant to
Sections 5.01(a)(i)(13) and 5.01(a)(ii)(18). The amount required to be deposited
into the Net Rate Cap Fund from the Distribution Account on any Distribution
Date (the "Net Rate Cap Fund Deposit") will equal the lesser of (i) amounts
remaining after distributions pursuant to Sections 5.01(a)(i)(1) through (12)
and Section 5.01(a)(ii)(1) through (17) and (ii) (x) the total amount of any Net
Rate Cap Carryover for such Distribution Date less (y) the amount of any Net
Rate Cap Carryover with respect to the Group I Certificates distributable to
such Certificates on such Distribution Date from amounts received under the
Group I Interest Rate Cap Agreement pursuant to (c)(i) below, or, if no Net Rate
Cap Carryover is payable on such Distribution Date (or if the amount received
from the Cap Provider for such Distribution Date exceeds the amount of Net Rate
Cap Carryover distributable to the Group I Certificates on such Distribution
Date), an amount such that when added to other amounts already on deposit in the
Net Rate Cap Fund, the aggregate amount on deposit therein will at all times be
equal to $5,000.

         (c) The Securities Administrator shall make withdrawals from the Net
Rate Cap Fund to make distributions pursuant to Sections 5.01(a)(ii)(14) and
5.01(a)(ii)(19) hereof as follows:

                  (i) first to the Group I Certificates, from amounts paid under
         the Group I Interest Rate Cap Agreement for such Distribution Date, the
         related Net Rate Cap Carryover as follows: first, concurrently, to the
         Class AV Certificates, pro rata based on the amount of Net Rate Cap
         Carryover due for each such Class, second to the Class MV-1
         Certificates, third to the Class MV-2 Certificates, fourth to the Class
         MV-3 Certificates and fifth to the Class MV-4 Certificates;

                  (ii) second, to the Class BIO Certificates, the excess of (x)
         amounts paid under the Group I Interest Rate Cap Agreement for such
         Distribution Date and (y) amounts distributable pursuant to clause (i)
         above;

                  (iii) third, from amounts in the Net Rate Cap Fund deposited
         pursuant to Section 5.01(a)(i)(14), the related Net Rate Cap Carryover
         as follows: first, concurrently, to the Class AV Certificates, pro rata
         based on the amount of Net Rate Cap Carryover due for each such Class,
         second to the Class MV-1 Certificates, third to the Class MV-2
         Certificates, fourth to the Class MV-3 Certificates, fifth to the Class
         MV-4 Certificates, sixth, concurrently, to the Class AF Certificates,
         pro rata based on the amount of Net Rate Cap Carryover due for each
         such Class, seventh, to the Class MF-1 Certificates, eighth to the
         Class MF-2 Certificates, ninth to the Class MF-3 Certificates, tenth to
         the Class MF-4 Certificates, eleventh to the Class MF-5 Certificates,
         twelfth to the Class MF-6 Certificates, thirteenth to the Class MF-7
         Certificates, fourteenth to the Class MF-8 Certificates and fifteenth
         to the Class MF-9 Certificates; provided, however, that (1) any amounts
         distributed to the Group I Certificates pursuant to this clause (iii)
         shall be made after giving effect to the application of any
         distributions pursuant to clause (i) above on such Distribution Date
         and (2) any amounts distributed to the Group II Certificates pursuant
         to this clause (iii) shall be made after giving effect to the
         application of any distributions pursuant to clause (iv) below on such
         Distribution Date;

                  (iv) fourth, from amounts in the Net Rate Cap Fund deposited
         pursuant to Section 5.01(a)(i)(19), the related Net Rate Cap Carryover
         as follows: first, concurrently, to the Class AF Certificates pro rata
         based on the amount of Net Rate Cap Carryover due for each such Class,
         second, to the Class MF-1 Certificates, third to the Class MF-2
         Certificates, fourth to the Class MF-3 Certificates, fifth to the Class
         MF-4 Certificates, sixth to the Class MF-5 Certificates, seventh to the
         Class MF-6 Certificates, eighth to the Class MF-7 Certificates, ninth
         to the Class MF-8 Certificates, tenth to the Class MF-9 Certificates,
         eleventh, concurrently, to the Class AV Certificates, pro rata based on
         the amount of Net Rate Cap Carryover due for each such Class, twelfth
         to the Class MV-1 Certificates, thirteenth to the Class MV-2
         Certificates, fourteenth to the Class MV-3 Certificates and fifteenth
         to the Class MV-4 Certificates; provided, however, that any amounts
         distributed to the Group I Certificates pursuant to this clause (iv)
         shall be made after giving effect to the application of any
         distributions pursuant to clause (iii) above on such Distribution Date;
         and

                  (v) fifth, to the Class BIO Certificates, any remaining
         amounts.

         (d) Funds in the Net Rate Cap Fund may be invested in Eligible
Investments. Any earnings on such amounts shall be payable to the Class BIO
Certificates. The Class BIO Certificates shall evidence ownership of the Net
Rate Cap Fund for federal tax purposes and shall direct the Securities
Administrator in writing as to the investment of amounts therein. If no such
written investment directions are received from the Class BIO
Certificateholders, such funds shall remain uninvested.

         (e) Upon termination of the Trust, any amounts remaining in the Net
Rate Cap Fund shall be distributed to the Certificateholders of the Class BIO
Certificates in the same manner as if distributed pursuant to Sections
5.01(a)(i)(15) and 5.01(a)(ii)(20) hereof.

         Section 5.08. THE GROUP I INTEREST RATE CAP AGREEMENT.

         (a) The Group I Interest Rate Cap Agreement will be an asset of a
separate trust but will not be an asset of any REMIC and any amounts received
thereon shall be taxable to the Class BIO Certificateholder. The Securities
Administrator and the Trustee shall treat the Group I Interest Rate Cap
Agreement as having a nominal (zero) value for the Holders of the Group I
Certificates.

         (b) The Securities Administrator shall deposit any amounts received
with respect to the Group I Interest Rate Cap Agreement on an Interest Rate Cap
Payment Date into the Net Rate Cap Fund. If, however, on any Distribution Date
the related notional amount of the Group I Interest Rate Cap Agreement
multiplied by the related scale factor (as defined in the Group I Interest Rate
Cap Agreement) exceeds the aggregate Class Principal Balance of the Group I
Certificates on the first day of the related Interest Period for such
Distribution Date, then solely for purposes of computing the amount that the
Securities Administrator shall deposit into the Net Rate Cap Fund, the
Securities Administrator shall reduce such notional amount by the amount of such
excess, and the Securities Administrator shall remit any excess amounts in the
Net Rate Cap Fund directly to the Holder of the Class BIO Certificates.

         (c) The Securities Administrator shall terminate the Cap Provider upon
the occurrence of an event of default or termination event under the Group I
Interest Rate Cap Agreement of which a Responsible Officer of the Securities
Administrator has actual knowledge. In the event that the Group I Interest Rate
Cap Agreement is cancelled or otherwise terminated for any reason (other than
the exhaustion of the interest rate protection provided thereby), the Securities
Administrator shall, at the direction of Certificateholders evidencing Voting
Rights not less than 50% of the Group I Certificates (or if the Group I
Certificates are not outstanding, the Class BIO Certificates), and the to the
extent a replacement contract is available (from a counterparty designated by
the Depositor and acceptable to Certificateholders evidencing Voting Rights not
less than 50% of the Group I Certificates (or if the Group I Certificates are
not outstanding, the Class BIO Certificates)), execute a replacement contract
comparable to the Group I Interest Rate Cap Agreement providing interest rate
protection which is equal to the then-existing protection provided by the Group
I Interest Rate Cap Agreement; provided, however, that the cost of any such
replacement contract providing the same interest rate protection may be reduced
to a level such that the cost of such replacement contract shall not exceed the
amount of any early termination payment received from the Cap Provider.

         (d) On any Distribution Date prior to the Interest Rate Cap Termination
Date, if the Class Principal Balance of the Group I Certificates equals zero
(but not including the Distribution Date on which such aggregate Class Principal
Balance is reduced to zero), all amounts received by the Securities
Administrator with respect to the Group I Interest Rate Cap Agreement shall be
distributed directly to the Class BIO Certificateholder.

         (e) Prior to the Interest Rate Cap Termination Date and upon the
termination of the Trust, the Group I Interest Rate Cap Agreement shall be
assigned to the Class BIO Certificateholder.

                                   ARTICLE VI

                                THE CERTIFICATES

         Section 6.01. THE CERTIFICATES. Each of the Offered Certificates, the
Class P Certificates, the Class BIO Certificates, and the Residual Certificates
shall be substantially in the forms set forth in Exhibits A and B respectively,
and shall, on original issue, be executed, authenticated and delivered by the
Securities Administrator to or upon the order of the Seller concurrently with
the sale and assignment to the Trustee of the Trust. Each Class of Offered
Certificates shall be initially evidenced by one or more certificates
representing a fraction of the applicable Original Class Principal Balance, and
shall be held in minimum dollar denominations of $25,000 and integral multiples
of $1 in excess thereof; provided, however that one of each Class of the Offered
Certificate may be in a different denomination so that the sum of the
denominations of all outstanding Offered Certificates shall equal the aggregate
Original Class Principal Balance. The Residual Certificates (other than the Tax
Matters Person Residual Interests), the Class P Certificates and Class BIO
Certificates shall each be held in minimum Percentage Interests of 20%.

         The Certificates shall be executed by manual or facsimile signature on
behalf of the Securities Administrator by a Responsible Officer. Certificates
bearing the manual or facsimile signatures of individuals who were, at the time
when such signatures were affixed, authorized to sign on behalf of the
Securities Administrator shall bind the Trust, notwithstanding that such
individuals or any of them have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices at
the date of such Certificate. No Certificate shall be entitled to any benefit
under this Agreement, or be valid for any purpose, unless such Certificate shall
have been manually authenticated by the Securities Administrator substantially
in the form provided for herein, and such authentication 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. Subject to Section 6.02(c), the Offered
Certificates shall be Book-Entry Certificates. The Class BIO Certificates, the
Class P Certificates and the Residual Certificates shall not be Book-Entry
Certificates.

         Section 6.02. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.

         (a) The Certificate Registrar shall cause to be kept at the Corporate
Trust Office a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Certificate Registrar shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided. The Securities Administrator shall initially serve as
Certificate Registrar for the purpose of registering Certificates and transfers
and exchanges of Certificates as herein provided.

         Upon surrender for registration of transfer of any Certificate at any
office or agency of the Certificate Registrar maintained for such purpose
pursuant to the foregoing paragraph, and, in the case of a Residual Certificate,
upon satisfaction of the conditions set forth below, the Securities
Administrator on behalf of the Trust shall execute, authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of the same aggregate Percentage Interest.

         At the option of the Certificateholders, Certificates may be exchanged
for other Certificates in authorized denominations and the same aggregate
Percentage Interests, upon surrender of the Certificates to be exchanged at any
such office or agency. Whenever any Certificates are so surrendered for
exchange, the Securities Administrator shall execute and authenticate and
deliver the Certificates which the Certificateholder making the exchange is
entitled to receive. Every Certificate presented or surrendered for registration
of transfer or exchange shall (if so required by the Securities Administrator or
the Certificate Registrar) be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Securities Administrator and
the Certificate Registrar, and be duly executed by the Holder thereof or his
attorney duly authorized in writing.

         (b) Except as provided in paragraph (c) below, the Book-Entry
Certificates shall at all times remain registered in the name of the Depository
or its nominee and at all times: (i) registration of such Certificates may not
be transferred by the Securities Administrator except to another Depository;
(ii) the Depository shall maintain book-entry records with respect to the
Certificate Owners and with respect to ownership and transfers of such
Certificates; (iii) ownership and transfers of registration of such Certificates
on the books of the Depository shall be governed by applicable rules established
by the Depository; (iv) the Depository may collect its usual and customary fees,
charges and expenses from its Depository Participants; (v) the Securities
Administrator shall deal with the Depository as representative of the
Certificate Owners of the Certificates for purposes of exercising the rights of
Holders under this Agreement, and requests and directions for and votes of such
representative shall not be deemed to be inconsistent if they are made with
respect to different Certificate Owners; and (vi) the Securities Administrator
may rely and shall be fully protected in relying upon information furnished by
the Depository with respect to its Depository Participants and furnished by the
Depository Participants with respect to indirect participating firms and Persons
shown on the books of such indirect participating firms as direct or indirect
Certificate Owners.

         All transfers by Certificate Owners of Book-Entry Certificates shall be
made in accordance with the procedures established by the Depository Participant
or brokerage firm representing such Certificate Owners. Each Depository
Participant shall only transfer Book-Entry Certificates of Certificate Owners
that it represents or of brokerage firms for which it acts as agent in
accordance with the Depository's normal procedures. The parties hereto are
hereby authorized to execute a Letter of Representations with the Depository or
take such other action as may be necessary or desirable to register a Book-Entry
Certificate to the Depository. In the event of any conflict between the terms of
any such Letter of Representation and this Agreement the terms of this Agreement
shall control.

         (c) If (i)(x) the Depository or the Seller advises the Securities
Administrator in writing that the Depository is no longer willing or able to
discharge properly its responsibilities as Depository and (y) the Securities
Administrator or the Seller is unable to locate a qualified successor, (ii) the
Depositor, with the consent of the related Depository Participants, elects to
terminate the book-entry system through the Depository or (iii) after the
occurrence of an Event of Default, the Certificate Owners of each Class of
Offered Certificates representing Percentage Interests aggregating not less than
51% advises the Securities Administrator and Depository through the Financial
Intermediaries and the Depository Participants in writing that the continuation
of a book-entry system through the Depository to the exclusion of definitive,
fully registered certificates (the "Definitive Certificates") issued to
Certificate Owners is no longer in the best interests of the Certificate Owners.
Upon surrender to the Certificate Registrar of each Class of Offered
Certificates by the Depository, accompanied by registration instructions from
the Depository for registration, the Securities Administrator shall at the
Seller's expense, execute, authenticate and deliver the Definitive Certificates.
Neither the Seller nor the Securities Administrator shall be liable for any
delay in delivery of such instructions and may conclusively rely on, and shall
be protected in relying on, such instructions. Upon the issuance of Definitive
Certificates, the Trustee, the Certificate Registrar, the Servicer, any Paying
Agent, the Depositor, the Master Servicer, the Securities Administrator and the
Seller shall recognize the Holders of the Definitive Certificates as
Certificateholders hereunder.

         (d) Except with respect to the initial transfer of the Class BIO
Certificates and the Class P Certificates to the NIMs Trust, and of the Residual
Certificates to the Seller, respectively, no transfer, sale, pledge or other
disposition of any Class BIO Certificates, Class P Certificates or any Residual
Certificate shall be made unless such disposition is exempt from the
registration requirements of the 1933 Act, and any applicable state securities
laws or is made in accordance with the 1933 Act and applicable state securities
laws. In the event of any such transfer, other than the transfer of the Tax
Matters Person Residual Interest to the Trustee in reliance upon Rule 144A under
the 1933 Act, the Trustee, the Securities Administrator, the Depositor and the
Seller shall require either (i) a written Opinion of Counsel (which may be
in-house counsel) acceptable to and in form and substance reasonably
satisfactory to the Certificate Registrar, the Trustee, the Securities
Administrator, the Depositor and the Seller that such transfer may be made
pursuant to an exemption, describing the applicable exemption and the basis
therefor from the 1933 Act, or is being made pursuant to the 1933 Act, which
Opinion of Counsel shall not be an expense of the Certificate Registrar, the
Trustee, the Servicer, the Master Servicer, the Securities Administrator, the
Depositor or the Seller or (ii) the Certificate Registrar shall require the
transferor to execute a transferor certificate (in substantially the form
attached hereto as Exhibit M) and the transferee to execute an investment letter
(in substantially the form attached hereto as Exhibit N-1 or N-2) acceptable to
and in form and substance reasonably satisfactory to the Certificate Registrar,
the Seller, Depositor, the Securities Administrator and the Trustee certifying
to the Certificate Registrar, the Seller, Depositor, the Securities
Administrator and the Trustee the facts surrounding such transfer, which
investment letter shall not be an expense of the Certificate Registrar, the
Trustee, the Servicer, the Master Servicer, the Securities Administrator, the
Depositor or the Seller. The Holder of a Class P Certificate, Class BIO
Certificate or a Residual Certificate desiring to effect such transfer shall,
and does hereby agree to, indemnify the Certificate Registrar, the Trustee, the
Depositor, the Securities Administrator and the Seller against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

         No transfer of an ERISA-Restricted Certificate shall be made unless the
Certificate Registrar shall have received either (i) a representation letter
from the transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Certificate Registrar (such requirement is satisfied only by
the Certificate Registrar's receipt of a representation letter from the
transferee substantially in the form of Exhibit N-1 or Exhibit N-2, as
appropriate), to the effect that such transferee is not an employee benefit plan
or other retirement arrangement subject to Section 406 of ERISA or to Section
4975 of the Code, or a Person acting for, on behalf or with the assets of, any
such plan or arrangement ("Benefit Plan Investor"), which representation letter
shall not be an expense of the Certificate Registrar or the Trust or (ii) if the
Certificate has been the subject of an ERISA-Qualifying Underwriting, a
representation that the purchaser is an insurance company which is purchasing
such Certificate with funds contained in an "insurance company general account"
(as such term is defined in Section V(e) of Prohibited Transaction Class
Exemption 95-60 ("PTCE 95-60")) and that the purchase and holding of such
Certificate are covered under Sections I and III of PTCE 95-60 or (iii) an
Opinion of Counsel satisfactory to the Certificate Registrar to the effect that
the purchase or holding of such Certificate will not result in prohibited
transactions under Section 406 of ERISA and/or Section 4975 of the Code and will
not subject the Certificate Registrar to any obligation in addition to those
undertaken in this Agreement, which Opinion of Counsel shall not be an expense
of the Certificate Registrar or the Trust. Notwithstanding anything else to the
contrary herein, the representations required by clauses (i) or (ii) above with
respect to any ERISA-Restricted Certificate that is a Book-Entry Certificate
shall be deemed to have been made by the Certificate Owner by virtue of such
acquisition; and any purported transfer of an ERISA-Restricted Certificate to or
on behalf of a Benefit Plan Investor pursuant to clause (iii) above without the
delivery to the Certificate Registrar of an Opinion of Counsel satisfactory to
the Certificate Registrar as described above shall be void and of no effect.

         Each Person who has or who acquires any Ownership Interest in a
Residual 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 appointed the Seller or its designee as its attorney-in-fact to
negotiate the terms of any mandatory sale under clause (v) below and to execute
all instruments of transfer and to do all other things necessary in connection
with any such sale, and the rights of each Person acquiring any Ownership
Interest in a Residual Certificate are expressly subject to the following
provisions:

                  (i) Each Person holding or acquiring any Ownership Interest in
         a Residual Certificate shall be a Permitted Transferee and shall
         promptly notify the Trustee and the Securities Administrator of any
         change or impending change in its status as a Permitted Transferee.

                  (ii) No Person shall acquire an Ownership Interest in a
         Residual Certificate unless such Ownership Interest is a pro rata
         undivided interest.

                  (iii) In connection with any proposed transfer of any
         Ownership Interest in a Residual Certificate, the Securities
         Administrator shall as a condition to registration of the transfer,
         require delivery to it, in form and substance satisfactory to it, of
         each of the following:

                           (A) an affidavit in the form of Exhibit G from the
                  proposed transferee to the effect that such transferee is a
                  Permitted Transferee and that it is not acquiring its
                  Ownership Interest in the Residual Certificate that is the
                  subject of the proposed transfer as a nominee, trustee or
                  agent for any Person who is not a Permitted Transferee; and

                           (B) a covenant of the proposed transferee to the
                  effect that the proposed transferee agrees to be bound by and
                  to abide by the transfer restrictions applicable to the
                  Residual Certificates.

                  (iv) Any attempted or purported transfer of any Ownership
         Interest in a Residual Certificate in violation of the provisions of
         this Section 6.02 shall be absolutely null and void and shall vest no
         rights in the purported transferee. If any purported transferee shall,
         in violation of the provisions of this Section 6.02, become a Holder of
         a Residual Certificate, then the prior Holder of such Residual
         Certificate that is a Permitted Transferee shall, upon discovery that
         the registration of transfer of such Residual Certificate was not in
         fact permitted by this Section 6.02, be restored to all rights as
         Holder thereof retroactive to the date of registration of transfer of
         such Residual Certificate. Neither the Trustee nor the Securities
         Administrator shall be under any liability to any Person for any
         registration of transfer of a Residual Certificate that is in fact not
         permitted by this Section 6.02 or for making any distributions due on
         such Residual Certificate to the Holder thereof or taking any other
         action with respect to such Holder under the provisions of the
         Agreement so long as the Securities Administrator received the
         documents specified in clause (iii). The Trustee and the Securities
         Administrator shall be entitled to recover from any Holder of a
         Residual Certificate that was in fact not a Permitted Transferee at the
         time such distributions were made all distributions made on such
         Residual Certificate. Any such distributions so recovered by the
         Trustee or the Securities Administrator shall be distributed and
         delivered by the Securities Administrator to the prior Holder of such
         Residual Certificate that is a Permitted Transferee.

                  (v) If any Person other than a Permitted Transferee acquires
         any Ownership Interest in a Residual Certificate in violation of the
         restrictions in this Section 6.02, then the Trustee and the Securities
         Administrator shall have the right but not the obligation, without
         notice to the Holder of such Residual Certificate or any other Person
         having an Ownership Interest therein, to notify the Seller to arrange
         for the sale of such Residual Certificate. The proceeds of such sale,
         net of commissions (which may include commissions payable to the Seller
         or its Affiliates in connection with such sale), expenses and taxes
         due, if any, will be remitted by the Securities Administrator to the
         previous Holder of such Residual Certificate that is a Permitted
         Transferee, except that in the event that the Trustee determines that
         the Holder of such Residual Certificate may be liable for any amount
         due under this Section 6.02 or any other provisions of this Agreement,
         the Securities Administrator may withhold a corresponding amount from
         such remittance as security for such claim. The terms and conditions of
         any sale under this clause (v) shall be determined in the sole
         discretion of the Securities Administrator, and it shall not be liable
         to any Person having an Ownership Interest in a Residual Certificate as
         a result of its exercise of such discretion.

                  (vi) If any Person other than a Permitted Transferee acquires
         any Ownership Interest in a Residual Certificate in violation of the
         restrictions in this Section 6.02, then the Securities Administrator,
         based on information provided to the Securities Administrator by the
         Seller will provide to the Internal Revenue Service, and to the persons
         specified in Sections 860E(e)(3) and (6) of the Code, information
         needed to compute the tax imposed under Section 860E(e)(5) of the Code
         on transfers of residual interests to disqualified organizations.

The foregoing provisions of this Section 6.02(d) shall cease to apply to
transfers occurring on or after the date on which there shall have been
delivered to the Securities Administrator, in form and substance satisfactory to
the Securities Administrator, (i) written notification from each Rating Agency
that the removal of the restrictions on Transfer set forth in this Section 6.02
will not cause such Rating Agency to downgrade its rating of the Certificates
and (ii) an Opinion of Counsel to the effect that such removal will not cause
any REMIC to fail to qualify as a REMIC.

         Each Tax Matters Person Residual Interest shall at all times be
registered in the name of the Tax Matters Person.

         (e) No service charge shall be made for any registration of transfer or
exchange of Certificates of any Class, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer or exchange of Certificates.

         All Certificates surrendered for registration of transfer or exchange
shall be canceled by the Certificate Registrar and disposed of pursuant to its
standard procedures.

         Section 6.03. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If (i)
any mutilated Certificate is surrendered to the Certificate Registrar or the
Certificate Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Certificate and (ii) there is delivered to the Trustee, the
Depositor, the Seller, the Securities Administrator 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, the Securities
Administrator or the Certificate Registrar that such Certificate has been
acquired by a protected purchaser, the Securities Administrator shall execute,
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of like tenor and
Percentage Interest. Upon the issuance of any new Certificate under this Section
6.03, the Trustee, the Securities Administrator or the Certificate Registrar 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, the Securities Administrator and the
Certificate Registrar) in connection therewith. Any duplicate Certificate issued
pursuant to this Section 6.03, shall constitute complete and indefeasible
evidence of ownership in the Trust, as if originally issued, whether or not the
lost, stolen or destroyed Certificate shall be found at any time.

         Section 6.04. PERSONS DEEMED OWNERS. Prior to due presentation of a
Certificate for registration of transfer, the Servicer, the Seller, the
Depositor, the Trustee, the Master Servicer, the Securities Administrator, the
Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person, including a Depository, in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 5.01 and for all other purposes whatsoever, and none of the
Servicer, the Seller, the Depositor, the Trustee, the Master Servicer, the
Securities Administrator, the Certificate Registrar, nor any agent of any of
them shall be affected by notice to the contrary.

         Section 6.05. APPOINTMENT OF PAYING AGENT.

         (a) The Paying Agent shall make distributions to Certificateholders
from the Distribution Account pursuant to Section 5.01 and shall report the
amounts of such distributions to the Securities Administrator. The duties of the
Paying Agent may include the obligation (i) to withdraw funds from the
Collection Account pursuant to Section 3.03 and for the purpose of making the
distributions referred to above and (ii) to distribute statements and provide
information to Certificateholders as required hereunder. The Paying Agent
hereunder shall at all times be duly organized and validly existing under the
laws of the United States of America or any state thereof, authorized under such
laws to exercise corporate trust powers and subject to supervision or
examination by federal or state authorities. The Paying Agent shall initially be
the Securities Administrator. The Securities Administrator may appoint a
successor to act as Paying Agent, which appointment shall be reasonably
satisfactory to the Seller.

         (b) The Trustee shall cause the Paying Agent (if other than the
Trustee) to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee that such Paying Agent shall hold all
sums, if any, held by it for payment to the Certificateholders in trust for the
benefit of the Certificateholders entitled thereto until such sums shall be paid
to such Certificateholders and shall agree that it shall comply with all
requirements of the Code regarding the withholding of payments in respect of
federal income taxes due from Certificate Owners and otherwise comply with the
provisions of this Agreement applicable to it.

                                  ARTICLE VII

         THE SELLER, THE DEPOSITOR, THE MASTER SERVICER AND THE SERVICER

         Section 7.01. LIABILITY OF THE SELLER, THE DEPOSITOR, THE MASTER
SERVICER AND THE SERVICER. The Seller, the Depositor, the Master Servicer and
the Servicer shall be liable in accordance herewith only to the extent of the
obligations specifically imposed upon and undertaken by the Seller, the
Depositor, the Master Servicer or Servicer, as the case may be, herein.

         Section 7.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, THE DEPOSITOR, THE SELLER OR THE SERVICER. Any corporation into
which the Seller, the Depositor or the Servicer may be merged or consolidated,
or any corporation resulting from any merger, conversion or consolidation to
which the Seller, the Depositor or the Servicer shall be a party, or any
corporation succeeding to the business of the Seller, the Depositor or the
Servicer, shall be the successor of the Seller, the Depositor or the 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 Servicer shall
satisfy all the requirements of Section 8.02 with respect to the qualifications
of a Successor Servicer.

         Section 7.03. LIMITATION ON LIABILITY OF THE SELLER, THE DEPOSITOR, THE
SERVICER, THE MASTER SERVICER AND OTHERS. None of the Depositor, the Seller, the
Master Servicer, the Servicer nor any of the directors or officers or employees
or agents of the Depositor, the Seller, the Master Servicer or the Servicer
shall be under any liability to the Trust or the Certificateholders for any
action taken or for refraining from the taking of any action by the Servicer or
the Master Servicer in good faith pursuant to this Agreement, or for errors in
judgment; PROVIDED, HOWEVER, that this provision shall not protect the
Depositor, the Seller, the Master Servicer or the Servicer or any such Person
against any liability which would otherwise be imposed by reason of its willful
misfeasance, bad faith or negligence in the performance of duties of the
Depositor, the Seller, the Master Servicer or the Servicer or by reason of its
reckless disregard of its obligations and duties of the Depositor, the Seller,
the Master Servicer or the Servicer hereunder. The Depositor, the Seller, the
Master Servicer or the Servicer and any director or officer or employee or agent
of the Depositor, the Seller, the Master Servicer or the Servicer may rely in
good faith on any document of any kind PRIMA FACIE properly executed and
submitted by any Person respecting any matters arising hereunder. The Depositor,
the Seller, the Master Servicer or the Servicer and any director or officer or
employee or agent of any such party shall be indemnified by the Trust 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 or results from a breach of
representation by the Depositor, the Seller, the Master Servicer or the
Servicer) and any loss, liability or expense incurred by reason of its willful
misfeasance, bad faith or negligence in the performance of duties hereunder or
by reason of its reckless disregard of obligations and duties hereunder. The
Depositor, the Seller, the Master Servicer or the Servicer shall be under no
obligation to appear in, prosecute or defend any legal action that is not
incidental to its duties hereunder and that in its opinion, may involve it in
any expense or liability; provided, however, that the Servicer and the Master
Servicer may undertake any such action which it may deem necessary or desirable
in respect of this Agreement, and the rights and duties of the parties hereto
and the interests of the Certificateholders hereunder. In such event, the
reasonable legal expenses and costs of such action and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust. The Servicer's
right to indemnity or reimbursement pursuant to this Section 7.03 shall survive
any resignation or termination of the Servicer pursuant to Section 7.04 or 8.01
with respect to any losses, expenses, costs or liabilities arising prior to such
resignation or termination (or arising from events that occurred prior to such
resignation or termination). The Master Servicer's right to indemnity or
reimbursement pursuant to this Section 7.03 shall survive any resignation or
termination of the Master Servicer pursuant to Section 4.15 or 8.03 with respect
to any losses, expenses, costs or liabilities arising prior to such resignation
or termination (or arising from events that occurred prior to such resignation
or termination).

         Section 7.04. SERVICER NOT TO RESIGN; PLEDGE OF SERVICING RIGHTS.
Subject to the provisions of Section 7.02, the Servicer shall not resign from
the obligations and duties hereby imposed on it except (i) upon determination
that the performance of its obligations or duties hereunder are no longer
permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it or its subsidiaries or
Affiliates, the other activities of the Servicer so causing such a conflict
being of a type and nature carried on by the Servicer or its subsidiaries or
Affiliates at the date of this Agreement or (ii) upon the proposal by the
Servicer or the Servicing Rights Owner of an Approved Servicer to the Seller,
the Depositor and the Master Servicer in writing; PROVIDED, HOWEVER, that no
such resignation by the Servicer shall become effective until such successor
servicer or, in the case of (i) above, the Master Servicer as Successor Servicer
shall have assumed the Servicer's responsibilities and obligations hereunder or
the Master Servicer shall have designated a successor servicer in accordance
with Section 8.02. Any such resignation shall not relieve the Servicer of
responsibility for any of the obligations specified in Sections 8.01 and 8.02 as
obligations that survive the resignation or termination of the Servicer. Any
such determination permitting the resignation of the Servicer pursuant to clause
(i) above shall be evidenced by an Opinion of Counsel to such effect delivered
to the Seller, the Depositor, the Master Servicer, the Securities Administrator
and the Trustee.

         Notwithstanding the foregoing, on or after the Closing Date, the
Servicer or the Servicing Rights Owner may pledge and assign all of its right,
title and interest in, to and under this Agreement to one or more lenders
("Servicing Rights Pledgees") selected by the Servicer or the Servicing Rights
Owner. Provided that no Event of Default exists, the Trustee, the Seller, the
Master Servicer and the Depositor agree that upon delivery to the Trustee and
the Master Servicer by a Servicing Rights Pledgee of a letter signed by the
Servicer whereunder the Servicer resigns as servicer under this Agreement
pursuant to this Section 7.04, the Master Servicer shall appoint such Servicing
Rights Pledgee or its designee as Successor Servicer, provided that at the time
of such appointment, such Servicing Rights Pledgee or its designee is an
Approved Servicer and that such Servicing Rights Pledgee or its designee agrees
to be subject to the terms of this Agreement.

         Section 7.05. DELEGATION OF DUTIES. In the ordinary course of business,
the Servicer at any time may delegate any of its duties hereunder to any Person,
including any of its Affiliates, who agrees to conduct such duties in accordance
with standards comparable to those set forth in Section 3.01. Such delegation
shall not relieve the Servicer of its liabilities and responsibilities with
respect to such duties and shall not constitute a resignation within the meaning
of Section 7.04. The Servicer shall provide the Trustee, the Master Servicer and
the Securities Administrator with written notice prior to the delegation of any
of its duties to any Person other than any of the Servicer's Affiliates or their
respective successors and assigns.

         Section 7.06. INDEMNIFICATION OF THE TRUST BY THE SERVICER AND THE
MASTER SERVICER.

         (a) The Servicer shall indemnify and hold harmless the Trust, the
Master Servicer, the Securities Administrator and the Trustee from and against
any loss, liability, expense, damage or injury suffered or sustained by reason
of the Servicer's willful misfeasance, bad faith or negligence in the
performance of its activities in servicing or administering the Mortgage Loans
pursuant to this Agreement, including, but not limited to, any judgment, award,
settlement, reasonable attorneys' fees and other costs or expenses incurred in
connection with the defense of any actual or threatened action, proceeding or
claim related to the Servicer's misfeasance, bad faith or negligence. Any such
indemnification shall not be payable from the assets of the Trust. The
provisions of this Section 7.06(a) shall survive the termination of this
Agreement.

         (b) If the Servicer fails to make when due (without regard to any cure
period) any Monthly Advance or deposit required by it hereunder, the Servicer
shall pay the Securities Administrator for the account of the Securities
Administrator interest at the prime rate from the date on which such payment was
due (without regard to any cure period) to and including the date on which the
Servicer makes such payment.

         (c) The Master Servicer shall indemnify and hold harmless the Trust,
the Securities Administrator, the Servicer and the Trustee from and against any
loss, liability, expense, damage or injury suffered or sustained by reason of
the Master Servicer's willful misfeasance, bad faith or negligence in the
performance of its activities in master servicing or administering the Mortgage
Loans pursuant to this Agreement, including, but not limited to, any judgment,
award, settlement, reasonable attorneys' fees and other costs or expenses
incurred in connection with the defense of any actual or threatened action,
proceeding or claim related to the Master Servicer's misfeasance, bad faith or
negligence. Any such indemnification shall not be payable from the assets of the
Trust. The provisions of this Section 7.06(c) shall survive the termination of
this Agreement.

         (d) If the Master Servicer fails to make when due (without regard to
any cure period) any Monthly Advance or deposit required by it hereunder, the
Master Servicer shall pay the Securities Administrator for the account of the
Securities Administrator interest at the prime rate from the date on which such
payment was due (without regard to any cure period) to and including the date on
which the Master Servicer makes such payment.

                                  ARTICLE VIII

                                     DEFAULT

         Section 8.01. SERVICER EVENTS OF DEFAULT.

         (a) If any one of the following events ("Servicer Events of Default")
shall occur and be continuing:

                  (i) (A) The failure by the Servicer to make any Monthly
         Advance which continues unremedied for a period of one (1) Business Day
         after it was due; or (B) any other failure by the Servicer to deposit
         in the Collection Account or the Distribution Account any deposit
         required to be made under the terms of this Agreement which continues
         unremedied for a period of two (2) Business Days after such deposit was
         due (except with respect to remittances into the Distribution Account
         required pursuant to Section 3.03(i) hereof with respect to which only
         a one (1) Business Day grace period shall apply);

                  (ii) (A) The failure by the Servicer to make any required
         Servicing Advance which failure continues unremedied for a period of
         sixty (60) days, or (B) the failure by the Servicer duly to observe or
         perform, in any material respect, any other covenants, obligations or
         agreements of the Servicer as set forth in this Agreement, which
         failure materially and adversely affects the interests of the
         Certificateholders, continues unremedied for a period of sixty (60)
         days, after the date on which written notice of such failure, requiring
         the same to be remedied, shall have been given to the Servicer by the
         Master Servicer, the Securities Administrator or the Trustee or to the
         Servicer and the Master Servicer, the Securities Administrator or the
         Trustee, by any Holder with Certificates evidencing Voting Interests of
         at least 25%; PROVIDED, -------- however, that in the case of a failure
         that cannot be cured within sixty (60) days, the cure period may be
         extended if the Servicer can demonstrate to the reasonable satisfaction
         of the Master Servicer, the Securities Administrator and the Trustee
         that the Servicer is diligently pursuing remedial action;

                  (iii) The filing of a petition against the Servicer in a court
         or agency or supervisory authority having jurisdiction in the premises
         for the appointment of a trustee, conservator, receiver or liquidator
         in any insolvency, conservatorship, receivership, readjustment of debt,
         marshaling of assets and liabilities or similar proceedings, or for the
         winding up or liquidation of its affairs, and the continuance of any
         such decree or order unstayed and in effect for a period of thirty (30)
         consecutive days; or

                  (iv) The Servicer shall voluntarily go into liquidation,
         consent to the appointment of a conservator or receiver or liquidator
         or similar person in any insolvency, readjustment of debt, marshaling
         of assets and liabilities or similar proceedings of or relating to the
         Servicer or of or relating to all or substantially all of its property,
         or a decree or order of a court or agency or supervisory authority
         having jurisdiction in the premises for the appointment of a
         conservator, receiver, liquidator or similar person in any insolvency,
         readjustment of debt, marshaling of assets and liabilities or similar
         proceedings, or for the winding-up or liquidation of its affairs, shall
         have been entered against the Servicer; or the Servicer shall admit in
         writing its inability to pay its debts generally as they become due,
         file a petition to take advantage of any applicable bankruptcy,
         insolvency or reorganization statute, make an assignment for the
         benefit of its creditors or voluntarily suspend payment of its
         obligations; or

                  (v) the Servicer Termination Test is failed; or

                  (vi) (a) any reduction or withdrawal of the ratings or any
         shadow ratings of any Class of Certificates attributable principally to
         the Servicer or the servicing of the Mortgage Loans or (b) any
         placement by a Rating Agency of any Class of Certificates on credit
         watch with negative implications attributable principally to the
         Servicer or the servicing of the Mortgage Loans; or

                  (vii) any reduction or withdrawal of the ratings of the
         Servicer as a servicer of subprime mortgage loans by one or more of the
         Rating Agencies that maintains a servicer rating system and a rating on
         the Certificates to "below average" or below; or

                  (viii) the failure by the Servicer to duly perform, within the
         required time period, its obligation to provide the annual statement of
         compliance described under Section 3.09, the accountant's report
         described under Section 3.10 or the certification described under
         Section 3.13(e), which failure continues unremedied for a period of
         fifteen days after the date on which written notice of such failure,
         requiring the same to be remedied, shall have been given to the
         Servicer by the Master Servicer; or

                  (ix) the failure by the Servicer to provide, within the time
         frame specified herein, any required reports or data pertaining to the
         Mortgage Loans, which failure continues unremedied for a period of
         fifteen days after the date on which written notice of such failure,
         requiring the same to be remedied, shall have been given to the
         Servicer by the Master Servicer;

         (b) then, and in each and every such case, so long as a Servicer Event
of Default shall not have been remedied, (x) with respect solely to clause
(a)(i)(A) above, upon receipt of written notice or discovery by the Master
Servicer or a Responsible Officer of the Trustee or of the Securities
Administrator of such failure, the Master Servicer shall give immediate
telephonic notice of such failure to a Servicing Officer of the Servicer and the
Master Servicer shall direct the Trustee to terminate all of the rights and
obligations of the Servicer under this Agreement and the Successor Servicer
appointed in accordance with Section 8.02 shall immediately make such Monthly
Advance prior to the distribution of funds on the related Distribution Date and
assume, pursuant to Section 8.02, the duties of a Successor Servicer and (y) in
the case of clause (a)(i)(B) and (ii) through (ix) above, the Trustee shall, at
the direction of the Holders of Offered Certificates evidencing not less than
51% of all of the Voting Rights by notice then given in writing to the Servicer
or the Master Servicer (and to the Trustee if given by Holders of Certificates),
terminate all of the rights and obligations of the Servicer as servicer under
this Agreement. Any such notice to the Servicer shall also be given to each
Rating Agency and the Seller. On or after receipt by the Servicer of such
written notice, all authority and power of the Servicer under this Agreement,
whether with respect to the Certificates or the Mortgage Loans or otherwise,
shall pass to and be vested in the Successor Servicer pursuant to and under this
Section 8.01; and, without limitation, the Successor Servicer is hereby
authorized and empowered to execute and deliver, on behalf of the 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 of each Mortgage Loan and related documents, or otherwise. The
Servicer agrees to cooperate with the Successor Servicer, the Master Servicer,
the Securities Administrator and the Trustee in effecting the termination of the
responsibilities and rights of the Servicer hereunder, including, without
limitation, the transfer to the Successor Servicer for the administration by it
of all cash amounts that shall at the time be held by the predecessor Servicer
and to be deposited by it in the Collection Account, or that have been deposited
by the predecessor Servicer in the Collection Account or thereafter received by
the predecessor Servicer with respect to the Mortgage Loans. All Servicing
Transfer Costs and other reasonable out-of-pocket costs and expenses (including
attorneys' fees) incurred in connection with transferring the Mortgage Files to
the Successor Servicer and amending this Agreement to reflect such succession as
Servicer pursuant to this Section 8.01 shall be paid by the predecessor Servicer
within 90 days of written demand, itemized in reasonable detail, or, to the
extent not paid by the predecessor Servicer, by the Trust prior to distributions
to Certificateholders (or, if the predecessor Servicer is the Master Servicer,
by the initial Servicer), upon presentation of reasonable documentation of such
costs and expenses. If the predecessor Servicer is required but fails to pay the
amounts specified in the preceding sentence and such amounts are paid by the
Trust, the Securities Administrator shall, at the direction and expense of the
Class BIO Certificateholders, take appropriate action to enforce such obligation
and recover such amounts on behalf of such Class BIO Certificateholders.

         Notwithstanding any termination of the activities of the Servicer
hereunder, the Servicer shall continue to be entitled to receive from the Trust,
payment of all the accrued and unpaid portion of the Servicing Fees to which the
Servicer would have been entitled and reimbursement for all outstanding Monthly
Advances and Servicing Advances, including but not limited to trailing expenses
representing Servicing Advances incurred by the Servicer prior to but invoiced
after the date of termination, which amount shall be remitted by the Successor
Servicer to the terminated Servicer as permitted under Section 3.03 on a
first-in, first-out basis. The Servicer shall continue to be entitled to the
benefits of Section 7.03, notwithstanding any termination hereunder, with
respect to events occurring prior to such termination.

         (c) Upon the occurrence of a Servicer Event of Default, the Servicer
shall act as Servicer under this Agreement, subject to the right of removal set
forth in subsection (b) hereof, for an initial period commencing on the date on
which such Servicer Event of Default occurred and ending on the last day of the
calendar quarter in which such Servicer Event of Default occurred, which period
shall be extended by the Master Servicer (an "Extension Notice") for a
succeeding quarterly period ending on December 31, March 31, June 30 and
September 30 of each year (each such quarterly period for which the Servicer
shall be designated to act as Servicer hereunder, a "Servicer Term of Service")
until such time as the Master Servicer, the Securities Administrator and the
Trustee receives written direction from the Holders of Certificates evidencing
at least 51% of the Voting Rights not to deliver an Extension Notice, in which
event the Master Servicer shall follow such direction; provided that nothing in
this clause (c) shall prohibit the Master Servicer from removing (or prohibit
Certificateholders from directing the Trustee or the Securities Administrator to
direct the Master Servicer to remove) the Servicer pursuant to clause (b) above.
In the event the Master Servicer fails to deliver an Extension Notice prior to
the end of any Servicer Term of Service, the Servicer shall be automatically
terminated.

         (d) If the Successor Servicer or another Person succeeds to the
obligations of Servicer hereunder, the term of the Successor Servicer or such
Person shall not be limited unless and until a Servicer Event of Default
thereafter occurs with respect to such Successor Servicer or other Person. At
such time, the provisions of Section 8.01 (c) and (d) shall become applicable to
the then-acting Servicer and the Person then-obligated to succeed such
then-acting Servicer.

         Section 8.02. APPOINTMENT OF SUCCESSOR SERVICER.

         (a) The Depositor and the Trustee hereby appoint, and [o], hereby
accepts appointment, on behalf of itself or an affiliate, subject to the
provisions of Section 7.04 hereof, upon receipt by the Servicer of a notice of
termination pursuant to Section 8.01 or upon resignation of the Servicer
pursuant to Section 7.04(i), to be the successor (the "Successor Servicer") in
all respects to the 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
Servicer by the terms and provisions hereof arising on and after its succession;
PROVIDED, HOWEVER, that, without affecting the immediate termination of the
rights of the Servicer hereunder, it is understood and acknowledged by the
parties hereto that there will be a period of transition not to exceed 90 days
(the "Servicer Transition Period") before the servicing transfer is fully
effected.

         During the Servicer Transition Period, neither the Successor Servicer,
the Securities Administrator nor the Trustee shall be responsible for the lack
of information and documents that it cannot reasonably obtain on a practicable
basis under the circumstances.

         As compensation therefor, the Successor Servicer shall be entitled to
such compensation as the Servicer would have been entitled to hereunder if no
such notice of termination had been given. Notwithstanding the above, if the
Successor Servicer is unwilling or legally unable to act as successor servicer,
the Master Servicer may appoint or petition a court of competent jurisdiction to
appoint, any established housing and home finance institution, bank or other
mortgage loan or home equity loan servicer that is an Approved Servicer as the
successor to the Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Servicer hereunder; PROVIDED that
the appointment of any such Successor Servicer will not result in the
qualification, reduction or withdrawal of the ratings assigned to the Offered
Certificates by the Rating Agencies. Pending appointment of a successor to the
Servicer hereunder, unless the Successor Servicer is prohibited by law from so
acting, the Successor Servicer shall act in such capacity as hereinabove
provided. In connection with such appointment and assumption, the successor
shall be entitled to receive compensation out of payments on the Mortgage Loans
in an amount equal to the compensation which the Servicer would otherwise have
received pursuant to Section 3.08 (or such lesser compensation as the Master
Servicer and such successor shall agree). The appointment of a Successor
Servicer shall not affect any liability of the predecessor Servicer which may
have arisen under this Agreement prior to its termination as Servicer to pay any
deductible under an insurance policy pursuant to Section 3.05 or to indemnify
the Trustee, the Master Servicer and the Securities Administrator pursuant to
Section 7.06, nor shall any Successor Servicer be liable for any acts or
omissions of the predecessor Servicer or for any breach by such Servicer of any
of its representations or warranties contained herein or in any related document
or agreement. The Trustee, the Master Servicer, the Securities Administrator or
a Successor Servicer shall have no responsibility or obligation (i) to
repurchase or substitute for any of the Mortgage Loans or (ii) for any acts or
omissions of a predecessor Servicer during the Servicer Transition Period. The
Trustee, the Master Servicer, the Securities Administrator and such successor
shall take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession.

         Notwithstanding the foregoing, if a Servicer Event of Default listed in
clauses (iii), (iv) or (v) of Section 8.01(a) occurs, the Servicer or the
Servicing Rights Owner shall have a period of up to twenty (20) days after
receipt of a notice of termination to appoint an Approved Servicer as Successor
Servicer. Such right shall terminate immediately if prior to the actual transfer
of servicing, such terminated Servicer fails to make any required Monthly
Advance, Servicing Advance or any other deposit required to be made pursuant to
the terms of this Agreement, as and when required by this Agreement (taking into
account any applicable cure period). All costs and expenses associated with the
appointment, whether or not consummated, and the subsequent transfer of
servicing (which must be completed within the Servicer Transition Period) are
required to be paid by the terminated Servicer or the Servicing Rights Owner out
of the proceeds of sale or otherwise. Any proceeds remaining after such costs
and expenses have been paid for by the terminated Servicer, shall be the
property of the terminated Servicer, the Servicing Rights Owner or its designee,
as applicable.

         (b) Any successor, including the Successor Servicer, to the Servicer as
servicer shall during the term of its service as servicer (i) continue to
service and administer the Mortgage Loans for the benefit of Certificateholders
and (ii) maintain in force a policy or policies of insurance covering errors and
omissions in the performance of its obligations as Servicer hereunder and a
fidelity bond in respect of its officers, employees and agents to the same
extent as the Servicer is so required pursuant to Section 3.12.

         (c) In connection with the termination or resignation of the Servicer
hereunder, either (i) the Successor Servicer, including the Master Servicer if
the Master Servicer is acting as Successor 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, or (ii) the
predecessor Servicer, at its sole expense, shall cooperate with the Successor
Servicer either (x) 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 Servicer
or (y) in causing MERS to designate on the MERS(R) System the Successor Servicer
as the servicer of such Mortgage Loan (at the cost and expense of the Successor
Servicer to the extent such costs relate to the qualification of such Successor
Servicer as a member of MERS, otherwise at the cost and expense of the
predecessor Servicer). The predecessor Servicer shall file or cause to be filed
any such assignment in the appropriate recording office. The Successor Servicer
shall cause such assignment to be delivered to the Trustee 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 8.03. MASTER SERVICER EVENTS OF DEFAULT.

         (a) If any one of the following events ("Master Servicer Events of
Default") shall occur and be continuing:

                  (i) Any failure by the Master Servicer to furnish the
         Securities Administrator the Mortgage Loan data sufficient to prepare
         the reports described in Section 5.03 which continues unremedied for a
         period of one Business Day after the date upon which written notice of
         such failure shall have been given to such Master Servicer by the
         Trustee or the Securities Administrator or to such Master Servicer, the
         Securities Administrator and the Trustee by any Holder with
         Certificates evidencing Voting Interests of at least 25%; or

                  (ii) Any failure on the part of the Master Servicer duly to
         observe or perform in any material respect any other of the covenants
         or agreements (other than those referred to in clauses (viii) and (ix)
         below) on the part of the Master Servicer contained in this Agreement
         which continues unremedied for a period of thirty (30) days after the
         date on which written notice of such failure, requiring the same to be
         remedied, shall have been given to the Master Servicer by the Trustee
         or the Securities Administrator, or to the Master Servicer, the
         Securities Administrator and the Trustee by any Holder with
         Certificates evidencing Voting Interests of at least 25%; or

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

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

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

                  (vi) The Master Servicer shall be dissolved, or shall dispose
         of all or substantially all of its assets, or consolidate with or merge
         into another entity or shall permit another entity to consolidate or
         merge into it, such that the resulting entity does not meet the
         criteria for a Successor Master Servicer as specified in Section 8.04
         hereof; or

                  (vii) If a representation or warranty set forth in Section
         2.03(d) hereof shall prove to be incorrect as of the time made in any
         respect that materially and adversely affects the interests of the
         Certificateholders, and the circumstance or condition in respect of
         which such representation or warranty was incorrect shall not have been
         eliminated or cured within 30 days after the date on which written
         notice of such incorrect representation or warranty shall have been
         given to the Master Servicer by the Trustee or the Securities
         Administrator, or to the Master Servicer, the Securities Administrator
         and the Trustee by any Holder with Certificates evidencing Voting
         Interests of at least 25%; or

                  (viii) A sale or pledge of any of the rights of the Master
         Servicer hereunder or an assignment of this Agreement by the Master
         Servicer or a delegation of the rights or duties of the Master Servicer
         hereunder shall have occurred in any manner not otherwise permitted
         hereunder and without the prior written consent of the Trustee and any
         Holder with Certificates evidencing Voting Interests of at least 50%;
         or

                  (ix) After receipt of notice from the Trustee, any failure of
         the Master Servicer to make any Monthly Advances when such Monthly
         Advances are due, as required to be made hereunder.

         (b) then, and in each and every such case, so long as a Master Servicer
Event of Default shall not have been remedied, (x) with respect solely to clause
(ix) above, upon receipt of written notice or discovery by a Responsible Officer
of the Trustee or of the Securities Administrator of such failure, the Trustee
shall give immediate telephonic notice of such failure to a Master Servicing
Officer of the Master Servicer and the Trustee shall terminate all of the rights
and obligations of the Master Servicer under this Agreement and the Successor
Master Servicer appointed in accordance with Section 8.02 shall immediately make
such Monthly Advance prior to the distribution of funds on the related
Distribution Date and assume, pursuant to Section 8.04, the duties of a
Successor Servicer and (y) in the case of clauses (i), (ii), (iii), (iv), (v),
(vi), (vii) and (viii) above, the Trustee shall, at the direction of the Holders
of Offered Certificates evidencing not less than 51% of all of the Voting Rights
by notice then given in writing to the Master Servicer (and to the Trustee if
given by Holders of Certificates), terminate all of the rights and obligations
of the Master Servicer as servicer under this Agreement. Any such notice to the
Master Servicer shall also be given to each Rating Agency and the Seller. On or
after 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 or the Mortgage Loans or otherwise, shall pass to and be vested in
the Successor Master Servicer pursuant to and under this Section 8.03; and,
without limitation, the Successor Master Servicer 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 of each Mortgage Loan and related documents, or otherwise. The
Master Servicer agrees to cooperate with the Successor Master Servicer, the
Servicer, the Securities Administrator and the Trustee in effecting the
termination of the responsibilities and rights of the Master Servicer hereunder.
All Servicing Transfer Costs and other reasonable out-of-pocket costs and
expenses (including attorneys' fees) incurred in connection with transferring
any Mortgage Files to the Successor Master Servicer and amending this Agreement
to reflect such succession as Master Servicer pursuant to this Section 8.03
shall be paid by the predecessor Master Servicer within 90 days of written
demand, itemized in reasonable detail, or, to the extent not paid by the
predecessor Master Servicer, by the Trust prior to distributions to
Certificateholders (or, if the predecessor Master Servicer is the Trustee, by
the initial Master Servicer), upon presentation of reasonable documentation of
such costs and expenses. If the predecessor Master Servicer is required but
fails to pay the amounts specified in the preceding sentence and such amounts
are paid by the Trust, the Securities Administrator shall, at the direction and
expense of the Class BIO Certificateholders, take appropriate action to enforce
such obligation and recover such amounts on behalf of such Class BIO
Certificateholders.

         Notwithstanding any termination of the activities of the Master
Servicer hereunder, the Master Servicer shall continue to be entitled to receive
from the Trust, payment of all the accrued and unpaid portion of the Master
Servicing Fees to which the Master Servicer would have been entitled and
reimbursement for all outstanding Monthly Advances which amount shall be
remitted by the Successor Master Servicer to the terminated Master Servicer as
permitted under Section 5.04 on a first-in, first-out basis. The Master Servicer
shall continue to be entitled to the benefits of Section 7.03, notwithstanding
any termination hereunder, with respect to events occurring prior to such
termination.

         (c) Upon the occurrence of a Master Servicer Event of Default, the
Trustee shall act as Master Servicer under this Agreement, subject to the right
of removal set forth in subsection (b) hereof, for an initial period commencing
on the date on which such Master Servicer Event of Default occurred and ending
on the last day of the calendar quarter in which such Master Servicer Event of
Default occurred, which period shall be extended by the Trustee (an "Extension
Notice") for a succeeding quarterly period ending on December 31, March 31, June
30 and September 30 of each year (each such quarterly period for which the
Master Servicer shall be designated to act as Master Servicer hereunder, a
"Master Servicer Term of Service") until such time as the Securities
Administrator and the Trustee receives written direction from the Holders of
Certificates evidencing at least 51% of the Voting Rights not to deliver an
Extension Notice, in which event the Trustee shall follow such direction;
provided that nothing in this clause (c) shall prohibit the Trustee from
removing (or prohibit Certificateholders from directing the Trustee or the
Securities Administrator to direct the Trustee to remove) the Master Servicer
pursuant to clause (b) above. In the event the Trustee fails to deliver an
Extension Notice prior to the end of any Master Servicer Term of Service, the
Master Servicer shall be automatically terminated.

         (d) If the Successor Master Servicer or another Person succeeds to the
obligations of Master Servicer hereunder, the term of the Successor Master
Servicer or such Person shall not be limited unless and until a Master Servicer
Event of Default thereafter occurs with respect to such Successor Master
Servicer or other Person. At such time, the provisions of Section 8.03 (c) and
(d) shall become applicable to the then-acting Master Servicer and the Person
then-obligated to succeed such then-acting Master Servicer.

         Section 8.04. APPOINTMENT OF SUCCESSOR MASTER SERVICER.

         (a) The Depositor and the Trustee hereby appoint, and [o], hereby
accepts appointment, on behalf of itself or an affiliate, subject to the
provisions of Section 4.15 thereof, upon receipt by the Master Servicer of a
notice of termination pursuant to Section 8.03 or upon resignation of the Master
Servicer pursuant to Section 4.15, to be the successor (the "Successor Master
Servicer") 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 by the terms and provisions hereof arising
on and after its succession; PROVIDED, HOWEVER, that, without affecting the
immediate termination of the rights of the Master Servicer hereunder, it is
understood and acknowledged by the parties hereto that there will be a period of
transition not to exceed 90 days (the "Master Servicer Transition Period")
before the master servicing transfer is fully effected.

         During the Master Servicer Transition Period, neither the Successor
Master Servicer, the Securities Administrator nor the Trustee shall be
responsible for the lack of information and documents that it cannot reasonably
obtain on a practicable basis under the circumstances.

         As compensation therefor, the Successor Master Servicer shall be
entitled to such compensation as the Master Servicer would have been entitled to
hereunder if no such notice of termination had been given. Notwithstanding the
above, if the Successor Master Servicer is legally unable to act as successor
servicer, the Trustee may appoint or petition a court of competent jurisdiction
to appoint, any established housing and home finance institution, bank or other
mortgage loan or home equity loan servicer that is an Approved Servicer (defined
for this purpose by (i) striking the words "the Master Servicer" in clause 1 of
the definition thereof and (ii) striking clause 2(a) in the definition thereof)
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; PROVIDED that the appointment of any such Successor Master Servicer
will not result in the qualification, reduction or withdrawal of the ratings
assigned to the Offered Certificates by the Rating Agencies. Pending appointment
of a successor to the Master Servicer hereunder, unless the Successor Master
Servicer is prohibited by law from so acting, the Successor Master Servicer
shall act in such capacity as hereinabove provided. In connection with such
appointment and assumption, the successor shall be entitled to receive
compensation out of payments on the Mortgage Loans in an amount equal to the
compensation which the Master Servicer would otherwise have received pursuant to
Section 4.09 (or such lesser compensation as the Trustee and such successor
shall agree). The appointment of a Successor Master Servicer shall not affect
any liability of the predecessor Master Servicer which may have arisen under
this Agreement prior to its termination as Master Servicer to indemnify the
Trustee, the Servicer and the Securities Administrator pursuant to Section 7.06,
nor shall any Successor Master Servicer be liable for any acts or omissions of
the predecessor Master Servicer or for any breach by such Master Servicer of any
of its representations or warranties contained herein or in any related document
or agreement. During the Master Servicer Transition Period, the Trustee, the
Securities Administrator or a Successor Master Servicer shall have no
responsibility or obligation (i) to repurchase or substitute for any of the
Mortgage Loans or (ii) for any acts or omissions of a predecessor Master
Servicer. The Trustee, the Securities Administrator and such successor shall
take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession.

         (b) Any successor, including the Successor Master Servicer, to the
Master Servicer as servicer shall during the term of its service as master
servicer (i) continue to master service and administer the Mortgage Loans for
the benefit of Certificateholders and (ii) maintain in force a policy or
policies of insurance covering errors and omissions in the performance of its
obligations as Master Servicer hereunder and a fidelity bond in respect of its
officers, employees and agents to the same extent as the Master Servicer is so
required pursuant to Section 4.04.

         (c) In connection with the termination or resignation of the Master
Servicer hereunder, 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.

         Section 8.05. WAIVER OF DEFAULTS. The Majority Certificateholders may,
on behalf of all Certificateholders, waive any events permitting removal of the
Servicer as servicer or of the Master Servicer as master servicer pursuant to
this Article VIII, PROVIDED, HOWEVER, that the Majority Certificateholders may
not waive a default in making a required distribution on a Certificate without
the consent of the Holder of such Certificate. Upon any waiver of a past
default, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereto except to the extent expressly so waived.
Notice of any such waiver shall be given by the Securities Administrator to the
Rating Agencies.

         Section 8.06. NOTIFICATION TO CERTIFICATEHOLDERS. Upon any termination
or appointment of a successor to the Servicer pursuant to this Article VIII or
Section 7.04, the Securities Administrator shall give prompt written notice
thereof to the Certificateholders at their respective addresses appearing in the
Certificate Register and to each Rating Agency.

                                   ARTICLE IX

                  THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

         Section 9.01. DUTIES OF TRUSTEE AND SECURITIES ADMINISTRATOR.

         (a) The Trustee, prior to the occurrence of a Master Servicer Event of
Default and after the curing of all Master Servicer Events of Default which may
have occurred, and the Securities Administrator undertakes to perform such
duties and only such duties as are specifically set forth in this Agreement. If
a Master Servicer Event of Default has occurred (which has not been cured) of
which a Responsible Officer has knowledge, 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 man would exercise or use under
the circumstances in the conduct of his own affairs.

         The Trustee and the Securities Administrator, upon receipt of all
resolutions, certificates, statements, opinions, reports, documents, orders or
other instruments furnished to the Trustee and the Securities Administrator
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. If any such instrument is found not to be in the
form specified in this Agreement, on its face, the Trustee or the Securities
Administrator, as applicable, shall take such action as it deems appropriate to
have the instrument corrected, and if the instrument is not corrected to the
Trustee's or Securities Administrator's satisfaction, the Trustee or the
Securities Administrator, as applicable, will, at the expense of the Seller,
provide notice thereof to the Certificateholders and will, at the expense of the
Seller, which expense shall be reasonable given the scope and nature of the
required action, take such further action as directed by the Majority
Certificateholders.

         The Securities Administrator agrees to notify the Master Servicer in
writing no later than 5:00 p.m. New York time on each Deposit Date of the
aggregate dollar amount of the funds received by the Securities Administrator
from the Servicer on such Deposit Date and any other information reasonably
requested by the Master Servicer, so as to enable the Master Servicer to make
the reconciliations and verifications required to be made by it pursuant to
Section 4.01 hereof.

         The Trustee and the Securities Administrator may, in accordance with
its duties hereunder, do all things necessary and proper as may be required in
connection with any secondary mortgage licensing laws and similar requirements,
including, but not limited to, consenting to jurisdiction, and the appointment
of agents for service of process, in jurisdictions in which the Mortgaged
Properties are located.

         No provision of this Agreement shall be construed to relieve the
Trustee or the Securities Administrator from liability for its own negligent
action, its own negligent failure to act or its own misconduct; PROVIDED,
HOWEVER, that:

                  (i) prior to the occurrence of a Master Servicer Event of
         Default, and after the curing or waiver of all such Master Servicer
         Events of Default which may have occurred, the duties and obligations
         of the Trustee and the Securities Administrator shall be determined
         solely by the express provisions of this Agreement, the Trustee and the
         Securities Administrator 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 or the Securities Administrator and, in
         the absence of bad faith on the part of the Trustee or the Securities
         Administrator, as applicable, the Trustee and the Securities
         Administrator 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 and Securities
         Administrator and conforming to the requirements of this Agreement;

                  (ii) neither the Trustee nor the Securities Administrator
         shall be personally liable for an error of judgment made in good faith
         by a Responsible Officer of the Trustee or the Securities
         Administrator, as applicable, unless it shall be proved that the
         Trustee or the Securities Administrator was negligent in ascertaining
         or investigating the facts related thereto;

                  (iii) neither the Trustee nor the Securities Administrator
         shall be personally liable with respect to any action taken, suffered
         or omitted to be taken by it in good faith in accordance with the
         consent or direction of the Holders of Offered Certificates evidencing
         Percentage Interests aggregating not less than 51% relating to the
         time, method and place of conducting any proceeding for any remedy
         available to the Trustee or the Securities Administrator, or exercising
         or omitting to exercise any trust or power conferred upon the Trustee
         or the Securities Administrator, under this Agreement; and

                  (iv) the Trustee shall not be charged with knowledge of any
         Master Servicer Event of Default of the Master Servicer referred to in
         clauses (i), (ii), (vii) or (ix) of Section 8.03 unless a Responsible
         Officer of the Trustee at the Corporate Trust Office obtains actual
         knowledge of such failure or the Trustee receives written notice of
         such failure from the Master Servicer or the Holders of Offered
         Certificates evidencing Percentage Interests aggregating not less than
         51%. This paragraph shall not be construed to limit the effect of the
         first paragraph of this Section 9.01.

         The Trustee and the Securities Administrator shall not be required to
expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if there is reasonable ground for believing that the repayment
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it, and none of the provisions contained in this Agreement
shall in any event require the Trustee or the Securities Administrator to
perform, or be responsible for the manner of performance of, any of the
obligations of the Servicer or the Master Servicer under this Agreement, except
during such time, if any, as the Trustee shall be the successor to, and be
vested with the rights, duties, powers and privileges of, the Master Servicer in
accordance with the terms of this Agreement.

         Neither the Trustee nor the Securities Administrator shall have any
duty hereunder with respect to any complaint, claim, demand, notice or other
document it may receive or which may be alleged to have been delivered to or
served upon it by the parties as a consequence of the assignment of any Mortgage
Loan hereunder; PROVIDED, HOWEVER, that the Trustee and the Securities
Administrator shall promptly remit to the Servicer and the Master Servicer upon
receipt any such complaint, claim, demand, notice or other document (i) which is
delivered to the Trustee or the Securities Administrator at its respective
Corporate Trust Office; (ii) of which a Responsible Officer has actual knowledge
and (iii) which contains information sufficient to permit the Trustee or the
Securities Administrator to make a determination that the real property to which
such document relates is a Mortgaged Property.

         Section 9.02. CERTAIN MATTERS AFFECTING THE TRUSTEE AND THE SECURITIES
ADMINISTRATOR. Except as otherwise provided in Section 9.01:

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

                  (ii) the Trustee and the Securities Administrator may consult
         with counsel and any written advice of such counsel or 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 advice or Opinion of Counsel;

                  (iii) the Trustee and the Securities Administrator shall be
         under no obligation to exercise any of the rights 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 or the Securities Administrator, as applicable, reasonable
         security or indemnity against the costs, expenses and liabilities which
         may be incurred therein or thereby; the right of the Trustee and the
         Securities Administrator to perform any discretionary act enumerated in
         this Agreement shall not be construed as a duty, and the Trustee and
         the Securities Administrator shall not be answerable for other than its
         negligence or willful misconduct in the performance of any such act;
         nothing contained herein shall, however, relieve the Trustee of the
         obligations, upon the occurrence of an Master Servicer Event of Default
         (which has not been cured) of which a Responsible Officer has
         knowledge, 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 man would exercise or use under the circumstances
         in the conduct of his own affairs;

                  (iv) neither the Trustee nor the Securities Administrator
         shall 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 a Master Servicer Event of
         Default and after the curing of all Master Servicer Events of Default
         which may have occurred, the Trustee and the Securities Administrator
         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 documents, unless requested in writing to do so by the Holders of
         Certificates evidencing Percentage Interests aggregating not less than
         51%; PROVIDED, HOWEVER, that if the payment within a reasonable time to
         the Trustee or the Securities Administrator, as applicable, of the
         costs, expenses or liabilities likely to be incurred by it in the
         making of such investigation is, in the opinion of such party, not
         reasonably assured to such party by the security afforded to it by the
         terms of this Agreement, such party may require reasonable indemnity
         against such cost, expense or liability as a condition to such
         proceeding. The reasonable expense of every such examination shall be
         paid by the Seller or, if paid by the Trustee or the Securities
         Administrator, shall be reimbursed by the Seller upon demand. Nothing
         in this clause (v) shall derogate from the obligation of the Servicer
         and the Master Servicer to observe any applicable law prohibiting
         disclosure of information regarding the Mortgagors;

                  (vi) neither the Trustee nor the Securities Administrator
         shall be accountable, shall have any liability and shall make any
         representation as to any acts or omissions hereunder of the Servicer or
         the Master Servicer, except with respect to the Trustee, until such
         time as the Trustee may act as Master Servicer pursuant to Section
         8.04;

                  (vii) the Trustee and the Securities Administrator may execute
         any of the trusts or powers hereunder or perform any duties hereunder
         either directly or by or through agents or attorneys or a custodian;
         and

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

         Section 9.03. TRUSTEE AND SECURITIES ADMINISTRATOR NOT LIABLE FOR
CERTIFICATES OR MORTGAGE LOANS. The recitals contained herein and in the
Certificates (other than the authentication of the Securities Administrator on
the Certificates) shall be taken as the statements of the Seller, and neither
the Trustee nor the Securities Administrator assumes any responsibility for the
correctness of the same. The Trustee and the Securities Administrator make no
representations as to the validity or sufficiency of this Agreement or of the
Certificates (other than the signature and authentication of the Securities
Administrator on the Certificates) or of any Mortgage Loan or related document
or of MERS or the MERS System. The Trustee and the Securities Administrator
shall not be accountable for the use or application of any funds by the Servicer
or the Master Servicer or paid to the Servicer or the Master Servicer in respect
of the Mortgage Loans or deposited in or withdrawn from the Collection Account
or the Distribution Account by the Servicer or the Master Servicer, as
applicable. The Trustee and the Securities Administrator shall at no time have
any responsibility or liability for or with respect to the legality, validity
and enforceability of any Mortgage or any Mortgage Loan, or the perfection and
priority of any Mortgage or the maintenance of any such perfection and priority,
or for or with respect to the sufficiency of the Trust or its ability to
generate the payments to be distributed to Certificateholders under this
Agreement, including, without limitation: the existence, condition and ownership
of any Mortgaged Property; the existence and enforceability of any hazard
insurance thereon (other than if the Trustee shall assume the duties of the
Master Servicer pursuant to Section 8.02); the validity of the assignment of any
Mortgage Loan to the Trustee or of any intervening assignment; the completeness
of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other
than if the Trustee shall assume the duties of the Master Servicer pursuant to
Section 8.02); the compliance by the Seller, the Depositor, the Master Servicer
or the Servicer with any warranty or representation made under this Agreement or
in any related document or the accuracy of any such warranty or representation
prior to the Trustee's or the Security Administrator's receipt of notice or
other discovery of any non-compliance therewith or any breach thereof; any
investment of monies by or at the direction of the Servicer or any loss
resulting therefrom, it being understood that the Securities Administrator or
the Trustee shall remain responsible for any Trust property that it may hold in
its individual capacity; the acts or omissions of any of the Servicer or the
Master Servicer (other than if the Trustee shall assume the duties of the Master
Servicer pursuant to Section 8.02), any Subservicer or any Mortgagor; any action
of the Servicer or the Master Servicer (other than if the Trustee shall assume
the duties of the Master Servicer pursuant to Section 8.02) or any Subservicer
taken in the name of the Trustee or the Securities Administrator; the failure of
the Servicer, the Master Servicer or any Subservicer to act or perform any
duties required of it as agent of the Trustee or the Securities Administrator
hereunder; or any action by the Trustee or the Securities Administrator taken at
the instruction of the Servicer or the Master Servicer (other than if the
Trustee shall assume the duties of the Master Servicer pursuant to Section
8.02); PROVIDED, HOWEVER, that the foregoing shall not relieve the Trustee or
the Securities Administrator of its obligation to perform its duties under this
Agreement, including, without limitation, the Trustee's duty to review the
Mortgage Files pursuant to Section 2.02. Until such time as the Trustee shall
have become the Successor Master Servicer, the Trustee, and the Securities
Administrator shall have no responsibility to perfect or maintain the perfection
of any security interest or lien granted to it hereunder.

         Section 9.04. TRUSTEE AND SECURITIES ADMINISTRATOR MAY OWN
CERTIFICATES. The Trustee and the Securities Administrator in its individual or
any other capacity may become the owner or pledgee of Certificates with the same
rights as it would have if it were not Trustee or the Securities Administrator,
as applicable, and may transact any banking and trust business with the Seller,
the Master Servicer or the Servicer.

         Section 9.05. FEES AND EXPENSES OF THE TRUSTEE AND THE SECURITIES
ADMINISTRATOR. The Trustee and the Securities Administrator will be paid any
fees and expenses by the Master Servicer from its Master Servicing Fee and such
other amounts as agreed with the Master Servicer. The Seller will pay or
reimburse the Trustee and the Securities Administrator upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
or the Securities Administrator 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)
except any such expense, disbursement or advance as may arise from its
negligence or bad faith or which is the responsibility of Certificateholders
hereunder. In addition, the Seller covenants and agrees to indemnify the Trustee
and the Securities Administrator and its officers, directors, employees and
agents from, and hold it harmless against, any and all losses, liabilities,
damages, claims or expenses incurred in connection with or relating to this
Agreement or the Certificates, other than any loss, liability or expense
incurred by reason of willful misfeasance, bad faith or negligence of the
Trustee or the Securities Administrator, as applicable, in the performance of
its duties hereunder or by reason of the Trustee's or the Securities
Administrator's reckless disregard of its obligations and duties hereunder. To
the extent that amounts payable to the Trustee or the Securities Administrator
under this Section 9.05, other than the fees and expenses of such parties
payable by the Master Servicer, are not paid by the Seller within ninety (90)
days of written demand, itemized in reasonable detail, such amounts (to the
extent that they are not unreasonable) shall be payable to the Trustee or the
Securities Administrator, as applicable, by the Trust prior to distributions to
Certificateholders; provided, however, that in no event may such amounts payable
by the Trust exceed $300,000 per calendar year; provided, further, that such
limitation shall (i) not be applicable to Servicing Transfer Costs payable to
the Trustee pursuant to Sections 3.01(g) or 8.03(b) or (ii) any losses,
liabilities, damages, claims or expenses incurred by the Trustee or the
Securities Administrator in connection with or relating directly or indirectly
to any actual or alleged violation of any predatory or abusive lending laws in
respect of any Mortgage Loan. This Section 9.05 shall survive termination of
this Agreement or the resignation or removal of any Trustee or the Securities
Administrator hereunder.

         Section 9.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE AND SECURITIES
ADMINISTRATOR. The Trustee and the Securities Administrator hereunder shall at
all times be a corporation duly incorporated and validly existing under the laws
of the United States of America or any state thereof, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000 and a minimum long-term debt rating of "Baa3" by Moody's and a
short-term rating of "A-1" by S&P, and subject to supervision or examination by
federal or state authorities or is otherwise acceptable to each Rating Agency
without a reduction or withdrawal of their then current ratings of the
Certificates as evidenced by a letter from each Rating Agency to the Trustee,
the Depositor, the Master Servicer and the Servicer. If such corporation
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 9.06, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. In case at any time the
Trustee or the Securities Administrator shall cease to be eligible in accordance
with the provisions of this Section 9.06, the Trustee or the Securities
Administrator, as applicable, shall resign immediately in the manner and with
the effect specified in Section 9.07.

         Section 9.07. RESIGNATION OR REMOVAL OF TRUSTEE OR SECURITIES
ADMINISTRATOR. The Trustee and the Securities Administrator may at any time
resign and be discharged from the trusts hereby created by giving written notice
thereof to each other party to this Agreement and each Rating Agency. Upon
receiving such notice of resignation, the Seller shall promptly appoint a
successor trustee or a successor securities administrator, as applicable,
(approved in writing by the Servicer and the Master Servicer, so long as such
approval shall not unreasonably be withheld) by written instrument, in
duplicate, copies of which instrument shall be delivered to the resigning
Trustee or resigning Securities Administrator and the successor trustee or
successor securities administrator, as applicable; PROVIDED, HOWEVER, that any
such successor trustee or successor securities administrator shall be subject to
the prior written approval of the Servicer and the Master Servicer. If no
successor shall have been so appointed and have accepted appointment within
thirty (30) days after the giving of such notice of resignation, the resigning
Trustee or resigning Securities Administrator may petition any court of
competent jurisdiction for the appointment of a successor.

         If at any time the Trustee or the Securities Administrator shall cease
to be eligible in accordance with the provisions of Section 9.06 and shall fail
to resign after written request therefor by the Seller or the Depositor or if at
any time the Trustee or the Securities Administrator shall be legally unable to
act, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee
or of the Securities Administrator or of its property shall be appointed, or any
public officer shall take charge or control of the Trustee or of the Securities
Administrator or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Seller, the Depositor, the Master Servicer
or the Servicer may remove the Trustee or the Securities Administrator, as
applicable. If the Seller, the Depositor, the Master Servicer or the Servicer
removes the Trustee or the Securities Administrator under the authority of the
immediately preceding sentence, the Seller shall promptly appoint a successor by
written instrument, in duplicate, copies of which instrument shall be delivered
to the party so removed and to its successor.

         The Holders of Certificates evidencing Voting Rights aggregating over
50% of all Voting Rights may at any time remove the Trustee or the Securities
Administrator by written instrument or instruments delivered to the Servicer,
the Seller, the Depositor, the Master Servicer, the Securities Administrator and
the Trustee; and the Seller shall thereupon use its best efforts to appoint a
successor trustee or successor securities administrator, as applicable, in
accordance with this Section 9.07.

         Any resignation or removal of the Trustee or the Securities
Administrator and appointment of a successor pursuant to any of the provisions
of this Section 9.07 shall not become effective until acceptance of appointment
by such successor as provided in Section 9.08.

         Section 9.08. SUCCESSOR TRUSTEE AND SUCCESSOR SECURITIES ADMINISTRATOR.
Any successor trustee or successor securities administrator appointed as
provided in Section 9.07 shall execute, acknowledge and deliver to each party to
this Agreement (including its predecessor) an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of such
predecessor shall become effective and such successor, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with like effect as if
originally named as Trustee or Securities Administrator, as applicable. Each
party hereto, including such predecessor, shall execute and deliver such
instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor all such rights, powers,
duties and obligations.

         No successor trustee or successor securities administrator shall accept
appointment as provided in this Section 9.08 unless at the time of such
acceptance such successor shall be eligible under the provisions of Section
9.06.

         If a successor trustee is to become the Successor Master Servicer
hereunder, it shall be an Approved Servicer. If a successor trustee is not to
become the Successor Master Servicer hereunder, the entity then acting as
Successor Master Servicer hereunder shall continue to act in such capacity until
such time as an Approved Servicer has agreed to assume the role of Successor
Master Servicer hereunder.

         Upon acceptance by a successor as provided in this Section 9.08, the
Servicer shall mail notice of the succession of such Trustee or Securities
Administrator, as applicable, hereunder to all Holders of Certificates at their
addresses as shown in the Certificate Register and to each Rating Agency. If the
Servicer fails to mail such notice within thirty (30) days after acceptance of
appointment by the successor, such successor shall cause such notice to be
mailed at the expense of the Servicer.

         Section 9.09. MERGER OR CONSOLIDATION OF TRUSTEE OR SECURITIES
ADMINISTRATOR. Any corporation into which the Trustee or the Securities
Administrator 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 Trustee or the Securities Administrator, as applicable, shall be a
party, or any corporation succeeding to the business of the Trustee or the
Securities Administrator, as applicable, shall be the successor of the Trustee
or the Securities Administrator, as applicable, hereunder, PROVIDED that such
corporation shall be eligible under the provisions of Section 9.06, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto.

         Section 9.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust or any Mortgaged Property may at the time be located, the 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, and to vest in
such Person or Persons, in such capacity and for the benefit of the
Certificateholders, such title to the Trust, or any part thereof, and, subject
to the other provisions of this Section 9.10, such powers, duties, obligations,
rights and trusts as the Servicer and the Trustee may consider necessary or
desirable. Any such co-trustee or separate trustee shall be subject to the
written approval of the Servicer. If the Servicer shall not have joined in such
appointment within fifteen (15) days after the receipt by it of a request so to
do, or, in the 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 9.06 and no notice to Certificateholders of
the appointment of any co-trustee or separate trustee shall be required under
Section 9.08. The Seller shall be responsible for the fees of any co-trustee or
separate trustee appointed hereunder.

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

                  (i) all rights, powers, duties and obligations conferred or
         imposed upon the Trustee shall be conferred or imposed upon and
         exercised or performed by the Trustee and such separate trustee or
         co-trustee jointly (it being understood that such separate trustee or
         co-trustee is not authorized to act separately without the Trustee
         joining in such act), except to the extent that under any law of any
         jurisdiction in which any particular act or acts are to be performed
         (whether as Trustee hereunder or as successor to the 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 or any portion
         thereof in any such jurisdiction) shall be exercised and performed
         singly by such separate trustee or co-trustee, but solely at the
         direction of the Trustee;

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

                  (iii) the Servicer and the Trustee acting jointly may at any
         time accept the resignation of or remove any separate trustee or
         co-trustee except that following the occurrence of an Event of Default,
         the Trustee alone may accept the resignation or remove any separate
         trustee or co-trustee.

         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 IX. 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 and a copy thereof given to the
Seller and the Servicer.

         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 9.11. LIMITATION OF LIABILITY. The Certificates are executed by
the Securities Administrator, not in its individual capacity but solely as
Securities Administrator of the Trust, in the exercise of the powers and
authority conferred and vested in it by this Agreement. Each of the undertakings
and agreements made on the part of the Trustee and the Securities Administrator
in the Certificates is made and intended not as a personal undertaking or
agreement by the Trustee or the Securities Administrator, as applicable, but is
made and intended for the purpose of binding only the Trust.

         Section 9.12. TRUSTEE OR SECURITIES ADMINISTRATOR MAY ENFORCE CLAIMS
WITHOUT POSSESSION OF CERTIFICATES; INSPECTION.

         (a) All rights of action and claims under this Agreement or the
Certificates may be prosecuted and enforced by the Trustee or Securities
Administrator, as applicable, without the possession of any of the Certificates
or the production thereof in any proceeding relating thereto, and such
proceeding instituted by the Trustee or the Securities Administrator, as
applicable, shall be brought in its own name or in its capacity as Trustee or
Securities Administrator. Any recovery of judgment shall, after provision for
the payment of the reasonable compensation, expenses, disbursements and advances
of the Trustee or the Securities Administrator, as applicable, its agents and
counsel, be for the ratable benefit of the Certificateholders or in respect of
which such judgment has been recovered.

         (b) The Trustee and the Securities Administrator shall afford the
Seller, the Depositor, the Servicer, the Master Servicer and each
Certificateholder upon reasonable notice during normal business hours, access to
all records maintained by the Trustee and the Securities Administrator in
respect of its duties hereunder and access to officers of the Trustee and the
Securities Administrator responsible for performing such duties. Upon request,
the Trustee and the Securities Administrator shall furnish the Seller, the
Depositor, the Servicer, the Master Servicer and any requesting
Certificateholder with its most recent financial statements. The Trustee and the
Securities Administrator shall cooperate fully with the Seller, the Depositor,
the Servicer, the Master Servicer and such Certificateholder and shall make
available to the Seller, the Depositor, the Servicer, the Master Servicer and
such Certificateholder for review and copying such books, documents or records
as may be requested with respect to the Trustee's and the Securities
Administrator's duties hereunder. The Seller, the Depositor, the Servicer, the
Master Servicer and the Certificateholders shall not have any responsibility or
liability for any action or failure to act by the Trustee or by the Securities
Administrator and are not obligated to supervise the performance of the Trustee
or of the Securities Administrator under this Agreement or otherwise.

         Section 9.13. SUITS FOR ENFORCEMENT. In case a Servicer Event of
Default, Master Servicer Event of Default or other default by the Servicer, the
Master Servicer or the Seller hereunder shall occur and be continuing, the
Trustee may proceed to protect and enforce its rights and the rights of the
Certificateholders under this Agreement by a suit, action or proceeding in
equity or at law or otherwise, whether for the specific performance of any
covenant or agreement contained in this Agreement or in aid of the execution of
any power granted in this Agreement or for the enforcement of any other legal,
equitable or other remedy, as the Trustee, being advised by counsel, shall deem
most effectual to protect and enforce any of the rights of the Trustee, the
Securities Administrator and the Certificateholders.

         Section 9.14. APPOINTMENT OF CUSTODIANS. The Trustee may, with the
consent of the Depositor, the Seller, the Master Servicer and the Servicer (such
consent to be evidenced by their execution of a Custodial Agreement), appoint
one or more Custodians to hold all or a portion of the Mortgage Files as agent
for the Trustee, by entering into a Custodial Agreement. Each Custodian shall be
a depository institution or trust company subject to supervision by federal or
state authorities, shall have combined capital and surplus of at least
$50,000,000 and a minimum long-term debt rating of "Baa3" and shall be qualified
to do business in the jurisdiction in which it holds any Mortgage File.

                                   ARTICLE X

                                   TERMINATION

         Section 10.01. TERMINATION.

         (a) The respective obligations and responsibilities of the Depositor,
the Seller, the Servicer, the Custodian, the Master Servicer, the Securities
Administrator and the Trustee created hereby (other than the obligation of the
Securities Administrator to make certain payments to Certificateholders after
the final Distribution Date and the obligation of the Servicer to send certain
notices as hereinafter set forth) shall terminate upon notice to the Trustee and
the Securities Administrator of the later of (x) the distribution to
Certificateholders of the final payment or collection with respect to the last
Mortgage Loan (or Monthly Advances of same by the Servicer or the Master
Servicer) and (y) the disposition of all funds with respect to the last Mortgage
Loan and the remittance of all funds due under the Agreement and the payment of
all amounts due and payable to the Trustee and the Securities Administrator.
Notwithstanding the foregoing, in no event shall the trust created hereby
continue beyond the expiration of twenty-one (21) years from the death of the
last surviving descendant of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date hereof.

         DFC may, at its option, terminate this Agreement (such right is
referred to as the "Clean-Up Call") on any Distribution Date on or after the
Optional Termination Date, by purchasing, on such Distribution Date, all of the
outstanding Mortgage Loans and REO Properties at a price equal to the sum of (w)
100% of the aggregate Principal Balance of the Mortgage Loans plus (x) the
lesser of (A) the appraised value of any REO Property as determined by the
higher of two appraisals completed by two independent appraisers selected by DFC
and at DFC's expense and (B) the Principal Balance of the Mortgage Loan related
to such REO Property plus (y) in each case, the greater of (i) the aggregate
amount of accrued and unpaid interest on the Mortgage Loans through the related
Due Period and (ii) thirty (30) days' accrued interest thereon at a rate equal
to the Loan Rate, in each case net of the Servicing Fee and the Master Servicing
Fee (the "Termination Price"); PROVIDED, HOWEVER, that DFC hereby covenants and
agrees not to exercise the Clean-Up Call on any Distribution Date unless the
Termination Price is sufficient to provide the NIMs Trust (in its capacity as
the Holder of the Class P and Class BIO Certificates) with a sufficient amount
in cash to redeem in full all of the NIMs Notes (including all accrued and
unpaid interest thereon).

         In connection with any such purchase pursuant to the preceding
paragraph, DFC shall deposit in the Distribution Account all amounts then on
deposit in the Collection Account, which deposit shall be deemed to have
occurred immediately preceding such purchase.

         Any such purchase shall be accomplished by deposit into the
Distribution Account on the Determination Date before such Distribution Date of
the Termination Price.

         (b) Notice of any termination, specifying the Distribution Date (which
shall be a date that would otherwise be a Distribution Date) upon which the
Certificateholders may surrender their Certificates to the Certificate Registrar
for payment of the final distribution and cancellation, shall be given promptly
by the Securities Administrator by letter to 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 Distribution
Date upon which final distribution of the Certificates will be made upon
presentation and surrender of Certificates at the office or agency of the
Certificate Registrar therein designated, (ii) the amount of any such final
distribution and (iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, distributions being made only upon
presentation and surrender of the Certificates at the office or agency of the
Certificate Registrar therein specified.

         (c) Upon presentation and surrender of the Certificates, the Securities
Administrator shall cause to be distributed to the Holders of Certificates on
the Distribution Date for such final distribution, in proportion to the
Percentage Interests of their respective Certificates and to the extent that
funds are available for such purpose, an amount equal to the amount required to
be distributed to Certificateholders pursuant to Section 5.01 for such
Distribution Date.

         (d) In the event that all of the Certificateholders shall not surrender
their Certificates for final payment and cancellation on or before such final
Distribution Date, the Securities Administrator shall promptly following such
date cause all funds in the Distribution 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 DFC (if DFC has exercised
its right to purchase the Mortgage Loans) or the Securities Administrator (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 one (1) year after the
second notice all the Offered Certificates shall not have been surrendered for
cancellation, the Securities Administrator may take appropriate steps, or may
appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds on deposit in such escrow account.

         Section 10.02. ADDITIONAL TERMINATION REQUIREMENTS.

         (a) In the event that DFC exercises its purchase option as provided in
Section 10.01, the Trust shall be terminated in accordance with the following
additional requirements, unless the Trustee and the Securities Administrator
shall have been furnished with an Opinion of Counsel, at the expense of DFC
without reimbursement from the Trust, to the effect that the failure of the
Trust to comply with the requirements of this Section 10.02 will not (1) result
in the imposition of taxes on "prohibited transactions" of the Trust as defined
in Section 860F of the Code or (2) cause any REMIC to fail to qualify as a REMIC
at any time that any Regular Certificates are outstanding:

                  (i) Within ninety (90) days prior to the final Distribution
         Date, DFC and the Servicer shall adopt and the Trustee and the
         Securities Administrator shall sign a plan of complete liquidation for
         each REMIC meeting the requirements of a "Qualified Liquidation" under
         Section 860F of the Code and any regulations thereunder;

                  (ii) At or after the time of adoption of such a plan of
         complete liquidation and at or prior to the final Distribution Date,
         the Trustee shall sell all of the assets of the Trust to DFC for cash;
         and

                  (iii) At the time of the making of the final payment on the
         Certificates, the Securities Administrator shall distribute or credit,
         or cause to be distributed or credited (A) to the Trustee, as holder of
         the REMIC II Regular Interests, the unpaid principal balance thereof
         plus accrued interest thereon, (B) to each Class of Certificates the
         amounts payable pursuant to Section 5.01, (C) to the Residual
         Certificateholders all cash on hand in the related REMIC after such
         payments and (D) if prior to the Interest Rate Cap Termination Date, to
         the Class BIO Certificates, the Group I Interest Rate Cap Agreement and
         the rights to all payments subsequently received thereunder, together
         with all required documentation to effect such assignment.

                  (b) By their acceptance of the Certificates, the Holders
         thereof hereby agree to appoint the Trustee as their attorney in fact
         to: (i) adopt such a plan of complete liquidation (and the
         Certificateholders hereby appoint the Trustee as their attorney in fact
         to sign such plan) as appropriate and (ii) to take such other action in
         connection therewith as may be reasonably required to carry out such
         plan of complete liquidation, all in accordance with the terms hereof.

                  (c) The costs of such plan of liquidation shall be paid for by
         DFC without any right of reimbursement from the Trust.

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

                  Section 11.01. AMENDMENT.

         (a) This Agreement may be amended from time to time by the Seller, the
Depositor, the Servicer, the Master Servicer, the Securities Administrator and
the Trustee subject, in the case of any amendment or modification which affects
any right, benefit, duty or obligation of the Custodian, to the consent of the
Custodian, in each case without the consent of any of the Certificateholders,
(i) to cure any ambiguity, (ii) to correct any defective provisions or to
correct or supplement any provisions herein that may be inconsistent with any
other provisions herein or the expectations of Certificateholders, (iii) to add
to the duties of the Servicer or of the Master Servicer, (iv) to add any other
provisions with respect to matters or questions arising under this Agreement
which shall not be inconsistent with the provisions of this Agreement, (v) to
add or amend any provisions of this Agreement as required by any Rating Agency
or any other nationally recognized statistical rating agency in order to
maintain or improve any rating of each Class of Offered Certificates (it being
understood that, after obtaining the ratings in effect on the Closing Date, none
of the Trustee, the Seller, the Depositor, the Master Servicer, the Securities
Administrator or the Servicer is obligated to obtain, maintain or improve any
such rating), (vi) to provide for gross deposits to the Collection Account by
the Servicer or (vii) to add or amend any provisions of this Agreement to such
extent as shall be necessary to maintain the qualification of any REMIC as a
REMIC; PROVIDED, HOWEVER, that (x) as evidenced by an Opinion of Counsel (at the
expense of the requesting party) in each case such action shall not adversely
affect in any material respect the interest of any Certificateholder, (y) in
each case, such action is necessary or desirable to maintain the qualification
of any REMIC as a REMIC or shall not adversely affect such qualification and (z)
if the opinion called for in clause (x) cannot be delivered with regard to an
amendment pursuant to clause (vii) above, such amendment is necessary to
maintain the qualification of any REMIC as a REMIC; and PROVIDED, FURTHER, that
the amendment shall not be deemed to adversely affect in any material respect
the interests of the Certificateholders and no Opinion of Counsel to that effect
shall be required if the Person requesting the amendment obtains a letter from
each Rating Agency stating that the amendment would not result in the
downgrading or withdrawal of the respective ratings then assigned to the Offered
Certificates.

         (b) This Agreement also may be amended from time to time by the Seller,
the Depositor, the Servicer, the Master Servicer, the Securities Administrator
and the Trustee, subject, in the case of any amendment or modification which
affects any right, benefit, duty or obligation of the Custodian, to the consent
of the Custodian, with the consent of the Holders of each Class of Certificates
which is affected by such amendment, evidencing Voting Rights aggregating not
less than 51% of such Class (or in the case of an amendment which affects all
classes, not less than 51% of all of the Voting Rights in the Trust), for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
the Certificateholders; PROVIDED, HOWEVER, that no such amendment shall (i)
reduce in any manner the amount of, or delay the timing of, payments on the
Certificates which are required to be made on any Certificate without the
consent of the Holder of such Certificate or (ii) reduce the aforesaid
percentage required to consent to any such amendment, without the consent of the
Holders of all Certificates then outstanding.

         (c) [Reserved].

         (d) Prior to the solicitation of consent of Certificateholders in
connection with any such amendment, the party seeking such amendment shall
furnish the Trustee and the Securities Administrator with, at such party's
expense without reimbursement from the Trust, an Opinion of Counsel stating
whether such amendment would adversely affect the qualification of any REMIC as
a REMIC and notice of the conclusion expressed in such Opinion of Counsel shall
be included with any such solicitation. An amendment made with the consent of
all Certificateholders and executed in accordance with this Section 11.01 shall
be permitted or authorized by this Agreement notwithstanding that such Opinion
of Counsel may conclude that such amendment would adversely affect the
qualification of any REMIC as a REMIC.

         (e) Prior to the execution of any such amendment, the Securities
Administrator shall furnish written notification of the substance of such
amendment to each Rating Agency. In addition, promptly after the execution of
any such amendment made with the consent of the Certificateholders, the
Securities Administrator shall furnish written notification of the substance of
such amendment to each Certificateholder.

         (f) It shall not be necessary for the consent of Certificateholders
under this Section 11.01 to approve the particular form of any proposed
amendment or consent, 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 requirements as the Securities Administrator may
prescribe.

         (g) Notwithstanding the permissive language in Section 11.01(a) and
11.01(b), upon satisfaction of the conditions in Section 11.01(a) or 11.01(b) as
applicable, the Trustee and the Securities Administrator shall execute and
deliver the applicable amendment; PROVIDED, HOWEVER, that the Trustee and the
Securities Administrator shall not be required to execute any amendment which,
based on an Opinion of Counsel, materially and adversely affects the rights,
duties or immunities of the Trustee or of the Securities Administrator
hereunder.

         Section 11.02. RECORDATION OF AGREEMENT. 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
Trustee, but only upon direction of Certificateholders, accompanied by an
Opinion of Counsel to the effect that such recordation materially and
beneficially affects the interests of Certificateholders. The Certificateholders
requesting such recordation shall bear all costs and expenses of such
recordation. The Trustee and the Securities Administrator shall have no
obligation to ascertain whether such recordation so affects the interests of the
Certificateholders.

         Section 11.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS. The death or
incapacity of any Certificateholder shall not operate to terminate this
Agreement or the Trust, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the Trust,
nor otherwise affect the rights, obligations and liabilities of the parties
hereto or any of them.

         No Certificateholder shall have any right to vote (except as provided
in Sections 8.01, 9.01, 9.02 and 11.01) or in any manner otherwise control the
operation and management of the Trust, 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 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.

         No Certificateholder shall have any right by virtue or by availing
itself of any provisions 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 and the Securities
Administrator a written notice of default and of the continuance thereof, as
hereinbefore provided, and unless the Holders of Offered Certificates evidencing
Voting Rights aggregating not less than 51% of all the Voting Interests shall
have made written request upon the Trustee or the Securities Administrator to
institute such action, suit or proceeding in its own name as Trustee or as
Securities Administrator hereunder, and shall have offered to the Trustee and
the Securities Administrator such reasonable indemnity as it may require against
the costs, expenses and liabilities to be incurred by the Trustee and the
Securities Administrator therein or thereby, and the Trustee and the Securities
Administrator, for sixty (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 and the Securities Administrator that no one
or more Holders of Certificates shall have any right in any manner whatever by
virtue or by availing itself or themselves of any provisions of this Agreement,
to affect, disturb or prejudice the rights of the Holders of any other of the
Certificates, or to obtain or seek to obtain priority over or preference to any
other such Holder, or to enforce any right under this Agreement, except in the
manner herein provided and for the equal, ratable and common benefit of all
Certificateholders. For the protection and enforcement of the provisions of this
Section 11.03, each and every Certificateholder and the Trustee and the
Securities Administrator shall be entitled to such relief as can be given either
at law or in equity.

         Section 11.04. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (EXCLUDING PROVISIONS
REGARDING CONFLICTS OF LAWS) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 11.05. NOTICES.

         (a) All demands, notices and communications hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered at
or mailed by certified mail, return receipt requested, to (a) in the case of the
Seller, Delta Financial Corporation, 1000 Woodbury Road, Suite 200, Woodbury, NY
11797, (b) in the case of the Depositor, Renaissance Mortgage Acceptance Corp.,
1000 Woodbury Road, Woodbury, NY 11797, (c) in the case of the Servicer, [o],
(d) in the case of the Master Servicer, [o],(e) in the case of the Trustee or
the Securities Administrator, to the respective Corporate Trust Office; (f) in
the case of S&P, 55 Water Street, 41st Floor, New York, New York 10041,
Attention: Residential Mortgage Group, (g) in the case of Moody's, 99 Church
Street, 4th Fl., New York, New York 10004 or (h) as to each party, at such other
address as shall be designated by such party in a written notice to each other
party. 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. Any
notice or other document required to be delivered or mailed by the Trustee or
the Securities Administrator to any Rating Agency shall be given on a best
efforts basis and only as a matter of courtesy and accommodation and the Trustee
and the Securities Administrator shall have no liability for failure to deliver
such notice or document to any Rating Agency.

         (b) NOTICE TO RATING AGENCIES. The Securities Administrator, the Master
Servicer and the Servicer shall each be obligated to use its best efforts
promptly to provide notice, at the expense of the Servicer or the Master
Servicer, as applicable, to each Rating Agency with respect to each of the
following of which a Responsible Officer of the Securities Administrator, the
Master Servicer or Servicer, as the case may be, has actual knowledge:

                  (i) Any material change or amendment to this Agreement;

                  (ii) The occurrence of any Event of Default that has not been
         cured or waived;

                  (iii) The resignation or termination of the Servicer, the
         Master Servicer, the Securities Administrator or the Trustee;

                  (iv) The final payment to Holders of the Certificates of any
         Class;

                  (v) Any change in the location of any Account; and

                  (vi) Any event that would result in the inability of the
         Trustee or the Master Servicer to make advances regarding delinquent
         Mortgage Loans.

         (c) The Securities Administrator shall promptly furnish to each Rating
Agency copies of the following:

                  (i) Each annual report to Certificateholders described in
         Section 5.03; and

                  (ii) Each statement to Certificateholders described in Section
         5.03.

         (d) The Servicer shall promptly furnish to each Rating Agency copies of
the following:

                  (i) Each annual statement as to compliance described in
         Section 3.09;

                  (ii) Each annual independent public accountants' servicing
         report described in Section 3.10; and

                  (iii) Each notice delivered pursuant to Section 8.01(b) which
         relates to the fact that the Servicer has not made a Monthly Advance.

         (e) The Master Servicer shall promptly furnish to each Rating Agency
copies of the following:

                  (i) Each annual statement as to compliance described in
         Section 4.10;

                  (ii) Each annual independent public accountants' servicing
         report described in Section 4.11; and

                  (iii) Each notice delivered pursuant to Section 8.03(b) which
         relates to the fact that the Master Servicer has not made a Monthly
         Advance.

         Any such notice pursuant to this Section 11.05 shall be in writing and
shall be deemed to have been duly given if personally delivered or mailed by
first class mail, postage prepaid, or by express delivery service to the
addresses specified above for each such Rating Agency.

         Section 11.06. 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 11.07. ASSIGNMENT. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 4.16, 7.02, 7.04 and 7.05 (or
3.01), this Agreement may not be assigned by the Seller, the Master Servicer or
the Servicer without the prior written consent of the Holders of the
Certificates evidencing Percentage Interests aggregating not less than 66%.
Notwithstanding the foregoing, the Servicer and the Master Servicer may assign
its rights to reimbursement for Monthly Advances, Servicing Advances and
Nonrecoverable Advances, as applicable, without Certificateholder consent.

         Section 11.08. CERTIFICATES NONASSESSABLE AND FULLY PAID. The parties
agree that the Certificateholders shall not be personally liable for obligations
of the Trust, that the beneficial ownership interests represented by the
Certificates shall be nonassessable for any losses or expenses of the Trust or
for any reason whatsoever, and that the Certificates upon execution,
authentication and delivery thereof by the Securities Administrator pursuant to
Section 6.02 are and shall be deemed fully paid.

         Section 11.09. THIRD-PARTY BENEFICIARIES. This Agreement will inure to
the benefit of and be binding upon the parties hereto, the Certificateholders,
the Certificate Owners and their respective successors and permitted assigns.
Except as otherwise provided in this Agreement, no other person will have any
right or obligation hereunder.

         Section 11.10. COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

         Section 11.11. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

         Section 11.12. MORTGAGE LOANS AND ACCOUNTS HELD FOR BENEFIT OF THE
CERTIFICATEHOLDERS. The Trustee shall hold the Mortgage Loans, and the
Securities Administrator shall hold all sums on deposit in each Account from
time to time, and the Group I Interest Rate Cap Agreement for the benefit of the
Certificateholders. The Servicer hereby acknowledges and agrees that it shall
service the Mortgage Loans for the benefit of the Certificateholders. The Master
Servicer hereby acknowledges and agrees that it shall master service the
Mortgage Loans for the benefit of the Certificateholders.

         Section 11.13. WAIVER OF JURY TRIAL. EACH PARTY HERBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY, WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE
LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR
RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED
BEFORE A JUDGE SITTING WITHOUT A JURY.

<PAGE>

         IN WITNESS WHEREOF, the Seller, the Depositor, the Servicer and the
Trustee have caused this Agreement to be duly executed by their respective
officers all as of the day and year first above written.

                             DELTA FUNDING CORPORATION,
                                 as Seller
                             By_____________________________
                                  Name:
                                  Title:

                             RENAISSANCE MORTGAGE ACCEPTANCE CORP.,
                                 as Depositor
                             By_____________________________
                                  Name:
                                  Title:

                             [o],
                                 as Servicer
                             By_____________________________
                                  Name:
                                  Title:

                             [o],
                                 as Master Servicer and Securities Administrator
                             By_____________________________
                                  Name:
                                  Title:

                             [o],
                                 as Trustee
                             By_____________________________
                                  Name:
                                  Title:

<PAGE>

Agreed and accepted with respect to Article X by:

                             [o]
                             By_____________________________
                                  Name:
                                  Title:

<PAGE>

State of New York                   )
                                    ) ss.:
County of New York                  )

         On the __th day of [o], before me, a notary public in and for the State
of New York, personally appeared _______________ known to me who, being by me
duly sworn, did depose and say that s/he is the _______________ of Delta Funding
Corporation one of the parties that executed the foregoing instrument; and that
he signed his name thereto by order of the Board of Directors.

                                                        ________________________
                                                             Notary Public

[Notarial Seal]

<PAGE>

State of New York                   )
                                    ) ss.:
County of New York                  )
                  On the __th day of [o], before me, a notary public in and for
the State of New York, personally appeared _______________ known to me who,
being by me duly sworn, did depose and say that s/he is the _______________ of
Renaissance Mortgage Acceptance Corp. one of the parties that executed the
foregoing instrument; and that she signed her name thereto by order of the Board
of Directors.

                                                        ________________________
                                                             Notary Public

[Notarial Seal]

<PAGE>

State of Florida           )
                                    ) ss.:
County of Palm Beach                )

         On the __th day of [o], before me, a notary public in and for the State
of Florida, personally appeared _______________ known to me who, being by me
duly sworn, did depose and say that s/he is the ______________ of [o] one of the
parties that executed the foregoing instrument; and that s/he signed his/her
name thereto by order of the Board of Directors.

                                                        /s/_____________________
                                                             Notary Public

[Notarial Seal]

<PAGE>

State of  New York                  )
                                    ) ss.:
County of New York         )

         On the __th day of [o], before me, a notary public in and for the State
of New York, personally appeared ________________ known to me who, being by me
duly sworn, did depose and say that s/he is the ______________ of [o], one of
the parties that executed the foregoing instrument; and that s/he signed his/her
name thereto by order of the Board of Directors.

                                                        ________________________
                                                             Notary Public

[Notarial Seal]

<PAGE>

State of  New York                  )
                                    ) ss.:
County of New York         )

         On the __th day of [o], before me, a notary public in and for the State
of New York, personally appeared ________________ known to me who, being by me
duly sworn, did depose and say that s/he is the ______________ of [o], one of
the parties that executed the foregoing instrument; and that s/he signed his/her
name thereto by order of the Board of Directors.

                                                        ________________________
                                                             Notary Public

[Notarial Seal]

<PAGE>

State of New York                   )
                                    ) ss.:
County of New York                  )

         On the __th day of [o], before me, a notary public in and for the State
of New York, personally appeared _______________ known to me who, being by me
duly sworn, did depose and say that s/he is the _______________ of [o] one of
the parties that executed the foregoing instrument; and that he signed his name
thereto by order of the Board of Directors.

                                                        ________________________
                                                             Notary Public

[Notarial Seal]EXHIBIT 10.1

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

                                      [o],
                 as Master Servicer and Securities Administrator

                                       [o]
                                   as Servicer

                     RENAISSANCE HOME EQUITY LOAN TRUST [o],
                                    as Issuer

                                       and

                                      [o],
                              as Indenture Trustee

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

                               SERVICING AGREEMENT

                                 Dated as of [o]

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

                                 Mortgage Loans

                     Renaissance Home Equity Loan Trust [o]

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

<PAGE>

<TABLE>
<CAPTION>
                                             TABLE OF CONTENTS

                                                 ARTICLE I

                                                DEFINITIONS

<S>               <C>
   Section 1.01.  Definitions..............................................................................
   Section 1.02.  Other Definitional Provisions............................................................
   Section 1.03.  Interest Calculations....................................................................

                                                ARTICLE II

                                      REPRESENTATIONS AND WARRANTIES

   Section 2.01.  Representations, Warranties and Covenants Regarding the Servicer and the Master Servicer.
   Section 2.02.  Existence................................................................................
   Section 2.03.  Enforcement of Representations and Warranties............................................

                                                ARTICLE III

                              ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

   Section 3.01.  The Servicer.............................................................................
   Section 3.02.  Collection of Certain Mortgage Loan Payments.............................................
   Section 3.03.  Withdrawals from the Collection Account..................................................
   Section 3.04.  Maintenance of Hazard Insurance; Property Protection Expenses............................
   Section 3.05.  Maintenance of Mortgage Impairment Insurance Policy......................................
   Section 3.06.  Management and Realization Upon Defaulted Mortgage Loans.................................
   Section 3.07.  Indenture Trustee to Cooperate...........................................................
   Section 3.08.  Servicing Compensation; Payment of Certain Expenses by Servicer..........................
   Section 3.09.  Annual Statement as to Compliance........................................................
   Section 3.10.  Annual Servicing Review..................................................................
   Section 3.11.  Access to Certain Documentation and Information Regarding the Mortgage Loans.............
   Section 3.12.  Maintenance of Certain Servicing Insurance Policies......................................
   Section 3.13.  Reports to the Securities and Exchange Commission........................................
   Section 3.14.  Compensating Interest....................................................................
   Section 3.15.  Advances by the Servicer.................................................................
   Section 3.16.  Optional Purchase of Defaulted Mortgage Loans............................................
   Section 3.17.  Superior Liens...........................................................................
   Section 3.18.  Assumption Agreements....................................................................
   Section 3.19.  Payment of Taxes, Insurance and Other Charges............................................
   Section 3.20.  Advance Facility.........................................................................
   Section 3.21.  Covenants of the Servicer Regarding Prepayment Charges...................................
   Section 3.22.  Non-Solicitation.........................................................................
   Section 3.23.  Reports to Securities Administrator......................................................
   Section 3.24.  Reports of Foreclosures and  Abandonments of Mortgaged Properties, Returns Relating to
                  Mortgage Interest Received from Individuals and Returns Relating to Cancellation of
                  Indebtedness.............................................................................

                                                ARTICLE IV

             ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER SERVICER

   Section 4.01.  Master Servicer..........................................................................
   Section 4.02.  Reserved.................................................................................
   Section 4.03.  Monitoring of Servicer...................................................................
   Section 4.04.  Fidelity Bond............................................................................
   Section 4.05.  Power to Act; Procedures.................................................................
   Section 4.06.  Due-on-Sale Clauses; Assumption Agreements...............................................
   Section 4.07.  Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee.....
   Section 4.08.  Possession of Certain Insurance Policies and Documents...................................
   Section 4.09.  Compensation for the Master Servicer.....................................................
   Section 4.10.  Annual Officer's Certificate as to Compliance............................................
   Section 4.11.  Annual Independent Accountant's Servicing Report.........................................
   Section 4.12.  Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls...........
   Section 4.13.  Monthly Advances by the Master Servicer..................................................
   Section 4.14.  Merger or Consolidation..................................................................
   Section 4.15.  Resignation of Master Servicer...........................................................
   Section 4.16.  Assignment or Delegation of Duties by the Master Servicer................................
   Section 4.17.  Foreclosure Rights.......................................................................

                                                 ARTICLE V

                                   THE MASTER SERVICER AND THE SERVICER

   Section 5.01.  Liability of the Master Servicer and the Servicer........................................
   Section 5.02.  Merger or Consolidation of, or Assumption of the Obligations of the Servicer.............
   Section 5.03.  Limitation on Liability of the Servicer, the Master Servicer and Others..................
   Section 5.04.  Servicer Not to Resign; Pledge of Servicing Rights.......................................
   Section 5.05.  Delegation of Duties.....................................................................
   Section 5.06.  Indemnification of the Trust by the Servicer and the Master Servicer.....................

                                                ARTICLE VI

                                                  DEFAULT

   Section 6.01.  Servicer Events of Default...............................................................
   Section 6.02.  Appointment of Successor Servicer........................................................
   Section 6.03.  Master Servicer Events of Default........................................................
   Section 6.04.  Appointment of Successor Master Servicer.................................................
   Section 6.05.  Waiver of Defaults.......................................................................
   Section 6.06.  Notification to Noteholders..............................................................

                                                ARTICLE VII

                                         MISCELLANEOUS PROVISIONS

   Section 7.01.  Amendment................................................................................
   Section 7.02.  GOVERNING LAW............................................................................
   Section 7.03.  Notices..................................................................................
   Section 7.04.  Assignment...............................................................................
   Section 7.05.  Severability of Provisions...............................................................
   Section 7.06.  Third-Party Beneficiaries................................................................
   Section 7.07.  Counterparts.............................................................................
   Section 7.08.  Effect of Headings and Table of Contents.................................................
   Section 7.09.  Termination..............................................................................
   Section 7.10.  No Petition..............................................................................
   Section 7.11.  No Recourse..............................................................................
   Section 7.12.  Indenture Trustee Rights.................................................................
   Section 7.13.  Waiver of Jury Trial.....................................................................
   Section 7.14.  No Recourse to Owner Trustee.............................................................

EXHIBITS

Exhibit A         Mortgage Loan Schedule
Exhibit B         Form of Request for Release of Documents
Exhibit C-1       Form of Certification to Be Provided to the Master Servicer by the Securities Administrator
Exhibit C-2       Form of Certification to Be Provided to the Master Servicer by the Servicer
Exhibit D         Calculation of Realized Loss/Gain Form 332
Exhibit E         Standard File Layout - Scheduled/Scheduled
Exhibit F         Standard File Layout - Delinquency Reporting
Exhibit G         Form of Mortgage Loan Sale and Contribution Agreement
</TABLE>

<PAGE>

          This Servicing Agreement, dated as of [o], among [o], as Master
Servicer and Securities Administrator (the "Master Servicer" and the "Securities
Administrator"), [o] or its successor, as Servicer (the "Servicer"), Renaissance
Home Equity Loan Trust [o], as Issuer (the "Issuer") and [o], as Indenture
Trustee (the "Indenture Trustee").

                          W I T N E S S E T H  T H A T :

          WHEREAS, pursuant to the terms of the Mortgage Loan Sale and
Contribution Agreement, dated [o] (the "Mortgage Loan Sale and Contribution
Agreement"), among Delta Funding Corporation, as Originator, Renaissance REIT
Investment Corp., as Seller and the Depositor, as Purchaser, the Depositor will
acquire the Mortgage Loans;

          WHEREAS, the Depositor will create Renaissance Home Equity Loan Trust
[o], a Delaware statutory trust, and will transfer the Mortgage Loans and all of
its rights under the Mortgage Loan Sale and Contribution Agreement to the
Issuer;

          WHEREAS, pursuant to the terms of an Amended and Restated Trust
Agreement, dated as of [o] (the "Trust Agreement"), among the Depositor, as
depositor, [o], as owner trustee (the "Owner Trustee") and [o], as certificate
registrar and certificate paying agent, the Depositor will convey the Mortgage
Loans to the Issuer in exchange for the Certificates (as defined below);

          WHEREAS, pursuant to the terms of the Trust Agreement, the Issuer will
issue and transfer to or at the direction of the Depositor, the Trust
Certificates, Series [o] (the "Certificates");

          WHEREAS, pursuant to the terms of an Indenture dated as of [o] (the
"Indenture") among the Issuer, the Indenture Trustee and the Securities
Administrator, the Issuer will pledge the Mortgage Loans to the Indenture
Trustee and issue and transfer to or at the direction of the Purchaser the Home
Equity Loan Asset-Backed Notes, Series [o] (collectively, the "Notes"); and

          WHEREAS, pursuant to the terms of this Servicing Agreement, the
Servicer will service the Mortgage Loans set forth on the Mortgage Loan Schedule
attached hereto as Exhibit A directly or through one or more Sub-Servicers and
the Master Servicer will provide master servicing functions;

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

<PAGE>

                                   ARTICLE I

                                  DEFINITIONS

               Section 1.01. DEFINITIONS. For all purposes of this Servicing
     Agreement, except as otherwise expressly provided herein or unless the
     context otherwise requires, capitalized terms not otherwise defined herein
     shall have the meanings assigned to such terms in the Definitions contained
     in Appendix A to the Indenture which is incorporated by reference herein.
     All other capitalized terms used herein shall have the meanings specified
     herein.

               Section 1.02. OTHER DEFINITIONAL PROVISIONS.

          (a) All terms defined in this Servicing Agreement shall have the
defined meanings when used in any certificate or other document made or
delivered pursuant hereto unless otherwise defined therein.

          (b) The words "hereof," "herein," "hereunder" and words of similar
import when used in this Servicing Agreement shall refer to this Servicing
Agreement as a whole and not to any particular provision of this Servicing
Agreement; Section and Exhibit references contained in this Servicing Agreement
are references to Sections and Exhibits in or to this Servicing Agreement unless
otherwise specified; and the term "including" shall mean "including without
limitation".

          (c) The definitions contained in this Servicing Agreement are
applicable to the singular as well as the plural forms of such terms and to the
masculine as well as the feminine and neuter genders of such terms.

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

               Section 1.03. INTEREST CALCULATIONS. All calculations of interest
     hereunder that are made in respect of the Principal Balance of a Mortgage
     Loan shall be made on the basis of a 360-day year consisting of twelve
     30-day months.

<PAGE>

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

               Section 2.01. REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING
     THE SERVICER AND THE MASTER SERVICER.

          (a) The Servicer hereby represents, warrants and covenants to the
Issuer and for the benefit of the Indenture Trustee, as pledgee of the Mortgage
Loans, the Securities Administrator, the Master Servicer and the Noteholders
that as of the Closing Date or as of such date specifically provided herein:

          (i) The Servicer is duly organized, validly existing and in good
     standing under the laws of the jurisdiction of its organization and has,
     and had at all relevant times, full power to service the Mortgage Loans, to
     own its property, to carry on its business as presently conducted and to
     enter into and perform its obligations under this Agreement;

          (ii) The execution and delivery of this Agreement by the Servicer and
     the performance by it of and compliance with the terms of this Agreement
     will not violate the Servicer's charter or by-laws or constitute a default
     (or an event which, with notice or lapse of time or both, would constitute
     a default) under, or result in the breach or acceleration of, any material
     contract, agreement or other instrument to which the Servicer is a party or
     which may be applicable to the Servicer or any of its assets;

          (iii) The Servicer has the full power and authority to enter into and
     consummate all transactions contemplated by this Agreement to be
     consummated by it, has duly authorized the execution, delivery and
     performance of this Agreement, and has duly executed and delivered this
     Agreement. This Agreement, assuming due authorization, execution and
     delivery by the other parties hereto, constitutes a valid, legal and
     binding obligation of the Servicer, enforceable against it in accordance
     with the terms hereof, except as such enforcement may be limited by
     insolvency, reorganization, receivership, moratorium or other similar laws
     relating to or affecting the rights of creditors generally or the rights of
     creditors of insured institutions, and by general equity principles
     (regardless of whether such enforcement is considered in a proceeding in
     equity or at law);

          (iv) The Servicer is not in violation of, and the execution and
     delivery of this Agreement by the Servicer and the performance by it and
     compliance with the terms of this Agreement will not constitute a violation
     with respect to, any order or decree of any court or any order or
     regulation of any federal, state, municipal or governmental agency having
     jurisdiction, which violation would materially and adversely affect the
     condition (financial or otherwise) or operations of the Servicer or any of
     its properties or materially and adversely affect the performance of any of
     its duties hereunder;

          (v) There are no actions or proceedings against, or investigations of,
     the Servicer pending or, to the knowledge of the Servicer, threatened,
     before any court, administrative agency or other tribunal (A) that, if
     determined adversely, would prohibit its entering into this Agreement, (B)
     seeking to prevent the consummation of any of the transactions contemplated
     by this Agreement or (C) that, if determined adversely, would prohibit or
     materially and adversely affect the performance by the Servicer of any of
     its obligations under, or the validity or enforceability of, this
     Agreement;

          (vi) No consent, approval, authorization or order of any court or
     governmental agency or body is required for the execution, delivery and
     performance by the Servicer of, or compliance by the Servicer with, this
     Agreement, or for the consummation of the transactions contemplated by this
     Agreement, except for such consents, approvals, authorizations and orders,
     if any, that have been obtained prior to the Closing Date;

          (vii) No Officer's Certificate, statement, report or other document
     prepared by the Servicer and furnished or to be furnished by it pursuant to
     this Agreement or in connection with the transactions contemplated hereby
     contains any untrue statement of material fact;

          (viii) The Servicer believes that the Servicing Fee Rate provides a
     reasonable level of base compensation to the Servicer for servicing the
     Mortgage Loans on the terms set forth herein;

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

          (x) The collection practices used by the Servicer with respect to the
     Mortgage Loans have been, in all material respects, legal, proper, prudent
     and customary in the non-conforming mortgage servicing business;

          (xi) The 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 MERS Mortgage Loans for as long as
     such Mortgage Loans are registered with MERS; and

          (xii) The Servicer will file its report under Section 404 of the
     Sarbanes-Oxley Act of 2002 with the Commission as provided in its Form 10-K
     filed with the Commission in March 2006.

          (b) The Master Servicer hereby represents, warrants and covenants to
the Issuer and for the benefit of the Indenture Trustee, as pledgee of the
Mortgage Loans, the Securities Administrator and the Noteholders that as of the
Closing Date or as of such date specifically provided herein:

          (i) The Master Servicer is a national banking association duly
     organized, validly existing and in good standing under the laws of the
     United States and has, and had at all relevant times, full power to master
     service the Mortgage Loans, to own its property, to carry on its business
     as presently conducted and to enter into and perform its obligations under
     this Agreement;

          (ii) The execution and delivery of this Agreement by the Master
     Servicer and the performance by it of and compliance with the terms of this
     Agreement will not violate the Master Servicer's charter or by-laws or
     constitute a default (or an event which, with notice or lapse of time or
     both, would constitute a default) under, or result in the breach or
     acceleration 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) The Master Servicer has the full power and authority to enter
     into and consummate all transactions contemplated by this Agreement to be
     consummated by it, has duly authorized the execution, delivery and
     performance of this Agreement, and has duly executed and delivered this
     Agreement. This Agreement, assuming due authorization, execution and
     delivery by the other parties hereto, constitutes a valid, legal and
     binding obligation of the Master Servicer, enforceable against it in
     accordance with the terms hereof, except as such enforcement may be limited
     by insolvency, reorganization, receivership, moratorium or other similar
     laws relating to or affecting the rights of creditors generally or the
     rights of creditors of insured institutions, and by general equity
     principles (regardless of whether such enforcement is considered in a
     proceeding in equity or at law);

          (iv) The Master Servicer is not in violation of, and the execution and
     delivery of this Agreement by the Master Servicer and the performance by it
     and compliance with the terms of this Agreement will not constitute a
     violation with respect to, any order or decree of any court or any order or
     regulation of any federal, state, municipal or governmental agency having
     jurisdiction, which violation would materially and adversely affect the
     condition (financial or otherwise) or operations of the Master Servicer or
     any of its properties or materially and adversely affect the performance of
     any of its duties hereunder;

          (v) There are no actions or proceedings against, or investigations of,
     the Master Servicer pending or, to the knowledge of the Master Servicer,
     threatened, before any court, administrative agency or other tribunal (A)
     that, if determined adversely, would prohibit its entering into this
     Agreement, (B) seeking to prevent the consummation of any of the
     transactions contemplated by this Agreement or (C) that, if determined
     adversely, would prohibit or materially and adversely affect the
     performance by the Master Servicer of any of its obligations under, or the
     validity or enforceability of, this Agreement;

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

          (vii) The transactions contemplated by this Agreement are in the
     ordinary course of business of the Master Servicer.

          (c) The representations and warranties set forth in this Section 2.01
shall survive the sale and assignment of the Mortgage Loans to the Trust. Upon
discovery of a breach of any representations and warranties which materially and
adversely affects the interests of the Noteholders, the Person discovering such
breach shall give prompt written notice to the other parties. Within sixty (60)
days of its discovery or its receipt of notice of such breach, or, with the
prior written consent of a Responsible Officer of the Indenture Trustee or the
Securities Administrator, such longer period specified in such consent, the
Master Servicer or the Servicer, as the case may be, shall cure such breach in
all material respects.

               Section 2.02. EXISTENCE. The Issuer will keep in full effect its
     existence, rights and franchises as a statutory trust under the laws of the
     State of Delaware (unless it becomes, or any successor Issuer hereunder is
     or becomes, organized under the laws of any other state or of the United
     States of America, in which case the Issuer will keep in full effect its
     existence, rights and franchises under the laws of such other jurisdiction)
     and will obtain and preserve its qualification to do business in each
     jurisdiction in which such qualification is or shall be necessary to
     protect the validity and enforceability of this Servicing Agreement.

               Section 2.03. ENFORCEMENT OF REPRESENTATIONS AND WARRANTIES. Upon
     discovery by the Seller, the Depositor, the Servicer, the Master Servicer
     or a Responsible Officer of the Indenture Trustee or the Securities
     Administrator of a breach of any of the representations and warranties made
     by the Originator in the Mortgage Loan Sale and Contribution Agreement
     (attached hereto as Exhibit G), which materially and adversely affects the
     value of, or the interests of the Trust or the Noteholders in, the related
     Mortgage Loan, the party discovering such breach shall give prompt written
     notice to the Originator. Within sixty (60) days of its discovery or its
     receipt of notice of breach, the Indenture Trustee shall enforce the
     obligation of the Originator to use all reasonable efforts to cure such
     breach in all material respects or purchase such Mortgage Loan from the
     Trust or substitute an Eligible Substitute Mortgage Loan as provided in
     Section 3.2 of the Mortgage Loan Sale and Contribution Agreement for such
     Mortgage Loan. Any such purchase by the Originator shall be at the Purchase
     Price, and in each case shall be accomplished in the manner set forth in
     Section 3.1 of the Mortgage Loan Sale and Contribution Agreement. It is
     understood and agreed that the obligation of the Originator to cure,
     substitute or purchase any Mortgage Loan as to which such a breach has
     occurred and is continuing shall constitute the sole remedy against the
     Originator respecting such breach available to the Servicer (in its role as
     such), the Master Servicer (in its role as such), the Noteholders, the
     Securities Administrator or the Indenture Trustee on behalf of Noteholders.

<PAGE>

                                  ARTICLE III

                               ADMINISTRATION AND
                          SERVICING OF MORTGAGE LOANS

               Section 3.01. THE SERVICER.

          (a) The Servicer, as independent contract servicer, shall service and
administer the Mortgage Loans consistent with the terms of this Agreement. The
Servicer may enter into Subservicing Agreements for any servicing and
administration of Mortgage Loans with any institution which (i) is in compliance
with the laws of each state necessary to enable it to perform its obligations
under such Subservicing Agreement and (ii) meets the requirements of clause (2)
of the definition of an Approved Servicer or is an affiliate of the Servicer.
The Servicer shall give notice to the Master Servicer of the appointment of any
Subservicer. Any such Subservicing Agreement shall be consistent with and not
violate the provisions of this Agreement. The Servicer shall be entitled to
terminate any Subservicing Agreement in accordance with the terms and conditions
of such Subservicing Agreement and either itself directly service the related
Mortgage Loans or enter into a Subservicing Agreement with a successor
subservicer which qualifies hereunder.

          (b) Notwithstanding any Subservicing Agreement or any of the
provisions of this Agreement relating to agreements or arrangements between the
Servicer and a Subservicer or reference to actions taken through a Subservicer
or otherwise, the Servicer shall remain obligated and primarily liable for the
servicing and administering of the Mortgage Loans in accordance with the
provisions of this Agreement without diminution of such obligation or liability
by virtue of such Subservicing Agreements or arrangements or by virtue of
indemnification from the Subservicer and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and administering
the Mortgage Loans. For purposes of this Agreement, the Servicer shall be deemed
to have received payments on Mortgage Loans when the Subservicer has received
such payments. The Servicer shall be entitled to enter into any agreement with a
Subservicer for indemnification of the Servicer by such Subservicer, and nothing
contained in this Agreement shall be deemed to limit or modify such
indemnification.

          (c) Any Subservicing Agreement that may be entered into and any
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 Servicer alone, and the Indenture Trustee, the Master
Servicer, the Securities Administrator and Noteholders shall not be deemed
parties thereto and shall have no claims, rights, obligations, duties or
liabilities with respect to the Subservicer except as set forth in Section
3.01(d). The Servicer shall be solely liable for all fees owed by it to any
Subservicer irrespective of whether the Servicer's compensation pursuant to this
Agreement is sufficient to pay such fees.

          (d) In the event the Servicer shall for any reason no longer be the
Servicer (including by reason of a Servicer Event of Default), the Successor
Servicer or its designee approved by the Master Servicer shall thereupon assume
all of the rights and obligations of the Servicer under each Subservicing
Agreement that the Servicer may have entered into, unless the Successor Servicer
or designee approved by the Master Servicer elects to terminate any Subservicing
Agreement. Any fee payable in connection with such a termination will be payable
by the outgoing Servicer. If the Successor Servicer does not terminate the
Subservicing Agreements, the Successor Servicer, its designee or the successor
servicer for the Successor Servicer shall be deemed to have assumed all of the
Servicer's interest therein and to have replaced the Servicer as a party to each
Subservicing Agreement to the same extent as if the Subservicing Agreements had
been assigned to the assuming party, except that the Servicer shall not thereby
be relieved of any liability or obligations under the Subservicing Agreements
with regard to events that occurred prior to the date the Servicer ceased to be
the Servicer hereunder. The Servicer, at its expense and without right of
reimbursement therefor, shall, upon the request of the Successor 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 the Subservicing
Agreements to the assuming party.

          (e) Consistent with the terms of this Agreement, the Servicer may
waive, modify or vary any term of any Mortgage Loan or consent to the
postponement of strict compliance with any such term or in any manner grant
indulgence to any Mortgagor if in the Servicer's good faith determination such
waiver, modification, postponement or indulgence is not materially adverse to
the interests of the Noteholders, PROVIDED, HOWEVER, that (unless the Mortgagor
is in default with respect to the Mortgage Loan, or such default is, in the
judgment of the Servicer, imminent) the Servicer may not permit any modification
with respect to any Mortgage Loan that would change the Loan Rate, defer or
forgive the payment of any principal or interest (unless in connection with the
liquidation of the related Mortgage Loan) or extend the final maturity date on
the Mortgage Loan. No costs incurred by the Servicer or any Subservicer in
respect of Servicing Advances shall, for the purposes of payments to
Noteholders, be added to the amount owing under the related Mortgage Loan.
Without limiting the generality of the foregoing, the Servicer shall continue,
and is hereby authorized and empowered to execute and deliver on behalf of the
Indenture Trustee and each Noteholder, all instruments of satisfaction or
cancellation, of partial or full release, or of discharge and all other
comparable instruments with respect to the Mortgage Loans and with respect to
the Mortgaged Properties. If reasonably required by the Servicer, the Indenture
Trustee shall furnish the Servicer with any powers of attorney and other
documents necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties under this Agreement.

          Notwithstanding anything to the contrary contained herein, the
Servicer, in servicing and administering the Mortgage Loans, shall employ or
cause to be employed procedures (including collection, foreclosure and REO
Property management procedures) and exercise the same care that it customarily
employs and exercises in servicing and administering mortgage loans for its own
account, in accordance with accepted mortgage servicing practices of prudent
lending institutions servicing mortgage loans similar to the Mortgage Loans and
giving due consideration to the Noteholders' reliance on the Servicer.

          (f) Within ninety (90) days after such time as each of the Indenture
Trustee, the Master Servicer and the Securities Administrator receives the
resignation of, or notice of the removal of, the Servicer from its rights and
obligations under this Agreement, and with respect to resignation pursuant to
Section 5.04, after receipt by the Indenture Trustee and the Securities
Administrator of the Opinion of Counsel required pursuant to Section 5.04, the
Successor Servicer shall assume all of the rights and obligations of the
Servicer, subject to Section 6.02; PROVIDED that if the Servicer is removed
pursuant to Section 6.02, the Successor Servicer shall immediately be obligated
to make Monthly Advances and Servicing Advances as required in this Agreement.
The Servicer shall, upon request of the Successor Servicer but at the expense of
the Servicer, deliver to the Successor Servicer all documents and records
relating to the Mortgage Loans and an accounting of amounts collected and held
by the Servicer and otherwise use its best efforts to effect the orderly and
efficient transfer of servicing rights and obligations to the assuming party who
shall be entitled to reimbursement by the Servicer (or, to the extent not paid
by the Servicer, by the Trust prior to payments to Noteholders) for Servicing
Transfer Costs.

          (g) The Servicer shall deliver a list of Servicing Officers to the
Indenture Trustee, the Master Servicer and the Securities Administrator on or
before the Closing Date.

          (h) Consistent with the terms of this Agreement, the Servicer may
consent to the placing of a lien senior to that of the Mortgage on the related
Mortgaged Property; PROVIDED that such senior lien secures a mortgage loan that
refinances a First Lien and the Combined Loan-to-Value Ratio of the related
Mortgage Loan immediately following the refinancing (based on the outstanding
principal balance of the Mortgage Loan and the original principal balance of
such refinanced mortgage loan) is not greater than the Combined Loan-to-Value
Ratio of such Mortgage Loan as of the related Cut-Off Date.

          (i) The Servicer is authorized and empowered by the Indenture Trustee,
on behalf of the Noteholders and the Indenture Trustee, in its own name or in
the name of any Subservicer, when the Servicer or any Subservicer, as the case
may be, believes it 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
Indenture Trustee and the Noteholders 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
Indenture Trustee and its successors and assigns.

               Section 3.02. COLLECTION OF CERTAIN MORTGAGE LOAN PAYMENTS.

          (a) The 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, follow such
collection procedures as it follows with respect to mortgage loans in its
servicing portfolio comparable to the Mortgage Loans. Consistent with the
foregoing, and without limiting the generality of the foregoing, the Servicer
may in its discretion (i) subject to the provisions of Section 3.21 hereof,
waive any prepayment charge, late payment charge or any assumption fees or other
fees which may be collected in the ordinary course of servicing such Mortgage
Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest
due and unpaid; PROVIDED that such arrangement is consistent with the Servicer's
policies with respect to the mortgage loans it owns or services; PROVIDED,
FURTHER, that notwithstanding such arrangement such Mortgage Loans will be
included in the monthly information delivered by the Servicer to the Master
Servicer pursuant to Section 3.23.

          (b) The Servicer shall establish and maintain a separate trust account
(the "Collection Account") titled "[o], as Indenture Trustee, in trust for the
registered holders of Renaissance Home Equity Loan Trust [o] Asset-Backed Notes,
Series [o]". The Collection Account shall be an Eligible Account. On the Closing
Date, the Seller shall cause to be deposited in the Collection Account any
amounts representing payments on and any collections in respect of the Mortgage
Loans received after the related Cut-Off Date (other than principal and interest
accrued and due on or prior to [o]) and prior to the Closing Date. The Servicer
shall deposit within two (2) Business Days following receipt thereof the
following payments and collections received or made by it (without duplication):

          (i) all payments received after the related Cut-Off Date on account of
     principal on the Mortgage Loans (exclusive of payments in respect of
     principal on the Mortgage Loans which were due on or prior to the related
     Cut-off Date) and all Principal Prepayments and Curtailments collected
     after the related Cut-Off Date;

          (ii) all payments received after the related Cut-Off Date on account
     of interest on the Mortgage Loans (exclusive of payments in respect of
     interest on the Mortgage Loans which have accrued and were due on or prior
     to the related Cut-Off Date);

          (iii) all Net Liquidation Proceeds net of Foreclosure Profits;

          (iv) all Insurance Proceeds other than any portion thereof
     constituting Net Liquidation Proceeds;

          (v) all Released Mortgaged Property Proceeds;

          (vi) any amounts payable in connection with the repurchase of any
     Mortgage Loan and the amount of any Substitution Adjustment pursuant to
     Sections 2.1(f), 3.1 or 3.2 of the Mortgage Loan Sale and Contribution
     Agreement and Section 3.16 hereof;

          (vii) any amount required to be deposited in the Collection Account
     pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 3.14, 3.15(d), 3.16 and
     3.21;

          (viii) any Prepayment Charges; and

          (ix) the Purchase Price of any Mortgage Loan repurchased by the
     Originator pursuant to the Mortgage Loan Sale and Contribution Agreement
     and remitted by the Originator to the Servicer;

PROVIDED, HOWEVER, that, with respect to each Due Period, the Servicer shall be
permitted to retain (x) from payments in respect of interest on a Mortgage Loan,
the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from
payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released
Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly
Advances or unpaid Servicing Fees related thereto. The foregoing requirements
respecting deposits to the Collection Account are exclusive, it being understood
that, without limiting the generality of the foregoing, the Servicer need not
deposit in the Collection Account amounts representing Servicing Compensation or
amounts received by the Servicer for the accounts of Mortgagors for application
toward the payment of taxes, insurance premiums, assessments and similar items.

          The Servicer may cause the institution maintaining the Collection
Account to invest any funds in the Collection Account in Eligible Investments
(including obligations of the Servicer or any of its Affiliates, if such
obligations otherwise qualify as Eligible Investments) pursuant to Section 3.01
of the Indenture. No such investment shall mature later than the Deposit Date.
The Servicer shall deposit in the Collection Account, the amount of any loss
incurred in respect of any Eligible Investment held therein which is in excess
of the income and gain thereon immediately upon realization of such loss,
without any right to reimbursement therefore from its own funds.

               Section 3.03. WITHDRAWALS FROM THE COLLECTION ACCOUNT.

          The Servicer shall withdraw or cause to be withdrawn funds from the
Collection Account for the following purposes:

          (i) before 1:00 p.m. (New York City time) on the related Deposit Date
     to withdraw the remaining Available Funds and Prepayment Charges, and, in
     each case, remit such funds to the Securities Administrator for deposit to
     the Payment Account;

          (ii) to reimburse the Servicer for any accrued unpaid Servicing
     Compensation which the Servicer would not have been required to deposit in
     the Collection Account and for unreimbursed Monthly Advances and Servicing
     Advances. The Servicer's right to reimbursement for unpaid Servicing Fees
     and unreimbursed Servicing Advances shall be limited to late collections on
     the related Mortgage Loan, including Liquidation Proceeds, Released
     Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as
     may be collected by the Servicer from the related Mortgagor or otherwise
     relating to the Mortgage Loan in respect of which such reimbursed amounts
     are owed. The Servicer's right to reimbursement for unreimbursed Monthly
     Advances shall be limited to late collections on any Mortgage Loan and to
     Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance
     Proceeds and any purchase or repurchase proceeds on related Mortgage Loans;

          (iii) to withdraw any amount received from a Mortgagor that is
     recoverable and sought to be recovered as a voidable preference by a
     trustee in bankruptcy pursuant to the United States Bankruptcy Code in
     accordance with a final, nonappealable order of a court having competent
     jurisdiction;

          (iv) to withdraw any funds deposited in the Collection Account that
     were not required to be deposited therein (such as Servicing Compensation)
     or were deposited therein in error and to pay such funds to the appropriate
     Person;

          (v) to withdraw funds necessary for the conservation and disposition
     of REO Property pursuant to Section 3.06 to the extent not advanced by the
     Servicer;

          (vi) to reimburse the Servicer for Nonrecoverable Advances and any
     unpaid Servicing Fees related to a Mortgage Loan secured by a second lien
     on the related Mortgaged Property to the extent not recovered pursuant to
     clause (ii) above;

          (vii) to pay to the Seller collections received in respect of accrued
     interest and principal on the Mortgage Loans due on or before the related
     Cut-Off Date;

          (viii) to pay to the Servicer, the Master Servicer, the Securities
     Administrator or the Indenture Trustee the portion of any Purchase Price in
     respect of clause (iv) of the definition thereof or of any Substitution
     Adjustment in respect of clause (d) of the definition thereof to the extent
     paid in respect of amounts incurred by or imposed on the Servicer, the
     Master Servicer, the Securities Administrator or the Indenture Trustee, as
     the case may be;

          (ix) to reimburse the Servicer for expenses incurred by it in
     connection with the Mortgage Loans or Notes and reimbursable pursuant to
     Section 5.03 hereof; and

          (x) to clear and terminate the Collection Account upon the termination
     of this Agreement and to pay any amounts remaining therein to the
     Certificateholders.

          The parties to this Agreement acknowledge that Servicing Advances
shall be reimbursable pursuant to this Section 3.03, and agree that no
reimbursement of a Servicing Advance shall be rejected or disallowed by any
party unless it has been shown that such Servicing Advance was not made in
accordance with the terms of this Agreement.

               Section 3.04. MAINTENANCE OF HAZARD INSURANCE; PROPERTY
     PROTECTION EXPENSES.

          The Servicer shall cause to be maintained for each Mortgage Loan fire
and hazard insurance naming the Servicer as loss payee thereunder providing
extended coverage in an amount which is at least equal to the least of (x) the
maximum insurable value of the improvements securing such Mortgage Loan from
time to time, (y) the combined principal balance owing on such Mortgage Loan and
any mortgage loan senior to such Mortgage Loan and (z) the minimum amount
required to compensate for damage or loss on a replacement cost basis. The
Servicer shall also maintain on property acquired upon foreclosure or by deed in
lieu of foreclosure hazard insurance with extended coverage in an amount which
is at least equal to the least of (i) the maximum insurable value from time to
time of the improvements which are a part of such property, (ii) the combined
principal balance owing on such Mortgage Loan and any mortgage loan senior to
such Mortgage Loan and (iii) the minimum amount required to compensate for
damage or loss on a replacement cost basis at the time of such foreclosure, fire
and/or deed in lieu of foreclosure plus accrued interest and the good-faith
estimate of the Servicer of related Servicing Advances to be incurred in
connection therewith. Amounts collected by the Servicer under any such policies
shall be deposited in the Collection Account to the extent called for by Section
3.02. In cases in which any Mortgaged Property is located in a federally
designated flood area, the hazard insurance to be maintained for the related
Mortgage Loan shall include flood insurance to the extent such flood insurance
is available and the Servicer has determined such insurance to be necessary in
accordance with accepted mortgage loan servicing standards for mortgage loans
similar to the Mortgage Loans. All such flood insurance shall be in amounts
equal to the least of (A) the amount in clause (x) above, (B) the amount in
clause (y) above and (C) the maximum amount of insurance available under the
National Flood Insurance Act of 1968, as amended. The Servicer shall be under no
obligation to require that any Mortgagor maintain earthquake or other additional
insurance and shall be under no obligation itself to maintain any such
additional insurance on property acquired in respect of a Mortgage Loan, other
than pursuant to such applicable laws and regulations as shall at any time be in
force and as shall require such additional insurance. The costs and expenses
incurred by the Servicer in maintaining any such insurance shall constitute
Servicing Advances.

               Section 3.05. MAINTENANCE OF MORTGAGE IMPAIRMENT INSURANCE
     POLICY.

          In the event that the Servicer shall obtain and maintain a blanket
policy with an insurer having a General Policy rating of A:VIII or better in
Best's Key Rating Guide, then, to the extent such policy names the Servicer as
loss payee and provides coverage in an amount equal to the aggregate unpaid
principal balance on the Mortgage Loans without co-insurance, and otherwise
complies with the requirements of Section 3.04, the Servicer shall be deemed
conclusively to have satisfied its obligations with respect to fire and hazard
insurance coverage under Section 3.04, it being understood and agreed that such
blanket policy may contain a deductible clause, in which case the Servicer
shall, in the event that there shall not have been maintained on the related
Mortgaged Property a policy complying with Section 3.04, and there shall have
been a loss which would have been covered by such policy, deposit in the
Collection Account the difference, if any, between the amount that would have
been payable under a policy complying with Section 3.04 and the amount paid
under such blanket policy. Upon the request of the Indenture Trustee or the
Master Servicer, the Servicer shall cause to be delivered to the such party, a
certified true copy of such policy. In connection with its activities as
administrator and servicer of the Mortgage Loans, the Servicer agrees to prepare
and present, on behalf of itself, the Indenture Trustee, and the Noteholders,
claims under any such policy in a timely fashion in accordance with the terms of
such policy.

               Section 3.06. MANAGEMENT AND REALIZATION UPON DEFAULTED MORTGAGE
     LOANS.

          The Servicer shall manage, conserve, protect and operate each REO
Property for the Noteholders solely for the purpose of its prudent and prompt
disposition and sale; PROVIDED that the Servicer shall not be required to expend
its own funds in connection with any foreclosure or towards the restoration of
any property unless it shall determine (i) that such restoration and/or
foreclosure will increase the proceeds of liquidation of the Mortgage Loan after
reimbursement to itself of such expenses and (ii) that such expenses will be
recoverable to it through Liquidation Proceeds (respecting which it shall have
priority for purposes of withdrawals from the Certificate Account pursuant to
Section 3.03 hereof). The Servicer shall be responsible for all other costs and
expenses incurred by it in any such proceedings; PROVIDED that it shall be
entitled to reimbursement thereof from the proceeds of liquidation of the
related Mortgaged Property, as contemplated in Section 3.03 hereof. The Servicer
shall, either itself or through an agent selected by the Servicer, manage,
conserve, protect and operate the REO Property in the same manner that it
manages, conserves, protects and operates other foreclosed property for its own
account, and in the same manner that similar property in the same locality as
the REO Property is managed. The Servicer shall attempt to sell the same (and
may temporarily rent the same) on such terms and conditions as the Servicer
deems to be in the best interest of the Noteholders.

          The Servicer shall cause to be deposited, no later than two (2)
Business Days after the receipt thereof, in the Collection Account, all revenues
received with respect to the related REO Property and shall retain, or request
the Indenture Trustee to withdraw therefrom, funds necessary for the proper
operation, management and maintenance of the REO Property and the fees of any
managing agent acting on behalf of the Servicer.

          The disposition of REO Property shall be carried out by the Servicer
for cash at such price, and upon such terms and conditions, as the Servicer
deems to be in the best interest of the Noteholders and, as soon as practicable
thereafter, the expenses of such sale shall be paid out of the proceeds of such
sale. The cash proceeds of sale of the REO Property shall be promptly deposited
in the Collection Account, net of Foreclosure Profits and of any related
unreimbursed Servicing Advances, accrued and unpaid Servicing Fees and
unreimbursed Monthly Advances payable to the Servicer in accordance with Section
3.03, for payment to the Noteholders in accordance with Section 3.05 of the
Indenture.

          The Servicer shall foreclose upon or otherwise comparably convert to
ownership Mortgaged Properties securing such of the Mortgage Loans as come into
and continue in default when no satisfactory arrangements can be made for
collection of delinquent payments pursuant to Section 3.02.

          In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be issued to the Indenture Trustee or to its nominee on behalf of
Noteholders.

          In the event any Mortgaged Property is acquired as aforesaid or
otherwise in connection with a default or imminent default on a Mortgage Loan,
the Servicer shall (i) dispose of such Mortgaged Property within three (3) years
after the close of the taxable year in which the Mortgaged Property was acquired
(the "grace period") or (ii) prior to the expiration of any extension to such
grace period which is requested on behalf of the Trust by the Servicer (at the
expense of the Trust) more than sixty (60) days prior to the end of the grace
period and granted by the Internal Revenue Service, unless the Trust shall have
received an Opinion of Counsel to the effect that the holding of such Mortgaged
Property subsequent to expiration of the grace period would not cause such
Mortgaged Property to fail to constitute "foreclosure property" as defined in
the Code.

          If the Servicer has actual knowledge that a Mortgaged Property which
the Servicer is contemplating acquiring in foreclosure or by deed in lieu of
foreclosure is located within a one-mile radius of any site with environmental
or hazardous waste risks known to the Servicer, the Servicer will notify the
Master Servicer prior to acquiring the Mortgaged Property. Nothing in this
Section 3.06 shall affect the Servicer's right to deem certain advances proposed
to be made Nonrecoverable Advances. For the purpose of this Section 3.06, actual
knowledge of the Servicer means actual knowledge of a Responsible Officer of the
Servicer involved in the servicing of the relevant Mortgage Loan. Actual
knowledge of the Servicer does not include knowledge imputable by virtue of the
availability of or accessibility to information relating to environmental or
hazardous waste sites or the locations thereof.

               Section 3.07. INDENTURE TRUSTEE TO COOPERATE.

          Upon any Principal Prepayment, the Servicer is authorized to execute,
pursuant to the authorization contained in Section 3.01(e), if the related
Assignment of Mortgage has been recorded as required hereunder, an instrument of
satisfaction regarding the related Mortgage, which instrument of satisfaction
shall be recorded by the Servicer if required by applicable law and be delivered
to the Person entitled thereto. The Servicer is also authorized to cause the
removal from the registration on the MERS System of such Mortgage and to execute
and deliver, on behalf of the Indenture Trustee and the Noteholders or any of
them, any and all instruments of satisfaction or cancellation or of partial or
full release. It is understood and agreed that no expenses incurred in
connection with such instrument of satisfaction or transfer shall be reimbursed
from amounts deposited in the Collection Account. If the Indenture Trustee or
Custodian is holding the Mortgage Files, from time to time and as appropriate
for the servicing or foreclosure of any Mortgage Loan, the Indenture Trustee or
Custodian shall, upon request of the Servicer or the Master Servicer and
delivery to the Custodian of two (2) copies of a Request for Release, one of
which will be returned to the Servicer or the Master Servicer with the Mortgage
File, in the form annexed hereto as Exhibit B, signed by a Servicing Officer or
a Master Servicing Officer or in a mutually agreeable electronic format which
originates from a Servicing Officer or a Master Servicing Officer, release the
related Mortgage File to the Servicer or the Master Servicer, and the Indenture
Trustee or Custodian shall execute such documents, in the forms provided by the
Servicer or the Master Servicer, as shall be necessary for the prosecution of
any such proceedings or the taking of other servicing or master servicing
actions. Such Request for Release shall obligate the Servicer or the Master
Servicer to return the Mortgage File to the Indenture Trustee or the Custodian,
as the case may be, when the need therefor by the Servicer or the Master
Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which
case, upon receipt of a certificate of a Servicing Officer or Master Servicing
Officer similar to that hereinabove specified, the Mortgage File shall be
released by the Indenture Trustee or Custodian to the Servicer or the Master
Servicer.

          In addition to the foregoing, the Indenture Trustee or Custodian shall
release to the Seller, any Mortgage File for which the Seller has repurchased or
substituted for the related Mortgage Loan pursuant to the Mortgage Loan Sale and
Contribution Agreement and the Indenture Trustee or the Custodian shall execute
and deliver such instruments of transfer or assignment, in each case without
recourse, as shall be necessary to vest in the Seller or its designee any
Mortgage Loan released pursuant hereto. If, pursuant to Section 2.1(f) of the
Mortgage Loan Sale and Contribution Agreement, the Seller repurchases a Mortgage
Loan that is a MERS Mortgage Loan, the Servicer shall, at the Seller's expense,
either (i) cause MERS to execute and deliver an Assignment of Mortgage in
recordable form to transfer the Mortgage from MERS to the Seller and shall cause
such Mortgage to be removed from registration on the MERS(R) System in
accordance with MERS' rules and regulations or (ii) cause MERS to designate on
the MERS(R) System the Seller as the beneficial holder of such Mortgage Loan.

               Section 3.08. SERVICING COMPENSATION; PAYMENT OF CERTAIN EXPENSES
     BY SERVICER.

          Subject to Section 3.14, the Servicer shall be entitled to retain the
Servicing Fee in accordance with Section 3.02 as compensation for its services
in connection with servicing the Mortgage Loans. Moreover, late payment charges
or other receipts not required to be deposited in the Collection Account,
including, without limitation, Foreclosure Profits, Ancillary Income and,
subject to Section 3.01 of the Indenture, investment income on the Collection
Account shall be additional servicing compensation and retained by the Servicer.
The Servicer shall be required to pay all expenses incurred by it in connection
with its activities hereunder and shall not be entitled to reimbursement
therefor except as specifically provided herein.

               Section 3.09. ANNUAL STATEMENT AS TO COMPLIANCE.

          The Master Servicer will deliver to the Indenture Trustee, the NIMS
Insurer and the Depositor not later than March 15th, commencing in 2007, an
Officers' Certificate (an "Annual Statement of Compliance") substantially in the
form of Exhibit [__] attached hereto stating, as to each signatory thereof, that
(i) a review of the activities of the Master Servicer during the preceding
calendar year and of performance under this Agreement or other applicable
servicing agreement has been made under such officers' supervision and (ii) to
the best of such officers' knowledge, based on such review, the Master Servicer
has fulfilled all of its obligations under this Agreement or other applicable
servicing agreement in all material respects throughout such calendar year, or,
if there has been a failure to fulfill any such obligation in any material
respectx, specifying each such failure known to such officer and the nature and
status of cure provisions thereof. Copies of any such statement shall be
provided by the Indenture Trustee to any Noteholder and to any Person identified
to the Indenture Trustee as a prospective transferee of a Note, upon request at
the expense of the requesting party, provided such statement is delivered by the
Master Servicer to the Indenture Trustee. Such Annual Statement of Compliance
shall contain no restrictions or limitations on its use. In the event that the
Master Servicer has delegated any servicing responsibilities with respect to the
Mortgage Loans serviced by it to a Sub-Servicer, the Master Servicer shall
deliver an officer's certificate of the Sub-Servicer as described above as to
each Sub-Servicer as and when required with respect to the Master Servicer.

          If the Master Servicer cannot deliver the Annual Statement of
Compliance by March 15th of such year, the Indenture Trustee, at its sole
option, may permit a cure period for the related Servicer to deliver such Annual
Statement of Compliance, but in no event later than March 30th of such year.

Failure of the Master Servicer to timely comply with this Section 3.09 shall be
deemed an Master Servicer Event of Termination, automatically, without notice
and without any cure period, and the Indenture Trustee may, in addition to
whatever rights the Indenture Trustee may have under this Agreement and at law
or equity or to damages, including injunctive relief and specific performance,
terminate all the rights and obligations of the Master Servicer under this
Agreement and in and to the Mortgage Loans and the proceeds thereof without
compensating the Master Servicer for the same. This paragraph shall supercede
any other provision in this Agreement or any other agreement to the contrary.

               Section 3.10. ANNUAL SERVICING REVIEW.

          On and after January 1, 2006, each of the Master Servicer and the
Indenture Trustee shall service and administer the Mortgage Loans in accordance
with all applicable requirements of the Servicing Criteria (as set forth in
Exhibit [__]). Each of the Master Servicer and the Indenture Trustee shall
deliver to the Depositor (and, in the case of the Master Servicer, the Indenture
Trustee) on or before March 15th of each calendar year beginning in 2007, a
report (an "Assessment of Compliance") reasonably satisfactory to the Depositor
regarding the Master Servicer's and Indenture Trustee's assessment of compliance
with the applicable Servicing Criteria during the preceding calendar year as
required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
Regulation AB, which as of the date hereof, require a report by an authorized
officer of the Master Servicer or the Indenture Trustee that contains the
following:

          (a) A statement by such officer of its responsibility for assessing
compliance with the Servicing Criteria applicable to the Master Servicer or the
Indenture Trustee;

          (b) A statement by such officer that such officer used the Servicing
Criteria to assess compliance with the Servicing Criteria applicable to the
Master Servicer or the Indenture Trustee;

          (c) An assessment by such officer of the Master Servicer's or
Indenture Trustee's compliance with the applicable Servicing Criteria for the
period consisting of the preceding calendar year, including disclosure of any
material instance of noncompliance with respect thereto during such period,
which assessment shall be based on the activities it performs with respect to
asset-backed securities transactions taken as a whole involving the Master
Servicer or the Indenture Trustee, as applicable, that are backed by the same
asset type as the Mortgage Loans;

          (d) A statement that a registered public accounting firm has issued an
attestation report on the Master Servicer's or Indenture Trustee's Assessment of
Compliance for the period consisting of the preceding calendar year; and

          (e) A statement as to which of the Servicing Criteria, if any, are not
applicable to the Master Servicer or Indenture Trustee, which statement shall be
based on the activities it performs with respect to asset-backed securities
transactions taken as a whole involving the Master Servicer or Indenture
Trustee, that are backed by the same asset type as the Mortgage Loans.

          Such report at a minimum shall address each of the Servicing Criteria
specified on a certification substantially in the form of Exhibit [___] hereto
delivered to the Depositor (and, in the case of the Master Servicer, the
Indenture Trustee) concurrently with the execution of this Agreement.

          On or before March 15th of each calendar year beginning in 2007, each
of the Master Servicer and the Indenture Trustee shall furnish to the Depositor
(and, in the case of the Master Servicer, the Indenture Trustee) a report (an
"Attestation Report") by a registered public accounting firm that attests to,
and reports on, the Assessment of Compliance made by the Master Servicer or the
Indenture Trustee, as applicable, as required by Rules 13a-18 and 15d-18 of the
Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report must be
made in accordance with standards for attestation reports issued or adopted by
the Public Company Accounting Oversight Board.

          Each of the Master Servicer and the Indenture Trustee shall cause any
servicer, and each subcontractor determined by the Master Servicer or the
Trustee, as applicable, to be "participating in the servicing function" within
the meaning of Item 1122 of Regulation AB, to deliver to the Depositor (and, in
the case of the Master Servicer, the Indenture Trustee) an assessment of
compliance and accountants' attestation.

          If the Master Servicer or the Indenture Trustee cannot deliver the
related Assessment of Compliance or Attestation Report by March 15th of such
year, the Depositor, at its sole option, may permit a cure period for the Master
Servicer or the Indenture Trustee, as applicable, to deliver such Assessment of
Compliance or Attestation Report, but in no event later than March 30th of such
year.

          Failure of the Master Servicer to timely comply with this Section 3.10
shall be deemed a Master Servicer Event of Termination, automatically, without
notice and without any cure period, and the Indenture Trustee may, in addition
to whatever rights the Indenture Trustee may have under this Agreement and at
law or equity or to damages, including injunctive relief and specific
performance, terminate all the rights and obligations of the Master Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof
without compensating the Master Servicer for the same. This paragraph shall
supercede any other provision in this Agreement or any other agreement to the
contrary.

               Section 3.11. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
     REGARDING THE MORTGAGE LOANS.

          The Servicer shall provide to the Seller, the Indenture Trustee, the
Master Servicer, the Custodian, Noteholders, and Note Owners which are federally
insured savings and loan associations, the Office of Thrift Supervision, the
FDIC and the supervisory agents and examiners of the Office of Thrift
Supervision access to the documentation in the Servicer's possession regarding
the Mortgage Loans required by applicable regulations of the Office of Thrift
Supervision and the FDIC (acting as operator of the SAIF or the BIF), such
access being afforded without charge but only upon reasonable request and during
normal business hours at the offices of the Servicer. Nothing in this Section
3.11 shall derogate from the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Mortgagors
and the failure of the Servicer to provide access as provided in this Section
3.11 as a result of such obligation shall not constitute a breach of this
Section 3.11. Payments on the Mortgage Loans, including any Principal
Prepayments in full, made in accordance with the related Mortgage File will be
entered into the Master Servicer's set of records no more than two Business Days
after receipt, and allocated to principal or interest as specified in the
related Mortgage File. The Servicer shall not be required to make copies of or
ship documents to any party unless provisions have been made for the
reimbursement of costs thereof; PROVIDED, HOWEVER, that no such reimbursement
shall be required from either the Indenture Trustee, the Master Servicer or the
Custodian. In addition the Seller shall have the right to review the Servicer's
books and records and perform all necessary testing in accordance with the PCAOB
Release No. 2004-001, dated March 9, 2004, as it pertains to the "Use of Service
Organizations."

               Section 3.12. MAINTENANCE OF CERTAIN SERVICING INSURANCE
     POLICIES.

          The Servicer shall during the term of its service as servicer maintain
in force (i) a policy or policies of insurance covering errors and omissions in
the performance of its obligations as servicer hereunder and (ii) a fidelity
bond in respect of its officers, employees or agents. Each such policy or
policies and bond shall, together, comply with the requirements from time to
time of Fannie Mae for persons performing servicing for mortgage loans purchased
by Fannie Mae. Upon reasonable request of the Depositor, the Servicer shall
provide to the Depositor evidence of such insurance or fidelity bond.

               Section 3.13. REPORTS TO THE SECURITIES AND EXCHANGE COMMISSION.

     (a) The Indenture Trustee and the Master Servicer shall reasonably
cooperate with the Issuer and the Depositor in connection with the Trust's
satisfying the reporting requirements under the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Indenture Trustee shall prepare on behalf
of the Trust any Forms 8-K, 10-D and 10-K customary for similar securities as
required by the Exchange Act and the Rules and Regulations of the Securities and
Exchange Commission thereunder, and the Depositor shall sign (or shall cause
another entity acceptable to the Securities and Exchange Commission to sign) and
the Indenture Trustee shall file (via the Securities and Exchange Commission's
Electronic Data Gathering and Retrieval System) such forms on behalf of the
Depositor or the Issuer (or such other entity).

     (b) Within 15 days after each Distribution Date, the Indenture Trustee
shall, in accordance with industry standards, file with the Commission via the
Electronic Data Gathering and Retrieval System ("EDGAR"), a Distribution Report
on Form 10-D (which shall, if applicable, provide the information required by
each of the items set forth in Part II thereof) with a copy of the monthly
statement to be furnished by the Indenture Trustee to the Noteholders for such
Distribution Date and detailing all data elements specified in Item 1121(a) of
Regulation AB as an exhibit thereto; provided that the Indenture Trustee shall
have received no later than 10 days prior to the date such Distribution Report
on Form 10-D is required to be filed, the following information:

          (A) Notice of any material modifications, extensions or waivers to
     Mortgage Loan terms, fees, penalties or payments during the distribution
     period or that have cumulatively become material over time from the Master
     Servicer;

          (B) Notice of any new issuance of asset-backed securities backed by
     the same asset pool, any pool asset changes, such as Mortgage Loan
     substitutions and repurchases, and cash flows available for future
     purchases, if applicable, from the Depositor, the Seller or Master
     Servicer;

          (C) A brief description of any legal proceedings pending, including
     proceedings known to be contemplated by governmental authorities, against
     the Depositor, the Seller and the Master Servicer or of which any property
     of the foregoing is the subject, that is material to Noteholders from each
     of the Depositor, the Seller and the Master Servicer if applicable;

          (D) The information required by Item 2 of Part II of Form 10-Q
     regarding any sale of securities that are either backed by the same asset
     pool or are otherwise issued by the issuer, regardless of whether the
     transaction was registered under the Securities Act of 1933 during the
     period covered by the report from the Depositor;

          (E) The information required by Item 3 of Part II of Form 10-Q with
     respect to defaults upon the senior securities during the period covered by
     the report, from the Depositor;

          (F) Any information required to be disclosed in a report on Form 8-K
     during the period covered by the report on the Form 10-D, but not reported,
     whether or not otherwise required by the Form 10-D from the Depositor and
     the Master Servicer; and

          (G) Any exhibits to the Form 10-D from the Depositor.

          (ii) The Trustee will prepare and file Current Reports on Form 8-K in
respect of the Trust at the direction and expense of the Depositor, provided,
that, the Depositor, the Seller or the Master Servicer shall have timely
notified the Indenture Trustee of an item reportable on a Current Report on Form
8-K and shall have delivered to the Indenture Trustee no later than two Business
Days prior to the filing deadline for such Current Report, all information,
data, and exhibits required to be provided or filed with such Current Report
with respect to:

          (A) Any entry into a material definitive agreement, any termination of
     a material definitive agreement and any bankruptcy or receivership of the
     Depositor, the Seller or the Master Servicer (including any servicer that
     does not sign this Agreement and any Sub-Servicer that signs a
     Sub-Servicing agreement) from the Depositor, the Seller or the Master
     Servicers as applicable;

          (B) Any material modification to the rights of Noteholders, amendments
     of the articles of incorporation or bylaws or a change of the fiscal year
     of any transaction party from each of the Depositor, the Seller or the
     Master Servicer as applicable; and

          (C) Any Securities Act update provided by the Depositor.

          (iii) Prior to January 30th in each year commencing in 2007, the
Indenture Trustee shall, in accordance with industry standards, file a Form 15
Suspension Notice with respect to the Trust Fund, if applicable. Prior to (x)
March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall have
been filed, prior to March 15th of each year thereafter, the Master Servicer
shall provide the Indenture Trustee with an Annual Compliance Statement,
together with a copy of the Assessment of Compliance and Attestation Report to
be delivered by the Master Servicer pursuant to Sections 3.20 and 3.21. Prior to
(x) March 31, 2007 and (y) unless and until a Form 15 Suspension Notice shall
have been filed, March 31st of each year thereafter, the Indenture Trustee
shall, subject to subsection (d) below, file a Form 10-K, in substance
conforming to industry standards, with respect to the Trust Fund. Such Form 10-K
shall include the Assessment of Compliance, Attestation Report, Annual
Compliance Statements and other documentation provided by the Master Servicer
pursuant to Sections 3.20 and 3.21 and a certification in the form attached
hereto as Exhibit R-1 (the "Depositor Certification"), which shall be signed by
the senior officer of the Depositor in charge of securitization. The Depositor,
the Seller and the Master Servicers shall provide the Indenture Trustee with the
following information, as applicable, no later than March 15th of each calendar
year prior to the filing deadline for the Form 10-K:

          (A) Any exhibits or financial statement schedules required by Item 15
     of Form 10-K from each of the Depositor, the Seller and the Master
     Servicer;

          (B) A description of any legal proceedings pending, including
     proceedings known to be contemplated by governmental authorities, against
     the Depositor, the Seller and the Master Servicer or of which any property
     of the foregoing is the subject, that is material to Noteholders from each
     of the Depositor, the Seller and the Master Servicer, if applicable;

          (C) A description of any affiliations between the transaction parties
     pursuant to Item 1119 of Regulation AB from the Depositor; and

          (D) The Assessment of Compliance, Attestation Report, Annual
     Compliance Statements and other documentation provided by the Master
     Servicer pursuant to Sections 3.20 and 3.21.

          (c) The Depositor hereby grants to the Indenture Trustee a limited
power of attorney to execute any Form 8-K and file each such document on behalf
of the Depositor. Such power of attorney shall continue until the earlier of (i)
receipt by the Trustee from the Depositor of written termination of such power
of attorney and (ii) the termination of the Trust. The Depositor agrees to
promptly furnish to the Indenture Trustee, from time to time upon request, such
further information, reports and financial statements within its control related
to this Agreement, the Mortgage Loans as the Indenture Trustee reasonably deems
appropriate to prepare and file all necessary reports with the Commission. The
Indenture Trustee shall have no responsibility to file any items other than
those specified in this Section 3.13; provided, however, the Indenture Trustee
will cooperate with the Depositor in connection with any additional filings with
respect to the Trust Fund as the Depositor deems necessary under the Exchange
Act. Copies of all reports filed by the Indenture Trustee under the Exchange Act
shall be sent to the Depositor electronically or at the addressed set forth in
Section 11.05. Fees and expenses incurred by the Indenture Trustee in connection
with this Section 3.13 shall not be reimbursable from the Trust Fund.

          (d) The Indenture Trustee shall sign a certification (in the form
attached hereto as Exhibit R-2) for the benefit of the Depositor and its
officers, directors and Affiliates regarding certain aspects of items 1 through
3 of the Depositor Certification (provided, however, that the Indenture Trustee
shall not undertake an analysis of the accountant's report attached as an
exhibit to the Form 10-K). The Indenture Trustee 's certification shall be
delivered to the Depositor by no later than March 18th of each year (or if such
day is not a Business Day, the immediately preceding Business Day) and the
Depositor shall deliver the Depositor Certification to the Indenture Trustee for
filing no later than March 20th of each year (or if such day is not a Business
Day, the immediately preceding Business Day).

The Indenture Trustee shall subject to the provisions of Sections 8.01 and 8.02
hereof, indemnify and hold harmless the Depositor and its officers, directors
and Affiliates from and against any losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments
and other costs and expenses arising out of or based upon third party claims
relating to information included in any Form 10-K provided by the Trustee other
than any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs arising out of third party claims
relating to information contained in the Depositor Certification, the Assessment
of Compliance, Attestation Report, Annual Compliance Statements and other
documentation provided by the Master Servicer pursuant to Sections 3.20 and
3.21. In addition, the Indenture Trustee shall indemnify and hold harmless the
Depositor and its officers, directors and Affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
fees and related costs, judgments and other costs and expenses arising out of or
based upon a breach of the Indenture Trustee's obligations under this Section
3.13 or the Indenture Trustee's negligence, bad faith or willful misconduct in
connection therewith. If the indemnification provided for herein is unavailable
or insufficient to hold harmless the Depositor, then the Indenture Trustee, in
connection with a breach of the Indenture Trustee's obligations under this
Section 3.13 or the Indenture Trustee's negligence, bad faith or willful
misconduct in connection therewith, agrees that it shall contribute to the
amount paid or payable by the Depositor as a result of the losses, claims,
damages or liabilities of the Depositor in such proportion as is appropriate to
reflect the relative fault of the Depositor on the one hand and the Indenture
Trustee on the other.

          (e) Nothing shall be construed from the foregoing subsections (a), (b)
and (c) to require the Indenture Trustee or any officer, director or Affiliate
thereof to sign any Form 10-K or any certification contained therein.
Furthermore, the inability of the Indenture Trustee to file a Form 10-K as a
result of the lack of required information as set forth in Section 3.13(b) or
required signatures on such Form 10-K or any certification contained therein
shall not be regarded as a breach by the Indenture Trustee of any obligation
under this Agreement.

          (f) Upon any filing with the Securities and Exchange Commission, the
Indenture Trustee shall promptly deliver to the Depositor a copy of any executed
report, statement or information.

          (g) Prior to January 30 of the first year in which the Indenture
Trustee is able to do so under applicable law, the Indenture Trustee shall file
a Form 15 Suspension Notification with respect to the Trust.

          (h) To the extent that, following the Closing Date, the Depositor
certifies that reports and certifications differing from those required under
this Section 3.22(b) comply with the reporting requirements under the Exchange
Act, the Indenture Trustee hereby agrees that it will reasonably cooperate to
amend the provisions of this Section 3.22(b) in order to comply with such
amended reporting requirements and such amendment of this Section 3.22(b). Any
such amendment may result in the reduction of the reports filed by the Depositor
under the Exchange Act. Notwithstanding the foregoing, the Indenture Trustee
shall not be obligated to enter into any amendment pursuant to this Section that
adversely affects its obligations and immunities under this Agreement.

          (i) Each of the parties acknowledges and agrees that the purpose of
Sections 3.20, 3.21 and this Section 3.13 of this Agreement is to facilitate
compliance by the Depositor with the provisions of Regulation AB promulgated by
the Commission under the 1934 Act (17 C.F.R. ss.ss. 229.1100 - 229.1123), as
such may be amended from time to time and subject to clarification and
interpretive advice as may be issued by the staff of the Commission from time to
time. Therefore, each of the parties agrees that (a) the obligations of the
parties hereunder shall be interpreted in such a manner as to accomplish that
purpose, (b) the parties' obligations hereunder will be supplemented and
modified as necessary to be consistent with any such amendments, interpretive
advice or guidance, convention or consensus among active participants in the
asset-backed securities markets, advice of counsel, or otherwise in respect of
the requirements of Regulation AB, (c) the parties shall comply with requests
made by the Depositor for delivery of additional or different information as the
Depositor may determine in good faith is necessary to comply with the provisions
of Regulation AB, and (d) no amendment of this Agreement shall be required to
effect any such changes in the parties' obligations as are necessary to
accommodate evolving interpretations of the provisions of Regulation AB.

          (j) Each Form 8-K shall be filed by the Indenture Trustee within 15
days after each Payment Date, with a copy of the statement to the Noteholders
for such Payment Date as an exhibit thereto. Prior to March 30th of each year
(or such earlier date as may be required by the Exchange Act and the Rules and
Regulations of the Securities and Exchange Commission), the Indenture Trustee
shall file a Form 10-K, in substance as required by applicable law or applicable
Securities and Exchange Commission staff's interpretations. Such Form 10-K shall
include as exhibits the Master Servicer's annual statement of compliance
described under Section 3.20 and the accountant's report described under Section
3.21, in each case to the extent they have been timely delivered to the
Indenture Trustee. If they are not so timely delivered, the Indenture Trustee
shall file an amended Form 10-K including such documents as exhibits reasonably
promptly after they are delivered to the Indenture Trustee. The Indenture
Trustee shall have no liability with respect to any failure to properly prepare
or file such periodic reports resulting from or relating to the Indenture
Trustee's inability or failure to obtain any information not resulting from its
own negligence or willful misconduct. The Form 10-K shall also include a
certification in the form attached hereto as Exhibit C-1 (the "Certification"),
which shall be signed by the senior officer of the Depositor in charge of
securitization.

          (k) In addition, the Indenture Trustee shall sign a certification (in
the form attached hereto as Exhibit C-2) for the benefit of the Depositor and
its officers, directors and Affiliates regarding certain aspects of the
Certification (provided, however, that the Indenture Trustee shall not undertake
an analysis of the accountant's report attached as an exhibit to the Form 10-K).
The Indenture Trustee's certification shall be delivered to the Depositor by no
later than March 19th of each year (or if such day is not a Business Day, the
immediately preceding Business Day) and the Depositor shall deliver the
Certification to the Indenture Trustee for filing no later than March 20th of
each year (or if such day is not a Business Day, the immediately preceding
Business Day).

          In addition, the Indenture Trustee shall indemnify and hold harmless
the Depositor and its officers, directors and Affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
fees and related costs, judgments and other costs and expenses arising out of or
based upon a breach of the Indenture Trustee's obligations under this Section
3.13(c) or the Indenture Trustee's negligence, bad faith or willful misconduct
in connection therewith. The Depositor shall indemnify and hold harmless the
Indenture Trustee and its officers, directors and Affiliates from and against
any losses, damages, penalties, fines, forfeitures, reasonable and necessary
legal fees and related costs, judgments and other costs and expenses arising out
of or based upon a breach of the Depositor's obligations under this Section 3.13
or the Depositor's negligence, bad faith or willful misconduct in connection
therewith. If the indemnification provided for herein is unavailable or
insufficient to hold harmless the Depositor or the Indenture Trustee, as
applicable, then the other party, in connection with a breach of its respective
obligations under this Section 3.13 with respect to the Depositor or Section
3.13(c) with respect to the Indenture Trustee or its respective negligence, bad
faith or willful misconduct in connection therewith, agrees that it shall
contribute to the amount paid or payable by the other party as a result of the
losses, claims, damages or liabilities of the other party in such proportion as
is appropriate to reflect the relative fault and the relative benefit of the
Depositor on the one hand and the Indenture Trustee on the other.

          (l) Upon any filing with the Securities and Exchange Commission, the
Indenture Trustee shall promptly deliver to the Depositor a copy of any executed
report, statement or information.

          (m) Prior to January 30 of the first year in which the Indenture
Trustee is able to do so under applicable law, the Indenture Trustee shall file
a Form 15 Suspension Notification with respect to the Trust.

          (n) To the extent that, following the Closing Date, the Depositor
certifies to the Indenture Trustee that reports and certifications differing
from those required under this Section 3.13 comply with the reporting
requirements under the Exchange Act, the Indenture Trustee hereby agrees that it
will reasonably cooperate to amend the provisions of this Section 3.13 (in
accordance with Section 7.01) in order to comply with such amended reporting
requirements and such amendment of this Section 3.13. Any such amendment may
result in the reduction of the reports filed by the Depositor under the Exchange
Act. Notwithstanding the foregoing, the Indenture Trustee shall not be obligated
to enter into any amendment pursuant to this Section that adversely affects its
rights, protections, obligations and immunities under this Servicing Agreement.

               Section 3.14. COMPENSATING INTEREST.

          Not later than the Determination Date, the Servicer shall deposit to
the Collection Account an amount equal to the lesser of (A) the aggregate of the
Prepayment Interest Shortfalls for the related Payment Date resulting from
Principal Prepayments in full during the related Prepayment Period and (B) an
amount equal to the product of (i) 1/12, (ii) the Servicing Fee Rate and (iii)
the Pool Balance as of the first day of the related Due Period. The Servicer
shall not have the right to reimbursement for any amounts deposited to the
Collection Account pursuant to this Section 3.14.

               Section 3.15. ADVANCES BY THE SERVICER.

          (a) Not later than 1:00 p.m. New York time on the Deposit Date related
to each Payment Date, the Servicer shall remit to the Securities Administrator
for deposit in the Payment Account an amount to be paid on the related Payment
Date pursuant to Section 3.05 of the Indenture, equal to the Monthly Payment due
on each Mortgage Loan during the related Due Period, but not received as of the
related Determination Date (net of the Servicing Fee) such amount being defined
herein as the "Monthly Advance." With respect to any Balloon Loan that is
delinquent on its maturity date, the Servicer will continue to make Monthly
Advances with respect to such Balloon Loan in an amount equal to one month's
interest on the unpaid principal balance at the applicable Loan Rate (net of the
Servicing Fee) according to the original amortization schedule for such Mortgage
Loan. The obligation to make Monthly Advances with respect to each Mortgage Loan
shall continue until such Mortgage Loan becomes a Liquidated Mortgage Loan.

          (b) Notwithstanding anything herein to the contrary, (i) no Servicing
Advance or Monthly Advance shall be required to be made hereunder if the
Servicer determines that such Servicing Advance or Monthly Advance would, if
made, constitute a Nonrecoverable Advance and (ii) no Monthly Advance or
Servicing Advance shall be required with respect to Civil Relief Act Interest
Shortfalls.

          (c) All Monthly Advances and Servicing Advances, including any
Nonrecoverable Advances shall be reimbursed on a "first in, first out" ("FIFO")
basis.

          (d) So long as the Servicer is [o] or otherwise has long-term debt
rated at least investment grade by one of the Rating Agencies, Monthly Advances
may be made by the Servicer either (i) from its own funds or (ii) from the
Collection Account, to the extent of funds held therein for future distribution
(in which case it will cause to be made an appropriate entry in the records of
the Collection Account that amounts held for future distribution have been, as
permitted by this Section 3.15, used by the Servicer in discharge of any such
Monthly Advance) or (iii) in the form of any combination of (i) and (ii)
aggregating the total amount of Monthly Advances to be made by the Servicer with
respect to the Mortgage Loans and REO Properties. Any amounts held for future
distribution and so used shall be appropriately reflected in the Servicer's
records and replaced by the Servicer by deposit in the Collection Account on or
before the next Deposit Date.

               Section 3.16. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.

          The Servicer, in its sole discretion, shall have the right to elect
(by written notice sent to the Master Servicer) to purchase for its own account
from the Trust any Mortgage Loan which is ninety (90) days or more delinquent in
the manner and at the price specified in the Mortgage Loan Purchase Agreement.
The Purchase Price for any Mortgage Loan purchased hereunder shall be deposited
in the Collection Account and the Indenture Trustee, upon receipt of such
deposit in the Payment Account by the Securities Administrator, shall release or
cause to be released to the purchaser of such Mortgage Loan the related Mortgage
File and shall execute and deliver such instruments of transfer or assignment
prepared by the purchaser of such Mortgage Loan, in each case without recourse,
as shall be necessary to vest in the purchaser of such Mortgage Loan any
Mortgage Loan released pursuant hereto and the purchaser of such Mortgage Loan
shall succeed to all the Indenture Trustee's right, title and interest in and to
such Mortgage Loan and all security and documents related thereto. Such
assignment shall be an assignment outright and not for security. The purchaser
of such Mortgage Loan shall thereupon own such Mortgage Loan, and all security
and documents, free of any further obligation to the Indenture Trustee or the
Noteholders with respect thereto.

               Section 3.17. SUPERIOR LIENS.

          The Servicer shall file (or cause to be filed) a request for notice of
any action by a superior lienholder under a First Lien for the protection of the
Indenture Trustee's interest, where permitted by local law and whenever
applicable state law does not require that a junior lienholder be named as a
party defendant in foreclosure proceedings in order to foreclose such junior
lienholder's equity of redemption.

          If the Servicer is notified that any superior lienholder has
accelerated or intends to accelerate the obligations secured by the First Lien,
or has declared or intends to declare a default under the mortgage or the
promissory note secured thereby, or has filed or intends to file an election to
have the Mortgaged Property sold or foreclosed, the Servicer shall take, on
behalf of the Trust, whatever actions are necessary to protect the interests of
the Noteholders and/or to preserve the security of the related Mortgage Loan.
The Servicer shall promptly notify the Indenture Trustee of any such action or
circumstances. The Servicer shall advance the necessary funds to cure the
default or reinstate the superior lien, if such advance is in the best interests
of the Noteholders in accordance with the servicing standards in Section 3.01.
The Servicer shall not make such an advance except to the extent that it
determines in its reasonable good faith judgment that the advance would be
recoverable from Liquidation Proceeds on the related Mortgage Loan and in no
event in an amount that is greater than the Principal Balance of the related
Mortgage Loan. The Servicer shall thereafter take such action as is necessary to
recover the amount so advanced.

               Section 3.18. ASSUMPTION AGREEMENTS.

          When a Mortgaged Property has been or is about to be conveyed by the
Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance
or prospective conveyance, exercise its right to accelerate the maturity of the
related Mortgage Loan under any "due-on-sale" clause contained in the related
Mortgage or Mortgage Note; PROVIDED, HOWEVER, that the Servicer shall not
exercise any such right if the "due-on-sale" clause, in the reasonable belief of
the Servicer, is not enforceable under applicable law. In such event, the
Servicer shall enter into an assumption and modification agreement with the
person to whom such property has been or is about to be conveyed, pursuant to
which such person shall become liable under the Mortgage Note and, unless
prohibited by applicable law, the Mortgagor shall remain liable thereon. The
Servicer, in accordance with accepted mortgage loan servicing standards for
mortgage loans similar to the Mortgage Loans, is also authorized to enter into a
substitution of liability whereby such person is substituted as mortgagor and
becomes liable under the Mortgage Note. The Servicer shall notify the Indenture
Trustee and the Master Servicer that any such substitution or assumption
agreement has been completed by forwarding to the Indenture Trustee and the
Master Servicer the original of such substitution or assumption agreement which
original shall be added by the Indenture Trustee or its Custodian to the related
Mortgage File and shall, for all purposes, be considered a part of such Mortgage
File to the same extent as all other documents and instruments constituting a
part thereof. In connection with any assumption or substitution agreement
entered into pursuant to this Section 3.18, the Servicer shall not change the
Loan Rate or the Monthly Payment, defer or forgive the payment of principal or
interest, reduce the outstanding principal amount or extend the final maturity
date on such Mortgage Loan.

          Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any assumption of a
Mortgage Loan by operation of law or any assumption which the Servicer may be
restricted by law from preventing, for any reason whatsoever.

               Section 3.19. PAYMENT OF TAXES, INSURANCE AND OTHER CHARGES.

          With respect to each Mortgage Loan, the Servicer shall maintain
accurate records reflecting fire and hazard insurance coverage.

          With respect to each Mortgage Loan as to which the Servicer maintains
escrow accounts, the Servicer shall maintain accurate records reflecting the
status of ground rents, taxes, assessments, water rates and other charges which
are or may become a lien upon the Mortgaged Property and the status of primary
mortgage guaranty insurance premiums, if any, and fire and hazard insurance
coverage and shall obtain, from time to time, all bills for the payment of such
charges (including renewal premiums) and shall effect payment thereof prior to
the applicable penalty or termination date and at a time appropriate for
securing maximum discounts allowable, employing for such purpose deposits of the
Mortgagor in any escrow account which shall have been estimated and accumulated
by the Servicer in amounts sufficient for such purposes, as allowed under the
terms of the Mortgage. To the extent that a Mortgage does not provide for escrow
payments, the Servicer shall, if it has received notice of a default or
deficiency, monitor such payments to determine if they are made by the
Mortgagor. The Servicer shall maintain a third-party (which may be an Affiliate
of the Servicer) tax monitoring service.

               Section 3.20. ADVANCE FACILITY.

          (a) The Servicer is hereby authorized to enter in to a financing or
other facility (any such arrangement, an "Advance Facility") under which (1) the
Servicer assigns or pledges to another Person (an "Advancing Person") the
Servicer's rights under this Agreement to be reimbursed for any Monthly Advances
or Servicing Advances and/or (2) an Advancing Person agrees to fund some or all
Monthly Advances and/or Servicing Advances required to be made by the Servicer
pursuant to this Agreement. No consent of the Indenture Trustee, the Master
Servicer, the Securities Administrator, Noteholders or any other party is
required before the Servicer may enter into an Advance Facility; PROVIDED,
HOWEVER, that the consent of the Indenture Trustee, the Master Servicer and the
Securities Administrator shall be required before the Servicer may cause to be
outstanding at one time more than one Advance Facility with respect to Monthly
Advances or more than one Advance Facility with respect to Servicing Advances.
Notwithstanding the existence of any Advance Facility under which an Advancing
Person agrees to fund Monthly Advances and/or Servicing Advances on the
Servicer's behalf, the Servicer shall remain obligated pursuant to this
Agreement to make Monthly Advances and Servicing Advances pursuant to and as
required by this Agreement. If the Servicer enters into an Advance Facility, and
for so long as an Advancing Person remains entitled to receive reimbursement for
any Monthly Advances including Nonrecoverable Advances related thereto ("Monthly
Advance Reimbursement Amounts") and/or Servicing Advances including
Nonrecoverable Advances related thereto ("Servicing Advance Reimbursement
Amounts" and together with Monthly Advance Reimbursement Amounts, "Servicer
Reimbursement Amounts") (in each case to the extent that such type of Servicer
Reimbursement Amount is included in the Advance Facility, then the Servicer
shall identify such Servicer Reimbursement Amounts as received, consistently
with the reimbursement rights set forth in this Agreement, and shall remit such
Servicer Reimbursement Amounts in accordance with the documentation establishing
the Advance Facility to such Advancing Person or to a trustee, agent or
custodian (each, an "Advance Facility Trustee") designated by such Advancing
Person. Notwithstanding the foregoing, if so required pursuant to the terms of
the Advance Facility, the Servicer may direct the Securities Administrator to,
and if so directed the Securities Administrator is hereby authorized to and
shall, pay to the Advancing Person or the Advance Facility Trustee the Servicer
Reimbursement Amounts identified pursuant to the preceding sentence.
Notwithstanding anything to the contrary herein, in no event shall Monthly
Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts be
included in "Available Funds" or paid to Noteholders. If the Servicer makes a
remittance to the Securities Administrator of Servicer Reimbursement Amounts
under Section 3.03(i) as described above, the Servicer shall report to the
Master Servicer and the Securities Administrator the portions of such remittance
that consist of Available Funds, Monthly Advance Reimbursement Amounts and
Servicing Advance Reimbursement Amounts, respectively.

          (b) If the Servicer enters into an Advance Facility and elects to
remit Servicer Reimbursement Amounts to the Securities Administrator, the
Servicer and the related Advancing Person shall deliver to the Securities
Administrator a written notice and payment instruction (an "Advance Facility
Notice"), providing the Securities Administrator with written payment
instructions as to where to remit Monthly Advance Reimbursement Amounts and/or
Servicing Advance Reimbursement Amounts (each to the extent such type of
Servicer Reimbursement Amount is included within the Advance Facility) on
subsequent Payment Dates. The payment instruction shall require the applicable
Servicer Reimbursement Amounts to be distributed to the Advancing Person or to
an Advance Facility Trustee designated in the Advance Facility Notice. An
Advance Facility Notice may only be terminated by the joint written direction of
the Servicer and the related Advancing Person (and any related Advance Facility
Trustee); PROVIDED, HOWEVER, that the provisions of this Section 3.20 shall
cease to be applicable when all Monthly Advances and Servicing Advances funded
by an Advancing Person, and when all Monthly Advances and Servicing Advances the
rights to be reimbursed for which have been assigned or pledged to an Advancing
Person, have been repaid to the related Advancing Person in full.

          (c) Servicer Reimbursement Amounts shall consist solely of amounts in
respect of Monthly Advances and/or Servicing Advances made with respect to the
Mortgage Loans for which the Servicer would be permitted to reimburse itself in
accordance with Section 3.03(ii) or Section 3.03(vi) hereof, assuming the
Servicer had made the related Monthly Advance(s) and/or Servicing Advance(s).
Notwithstanding the foregoing, no Person shall be entitled to reimbursement from
funds held in the Collection Account for future distribution to Noteholders
pursuant to the provisions of Section 3.15. None of the Securities
Administrator, the Master Servicer or the Indenture Trustee shall have any duty
or liability with respect to the calculation of any Servicer Reimbursement
Amount and, if the Servicer has elected to remit Servicer Reimbursement Amounts
to the Securities Administrator, each of the Securities Administrator, the
Master Servicer and the Indenture Trustee shall be entitled to rely without
independent investigation on the Advance Facility Notice and on the Servicer's
report of the amount of Monthly Advance Reimbursement Amounts and Servicing
Advance Reimbursement Amounts that were included in the remittance from the
Servicer to the Securities Administrator pursuant to Section 3.03(i). The
Servicer shall maintain and provide to any Successor Servicer and (upon request)
the Master Servicer a detailed accounting on a loan-by-loan basis as to amounts
advanced by, pledged or assigned to, and reimbursed to any Advancing Person. The
Successor Servicer shall be entitled to rely on any such information provided by
the predecessor Servicer, and the Successor Servicer shall not be liable for any
errors in such information. None of the Depositor, the Indenture Trustee, the
Master Servicer or the Securities Administrator shall, as a result of the
existence of any Advance Facility, have any additional duty or liability with
respect to the calculation or payment of any Servicer Reimbursement Amount, and
none of the Depositor, the Indenture Trustee, the Master Servicer or the
Securities Administrator shall, as a result of the existence of any Advance
Facility, have any additional responsibility to track or monitor the
administration of such Advance Facility or the payment of Servicer Reimbursement
Amounts to an Advancing Person.

          (d) An Advancing Person who receives an assignment or pledge of the
rights to be reimbursed for Monthly Advances and/or Servicing Advances, and/or
whose obligations hereunder are limited to the funding of Monthly Advances
and/or Servicing Advances shall not be required to meet the criteria for
qualification of a Sub-Servicer set forth in Section 3.01 hereof.

          (e) Servicer Reimbursement Amounts distributed with respect to each
Mortgage Loan shall be allocated to outstanding unreimbursed Monthly Advances or
Servicing Advances (as the case may be) made with respect to that Mortgage Loan
on a FIFO basis. The Servicer shall provide to the related Advancing Person or
Advance Facility Trustee loan-by-loan information with respect to each Servicer
Reimbursement Amount distributed by the Securities Administrator to such
Advancing Person or Advance Facility Trustee on each Payment Date, to enable the
Advancing Person or Advance Facility Trustee to make the FIFO allocation of each
Servicer Reimbursement Amount with respect to each Mortgage Loan. The Servicer
shall remain entitled to be reimbursed by the Advancing Person or Advance
Facility Trustee for all Monthly Advances and Servicing Advances funded by the
Servicer to the extent the related rights to be reimbursed therefor have not
been assigned or pledged to an Advancing Person.

          (f) Notwithstanding anything to the contrary in this Agreement, none
of the Master Servicer, the Securities Administrator or the Indenture Trustee
shall be responsible for tracking or monitoring Servicer Reimbursement Amounts
or any Advance Facility, and none of such parties shall be obligated to make any
payment with respect to any Servicer Reimbursement Amount. The Servicer who
enters into an Advance Facility shall indemnify the Indenture Trustee, the
Trust, the Master Servicer, the Securities Administrator and any Successor
Servicer for any loss, liability or damage resulting from any claim by the
related Advancing Person, except (i) in the case of the Indenture Trustee, the
Securities Administrator, the Master Servicer or the Trust, (A) resulting from
any such claim which arises by reason of such party's, as applicable, willful
misfeasance, bad faith or negligence in the performance of its duties hereunder
or by reason of the such party's reckless disregard of its obligations and
duties hereunder or (B) any such claim for which such party receives
indemnification from the Servicer or a Successor Servicer pursuant to Section
5.06(a), or (ii) in the case of a Successor Servicer, which claim arises by
reason of such Successor Servicer's willful misfeasance, bad faith or negligence
in the performance of its duties hereunder or by reason of its reckless
disregard of its obligations and duties hereunder. Notwithstanding the
foregoing, the exclusions set forth in clauses (i) and (ii) above from the
Servicer's obligation to indemnify the Indenture Trustee, the Trust, the Master
Servicer, the Securities Administrator and any Successor Servicer shall not be
applicable, in any case, to the extent the applicable claim, loss, liability or
damage was incurred by reason of the Servicer's willful misfeasance, bad faith
or negligence in the performance of its duties hereunder or by reason of its
reckless disregard of its obligations and duties hereunder, or by reason of a
breach of the Servicer's obligations and duties under this Agreement.

          (g) Notwithstanding anything to the contrary in this Section 3.20, the
Servicer shall consult with the Master Servicer in determining the manner in
which any Advance Facility shall affect a Successor Servicer before the Servicer
shall enter into an Advance Facility. Any amendment to this Section 3.20 or to
any other provision of this Agreement that may be necessary or appropriate to
effect the terms of an Advance Facility as described generally in this Section
3.20, including amendments to add provisions relating to a Successor Servicer,
may be entered into by the parties hereto without the consent of any Noteholder,
notwithstanding anything to the contrary in this Agreement, and provided that
such Amendment otherwise complies with the terms hereof. All reasonable costs
and expenses (including attorneys' fees) of each party hereto of any such
amendment shall be borne solely by the Servicer. The parties hereto hereby
acknowledge and agree that: (i) the Monthly Advances and/or Servicing Advances
financed by and/or pledged to an Advancing Person under any Advance Facility are
obligations owed to the Servicer payable only from the cash flows and proceeds
received under this Agreement for reimbursement of Monthly Advances and/or
Servicing Advances only to the extent provided herein, and the Indenture Trustee
and the Trust are not, as a result of the existence of any Advance Facility,
obligated or liable to repay any Monthly Advances and/or Servicing Advances
financed by the Advancing Person; (ii) the Servicer will be responsible for
remitting to the Advancing Person the applicable amounts collected by it as
reimbursement for Monthly Advances and/or Servicing Advances funded by the
Advancing Person, subject to the provisions of this Agreement and (iii) the
Indenture Trustee, the Master Servicer and the Securities Administrator shall
not have any responsibility to track or monitor the administration of the
financing arrangement between the Servicer and any Advancing Person.

               Section 3.21. COVENANTS OF THE SERVICER REGARDING PREPAYMENT
     CHARGES.

          (a) The Servicer will not waive any Prepayment Charge or part of a
Prepayment Charge unless (i) such waiver would maximize recovery of total
proceeds taking into account the value of such Prepayment Charge and related
Mortgage Loan and doing so is standard and customary in servicing similar
Mortgage Loans (including any waiver of a Prepayment Charge in connection with a
refinancing of a Mortgage Loan that is related to a default or a reasonably
foreseeable default) and in no event will it waive a Prepayment Charge in
connection with a refinancing of a Mortgage Loan that is not related to a
default or a reasonably foreseeable default, or (ii) the collection of the
Prepayment Charge would be in violation of applicable laws or regulations.

          (b) Upon discovery by the Servicer, the Master Servicer or a
Responsible Officer of the Indenture Trustee or the Securities Administrator of
a breach of the foregoing, which materially and adversely affects the Holders of
any NIMs Notes, the party discovering such breach shall give prompt written
notice to the other parties. Within 60 days of the earlier of discovery by the
Servicer or the Master Servicer, or receipt of notice by the Servicer or the
Master Servicer, as applicable, of such breach, the Servicer shall cure such
breach in all material respects. If the covenant made by the Servicer is
breached the Servicer must pay into the Collection Account the amount of the
waived Prepayment Charge (less any amount previously collected and paid by the
Servicer into the Collection Account; PROVIDED, HOWEVER, that the Servicer shall
not have an obligation to pay the amount of any uncollected Prepayment Charge if
the failure to collect such amount is the direct result of inaccurate or
incomplete information on the Prepayment Charge Schedule in effect at such
time).

               Section 3.22. NON-SOLICITATION.

          Neither the Master Servicer nor the Servicer shall take any action or
permit or cause any action to be taken by any of the Master Servicer's or the
Servicer's agents or affiliates, or by any independent contractors on the Master
Servicer's or the Servicer's behalf, to personally, by telephone, mail, e-mail
or other similar methods of communication, solicit any Mortgagor or obligor
under any of the Mortgage Loans to refinance a Mortgage Loan, in whole or in
part, without the prior written consent of the Seller, or any of its successors
or assigns. It is understood and agreed that promotions undertaken by the Master
Servicer or the Servicer which are directed to the general public at large, or
designated segments thereof, including without limitation mass mailings based on
commercially acquired mailing lists, newspaper, radio, telephone and television
advertisements shall not constitute solicitation under this Section 3.22.

               Section 3.23. REPORTS TO SECURITIES ADMINISTRATOR.

          Not later than 1:00 p.m., New York time, on the 18th calendar day of
each month, or if such 18th day is not a Business Day, the immediately preceding
Business Day, the Servicer shall deliver to the Master Servicer (who shall
deliver to the Securities Administrator) by electronic means reasonably
acceptable to the Master Servicer, a computer file containing the loan level
information set forth in Exhibits D, E and F hereto necessary to permit the
Master Servicer to perform its obligations hereunder and the Securities
Administrator to calculate the information required by clauses (i) through (xxv)
of Section 7.05 of the Indenture as of the end of the preceding Prepayment
Period or Due Period, as applicable, and such other information as the Master
Servicer or the Securities Administrator shall reasonably require.

               Section 3.24. REPORTS OF FORECLOSURES AND ABANDONMENTS OF
     MORTGAGED PROPERTIES, RETURNS RELATING TO MORTGAGE INTEREST RECEIVED FROM
     INDIVIDUALS AND RETURNS RELATING TO CANCELLATION OF INDEBTEDNESS.

          The Servicer shall make reports of foreclosures and abandonments of
any Mortgaged Property for each year beginning in 2007. The Servicer shall file
reports relating to each instance occurring during the previous calendar year in
which the Servicer (i) on behalf of the Trust acquires an interest in any
Mortgaged Property through foreclosure or other comparable conversion in full or
partial satisfaction of a Mortgage Loan or (ii) knows or has reason to know that
any Mortgaged Property has been abandoned. The reports from the Servicer shall
be in form and substance sufficient to meet the reporting requirements imposed
by Sections 6050J, 6050H and 6050P of the Code.

<PAGE>

                                   ARTICLE IV

ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER SERVICER

               Section 4.01. MASTER SERVICER.

          The Master Servicer shall supervise, monitor and oversee the
obligation of the Servicer to service and administer the Mortgage Loans in
accordance with the terms of the Agreement and shall have full power and
authority to do any and all things which it may deem necessary or desirable in
connection with such master servicing and administration. In performing its
obligations hereunder, the Master Servicer shall act in a manner consistent with
Accepted Master Servicing Practices. Furthermore, the Master Servicer shall
oversee and consult with the Servicer as necessary from time-to-time to carry
out the Master Servicer's obligations hereunder, shall receive, review and
evaluate all reports, information and other data provided to the Master Servicer
by the Servicer and shall cause the Servicer to perform and observe the
covenants, obligations and conditions to be performed or observed by the
Servicer under this Agreement. The Master Servicer shall independently and
separately monitor the Servicer's servicing activities with respect to each
related Mortgage Loan, reconcile the results of such monitoring with such
information provided in the previous sentence on a monthly basis and coordinate
corrective adjustments to the Servicer's and Master Servicer's records. The
Master Servicer shall reconcile the results of its Mortgage Loan monitoring with
the actual remittances of the Servicer to the Payment Account pursuant to the
terms hereof based on information provided to the Master Servicer by the
Securities Administrator pursuant to the third paragraph of Section 6.01(j) of
the Indenture.

          The Indenture Trustee shall provide access and shall cause the
Custodian to provide access and the Securities Administrator shall provide
access, in each case to the records and documentation in possession of the
Indenture Trustee, the Custodian or the Securities Administrator, as the case
may be, regarding the related Mortgage Loans and REO Property and the servicing
thereof to the Noteholders, the FDIC, and the supervisory agents and examiners
of the FDIC, such access being afforded only upon reasonable prior written
request and during normal business hours at the office of the Indenture Trustee,
the Custodian or the Securities Administrator; PROVIDED, HOWEVER, that, unless
otherwise required by law, none of the Indenture Trustee, the Custodian or the
Securities Administrator shall be required to provide access to such records and
documentation if the provision thereof would violate the legal right to privacy
of any Mortgagor. The Indenture Trustee shall allow representatives of the above
entities and shall cause the Custodian to allow representatives of the above
entities and the Securities Administrator shall allow representatives of the
above entities, in each case to photocopy any of the records and documentation
and shall provide equipment for that purpose at a charge that covers the
Indenture Trustee's, the Custodian's or the Securities Administrator's, as the
case may be, actual costs.

               Section 4.02. RESERVED.

               Section 4.03. MONITORING OF SERVICER.

          (a) The Master Servicer shall be responsible for monitoring the
compliance by the Servicer with its duties under this Agreement. In the review
of the Servicer's activities, the Master Servicer may rely upon an Officer's
Certificate of the Servicer with regard to the Servicer's compliance with the
terms of this Agreement. In the event that the Master Servicer, in its judgment,
determines that the Servicer should be terminated in accordance with the terms
hereof, or that a notice should be sent pursuant to the terms hereof with
respect to the occurrence of an event that, unless cured, would constitute a
Servicer Event of Default, the Master Servicer shall notify the Servicer, the
Seller and the Indenture Trustee thereof and the Master Servicer shall issue
such notice or take such other action as it deems appropriate.

          (b) The Master Servicer, for the benefit of the Indenture Trustee and
the Noteholders, shall enforce the obligations of the Servicer under this
Agreement, and shall, in the event that the Servicer fails to perform its
obligations in accordance with this Agreement, subject to the preceding
paragraph, Article III and Article VI, cause the Indenture Trustee to terminate
the rights and obligations of the Servicer hereunder in accordance with the
provisions of Article VI. Such enforcement, including, without limitation, the
legal prosecution of claims and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer, in its good faith business judgment, would require were it the owner
of the related Mortgage Loans; PROVIDED that the Master Servicer shall not be
required to prosecute or defend any legal action except to the extent that the
Master Servicer shall have received reasonable indemnity for its costs and
expenses in pursuing such action.

          (c) The Master Servicer shall be entitled to be reimbursed by the
Servicer (or from amounts on deposit in the Payment Account if the Servicer does
not timely fulfill its obligations hereunder) for all reasonable out-of-pocket
or third party costs associated with the transfer of servicing from the
predecessor Servicer (or if the predecessor Servicer is the Master Servicer,
from the Servicer immediately preceding the Master Servicer), including without
limitation, any reasonable out-of-pocket or third party costs or expenses
associated with the complete transfer of all servicing data and the completion,
correction or manipulation of such servicing data as may be required by the
Master Servicer to correct any errors or insufficiencies in the servicing data
or otherwise to enable the Master Servicer to service the Mortgage Loans
properly and effectively, upon presentation of reasonable documentation of such
costs and expenses.

          (d) The Master Servicer shall require the Servicer to comply with the
remittance requirements and other obligations set forth in this Agreement.

          (e) If the Master Servicer acts as successor Servicer, it will not
assume liability for the representations and warranties of the terminated
Servicer.

          (f) The Master Servicer shall not be liable for any acts or omissions
of the Servicer.

               Section 4.04. FIDELITY BOND.

          The Master Servicer, at its expense, shall maintain in effect a
blanket fidelity bond and an errors and omissions insurance policy, affording
coverage with respect to all directors, officers, employees and other Persons
acting on such Master Servicer's behalf, and covering errors and omissions in
the performance of the Master Servicer's obligations hereunder. The errors and
omissions insurance policy and the fidelity bond shall be in such form and
amount generally acceptable for entities serving as master servicers or
trustees. Upon reasonable request of the Depositor, the Master Servicer shall
provide to the Depositor evidence of such insurance or fidelity bond.

               Section 4.05. POWER TO ACT; PROCEDURES.

          The Master Servicer shall master service the Mortgage Loans and shall
have full power and authority to do any and all things that it may deem
necessary or desirable in connection with the master servicing and
administration of the Mortgage Loans, including but not limited to the power and
authority (i) to execute and deliver, on behalf of the Noteholders and the
Indenture Trustee, customary consents or waivers and other instruments and
documents, (ii) to consent to transfers of any Mortgaged Property and
assumptions of the Mortgage Notes and related Mortgages, (iii) to collect any
Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate foreclosure
or other conversion of the ownership of the Mortgaged Property. The Indenture
Trustee shall furnish the Master Servicer, upon written request from a Master
Servicing Officer, with any powers of attorney (in form acceptable to the
Indenture Trustee) empowering the Master Servicer or the Servicer to execute and
deliver instruments of satisfaction or cancellation, or of partial or full
release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
Property, and to appeal, prosecute or defend in any court action relating to the
Mortgage Loans or the Mortgaged Property, in accordance with this Agreement, and
the Indenture Trustee shall execute and deliver such other documents, as the
Master Servicer or the Servicer may request, to enable the Master Servicer to
master service and administer the Mortgage Loans and carry out its duties
hereunder, in each case in accordance with Accepted Master Servicing Practices
(and the Indenture Trustee shall have no liability for misuse of any such powers
of attorney by the Master Servicer or the Servicer and shall be indemnified by
the Master Servicer or the Servicer, as applicable, for any cost, liability or
expense incurred by the Indenture Trustee in connection with such Person's use
or misuse of any such power of attorney). If the Master Servicer or the
Indenture Trustee has been advised that it is likely that the laws of the state
in which action is to be taken prohibit such action if taken in the name of the
Indenture Trustee or that the Indenture Trustee would be adversely affected
under the "doing business" or tax laws of such state if such action is taken in
its name, the Master Servicer shall join with the Indenture Trustee in the
appointment of a co-trustee pursuant to Section 6.10 of the Indenture. In the
performance of its duties hereunder, the Master Servicer shall be an independent
contractor and shall not, except in those instances where it is taking action in
the name of the Indenture Trustee, be deemed to be the agent of the Indenture
Trustee.

               Section 4.06. DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS.

          To the extent Mortgage Loans contain enforceable due-on-sale clauses,
the Master Servicer shall cause the Servicer to enforce such clauses in
accordance with this Agreement.

               Section 4.07. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF
     MASTER SERVICER TO BE HELD FOR TRUSTEE.

          (a) The Master Servicer shall transmit to the Indenture Trustee or
Custodian such documents and instruments coming into the possession of the
Master Servicer from time to time as are required by the terms hereof to be
delivered to the Indenture Trustee or Custodian. Any funds received by the
Master Servicer in respect of any Mortgage Loan or which otherwise are collected
by the Master Servicer as Liquidation Proceeds or Insurance Proceeds in respect
of any Mortgage Loan shall be remitted to the Securities Administrator for
deposit in the Payment Account. The Master Servicer shall, and, subject to
Section 3.11, shall cause the Servicer to, provide access to information and
documentation regarding the Mortgage Loans to the Indenture Trustee, its agents
and accountants at any time upon reasonable request and during normal business
hours, and to Noteholders that are savings and loan associations, banks or
insurance companies, the Office of Thrift Supervision, the FDIC and the
supervisory agents and examiners of such Office and Corporation or examiners of
any other federal or state banking or insurance regulatory authority if so
required by applicable regulations of the Office of Thrift Supervision or other
regulatory authority, such access to be afforded without charge but only upon
reasonable request in writing and during normal business hours at the offices of
the Master Servicer designated by it. In fulfilling such a request the Master
Servicer shall not be responsible for determining the sufficiency of such
information.

          (b) All funds collected or held by, or under the control of, the
Master Servicer, in respect of any Mortgage Loans, whether from the collection
of principal and interest payments or from Liquidation Proceeds or Insurance
Proceeds, shall be remitted to the Securities Administrator for deposit in the
Payment Account.

               Section 4.08. POSSESSION OF CERTAIN INSURANCE POLICIES AND
     DOCUMENTS.

          The Indenture Trustee or the applicable Custodian, shall retain
possession and custody of the originals (to the extent available) of any primary
mortgage insurance policies, or certificate of insurance if applicable, and any
Notes of renewal as to the foregoing as may be issued from time to time as
contemplated by this Agreement. Until all amounts payable in respect of the
Notes has been paid in full and the Master Servicer and the Servicer have
otherwise fulfilled their respective obligations under this Agreement, the
Indenture Trustee or the Custodian shall also retain possession and custody of
each Mortgage File in accordance with and subject to the terms and conditions of
this Agreement. The Master Servicer shall promptly deliver or cause to be
delivered to the Indenture Trustee or the Custodian, upon the execution or
receipt thereof the originals of any primary mortgage insurance policies, any
Notes of renewal, and such other documents or instruments related to the
Mortgage Loans that come into the possession of the Master Servicer from time to
time.

               Section 4.09. COMPENSATION FOR THE MASTER SERVICER.

          As compensation for the activities of the Master Servicer hereunder,
the Master Servicer shall be entitled to the Master Servicing Fee, payable to
the Master Servicer on each Payment Date (with respect to the calendar month
that immediately preceded the month of such Payment Date) from funds in the
Payment Account. The Master Servicing Fee payable to the Master Servicer in
respect of any Payment Date shall be reduced in accordance with Section 4.12.
The Master Servicer shall be required to pay all expenses incurred by it in
connection with its activities hereunder and shall not be entitled to
reimbursement therefor except as provided in this Agreement.

               Section 4.10. ANNUAL OFFICER'S CERTIFICATE AS TO COMPLIANCE.

          (a) The Master Servicer will deliver to the Seller, the Indenture
Trustee, the Securities Administrator and the Rating Agencies, on or before
March 15th of each year, beginning with delivery on March 15, 2007, an Officer's
Certificate certifying that with respect to the period ending December 31st of
the prior year: (i) such Master Servicing Officer has reviewed the activities of
the Master Servicer during the preceding calendar year or portion thereof and
its performance under this Agreement, (ii) to the best of such Master Servicing
Officer's knowledge, based on such review, the Master Servicer has performed and
fulfilled its duties, responsibilities and obligations under this Agreement in
all material respects throughout such year, or, if there has been a default in
the fulfillment of any such duties, responsibilities or obligations, specifying
each such default known to such Master Servicing Officer and the nature and
status thereof, (iii) nothing has come to the attention of such Master Servicing
Officer to lead such Master Servicing Officer to believe that the Master
Servicer has failed to perform any of its duties, responsibilities and
obligations under this Agreement in all material respects throughout such year,
or, if there has been a material default in the performance or fulfillment of
any such duties, responsibilities or obligations, specifying each such default
known to such Master Servicing Officer and the nature and status thereof.

          (b) Copies of such statements shall be provided to any Noteholder upon
request, by the Master Servicer or by the Securities Administrator at the Master
Servicer's expense if the Master Servicer failed to provide such copies (unless
(i) the Master Servicer shall have failed to provide the Securities
Administrator with such statement or (ii) the Securities Administrator shall be
unaware of the Master Servicer's failure to provide such statement).

               Section 4.11. ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT.

          Not later than March 15th of each year, beginning with the letter due
March 15, 2007, if the Master Servicer has, during the course of any calendar
year, directly serviced any of the Mortgage Loans, then the Master Servicer at
its expense shall cause a nationally recognized firm of independent certified
public accountants to furnish a statement to the Indenture Trustee, the
Securities Administrator, the Rating Agencies and the Seller to the effect that,
with respect to the most recently ended fiscal year, such firm has examined
certain records and documents relating to the Master Servicer's performance of
its servicing obligations under this Agreement and pooling and servicing and
trust agreements in material respects similar to this Agreement and to each
other and that, on the basis of such examination conducted substantially in
compliance with the audit program for mortgages serviced for Freddie Mac or the
Uniform Single Attestation Program for Mortgage Bankers, such firm is of the
opinion that the Master Servicer's activities have been conducted in compliance
with this Agreement, or that such examination has disclosed no material items of
noncompliance except for (i) such exceptions as such firm believes to be
immaterial, (ii) such other exceptions as are set forth in such statement and
(iii) such exceptions that the Uniform Single Attestation Program for Mortgage
Bankers or the Audit Program for Mortgages Serviced by Freddie Mac requires it
to report. Copies of such statements shall be provided to any Noteholder upon
request by the Master Servicer, or by the Securities Administrator at the
expense of the Master Servicer if the Master Servicer shall fail to provide such
copies. If such report discloses exceptions that are material, the Master
Servicer shall advise the Indenture Trustee and the Securities Administrator
whether such exceptions have been or are susceptible of cure, and will take
prompt action to do so.

          Delivery of such reports, information and documents to the Indenture
Trustee is for informational purposes only, and the Indenture Trustee's receipt
of such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the Master
Servicer's compliance with any of its covenants hereunder (as to which the
Indenture Trustee is entitled to conclusively rely exclusively on an Officers'
Certificate).

               Section 4.12. OBLIGATION OF THE MASTER SERVICER IN RESPECT OF
     PREPAYMENT INTEREST SHORTFALLS.

          In the event that the Servicer fails to perform on any Determination
Date its obligations pursuant to Section 3.14, the Master Servicer shall remit
to the Securities Administrator not later than the Payment Date an amount equal
to the lesser of (i) the aggregate amounts required to be paid by the Servicer
with respect to Prepayment Interest Shortfalls attributable to Principal
Prepayments on the related Mortgage Loans for the related Payment Date, and not
so paid by the Servicer and (ii) the Master Servicing Fee for such Payment Date,
without reimbursement therefor.

               Section 4.13. MONTHLY ADVANCES BY THE MASTER SERVICER.

          If the Servicer fails to remit any Monthly Advance required to be made
pursuant to Section 3.15, the Master Servicer shall itself make, or shall cause
the Successor Servicer to make, such Advance. If the Master Servicer determines
that a Monthly Advance is required, it shall on the Business Day preceding the
related Payment Date immediately following such Determination Date remit to the
Securities Administrator from its own funds (or funds advanced by the applicable
Servicer) for deposit in the Payment Account immediately available funds in an
amount equal to such Monthly Advance. The Master Servicer shall be entitled to
be reimbursed for all Monthly Advances made by it. Notwithstanding anything to
the contrary herein, in the event the Master Servicer determines in its
reasonable judgment that a Monthly Advance is a Nonrecoverable Advance, the
Master Servicer shall be under no obligation to make such Monthly Advance. If
the Master Servicer determines that a Monthly Advance is a Nonrecoverable
Advance, it shall, on or prior to the related Payment Date, deliver an Officer's
Certificate to the Indenture Trustee and the Securities Administrator to such
effect.

               Section 4.14. MERGER OR CONSOLIDATION.

          Any Person into which the Master Servicer may be merged or
consolidated, or any Person resulting from any merger, conversion, other change
in form or consolidation to which the Master Servicer shall be a party, or any
Person succeeding to the business of the Master Servicer, shall be the successor
to the Master Servicer hereunder, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding; PROVIDED, HOWEVER, that the successor or resulting
Person to the Master Servicer or its Affiliate whose primary business is the
servicing of conventional residential mortgage loans shall be a Person that is
an Approved Servicer.

               Section 4.15. RESIGNATION OF MASTER SERVICER.

          Except as otherwise provided in Sections 4.14 and 4.16 hereof, the
Master Servicer shall not resign from the obligations and duties hereby imposed
on it unless the Master Servicer's duties hereunder are no longer permissible
under applicable law or are in material conflict by reason of applicable law
with any other activities carried on by it and cannot be cured. Any such
determination permitting the resignation of the Master Servicer shall be
evidenced by an independent Opinion of Counsel to such effect delivered to the
Issuer, the Depositor, the Seller and the Indenture Trustee. No such resignation
shall become effective until the Indenture Trustee shall have assumed, or a
Successor Master Servicer shall have been appointed by the Indenture Trustee and
until such successor shall have assumed, the Master Servicer's responsibilities
and obligations under this Agreement. Notice of such resignation shall be given
promptly by the Master Servicer and the Depositor to the Indenture Trustee.

          If, at any time, the Master Servicer resigns under this Section 4.15,
or transfers or assigns its rights and obligations under Section 4.16, or is
removed as Master Servicer pursuant to Section 6.03, then at such time [o] also
shall resign (and shall be entitled to resign) as Securities Administrator,
Paying Agent and Note Registrar. In such event, the obligations of each such
party shall be assumed by the Indenture Trustee or such Successor Master
Servicer appointed by the Indenture Trustee (subject to the provisions of
Section 6.04).

               Section 4.16. ASSIGNMENT OR DELEGATION OF DUTIES BY THE MASTER
     SERVICER.

          Except as expressly provided herein, the Master Servicer shall not
assign or transfer any of its rights, benefits or privileges hereunder to any
other Person, or delegate to or subcontract with, or authorize or appoint any
other Person to perform any of the duties, covenants or obligations to be
performed by the Master Servicer hereunder; PROVIDED, HOWEVER, that the Master
Servicer shall have the right with the prior written consent of the Indenture
Trustee and the Seller (which consent shall not be unreasonably withheld), and
upon delivery to the Indenture Trustee and the Seller of a letter from each
Rating Agency to the effect that such action shall not result in a downgrading
of the Notes, to delegate or assign to or subcontract with or authorize or
appoint any qualified Person to perform and carry out any duties, covenants or
obligations to be performed and carried out by the Master Servicer hereunder.
Notice of such permitted assignment shall be given promptly by the Master
Servicer to the Seller and the Indenture Trustee. If, pursuant to any provision
hereof, the duties of the Master Servicer are transferred to a Successor Master
Servicer, the entire amount of the Master Servicing Fees and other compensation
payable to the Master Servicer pursuant hereto shall thereafter be payable to
such Successor Master Servicer. Such Successor Master Servicer shall also pay
the fees of the Indenture Trustee and the Securities Administrator, as provided
herein.

          Section 4.17. FORECLOSURE RIGHTS. (a) For so long as the Seller is the
Majority Certificateholder, the Servicer shall not commence foreclosure
proceedings with respect to a Mortgage Loan unless (i) no later than five
Business Days prior to its commencement of such foreclosure proceedings, it
provides written notice to the Master Servicer and the Majority
Certificateholder of its intention to do so, and (ii) the Majority
Certificateholder consents in writing to such action; PROVIDED, HOWEVER, if the
Majority Certificateholder does not consent in writing within five Business Days
of receipt of written notice from the Servicer of its intention to foreclose,
consent shall be deemed to have been given by the Majority Certificateholder.

          (b) In addition, for so long as the Seller is the Majority
Certificateholder, in the event that the Servicer determines not to proceed with
foreclosure proceedings with respect to a Mortgage Loan that becomes 60 days or
more delinquent and the Servicer has determined that it is unable to collect
payments due under such Mortgage Loan, the Servicer shall, prior to taking any
action with respect to such Mortgage Loan, promptly provide the Master Servicer
and the Majority Certificateholder with notice of such determination and a
description of such other action that it intends to take with respect to such
Mortgage Loan; PROVIDED, that the Servicer shall not be permitted to proceed
with any such action unless the Majority Certificateholder consents in writing
to the Servicer taking such action; PROVIDED, HOWEVER, if the Majority
Certificateholder does not consent in writing within five Business Days of
receipt of written notice from the Servicer of its intention to take such
action, consent shall be deemed to have been given by the Seller.

          (c) If the Majority Certificateholder does not consent to an action or
contemplated action of the Servicer pursuant to either (a) or (b) above, then
the Majority Certificateholder shall instruct the Servicer to hire, at the
Majority Certificateholder's sole cost and expense, three appraisal firms,
selected by the Servicer in its sole and absolute discretion from the list of
appraisal firms attached as Exhibit H, to compute the fair value of the
Mortgaged Property relating to the related Mortgage Loan utilizing the Fannie
Mae Form 2055 Exterior-Only Inspection Residential Appraisal Report (each such
appraisal-firm computation, a "Fair Value Price"), in each case (other than as
set forth in (d) below) no later than 30 days from the date of such Majority
Certificateholder objection. If the Servicer shall have received three Fair
Value Prices by the end of such 30-day period, then the Majority
Certificateholder shall, no later than 5 business days after the expiration of
such 30-day period, purchase such Mortgage Loan and the related Mortgaged
Property at an amount equal to the sum of (i) accrued and unpaid interest on
such Mortgage Loan as of such purchase date ("Accrued Interest"), (ii) the
highest of such three Fair Value Prices respectively determined by such
appraisal firms, and shall promptly deliver such amount to the Servicer for
deposit into the Custodian Account and (iii) all unreimbursed servicing
advances. All costs relating to the computation of the related Fair Value Prices
shall be for the account of the Majority Certificateholder and shall be paid by
the Majority Certificateholder at the time of such Mortgage Loan and the related
Mortgaged Property are purchased by the Majority Certificateholder.

          (d) Notwithstanding anything herein to the contrary, the Majority
Certificateholder shall not be entitled to any of its rights set forth herein
with respect to a Mortgage Loan following its failure to purchase such Mortgage
Loan and the related Mortgaged Property, at the related purchase price set forth
in this Section 4.17 within the timeframe set forth in this Section 4.17
following the Majority Certificateholder's objection to an action of the
Servicer, and the Servicer shall provide the Master Servicer written notice of
such failure.

          (e) Any notice, confirmation, instruction or objection pursuant to
paragraphs (a), (b) and (c) above may be delivered via facsimile or other
written or electronic communication as the parties hereto and the Majority
Certificateholder may agree to from time to time.

          (f) For the avoidance of doubt, the Majority Certificateholder's
rights set forth in this Section 4.17 are intended to provide the Majority
Certificateholder, for so long as it owns 100% of the Owner Trust Certificates
(each, as defined in Appendix A of the Indenture) and has not forfeited its
right under this Section 4.17 as set forth in clause (d) above, with the
unilateral right to control foreclosure decisions in respect of delinquent and
defaulted Mortgage Loans, and certain exclusive purchase rights so as to
maximize the recovery value on delinquent and defaulted Mortgage Loans.

          To the extent that the Majority Certificateholder purchases any
Mortgage Loan pursuant to this Section 4.17, the Servicer will continue to
service such Mortgage Loan in accordance with this Agreement. The parties
acknowledge that, in such event, the Master Servicer will have no duty or
responsibility to master service any such Mortgage Loan."

<PAGE>

                                   ARTICLE V

                      THE MASTER SERVICER AND THE SERVICER

               Section 5.01. LIABILITY OF THE MASTER SERVICER AND THE SERVICER.

          The Master Servicer and the Servicer shall be liable in accordance
herewith only to the extent of the obligations specifically imposed upon and
undertaken by the Master Servicer or Servicer, as the case may be, herein.

               Section 5.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
     OBLIGATIONS OF THE SERVICER.

          Any corporation into which the Servicer may be merged or consolidated,
or any corporation resulting from any merger, conversion or consolidation to
which the Servicer shall be a party, or any corporation succeeding to the
business of the Servicer, shall be the successor of the Servicer hereunder,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
PROVIDED, HOWEVER, that the Successor Servicer shall satisfy all the
requirements of Section 6.02 with respect to the qualifications of a Successor
Servicer.

               Section 5.03. LIMITATION ON LIABILITY OF THE SERVICER, THE MASTER
     SERVICER AND OTHERS.

          Neither the Master Servicer, the Servicer nor any of the directors or
officers or employees or agents of the Master Servicer or the Servicer shall be
under any liability to the Trust or the Noteholders for any action taken or for
refraining from the taking of any action by the Servicer or the Master Servicer
in good faith pursuant to this Agreement, or for errors in judgment; PROVIDED,
HOWEVER, that this provision shall not protect the Master Servicer or the
Servicer or any such Person against any liability which would otherwise be
imposed by reason of its willful misfeasance, bad faith or negligence in the
performance of duties of the Master Servicer or the Servicer or by reason of its
reckless disregard of its obligations and duties of the Master Servicer or the
Servicer hereunder. The Master Servicer or the Servicer and any director or
officer or employee or agent of the Master Servicer or the Servicer may rely in
good faith on any document of any kind PRIMA FACIE properly executed and
submitted by any Person respecting any matters arising hereunder. The Servicer
and any director or officer or employee or agent of the Servicer shall be
indemnified by the Trust and held harmless against any loss, liability or
expense incurred in connection with any legal action relating to this Agreement
or the Notes, 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 or results from a
breach of representation by the Servicer) and any loss, liability or expense
incurred by reason of its willful misfeasance, bad faith or negligence in the
performance of duties hereunder or by reason of its reckless disregard of
obligations and duties hereunder. The Master Servicer shall be indemnified by
the Issuer pursuant to Section 6.07 of the Indenture.

          The Master Servicer or the Servicer shall be under no obligation to
appear in, prosecute or defend any legal action that is not incidental to its
duties hereunder and that in its opinion, may involve it in any expense or
liability; PROVIDED, HOWEVER, that the Servicer and the Master Servicer may
undertake any such action which it may deem necessary or desirable in respect of
this Agreement, and the rights and duties of the parties hereto and the
interests of the Noteholders hereunder. In such event, the reasonable legal
expenses and costs of such action and any liability resulting therefrom shall be
expenses, costs and liabilities of the Trust. The Servicer's right to indemnity
or reimbursement pursuant to this Section 5.03 shall survive any resignation or
termination of the Servicer pursuant to Section 5.04 or 6.01 with respect to any
losses, expenses, costs or liabilities arising prior to such resignation or
termination (or arising from events that occurred prior to such resignation or
termination). The Master Servicer's right to indemnity or reimbursement pursuant
to this Section 5.03 shall survive any resignation or termination of the Master
Servicer pursuant to Section 4.15 or 6.03 with respect to any losses, expenses,
costs or liabilities arising prior to such resignation or termination (or
arising from events that occurred prior to such resignation or termination).

               Section 5.04. SERVICER NOT TO RESIGN; PLEDGE OF SERVICING RIGHTS.

          Subject to the provisions of Section 5.02, the Servicer shall not
resign from the obligations and duties hereby imposed on it except (i) upon
determination that the performance of its obligations or duties hereunder are no
longer permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it or its subsidiaries or
Affiliates, the other activities of the Servicer so causing such a conflict
being of a type and nature carried on by the Servicer or its subsidiaries or
Affiliates at the date of this Agreement or (ii) upon the proposal by the
Servicer or the Servicing Rights Owner of an Approved Servicer to the Seller,
the Depositor and the Master Servicer in writing; PROVIDED, HOWEVER, that no
such resignation by the Servicer shall become effective until such successor
servicer or, in the case of (i) above, the Master Servicer as Successor Servicer
shall have assumed the Servicer's responsibilities and obligations hereunder or
the Master Servicer shall have designated a successor servicer in accordance
with Section 6.02. Any such resignation shall not relieve the Servicer of
responsibility for any of the obligations specified in Sections 6.01 and 6.02 as
obligations that survive the resignation or termination of the Servicer. Any
such determination permitting the resignation of the Servicer pursuant to clause
(i) above shall be evidenced by an Opinion of Counsel to such effect delivered
to the Seller, the Depositor, the Master Servicer, the Securities Administrator
and the Indenture Trustee.

          Notwithstanding the foregoing, on or after the Closing Date, the
Servicer or the Servicing Rights Owner may pledge and assign all of its right,
title and interest in, to and under this Agreement to one or more lenders
("Servicing Rights Pledgees") selected by the Servicer or the Servicing Rights
Owner. Provided that no Servicer Event of Default exists, the Indenture Trustee
and the Master Servicer agree that upon delivery to the Indenture Trustee and
the Master Servicer by a Servicing Rights Pledgee of a letter signed by the
Servicer whereunder the Servicer resigns as servicer under this Agreement
pursuant to this Section 5.04, the Master Servicer shall appoint such Servicing
Rights Pledgee or its designee as Successor Servicer, provided that at the time
of such appointment, such Servicing Rights Pledgee or its designee is an
Approved Servicer and that such Servicing Rights Pledgee or its designee agrees
to be subject to the terms of this Agreement.

               Section 5.05. DELEGATION OF DUTIES.

          In the ordinary course of business, the Servicer at any time may
delegate any of its duties hereunder to any Person, including any of its
Affiliates, who agrees to conduct such duties in accordance with standards
comparable to those set forth in Section 3.01. Such delegation shall not relieve
the Servicer of its liabilities and responsibilities with respect to such duties
and shall not constitute a resignation within the meaning of Section 5.04. The
Servicer shall provide the Indenture Trustee, the Master Servicer and the
Securities Administrator with written notice prior to the delegation of any of
its duties to any Person other than any of the Servicer's Affiliates or their
respective successors and assigns.

               Section 5.06. INDEMNIFICATION OF THE TRUST BY THE SERVICER AND
     THE MASTER SERVICER.

          (a) The Servicer shall indemnify and hold harmless the Trust, the
Master Servicer, the Securities Administrator and the Indenture Trustee from and
against any loss, liability, expense, damage or injury suffered or sustained by
reason of the Servicer's willful misfeasance, bad faith or negligence in the
performance of its activities in servicing or administering the Mortgage Loans
pursuant to this Agreement, including, but not limited to, any judgment, award,
settlement, reasonable attorneys' fees and other costs or expenses incurred in
connection with the defense of any actual or threatened action, proceeding or
claim related to the Servicer's misfeasance, bad faith or negligence. Any such
indemnification shall not be payable from the assets of the Trust. The
provisions of this Section 5.06(a) shall survive the termination of this
Agreement.

          (b) If the Servicer fails to make when due (without regard to any cure
period) any Monthly Advance or deposit required by it hereunder, the Servicer
shall pay the Securities Administrator for the account of the Securities
Administrator interest at the prime rate from the date on which such payment was
due (without regard to any cure period) to and including the date on which the
Servicer makes such payment.

          (c) The Master Servicer shall indemnify and hold harmless the Trust,
the Securities Administrator, the Servicer and the Indenture Trustee from and
against any loss, liability, expense, damage or injury suffered or sustained by
reason of the Master Servicer's willful misfeasance, bad faith or negligence in
the performance of its activities in master servicing or administering the
Mortgage Loans pursuant to this Agreement, including, but not limited to, any
judgment, award, settlement, reasonable attorneys' fees and other costs or
expenses incurred in connection with the defense of any actual or threatened
action, proceeding or claim related to the Master Servicer's misfeasance, bad
faith or negligence. Any such indemnification shall not be payable from the
assets of the Trust. The provisions of this Section 5.06(c) shall survive the
termination of this Agreement.

          (d) If the Master Servicer fails to make when due (without regard to
any cure period) any Monthly Advance or deposit required by it hereunder, the
Master Servicer shall pay the Securities Administrator for the account of the
Securities Administrator interest at the prime rate from the date on which such
payment was due (without regard to any cure period) to and including the date on
which the Master Servicer makes such payment.

<PAGE>

                                   ARTICLE VI

                                    DEFAULT

               Section 6.01. SERVICER EVENTS OF DEFAULT.

          (a) If any one of the following events ("Servicer Events of Default")
shall occur and be continuing:

          (i) (A) The failure by the Servicer to make any Monthly Advance which
     continues unremedied for a period of one (1) Business Day after it was due;
     (B) any other failure by the Servicer to deposit in the Collection Account
     or the Payment Account any deposit required to be made under the terms of
     this Agreement which continues unremedied for a period of two (2) Business
     Days after such deposit was due or (C) the failure by the Servicer to make
     any remittances into the Payment Account required pursuant to Section
     3.03(i) which continues unremedied for a period of one (1) Business Day
     after it was due;

          (ii) (A) The failure by the Servicer to make any required Servicing
     Advance which failure continues unremedied for a period of sixty (60) days,
     or (B) the failure by the Servicer duly to observe or perform, in any
     material respect, any other covenants, obligations or agreements of the
     Servicer as set forth in this Agreement, which failure materially and
     adversely affects the interests of the Noteholders, continues unremedied
     for a period of sixty (60) days, after the date on which written notice of
     such failure, requiring the same to be remedied, shall have been given to
     the Servicer by the Master Servicer, the Securities Administrator or the
     Indenture Trustee or to the Servicer and the Master Servicer, the
     Securities Administrator or the Indenture Trustee, by the Holders of not
     less than 25% of the aggregate Note Balance of the Notes; PROVIDED,
     HOWEVER, that in the case of a failure that cannot be -------- -------
     cured within sixty (60) days, the cure period may be extended if the
     Servicer can demonstrate to the reasonable satisfaction of the Master
     Servicer, the Securities Administrator, the Indenture Trustee and the
     Seller that the Servicer is diligently pursuing remedial action;

          (iii) The filing of a petition against the Servicer in a court or
     agency or supervisory authority having jurisdiction in the premises for the
     appointment of a trustee, conservator, receiver or liquidator in any
     insolvency, conservatorship, receivership, readjustment of debt, marshaling
     of assets and liabilities or similar proceedings, or for the winding up or
     liquidation of its affairs, and the continuance of any such decree or order
     unstayed and in effect for a period of thirty (30) consecutive days; or

          (iv) The Servicer shall voluntarily go into liquidation, consent to
     the appointment of a conservator or receiver or liquidator or similar
     person in any insolvency, readjustment of debt, marshaling of assets and
     liabilities or similar proceedings of or relating to the Servicer or of or
     relating to all or substantially all of its property, or a decree or order
     of a court or agency or supervisory authority having jurisdiction in the
     premises for the appointment of a conservator, receiver, liquidator or
     similar person in any insolvency, readjustment of debt, marshaling of
     assets and liabilities or similar proceedings, or for the winding-up or
     liquidation of its affairs, shall have been entered against the Servicer;
     or the Servicer shall admit in writing its inability to pay its debts
     generally as they become due, file a petition to take advantage of any
     applicable bankruptcy, insolvency or reorganization statute, make an
     assignment for the benefit of its creditors or voluntarily suspend payment
     of its obligations; or

          (v) the Servicer Termination Test is failed; or

          (vi) (a) any reduction or withdrawal of the ratings or any shadow
     ratings of any Class of Notes attributable principally to the Servicer or
     the servicing of the Mortgage Loans or (b) any placement by a Rating Agency
     of any Class of Notes on credit watch with negative implications
     attributable principally to the Servicer or the servicing of the Mortgage
     Loans; or

          (vii) any reduction or withdrawal of the ratings of the Servicer as a
     servicer of subprime mortgage loans by one or more of the Rating Agencies
     that maintains a servicer rating system and a rating on the Notes to "below
     average" or below; or

          (viii) the failure by the Servicer to duly perform, within the
     required time period, its obligation to provide the annual statement of
     compliance described under Section 3.09, the accountant's report described
     under Section 3.10 or the certification described under Section 3.13(e),
     which failure continues unremedied for a period of ten days after the date
     on which written notice of such failure, requiring the same to be remedied,
     shall have been given to the Servicer by the Master Servicer;

          (ix) the failure by the Servicer to provide, within the time frame
     specified herein, any required reports or data pertaining to the Mortgage
     Loans, which failure continues unremedied for a period of fifteen days
     after the date on which written notice of such failure, requiring the same
     to be remedied, shall have been given to the Servicer by the Master
     Servicer; or

          (x) the identification under any filing pursuant to Section 404 of the
     Sarbanes-Oxley Act of 2002 which identifies material weaknesses in
     connection with the Servicer's ongoing evaluation of internal controls
     which materially and adversely affect the Servicer's ability to perform any
     of its duties under this Agreement.

          (b) then, and in each and every such case, so long as a Servicer Event
of Default shall not have been remedied, (x) with respect solely to clause
(a)(i)(A) above, (1) on the related Deposit Date, upon receipt of written notice
or discovery by the Master Servicer or a Responsible Officer of the Indenture
Trustee or of the Securities Administrator of such failure, the Master Servicer
shall give telephonic notice (by no later than 5:00 p.m. New York time on such
Deposit Date) of the failure to make a Monthly Advance to a Servicing Officer of
the Servicer and, to the extent the applicable current contact information has
been provided to the Master Servicer, the Servicing Rights Pledgee and (2) on
the Business Day immediately following the related Deposit Date, upon receipt of
written notice or discovery by the Master Servicer or a Responsible Officer of
the Indenture Trustee or of the Securities Administrator of the continued
failure to make such Monthly Advance, the Master Servicer shall promptly give
telephonic notice of such failure to a Servicing Officer of the Servicer and the
Master Servicer shall direct the Indenture Trustee to terminate all of the
rights and obligations of the Servicer under this Agreement and the Successor
Servicer appointed in accordance with Section 6.02 shall immediately make such
Monthly Advance prior to the distribution of funds on the related Payment Date
and assume, pursuant to Section 6.02, the duties of a Successor Servicer and (y)
in the case of clause (a)(i)(C) the Indenture Trustee and the Depositor may (and
shall at the direction of the Holders of not less than 51% of the aggregate Note
Balance of the Notes) and in the case of clause (a)(i)(B) and (ii) through (x)
above, the Indenture Trustee shall, at the direction of the Holders of not less
than 51% of the aggregate Note Balance of the Notes by notice then given in
writing to the Seller, the Servicer, the Master Servicer, the Servicing Rights
Pledgee (to the extent the applicable current contact information has been
provided to the Master Servicer), the Rating Agencies and if given by Holders of
Notes, to the Indenture Trustee, terminate all of the rights and obligations of
the Servicer as servicer under this Agreement. On or after receipt by the
Servicer of such written notice, all authority and power of the Servicer under
this Agreement, whether with respect to the Notes or the Mortgage Loans or
otherwise, shall pass to and be vested in the Successor Servicer pursuant to and
under this Section 6.01; and, without limitation, the Successor Servicer is
hereby authorized and empowered to execute and deliver, on behalf of the
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 of each Mortgage Loan and related
documents, or otherwise. The Servicer agrees to cooperate with the Successor
Servicer, the Master Servicer, the Securities Administrator and the Indenture
Trustee in effecting the termination of the responsibilities and rights of the
Servicer hereunder, including, without limitation, the transfer to the Successor
Servicer for the administration by it of all cash amounts that shall at the time
be held by the predecessor Servicer and to be deposited by it in the Collection
Account, or that have been deposited by the predecessor Servicer in the
Collection Account or thereafter received by the predecessor Servicer with
respect to the Mortgage Loans. All Servicing Transfer Costs and other reasonable
out-of-pocket costs and expenses (including attorneys' fees) incurred in
connection with transferring the Mortgage Files to the Successor Servicer and
amending this Agreement to reflect such succession as Servicer pursuant to this
Section 6.01 shall be paid by the predecessor Servicer within 90 days of written
demand, itemized in reasonable detail, or, to the extent not paid by the
predecessor Servicer, by the Trust prior to payments to Noteholders (or, if the
predecessor Servicer is the Master Servicer, by the initial Servicer), upon
presentation of reasonable documentation of such costs and expenses. If the
predecessor Servicer is required but fails to pay the amounts specified in the
preceding sentence and such amounts are paid by the Trust, the Securities
Administrator shall, at the direction and expense of the Certificateholders,
take appropriate action to enforce such obligation and recover such amounts on
behalf of such Certificateholders.

          Notwithstanding any termination of the activities of the Servicer
hereunder, the Servicer shall continue to be entitled to receive from the Trust,
payment of all the accrued and unpaid portion of the Servicing Fees to which the
Servicer would have been entitled and reimbursement for all outstanding Monthly
Advances and Servicing Advances, including but not limited to trailing expenses
representing Servicing Advances incurred by the Servicer prior to but invoiced
after the date of termination, which amount shall be remitted by the Successor
Servicer to the terminated Servicer as permitted under Section 3.03 on a
first-in, first-out basis. The Servicer shall continue to be entitled to the
benefits of Section 5.03, notwithstanding any termination hereunder, with
respect to events occurring prior to such termination.

          (c) Upon the occurrence of a Servicer Event of Default, the Servicer
shall act as Servicer under this Agreement, subject to the right of removal set
forth in subsection (b) hereof, for an initial period commencing on the date on
which such Servicer Event of Default occurred and ending on the last day of the
calendar quarter in which such Servicer Event of Default occurred, which period
may be extended by the Master Servicer (an "Extension Notice") for a succeeding
quarterly period ending on December 31, March 31, June 30 and September 30 of
each year (each such quarterly period for which the Servicer shall be designated
to act as Servicer hereunder, a "Servicer Term of Service") until such time as
the Master Servicer, the Securities Administrator and the Indenture Trustee
receives written direction from the Holders of not less than 51% of the
aggregate Note Balance of the Notes not to deliver an Extension Notice, in which
event the Master Servicer shall follow such direction; provided that nothing in
this clause (c) shall prohibit the Master Servicer from removing (or prohibit
Noteholders from directing the Indenture Trustee or the Securities Administrator
to direct the Master Servicer to remove) the Servicer pursuant to clause (b)
above. In the event the Master Servicer fails to deliver an Extension Notice
prior to the end of any Servicer Term of Service, the Servicer shall be
automatically terminated.

          (d) If the Successor Servicer or another Person succeeds to the
obligations of Servicer hereunder, the term of the Successor Servicer or such
Person shall not be limited unless and until a Servicer Event of Default
thereafter occurs with respect to such Successor Servicer or other Person. At
such time, the provisions of Section 6.01(c) and (d) shall become applicable to
the then-acting Servicer and the Person then-obligated to succeed such
then-acting Servicer.

               Section 6.02. APPOINTMENT OF SUCCESSOR SERVICER.

          (a) The Issuer and the Indenture Trustee hereby appoint, and [o],
hereby accepts appointment, on behalf of itself or an affiliate, subject to the
provisions of Section 5.04 hereof, upon receipt by the Servicer of a notice of
termination pursuant to Section 6.01 or upon resignation of the Servicer
pursuant to Section 5.04(i), to be the successor (the "Successor Servicer") in
all respects to the 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
Servicer by the terms and provisions hereof arising on and after its succession;
PROVIDED, HOWEVER, that, without affecting the immediate termination of the
rights of the Servicer hereunder, it is understood and acknowledged by the
parties hereto that there will be a period of transition not to exceed 100 days
(the "Servicer Transition Period") after receipt by the Servicer of a notice of
termination before the servicing transfer is fully effected.

          During the Servicer Transition Period, none of the Successor Servicer,
the Securities Administrator nor the Indenture Trustee shall be responsible for
the lack of information and documents that it cannot reasonably obtain on a
practicable basis under the circumstances.

          As compensation therefor, the Successor Servicer shall be entitled to
such compensation as the Servicer would have been entitled to hereunder if no
such notice of termination had been given. Notwithstanding the above, if the
Successor Servicer is unwilling or legally unable to act as successor servicer,
the Master Servicer may appoint or petition a court of competent jurisdiction to
appoint, any established housing and home finance institution, bank or other
mortgage loan or home equity loan servicer that is an Approved Servicer as the
successor to the Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Servicer hereunder; PROVIDED that
the appointment of any such Successor Servicer will not result in the
qualification, reduction or withdrawal of the ratings assigned to the Offered
Notes by the Rating Agencies. Pending appointment of a successor to the Servicer
hereunder, unless the Successor Servicer is prohibited by law from so acting,
the Successor Servicer shall act in such capacity as hereinabove provided. In
connection with such appointment and assumption, the successor shall be entitled
to receive compensation out of payments on the Mortgage Loans in an amount equal
to the compensation which the Servicer would otherwise have received pursuant to
Section 3.08 (or such lesser compensation as the Master Servicer and such
successor shall agree). The appointment of a Successor Servicer shall not affect
any liability of the predecessor Servicer which may have arisen under this
Agreement prior to its termination as Servicer to pay any deductible under an
insurance policy pursuant to Section 3.05 or to indemnify the Indenture Trustee,
the Master Servicer and the Securities Administrator pursuant to Section 5.06,
nor shall any Successor Servicer be liable for any acts or omissions of the
predecessor Servicer or for any breach by such Servicer of any of its
representations or warranties contained herein or in any related document or
agreement. The Indenture Trustee, the Master Servicer, the Securities
Administrator or a Successor Servicer shall have no responsibility or obligation
(i) to repurchase or substitute for any of the Mortgage Loans or (ii) for any
acts or omissions of a predecessor Servicer during the Servicer Transition
Period. The Indenture Trustee, the Master Servicer, the Securities Administrator
and such successor shall take such action, consistent with this Agreement, as
shall be necessary to effectuate any such succession.

          Notwithstanding the foregoing, if a Servicer Event of Default occurs,
the Servicer, the Servicing Rights Owner or the Servicing Rights Pledgee shall
have a period of up to twenty (20) days after receipt of a notice of termination
to appoint an Approved Servicer as Successor Servicer. Such right of appointment
shall terminate immediately, however, if such terminated Servicer, the Servicing
Rights Owner or the Servicing Rights Pledgee fails to make any required Monthly
Advance, Servicing Advance or any other deposit required to be made pursuant to
the terms of this Agreement, as and when required by this Agreement (taking into
account any applicable cure period). All costs and expenses associated with the
appointment, whether or not consummated, and the subsequent transfer of
servicing (which must be completed within 100 days after receipt by the Servicer
of a notice of termination) are required to be paid by the terminated Servicer,
the Servicing Rights Owner or the Servicing Rights Pledgee out of the proceeds
of sale or otherwise. Any proceeds remaining after such costs and expenses have
been paid for by the terminated Servicer, shall be the property of the
terminated Servicer, the Servicing Rights Owner or the Servicing Rights Pledgee,
as applicable.

          (b) Any successor, including the Successor Servicer, to the Servicer
as servicer shall during the term of its service as servicer (i) continue to
service and administer the Mortgage Loans for the benefit of Noteholders in
accordance with all of the terms and provisions hereof and (ii) maintain in
force a policy or policies of insurance covering errors and omissions in the
performance of its obligations as Servicer hereunder and a fidelity bond in
respect of its officers, employees and agents to the same extent as the Servicer
is so required pursuant to Section 3.12.

          (c) In connection with the termination or resignation of the Servicer
hereunder, either (i) the Successor Servicer, including the Master Servicer if
the Master Servicer is acting as Successor 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, or (ii) the
predecessor Servicer, at its sole expense, shall cooperate with the Successor
Servicer either (x) in causing MERS to execute and deliver an assignment of
Mortgage in recordable form to transfer the Mortgage from MERS to the Indenture
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 Servicer or (y) in causing MERS to designate on the MERS(R) System the
Successor Servicer as the servicer of such Mortgage Loan (at the cost and
expense of the Successor Servicer to the extent such costs relate to the
qualification of such Successor Servicer as a member of MERS, otherwise at the
cost and expense of the predecessor Servicer). The predecessor Servicer shall
file or cause to be filed any such assignment in the appropriate recording
office. The Successor Servicer shall cause such assignment to be delivered to
the Indenture Trustee 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 6.03. MASTER SERVICER EVENTS OF DEFAULT.

          (a) If any one of the following events ("Master Servicer Events of
Default") shall occur and be continuing:

          (i) Any failure by the Master Servicer to furnish the Securities
     Administrator the Mortgage Loan data sufficient to prepare the reports
     described in Section 7.05 of the Indenture which continues unremedied for a
     period of one Business Day after the date upon which written notice of such
     failure shall have been given to such Master Servicer by the Indenture
     Trustee or the Securities Administrator or to such Master Servicer, the
     Securities Administrator and the Indenture Trustee by the Holders of not
     less than 25% of the aggregate Note Balance of the Notes; or

          (ii) Any failure on the part of the Master Servicer duly to observe or
     perform in any material respect any other of the covenants or agreements
     (other than those referred to in clauses (viii) and (ix) below) on the part
     of the Master Servicer contained in this Agreement which continues
     unremedied for a period of thirty (30) days after the date on which written
     notice of such failure, requiring the same to be remedied, shall have been
     given to the Master Servicer by the Indenture Trustee or the Securities
     Administrator, or to the Master Servicer, the Securities Administrator and
     the Indenture Trustee by the Holders of not less than 25% of the aggregate
     Note Balance of the Notes; or

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

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

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

          (vi) The Master Servicer shall be dissolved, or shall dispose of all
     or substantially all of its assets, or consolidate with or merge into
     another entity or shall permit another entity to consolidate or merge into
     it, such that the resulting entity does not meet the criteria for a
     Successor Master Servicer as specified in Section 6.04 hereof; or

          (vii) If a representation or warranty set forth in Section 2.01(b)
     hereof shall prove to be incorrect as of the time made in any respect that
     materially and adversely affects the interests of the Noteholders, and the
     circumstance or condition in respect of which such representation or
     warranty was incorrect shall not have been eliminated or cured within 30
     days after the date on which written notice of such incorrect
     representation or warranty shall have been given to the Master Servicer by
     the Indenture Trustee or the Securities Administrator, or to the Master
     Servicer, the Securities Administrator and the Indenture Trustee by the
     Holders of not less than 25% of the aggregate Note Balance of the Notes; or

          (viii) A sale or pledge of any of the rights of the Master Servicer
     hereunder or an assignment of this Agreement by the Master Servicer or a
     delegation of the rights or duties of the Master Servicer hereunder shall
     have occurred in any manner not otherwise permitted hereunder and without
     the prior written consent of the Indenture Trustee and the Holders of not
     less than 50% of the aggregate Note Balance of the Notes; or

          (ix) After receipt of notice from the Indenture Trustee, any failure
     of the Master Servicer to make any Monthly Advances when such Monthly
     Advances are due, as required to be made hereunder.

          (b) then, and in each and every such case, so long as a Master
Servicer Event of Default shall not have been remedied, (x) with respect solely
to clause (ix) above, upon receipt of written notice or discovery by a
Responsible Officer of the Indenture Trustee or of the Securities Administrator
of such failure, the Indenture Trustee shall give immediate telephonic notice of
such failure to a Master Servicing Officer of the Master Servicer and the
Indenture Trustee shall terminate all of the rights and obligations of the
Master Servicer under this Agreement and the Successor Master Servicer appointed
in accordance with Section 6.02 shall immediately make such Monthly Advance
prior to the payment of funds on the related Payment Date and assume, pursuant
to Section 6.04, the duties of a Successor Servicer and (y) in the case of
clauses (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii) above, the Indenture
Trustee shall, at the direction of the Holders of not less than 51% of the
aggregate Note Balance of the Notes by notice then given in writing to the
Master Servicer (and to the Indenture Trustee if given by Holders of Notes),
terminate all of the rights and obligations of the Master Servicer as servicer
under this Agreement. Any such notice to the Master Servicer shall also be given
to each Rating Agency and the Seller. On or after 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 Notes or the Mortgage Loans or
otherwise, shall pass to and be vested in the Successor Master Servicer pursuant
to and under this Section 6.03; and, without limitation, the Successor Master
Servicer 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 of each Mortgage Loan and related
documents, or otherwise. The Master Servicer agrees to cooperate with the
Successor Master Servicer, the Servicer, the Securities Administrator and the
Indenture Trustee in effecting the termination of the responsibilities and
rights of the Master Servicer hereunder. All Servicing Transfer Costs and other
reasonable out-of-pocket costs and expenses (including attorneys' fees) incurred
in connection with transferring any Mortgage Files to the Successor Master
Servicer and amending this Agreement to reflect such succession as Master
Servicer pursuant to this Section 6.03 shall be paid by the predecessor Master
Servicer within 90 days of written demand, itemized in reasonable detail, or, to
the extent not paid by the predecessor Master Servicer, by the Trust prior to
payments to Noteholders (or, if the predecessor Master Servicer is the Indenture
Trustee, by the initial Master Servicer), upon presentation of reasonable
documentation of such costs and expenses. If the predecessor Master Servicer is
required but fails to pay the amounts specified in the preceding sentence and
such amounts are paid by the Trust, the Securities Administrator shall, at the
direction and expense of the Certificateholders, take appropriate action to
enforce such obligation and recover such amounts on behalf of such
Certificateholders.

          Notwithstanding any termination of the activities of the Master
Servicer hereunder, the Master Servicer shall continue to be entitled to receive
from the Trust, payment of all the accrued and unpaid portion of the Master
Servicing Fees to which the Master Servicer would have been entitled and
reimbursement for all outstanding Monthly Advances which amount shall be
remitted by the Successor Master Servicer to the terminated Master Servicer as
permitted under Section 3.01 of the Indenture on a first-in, first-out basis.
The Master Servicer shall continue to be entitled to the benefits of Section
5.03, notwithstanding any termination hereunder, with respect to events
occurring prior to such termination.

          (c) Upon the occurrence of a Master Servicer Event of Default, the
Indenture Trustee shall act as Master Servicer under this Agreement, subject to
the right of removal set forth in subsection (b) hereof, for an initial period
commencing on the date on which such Master Servicer Event of Default occurred
and ending on the last day of the calendar quarter in which such Master Servicer
Event of Default occurred, which period shall be extended by the Indenture
Trustee (an "Extension Notice") for a succeeding quarterly period ending on
December 31, March 31, June 30 and September 30 of each year (each such
quarterly period for which the Master Servicer shall be designated to act as
Master Servicer hereunder, a "Master Servicer Term of Service") until such time
as the Securities Administrator and the Indenture Trustee receives written
direction from the Holders of not less than 51% of the aggregate Note Balance of
the Notes not to deliver an Extension Notice, in which event the Indenture
Trustee shall follow such direction; provided that nothing in this clause (c)
shall prohibit the Indenture Trustee from removing (or prohibit Noteholders from
directing the Indenture Trustee or the Securities Administrator to direct the
Indenture Trustee to remove) the Master Servicer pursuant to clause (b) above.
In the event the Indenture Trustee fails to deliver an Extension Notice prior to
the end of any Master Servicer Term of Service, the Master Servicer shall be
automatically terminated.

          (d) If the Successor Master Servicer or another Person succeeds to the
obligations of Master Servicer hereunder, the term of the Successor Master
Servicer or such Person shall not be limited unless and until a Master Servicer
Event of Default thereafter occurs with respect to such Successor Master
Servicer or other Person. At such time, the provisions of Section 6.03(c) and
(d) shall become applicable to the then-acting Master Servicer and the Person
then-obligated to succeed such then-acting Master Servicer.

               Section 6.04. APPOINTMENT OF SUCCESSOR MASTER SERVICER.

          (a) The Issuer and the Indenture Trustee hereby appoint, and [o],
hereby accepts appointment, on behalf of itself or an affiliate, subject to the
provisions of Sections 4.15 and 6.04(d) hereof, upon receipt by the Master
Servicer of a notice of termination pursuant to Section 6.03 or upon resignation
of the Master Servicer pursuant to Section 4.15, to be the successor (the
"Successor Master Servicer") 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 by the terms and
provisions hereof arising on and after its succession; PROVIDED, HOWEVER, that,
without affecting the immediate termination of the rights of the Master Servicer
hereunder, it is understood and acknowledged by the parties hereto that there
will be a period of transition not to exceed 90 days (the "Master Servicer
Transition Period") before the master servicing transfer is fully effected.

          During the Master Servicer Transition Period, neither the Successor
Master Servicer, the Securities Administrator nor the Indenture Trustee shall be
responsible for the lack of information and documents that it cannot reasonably
obtain on a practicable basis under the circumstances.

          As compensation therefor, the Successor Master Servicer shall be
entitled to such compensation as the Master Servicer would have been entitled to
hereunder if no such notice of termination had been given. Notwithstanding the
above, if the Successor Master Servicer is legally unable to act as successor
servicer, the Indenture Trustee may appoint or petition a court of competent
jurisdiction to appoint, any established housing and home finance institution,
bank or other mortgage loan or home equity loan servicer that is an Approved
Servicer (defined for this purpose by (i) striking the words "the Master
Servicer" in clause 1 of the definition thereof and (ii) striking clause 2(a) in
the definition thereof) 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; PROVIDED that the appointment of any such
Successor Master Servicer will not result in the qualification, reduction or
withdrawal of the ratings assigned to the Offered Notes by the Rating Agencies.
Pending appointment of a successor to the Master Servicer hereunder, unless the
Successor Master Servicer is prohibited by law from so acting, the Successor
Master Servicer shall act in such capacity as hereinabove provided. In
connection with such appointment and assumption, the successor shall be entitled
to receive compensation out of payments on the Mortgage Loans in an amount equal
to the compensation which the Master Servicer would otherwise have received
pursuant to Section 4.09 (or such lesser compensation as the Indenture Trustee
and such successor shall agree). The appointment of a Successor Master Servicer
shall not affect any liability of the predecessor Master Servicer which may have
arisen under this Agreement prior to its termination as Master Servicer to
indemnify the Indenture Trustee, the Servicer and the Securities Administrator
pursuant to Section 5.06, nor shall any Successor Master Servicer be liable for
any acts or omissions of the predecessor Master Servicer or for any breach by
such Master Servicer of any of its representations or warranties contained
herein or in any related document or agreement. During the Master Servicer
Transition Period, the Indenture Trustee, the Securities Administrator or a
Successor Master Servicer shall have no responsibility or obligation (i) to
repurchase or substitute for any of the Mortgage Loans or (ii) for any acts or
omissions of a predecessor Master Servicer. The Indenture Trustee, the
Securities Administrator and such successor shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such succession.

          (b) Any successor, including the Successor Master Servicer, to the
Master Servicer as servicer shall during the term of its service as master
servicer (i) continue to master service and administer the Mortgage Loans for
the benefit of Noteholders and (ii) maintain in force a policy or policies of
insurance covering errors and omissions in the performance of its obligations as
Master Servicer hereunder and a fidelity bond in respect of its officers,
employees and agents to the same extent as the Master Servicer is so required
pursuant to Section 4.04.

          (c) In connection with the termination or resignation of the Master
Servicer hereunder, the Successor Master Servicer, including the Indenture
Trustee if the Indenture 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.

          (d) Notwithstanding the above, the Indenture Trustee may, if it shall
be unwilling to continue to so act, or shall, if it is unable to so act,
petition a court of competent jurisdiction to appoint, or appoint on its own
behalf any established housing and home finance institution servicer, master
servicer, servicing or mortgage servicing institution having a net worth of not
less than $25,000,000 and meeting such other standards for a successor master
servicer as are set forth in this Agreement, as the successor to such Master
Servicer in the assumption of all of the responsibilities, duties or liabilities
of a master servicer, like the Master Servicer.

               Section 6.05. WAIVER OF DEFAULTS.

          The Holders of not less than 51% of the aggregate Note Balance of the
Notes may, on behalf of all Noteholders, waive any events permitting removal of
the Servicer as servicer or of the Master Servicer as master servicer pursuant
to this Article VI, PROVIDED, HOWEVER, that the Holders of not less than 51% of
the aggregate Note Balance of the Notes may not waive a default in making a
required payment on a Note without the consent of the Holder of such Note. Upon
any waiver of a past default, such default shall cease to exist, and any
Servicer Event of Default arising therefrom shall be deemed to have been
remedied for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereto except to the
extent expressly so waived. Notice of any such waiver shall be given by the
Securities Administrator to the Rating Agencies.

               Section 6.06. NOTIFICATION TO NOTEHOLDERS.

          Upon any termination or appointment of a successor to the Servicer
pursuant to this Article VI or Section 5.04, the Securities Administrator shall
give prompt written notice thereof to the Noteholders at their respective
addresses appearing in the Note Register and to each Rating Agency.

<PAGE>

                                  ARTICLE VII

                            MISCELLANEOUS PROVISIONS

               Section 7.01. AMENDMENT.

          (a) This Agreement may be amended from time to time by the Issuer, the
Servicer, the Master Servicer, the Securities Administrator and the Indenture
Trustee subject, in the case of any amendment or modification which affects any
right, benefit, duty or obligation of the Custodian, to the consent of the
Custodian, in each case without the consent of any of the Noteholders, (i) to
cure any ambiguity, (ii) to correct, modify or supplement any provisions herein,
(iii) to add to the duties of the Servicer or of the Master Servicer, (iv) to
add any other provisions with respect to matters or questions arising under this
Agreement which shall not be inconsistent with the provisions of this Agreement
or (v) to provide for gross deposits to the Collection Account by the Servicer;
PROVIDED, HOWEVER, that as evidenced by an Opinion of Counsel (at the expense of
the requesting party) in each case such action shall not adversely affect in any
material respect the interest of any Noteholder; and PROVIDED, FURTHER, that the
amendment shall not be deemed to adversely affect in any material respect the
interests of the Noteholders and no Opinion of Counsel to that effect shall be
required if the Person requesting the amendment obtains a letter from each
Rating Agency stating that the amendment would not result in the downgrading or
withdrawal of the respective ratings then assigned to the Notes.

          (b) This Agreement also may be amended from time to time by the
Issuer, the Servicer, the Master Servicer, the Securities Administrator and the
Indenture Trustee, subject, in the case of any amendment or modification which
affects any right, benefit, duty or obligation of the Custodian, to the consent
of the Custodian, with the consent of the Holders of not less than 51% of the
Note Balance of the Class of Notes affected by such amendment (or in the case of
an amendment which affects all classes, the consent of the Holders of not less
than 51% of the Note Balance of the Notes), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders;
PROVIDED, HOWEVER, that no such amendment shall (i) reduce in any manner the
amount of, or delay the timing of, payments on the Notes which are required to
be made on any Note without the consent of the Holder of such Note or (ii)
reduce the aforesaid percentage required to consent to any such amendment,
without the consent of the Holders of all Notes then outstanding.

          (c) Prior to the execution of any such amendment, the Securities
Administrator shall furnish written notification of the substance of such
amendment to each Rating Agency. In addition, promptly after the execution of
any such amendment made with the consent of the Noteholders, the Securities
Administrator shall furnish written notification of the substance of such
amendment to each Noteholder.

          (d) It shall not be necessary for the consent of Noteholders under
this Section 7.01 to approve the particular form of any proposed amendment or
consent, 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 Noteholders shall be subject to such
reasonable requirements as the Securities Administrator may prescribe.

          Notwithstanding the permissive language in Section 7.01(a) and
7.01(b), upon satisfaction of the conditions in Section 7.01(a) or 7.01(b) as
applicable, the Indenture Trustee and the Securities Administrator shall execute
and deliver the applicable amendment; PROVIDED, HOWEVER, that the Indenture
Trustee and the Securities Administrator shall not be required to execute any
amendment which, based on an Opinion of Counsel, materially and adversely
affects the rights, duties or immunities of the Indenture Trustee or of the
Securities Administrator hereunder. Prior to the execution of any amendment to
this Agreement, each of the Indenture Trustee and the Securities Administrator
shall be entitled to receive and rely upon a Opinion of Counsel addressed to it
stating that the execution of such amendment is authorized or permitted by this
Agreement.

               Section 7.02. GOVERNING LAW. THIS SERVICING AGREEMENT SHALL BE
     CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
     REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS
     AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
     WITH SUCH LAWS.

               Section 7.03. NOTICES. All demands, notices and communications
     hereunder shall be in writing and shall be deemed to have been duly given
     if and when delivered to:

          (a) in the case of the Servicer:

          [o]

          (b) in the case of the Master Servicer:

          [o]

          (c) in the case of Rating Agencies:

          [o]

          (d) in the case of the Owner Trustee, the Corporate Trust Office:

          [o]

          (e) in the case of the Issuer, to Renaissance Home Equity Loan Trust
[o]:

          c/o Renaissance Mortgage Acceptance Corp.
          1000 Woodbury Road
          Woodbury, NY 11797
          Attention: Chief Financial Officer

          (f) in the case of the Indenture Trustee or the Securities
Administrator, to the respective Corporate Trust Office;

or, as to each party, at such other address as shall be designated by such party
in a written notice to each other party. Any notice required or permitted to be
mailed to a Noteholder shall be given by first class mail, postage prepaid, at
the address of such Noteholder as shown in the Note Register. Any notice so
mailed within the time prescribed in this Servicing Agreement shall be
conclusively presumed to have been duly given, whether or not the Noteholder
receives such notice. Any notice or other document required to be delivered or
mailed by the Indenture Trustee to any Rating Agency shall be given on a
reasonable efforts basis and only as a matter of courtesy and accommodation and
the Indenture Trustee shall have no liability for failure to deliver such notice
or document to any Rating Agency.

               Section 7.04. ASSIGNMENT. Notwithstanding anything to the
     contrary contained herein, except as provided in Sections 4.16, 5.02, 5.04
     and 5.05 (or 3.01), this Agreement may not be assigned by the Master
     Servicer or the Servicer without the prior written consent of the Holders
     of not less than 66% of the aggregate Note Balance of the Notes.
     Notwithstanding the foregoing, the Servicer and the Master Servicer may
     assign its rights to reimbursement for Monthly Advances, Servicing Advances
     and Nonrecoverable Advances, as applicable, without Noteholder consent.

               Section 7.05. SEVERABILITY OF PROVISIONS. If any one or more of
     the covenants, agreements, provisions or terms of this Servicing 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 Servicing
     Agreement and shall in no way affect the validity or enforceability of the
     other provisions of this Servicing Agreement or of the Notes or the rights
     of the Noteholders thereof.

               Section 7.06. THIRD-PARTY BENEFICIARIES. This Servicing Agreement
     will inure to the benefit of and be binding upon the parties hereto, the
     Noteholders, the Owner Trustee, the Indenture Trustee and their respective
     successors and permitted assigns. Except as otherwise provided in this
     Servicing Agreement, no other Person will have any right or obligation
     hereunder. The Indenture Trustee shall have the right to exercise all
     rights of the Issuer under this Servicing Agreement.

               Section 7.07. COUNTERPARTS. This instrument may be executed in
     any number of counterparts, each of which so executed shall be deemed to be
     an original, but all such counterparts shall together constitute but one
     and the same instrument.

               Section 7.08. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The
     Article and Section headings herein and the Table of Contents are for
     convenience only and shall not affect the construction hereof.

               Section 7.09. TERMINATION. The respective obligations and
     responsibilities of the Master Servicer and the Issuer created hereby shall
     terminate upon the satisfaction and discharge of the Indenture pursuant to
     Section 4.10 thereof.

               Section 7.10. NO PETITION. The Master Servicer, by entering into
     this Servicing Agreement, hereby covenants and agrees that it will not at
     any time institute against the Issuer, or join in any institution against
     the Issuer, any bankruptcy proceedings under any United States federal or
     state bankruptcy or similar law in connection with any obligations of the
     Issuer. This section shall survive the termination of this Servicing
     Agreement by one year.

               Section 7.11. NO RECOURSE. The Master Servicer acknowledges that
     no recourse may be had against the Issuer, except as may be expressly set
     forth in this Servicing Agreement.

               Section 7.12. INDENTURE TRUSTEE RIGHTS. The Indenture Trustee and
     the Securities Administrator shall each be entitled to the same rights,
     protections, indemnities and immunities afforded to it under the Indenture
     as if specifically set forth herein.

               Section 7.13. WAIVER OF JURY TRIAL. EACH PARTY HERBY KNOWINGLY,
     VOLUNTARILY AND INTENTIONALLY, WAIVES (TO THE EXTENT PERMITTED BY
     APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE
     ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH
     DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.

               Section 7.14. NO RECOURSE TO OWNER TRUSTEE. It is expressly
     understood and agreed by the parties hereto that (a) this Agreement is
     executed and delivered by [o], not individually or personally, but solely
     as Owner Trustee of Renaissance Home Equity Loan Trust [o], in the exercise
     of the powers and authority conferred and vested in it, (b) each of the
     representations, undertakings and agreements herein made on the part of the
     Issuer is made and intended not as personal representations, undertakings
     and agreements by [o] but is made and intended for the purpose for binding
     only the Issuer, (c) nothing herein contained shall be construed as
     creating any liability of [o], individually or personally, to perform any
     covenant either expressed or implied contained herein, all such liability,
     if any, being expressly waived by the parties hereto and by any Person
     claiming by, through or under the parties hereto and (d) under no
     circumstances shall [o] be personally liable for the payment of any
     indebtedness or expenses of the Issuer or be liable for the breach or
     failure of any obligation, representation, warranty or covenant made or
     undertaken by the Issuer under this Agreement or any other related
     documents.

<PAGE>

          IN WITNESS WHEREOF, the Master Servicer, the Servicer, the Issuer, the
Indenture Trustee and the Securities Administrator have caused this Servicing
Agreement to be duly executed by their respective officers or representatives
all as of the day and year first above written.

                                 [o],
                                 as Master Servicer and Securities Administrator

                                 By:
                                    -------------------------------------
                                 Name:
                                 Title:

                                 [o],
                                 as Servicer

                                 By:
                                    -----------------------------
                                 Name:
                                 Title:

                                 RENAISSANCE HOME EQUITY LOAN TRUST
                                 [o], as Issuer

                                 By: [o], not in its individual capacity, but
                                 solely as Owner Trustee

                                 By:
                                    -----------------------------
                                 Name:
                                 Title:

                                 [o],
                                 as Indenture Trustee

                                 By:
                                    -----------------------------
                                 Name:
                                 Title:

<PAGE>

                                   EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

                           See Exhibit B to Indenture

<PAGE>

                                   EXHIBIT B

                    FORM OF REQUEST FOR RELEASE OF DOCUMENTS

[o]

     Re:  Custodial Agreement dated as of [o] among Renaissance REIT Investment
          Corp., as Seller, Renaissance Mortgage Acceptance Corp., as Depositor,
          [o], as Servicer, [o], as Indenture Trustee and [o], as Custodian for
          Renaissance Home Equity Loan Trust [o], Home Equity Loan Asset-Backed
          Notes, Series [o]
                        --------------------------------------------------------

          In connection with the administration of the Mortgage Loans held by
you, as Custodian, pursuant to the above-captioned Custodial Agreement, we
request the release, and hereby acknowledge receipt, of the Mortgage File for
the Mortgage Loan described below, for the reason indicated.

MORTGAGE LOAN NUMBER:

MORTGAGOR NAME, ADDRESS & ZIP CODE:

REASON FOR REQUESTING DOCUMENTS (check one):

____          1.       Mortgage Paid in Full

____          2.       Foreclosure

____          3.       Substitution

____          4.       Other Liquidation

____          5.       Nonliquidation Reason:______________________

                                                  By:___________________________

                                                  (authorized signer)

                                                  [Servicer] [Master Servicer]:

                                                  ______________________________

                                                  Address:______________________

                                                  Date: ________________________

CUSTODIAN
[o]
Please acknowledge the execution of the above request by your signature and date
below:

--------------------------                             ----------------------
Signature                                              Date

Documents returned to Custodian:

--------------------------                             ----------------------
Custodian                                              Date

<PAGE>

                                  EXHIBIT C-1

       FORM OF CERTIFICATION TO BE PROVIDED TO THE MASTER SERVICER BY THE
                            SECURITIES ADMINISTRATOR

          Re:  Renaissance Home Equity Loan Trust [o] (the "Trust")

          I, [identify the certifying individual], a [title] of [o], as
Securities Administrator of the Trust, hereby certify to [o] (the "Master
Servicer"), and its officers, directors and affiliates, and with the knowledge
and intent that they will rely upon this certification, that:

          1. I have reviewed the annual report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing distribution reports filed in
respect of periods included in the year covered by that annual report, of the
Depositor relating to the above-referenced trust;

          2. Based on my knowledge, the information in these distribution
reports prepared by the Securities Administrator, taken as a whole, does not
contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading as of the last day of the period
covered by that annual report;

          3. Based on my knowledge, the distribution information required to be
provided by the Securities Administrator under the pooling and servicing
agreement for inclusion in these reports is included in these reports;

Date: ___________________
                                            [o],
                                            as Servicer

                                            By: __________________________
                                            Name:
                                            Title:

<PAGE>

                                  EXHIBIT C-2

                          FORM OF CERTIFICATION TO BE
                PROVIDED TO THE MASTER SERVICER BY THE SERVICER

          Re:  Renaissance Home Equity Loan Trust [o] (the "Trust")

          I, [identify the certifying individual], a [title] of [o], as Servicer
of the Trust, hereby certify to [o] (the "Master Servicer"), and its officers,
directors and affiliates, and with the knowledge and intent that they will rely
upon this certification, that:

          1. Based on my knowledge, the information in the Annual Statement of
Compliance, the Annual Independent Public Accountant's Servicing Report and all
servicing reports, officer's certificates and other information relating to the
servicing of the Mortgage Loans submitted to the Master Servicer taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
date of this certification;

          2. Based on my knowledge, the servicing information required to be
provided to the Master Servicer by the Servicer under the Servicing Agreement
has been provided to the Master Servicer;

          3. I am responsible for reviewing the activities performed by the
Servicer under the Servicing Agreement and based upon the review required by the
Servicing Agreement, and except as disclosed in the Annual Statement of
Compliance, the Annual Independent Public Accountant's Servicing Report and all
servicing reports, officer's certificates and other information relating to the
servicing of the Mortgage Loans submitted to the Master Servicer, the Servicer
has, for the period covered by this certification fulfilled its obligations
under the Servicing Agreement; and

          4. I have disclosed to the Master Servicer all significant
deficiencies relating to the Servicer's compliance with the minimum servicing
standards in accordance with a review conducted in compliance with the Uniform
Single Attestation Program for Mortgage Bankers or similar standard as set forth
in the Pooling and Servicing Agreement.

Date: ___________________
                                            [o],
                                            as Servicer

                                            By: __________________________
                                            Name:
                                            Title:

<PAGE>

                                   EXHIBIT D

                   CALCULATION OF REALIZED LOSS/GAIN FORM 332

          (a) The numbers on the form correspond with the numbers listed below.

     LIQUIDATION AND ACQUISITION EXPENSES:

          1. The Actual Unpaid Principal Balance of the Mortgage Loan. For
documentation, an Amortization Schedule from date of default through liquidation
breaking out the net interest and servicing fees advanced is required.

          2. The Total Interest Due less the aggregate amount of servicing fee
that would have been earned if all delinquent payments had been made as agreed.
For documentation, an Amortization Schedule from date of default through
liquidation breaking out the net interest and servicing fees advanced is
required.

          3. Accrued Servicing Fees based upon the Scheduled Principal Balance
of the Mortgage Loan as calculated on a monthly basis. For documentation, an
Amortization Schedule from date of default through liquidation breaking out the
net interest and servicing fees advanced is required.

          4-12. Complete as applicable. All line entries must be supported by
copies of appropriate statements, vouchers, receipts, bills, canceled checks,
etc., to document the expense. Electronic or online billing printouts will be
accepted as proper documentation. Entries not properly documented will not be
reimbursed to the Servicer.

          13. The total of lines 1 through 12.

          (b) Credits:

          14-21. Complete as applicable. All line entries must be supported by
copies of the appropriate claims forms, EOBs, HUD-1 and/or other proceeds
verification, statements, payment checks, etc. to document the credit. If the
Mortgage Loan is subject to a Bankruptcy Deficiency, the difference between the
Unpaid Principal Balance of the Note prior to the Bankruptcy Deficiency and the
Unpaid Principal Balance as reduced by the Bankruptcy Deficiency should be input
on line 20.

          22. The total of lines 14 through 21.

          PLEASE NOTE: For HUD/VA loans, use line (15) for Part A/Initial
proceeds and line (16) for Part B/Supplemental proceeds.

          (c) Total Realized Loss (or Amount of Any Gain)

          23. The total derived from subtracting line 22 from 13. If the amount
represents a realized gain, show the amount in parenthesis ( ).

                                      [o]
                       CALCULATION OF REALIZED LOSS/GAIN

   Prepared by:  __________________               Date:  _______________
   Phone:  ______________________   Email Address:_____________________

   _______________________    ______________________    ______________________
   Servicer Loan No.          Servicer Name             Servicer Address

   _______________________    ______________________    ______________________

[o] Loan No._____________________________
Borrower's Name:___________________________________________________
Property Address:___________________________________________________________
LIQUIDATION AND ACQUISITION EXPENSES:
(1)  Actual Unpaid Principal Balance of Mortgage Loan    $ ______________ (1)
(2)  Interest accrued at Net Rate                         ________________(2)
(3)  Accrued Servicing Fees                               ________________(3)
(4)  Attorney's Fees                                      ________________(4)
(5)  Taxes                                                ________________(5)
(6)  Property Maintenance                                 ________________(6)
(7)  MI/Hazard Insurance Premiums                         ________________(7)
(8)  Utility Expenses                                     ________________(8)
(9)  Appraisal/BPO                                        ________________(9)
(10) Property Inspections                                 ________________(10)
(11) FC Costs/Other Legal Expenses                        ________________(11)
(12) Other (itemize)                                     $________________(12)
         Cash for Keys__________________________          ________________
         HOA/Condo Fees_________________________          ________________
         _______________________________________          ________________
         _______________________________________          ________________
         TOTAL EXPENSES                                  $ _______________(13)
CREDITS:
(14) Escrow Balance                                      $ _______________(14)
(15) HIP Refund                                          ________________ (15)
(16) Rental Receipts                                     ________________ (16)
(17) Hazard Loss Proceeds                                ________________ (17)
(18) Primary Mortgage Insurance Proceeds                 ________________ (18)
(19) Pool Insurance Proceeds                             ________________ (19)
(20) Proceeds from Sale of Acquired Property             ________________ (20)
(21) Other (itemize)                                     ________________ (21)
     __________________________________________          ________________
     __________________________________________          ________________

     TOTAL CREDITS                                       $________________(22)
TOTAL REALIZED LOSS (OR AMOUNT OF GAIN)                  $________________(23)

<PAGE>

                                   EXHIBIT E

                   STANDARD FILE LAYOUT--SCHEDULED/SCHEDULED

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
COLUMN NAME                                        DESCRIPTION                      DECIMAL    FORMAT COMMENT
-----------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>                                                 <C>        <C>
LOAN_NBR                        Loan Number assigned by investor                               Text up to 10 digits
-----------------------------------------------------------------------------------------------------------------------------------
SERVICER LOAN_NBR               Servicer Loan Number                                           Text up to 10 digits
-----------------------------------------------------------------------------------------------------------------------------------
BORROWER_NAME                   Mortgagor name assigned to Note                                Max length of 30
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_PMT_AMT                   P&I constant                                           2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE                   Gross Interest Rate                                    4       Max length of 6
-----------------------------------------------------------------------------------------------------------------------------------
NET_RATE                        Gross Interest Rate less the Service Fee Rate          4       Max length of 6
-----------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE                   Service Fee Rate                                       4       Max length of 6
-----------------------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT                     ARM loan's forecasted P&I constant                     2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE                   ARM loan's forecasted Gross Interest Rate              4       Max length of 6
-----------------------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE                  ARM loan's index Rate used                             4       Max length of 6
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_BEG_BAL                    Beginning Actual Balance                               2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_END_BAL                    Ending Actual Balance                                  2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
NEXT_DUE_DATE                   Borrower's next due date                                       MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
CURT_AMT_1                      Curtailment Amount                                     2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
CURT_DATE_1                     Due date Curtailment was applied to                            MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1                 Curtailment Interest if applicable                     2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
CURT_AMT_2                      Curtailment Amount 2                                   2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
CURT_DATE_2                     Due date Curtailment was applied to                            MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT2                  Curtailment Interest if applicable                     2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
CURT_AMT_3                      Curtailment Amount 3                                   2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
CURT_DATE_3                     Due date Curtailment was applied to                            MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT3                   Curtailment Interest, if applicable                    2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_BEG_BAL                   Beginning Scheduled Balance                            2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_END_BAL                   Ending Scheduled Balance                               2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT                  Scheduled Principal portion of P&I                     2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
                                Scheduled Net Interest (less Service Fee)
SCHED_NET_INT                   portion of P&I                                         2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
                                Liquidation Principal Amt to bring balance  to
LIQ_AMT                         zero                                                   2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
PIF_DATE                        Liquidation Date                                               MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
ACTION_CODE                     Either 60 for liquidation or 65 for Repurchase                 Max length of 2
-----------------------------------------------------------------------------------------------------------------------------------
PRIN_ADJ_AMT                    Principal Adjustments made to loan, if applicable      2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT                     Interest Adjustment made to loan, if applicable        2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT PENALTY AMT          Prepayment penalty amount, if applicable               2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
                                Soldier and  Sailor Adjustment amount, if
SOILDER_SAILOR ADJ AMT          applicable                                             2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
NON ADV LOAN AMT                Non Recoverable Loan Amount, if applicable             2       No commas(,) or dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                                     EXHIBIT F

                                    STANDARD FILE LAYOUT--DELINQUENCY REPORTING

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
COLUMN/HEADER NAME                                               DESCRIPTION                            DECIMAL    FORMAT COMMENT
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                                                             <C>        <C>
SERVICER_LOAN_NBR                       A unique number assigned to a loan by the Servicer. This
                                        may be different than the LOAN_NBR
-----------------------------------------------------------------------------------------------------------------------------------
LOAN_NBR                                A unique identifier assigned to each loan by the originator.
-----------------------------------------------------------------------------------------------------------------------------------
CLIENT_NBR                              Servicer Client Number
-----------------------------------------------------------------------------------------------------------------------------------
SERV_INVESTOR_NBR                       Contains a unique number as assigned by an external servicer
                                        to identify a group of loans in their system.
-----------------------------------------------------------------------------------------------------------------------------------
BORROWER_FIRST_NAME                     First Name of the Borrower.
-----------------------------------------------------------------------------------------------------------------------------------
BORROWER_LAST_NAME                      Last name of the borrower.
-----------------------------------------------------------------------------------------------------------------------------------
PROP_ADDRESS                            Street Name and Number of Property
-----------------------------------------------------------------------------------------------------------------------------------
PROP_STATE                              The state where the property located.
-----------------------------------------------------------------------------------------------------------------------------------
PROP_ZIP                                Zip code where the property is located.
-----------------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE                  The date that the borrower's next payment is due to the                    MM/DD/YYYY
                                        servicer  at the end of processing  cycle, as reported  by
                                        Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
LOAN_TYPE                               Loan Type (i.e. FHA, VA, Conv)
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_FILED_DATE                   The date a particular bankruptcy claim was filed.                          MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CHAPTER_CODE                 The chapter under which the bankruptcy was filed.
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CASE_NBR                     The case number assigned by the court to the  bankruptcy
                                        filing.
-----------------------------------------------------------------------------------------------------------------------------------
POST_PETITION_DUE_DATE                  The payment due date once the bankruptcy has been approved                 MM/DD/YYYY
                                        by the courts
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE              The Date The Loan Is Removed From  Bankruptcy. Either  by                  MM/DD/YYYY
                                        Dismissal, Discharged  and/or a Motion  For  Relief  Was
                                        Granted.
-----------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE                      The Date The Loss Mitigation Was Approved By The Servicer                  MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_TYPE                           The Type Of Loss Mitigation Approved For A Loan Such As;
-----------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_EST_COMP_DATE                  The Date The Loss Mitigation /Plan Is Scheduled To End/Close               MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE                  The Date The Loss Mitigation Is Actually Completed                         MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE                    The date DA Admin sends a letter to the servicer with                      MM/DD/YYYY
                                        instructions to begin foreclosure proceedings.
-----------------------------------------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE                  Date File Was Referred To Attorney to Pursue Foreclosure                   MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE                        Notice of 1st legal filed by an Attorney in a Foreclosure                  MM/DD/YYYY
                                        Action
-----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE               The date by which a foreclosure sale is expected to occur.                 MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE                        The actual date of the foreclosure sale.                                   MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT                         The amount a property sold for at the foreclosure sale.            2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE                     The date the servicer initiates eviction of the borrower.                  MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE                 The date the court revokes legal possession of the property                MM/DD/YYYY
                                        from the borrower.
-----------------------------------------------------------------------------------------------------------------------------------
LIST_PRICE                              The price at which an REO property is marketed.                    2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
LIST_DATE                               The date an REO property is listed at a particular price.                  MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
OFFER_AMT                               The dollar value of an offer for an REO property.                  2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME                         The date an offer is received by DA Admin or by the Servicer.              MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE                        The date the REO sale of the property is scheduled to close.               MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE                 Actual Date Of REO Sale                                                    MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
OCCUPANT_CODE                           Classification of how the property is occupied.
-----------------------------------------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE                     A code that indicates the condition of the property.
-----------------------------------------------------------------------------------------------------------------------------------
PROP_INSPECTION_DATE                    The date a property inspection is performed.                               MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
APPRAISAL_DATE                          The date the appraisal was done.                                           MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
CURR_PROP_VAL                           The current "as is" value of the property based on brokers         2
                                        price opinion or appraisal.
-----------------------------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL                       The  amount the property would be worth if repairs are             2
                                        completed pursuant to a broker's price opinion or appraisal.
-----------------------------------------------------------------------------------------------------------------------------------
IF APPLICABLE:
-----------------------------------------------------------------------------------------------------------------------------------
DELINQ_STATUS_CODE                      FNMA Code Describing Status of Loan
-----------------------------------------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE                      The circumstances which caused a borrower to stop paying on
                                        a  loan. Code indicates the  reason why the loan is in
                                        default for this cycle.
-----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_FILED_DATE                     Date Mortgage Insurance Claim Was Filed With Mortgage                      MM/DD/YYYY
                                        Insurance Company.
-----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT                            Amount of Mortgage Insurance Claim Filed                                   No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE                      Date Mortgage Insurance Company Disbursed Claim Payment                    MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID                       Amount Mortgage Insurance Company Paid On Claim                    2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE                   Date Claim Was Filed With Pool Insurance Company                           MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT                          Amount of Claim Filed With Pool Insurance Company                  2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE                    Date Claim Was Settled and The Check Was Issued By The Pool                MM/DD/YYYY
                                        Insurer
-----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID                     Amount Paid On Claim By Pool Insurance Company                     2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_FILED_DATE             Date FHA Part A Claim Was Filed With HUD                                   MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_AMT                    Amount of FHA Part A Claim Filed                                   2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE              Date HUD Disbursed Part A Claim Payment                                   MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT               Amount HUD Paid on Part A Claim                                    2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE             Date FHA Part B Claim Was Filed With HUD                                   MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT                    Amount of FHA Part B Claim Filed                                   2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE              Date HUD Disbursed Part B Claim Payment                                    MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT               Amount HUD Paid on Part B Claim                                    2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE                     Date VA Claim Was Filed With the Veterans Admin                            MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE                      Date Veterans Admin. Disbursed VA Claim Payment                            MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT                       Amount Veterans Admin. Paid on VA Claim                            2       No commas(,)
                                                                                                                   or dollar
                                                                                                                   signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

EXHIBIT 2: STANDARD FILE CODES - DELINQUENCY REPORTING

The LOSS MIT TYPE field should show the approved Loss Mitigation Code as
follows:

     o    ASUM-   Approved Assumption
     o    BAP-    Borrower Assistance Program
     o    CO-     Charge Off
     o    DIL-    Deed-in-Lieu
     o    FFA-    Formal Forbearance Agreement
     o    MOD-    Loan Modification
     o    PRE-    Pre-Sale
     o    SS-     Short Sale
     o    MISC-   Anything else approved by the PMI or Pool Insurer

NOTE: [o] will accept alternative Loss Mitigation Types to those above, provided
that they are consistent with industry standards. If Loss Mitigation Types other
than those above are used, the Servicer must supply [o] with a description of
each of the Loss Mitigation Types prior to sending the file.

The OCCUPANT CODE field should show the current status of the property code as
follows:

     o    Mortgagor
     o    Tenant
     o    Unknown
     o    Vacant

The PROPERTY CONDITION field should show the last reported condition of the
property as follows:

     o    Damaged
     o    Excellent
     o    Fair
     o    Gone
     o    Good
     o    Poor
     o    Special Hazard
     o    Unknown

<PAGE>

EXHIBIT 2: STANDARD FILE CODES - DELINQUENCY REPORTING, CONTINUED

The FNMA DELINQUENT REASON CODE field should show the Reason for Delinquency as
follows:

     ---------------------------------------------------------------------
     DELINQUENCY CODE         DELINQUENCY DESCRIPTION
     ---------------------------------------------------------------------
     001                      FNMA-Death of principal mortgagor
     ---------------------------------------------------------------------
     002                      FNMA-Illness of principal mortgagor
     ---------------------------------------------------------------------
     003                      FNMA-Illness of mortgagor's family member
     ---------------------------------------------------------------------
     004                      FNMA-Death of mortgagor's family member
     ---------------------------------------------------------------------
     005                      FNMA-Marital difficulties
     ---------------------------------------------------------------------
     006                      FNMA-Curtailment of income
     ---------------------------------------------------------------------
     007                      FNMA-Excessive Obligation
     ---------------------------------------------------------------------
     008                      FNMA-Abandonment of property
     ---------------------------------------------------------------------
     009                      FNMA-Distant employee transfer
     ---------------------------------------------------------------------
     011                      FNMA-Property problem
     ---------------------------------------------------------------------
     012                      FNMA-Inability to sell property
     ---------------------------------------------------------------------
     013                      FNMA-Inability to rent property
     ---------------------------------------------------------------------
     014                      FNMA-Military Service
     ---------------------------------------------------------------------
     015                      FNMA-Other
     ---------------------------------------------------------------------
     016                      FNMA-Unemployment
     ---------------------------------------------------------------------
     017                      FNMA-Business failure
     ---------------------------------------------------------------------
     019                      FNMA-Casualty loss
     ---------------------------------------------------------------------
     022                      FNMA-Energy environment costs
     ---------------------------------------------------------------------
     023                      FNMA-Servicing problems
     ---------------------------------------------------------------------
     026                      FNMA-Payment adjustment
     ---------------------------------------------------------------------
     027                      FNMA-Payment dispute
     ---------------------------------------------------------------------
     029                      FNMA-Transfer of ownership pending
     ---------------------------------------------------------------------
     030                      FNMA-Fraud
     ---------------------------------------------------------------------
     031                      FNMA-Unable to contact borrower
     ---------------------------------------------------------------------
     INC                      FNMA-Incarceration
     ---------------------------------------------------------------------

<PAGE>

EXHIBIT 2: STANDARD FILE CODES - DELINQUENCY REPORTING, CONTINUED

The FNMA DELINQUENT STATUS CODE field should show the Status of Default as
follows:

     ---------------------------------------------------------------------
           STATUS CODE        STATUS DESCRIPTION
     ---------------------------------------------------------------------
               09             Forbearance
     ---------------------------------------------------------------------
               17             Pre-foreclosure Sale Closing Plan Accepted
     ---------------------------------------------------------------------
               24             Government Seizure
     ---------------------------------------------------------------------
               26             Refinance
     ---------------------------------------------------------------------
               27             Assumption
     ---------------------------------------------------------------------
               28             Modification
     ---------------------------------------------------------------------
               29             Charge-Off
     ---------------------------------------------------------------------
               30             Third Party Sale
     ---------------------------------------------------------------------
               31             Probate
     ---------------------------------------------------------------------
               32             Military Indulgence
     ---------------------------------------------------------------------
               43             Foreclosure Started
     ---------------------------------------------------------------------
               44             Deed-in-Lieu Started
     ---------------------------------------------------------------------
               49             Assignment Completed
     ---------------------------------------------------------------------
               61             Second Lien Considerations
     ---------------------------------------------------------------------
               62             Veteran's Affairs-No Bid
     ---------------------------------------------------------------------
               63             Veteran's Affairs-Refund
     ---------------------------------------------------------------------
               64             Veteran's Affairs-Buydown
     ---------------------------------------------------------------------
               65             Chapter 7 Bankruptcy
     ---------------------------------------------------------------------
               66             Chapter 11 Bankruptcy
     ---------------------------------------------------------------------
               67             Chapter 13 Bankruptcy
     ---------------------------------------------------------------------

<PAGE>

                                   EXHIBIT G

             FORM OF MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT

                                See Exhibit 99.1

<PAGE>

                                   EXHIBIT H

                            LIST OF APPRAISAL FIRMS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]