Document:

RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.

                                         as Depositor

                                             and

                                   WILMINGTON TRUST COMPANY

                                       as Owner Trustee

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

                          AMENDED AND RESTATED OWNER TRUST AGREEMENT

                                  Dated as of June 27, 2003
                          ------------------------------------------

                                Home Loan-Backed Certificate,
                                       Series 2003-HI2

<PAGE>
<TABLE>
<CAPTION>

                                         Table of Contents

Section                                                                                        Page

<S>     <C>                                                                                      <C>
Section 1.01. Definitions.......................................................................-1-
              -----------

Section 1.02. Other Definitional Provisions.....................................................-1-
              -----------------------------

Section 2.01. Name..............................................................................-2-
              ----

Section 2.02. Office............................................................................-2-
              ------

Section 2.03. Purposes and Powers...............................................................-2-
              -------------------

Section 2.04. Appointment of Owner Trustee......................................................-3-
              ----------------------------

Section 2.05. Initial Capital Contribution of Trust Estate......................................-3-
              --------------------------------------------

Section 2.06. Declaration of Trust..............................................................-3-
              --------------------

Section 2.07. Liability of the Holder of the Owner Trust Certificate. ..........................-3-
              ------------------------------------------------------

Section 2.08. Title to Trust Property...........................................................-4-
              -----------------------

Section 2.09. Situs of Trust....................................................................-4-
              --------------

Section 2.10. Representations and Warranties of the Depositor...................................-4-
              -----------------------------------------------

Section 2.11. Payment of Trust Fees.............................................................-5-
              ---------------------

Section 3.01. Conveyance of the Grantor Trust Certificate.......................................-6-
              -------------------------------------------

Section 3.02. Initial Ownership.................................................................-6-
              -----------------

Section 3.03. The Owner Trust Certificate.......................................................-6-
              ---------------------------

Section 3.04. Authentication of the Owner Trust Certificate.....................................-7-
              ---------------------------------------------

Section 3.05. Registration of and Limitations on Transfer and Exchange of the Owner Trust
              ----------------------------------------------------------------------------

Certificate.....................................................................................-7-
-----------

Section 3.06. Mutilated, Destroyed, Lost or Stolen Owner Trust Certificate......................-9-
              ------------------------------------------------------------

Section 3.07. Persons Deemed Certificateholders................................................-10-
              ---------------------------------

                                                -i-

<PAGE>

Section 3.08. Access to List of Certificateholder's Name and Address...........................-10-
              ------------------------------------------------------

Section 3.09. Maintenance of Office or Agency..................................................-10-
              -------------------------------

Section 3.10. Certificate Paying Agent.........................................................-10-
              ------------------------

Section 4.01. General Authority................................................................-12-
              -----------------

Section 4.02. General Duties...................................................................-12-
              --------------

Section 4.03. Action upon Instruction..........................................................-12-
              -----------------------

Section 4.04. No Duties Except as Specified under Specified Documents or in Instructions.......-13-
              --------------------------------------------------------------------------

Section 4.05. Restrictions.....................................................................-13-
              ------------

Section 4.06. Prior Notice to the Certificateholder with Respect to Certain Matters............-13-
              ---------------------------------------------------------------------

Section 4.07. Action by the Certificateholder with Respect to Certain Matters..................-14-
              ---------------------------------------------------------------

Section 4.08. Action by the Certificateholder with Respect to Bankruptcy.......................-14-
              ----------------------------------------------------------

Section 4.09. Restrictions on the Certificateholder's Power....................................-14-
              ---------------------------------------------

Section 4.10. Reserved.........................................................................-15-
              --------

Section 4.11. Doing Business in Other Jurisdictions............................................-15-
              -------------------------------------

Section 5.01. Distributions....................................................................-16-
              -------------

Section 5.02. Method of Payment................................................................-16-
              -----------------

Section 5.03. Signature on Returns.............................................................-16-
              --------------------

Section 5.04. Statements to the Certificateholder..............................................-16-
              -----------------------------------

Section 5.05. Tax Elections....................................................................-17-
              -------------

Section 6.01. Acceptance of Trusts and Duties..................................................-18-
              -------------------------------

Section 6.02. Furnishing of Documents..........................................................-19-
              -----------------------

                                               -ii-

<PAGE>

Section 6.03. Representations and Warranties...................................................-19-
              ------------------------------

Section 6.04. Reliance; Advice of Counsel......................................................-20-
              ---------------------------

Section 6.05. Not Acting in Individual Capacity................................................-20-
              ---------------------------------

Section 6.06. Owner Trustee Not Liable for the Certificate or Related Documents................-20-
              -----------------------------------------------------------------

Section 6.07. Owner Trustee May Own the Certificate and Notes..................................-21-
              -----------------------------------------------

Section 7.01. Owner Trustee's Fees and Expenses................................................-22-
              ---------------------------------

Section 7.02.  Indemnification.................................................................-22-
               ---------------

Section 8.01. Termination of Owner Trust Agreement.............................................-24-
              ------------------------------------

Section 9.01.  Eligibility Requirements for Owner Trustee......................................-26-
               ------------------------------------------

Section 9.02. Replacement of Owner Trustee.....................................................-26-
              ----------------------------

Section 9.03. Successor Owner Trustee..........................................................-27-
              -----------------------

Section 9.04. Merger or Consolidation of Owner Trustee.........................................-27-
              ----------------------------------------

Section 9.05. Appointment of Co-Trustee or Separate Trustee....................................-27-
              ---------------------------------------------

Section 10.01. Amendments......................................................................-29-
               ----------

Section 10.02. No Legal Title to Trust Estate..................................................-30-
               ------------------------------

Section 10.03. Limitations on Rights of Others.................................................-30-
               -------------------------------

Section 10.04. Notices.........................................................................-31-
               -------

Section 10.05. Severability....................................................................-31-
               ------------

Section 10.06. Separate Counterparts...........................................................-31-
               ---------------------

Section 10.07. Successors and Assigns..........................................................-31-
               ----------------------

Section 10.08. No Petition.....................................................................-31-
               -----------

Section 10.09. No Recourse.....................................................................-32-
               -----------

                                               -iii-

<PAGE>

Section 10.10. Headings........................................................................-32-
               --------

Section 10.11. GOVERNING LAW...................................................................-32-
               -------------

Section 10.12. Integration.....................................................................-32-
               -----------

                                               -iv-

<PAGE>

EXHIBIT

Exhibit A - Form of Certificate.................................................................A-1
Exhibit B - Certificate of Trust of Residential Home Loan Trust 2003-HI2........................B-1
Exhibit C - Form of 144A Investment Representation..............................................C-1
Exhibit D - Form of Investor Representation Letter..............................................D-1
Exhibit E - Form of Transferor Representation Letter............................................E-1
Exhibit F - Reserved............................................................................F-1
Exhibit G - Form of ERISA Representation Letter.................................................G-1

</TABLE>

                                                -v-

<PAGE>

        This Amended and Restated Trust Agreement, dated as of June 27, 2003 (as
amended from time to time, this "Owner Trust  Agreement"),  between  RESIDENTIAL
FUNDING MORTGAGE SECURITIES II, INC., a Delaware corporation,  as depositor (the
"Depositor") and WILMINGTON TRUST COMPANY,  a Delaware banking  corporation,  as
owner trustee (the "Owner Trustee"),

                                         WITNESSETH THAT:

        WHEREAS, the Depositor and the Owner Trustee entered into an owner trust
agreement  dated as of June 17,  2003,  in  connection  with the  formation of a
Delaware statutory trust (the "Original Trust Agreement");

        WHEREAS,  the  Depositor and the Owner Trustee wish to amend and restate
the Original Trust Agreement;

        NOW,  THEREFORE,  in  consideration  of  the  mutual  agreements  herein
contained, the Depositor and the Owner Trustee agree as follows:

                                             ARTICLE I

                                            Definitions

        Section  1.01.  Definitions.  For  all  purposes  of  this  Owner  Trust
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 Appendix A to the  Indenture  dated June
27, 2003 (the  "Indenture"),  between Home Loan Trust 2003-HI2,  as issuer,  and
JPMorgan  Chase Bank, as indenture  trustee.  All other  capitalized  terms used
herein shall have the meanings specified herein.

        Section 1.02. Other Definitional Provisions.
                      -----------------------------

        (a) All terms  defined  in this  Owner  Trust  Agreement  shall have the
defined  meanings  when  used  in any  certificate  or  other  document  made or
delivered pursuant hereto unless otherwise defined therein.

        (b) As used in this Owner  Trust  Agreement  and in any  certificate  or
other document made or delivered  pursuant hereto or thereto,  accounting  terms
not defined in this Owner Trust  Agreement or in any such  certificate  or other
document,  and accounting  terms partly defined in this Owner Trust Agreement or
in any such certificate or other document to the extent not defined,  shall have
the  respective  meanings  given to them  under  generally  accepted  accounting
principles. To the extent that the definitions of accounting terms in this Owner
Trust  Agreement or in any such  certificate or other document are  inconsistent
with the meanings of such terms under generally accepted accounting  principles,
the  definitions  contained  in  this  Owner  Trust  Agreement  or in  any  such
certificate or other document shall control.

                                                -1-

<PAGE>

        (c) The words  "hereof,"  "herein,"  "hereunder"  and  words of  similar
import when used in this Owner Trust  Agreement  shall refer to this Owner Trust
Agreement  as a whole and not to any  particular  provision  of this Owner Trust
Agreement; Article, Section and Exhibit references contained in this Owner Trust
Agreement are references to Articles,  Sections and Exhibits in or to this Owner
Trust Agreement unless otherwise specified;  and the term "including" shall mean
"including without limitation".

        (d)  The  definitions  contained  in  this  Owner  Trust  Agreement  are
applicable  to the singular as well as the plural forms of such terms and to the
masculine as well as to the feminine and neuter genders of such terms.

        (e) 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.

                                            ARTICLE II

                                           Organization

        Section  2.01.  Name.  The trust created  hereby (the "Trust")  shall be
known as "Home Loan Trust 2003-HI2," in which name the Owner Trustee may conduct
the business of the Trust,  make and execute  contracts and other instruments on
behalf of the Trust and sue and be sued.

        Section  2.02.  Office.  The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in Delaware
as the Owner  Trustee may designate by written  notice to the  Certificateholder
and the Depositor.

        Section 2.03. Purposes and Powers. The purpose of the Trust is to engage
in the following  activities:  (i) to issue the Notes  pursuant to the Indenture
and the Certificate pursuant to this Owner Trust Agreement and to sell the Notes
and the Certificate;  (ii) to purchase the Grantor Trust  Certificate and to pay
the organizational,  start-up and transactional  expenses of the Trust; (iii) to
assign,  grant,  transfer,  pledge  and  convey the  Grantor  Trust  Certificate
pursuant to the Indenture;  (iv) to terminate the Grantor Trust Agreement and to
assign, grant, transfer, pledge and convey the Home Loans in connection with any
such termination,  (v) to enter into and perform its obligations under the Basic
Documents  to which it is to be a party;  (vi) to  engage  in those  activities,
including entering into agreements,  that are necessary,  suitable or convenient
to accomplish  the foregoing or are incidental  thereto or connected  therewith,
including, without limitation, to accept additional contributions of equity that
are not subject to the Lien of the  Indenture;  and (vii)  subject to compliance
with the Basic Documents,  to engage in such other activities as may be required
in  connection  with  conservation  of  the  Trust  Estate  and  the  making  of
distributions to the Certificateholder and the Noteholders.  The Trust is hereby
authorized to engage in the foregoing activities.  The Trust shall not engage in
any activity other than in connection with the foregoing

                                                -2-

<PAGE>

or other  than as  required  or  authorized  by the  terms of this  Owner  Trust
Agreement  or the Basic  Documents  while any Note is  outstanding  without  the
consent of the Holder of the Certificate and the Indenture Trustee.

         Section  2.04.  Appointment  of Owner  Trustee.  The  Depositor  hereby
appoints  the Owner  Trustee as trustee  of the Trust  effective  as of the date
hereof, to have all the rights, powers and duties set forth herein.

        Section  2.05.  Initial  Capital   Contribution  of  Trust  Estate.  The
Depositor hereby sells, assigns, transfers,  conveys and sets over to the Trust,
as of the date  hereof,  the sum of $1. The Owner  Trustee  hereby  acknowledges
receipt in trust from the  Depositor,  as of the date hereof,  of the  foregoing
contribution,  which shall  constitute the initial corpus of the Trust and shall
be deposited in the  Certificate  Distribution  Account.  The Owner Trustee also
acknowledges on behalf of the Issuer,  the receipt in trust of the Grantor Trust
Certificate  assigned  to the  Trust  pursuant  to  Section  3.01,  which  shall
constitute the Trust Estate.

        Section 2.06.  Declaration of Trust.  The Owner Trustee hereby  declares
that it shall hold the Trust Estate in trust upon and subject to the  conditions
set forth  herein for the use and benefit of the  Certificateholder,  subject to
the obligations of the Trust under the Basic  Documents.  It is the intention of
the  parties  hereto  that the Trust  constitute  a  statutory  trust  under the
Statutory  Trust  Statute and that this Owner  Trust  Agreement  constitute  the
governing  instrument of such statutory trust.  Effective as of the date hereof,
the Owner Trustee shall have all rights,  powers and duties set forth herein and
in the Statutory Trust Statute with respect to accomplishing the purposes of the
Trust. It is the intention of the parties hereto that, solely for federal, state
and local income and franchise  tax  purposes,  the Trust shall be treated as an
entity  disregarded  from  the sole  holder  of 100% of the  Certificate,  which
Certificate  shall initially be owned by the Depositor or an affiliate  thereof,
and the provisions of this Owner Trust Agreement shall be interpreted to further
this intention.  If more than one person owns the Certificate for federal income
tax purposes,  then it is the intention of the parties  hereto,  that solely for
federal,  state and local income and  franchise  tax purposes the Trust shall be
treated as a  partnership,  with the assets of the  partnership  being the Trust
Estate,  the partners of the partnership  being the  Certificateholders  and the
Notes  being debt of the  partnership  and the  provisions  of this Owner  Trust
Agreement  shall be  interpreted  to further this  intention.  The parties agree
that,  unless  otherwise  required by  appropriate  tax  authorities,  the Owner
Trustee  will  file or cause  to be filed  annual  or other  necessary  returns,
reports and other forms consistent with the  characterization of the Trust as an
entity wholly owned by the Depositor or an affiliate thereof, or, if two or more
persons own the Certificate, as a partnership for such tax purposes.

        Section  2.07.  Liability of the Holder of the Owner Trust  Certificate.
The Holder of the Owner Trust  Certificate  shall be liable for any entity level
taxes imposed on the Trust.

        Section 2.08.  Title to Trust Property.  Legal title to the Trust Estate
shall be  vested at all times in the Trust as a  separate  legal  entity  except
where applicable law in any jurisdiction requires title to any part of the Trust
Estate to be vested in a trustee  or  trustees,  in which  case  title  shall be
deemed to be  vested  in the  Owner  Trustee,  a  co-trustee  and/or a  separate
trustee, as the case may be.

                                                -3-

<PAGE>

        Section 2.09. Situs of Trust. The Trust will be located and administered
in the State of Delaware.  All bank accounts  maintained by the Owner Trustee on
behalf of the Trust  shall be located in the State of  Delaware  or the State of
New  York.  The Trust  shall not have any  employees  in any  state  other  than
Delaware;  provided, however, that nothing herein shall restrict or prohibit the
Owner Trustee from having  employees  within or without the State of Delaware or
taking  actions  outside the State of  Delaware in order to comply with  Section
2.03.  Payments will be received by the Trust only in Delaware or New York,  and
payments  will be made by the Trust  only from  Delaware  or New York.  The only
office of the Trust will be at the Corporate Trust Office in Delaware.

        Section  2.10.  Representations  and  Warranties of the  Depositor.  The
Depositor hereby represents and warrants to the Owner Trustee that:

                      (i) The Depositor is duly  organized and validly  existing
as a corporation in good
standing  under the laws of the State of Delaware,  with power and  authority to
own its properties and to conduct its business as such  properties are currently
owned and such business is presently conducted.

                      (ii) The  Depositor is duly  qualified to do business as a
foreign corporation in good
standing  and  has  obtained  all  necessary   licenses  and  approvals  in  all
jurisdictions  in which the ownership or lease of its property or the conduct of
its business  shall require such  qualifications  and in which the failure to so
qualify would have a material adverse effect on the business, properties, assets
or  condition  (financial  or other) of the  Depositor  and the  ability  of the
Depositor to perform under this Owner Trust Agreement.

                      (iii) The Depositor has the power and authority to execute
and deliver this Owner
Trust  Agreement  and to carry out its terms;  the  Depositor has full power and
authority  to sell  and  assign  the  property  to be sold and  assigned  to and
deposited  with  the  Trust  as part of the  Trust  and the  Depositor  has duly
authorized  such sale and  assignment  and deposit to the Trust by all necessary
corporate  action;  and the  execution,  delivery and  performance of this Owner
Trust  Agreement  have been duly  authorized  by the  Depositor by all necessary
corporate action.

                      (iv) The consummation of the transactions  contemplated by
this Owner Trust
Agreement and the  fulfillment of the terms hereof do not conflict with,  result
in any  breach of any of the terms and  provisions  of, or  constitute  (with or
without notice or lapse of time) a default under,  the articles of incorporation
or bylaws of the Depositor,  or any indenture,  agreement or other instrument to
which  the  Depositor  is a party or by which it is  bound;  nor  result  in the
creation or  imposition of any Lien upon any of its  properties  pursuant to the
terms of any such indenture,  agreement or other instrument (other than pursuant
to the Basic Documents);  nor violate any law or, to the best of the Depositor's
knowledge,  any order,  rule or  regulation  applicable  to the Depositor of any
court or of any federal or state regulatory body, administrative agency or other
governmental  instrumentality  having  jurisdiction  over the  Depositor  or its
properties.

        Section  2.11.  Payment of Trust Fees.  The Owner  Trustee shall pay the
Trust's  fees and  expenses  incurred  with  respect to the  performance  of the
Trust's duties under the Indenture.

                                                -4-

<PAGE>

                                            ARTICLE III

                           Conveyance of the Grantor Trust Certificate;
                                    the Owner Trust Certificate

        Section  3.01.   Conveyance  of  the  Grantor  Trust  Certificate.   The
Depositor,  concurrently  with the  execution and delivery  hereof,  does hereby
transfer,  convey, sell and assign to the Trust, on behalf of the Holders of the
Notes and the Owner Trust  Certificate,  without recourse,  all its right, title
and interest in and to the Grantor Trust Certificate.

        The parties  hereto  intend that the  transaction  set forth herein be a
sale by the  Depositor  to the Trust of all of its right,  title and interest in
and to the Grantor  Trust  Certificate.  In the event that the  transaction  set
forth  herein is not deemed to be a sale,  the  Depositor  hereby  grants to the
Trust a security  interest in all of its right,  title and  interest  in, to and
under the Trust Estate, all distributions  thereon and all proceeds thereof; and
this  Owner  Trust  Agreement  shall  constitute  a  security   agreement  under
applicable law.

        For income tax purposes the parties hereto intend that the  transactions
set forth herein shall not be a taxable event.

        Section 3.02. Initial Ownership.  Upon the formation of the Trust by the
contribution by the Depositor  pursuant to Section 2.05 and until the conveyance
of the Grantor  Trust  Certificate  pursuant to Section 3.01 and the issuance of
the Owner Trust Certificate, the Depositor shall be the sole Certificateholder.

        Section 3.03. The Owner Trust  Certificate.  The Owner Trust Certificate
shall be issued in a single  denomination  of a 100.00%  Certificate  Percentage
Interest.

        The Owner Trust  Certificate shall be executed on behalf of the Trust by
manual or facsimile  signature of an authorized officer of the Owner Trustee and
authenticated  in the  manner  provided  in  Section  3.04.  If the Owner  Trust
Certificate bears the manual or facsimile signatures of individuals who were, at
the time when such  signatures  shall have been  affixed,  authorized to sign on
behalf of the Trust,  the Owner Trust  Certificate  shall be validly  issued and
entitled to the benefit of this Owner Trust Agreement, notwithstanding that such
individuals  or any of them shall have ceased to be so  authorized  prior to the
authentication  and delivery of the Owner Trust Certificate or did not hold such
offices  at  the  date  of  authentication  and  delivery  of  the  Owner  Trust
Certificate.  A Person shall become the  Certificateholder and shall be entitled
to the rights and subject to the obligations of the Certificateholder  hereunder
upon such Person's  acceptance of the Owner Trust Certificate duly registered in
such Person's name, pursuant to Section 3.05.

        A  transferee   of  the  Owner  Trust   Certificate   shall  become  the
Certificateholder  and  shall be  entitled  to the  rights  and  subject  to the
obligations of the Certificateholder hereunder upon such transferee's

                                                -5-

<PAGE>

acceptance of the Owner Trust  Certificate duly registered in such  transferee's
name pursuant to and upon  satisfaction  of the  conditions set forth in Section
3.05.

        The Owner Trust  Certificate is intended to be a  certificated  security
under Article 8 of the UCC of the State of New York and under the  corresponding
provisions of the UCC of any other State that may be applicable.

        Section   3.04.   Authentication   of  the  Owner   Trust   Certificate.
Concurrently with the acquisition of the Grantor Trust Certificate by the Trust,
the Owner Trustee or the Certificate Paying Agent shall cause the Certificate in
an initial aggregate  Certificate  Percentage Interest of 100.00% to be executed
on behalf of the Trust, authenticated and delivered to or upon the written order
of the Depositor, signed by its chairman of the board, its president or any vice
president,  without further corporate action by the Depositor, in the authorized
denomination.  The Owner Trust  Certificate  shall not entitle its holder to any
benefit  under this Owner Trust  Agreement  or be valid for any  purpose  unless
there  shall  appear  on  the  Owner  Trust   Certificate   a   certificate   of
authentication substantially in the form set forth in Exhibit A, executed by the
Owner  Trustee  or the  Certificate  Paying  Agent,  by manual  signature;  such
authentication  shall  constitute  conclusive  evidence  that  the  Owner  Trust
Certificate  shall have been duly  authenticated  and delivered  hereunder.  The
Owner Trust Certificate shall be dated the date of its authentication.

        Section 3.05.  Registration  of and Limitations on Transfer and Exchange
of the Owner Trust Certificate.

        (a) The  Certificate  Registrar  shall keep or cause to be kept,  at the
office or agency maintained pursuant to Section 3.09, a Certificate  Register in
which,  subject  to  such  reasonable  regulations  as  it  may  prescribe,  the
Certificate  Registrar  shall  provide for the  registration  of the Owner Trust
Certificate  and of transfers  and exchanges of the Owner Trust  Certificate  as
herein  provided.  The  Indenture  Trustee  shall  be  the  initial  Certificate
Registrar. If the Certificate Registrar resigns or is removed, the Owner Trustee
shall appoint a successor Certificate Registrar.

        Subject  to  satisfaction  of  the  conditions  set  forth  below,  upon
surrender for  registration  of transfer of the Owner Trust  Certificate  at the
office or agency  maintained  pursuant to Section 3.09,  the Owner Trustee shall
execute,  authenticate and deliver (or shall cause the Certificate  Registrar as
its  authenticating  agent  to  authenticate  and  deliver),  in the name of the
designated  transferee  or  transferees,  a new Owner  Trust  Certificate  in an
authorized   denomination  of  a  like  aggregate   amount  dated  the  date  of
authentication by the Owner Trustee or any  authenticating  agent. At the option
of  the  Certificateholder,   the  Certificate  may  be  exchanged  for  another
certificate  of  authorized  denominations  of  a  like  aggregate  amount  upon
surrender of the Owner Trust Certificate to be exchanged at the office or agency
maintained pursuant to Section 3.09.

        Every Owner Trust Certificate  presented or surrendered for registration
of transfer or exchange shall be accompanied by a written instrument of transfer
in  form  satisfactory  to  the  Certificate  Registrar  duly  executed  by  the
Certificateholder  or  such  Certificateholder's  attorney  duly  authorized  in
writing.  When the Owner Trust  Certificate is surrendered  for  registration of
transfer or exchange, such Owner Trust

                                                -6-

<PAGE>

Certificate  shall be cancelled and subsequently  disposed of by the Certificate
Registrar in accordance with its customary practice.

        No service  charge  shall be made for any  registration  of  transfer or
exchange  of  the  Owner  Trust  Certificate,  but  the  Owner  Trustee  or  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 the Owner Trust Certificate.

        No  transfer,  sale,  pledge or other  disposition  of the  Owner  Trust
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
and any applicable  state securities laws or is made in accordance with said Act
and laws. In the event of any such transfer,  the  Certificate  Registrar or the
Depositor shall prior to such transfer  require the transferee to execute either
(i) an investment  letter in substantially the form attached hereto as Exhibit C
(or in such  form  and  substance  reasonably  satisfactory  to the  Certificate
Registrar and the Depositor) which investment letters shall not be an expense of
the Trust, the Owner Trustee, the Certificate Registrar,  the Master Servicer or
the Depositor and which investment letter states that, among other things,  such
transferee (a) is a "qualified  institutional buyer" as defined under Rule 144A,
acting for its own  account or the  accounts of other  "qualified  institutional
buyers"  as  defined  under  Rule  144A,  and (b) is  aware  that  the  proposed
transferor intends to rely on the exemption from registration requirements under
the  Securities  Act,  provided  by Rule 144A or (ii) (a) a written  Opinion  of
Counsel acceptable to and in form and substance  satisfactory to the Certificate
Registrar  and the  Depositor  that such  transfer  may be made  pursuant  to an
exemption, describing the applicable exemption and the basis therefor, from said
Act and laws or is being made  pursuant to said Act and laws,  which  Opinion of
Counsel shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar,  the Master Servicer or the Depositor and (b) the transferee executes
a representation letter,  substantially in the form of Exhibit D hereto, and the
transferor  executes  a  representation  letter,  substantially  in the  form of
Exhibit E hereto,  each acceptable to and in form and substance  satisfactory to
the  Certificate  Registrar and the Depositor  certifying the facts  surrounding
such  transfer,  which  representation  letters  shall not be an  expense of the
Trust, the Owner Trustee, the Certificate Registrar,  the Master Servicer or the
Depositor.  Neither  an  Opinion of Counsel  nor an  investment  letter  will be
required in connection with the initial transfer of the Owner Trust  Certificate
by the Depositor to the Seller, by the Seller to RFC Asset Holdings II, Inc., by
RFC Asset  Holdings  II, Inc. to the Class B Issuer and by the Class B Issuer to
the Class B Trustee under the Class B Indenture.

        No transfer of the Owner Trust Certificate or any interest therein shall
be made to any Person unless the Depositor,  the Owner Trustee,  the Certificate
Registrar and the Master  Servicer are provided with an Opinion of Counsel which
establishes  to the  satisfaction  of the  Depositor,  the  Owner  Trustee,  the
Certificate  Registrar  and  the  Master  Servicer  that  the  purchase  of  the
Certificate is permissible  under  applicable law, will not constitute or result
in any prohibited  transaction  under ERISA or Section 4975 of the Code and will
not subject the Depositor,  the Owner Trustee, the Certificate  Registrar or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this Owner Trust Agreement,  which Opinion of Counsel shall not be
an expense of the Depositor, the Owner Trustee, the Certificate Registrar or the
Master

                                                -7-

<PAGE>

Servicer. In lieu of such Opinion of Counsel, a Person acquiring the Certificate
may provide a certification  in the form of Exhibit G to this  Agreement,  which
the  Depositor,  the Owner  Trustee,  the  Certificate  Registrar and the Master
Servicer  may rely upon without  further  inquiry or  investigation.  Neither an
Opinion of Counsel nor a  certification  will be required in connection with the
initial transfer of the Owner Trust  Certificate by the Depositor to the Seller,
by the Seller to RFC Asset  Holdings II, Inc., by RFC Asset Holdings II, Inc. to
the Class B Issuer  and by the  Class B Issuer to the Class B Trustee  under the
Class B Indenture (in which case,  the Seller,  the Class B Issuer and RFC Asset
Holdings II, Inc. shall be deemed to have represented that such affiliate is not
a Plan or a Person  investing  Plan  Assets of any  Plan) and the Owner  Trustee
shall be entitled to conclusively  rely upon a representation  (which,  upon the
request  of the  Owner  Trustee,  shall be a  written  representation)  from the
Depositor of the status of such transferee as an affiliate of the Depositor.

        In  addition,  no  transfer  of an  Owner  Trust  Certificate  shall  be
permitted, and no such transfer shall be registered by the Certificate Registrar
or be effective  hereunder,  unless  evidenced  by an Opinion of Counsel,  which
establishes  that such transfer or the  registration  of such transfer would not
cause  the  Trust  to  be  classified  as  a  publicly  traded  partnership,  an
association  taxable as a corporation,  a corporation or a taxable mortgage pool
for federal and relevant  state income tax  purposes,  which  Opinion of Counsel
shall not be an expense of the Certificate  Registrar and shall be an expense of
the proposed transferee. No Opinion of Counsel will be required if such transfer
is  made  to a  nominee  of an  existing  beneficial  holder  of a  Owner  Trust
Certificate.

        In addition, no transfer, sale, assignment,  pledge or other disposition
of the Owner Trust Certificate (other than the initial transfer by the Depositor
to the  Seller,  by the  Seller to RFC Asset  Holdings  II,  Inc.,  by RFC Asset
Holdings II, Inc. to the Class B Issuer and by the Class B Issuer to the Class B
Trustee  under  the  Class B  Indenture)  shall  be  made  unless  the  proposed
transferee  certifies,  in form and  substance  reasonably  satisfactory  to the
Certificate Registrar and the Depositor that (1) the transferee is acquiring the
Owner  Trust  Certificate  for its own  behalf  and is not  acting  as  agent or
custodian for any other person or entity in connection with such acquisition and
(2) the  transferee is not a  partnership,  grantor  trust or S corporation  for
federal income tax purposes.

        The Owner  Trust  Certificate  shall  consist of two  components,  the B
Component and the Residual Component. The B Component and the Residual Component
are not separately transferable and cannot be held by more than one Holder.

        Section  3.06.  Mutilated,   Destroyed,   Lost  or  Stolen  Owner  Trust
Certificate.  If (a) any mutilated Owner Trust  Certificate shall be surrendered
to the  Certificate  Registrar,  or if the  Certificate  Registrar shall receive
evidence  to its  satisfaction  of the  destruction,  loss or theft of the Owner
Trust Certificate and (b) there shall be delivered to the Certificate  Registrar
and the Owner  Trustee such  security or indemnity as may be required by them to
save each of them and the Issuer from harm, then in the absence of notice to the
Certificate Registrar or the Owner Trustee that such Owner Trust Certificate has
been  acquired by a bona fide  purchaser,  the Owner  Trustee  shall  execute on
behalf of the Trust and the Owner Trustee or the  Certificate  Paying Agent,  as
the Trust's  authenticating  agent, shall authenticate and deliver,  in exchange
for or in lieu of any such  mutilated,  destroyed,  lost or stolen  Owner  Trust
Certificate, a new Owner Trust

                                                -8-

<PAGE>

Certificate of like tenor and  denomination.  In connection with the issuance of
any new Owner Trust  Certificate  under this Section 3.06,  the Owner Trustee 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  connection
therewith. Any duplicate Owner Trust Certificate issued pursuant to this Section
3.06 shall  constitute  conclusive  evidence of  ownership  in the Trust,  as if
originally  issued,  whether or not the lost,  stolen or  destroyed  Owner Trust
Certificate shall be found at any time.

        Section  3.07.   Persons   Deemed   Certificateholders.   Prior  to  due
presentation of the Certificate for registration of transfer, the Owner Trustee,
the Certificate  Registrar or any Certificate  Paying Agent may treat the Person
in whose name the Owner  Trust  Certificate  is  registered  in the  Certificate
Register  as the  owner of such  Owner  Trust  Certificate  for the  purpose  of
receiving  distributions  pursuant  to Section  5.02 and for all other  purposes
whatsoever,  and none of the Trust, the Owner Trustee, the Certificate Registrar
or any Paying Agent shall be bound by any notice to the contrary.

        Section 3.08.  Access to List of  Certificateholder's  Name and Address.
The  Certificate  Registrar  shall  furnish  or  cause  to be  furnished  to the
Depositor or the Owner Trustee,  within 15 days after receipt by the Certificate
Registrar of a written request therefor from the Depositor or the Owner Trustee,
a list, in such form as the Depositor or the Owner Trustee,  as the case may be,
may reasonably require, of the name and address of the  Certificateholder  as of
the most recent  Record Date.  The Holder,  by  receiving  and holding the Owner
Trust Certificate,  shall be deemed to have agreed not to hold any of the Trust,
the Depositor,  the  Certificate  Registrar or the Owner Trustee  accountable by
reason of the disclosure of its name and address,  regardless of the source from
which such information was derived.

        Section 3.09.  Maintenance of Office or Agency.  The Owner  Trustee,  on
behalf of the Trust, shall maintain in the City of New York an office or offices
or agency or agencies where the Certificate may be surrendered for  registration
of  transfer  or  exchange  and where  notices  and demands to or upon the Owner
Trustee in respect of the Owner Trust Certificate and the Basic Documents may be
served. The Owner Trustee initially designates the Corporate Trust Office of the
Indenture Trustee as its office for such purposes.  The Owner Trustee shall give
prompt written notice to the Depositor and the  Certificateholder  of any change
in the location of the Certificate Register or any such office or agency.

        Section 3.10. Certificate Paying Agent. (a) The Certificate Paying Agent
shall  make  distributions  to  the   Certificateholder   from  the  Certificate
Distribution Account on behalf of the Trust in accordance with the provisions of
the  Certificate  and  Section  5.01  hereof  from  payments   remitted  to  the
Certificate  Paying Agent by the Indenture  Trustee  pursuant to Section 3.05 of
the Indenture.  The Trust hereby  appoints the Indenture  Trustee as Certificate
Paying Agent and the  Indenture  Trustee  hereby  accepts such  appointment  and
further  agrees  that it will be bound by the  provisions  of this  Owner  Trust
Agreement relating to the Certificate Paying Agent and shall:

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

                                                -9-

<PAGE>

                      (ii) give the Owner  Trustee  notice of any default by the
        Trust of which it has  actual  knowledge  in the  making of any  payment
        required to be made with respect to the Owner Trust Certificate;

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

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

                      (v) comply with all  requirements of the Code with respect
        to the  withholding  from any  payments  made by it on the  Owner  Trust
        Certificate of any applicable withholding taxes imposed thereon and with
        respect  to  any  applicable   reporting   requirements   in  connection
        therewith; and

                      (vi) deliver to the Owner  Trustee a copy of the report to
        the Certificateholder  prepared with respect to each Payment Date by the
        Master Servicer pursuant to Section 4.01 of the Servicing Agreement.

        (b) The Trust may revoke  such power and remove the  Certificate  Paying
Agent  if  the  Owner  Trustee  determines  in  its  sole  discretion  that  the
Certificate Paying Agent shall have failed to perform its obligations under this
Owner Trust Agreement in any material  respect.  The Indenture  Trustee shall be
permitted to resign as Certificate  Paying Agent upon 30 days' written notice to
the Owner  Trustee;  provided the Indenture  Trustee is also resigning as Paying
Agent under the Indenture at such time. In the event that the Indenture  Trustee
shall no longer be the Certificate Paying Agent under this Owner Trust Agreement
and  Paying  Agent  under the  Indenture,  the  Owner  Trustee  shall  appoint a
successor  to act as  Certificate  Paying  Agent (which shall be a bank or trust
company) and which shall also be the successor Paying Agent under the Indenture.
The Owner Trustee  shall cause such  successor  Certificate  Paying Agent or any
additional  Certificate  Paying Agent  appointed by the Owner Trustee to execute
and deliver to the Owner  Trustee an  instrument to the effect set forth in this
Section 3.10 as it relates to the  Certificate  Paying  Agent.  The  Certificate
Paying Agent shall return all unclaimed funds to the Trust and upon removal of a
Certificate  Paying  Agent such  Certificate  Paying Agent shall also return all
funds in its possession to the Trust.  The  provisions of Sections  6.01,  6.03,
6.04 and  7.01  shall  apply  to the  Certificate  Paying  Agent  to the  extent
applicable.  Any  reference in this  Agreement to the  Certificate  Paying Agent
shall include any co-paying agent unless the context requires otherwise.

        (c) The  Certificate  Paying Agent shall  establish  and  maintain  with
itself the  Certificate  Distribution  Account in which the  Certificate  Paying
Agent  shall  deposit,  on the same  day as it is  received  from the  Indenture
Trustee,  each remittance  received by the Certificate Paying Agent with respect
to payments made pursuant to the Indenture.  The Certificate  Paying Agent shall
make all distributions of Certificate

                                               -10-

<PAGE>

Distribution  Amounts on the Owner Trust Certificate,  from moneys on deposit in
the Certificate Distribution Account.

                                            ARTICLE IV

                               Authority and Duties of Owner Trustee

        Section 4.01.  General  Authority.  The Owner Trustee is authorized  and
directed to execute and deliver the Basic  Documents to which the Trust is to be
a party and each  certificate  or other  document  attached  as an exhibit to or
contemplated  by the Basic Documents to which the Trust is to be a party and any
amendment or other agreement or instrument  described  herein,  in each case, in
such form as the Owner Trustee shall approve,  as evidenced  conclusively by the
Owner  Trustee's  execution  thereof.  In addition to the  foregoing,  the Owner
Trustee is obligated to take all actions  required of the Trust  pursuant to the
Basic Documents.

        Section 4.02.  General Duties. The Owner Trustee shall be responsible to
administer the Trust pursuant to the terms of this Owner Trust Agreement and the
Basic  Documents  to which  the  Trust  is a party  and in the  interest  of the
Certificateholder,  subject to the Basic  Documents and in  accordance  with the
provisions of this Owner Trust Agreement.

        Section 4.03.  Action upon  Instruction.  (a) Subject to this Article IV
and in accordance with the terms of the Basic Documents,  the  Certificateholder
may by written  instruction  direct the Owner  Trustee in the  management of the
Trust. Such direction may be exercised at any time by written instruction of the
Certificateholder pursuant to this Article IV.

        (b)  Notwithstanding  the  foregoing,  the  Owner  Trustee  shall not be
required to take any action  hereunder or under any Basic  Document if the Owner
Trustee shall have reasonably determined, or shall have been advised by counsel,
that such  action is  likely  to  result in  liability  on the part of the Owner
Trustee  or is  contrary  to the terms  hereof or of any  Basic  Document  or is
otherwise contrary to law.

        (c) Whenever the Owner Trustee is unable to decide  between  alternative
courses  of  action  permitted  or  required  by the terms of this  Owner  Trust
Agreement or under any Basic Document, or in the event that the Owner Trustee is
unsure as to the  application of any provision of this Owner Trust  Agreement or
any Basic Document or any such provision is ambiguous as to its application,  or
is, or appears to be, in conflict with any other applicable provision, or in the
event that this Owner Trust  Agreement  permits any  determination  by the Owner
Trustee or is silent or is  incomplete as to the course of action that the Owner
Trustee is required to take with respect to a particular set of facts, the Owner
Trustee shall promptly give notice (in such form as shall be  appropriate  under
the  circumstances) to the  Certificateholder  requesting  instruction as to the
course of action to be adopted, and to the extent the Owner Trustee acts in good
faith in accordance  with any written  instructions  received from the Holder of
the Certificate, the Owner Trustee shall not be liable on account of such action
to any  Person.  If the  Owner  Trustee  shall  not  have  received  appropriate
instruction within 10 days of such notice (or within such

                                               -11-

<PAGE>

shorter  period of time as reasonably  may be specified in such notice or may be
necessary under the  circumstances)  it may, but shall be under no duty to, take
or refrain  from  taking  such  action not  inconsistent  with this Owner  Trust
Agreement or the Basic  Documents,  as it shall deem to be in the best interests
of the  Certificateholder,  and the Owner Trustee shall have no liability to any
Person for such action or inaction.

        Section 4.04. No Duties Except as Specified under Specified Documents or
in  Instructions.  The Owner  Trustee  shall not have any duty or  obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise  deal with the Trust  Estate,  or to  otherwise  take or refrain  from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner  Trustee  is a party,  except as  expressly  provided  (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee  pursuant to this Owner Trust  Agreement,  (ii) in  accordance  with the
Basic  Documents  and  (iii) in  accordance  with any  document  or  instruction
delivered to the Owner Trustee  pursuant to Section 4.03;  and no implied duties
or  obligations  shall be read  into this  Owner  Trust  Agreement  or any Basic
Document   against  the  Owner   Trustee.   The  Owner  Trustee  shall  have  no
responsibility for filing any financing or continuation  statement in any public
office at any time or to  otherwise  perfect or maintain the  perfection  of any
security  interest  or lien  granted to it  hereunder  or to prepare or file any
Securities and Exchange  Commission filing for the Trust or to record this Owner
Trust Agreement or any Basic  Document.  The Owner Trustee  nevertheless  agrees
that it will,  at its own cost and expense,  promptly  take all action as may be
necessary  to  discharge  any liens on any part of the Trust  Estate that result
from actions by, or claims  against,  the Owner  Trustee that are not related to
the ownership or the administration of the Trust Estate.

        Section  4.05.  Restrictions.  (a) The Owner  Trustee shall not take any
action  (x) that is  inconsistent  with the  purposes  of the Trust set forth in
Section 2.03 or (y) that, to the actual  knowledge of the Owner  Trustee,  would
result in the Trust  becoming  taxable as a corporation  for federal  income tax
purposes.  The  Certificateholder  shall not  direct  the Owner  Trustee to take
action that would violate the provisions of this Section 4.05.

        (b) The Owner  Trustee  shall not convey or transfer  any of the Trust's
properties  or assets,  including  those  included in the Trust  Estate,  to any
person  unless  (a) it shall have  received  an Opinion of Counsel to the effect
that such  transaction will not have any material adverse tax consequence to the
Trust or the  Certificateholder  and (b) such  conveyance or transfer  shall not
violate the provisions of Section 3.16(b) of the Indenture.

        Section  4.06.  Prior  Notice to the  Certificateholder  with Respect to
Certain Matters.  With respect to the following matters, the Owner Trustee shall
not take action unless,  at least 30 days before the taking of such action,  the
Owner  Trustee  shall  have  notified  the  Certificateholder  in writing of the
proposed  action and the Holder of the  Certificate  shall not have notified the
Owner  Trustee in writing  prior to the 30th day after such notice is given that
such Certificateholder has withheld consent or provided alternative direction:

                                               -12-

<PAGE>

        (a) the  initiation of any claim or lawsuit by the Trust (except  claims
or lawsuits brought in connection with the collection of cash  distributions due
and owing under the Grantor Trust Certificate) and the compromise of any action,
claim or lawsuit  brought by or against the Trust  (except  with  respect to the
aforementioned  claims or lawsuits for collection of cash  distributions due and
owing under the Grantor Trust Certificate);

        (b) the election by the Trust to file an amendment to the Certificate of
Trust (unless such  amendment is required to be filed under the Statutory  Trust
Statute);

        (c) the  amendment  of the  Indenture  by a  supplemental  indenture  in
circumstances where the consent of any Noteholder is required;

        (d) the  amendment  of the  Indenture  by a  supplemental  indenture  in
circumstances  where the  consent of any  Noteholder  is not  required  and such
amendment  materially  adversely affects the interest of the  Certificateholder;
and

        (e) the  appointment  pursuant  to the  Indenture  of a  successor  Note
Registrar,  Paying  Agent or  Indenture  Trustee or pursuant to this Owner Trust
Agreement of a successor  Certificate  Registrar or Certificate  Paying Agent or
the consent to the  assignment by the Note  Registrar,  Paying Agent,  Indenture
Trustee,  Certificate  Registrar or Certificate  Paying Agent of its obligations
under the Indenture or this Owner Trust Agreement, as applicable.

        Section 4.07.  Action by the  Certificateholder  with Respect to Certain
Matters.  The Owner Trustee shall not have the power,  except upon the direction
of the  Certificateholder  to (a) remove the Master Servicer under the Servicing
Agreement  pursuant to Section 7.01 thereof or (b) except as expressly  provided
in the Basic Documents, sell the Grantor Trust Certificate after the termination
of the  Indenture.  The Owner Trustee shall take the actions  referred to in the
preceding   sentence   only   upon   written    instructions   signed   by   the
Certificateholder.

        Section  4.08.   Action  by  the   Certificateholder   with  Respect  to
Bankruptcy.  The Owner  Trustee shall not have the power to commence a voluntary
proceeding in bankruptcy relating to the Trust without the prior approval of the
Certificateholder and the delivery to the Owner Trustee by the Certificateholder
of a certificate certifying that such Certificateholder reasonably believes that
the Trust is insolvent.

        Section  4.09.  Restrictions  on  the  Certificateholder's   Power.  The
Certificateholder  shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Owner Trust Agreement or any of the
Basic  Documents  or would be  contrary  to  Section  2.03,  nor shall the Owner
Trustee be obligated to follow any such direction, if given.

        Section 4.10. Reserved.
                      --------

                                               -13-

<PAGE>

        Section 4.11.  Doing  Business in Other  Jurisdictions.  Notwithstanding
anything contained herein to the contrary,  neither Wilmington Trust Company nor
the Owner Trustee shall be required to take any action in any jurisdiction other
than in the State of Delaware if the taking of such action will,  even after the
appointment of a co-trustee or separate  trustee in accordance with Section 9.05
hereof,  (i) require the consent or approval or authorization or order of or the
giving of notice to, or the registration  with or the taking of any other action
in  respect  of,  any  state or other  governmental  authority  or agency of any
jurisdiction  other than the State of  Delaware;  (ii) result in any fee, tax or
other  governmental  charge  under  the laws of the State of  Delaware  becoming
payable by Wilmington Trust Company,  or (iii) subject  Wilmington Trust Company
to personal  jurisdiction in any  jurisdiction  other than the State of Delaware
for causes of action  arising  from acts  unrelated to the  consummation  of the
transactions by Wilmington  Trust Company or the Owner Trustee,  as the case may
be, contemplated hereby.

                                               -14-

<PAGE>

                                             ARTICLE V

                                    Application of Trust Funds

        Section 5.01.  Distributions.  (a) On each Payment Date, the Certificate
Paying Agent shall distribute to the Certificateholder (by deposit into the Note
Payment  Account as provided in Section 3.01 of the Class B Indenture) all funds
on deposit in the Certificate  Distribution  Account and available  therefor (as
provided in Section  3.05 of the  Indenture),  as the  Certificate  Distribution
Amount for such Payment Date.  Upon  termination  of the Indenture in accordance
with the terms thereof, distributions to the Certificateholder shall continue to
be determined in  accordance  with the  provisions  for  distributions  to the B
Component and the Residual Component in Section 3.05 of the Indenture.

        (b)  In  the  event  that  any   withholding   tax  is  imposed  on  the
distributions  (or  allocations  of income) to the  Certificateholder,  such tax
shall reduce the amount  otherwise  distributable  to the  Certificateholder  in
accordance  with this  Section  5.01.  The  Certificate  Paying  Agent is hereby
authorized and directed to retain or cause to be retained from amounts otherwise
distributable to the  Certificateholder  sufficient funds for the payment of any
tax that is legally owed by the Trust (but such authorization  shall not prevent
the Owner Trustee from contesting any such tax in appropriate  proceedings,  and
withholding  payment of such tax, if  permitted  by law,  pending the outcome of
such proceedings). The amount of any withholding tax imposed with respect to the
Certificateholder shall be treated as cash distributed to such Certificateholder
at the time it is withheld by the  Certificate  Paying Agent and remitted to the
appropriate taxing authority.  If there is a possibility that withholding tax is
payable with respect to a  distribution  (such as a  distribution  to a non-U.S.
Certificateholder),  the  Certificate  Paying  Agent may in its sole  discretion
withhold such amounts in accordance with this paragraph (b).

        (c) Distributions to the Certificateholder  shall be subordinated to the
creditors of the Trust, including the Noteholders.

        Section   5.02.   Method  of  Payment.   Subject  to  Section   8.01(c),
distributions  required to be made to  Certificateholder  on any Payment Date as
provided in Section 5.01 shall be made to the Certificateholder of record on the
preceding Record Date either by wire transfer,  in immediately  available funds,
to the  account  of such  Holder at a bank or other  entity  having  appropriate
facilities  therefor,  if  the  Certificateholder  shall  have  provided  to the
Certificate  Registrar  appropriate written  instructions at least five Business
Days  prior  to  such  Payment  Date  or,  if  not,  by  check  mailed  to  such
Certificateholder  at the  address of the Holder  appearing  in the  Certificate
Register.

        Section 5.03.  Signature on Returns.  To the extent  required and unless
otherwise  required by law, the Owner  Trustee shall sign on behalf of the Trust
the tax returns of the Trust.

        Section 5.04. Statements to the Certificateholder. On each Payment Date,
the Certificate Paying Agent shall send to the  Certificateholder  the statement
or statements  provided to the Owner Trustee and the Certificate Paying Agent by
the Master  Servicer  pursuant to Section 4.01 of the Servicing  Agreement  with
respect to such Payment Date.

                                               -15-

<PAGE>

        Section  5.05.  Tax  Elections.  The  Certificateholder  agrees  by  its
purchase of the  Certificate  to treat the Trust as a domestic  eligible  entity
with a single owner electing to be disregarded as a separate entity for purposes
of federal and state  income tax,  franchise  tax and any other tax  measured in
whole or in part by income,  with the Notes being debt of the Trust,  as further
set forth in Section 2.06.

        Section 5.06. Derivative Contracts.
                      --------------------

        (a) The Owner Trustee shall, at the direction of the Master Servicer, on
behalf the Trust Estate, enter into Derivative Contracts, solely for the benefit
of the Certificateholder.  Any such Derivative Contract shall constitute a fully
prepaid agreement.  The Master Servicer shall determine, in its sole discretion,
whether any Derivative  Contract conforms to the requirements of Section 5.06(b)
and  (c).  All  collections,  proceeds  and  other  amounts  in  respect  of the
Derivative Contracts payable by the Derivative Counterparty shall be distributed
to the  Certificateholder  on the Payment Date following  receipt thereof by the
Owner Trustee.

        (b) Any Derivative  Contract that provides for any payment obligation on
the part of the Trust  Estate must (i) be without  recourse to the assets of the
Trust Estate, (ii) contain a non-petition covenant provision from the Derivative
Counterparty,  (iii) limit  payment  dates  thereunder to Payment Dates and (iv)
contain  a  provision   limiting  any  cash  payments  due  to  the   Derivative
Counterparty on any day under such Derivative Contract solely to funds available
therefor  in  the   Custodial   Account   available  to  make  payments  to  the
Certificateholder on such Payment Date.

        (c) Each Derivative  Contract must (i) provide for the direct payment of
any amounts by the Derivative  Counterparty  thereunder to the Custodial Account
at least one Business  Day prior to the related  Payment  Date,  (ii) contain an
assignment of all of the Trust Estate rights (but none of its obligations) under
such Derivative Contract to the Owner Trustee on behalf of the Certificateholder
and shall  include an express  consent to the  Derivative  Counterparty  to such
assignment,  (iii)  provide  that in the event of the  occurrence  of a Servicer
Default,  such  Derivative  Contract  shall  terminate  upon the  direction of a
majority Percentage Interest of the Owner Trust Certificates,  and (iv) prohibit
the Derivative Counterparty from "setting-off' or "netting" other obligations of
the Trust  Estate and its  Affiliates  against  such  Derivative  Counterparty's
payment obligations thereunder.

        (d)  Nothwithstanding  the provisions of paragraphs  (a), (b) and (c) of
this Section 5.06, no Derivative  Contract  shall (i) provide for the payment of
any  amounts  that would  otherwise  be  payable to the  Holders of any Class of
Notes,  or (ii)  materially  adversely  affect the rights of the  Holders of any
Class of Notes.

                                               -16-

<PAGE>

                                            ARTICLE VI

                                   Concerning the Owner Trustee

        Section 6.01. Acceptance of Trusts and Duties. The Owner Trustee accepts
the  trusts  hereby  created  and agrees to perform  its duties  hereunder  with
respect to such  trusts but only upon the terms of this Owner  Trust  Agreement.
The Owner  Trustee and the  Certificate  Paying Agent also agree to disburse all
moneys actually  received by it  constituting  part of the Trust Estate upon the
terms of the Basic Documents and this Owner Trust  Agreement.  The Owner Trustee
shall not be answerable  or  accountable  hereunder or under any Basic  Document
under any circumstances,  except (i) for its own willful misconduct,  negligence
or bad faith or negligent  failure to act or (ii) in the case of the  inaccuracy
of any  representation  or warranty  contained in Section 6.03 expressly made by
the Owner Trustee.  In particular,  but not by way of limitation (and subject to
the exceptions set forth in the preceding sentence):

        (a) No  provision of this Owner Trust  Agreement  or any Basic  Document
shall require the Owner  Trustee to expend or risk funds or otherwise  incur any
financial  liability in the  performance of any of its rights,  duties or powers
hereunder or under any Basic Document if the Owner Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured or provided to it;

        (b)  Under no  circumstances  shall  the Owner  Trustee  be  liable  for
indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes;

        (c) The Owner Trustee shall not be responsible  for or in respect of the
validity or sufficiency  of this Owner Trust  Agreement or for the due execution
hereof by the Depositor or for the form,  character,  genuineness,  sufficiency,
value or  validity  of any of the  Trust  Estate,  or for or in  respect  of the
validity or  sufficiency of the Basic  Documents,  the Notes,  the  Certificate,
other than the certificate of authentication on the Certificate,  if executed by
the Owner  Trustee and the Owner  Trustee  shall in no event assume or incur any
liability,  duty, or obligation to any  Noteholder or to the  Certificateholder,
other than as expressly  provided for herein or expressly agreed to in the Basic
Documents;

        (d) The execution,  delivery,  authentication  and  performance by it of
this Owner  Trust  Agreement  will not  require  the  authorization,  consent or
approval of, the giving of notice to, the filing or  registration  with,  or the
taking of any other  action  with  respect  to, any  governmental  authority  or
agency;

        (e) The Owner  Trustee shall not be liable for the default or misconduct
of the Depositor,  the Indenture Trustee or the Master Servicer under any of the
Basic  Documents or otherwise  and the Owner Trustee shall have no obligation or
liability  to perform  the  obligations  of the Trust  under  this  Owner  Trust
Agreement  or the Basic  Documents  that are  required  to be  performed  by the
Indenture Trustee under the Indenture or the Seller under the Home Loan Purchase
Agreement; and

        (f) The Owner  Trustee  shall be under no  obligation to exercise any of
the  rights  or  powers  vested  in it or duties  imposed  by this  Owner  Trust
Agreement, or to institute, conduct or defend any

                                               -17-

<PAGE>

litigation  under this Owner Trust Agreement or otherwise or in relation to this
Owner Trust Agreement or any Basic Document, at the request,  order or direction
of the Certificateholder,  unless the Certificateholder has offered to the Owner
Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities  that may be incurred by the Owner Trustee  therein or thereby.  The
right of the Owner Trustee to perform any  discretionary  act enumerated in this
Owner Trust Agreement or in any Basic Document shall not be construed as a duty,
and the Owner Trustee shall not be answerable for other than its negligence, bad
faith or willful misconduct in the performance of any such act.

        Section 6.02.  Furnishing of Documents.  The Owner Trustee shall furnish
to the  Securityholders  promptly upon receipt of a written  reasonable  request
therefor,  duplicates  or copies of all  reports,  notices,  requests,  demands,
certificates,  financial  statements and any other instruments  furnished to the
Trust under the Basic Documents.

        Section 6.03.  Representations and Warranties.  The Owner Trustee hereby
represents   and   warrants   to  the   Depositor,   for  the   benefit  of  the
Certificateholder, that:

        (a) It is a banking  corporation  duly organized and validly existing in
good  standing  under the laws of the State of  Delaware.  It has all  requisite
corporate  power and authority to execute,  deliver and perform its  obligations
under this Owner Trust Agreement;

        (b) It has  taken  all  corporate  action  necessary  to  authorize  the
execution and delivery by it of this Owner Trust Agreement, and this Owner Trust
Agreement  will be executed  and  delivered  by one of its  officers who is duly
authorized to execute and deliver this Owner Trust Agreement on its behalf;

        (c) Neither  the  execution  nor the  delivery by it of this Owner Trust
Agreement,  nor the consummation by it of the transactions  contemplated  hereby
nor compliance by it with any of the terms or provisions  hereof will contravene
any federal or Delaware  law,  governmental  rule or  regulation  governing  the
banking or trust powers of the Owner Trustee or any judgment or order binding on
it, or  constitute  any  default  under its charter  documents  or bylaws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or
by which any of its properties may be bound;

        (d) This Owner Trust Agreement,  assuming due  authorization,  execution
and delivery by the Owner Trustee and the Depositor,  constitutes a valid, legal
and  binding  obligation  of  the  Owner  Trustee,  enforceable  against  it  in
accordance with the terms hereof subject to applicable  bankruptcy,  insolvency,
reorganization,   moratorium  and  other  laws  affecting  the   enforcement  of
creditors' rights generally and to general  principles of equity,  regardless of
whether such enforcement is considered in a proceeding in equity or at law;

        (e) The Owner  Trustee  is not in default  with  respect to any order or
decree of any court or any order,  regulation  or demand of any federal,  state,
municipal or governmental  agency,  which default might have  consequences  that
would  materially  and adversely  affect the  condition  (financial or other) or
operations  of the Owner Trustee or its  properties  or might have  consequences
that would materially adversely affect its performance hereunder; and

                                               -18-

<PAGE>

        (f) No  litigation  is  pending  or, to the best of the Owner  Trustee's
knowledge,  threatened  against  the Owner  Trustee  which  would  prohibit  its
entering into this Owner Trust  Agreement or performing  its  obligations  under
this Owner Trust Agreement.

        Section 6.04.  Reliance;  Advice of Counsel. (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature,  instrument,  notice,
resolution,  request,  consent,  order,  certificate,  report, opinion, bond, or
other  document or paper  believed by it to be genuine and  believed by it to be
signed by the proper party or parties.  The Owner Trustee may accept a certified
copy of a resolution  of the board of directors or other  governing  body of any
corporate  party as  conclusive  evidence  that  such  resolution  has been duly
adopted  by such body and that the same is in full force and  effect.  As to any
fact or  matter  the  method  of  determination  of  which  is not  specifically
prescribed  herein,  the Owner  Trustee  may for all  purposes  hereof rely on a
certificate,  signed by the president or any vice  president or by the treasurer
or other  authorized  officers of the relevant  party, as to such fact or matter
and such  certificate  shall constitute full protection to the Owner Trustee for
any action taken or omitted to be taken by it in good faith in reliance thereon.

        (b) In the exercise or  administration of the Trust hereunder and in the
performance of its duties and  obligations  under this Owner Trust  Agreement or
the Basic  Documents,  the Owner  Trustee  (i) may act  directly  or through its
agents,  attorneys,  custodians or nominees  (including  persons  acting under a
power of attorney) pursuant to agreements entered into with any of them, and the
Owner  Trustee shall not be liable for the conduct or misconduct of such agents,
attorneys,  custodians or nominees  (including  persons  acting under a power of
attorney)  if  such  persons  have  been  selected  by the  Owner  Trustee  with
reasonable  care,  and (ii) may  consult  with  counsel,  accountants  and other
skilled  persons to be selected with  reasonable  care and employed by it at the
expense of the Trust.  The Owner Trustee shall not be liable for anything  done,
suffered or omitted in good faith by it in accordance with the opinion or advice
of any such counsel,  accountants or other such Persons and not contrary to this
Owner Trust Agreement or any Basic Document.

        Section 6.05. Not Acting in Individual  Capacity.  Except as provided in
this Article VI, in accepting the trusts hereby created Wilmington Trust Company
acts solely as Owner Trustee hereunder and not in its individual  capacity,  and
all  Persons  having  any  claim  against  the  Owner  Trustee  by reason of the
transactions  contemplated  by this Owner Trust  Agreement or any Basic Document
shall look only to the Trust Estate for payment or satisfaction thereof.

        Section 6.06.  Owner Trustee Not Liable for the  Certificate  or Related
Documents.  The  recitals  contained  herein and in the Owner Trust  Certificate
(other than the signatures of the Owner Trustee on the Owner Trust  Certificate)
shall be taken as the statements of the Depositor, and the Owner Trustee assumes
no  responsibility  for the  correctness  thereof.  The Owner  Trustee  makes no
representations as to the validity or sufficiency of this Owner Trust Agreement,
of any  Basic  Document  or of the  Owner  Trust  Certificate  (other  than  the
signatures of the Owner Trustee on the Owner Trust Certificate) or the Notes, or
of  any  Related  Documents.  The  Owner  Trustee  shall  at no  time  have  any
responsibility  or liability with respect to the sufficiency of the Trust Estate
or  its  ability  to  generate   the   payments   to  be   distributed   to  the
Certificateholder  under this Owner Trust Agreement or the Noteholders under the
Indenture, including,

                                               -19-

<PAGE>

the   compliance   by  the   Depositor  or  the  Seller  with  any  warranty  or
representation  made under any Basic Document or in any related  document or the
accuracy  of  any  such  warranty  or  representation,  or  any  action  of  the
Certificate  Paying Agent,  the Certificate  Registrar or the Indenture  Trustee
taken in the name of the Owner Trustee.

        Section 6.07. Owner Trustee May Own the Certificate and Notes. The Owner
Trustee in its  individual or any other capacity may become the owner or pledgee
of the  Certificate  or Notes and may deal with the Depositor,  the Seller,  the
Certificate Paying Agent, the Certificate Registrar and the Indenture Trustee in
transactions with the same rights as it would have if it were not Owner Trustee.

                                               -20-

<PAGE>

                                            ARTICLE VII

                                   Compensation of Owner Trustee

        Section 7.01. Owner Trustee's Fees and Expenses. The Owner Trustee shall
receive  as  compensation  for its  services  hereunder  such  fees as have been
separately  agreed upon before the date hereof,  and the Owner  Trustee shall be
reimbursed for its reasonable  expenses hereunder and under the Basic Documents,
including  the  reasonable  compensation,  expenses  and  disbursements  of such
agents, representatives, experts and counsel as the Owner Trustee may reasonably
employ in  connection  with the exercise and  performance  of its rights and its
duties  hereunder  and under the Basic  Documents  which shall be payable by the
Master Servicer pursuant to Section 3.09 of the Servicing Agreement.

        Section 7.02.  Indemnification.  The Master  Servicer  shall  indemnify,
defend and hold  harmless  the Owner  Trustee as provided in Section 6.06 of the
Servicing Agreement.

                                               -21-

<PAGE>

                                           ARTICLE VIII

                               Termination of Owner Trust Agreement

        Section 8.01. Termination of Owner Trust Agreement. (a) This Owner Trust
Agreement (other than this Article VIII) and the Trust shall terminate and be of
no further  force or effect upon the earliest of (i) the final  distribution  of
all moneys or other property or proceeds of the Trust Estate in accordance  with
the terms of the Indenture and this Owner Trust Agreement, (ii) the Payment Date
in July 2028,  or (iii) the  purchase  by the Master  Servicer of the Home Loans
pursuant  to  Section  8.08(a)  of  the  Servicing  Agreement.  The  bankruptcy,
liquidation, dissolution, death or incapacity of the Certificateholder shall not
(x) operate to terminate this Owner Trust  Agreement or the Trust or (y) entitle
such  Certificateholder's  legal representatives or heirs to claim an accounting
or to take any action or  proceeding  in any court for a partition or winding up
of all or any part of the Trust or the Trust Estate or (z) otherwise  affect the
rights, obligations and liabilities of the parties hereto.

        (b) Except as provided in Section 8.01(a), neither the Depositor nor the
Certificateholder shall be entitled to revoke or terminate the Trust.

        (c) Notice of any termination of the Trust,  specifying the Payment Date
upon which the Certificateholder  shall surrender its Owner Trust Certificate to
the  Certificate  Paying  Agent  for  payment  of  the  final  distribution  and
cancellation,  shall be given by the  Certificate  Paying Agent by letter to the
Certificateholder  mailed within five Business Days of receipt of notice of such
termination  from the Owner  Trustee,  stating (i) the Payment Date upon or with
respect  to  which  final  payment  of  the  Certificate   shall  be  made  upon
presentation  and surrender of the Owner Trust  Certificate at the office of the
Certificate Paying Agent therein  designated,  (ii) the amount of any such final
payment and (iii) that the Record Date otherwise applicable to such Payment Date
is not applicable,  payments being made only upon  presentation and surrender of
the  Certificate  at  the  office  of  the  Certificate  Payment  Agent  therein
specified.  The  Certificate  Paying  Agent  shall give such notice to the Owner
Trustee and the  Certificate  Registrar  at the time such notice is given to the
Certificateholder.   Upon   presentation   and  surrender  of  the  Owner  Trust
Certificate,  the Certificate  Paying Agent shall cause to be distributed to the
Certificateholder amounts distributable on such Payment Date pursuant to Section
5.01.

        In the event that the  Certificateholder  shall not  surrender its Owner
Trust Certificate for cancellation within six months after the date specified in
the above mentioned  written notice,  the Certificate  Paying Agent shall give a
second  written  notice to the  Certificateholder  to surrender  its Owner Trust
Certificate for  cancellation  and receive the final  distribution  with respect
thereto.  Subject to applicable laws with respect to escheat of funds, if within
one year  following  the Payment Date on which final  payment of the Owner Trust
Certificate  was to have been made  pursuant  to Section  3.10,  the Owner Trust
Certificate  shall not have been surrendered for  cancellation,  the Certificate
Paying  Agent  may  take  appropriate  steps,  or may  appoint  an agent to take
appropriate steps, to contact the Certificateholder  concerning surrender of its
Owner Trust Certificate, and the cost thereof shall be paid out of the funds and
other assets that shall remain subject to this Owner Trust Agreement.  Any funds
remaining in the

                                               -22-

<PAGE>

Certificate  Distribution  Account after  exhaustion  of such remedies  shall be
distributed by the Certificate Paying Agent to the Master Servicer.

        (d) Upon the  winding  up of the  Trust and its  termination,  the Owner
Trustee  shall  cause  the  Certificate  of Trust to be  cancelled  by  filing a
certificate of  cancellation  with the Secretary of State in accordance with the
provisions of Section 3810(c) of the Statutory Trust Statute.

                                               -23-

<PAGE>

                                            ARTICLE IX

                      Successor Owner Trustees and Additional Owner Trustees

        Section 9.01.  Eligibility  Requirements  for Owner  Trustee.  The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Statutory Trust Statute;  authorized to exercise  corporate trust
powers;  having a  combined  capital  and  surplus of at least  $50,000,000  and
subject to  supervision  or  examination  by federal or state  authorities;  and
having (or having a parent that has) long- term debt  obligations  with a rating
of at least A by Moody's and/or  Standard & Poor's.  If such  corporation  shall
publish  reports  of  condition  at  least  annually  pursuant  to law or to the
requirements of the aforesaid  supervising or examining authority,  then for the
purpose of this Section,  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 Owner Trustee
shall cease to be eligible in  accordance  with the  provisions  of this Section
9.01,  the Owner  Trustee  shall resign  immediately  in the manner and with the
effect specified in Section 9.02.

        Section 9.02. Replacement of Owner Trustee. The Owner Trustee may at any
time resign and be discharged  from the trusts hereby created by giving 30 days'
prior written  notice thereof to the Depositor and the Indenture  Trustee.  Upon
receiving  such notice of  resignation,  the Indenture  Trustee  shall  promptly
appoint a successor Owner Trustee by written instrument,  in duplicate, one copy
of which  instrument  shall be delivered to the resigning  Owner Trustee and one
copy to the successor  Owner Trustee.  If no successor  Owner Trustee shall have
been so appointed and have accepted  appointment within 30 days after the giving
of such notice of  resignation,  the  resigning  Owner  Trustee may petition any
court  of  competent  jurisdiction  for the  appointment  of a  successor  Owner
Trustee.

        If at  any  time  the  Owner  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of Section 9.01 and shall fail to resign after
written request therefor by the Indenture  Trustee,  or if at any time the Owner
Trustee  shall be  legally  unable  to act,  or shall be  adjudged  bankrupt  or
insolvent,  or a  receiver  of the Owner  Trustee  or of its  property  shall be
appointed,  or any  public  officer  shall  take  charge or control of the Owner
Trustee  or of its  property  or  affairs  for the  purpose  of  rehabilitation,
conservation  or  liquidation,  then the Indenture  Trustee may remove the Owner
Trustee.  If the  Indenture  Trustee  shall remove the Owner  Trustee  under the
authority of the immediately  preceding  sentence,  the Indenture  Trustee shall
promptly appoint a successor Owner Trustee by written instrument,  in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee so
removed and one copy to the successor Owner Trustee, and shall pay all fees owed
to the outgoing Owner Trustee.  Any  resignation or removal of the Owner Trustee
and appointment of a successor  Owner Trustee  pursuant to any of the provisions
of this Section shall not become  effective  until  acceptance of appointment by
the successor Owner Trustee pursuant to Section 9.03 and payment of all fees and
expenses owed to the outgoing Owner Trustee.

        Section 9.03.  Successor  Owner  Trustee.  Any  successor  Owner Trustee
appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the
Indenture Trustee and to its predecessor  Owner Trustee an instrument  accepting
such appointment under this Owner Trust Agreement, and thereupon the

                                               -24-

<PAGE>

resignation or removal of the predecessor  Owner Trustee shall become effective,
and such successor  Owner Trustee,  without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, duties and obligations of
its  predecessor  under  this  Owner  Trust  Agreement,  with like  effect as if
originally  named as Owner  Trustee.  The  predecessor  Owner Trustee shall upon
payment of its fees and  expenses  deliver to the  successor  Owner  Trustee all
documents and statements and monies held by it under this Owner Trust Agreement;
and the predecessor Owner Trustee 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  Owner Trustee all such rights,  powers,
duties and obligations.

        No successor Owner Trustee shall accept  appointment as provided in this
Section 9.03 unless at the time of such  acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

        Upon acceptance of appointment by a successor Owner Trustee  pursuant to
this  Section  9.03,  the  Indenture  Trustee  shall mail notice  thereof to the
Certificateholder,  the  Noteholders and the Rating  Agencies.  If the Indenture
Trustee shall fail to mail such notice  within 10 days after  acceptance of such
appointment by the successor  Owner Trustee,  the successor  Owner Trustee shall
cause such notice to be mailed at the expense of the Indenture Trustee.

        Section 9.04. Merger or Consolidation of Owner Trustee.  Any Person into
which the Owner  Trustee  may be merged  or  converted  or with  which it may be
consolidated,   or  any  Person   resulting  from  any  merger,   conversion  or
consolidation  to which  the  Owner  Trustee  shall be a  party,  or any  Person
succeeding to all or  substantially  all of the corporate  trust business of the
Owner Trustee,  shall be the successor of the Owner Trustee  hereunder,  without
the execution or filing of any  instrument or any further act on the part of any
of  the  parties  hereto,  anything  herein  to  the  contrary  notwithstanding;
provided,  that such  Person  shall be eligible  pursuant  to Section  9.01 and,
provided,  further,  that the Owner  Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

        Section  9.05.   Appointment   of   Co-Trustee   or  Separate   Trustee.
Notwithstanding any other provisions of this Owner Trust Agreement, at any time,
for the purpose of meeting any legal  requirements of any  jurisdiction in which
any part of the Trust Estate may at the time be located, the Owner Trustee shall
have the power and shall execute and deliver all  instruments  to appoint one or
more  Persons  to act as  co-trustee,  jointly  with the  Owner  Trustee,  or as
separate  trustee or trustees,  of all or any part of the Trust  Estate,  and to
vest in such  Person,  in such  capacity,  such  title to the  Trust or any part
thereof  and,  subject to the other  provisions  of this  Section,  such powers,
duties,  obligations,  rights  and  trusts as the  Owner  Trustee  may  consider
necessary or desirable. No co-trustee or separate trustee under this Owner Trust
Agreement  shall be  required  to meet the terms of  eligibility  as a successor
Owner Trustee  pursuant to Section 9.01 and no notice of the  appointment of any
co-trustee or separate trustee shall be required pursuant to Section 9.03.

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

                                               -25-

<PAGE>

        (a) All rights, powers, duties and obligations conferred or imposed upon
the Owner  Trustee  shall be  conferred  upon and  exercised or performed by the
Owner  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 Owner Trustee joining in such act), except to the extent
that under any law of any  jurisdiction  in which any particular act or acts are
to be performed,  the Owner  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 Estate 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 Owner
Trustee;

        (b) No trustee  under this Owner  Trust  Agreement  shall be  personally
liable by reason of any act or  omission of any other  trustee  under this Owner
Trust Agreement; and

        (c) The Owner  Trustee  may at any time  accept  the  resignation  of or
remove any separate trustee or co-trustee.

        Any notice, request or other writing given to the Owner 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 Owner Trust Agreement and the
conditions  of this  Article.  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 Owner
Trustee or separately, as may be provided therein, subject to all the provisions
of this Owner Trust  Agreement,  specifically  including every provision of this
Owner Trust Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Owner Trustee.  Each such instrument shall be filed
with the Owner Trustee.

        Any  separate  trustee or  co-trustee  may at any time appoint the Owner
Trustee as 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
Owner Trust 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 Owner  Trustee,  to the extent  permitted  by law,  without the
appointment of a new or successor co-trustee or separate trustee.

                                               -26-

<PAGE>

                                             ARTICLE X

                                           Miscellaneous

        Section 10.01. Amendments. (a) This Owner Trust Agreement may be amended
from time to time by the parties  hereto as  specified  in this  Section  10.01,
provided that any amendment,  except as provided in  subparagraph  (e) below, be
accompanied  by an Opinion of  Counsel to the Owner  Trustee to the effect  that
such  amendment (i) complies  with the  provisions of this Section and (ii) will
not cause the Trust to be subject to an entity level tax.

        (b) If the purpose of the amendment (as detailed  therein) is to correct
any mistake,  eliminate any  inconsistency,  cure any ambiguity or deal with any
matter not covered (i.e., to give effect to the intent of the parties), it shall
not be  necessary to obtain the consent of any  Holders,  but the Owner  Trustee
shall be furnished with (A) a letter from the Rating Agencies that the amendment
will not result in the  downgrading or withdrawal of the rating then assigned to
any  Security  and (B) an Opinion of Counsel to the effect that such action will
not adversely affect in any material respect the interests of any Holders.

        (c) If the purpose of the amendment is to prevent the  imposition of any
federal  or state  taxes at any time that any  Security  is  outstanding  (i.e.,
technical  in nature),  it shall not be  necessary  to obtain the consent of any
Holder, but the Owner Trustee shall be furnished with an Opinion of Counsel that
such  amendment is necessary or helpful to prevent the  imposition of such taxes
and is not materially adverse to any Holder.

        (d) If the purpose of the amendment is to add or eliminate or change any
provision of the Owner Trust Agreement other than as contemplated in (b) and (c)
above,  the amendment shall require (A) an Opinion of Counsel to the effect that
such action will not adversely  affect in any material  respect the interests of
any  Holders  and (B) either  (a) a letter  from the  Rating  Agencies  that the
amendment  will not result in the  downgrading  or withdrawal of the rating then
assigned to any  Security or (b) the consent of Holders of the  Certificate  and
the Indenture Trustee; provided, however, that no such amendment shall reduce in
any manner the amount  of, or delay the timing of,  payments  received  that are
required  to be  distributed  on the  Certificate  without  the  consent  of the
Certificateholder.

        (e) If the purpose of the amendment is to provide for the holding of the
Certificate   in  book-  entry  form,  it  shall  require  the  consent  of  the
Certificateholder;   provided,   that  the  Opinion  of  Counsel   specified  in
subparagraph (a) above shall not be required.

        (f) If the purpose of the  amendment  is to provide for the  issuance of
additional  certificates  representing an interest in the Trust, it shall not be
necessary to obtain the consent of any Holder,  but the Owner  Trustee  shall be
furnished with (A) an Opinion of Counsel to the effect that such action will not
adversely  affect in any material respect the interests of any Holders and (B) a
letter  from the  Rating  Agencies  that the  amendment  will not  result in the
downgrading or withdrawal of the rating then assigned to any Security.

                                               -27-

<PAGE>

        (g) Promptly after the execution of any such  amendment or consent,  the
Owner  Trustee  shall  furnish  written  notification  of the  substance of such
amendment or consent to the Certificateholder, the Indenture Trustee and each of
the  Rating  Agencies.  It  shall  not  be  necessary  for  the  consent  of the
Certificateholder  or the  Indenture  Trustee  pursuant to this Section 10.01 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  any  other  consents  of the  Certificateholder
provided for in this Owner Trust  Agreement or in any other Basic  Document) and
of   evidencing   the   authorization   of   the   execution   thereof   by  the
Certificateholder  shall be subject to such reasonable requirements as the Owner
Trustee may prescribe.

        (h) In  connection  with the execution of any amendment to any agreement
to which the Trust is a party, other than this Owner Trust Agreement,  the Owner
Trustee  shall be entitled to receive and  conclusively  rely upon an Opinion of
Counsel to the effect that such  amendment  is  authorized  or  permitted by the
documents  subject to such  amendment and that all  conditions  precedent in the
Basic Documents for the execution and delivery thereof by the Trust or the Owner
Trustee, as the case may be, have been satisfied.

        (i) Any  amendment to this Owner Trust  Agreement  affecting the rights,
duties and obligations of the Indenture  Trustee,  Certificate  Registrar or the
Certificate  Paying  Agent  shall be  consented  to by such party and such party
shall be an  addressee  on any Opinion of Counsel and receive any rating  letter
provided in connection therewith.

        Promptly  after the  execution of any  amendment to the  Certificate  of
Trust,  the Owner  Trustee  shall  cause the filing of such  amendment  with the
Secretary of State of the State of Delaware.

        Section  10.02.  No Legal Title to Trust Estate.  The  Certificateholder
shall   not  have   legal   title  to  any  part  of  the  Trust   Estate.   The
Certificateholder shall be entitled to receive distributions with respect to its
beneficial  interest  therein only in  accordance  with  Articles V and VIII. No
transfer,  by operation of law or otherwise,  of any right, title or interest of
the  Certificateholder  to and in their  ownership  interest in the Trust Estate
shall operate to terminate this Owner Trust Agreement or the trusts hereunder or
entitle any  transferee to an accounting or to the transfer to it of legal title
to any part of the Trust Estate.

        Section 10.03.  Limitations on Rights of Others.  The provisions of this
Owner  Trust  Agreement  are solely for the  benefit of the Owner  Trustee,  the
Depositor,  the Certificateholder  and, to the extent expressly provided herein,
the  Indenture  Trustee  and the  Noteholders,  and  nothing in this Owner Trust
Agreement,  whether express or implied,  shall be construed to give to any other
Person  any legal or  equitable  right,  remedy or claim in the Trust  Estate or
under or in respect of this Owner Trust  Agreement or any covenants,  conditions
or provisions contained herein.

        Section 10.04.  Notices.  (a) Unless  otherwise  expressly  specified or
permitted  by the terms  hereof,  all  notices  shall be in writing and shall be
deemed given upon  receipt,  if to the Owner  Trustee,  addressed to  Wilmington
Trust Company,  Corporate Trust Administration,  Rodney Square North, 1100 North
Market  Street,   Wilmington,   Delaware  19890,   Attention:   Corporate  Trust
Administration; if to the

                                               -28-

<PAGE>

Depositor,  addressed to Residential  Funding Mortgage Securities II, Inc., 8400
Normandale Lake Boulevard,  Suite 250,  Minneapolis,  Minnesota 55437; if to the
Rating Agencies, addressed to Moody's Investors Service, Inc., 99 Church Street,
4th Floor,  New York,  New York 10001 and  Standard & Poor's,  55 Water Street -
41st Floor, New York, New York 10041, Attention: Structured Finance Department -
MBS or, as to each party,  at such other  address as shall be designated by such
party in a written notice to each other party.

        (b)  Any   notice   required   or   permitted   to  be   given   to  the
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  Owner  Trust  Agreement  shall be
conclusively   presumed   to  have  been  duly   given,   whether   or  not  the
Certificateholder receives such notice.

        (c) A copy of any  notice  delivered  to the Owner  Trustee or the Trust
shall also be delivered to the Depositor.

        Section 10.05. Severability. Any provision of this Owner Trust Agreement
that is  prohibited  or  unenforceable  in any  jurisdiction  shall,  as to such
jurisdiction,   be   ineffective   to  the   extent  of  such   prohibition   or
unenforceability  without  invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

        Section 10.06. Separate Counterparts.  This Owner Trust Agreement may be
executed by the parties hereto in separate  counterparts,  each of which when so
executed and delivered  shall be an original,  but all such  counterparts  shall
together constitute but one and the same instrument.

        Section 10.07. Successors and Assigns. All representations,  warranties,
covenants and  agreements  contained  herein shall be binding upon, and inure to
the benefit of, each of the Depositor,  the Owner Trustee and its successors and
the  Certificateholder  and its successors and permitted assigns,  all as herein
provided. Any request, notice, direction, consent, waiver or other instrument or
action by the  Certificateholder  shall bind the  successors  and assigns of the
Certificateholder.

        Section 10.08.  No Petition.  The Owner  Trustee,  by entering into this
Owner Trust  Agreement  and the  Certificateholder,  by accepting an Owner Trust
Certificate,  hereby covenants and agrees that it will not at any time institute
against  the  Depositor  or the Trust,  or join in any  institution  against the
Depositor or the Trust of, any  bankruptcy  proceedings  under any United States
federal or state  bankruptcy or similar law in connection  with any  obligations
with  respect  to the Owner  Trust  Certificate,  the Notes,  this  Owner  Trust
Agreement or any of the Basic Documents.

        Section 10.09. No Recourse. The Certificateholder by accepting the Owner
Trust  Certificate  acknowledges  that the Owner  Trust  Certificate  represents
beneficial  interests  in the Trust only and do not  represent  interests  in or
obligations  of the  Depositor,  the Seller,  the Owner  Trustee,  the Indenture
Trustee or any Affiliate thereof and no recourse may be had against such parties
or their assets, except as may be

                                               -29-

<PAGE>

expressly  set  forth  or  contemplated  in  this  Owner  Trust  Agreement,  the
Certificate or the Basic Documents.

     Section 10.10.  Headings. The headings of the various Articles and Sections
herein are for  convenience  of reference only and shall not define or limit any
of the terms or provisions hereof.

        Section  10.11.  GOVERNING  LAW.  THIS OWNER  TRUST  AGREEMENT  SHALL BE
CONSTRUED  IN  ACCORDANCE  WITH  THE  LAWS OF THE  STATE  OF  DELAWARE,  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 10.12.  Integration.  This Owner Trust Agreement constitutes the
entire  agreement  among the parties  hereto  pertaining  to the subject  matter
hereof and supersedes all prior agreements and understanding pertaining thereto.

                                               -30-

<PAGE>

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

                                RESIDENTIAL FUNDING MORTGAGE SECURITIES II,
                                INC.

                                By: /s/   Mark White
                                   ---------------------------------------------
                                Name: Mark White
                              Title: Vice President

                               WILMINGTON TRUST COMPANY, not in its
                               individual  capacity  but  solely as
                               Owner  Trustee,  except with respect
                               to    the     representations    and
                               warranties contained in Section 6.03
                               hereof,

                               By: /s/ James P. Lawler
                                   ---------------------------------------------
                              Name: James P. Lawler
                              Title: Vice President

Acknowledged and Agreed:

JPMORGAN CHASE BANK,
-------------------
as Indenture Trustee, Certificate Registrar
and Certificate Paying Agent

By: /s/ Mark McDermott
Name:   Mark McDermott
Title:  Assistant Vice President

                                               -31-

<PAGE>

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

                              RESIDENTIAL FUNDING MORTGAGE SECURITIES II,
                              INC.

                              By:    __________________________
                              Name: Mark White
                              Title: Vice President

                             WILMINGTON TRUST COMPANY, not in its
                             individual  capacity  but  solely as
                             Owner  Trustee,  except with respect
                             to    the     representations    and
                             warranties contained in Section 6.03
                             hereof,

                              By:__________
                              Name: James P. Lawler
                              Title: Vice President

Acknowledged and Agreed:

JPMORGAN CHASE BANK,
-------------------
as Indenture Trustee, Certificate Registrar
and Certificate Paying Agent

By:     __________________________
Name:   Mark McDermott
Title:  Vice President

                                               -32-

<PAGE>

                                             EXHIBIT A

                                  FORM OF OWNER TRUST CERTIFICATE

        THIS OWNER TRUST  CERTIFICATE  (THE  "CERTIFICATE")  IS  SUBORDINATED IN
RIGHT OF PAYMENT TO THE NOTES AS DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).

        THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT UPON SATISFACTION OF
THE CONDITIONS IN SECTION 3.05 OF THE AGREEMENT.

        THE B COMPONENT AND THE RESIDUAL COMPONENT OF THIS
CERTIFICATE ARE NOT SEPARATELY TRANSFERABLE.

        THIS  CERTIFICATE  HAS NOT BEEN AND WILL  NOT BE  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR  TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND
LAWS  OR  IS  SOLD  OR  TRANSFERRED  IN  TRANSACTIONS   WHICH  ARE  EXEMPT  FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.05 OF THE AMENDED AND RESTATED OWNER
TRUST AGREEMENT ("THE AGREEMENT").

        NO TRANSFER  OF THIS  CERTIFICATE  SHALL BE MADE UNLESS THE  CERTIFICATE
REGISTRAR SHALL HAVE RECEIVED EITHER (I) A CERTIFICATION  IN THE FORM OF EXHIBIT
G TO THE AGREEMENT  FROM THE  TRANSFEREE OF THIS  CERTIFICATE TO THE EFFECT THAT
SUCH  TRANSFEREE  IS NOT AN EMPLOYEE  BENEFIT  PLAN OR OTHER PLAN SUBJECT TO THE
PROHIBITED   TRANSACTION   RESTRICTIONS   AND   THE   FIDUCIARY   RESPONSIBILITY
REQUIREMENTS OF THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"),  OR SECTION 4975 OF THE INTERNAL  REVENUE CODE OF 1986 (THE  "CODE"),
ANY PERSON  ACTING,  DIRECTLY OR  INDIRECTLY,  ON BEHALF OF ANY SUCH PLAN OR ANY
PERSON  USING  "PLAN  ASSETS,"  WITHIN THE  MEANING OF THE  DEPARTMENT  OF LABOR
REGULATION AT 29 C.F.R. SS.2510.3-101, TO ACQUIRE THIS CERTIFICATE (COLLECTIVELY
A "PLAN INVESTOR"), OR (II) IF THIS CERTIFICATE IS PRESENTED FOR REGISTRATION IN
THE NAME OF A PLAN  INVESTOR,  AN OPINION  OF  COUNSEL,  TO THE EFFECT  THAT THE
PURCHASE OR HOLDING OF THIS  CERTIFICATE IS PERMISSIBLE  UNDER  APPLICABLE  LAW,
WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED  TRANSACTION  UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (OR  COMPARABLE  PROVISIONS OF ANY  SUBSEQUENT
ENACTMENTS)  AND WILL NOT SUBJECT THE  COMPANY,  THE OWNER  TRUSTEE,  THE MASTER
SERVICER OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY IN ADDITION
TO THOSE UNDERTAKEN IN THE AGREEMENT.

                                                A-1

<PAGE>

        THIS  CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE
SELLER, THE COMPANY,  THE MASTER SERVICER,  THE INDENTURE TRUSTEE,  OR THE OWNER
TRUSTEE OR ANY OF THEIR RESPECTIVE  AFFILIATES,  EXCEPT AS EXPRESSLY PROVIDED IN
THE AGREEMENT OR THE BASIC DOCUMENTS.

                                                A-2

<PAGE>

Certificate No. ____                        Assumed Final Payment Date:
                                  July 25, 2028

Cut-off Date:
June 1, 2003                                Certificate Percentage Interest of
                             this Certificate: 100%

Date of Amended and
Restated Trust Agreement:
June 27, 2003

First Payment Date:
July 25, 2003

                                   HOME LOAN-BACKED CERTIFICATE
                                          Series 2003-HI2

        evidencing a 100%  interest in the Trust  Estate,  the property of which
consists  primarily of the Grantor  Trust  Certificate,  created by  RESIDENTIAL
FUNDING MORTGAGE  SECURITIES II, INC.  (hereinafter  called the "Company," which
term includes any successor entity under the Agreement referred to below).

               This  Certificate  is payable solely from the assets of the Trust
Estate, and does not represent an obligation of or interest in the Company,  the
Seller, the Master Servicer,  the Indenture Trustee, the Owner Trustee or any of
their affiliates. None of this Certificate, the Grantor Trust Certificate or the
Home  Loans  is   guaranteed   or  insured   by  any   governmental   agency  or
instrumentality  or by  the  Company,  the  Seller,  the  Master  Servicer,  the
Indenture  Trustee,  the Owner Trustee or any of their  affiliates.  None of the
Company,  the Seller,  the Master  Servicer,  the Indenture  Trustee,  the Owner
Trustee or any of their  affiliates will have any obligation with respect to any
certificate  or other  obligation  secured by or payable  from  payments  on the
Certificate.

               This certifies  that [name of Holder] is the registered  owner of
the Certificate  Percentage Interest evidenced by this Certificate (as set forth
on the face hereof) in certain  distributions  with respect to the Trust Estate,
consisting  primarily of the Grantor Trust  Certificate,  created by Residential
Funding  Mortgage  Securities II, Inc. The Trust (as defined herein) was created
pursuant  to a Trust  Agreement,  dated as of June 17,  2003 and an Amended  and
Restated  Owner  Trust  Agreement,  dated as  specified  above (as  amended  and
supplemented  from  time to time,  the  "Agreement")  between  the  Company  and
Wilmington  Trust  Company,  as owner trustee (the "Owner  Trustee,"  which term
includes any successor entity under the Agreement),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

                                                A-3

<PAGE>

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately  following (the "Payment Date"),  commencing on the
first Payment Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last day (or if such last day is
not a Business Day, the Business Day immediately preceding such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
in an amount equal to the pro rata portion evidenced by this Certificate  (based
on the  Certificate  Percentage  Interest  stated  on the  face  hereon)  of the
Certificate Distribution Amount, if any, required to be distributed to Holder of
Certificate on such Payment Date. Distributions on this Certificate will be made
as provided in the Agreement by the Certificate Paying Agent by wire transfer or
check  mailed to the  Certificateholder  of record in the  Certificate  Register
without the  presentation or surrender of this  Certificate or the making of any
notation hereon.

               Except as otherwise provided in the Agreement and notwithstanding
the above,  the final  distribution on this  Certificate  will be made after due
notice by the Certificate  Paying Agent of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained by the  Certificate  Registrar for that purpose in the City and State
of New York.

               No transfer of this Certificate will be made unless such transfer
is exempt from the  registration  requirements of the Securities Act of 1933, as
amended,  and any applicable state securities laws or is made in accordance with
said Act and  laws.  In the  event  that  such a  transfer  is to be  made,  the
Certificate  Registrar  or the Company  shall  require  either (i) an opinion of
counsel acceptable to and in form and substance  satisfactory to the Certificate
Registrar  and  the  Company  that  such  transfer  is  exempt  (describing  the
applicable  exemption and the basis  therefor) from or is being made pursuant to
the registration  requirements of the Securities Act of 1933, as amended, and of
any applicable statute of any state or (ii) an investment letter executed by the
Transferee in the form described in the Agreement and which investment letter or
Opinion of Counsel shall not be at the expense of the Trust,  the Owner Trustee,
the Certificate  Registrar or the Company.  The Holder hereof desiring to effect
such transfer shall,  and does hereby agree to,  indemnify the Trust,  the Owner
Trustee, the Company, the Master Servicer and the Certificate  Registrar 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.  In  connection  with any such
transfer,  the Certificate  Registrar (unless otherwise directed by the Company)
will also require either (i) a representation  letter,  in the form described in
the Agreement,  stating that the transferee is not an employee  benefit or other
plan  subject  to the  prohibited  transaction  restrictions  or  the  fiduciary
responsibility  requirements of ERISA or Section 4975 of the Code ("Plan"),  any
person acting, directly or indirectly,  on behalf of any such plan or any person
using  the  "plan  assets,"  within  the  meaning  of the  Department  of  Labor
regulations   at  29   C.F.R.   ss.2510.3-101,   to  effect   such   acquisition
(collectively, a "Plan Investor") or (ii) if such transferee is a Plan Investor,
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the  Company,  the  Owner  Trustee,  the  Master  Servicer  and the  Certificate
Registrar,  to the effect  that the  purchase or holding of the  Certificate  is
permissible  under applicable law, will not constitute or result in a prohibited
transaction  under  Section  406 of  ERISA  or  Section  4975  of the  Code  (or
comparable  provisions of any  subsequent  enactments)  and will not subject the
Company, the Owner Trustee, the Master Servicer or the Certificate  Registrar to
any  obligation or liability in addition to those  undertaken in the  Agreement.
The B  Component  and  the  Residual  Component  of  this  Certificate  are  not
separately transferable.

                                                A-4

<PAGE>

               This Certificate is issued pursuant to a duly authorized issue of
Certificate  designated as Home Loan-Backed  Certificate of the Series specified
hereon.  All terms used in this  Certificate  which are defined in the Agreement
shall have the meanings assigned to them in the Agreement.

               The  Certificateholder,  by its  acceptance of this  Certificate,
agrees  that it will  look  solely to the funds on  deposit  in the  Certificate
Distribution  Account that have been released from the Lien of the Indenture for
payment hereunder and that neither the Owner Trustee in its individual  capacity
nor the Company is  personally  liable to the  Certificateholder  for any amount
payable under this Certificate or the Agreement or, except as expressly provided
in the Agreement, subject to any liability under the Agreement.

               The Holder of this  Certificate  acknowledges and agrees that its
rights to receive  distributions in respect of this Certificate are subordinated
to the rights of the Noteholders as described in the Indenture, dated as of June
27, 2003 between Home Loan Trust 2003-HI2 (the "Trust") and JPMorgan Chase Bank,
as Indenture Trustee (the "Indenture").

               The  Certificateholder,  by its  acceptance of this  Certificate,
covenants and agrees that such  Certificateholder will not at any time institute
against the Company, or join in any institution against the Company or the Trust
of, any  bankruptcy,  reorganization,  arrangement,  insolvency  or  liquidation
proceedings,  or other  proceedings  under any  United  States  federal or state
bankruptcy or similar law in  connection  with any  obligations  relating to the
Certificate, the Notes, the Agreement or any of the Basic Documents.

               The Agreement  permits the amendment  thereof as specified below,
provided that any amendment be accompanied by an Opinion of Counsel to the Owner
Trustee to the effect that such  amendment  complies with the  provisions of the
Agreement  and will not cause the Trust to be subject to an entity level tax. If
the  purpose  of  the  amendment  is  to  correct  any  mistake,  eliminate  any
inconsistency,  cure any ambiguity or deal with any matter not covered, it shall
not be  necessary  to obtain the  consent of any Holder,  but the Owner  Trustee
shall be furnished  with a letter from the Rating  Agencies  that the  amendment
will not result in the  downgrading or withdrawal of the rating then assigned to
any Security.  If the purpose of the  amendment is to prevent the  imposition of
any federal or state  taxes at any time that any  Security  is  outstanding,  it
shall not be  necessary  to obtain  the  consent  of the  Holder,  but the Owner
Trustee  shall be furnished  with an Opinion of Counsel  that such  amendment is
necessary  or  helpful  to  prevent  the  imposition  of such  taxes  and is not
materially  adverse to the Holder.  If the purpose of the amendment is to add or
eliminate or change any provision of the  Agreement,  other than as specified in
the preceding two  sentences,  the amendment  shall require  either (a) a letter
from the Rating  Agencies that the amendment will not result in the  downgrading
or withdrawal of the rating then assigned to any Security, or (b) the consent of
the Certificateholder and the Indenture Trustee; provided, however, that no such
amendment  shall (i)  reduce in any  manner the amount of, or delay the time of,
payments received that are required to be distributed on the Certificate without
the consent of the Certificateholder, or (ii) reduce the aforesaid percentage of
the Certificate without the consent of the Holder of the Certificate.

                                                A-5

<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein set forth,  the  transfer of this  Certificate  is  registerable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer at the offices or agencies of the Certificate  Registrar  maintained in
the City and State of New York,  accompanied by a written instrument of transfer
in form  satisfactory to the  Certificate  Registrar duly executed by the Holder
hereof or such Holder's  attorney duly authorized in writing,  and thereupon one
or more new Certificates of authorized  denominations  evidencing the same Class
and aggregate  Certificate  Percentage Interest will be issued to the designated
transferee.  The initial Certificate  Registrar appointed under the Agreement is
the Indenture Trustee.

               The  Certificate is issuable only in minimum  denominations  of a
100% Certificate Percentage Interest.

               The  Certificate is intended to be a certificated  security under
Article  8 of the UCC of the  State  of New  York and  under  the  corresponding
provisions of the UCC of any other State that may be applicable.

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

               The Owner Trustee,  the Certificate Paying Agent, the Certificate
Registrar and any agent of the Owner Trustee,  the Certificate  Paying Agent, or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes,  and none of the Owner Trustee,
the Certificate Paying Agent, the Certificate  Registrar or any such agent shall
be affected by any notice to the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of Delaware.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificate  and the Trust created  thereby shall terminate upon the earliest of
(i) the final  distribution  of all moneys or other  property or proceeds of the
Trust Estate in accordance  with the terms of the  Indenture and the  Agreement,
(ii) the Payment Date in July 2028 or (iii) the purchase by the Master  Servicer
of the Grantor Trust  Certificate  pursuant to Section  8.08(a) of the Servicing
Agreement.

               Unless the certificate of  authentication  hereon shall have been
executed by an authorized  officer of the Owner  Trustee,  or an  authenticating
agent by manual signature, this Certificate shall not be entitled to any benefit
under the Agreement or be valid for any purpose.

                                                A-6

<PAGE>

               IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and
not in its individual capacity, has caused this Certificate to be duly executed.

                                HOME LOAN TRUST 2003-HI2

                                by     WILMINGTON TRUST COMPANY,
                                       not in its individual capacity but solely
                                       as Owner Trustee

                                Dated: ______________________________
                                       Authorized Signatory

                                   CERTIFICATE OF AUTHENTICATION

This is the Certificate referred to in the within mentioned Agreement.

WILMINGTON TRUST COMPANY,
not in its individual capacity
but solely as Owner Trustee

By:     ______________________________
        Authorized Signatory

or       ______________________________,
        as Authenticating Agent of the Trust

By:     ______________________________
        Authorized Signatory

                                                A-7

<PAGE>

                                            ASSIGNMENT

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

-----------------------------------------------------------------------------
(Please print or type name and address, including postal zip code, of assignee)

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

the  within   Certificate,   and  all  rights  thereunder,   hereby  irrevocably
constituting and appointing

-----------------------------------------------------------------------------
to transfer said  Certificate on the books of the  Certificate  Registrar,  with
full power of substitution in the premises.

Dated:
                                _________________________________*/
                                Signature Guaranteed:

                                ____________________*/

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

*/ NOTICE:  The signature to this assignment must correspond with the name as it
appears upon the face of the within  Certificate  in every  particular,  without
alteration,   enlargement  or  any  change  whatever.  Such  signature  must  be
guaranteed by a member firm of the New York Stock Exchange or a commercial  bank
or trust company.

                                                A-8

<PAGE>

                                     DISTRIBUTION INSTRUCTIONS

        The assignee  should  include the following for the  information  of the
Certificate Paying Agent:

     Distribution shall be made by wire transfer in immediately  available funds
to     _______________________________________     for    the     account     of
______________________,  account number ______________,  or, if mailed by check,
to ______________.

     Applicable statements should be mailed to __________________.

                                    ------------------------------
                                    Signature of assignee or agent
                                    (for authorization of wire transfer only)

                                                A-9

<PAGE>

                                             EXHIBIT B

                                      TO THE TRUST AGREEMENT

                                       CERTIFICATE OF TRUST

                                                OF

                            HOME LOAN TRUST 2003-HI2

     THIS  Certificate  of Trust of HOME LOAN TRUST  2003-HI2  (the  "Trust") is
being  duly  executed  and filed on behalf of the Trust by the  undersigned,  as
trustee,  to form a statutory  trust under the Delaware  Statutory Trust Act (12
Del. C.ss.3801 et seq.) (the "Act").

        1. Name. The name of the statutory  trust formed by this  Certificate of
Trust is HOME LOAN TRUST 2003-HI2.

        2. Delaware Trustee. The name and business address of the trustee of the
Trust  in  the  State  of  Delaware  are  ________________,  __________________,
______________, Delaware ___________.

        3.  Effective  Date.  This  Certificate of Trust shall be effective upon
filing.

        IN WITNESS  WHEREOF,  the undersigned has duly executed this Certificate
of Trust in accordance with Section 3811(a)(1) of the Act.

                                    [NAME OF OWNER TRUSTEE],
                                    not in its individual capacity
                                    but solely as Trustee

                                    By:    _____________________
                                    Name:
                                   Title:

                                                B-1

<PAGE>

                                             EXHIBIT C

                           [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                      Description of Rule 144A Securities, including numbers:

                           ============================================
                           ============================================

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

               1. In connection  with such  transfer and in accordance  with the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

               2. The Buyer warrants and represents to, and covenants  with, the
Owner Trustee and the  Depositor  (as defined in the Amended and Restated  Owner
Trust Agreement (the "Agreement"), dated as of June 27, 2003 between Residential
Funding Mortgage  Securities II, Inc., as Depositor and Wilmington Trust Company
as Owner Trustee  pursuant to Section 3.05 of the  Agreement and JPMorgan  Chase
Bank as indenture trustee, as follows:

                      a. The Buyer  understands  that the Rule  144A  Securities
        have not been  registered  under the 1933 Act or the securities  laws of
        any state.

                      b. The Buyer considers itself a substantial, sophisticated
        institutional investor having such knowledge and experience in financial
        and  business  matters that it is capable of  evaluating  the merits and
        risks of investment in the Rule 144A Securities.

                                                C-1

<PAGE>

                      c. The  Buyer  has  been  furnished  with all  information
        regarding  the  Rule  144A  Securities  that it has  requested  from the
        Seller, the Indenture Trustee, the Owner Trustee or the Master Servicer.

                      d.  Neither the Buyer nor anyone  acting on its behalf has
        offered,  transferred,  pledged,  sold or otherwise disposed of the Rule
        144A  Securities,  any interest in the Rule144A  Securities or any other
        similar security to, or solicited any offer to buy or accept a transfer,
        pledge or other disposition of the Rule 144A Securities, any interest in
        the  Rule  144A  Securities  or any  other  similar  security  from,  or
        otherwise  approached  or  negotiated  with  respect  to the  Rule  144A
        Securities,  any  interest  in the Rule  144A  Securities  or any  other
        similar  security  with,  any person in any manner,  or made any general
        solicitation by means of general  advertising or in any other manner, or
        taken any other action, that would constitute a distribution of the Rule
        144A Securities  under the 1933 Act or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  nor  will it act,  nor has it
        authorized  or will it authorize  any person to act, in such manner with
        respect to the Rule 144A Securities.

                      e. The Buyer is a "qualified  institutional buyer" as that
        term is defined in Rule144A under the 1933 Act and has completed  either
        of the forms of  certification to that effect attached hereto as Annex 1
        or  Annex 2. The  Buyer  is aware  that the sale to it is being  made in
        reliance on Rule 144A.  The Buyer is acquiring the Rule 144A  Securities
        for its own  account or the  accounts of other  qualified  institutional
        buyers, understands that such Rule144A Securities may be resold, pledged
        or  transferred  only  (i)  to a  person  reasonably  believed  to  be a
        qualified  institutional buyer that purchases for its own account or for
        the account of a qualified  institutional  buyer to whom notice is given
        that the  resale,  pledge or  transfer is being made in reliance on Rule
        144A, or (ii) pursuant to another exemption from registration  under the
        1933 Act.

               3. The Buyer represents that:

(i) either (a) or (b) is satisfied, as marked below:

               ____ a.  The  Buyer is not an  employee  benefit  or  other  plan
subject to the  Employee  Retirement  Income  Security  Act of 1974,  as amended
("ERISA"),or  Section 4975 of the Internal Revenue Code of 1986 (the "Code"),  a
Person acting, directly or indirectly,  on behalf of any such plan or any Person
acquiring such  Certificates  with "plan assets" of a Plan within the meaning of
the Department of Labor  regulation  promulgated at29 C.F.R.  ss.2510.3-101  and
will provide a certification  in the form of Exhibit G to the Trust Agreement to
that effect; or

               ____ b. The Buyer will provide the Depositor,  the Owner Trustee,
the   Certificate   Registrar  and  the  Master  Servicer  with  an  opinion  of
counsel,satisfactory  to the  Depositor,  the  Owner  Trustee,  the  Certificate
Registrar and the Master  Servicer,  to the effect that the purchase and holding
of a Certificate  by or on behalf of the Buyer is permissible  under  applicable
law, will not constitute or result in a prohibited transaction under Section 406
of ERISA or Section 4975 of the Code (or comparable

                                                C-2

<PAGE>

provisions of any subsequent enactments) and will not subject the Depositor, the
Owner  Trustee,  the  Certificate  Registrar  or  the  Master  Servicer  to  any
obligation or liability  (including  liabilities  under ERISA or Section 4975 of
the Code) in addition to those undertaken in the Trust Agreement,  which opinion
of counsel  shall not be an expense of the  Depositor,  the Owner  Trustee,  the
Certificate Registrar or the Master Servicer; and

        (ii) the Buyer is familiar with the prohibited transaction  restrictions
        and  fiduciary  responsibility  requirements  of Sections 406 and 407 of
        ERISA  and  Section  4975 of the Code and  understands  that each of the
        parties to which this certification is made is relying and will continue
        to rely on the statements made in this paragraph 3.

               4. This document may be executed in one or more  counterparts and
by the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts,  together, shall
constitute one and the same document.

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.

--------------------------                         --------------------------
Print Name of Seller                               Print Name of Buyer

By:     ____________________                       By:    ____________________
        Name:                                                    Name:
        Title:                                            Title:

Taxpayer Identification:                           Taxpayer Identification:

No.     ____________________                       No.    ____________________
Date:   ____________________                       Date:  ____________________

                                                C-3

<PAGE>

                              ANNEX 1 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

        2. In connection with purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary  basis  $______________________  (1) in securities (except for the
excluded  securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.

        ___    Corporation,  etc. The Buyer is a corporation (other than a bank,
               savings   and   loan   association   or   similar   institution),
               Massachusetts  or  similar  statutory  trust,   partnership,   or
               charitable  organization  described  in Section  501(c)(3) of the
               Internal Revenue Code.

        ___    Bank.  The Buyer (a) is a national  bank or  banking  institution
               organized under the laws of any State,  territory or the District
               of Columbia,  the business of which is substantially  confined to
               banking and is  supervised  by the State or  territorial  banking
               commission or similar official or is a foreign bank or equivalent
               institution,  and  (b)  has an  audited  net  worth  of at  least
               $25,000,000  as  demonstrated  in  its  latest  annual  financial
               statements, a copy of which is attached hereto.

---------------
(1) Buyer must own and/or invest on a discretionary  basis at least $100,000,000
in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least$10,000,000 in securities.

                                                C-4

<PAGE>

         ___   Savings   and  Loan.   The  Buyer  (a)  is  a  savings  and  loan
               association,  building and loan  association,  cooperative  bank,
               homestead association or similar institution, which is supervised
               and examined by a State or Federal  authority having  supervision
               over any  such  institutions  or is a  foreign  savings  and loan
               association or equivalent  institution and (b) has an audited net
               worth of at  least  $25,000,000  as  demonstrated  in its  latest
               annual financial statements.

          ___  Broker-Dealer.  The  Buyer is a  dealer  registered  pursuant  to
               Section 15 of the Securities Exchange Act of 1934.

        ___    Insurance  Company.  The  Buyer  is an  insurance  company  whose
               primary  and  predominant  business  activity  is the  writing of
               insurance or the  reinsuring of risks  underwritten  by insurance
               companies  and which is subject to  supervision  by the insurance
               commissioner  or a  similar  official  or  agency  of a State  or
               territory or the District of Columbia.

        ___    State  or  Local  Plan.  The  Buyer  is a  plan  established  and
               maintained by a State, its political subdivisions,  or any agency
               or  instrumentality  of the State or its political  subdivisions,
               for the benefit of its employees.

        ___    ERISA  Plan.  The Buyer is an  employee  benefit  plan within the
               meaning of Title I of the Employee Retirement Income Security Act
               of 1974.

          ___  Investment Adviser. The Buyer is an investment adviser registered
               under the Investment Advisers Act of 1940.

          ___  SBIC. The Buyer is a Small Business  Investment  Company licensed
               by the U.S. Small Business Administration under Section 301(c) or
               (d) of the Small Business Investment Act of 1958.

          ___  Business Development Company. The Buyer is a business development
               company  as  defined  in  Section  202(a)(22)  of the  Investment
               Advisers Act of 1940.

        ___    Trust Fund.  The Buyer is a trust fund whose trustee is a bank or
               trust company and whose  participants  are  exclusively (a) plans
               established   and   maintained   by  a   State,   its   political
               subdivisions,  or any agency or  instrumentality  of the State or
               its political subdivisions,  for the benefit of its employees, or
               (b) employee  benefit  plans within the meaning of Title I of the
               Employee  Retirement  Income  Security Act of 1974,  but is not a
               trust fund that includes as  participants  individual  retirement
               accounts or H.R. 10 plans.

        3. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer,  (ii) securities that are part of
an unsold  allotment to or  subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v)

                                                C-5

<PAGE>

repurchase  agreements,  (vi)  securities  owned  but  subject  to a  repurchase
agreement and (vii) currency, interest rate and commodity swaps.

        4. For purposes of determining the aggregate  amount of securities owned
and/or invested on a discretionary  basis by the Buyer,  the Buyer used the cost
of such  securities  to the  Buyer  and did not  include  any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

        5.  The  Buyer  acknowledges  that it is  familiar  with  Rule  144A and
understands  that the  seller to it and other  parties  related to the Rule 144A
Securities are relying and will continue to rely on the  statements  made herein
because one or more sales to the Buyer may be in reliance on Rule 144A.

___     ___    Will the Buyer be purchasing the Rule 144A
Yes     No     Securities only for the Buyer's own account?

        6. If the answer to the  foregoing  question is "no",  the Buyer  agrees
that,  in connection  with any purchase of securities  sold to the Buyer for the
account of a third party  (including  any separate  account) in reliance on Rule
144A,  the Buyer will only purchase for the account of a third party that at the
time is a "qualified  institutional  buyer"  within the meaning of Rule 144A. In
addition,  the Buyer  agrees that the Buyer will not purchase  securities  for a
third party unless the Buyer has obtained a current  representation  letter from
such third party or taken other appropriate  steps  contemplated by Rule 144A to
conclude that such third party  independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

        7. The Buyer will notify each of the parties to which this certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice is given,  the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.
                                            -----------------------------
                               Print Name of Buyer

                                            By:    _______________________
                                      Name:
                                     Title:

                                            Date:  _______________________

                                                C-6

<PAGE>

                              ANNEX 2 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

               1. As indicated  below,  the undersigned is the President,  Chief
Financial  Officer or Senior Vice  President  of the Buyer or, if the Buyer is a
"qualified  institutional  buyer" as that term is defined in Rule 144A under the
Securities  Act of 1933  ("Rule  144A")  because  Buyer is part of a  Family  of
Investment Companies (as defined below), is such an officer of the Adviser.

               2.  In  connection  with  purchases  by  Buyer,  the  Buyer  is a
"qualified institutional buyer"as defined in SEC Rule 144A because (i) the Buyer
is an investment  company  registered under the Investment  Company Act of 1940,
and (ii) as marked below,  the Buyer alone,  or the Buyer's Family of Investment
Companies,  owned at least  $100,000,000 in securities  (other than the excluded
securities  referred to below) as of the end of the Buyer's  most recent  fiscal
year. For purposes of determining the amount of securities owned by the Buyer or
the Buyer's  Family of Investment  Companies,  the cost of such  securities  was
used.

        ____   The Buyer owned  $___________________  in securities  (other than
               the excluded  securities  referred to below) as of the end of the
               Buyer's most recent fiscal year (such amount being  calculated in
               accordance with Rule 144A).

        ____   The Buyer is part of a Family of Investment Companies which owned
               in the aggregate  $______________  in securities  (other than the
               excluded  securities  referred  to  below)  as of the  end of the
               Buyer's most recent fiscal year (such amount being  calculated in
               accordance with Rule 144A).

               3. The term "Family of Investment Companies" as used herein means
two or more  registered  investment  companies (or series thereof) that have the
same investment adviser or investment advisers that are affiliated (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

               4. The term  "securities"  as used  herein  does not  include (i)
securities  of  issuers  that are  affiliated  with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of  deposit,  (iii)  loan  participations,   (iv)  repurchase  agreements,   (v)
securities  owned but  subject  to a  repurchase  agreement  and (vi)  currency,
interest rate and commodity swaps.

               5. The Buyer is familiar with Rule 144A and understands that each
of the parties to which this certification is made are relying and will continue
to rely on the statements made herein because

                                                C-7

<PAGE>

one or more sales to the Buyer will be in  reliance on Rule 144A.  In  addition,
the Buyer will only purchase for the Buyer's own account.

               6. The undersigned  will notify each of the parties to which this
certification is made of any changes in the information and conclusions  herein.
Until such notice,  the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this  certification by the undersigned as of the date of such
purchase.

-----------------------------
Print Name of Buyer

By:     _______________________
        Name:
        Title:

IF AN ADVISER:

-----------------------------
Print Name of Buyer

Date:   _______________________

                                                C-8

<PAGE>

                                             EXHIBIT D

                              FORM OF INVESTOR REPRESENTATION LETTER

                                         ___________, 20__

Residential Funding Mortgage Securities II, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

JPMorgan Chase Bank
4 New York Plaza, 6th Floor
New York, New York 10004

Attention: Capital Markets Fiduciary Services

                      Re:    Home Loan-Backed Certificates
                             Series 2003-HI2

Ladies and Gentlemen:

               __________________  (the  "Purchaser")  intends to purchase  from
(the "Seller") a ___% Certificate  Percentage Interest of Certificates of Series
2003-HI2 (the "Certificates"), issued pursuant to the Amended and Restated Owner
Trust  Agreement  (the "Trust  Agreement"),  dated as of June 27,  2003  between
Residential Funding Mortgage Securities II, Inc. as depositor (the"Company") and
Wilmington  Trust  Company,   as  owner  trustee  (the  "Owner   Trustee"),   as
acknowledged  and agreed by JPMorgan  Chase Bank as Certificate  Registrar.  All
terms used herein and not otherwise defined shall have the meanings set forth in
the Trust Agreement. The Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company and the Certificate Registrar that:

                      1. The  Purchaser  understands  that (a) the  Certificates
               have not been and will not be registered  or qualified  under the
               Securities  Act of  1933,  as  amended  (the"Act")  or any  state
               securities law, (b) the Company is not required to so register or
               qualify the Certificates, (c) the Certificates may be resold only
               if registered and qualified pursuant to the provisions of the Act
               or  any  state  securities  law,  or if an  exemption  from  such
               registration  and  qualification  is  available,  (d)  the  Trust
               Agreement  contains  restrictions  regarding  the transfer of the
               Certificates and (e) the  Certificates  will bear a legend to the
               foregoing effect.

                      2. The Purchaser is acquiring the Certificates for its own
               account for investment only and not with a view to or for sale in
               connection with any distribution thereof in any manner that would
               violate the Act or any applicable state securities laws.

                                                D-1

<PAGE>

                      3.  The  Purchaser  is  (a) a  substantial,  sophisticated
               institutional  investor  having such  knowledge and experience in
               financial  and  business  matters,  and, in  particular,  in such
               matters related to securities  similar to the Certificates,  such
               that  it is  capable  of  evaluating  the  merits  and  risks  of
               investment  in the  Certificates,  (b) able to bear the  economic
               risks  of such an  investment  and (c) an  "accredited  investor"
               within the  meaning of Rule  501(a)  promulgated  pursuant to the
               Act.

                      4. The Purchaser has been  furnished  with, and has had an
               opportunity  to  review  (a) [a  copy  of the  Private  Placement
               Memorandum, dated ___________, 20__, relating to the Certificates
               (b)] a copy  of the  Trust  Agreement  and  [b]  [c]  such  other
               information  concerning  the  Certificates,   the  Grantor  Trust
               Certificate  and  the  Company  as  has  been  requested  by  the
               Purchaser  from the  Company or the Seller and is relevant to the
               Purchaser's decision to purchase the Certificates.  The Purchaser
               has had any  questions  arising from such review  answered by the
               Company or the Seller to the  satisfaction of the Purchaser.  [If
               the Purchaser did not purchase the  Certificates  from the Seller
               in connection with the initial  distribution of the  Certificates
               and was provided with a copy of the Private Placement  Memorandum
               (the  "Memorandum")  relating to the original sale (the "Original
               Sale")  of  the  Certificates  by  the  Company,   the  Purchaser
               acknowledges  that  such  Memorandum  was  provided  to it by the
               Seller,  that the  Memorandum  was prepared by the Company solely
               for use in connection  with the Original Sale and the Company did
               not  participate  in or facilitate in any way the purchase of the
               Certificates by the Purchaser from the Seller,  and the Purchaser
               agrees  that it will  look  solely to the  Seller  and not to the
               Company with respect to any damage,  liability,  claim or expense
               arising out of, resulting from or in connection with (a) error or
               omission,  or  alleged  error  or  omission,   contained  in  the
               Memorandum, or (b) any information,  development or event arising
               after the date of the Memorandum.]

                      5.  The  Purchaser  has  not  and  will  not  nor  has  it
               authorized or will it authorize any person to (a) offer,  pledge,
               sell,  dispose of or  otherwise  transfer  the  Certificate,  any
               interest in the Certificate or any other similar  security to any
               person in any manner, (b) solicit any offer to buy or to accept a
               pledge,  disposition  of other transfer of the  Certificate,  any
               interest in the  Certificate  or any other similar  security from
               any person in any manner,  (c)  otherwise  approach or  negotiate
               with respect to the Certificate,  any interest in the Certificate
               or any other similar security with any person in any manner,  (d)
               make any general  solicitation by means of general advertising or
               in any other manner or (e) take any other action, that (as to any
               of (a) through (e) above) would  constitute a distribution of the
               Certificate  under the Act, that would render the  disposition of
               the  Certificate a violation of Section 5 of the Act or any state
               securities   law,   or  that  would   require   registration   or
               qualification  pursuant  thereto.  The Purchaser will not sell or
               otherwise transfer any of the Certificates,  except in compliance
               with the provisions of the Trust Agreement.

                      6. The Purchaser represents:

                                                D-2

<PAGE>

(i) that either (a) or (b) is satisfied, as marked below:

               ____ a. The  Purchaser  is not an employee  benefit or other plan
subject to the  Employee  Retirement  Income  Security  Act of 1974,  as amended
("ERISA"),  or Section 4975 of the Internal Revenue Code of 1986 (the "Code"), a
Person acting, directly or indirectly,  on behalf of any such plan or any Person
acquiring such  Certificates  with "plan assets" of a Plan within the meaning of
the Department of Labor regulation  promulgated at 29 C.F.R.  ss.2510.3-101  and
will provide a certification  in the form of Exhibit G to the Trust Agreement to
that effect; or

               ____ b. The  Purchaser  will  provide  the  Depositor,  the Owner
Trustee,  the  Certificate  Registrar and the Master Servicer with an opinion of
counsel,  satisfactory  to the  Depositor,  the Owner Trustee,  the  Certificate
Registrar and the Master  Servicer,  to the effect that the purchase and holding
of a  Certificate  by or  on  behalf  of  the  Purchaser  is  permissible  under
applicable law, will not constitute or result in a prohibited  transaction under
Section 406 of ERISA or Section 4975 of the Code (or  comparable  provisions  of
any  subsequent  enactments)  and will not  subject  the  Depositor,  the  Owner
Trustee,  the Certificate  Registrar or the Master Servicer to any obligation or
liability  (including  liabilities  under ERISA or Section  4975 of the Code) in
addition to those  undertaken in the Trust  Agreement,  which opinion of counsel
shall not be an expense of the  Depositor,  the Owner Trustee,  the  Certificate
Registrar or the Master Servicer; and

(ii) the Purchaser is familiar with the prohibited transaction  restrictions and
fiduciary  responsibility  requirements  of  Sections  406 and 407 of ERISA  and
Section 4975 of the Code and understands  that each of the parties to which this
certification  is made is relying and will  continue  to rely on the  statements
made in this paragraph 6.

               7. The Purchaser is acquiring the  Certificate for its own behalf
and is not  acting  as agent or  custodian  for any  other  person  or entity in
connection with such acquisition;

               8. The  Purchaser is not a non-United  States  person for federal
income tax purposes.

                                                   Very truly yours,

                                                   --------------------------
                                                   By:    ____________________
                                                          Name:
                                                          Title:

                                                D-3

<PAGE>

                                             EXHIBIT E

                             FORM OF TRANSFEROR REPRESENTATION LETTER

                                         __________, 20__

Residential Funding Mortgage Securities II, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

JPMorgan Chase Bank
4 New York Plaza, 6th Floor
New York, New York 10004

Attention: Capital Markets Fiduciary Services

                      Re:    Home Loan-Backed Certificates
                             Series 2003-HI2

Ladies and Gentlemen:

               ____________________  (the "Purchaser")  intends to purchase from
(the "Seller") a ___% Certificate  Percentage Interest of Certificates of Series
2003-HI2 (the "Certificates"), issued pursuant to the Amended and Restated Trust
Agreement (the "Trust Agreement"), dated as of June 27, 2003 between Residential
Funding Mortgage Securities II, Inc. as depositor (the "Company") and Wilmington
Trust  Company,  as owner trustee (the "Owner  Trustee"),  as  acknowledged  and
agreed by JPMorgan  Chase Bank as Certificate  Registrar.  All terms used herein
and not  otherwise  defined  shall  have the  meanings  set  forth in the  Trust
Agreement.  The  Seller  hereby  certifies,  represents  and  warrants  to,  and
covenants with, the Company and the Certificate Registrar that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred the Certificate,
any interest in the  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  the  Certificate,   any  interest  in  the
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to the Certificate, any interest
in the Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of the
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require registration or qualification pursuant thereto. The

                                                E-1

<PAGE>

Seller  will not act,  in any manner set forth in the  foregoing  sentence  with
respect to the  Certificate.  The Seller has not and will not sell or  otherwise
transfer any of the  Certificates,  except in compliance  with the provisions of
the Trust Agreement.

                                                   Very truly yours,

                                                   --------------------------
                                                          (Seller)

                                                   By:    ____________________
                                                          Name:
                                                          Title:

                                                E-2

<PAGE>

                                             EXHIBIT F

                                             RESERVED

                                                F-1

<PAGE>

                                             EXHIBIT G

                                FORM OF ERISA REPRESENTATION LETTER

                                    _____________, 20__

Residential Funding Mortgage Securities II, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437

[CERTIFICATE REGISTRAR]

                      Re:    Residential Funding Mortgage Securities II, Inc.
                 Home Loan-Backed Certificates, Series 2003-HI2

Dear Sirs:

               __________________________________  (the "Transferee") intends to
acquire  from   _____________________  (the  "Transferor")  a  ___%  Certificate
Percentage Interest of Residential Mortgage Securities II, Inc. Home Loan-Backed
Certificates,  Series  2003-HI2  (the  "Certificates"),  issued  pursuant  to an
Amended and Restated Owner Trust  Agreement (the "Trust  Agreement")  dated June
27, 2003 among  Residential  Funding Mortgage  Securities II, Inc., as depositor
(the  "Depositor")  and  Wilmington  Trust  Company,   as  trustee  (the  "Owner
Trustee").  Capitalized  terms used herein and not otherwise  defined shall have
the meanings assigned thereto in the Trust Agreement.

               The Transferee hereby certifies,  represents and warrants to, and
covenants with, the Depositor,  the Owner Trustee, the Certificate Registrar and
the Master Servicer that:

               (1)    The  Certificates  (i) are not being acquired by, and will
                      not be  transferred  to, any employee  benefit plan within
                      the  meaning of section  3(3) of the  Employee  Retirement
                      Income Security Act of 1974, as amended ("ERISA") or other

                                                G-1

<PAGE>

                      retirement  arrangement,  including individual  retirement
                      accounts and  annuities,  Keogh plans and bank  collective
                      investment funds and insurance company general or separate
                      accounts in which such plans, accounts or arrangements are
                      invested,  that is  subject  to  Section  406 of  ERISA or
                      Section  4975 of the  Internal  Revenue  Code of 1986 (the
                      "Code")  (any of the  foregoing,  a "Plan"),  (ii) are not
                      being  acquired  with "plan  assets" of a Plan  within the
                      meaning of the Department of Labor ("DOL") regulation,  29
                      C.F.R. ss.  2510.3-101,  and (iii) will not be transferred
                      to any Plan or any entity  that is deemed to be  investing
                      in plan assets  within the meaning of the DOL  regulation,
                      29 C.F.R. ss. 2510.3-101; and

               (2)    The Transferee is familiar with the prohibited transaction
                      restrictions and fiduciary responsibility  requirements of
                      Sections 406 and 407 of ERISA and Section 4975 of the Code
                      and  understands  that each of the  parties  to which this
                      certification is made is relying and will continue to rely
                      on the statements made herein.

                                                   Very truly yours,

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

                                                   By:    ______________________
                                                          Name:
                                                          Title:

                                                G-2

<PAGE>RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.,

                                   Depositor,

                                       and

                              JPMORGAN CHASE BANK,

                                 Grantor Trustee

                             GRANTOR TRUST AGREEMENT

                               Dated June 27, 2003

                             Grantor Trust 2003-HI2

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS
                                                                                          Page

                                          ARTICLE I

<S>     <C>                                                                                 <C>
Section 1.01          Definitions............................................................2
                      -----------
Section 1.02          Other Definitional Provisions..........................................2
                      -----------------------------

                                          ARTICLE II

                                  CONVEYANCE OF HOME LOANS;
                        ORIGINAL ISSUANCE OF GRANTOR TRUST CERTIFICATE

Section 2.01.  Conveyance of Home Loans......................................................3
               ------------------------
Section 2.02.  Acceptance by Grantor Trustee.................................................3
               -----------------------------
Section 2.03.  Representations and Warranties of the Seller..................................4
               --------------------------------------------
Section 2.04.  Issuance of Grantor Trust Certificate.........................................4
               -------------------------------------
Section 2.05.  Grantor Trust.................................................................4
               -------------

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                        OF HOME LOANS

Section 3.01.  Master Servicer to Act as Servicer............................................6
               ----------------------------------

                                          ARTICLE IV

                         PAYMENTS TO GRANTOR TRUST CERTIFICATEHOLDERS

Section 4.01.  Grantor Trust Certificate Account.............................................7
               ---------------------------------
Section 4.02.  Distributions.................................................................7
               -------------
Section 4.03.  Limited Home Loan Repurchase Right.
               ----------------------------------

                                          ARTICLE V

                                THE GRANTOR TRUST CERTIFICATE

                                             -1-

<PAGE>

Section 5.01.  The Grantor Trust Certificate.................................................9
               -----------------------------
Section 5.02.  Registration of Transfer and Exchange of Grantor Trust Certificate............9
               ------------------------------------------------------------------
Section 5.03.  Mutilated, Destroyed, Lost or Stolen Grantor Trust Certificate...............11
               --------------------------------------------------------------
Section 5.04.  Persons Deemed Owners........................................................12
               ---------------------
Section 5.05.  Appointment of Paying Agent..................................................12
               ---------------------------

                                          ARTICLE VI

                                CONCERNING THE GRANTOR TRUSTEE

Section 6.01.  Duties of Grantor Trustee....................................................13
               -------------------------
Section 6.02.  Certain Matters Affecting the Grantor Trustee................................15
               ---------------------------------------------
Section 6.03.  Grantor Trustee Not Liable for Grantor Trust Certificate or Home
               ----------------------------------------------------------------
               Loans........................................................................16
               -----
Section 6.04.  Grantor Trustee May Own Grantor Trust Certificate............................16
               -------------------------------------------------
Section 6.05.  Eligibility Requirements for Grantor Trustee.................................16
               --------------------------------------------
Section 6.06.  Resignation and Removal of the Grantor Trustee...............................17
               ----------------------------------------------
Section 6.07.  Successor Grantor Trustee....................................................18
               -------------------------
Section 6.08.  Merger or Consolidation of Grantor Trustee...................................18
               ------------------------------------------
Section 6.09.  Appointment of Co-Grantor Trustee or Separate Grantor Trustee................18
               -------------------------------------------------------------
Section 6.10.  Appointment of Custodians....................................................20
               -------------------------
Section 6.11.  Appointment of Office or Agency..............................................20
               -------------------------------
Section 6.12.  Compliance with Withholding Requirements.....................................20
               ----------------------------------------
Section 6.13.  Grantor Trust Reporting......................................................20
               -----------------------
Section 6.14.  Representations and Warranties...............................................21
               ------------------------------
Section 6.15.  Compensation and Indemnity...................................................21
               --------------------------

                                         ARTICLE VII

                                         TERMINATION

Section 7.01.  Termination Upon Purchase by the Master Servicer or Liquidation of
               ------------------------------------------------------------------
               All Home Loans...............................................................23
               --------------
Section 7.02   Termination by Grantor Trust Certificateholder.
               ----------------------------------------------

                                         ARTICLE VIII

                                   MISCELLANEOUS PROVISIONS

Section 8.01.  Amendment....................................................................25
               ---------
Section 8.02.  Recordation of Grantor Trust Agreement; Counterparts.........................26
               ----------------------------------------------------
Section 8.03.  Limitation on Rights of Grantor Trust Certificateholder......................26
               -------------------------------------------------------

                                             -2-

<PAGE>

Section 8.04.  Governing Law................................................................27
               -------------
Section 8.05.  Notices......................................................................27
               -------
Section 8.06.  Severability of Provisions...................................................28
               --------------------------

EXHIBITS

Exhibit A             Form of Grantor Trust Certificate
Exhibit B             Home Loan Schedule

</TABLE>

<PAGE>

               This  Grantor  Trust  Agreement,  dated June 27, 2003 (as amended
from time to time, this "Grantor Trust Agreement"),  between RESIDENTIAL FUNDING
MORTGAGE  SECURITIES  II,  INC.,  a  Delaware  corporation,  as  depositor  (the
"Depositor") and JPMORGAN CHASE BANK, a New York banking corporation, as trustee
(the "Grantor Trustee"),

                                 W I T N E S S E T H T H A T:

               WHEREAS,  pursuant  to  the  terms  of  the  Home  Loan  Purchase
Agreement, Residential Funding Corporation (in its capacity as Seller) will sell
to the  Depositor  the Home Loans  together  with the Related  Documents  on the
Closing Date;

               WHEREAS,  pursuant to this Grantor Trust Agreement, the Depositor
will  transfer the Home Loans and all of its rights and remedies  under the Home
Loan  Purchase  Agreement  to the  Grantor  Trustee,  together  with the Related
Documents on the Closing Date, in exchange for the Grantor Trust Certificate;

               WHEREAS, the Depositor will sell the Grantor Trust Certificate to
the Issuer on the Closing Date;

               WHEREAS,  pursuant to the terms of the Owner Trust Agreement, the
Issuer will issue and  transfer to or at the  direction  of the  Depositor,  the
Certificate;

               WHEREAS,  pursuant to the terms of the Indenture, the Issuer will
issue and transfer to or at the direction of the Depositor, the Notes;

               WHEREAS, pursuant to the terms of the Servicing Agreement between
the Master Servicer,  the Depositor and the Grantor Trustee, the Master Servicer
will service the Home Loans directly or through one or more Subservicers; and

               WHEREAS,  the Home Loans have an aggregate Cut-off Date Principal
Balance  equal to  approximately  $250,000,005.  The Home Loans are  fixed-rate,
fully amortizing, first lien and second lien home loans having terms to maturity
at origination or modification of approximately 5, 10, 15, 20 or 25 years.

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

                                             -1-

<PAGE>

                                          ARTICLE I

                                   Definitions

               Section 1.01 Definitions.  For all purposes of this Grantor Trust
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 Appendix A to the  Indenture  dated June
27, 2003 (the  "Indenture"),  between Home Loan Trust 2003-HI2,  as Issuer,  and
JPMorgan Chase Bank, as Indenture  Trustee,  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 Grantor Trust Agreement shall have the defined meanings when used in any
certificate or other document made or delivered pursuant hereto unless otherwise
defined therein.

               (b)  As  used  in  this  Grantor  Trust   Agreement  and  in  any
certificate  or other  document  made or delivered  pursuant  hereto or thereto,
accounting  terms not defined in this  Grantor  Trust  Agreement  or in any such
certificate  or other  document,  and  accounting  terms partly  defined in this
Grantor Trust  Agreement or in any such  certificate or other  document,  to the
extent not  defined,  shall  have the  respective  meanings  given to them under
generally accepted accounting prin ciples. To the extent that the definitions of
accounting  terms in this Grantor Trust Agreement or in any such  certificate or
other document are inconsistent  with the meanings of such terms under generally
accepted accounting principles,  the definitions contained in this Grantor Trust
Agreement or in any such certificate or other document shall control.

               (c) The  words  "hereof,"  "herein,"  "hereunder"  and  words  of
similar  import when used in this Grantor  Trust  Agreement  shall refer to this
Grantor Trust  Agreement as a whole and not to any particular  provision of this
Grantor  Trust  Agreement;  Section and  Exhibit  references  contained  in this
Grantor Trust  Agreement  are  references to Sections and Exhibits in or to this
Grantor Trust Agreement  unless  otherwise  specified;  and the term "including"
shall mean "including without limitation".

               (d) The definitions contained in this Grantor Trust 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.

               (e) 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.

                                             -2-

<PAGE>

                                          ARTICLE II

                            CONVEYANCE OF HOME LOANS;
                 ORIGINAL ISSUANCE OF GRANTOR TRUST CERTIFICATE

               Section 2.01. Conveyance of Home Loans.
                             ------------------------

               (a) The Depositor,  by the execution and delivery of this Grantor
Trust Agreement, does hereby sell, assign, set over, and otherwise convey to the
Grantor Trustee,  without recourse,  all of its right, title and interest in, to
and under the following,  and wherever located:  (i) the Home Loans set forth on
the Home Loan  Schedule  attached  hereto as  Exhibit B, all  interest  accruing
thereon and all collections in respect thereof  received on or after the Cut-off
Date;  (ii)  property  which  secured a Home Loan and which has been acquired by
foreclosure or deed in lieu of foreclosure;  (iii) the interest of the Depositor
in any  insurance  policies  in respect of the Home  Loans;  (iv) all rights and
remedies of the Depositor  under the Home Loan Purchase  Agreement;  and (v) all
proceeds of the foregoing.  Such conveyance shall be deemed to be made as of the
Closing Date.

               (b) Pursuant to Section 2.1 of the Home Loan Purchase  Agreement,
the Related Documents for each of the Home Loans are required to be delivered to
the Custodian.  The Depositor  hereby  acknowledges  that all Related  Documents
delivered  to the  Custodian  are to be held by the  Custodian on behalf of, and
subject to the exclusive  control and direction of, the Grantor  Trustee for the
benefit of the Holder of the Grantor Trust Certificate.

               (c) The parties  hereto  intend that the  transactions  set forth
herein constitute a sale by the Depositor to the Grantor Trustee for the benefit
of the Holder of the Grantor Trust  Certificate  of all the  Depositor's  right,
title and  interest  in and to the Home Loans and other  property  as and to the
extent  described  above.  In the event the  transactions  set forth  herein are
deemed not to be a sale, the Depositor  hereby grants to the Grantor Trustee for
the benefit of the Holder of the Grantor Trust  Certificate a security  interest
in all of the  Depositor's  right,  title and interest in, to and under the Home
Loans and such  other  property,  to secure all of the  Depositor's  obligations
hereunder,  and  this  Grantor  Trust  Agreement  shall  constitute  a  security
agreement  under  applicable  law. The  Depositor  agrees to take or cause to be
taken such actions and to execute such documents,  including without  limitation
the filing of all necessary  UCC-1 financing  statements  (which shall have been
submitted for filing as of the Closing Date), any  continuation  statements with
respect thereto and any amendments  thereto  required to reflect a change in the
name or  corporate  structure of the  Depositor or the filing of any  additional
UCC-1 financing statements,  as are necessary to perfect and protect the Grantor
Trustee's interests in each Home Loan and the proceeds thereof.

     (d) The trust created  hereunder shall be referred to as the "Grantor Trust
2003- HI2".

               Section 2.02. Acceptance by Grantor Trustee.
                             -----------------------------

               The Grantor Trustee  acknowledges  receipt subject to a Custodial
Agreement,  and based  solely  upon a receipt or  certification  executed by the
Custodian, by the respective Custodian

                                             -3-

<PAGE>

as the duly appointed agent of the Grantor Trustee,  of the Related Documents to
the extent  delivered to the  Custodian  and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent,  in trust for the use and benefit of all present and future Grantor Trust
Certificateholders.  The Grantor  Trustee or Custodian  (such Custodian being so
obligated under a Custodial  Agreement) agrees, for the benefit of Grantor Trust
Certificateholder,  to review each Mortgage File  delivered to it within 90 days
after the  Closing  Date to  ascertain  that all  required  documents  have been
executed  and  received,  and that  such  documents  relate  to the  Home  Loans
identified on the Home Loan Schedule,  as supplemented,  that have been conveyed
to it.  Upon  delivery  of the  Mortgage  Files by the  Depositor  or the Master
Servicer,  the Grantor  Trustee shall  acknowledge  receipt (or, with respect to
Home Loans subject to a Custodial Agreement,  and based solely upon a receipt or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Grantor Trustee) of the Related  Documents.  The
Grantor  Trustee  or  Custodian  (such  Custodian  being  so  obligated  under a
Custodial  Agreement) agrees to review each Mortgage File delivered to it within
90 days after receipt  thereof to ascertain  that all  documents  required to be
delivered  pursuant  to  Section  2.01(b)  have  been  received,  and that  such
documents  relate to the Home Loans  identified  on the Home Loan  Schedule,  as
supplemented, that have been conveyed to it.

               Section 2.03. Representations and Warranties of the Seller.
                             --------------------------------------------

               It is  understood  and agreed  that the  Seller has made  certain
representations  and  warranties  regarding the Home Loans  pursuant to the Home
Loan Purchase  Agreement,  and that,  pursuant to Section 2.01(a)  hereof,  such
representations and warranties and the related remedy provisions,  together with
all other  rights and  remedies of the  Depositor  under the Home Loan  Purchase
Agreement,  have been assigned hereunder to, and are enforceable by, the Grantor
Trustee on behalf of the Grantor Trust Certificateholder against the Seller.

               Section 2.04. Issuance of Grantor Trust Certificate.
                             --------------------------------------

               The Grantor Trustee acknowledges the assignment to it of the Home
Loans and the  delivery of the  Mortgage  Files to it, or any  Custodian  on its
behalf,  subject to any exceptions noted,  together with the assignment to it of
all other  assets  included  in the  Grantor  Trust,  receipt of which is hereby
acknowledged.  Concurrently  with such  delivery and in exchange  therefor,  the
Grantor Trustee, pursuant to the written request of the Depositor executed by an
officer  of the  Depositor,  has  executed  and caused to be  authenticated  and
delivered to or upon the order of the Depositor  the Grantor Trust  Certificate,
which evidences the entire beneficial ownership of the Grantor Trust. The rights
of the  Grantor  Trust  Certificateholder  to  receive  distributions  from  the
proceeds of the Grantor Trust, and all ownership  interests of the Grantor Trust
Certificateholder  in such distributions,  shall be as set forth in this Grantor
Trust Agreement.

               Section 2.05. Grantor Trust.
                             -------------

               The Grantor Trust is intended to qualify as an "investment trust"
within the meaning of Treasury  Regulation  ss.301.7701-4(c),  and it is neither
the purpose nor the intent of the parties hereto to create a partnership,  joint
venture, or association taxable as a corporation between or

                                             -4-

<PAGE>

among the Grantor Trust Certificateholder, the Grantor Trustee or the Depositor.
In furtherance  of the  foregoing,  the purpose of the Grantor Trust shall be to
protect and  conserve  the assets of the Grantor  Trust,  and the Grantor  Trust
shall not at any time  engage in or carry on any kind of business or any kind of
commercial or investment activity.  In no event shall the Grantor Trustee or any
other  person  have any  power  to vary  the  investment  of the  Grantor  Trust
Certificateholder  in  the  Grantor  Trust  Certificate  or  to  substitute  new
investments  or reinvest so as to enable the Grantor Trust to take  advantage of
variations  in the  market  to  improve  the  investment  of the  Grantor  Trust
Certificateholder in the Grantor Trust Certificate.

               Section 2.06.  Master Servicer as Agent and Bailee of the Grantor
                    Trust Certificateholder.

               Solely for purposes of perfection by possession under the Uniform
Commercial Code or other similar applicable law, rule or regulation of the state
in which such  property  is held by the Master  Servicer,  the  Grantor  Trustee
hereby  acknowledges  that the Master  Servicer is acting as agent and bailee of
the  Grantor  Trust  Certificateholder  in  holding  amounts  on  deposit in the
Custodial  Account pursuant to Section 3.02 of the Servicing  Agreement that are
allocable to the Grantor Trust  Certificate,  as well as its agent and bailee in
holding  any  Related  Documents  released  to the Master  Servicer  pursuant to
Section 3.06(c) of the Servicing  Agreement,  and any other items constituting a
part of the Trust Estate which from time to time come into the possession of the
Master  Servicer.  It is intended that, by the Master  Servicer's  acceptance of
such agency  pursuant to Section 3.02 of the  Servicing  Agreement,  the Grantor
Trustee will be deemed to have possession of such Related Documents, such monies
and such other items for purposes of the Uniform Commercial Code of the state in
which such property is held by the Master Servicer.

                                             -5-

<PAGE>

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                  OF HOME LOANS

               Section 3.01. Master Servicer to Act as Servicer.
                             ----------------------------------

               It is  understood  and agreed  that the Master  Servicer,  acting
alone or through  Subservicers,  shall service and  administer the Home Loans in
accordance  with the terms of the Servicing  Agreement and the  respective  Home
Loans, on behalf of, and subject to the exclusive  control and direction of, the
Grantor Trustee for the benefit of the holder of the Grantor Trust Certificate.

                                             -6-

<PAGE>

                                          ARTICLE IV

                         PAYMENTS TO GRANTOR TRUST CERTIFICATEHOLDERS

               Section 4.01. Grantor Trust Certificate Account.
                             ---------------------------------

               (a) The Grantor  Trustee  shall  establish and maintain a Grantor
Trust Certificate  Account titled "JPMorgan Chase Bank, as Grantor Trustee,  for
the  benefit of the  Grantor  Trust  Certificateholder,  pursuant to the Grantor
Trust  Agreement,  dated June 27, 2003,  between  Residential  Funding  Mortgage
Securities  II, Inc. and JPMorgan  Chase Bank".  The Grantor  Trust  Certificate
Account  shall be an  Eligible  Account.  Pursuant  to  Section  3.03(i)  of the
Servicing  Agreement,  the Master  Servicer  shall cause to be  deposited in the
Grantor  Trust  Certificate  Account  on behalf of the  Grantor  Trustee  on the
Business  Day  prior  to  each  Payment  Date by wire  transfer  of  immediately
available  funds an  amount  equal to the sum of the  Interest  Collections  and
Principal Collections for the immediately succeeding Payment Date.

               (b) The Grantor  Trustee  shall,  upon  written  request from the
Master  Servicer,  (i) hold funds on deposit in the  Grantor  Trust  Certificate
Account uninvested in a trust or deposit account of the Grantor Trustee, with no
liability for interest or other compensation thereon, except as otherwise agreed
in writing  with the Master  Servicer,  or (ii) invest or cause the  institution
maintaining  the Grantor  Trust  Certificate  Account to invest the funds in the
Grantor Trust  Certificate  Account in Permitted  Investments  designated in the
name  of  the  Grantor   Trustee   for  the   benefit  of  the   Grantor   Trust
Certificateholder,  which  investments  shall mature not later than the Business
Day preceding the Payment Date  following  the date of such  investment  (except
that (a) if such Permitted  Investment is an obligation of the institution  that
maintains such account or a fund for which such institution or affiliate thereof
serves as an investment  advisor,  administrator,  shareholder  servicing  agent
and/or custodian or sub-custodian,  then such Permitted Investment may mature on
such  Distribution  Date and (b) any other investment may mature on such Payment
Date if the Grantor  Trustee  shall  advance  funds on such  Payment Date to the
Grantor Trust  Certificate  Account in the amount payable on such  investment on
such  Payment  Date,  pending  receipt  thereof to the extent  necessary to make
distributions  on the  Grantor  Trust  Certificate)  and  shall  not be  sold or
disposed  of prior to  maturity.  All  income  and gain  realized  from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such  investments  shall be  deposited  in the  Grantor  Trust
Certificate  Account by the Master Servicer out of its own funds  immediately as
realized without any right of reimbursement.

               Section 4.02. Distributions.
                             -------------

               (a) On each  Payment  Date,  (i) the Grantor  Trustee or (ii) the
Paying Agent appointed by the Grantor  Trustee,  shall distribute to the Grantor
Trust  Certificateholder  of record on the  related  Record  Date (other than as
provided  in  Section  7.01  respecting  the  final   distribution)   either  in
immediately  available  funds (by wire  transfer or otherwise) to the account of
such  Grantor  Trust   Certificateholder  at  a  bank  or  other  entity  having
appropriate facilities therefor, if such Grantor Trust  Certificateholder has so
notified the Grantor Trustee or the Paying Agent, as the case may be,

                                             -7-

<PAGE>

or, if such  Grantor  Trust  Certificateholder  has not so notified  the Grantor
Trustee or the Paying Agent by the related  Record Date, by check mailed to such
Grantor Trust  Certificateholder  at the address of such Holder appearing in the
Grantor Trust Certificate  Register,  an amount equal to the sum of the Interest
Collections and the Principal Collections.

               (b) If the Master Servicer  anticipates that a final distribution
with respect to the Grantor Trust  Certificate  will be made on the next Payment
Date  (including  by reason  of an  optional  purchase  by the  Master  Servicer
pursuant to Section 8.08(a)(ii) of the Servicing Agreement), the Master Servicer
shall,  no  later  than  the  Determination  Date in the  month  of  such  final
distribution,  notify  the  Grantor  Trustee  pursuant  to  Section  8.08 of the
Servicing  Agreement  and the  Grantor  Trustee  shall,  no  later  than two (2)
Business Days after such Determination  Date, send on such date to the Holder of
the Grantor Trust  Certificate  a notice to the effect that the Grantor  Trustee
anticipates  that the final  distribution  with  respect  to the  Grantor  Trust
Certificate  will be made on such  Payment Date but only upon  presentation  and
surrender of such Grantor Trust Certificate at the office of the Grantor Trustee
or as otherwise specified therein,  and no interest shall accrue on such Grantor
Trust  Certificate  from and after the end of the prior  calendar  month  unless
funds for such final  distribution are not available for payment on such Payment
Date.  In the  event  that  the  Grantor  Trust  Certificateholder  required  to
surrender its Grantor  Trust  Certificate  pursuant to Section  7.01(c) does not
surrender  its Grantor Trust  Certificate  for final  cancellation,  the Grantor
Trustee  shall  cause funds  distributable  with  respect to the  Grantor  Trust
Certificate  to be  withdrawn  from the Grantor  Trust  Certificate  Account and
credited to a separate  escrow  account  for the  benefit of the  Grantor  Trust
Certificateholder as provided in Section 7.01(d).

               Section 4.03. Limited Home Loan Repurchase Right.
                             ----------------------------------

        The Limited  Repurchase Right Holder will have the irrevocable option at
any time to  purchase  any of the Home Loans at the  Repurchase  Price,  up to a
maximum of five Home Loans. In the event that this option is exercised as to any
five Home Loans in the aggregate,  this option will thereupon  terminate.  If at
any time the Limited  Repurchase  Right Holder makes a payment to the  Custodial
Account  covering the amount of the  Repurchase  Price for such a Home Loan, and
the  Limited   Repurchase  Right  Holder  provides  to  the  Grantor  Trustee  a
certification  signed by a  Servicing  Officer  stating  that the amount of such
payment has been deposited in the Custodial  Account,  then the Grantor  Trustee
shall  execute  the  assignment  of such Home Loan at the request of the Limited
Repurchase Right Holder without recourse to the Limited  Repurchase Right Holder
which shall succeed to all the Grantor  Trustee's  right,  title and interest in
and to such Home Loan,  and all security and documents  relative  thereto.  Such
assignment  shall be an assignment  outright and not for  security.  The Limited
Repurchase Right Holder will thereupon own such Mortgage,  and all such security
and  documents,  free of any further  obligation  to the Grantor  Trustee or the
Grantor Trust Certificateholder with respect thereto.

                                             -8-

<PAGE>

                                    ARTICLE V

                          THE GRANTOR TRUST CERTIFICATE

               Section 5.01. The Grantor Trust Certificate.
                             -----------------------------

               The Grantor Trust  Certificate shall be substantially in the form
set forth in Exhibit A and shall,  on original  issue, be executed and delivered
by  the  Grantor  Trustee  to  the  Grantor  Trust  Certificate   Registrar  for
authentication  and delivery to or upon the order of the Depositor  upon receipt
by the Grantor Trustee or one or more  Custodians of the documents  specified in
Section 2.01. The Grantor Trust  Certificate  shall be issuable only as a single
Certificate evidencing 100% of the Grantor Trust Certificate.

               The  Grantor  Trust  Certificate  shall be  executed by manual or
facsimile  signature on behalf of an authorized  officer of the Grantor Trustee.
The Grantor  Trust  Certificate  bearing the manual or facsimile  signatures  of
individuals  who were at any time the proper  officers  of the  Grantor  Trustee
shall bind the Grantor Trustee,  notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the  authentication  and delivery
of such Grantor  Trust  Certificate  or did not hold such offices at the date of
such Grantor Trust  Certificate.  No Grantor Trust Certificate shall be entitled
to any benefit under this Grantor Trust Agreement,  or be valid for any purpose,
unless  there  appears  on  such  Grantor  Trust  Certificate  a  Grantor  Trust
Certificate  of  Authentication  substantially  in the form  provided for herein
executed by the Grantor Trust  Certificate  Registrar by manual  signature,  and
such  Grantor  Trust  Certificate  of  Authentication  upon  any  Grantor  Trust
Certificate  shall be  conclusive  evidence,  and the only  evidence,  that such
Grantor Trust Certificate has been duly  authenticated and delivered  hereunder.
The Grantor Trust Certificate shall be dated the date of its authentication.

               Section  5.02.  Registration  of Transfer and Exchange of Grantor
Trust Certificate.

               (a) The  Grantor  Trustee  shall  cause  to be kept at one of the
offices or agencies to be appointed by the Grantor  Trustee in  accordance  with
the  provisions of Section 6.11 a Grantor Trust  Certificate  Register in which,
subject to such reasonable regulations as it may prescribe,  the Grantor Trustee
shall  provide for the  registration  of the Grantor  Trust  Certificate  and of
transfers and exchanges of the Grantor Trust Certificate as herein provided. The
Grantor Trustee is initially  appointed Grantor Trust Certificate  Registrar for
the purpose of  registering  the Grantor  Trust  Certificate  and  transfers and
exchanges of the Grantor Trust Certificate as herein provided. The Grantor Trust
Certificate Registrar,  or the Grantor Trustee, shall notify the Master Servicer
promptly of any transfer of the Grantor  Trust  Certificate  and the name of any
such transferee of the Grantor Trust Certificateholder.

               (b) Upon  surrender for  registration  of transfer of the Grantor
Trust Certificate at any office or agency of the Grantor Trustee  maintained for
such purpose  pursuant to Section 6.11 and upon  satisfaction  of the conditions
set forth  below,  the Grantor  Trustee  shall  execute  and the  Grantor  Trust
Certificate  Registrar  shall  authenticate  and  deliver,  in the  name  of the
designated

                                             -9-

<PAGE>

transferee or transferees,  a new Grantor Trust Certificate  representing a 100%
Certificate Percentage Interest.

               (c) Notwithstanding  any other provision hereof,  unless an Event
of Default has occurred and is  continuing  under the Indenture or the Indenture
is otherwise  terminated,  no transfer of the Grantor Trust Certificate shall be
made. The foregoing  provision  shall not apply to or in any way limit:  (i) the
transfer of the Grantor Trust  Certificate to the Owner Trustee  pursuant to the
Owner Trust Agreement,  (ii) the  transferability  of the Notes, the Owner Trust
Certificate or any other  securities  secured thereby or representing  interests
therein,  or (iii) the rights of the Holder of the Grantor Trust  Certificate to
terminate  the Grantor  Trust and take  delivery of the Home Loans in accordance
with Section 7.02, or any actions that may be taken  thereafter  with respect to
the Home Loans.

               (d) No transfer, sale, pledge or other disposition of the Grantor
Trust  Certificate  shall be made unless such  transfer,  sale,  pledge or other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended (the "1933 Act"),  and any applicable  state securities laws
or is made in  accordance  with the  1933  Act and  laws.  Except  as  otherwise
provided in this  Section  5.02(d),  in the event that a transfer of the Grantor
Trust Certificate is to be made without  registration  under the 1933 Act either
(i)(A) the Grantor Trustee shall require a written Opinion of Counsel acceptable
to and in  form  and  substance  satisfactory  to the  Grantor  Trustee  and the
Depositor  that such transfer may be made  pursuant to an exemption,  describing
the applicable  exemption and the basis  therefor,  from said Act and laws or is
being made pursuant to said Act and laws,  which Opinion of Counsel shall not be
an  expense of the  Grantor  Trustee,  the  Depositor  or the  Master  Servicer;
provided  that such Opinion of Counsel will not be required in  connection  with
the initial  transfers of the Grantor Trust  Certificate by the Depositor or any
Affiliate  thereof  to an  Affiliate  of the  Depositor  or to the Issuer or the
Indenture  Trustee as pledgee of the Issuer and (B) the  Grantor  Trustee  shall
require  the  transferee  to execute a  representation  letter,  and the Grantor
Trustee shall require the transferor to execute a  representation  letter,  each
acceptable  to and in form and substance  satisfactory  to the Depositor and the
Grantor  Trustee  certifying to the Depositor and the Grantor  Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense
of the Grantor Trustee, the Depositor or the Master Servicer; provided, however,
that such representation letters will not be required in connection with initial
transfers  of  any  such  Grantor  Trust  Certificate  by the  Depositor  or any
Affiliate  thereof  to an  Affiliate  of the  Depositor  or to the Issuer or the
Indenture  Trustee as pledgee of the Issuer,  and the Grantor  Trustee  shall be
entitled to conclusively rely upon a written  representation  from the Depositor
of the status,  of such  transferee as an Affiliate of the Depositor or (ii) the
prospective  transferee of such a Grantor Trust Certificate shall be required to
provide the Grantor  Trustee,  the  Depositor  and the Master  Servicer  with an
investment  letter in form and substance  satisfactory  to the Depositor and the
Grantor Trustee,  which investment letter shall not be an expense of the Grantor
Trustee,  the Depositor,  or the Master Servicer,  and which  investment  letter
states  that,   among  other  things,   such  transferee  (A)  is  a  "qualified
institutional  buyer" as defined under Rule 144A,  acting for its own account or
the accounts of other  "qualified  institutional  buyers" as defined  under Rule
144A,  and (B) is aware  that the  proposed  transferor  intends  to rely on the
exemption  from  registration  requirements  under the 1933 Act provided by Rule
144A.  The Holder of the Grantor Trust  Certificate  desiring to effect any such
transfer,  sale,  pledge or other  disposition  shall, and does hereby agree to,
indemnify the Grantor

                                             -10-

<PAGE>

Trustee,  the Depositor,  the Master Servicer and the Grantor Trust  Certificate
Registrar against any liability that may result if the transfer, sale, pledge or
other  disposition  is not so  exempt  or is not made in  accordance  with  such
federal and state laws and this Grantor Trust Agreement.

               (e) In the case of any Grantor  Trust  Certificate  presented for
registration  in the name of any Person,  either (i) the Grantor  Trustee  shall
require  an  Opinion  of  Counsel  acceptable  to  and  in  form  and  substance
satisfactory  to the Grantor  Trustee,  the Depositor and the Master Servicer to
the effect that the purchase or holding of such  Grantor  Trust  Certificate  is
permissible  under  applicable  law,  will  not  constitute  or  result  in  any
non-exempt  prohibited  transaction under Section 406 of the Employee Retirement
Income Security Act of 1974, as amended  ("ERISA"),  or Section 4975 of the Code
(or comparable  provisions of any subsequent  enactments),  and will not subject
the Grantor  Trustee,  the Depositor or the Master Servicer to any obligation or
liability  (including  obligations or liabilities under ERISA or Section 4975 of
the Code) in addition to those undertaken in this Grantor Trust Agreement, which
Opinion of Counsel shall not be an expense of the Grantor Trustee, the Depositor
or the Master Servicer or (ii) the prospective  transferee  shall be required to
provide  the Grantor  Trustee,  the  Depositor  and the Master  Servicer  with a
certification,  which the Grantor  Trustee may rely upon without further inquiry
or investigation,  or such other  certifications as the Grantor Trustee may deem
desirable or necessary in order to establish that such  transferee or the Person
in whose name such  registration is requested is not an employee benefit plan or
other plan subject to the prohibited  transaction provisions of ERISA or Section
4975 of the Code,  or any  Person  (including  an  investment  manager,  a named
fiduciary or a trustee of any such plan) who is using "plan  assets" of any such
plan to effect such acquisition; provided, however, that such Opinion of Counsel
or certification  will not be required in connection with the initial  transfers
of the Grantor Trust Certificate by the Depositor or any Affiliate thereof to an
Affiliate of the Depositor or to the Issuer or the Indenture  Trustee as pledgee
of the Issuer (in which case,  the  Depositor  or any  Affiliate  thereof or the
Issuer shall have deemed to have  represented  that such Affiliate or the Issuer
is not a Plan or a Person  investing  "plan assets" of any Plan) and the Grantor
Trustee shall be entitled to  conclusively  rely upon a  representation  (which,
upon the request of the Grantor Trustee, shall be a written representation) from
the Depositor of the status of such transferee as an Affiliate of the Depositor.

               (f) No service  charge shall be made for any transfer or exchange
of the Grantor Trust Certificate, but the Grantor Trustee may require payment of
a sum sufficient to cover any tax or governmental  charge that may be imposed in
connection with any transfer or exchange of the Grantor Trust Certificate.

               (g) The Grantor Trust  Certificate  surrendered  for transfer and
exchange shall be destroyed by the Grantor Trust Certificate Registrar.

               Section 5.03. Mutilated,  Destroyed, Lost or Stolen Grantor Trust
Certificate.

               If (i) any mutilated  Grantor Trust Certificate is surrendered to
the Grantor Trust Certificate Registrar,  or the Grantor Trustee and the Grantor
Trust  Certificate  Registrar  receive  evidence  to their  satisfaction  of the
destruction,  loss or theft of the Grantor Trust Certificate,  and (ii) there is
delivered to the Grantor  Trustee and the Grantor  Trust  Certificate  Registrar
such security or

                                             -11-

<PAGE>

indemnity as may be required by them to hold each of them harmless, then, in the
absence  of notice to the  Grantor  Trustee  or the  Grantor  Trust  Certificate
Registrar  that the Grantor Trust  Certificate  has been acquired by a bona fide
purchaser,  the Grantor Trustee shall execute and the Grantor Trust  Certificate
Registrar shall authenticate and deliver, in exchange for or in lieu of any such
mutilated,  destroyed,  lost or stolen Grantor Trust Certificate,  a new Grantor
Trust Certificate of like tenor and Certificate  Percentage Interest but bearing
a number not contemporaneously outstanding. Upon the issuance of any new Grantor
Trust  Certificate  under this  Section,  the  Grantor  Trustee  may require the
payment of a sum sufficient to cover any tax or other  governmental  charge that
may be imposed in relation  thereto and any other  expenses  (including the fees
and expenses of the Grantor Trustee and the Grantor Trust Certificate Registrar)
connected therewith.  Any duplicate Grantor Trust Certificate issued pursuant to
this Section shall constitute complete and indefeasible evidence of ownership in
the Grantor Trust, as if originally  issued,  whether or not the lost, stolen or
destroyed Grantor Trust Certificate shall be found at any time.

               Section 5.04. Persons Deemed Owners.
                             ---------------------

               Prior to due  presentation  of the Grantor Trust  Certificate for
registration  of  transfer,  the  Depositor,  the Master  Servicer,  the Grantor
Trustee, the Grantor Trust Certificate Registrar and any agent of the Depositor,
the Master  Servicer,  the  Grantor  Trustee or the  Grantor  Trust  Certificate
Registrar  may treat the Person in whose name the Grantor Trust  Certificate  is
registered  as the owner of the  Grantor  Trust  Certificate  for the purpose of
receiving  distributions  pursuant  to Section  4.02 and for all other  purposes
whatsoever, and neither the Depositor, the Master Servicer, the Grantor Trustee,
the Grantor  Trust  Certificate  Registrar nor any agent of the  Depositor,  the
Master Servicer,  the Grantor Trustee or the Grantor Trust Certificate Registrar
shall be affected by notice to the contrary.

               Section 5.05. Appointment of Paying Agent.
                             ---------------------------

               The Grantor Trustee may appoint a Paying Agent for the purpose of
making distributions to the Grantor Trust Certificateholder  pursuant to Section
4.02. In the event of any such appointment, on or prior to each Payment Date the
Master  Servicer on behalf of the Grantor  Trustee  shall deposit or cause to be
deposited  with the Paying  Agent a sum  sufficient  to make the payments to the
Grantor Trust Certificateholder in the amounts and in the manner provided for in
Section 4.02,  such sum to be held in trust for the benefit of the Grantor Trust
Certificateholder.

               The Grantor  Trustee shall cause each Paying Agent to execute and
deliver to the Grantor  Trustee an  instrument  in which such Paying Agent shall
agree with the Grantor Trustee that such Paying Agent will hold all sums held by
it for the  payment  to the  Grantor  Trust  Certificateholder  in trust for the
benefit of the Grantor Trust Certificateholder  entitled thereto until such sums
shall be paid to such Grantor Trust Certificateholder.  Any sums so held by such
Paying Agent shall be held only in Eligible Accounts to the extent such sums are
not distributed to the Grantor Trust Certificateholder on the date of receipt by
such Paying Agent.

                                             -12-

<PAGE>

                                          ARTICLE VI

                                CONCERNING THE GRANTOR TRUSTEE

               Section 6.01. Duties of Grantor Trustee.
                             -------------------------

               (a) The Grantor  Trustee,  prior to the occurrence of a Servicing
Default and after the curing or waiver of all Servicing  Defaults which may have
occurred,  undertakes  to  perform  such  duties  and only  such  duties  as are
specifically  set forth in this  Grantor  Trust  Agreement.  In case a Servicing
Default has occurred  (which has not been cured or waived),  the Grantor Trustee
shall  exercise such of the rights and powers vested in it by this Grantor Trust
Agreement,  and use the same  degree  of care and skill in their  exercise  as a
prudent investor would exercise or use under the circumstances in the conduct of
such investor's own affairs.

               (b) The Grantor  Trustee,  upon receipt of all  resolutions,  the
Grantor Trust Certificate,  statements,  opinions, reports, documents, orders or
other  instruments  furnished  to the  Grantor  Trustee  which are  specifically
required  to be  furnished  pursuant  to any  provision  of this  Grantor  Trust
Agreement,  shall  examine  them  to  determine  whether  they  conform  to  the
requirements of this Grantor Trust  Agreement.  The Grantor Trustee shall notify
the  Grantor  Trust  Certificateholder  of  any  such  documents  which  do  not
materially  conform to the  requirements  of this Grantor Trust Agreement in the
event  that  the  Grantor  Trustee,  after  so  requesting,   does  not  receive
satisfactorily corrected documents.

               The  Grantor  Trustee  shall  furnish in a timely  fashion to the
Master Servicer such  information as the Master Servicer may reasonably  request
from time to time for the Master  Servicer to fulfill its duties as set forth in
the Servicing  Agreement.  The Grantor  Trustee  shall  furnish  promptly to the
Indenture  Trustee and the Owner  Trustee all reports  received  from the Master
Servicer.  The Grantor  Trustee  covenants  and agrees that it shall perform its
obligations  hereunder  in a manner so as to maintain  the status of the Grantor
Trust as a grantor  trust under U.S.  federal  income tax law and to prevent the
imposition  of any  federal,  state or  local  income,  prohibited  transaction,
contribution  or other tax on the Grantor  Trust to the extent that  maintaining
such status and  avoiding  such taxes are  reasonably  within the control of the
Grantor  Trustee and are  reasonably  within the scope of its duties  under this
Grantor Trust Agreement.

               (c) No  provision  of  this  Grantor  Trust  Agreement  shall  be
construed to relieve the Grantor  Trustee from  liability  for its own negligent
action,  its  own  negligent  failure  to  act or its  own  willful  misconduct;
provided, however, that:

                         (i) Prior to the occurrence of a Servicing Default, and
        after the curing or waiver of all such Servicing Defaults which may have
        occurred,  the duties and  obligations  of the Grantor  Trustee shall be
        determined  solely  by the  express  provisions  of this  Grantor  Trust
        Agreement,  the  Grantor  Trustee  shall  not be liable  except  for the
        performance of such duties and obligations as are specifically set forth
        in this Grantor Trust  Agreement,  no implied  covenants or  obligations
        shall be read into this  Grantor  Trust  Agreement  against  the Grantor
        Trustee  and,  in the  absence  of bad faith on the part of the  Grantor
        Trustee, the

                                             -13-

<PAGE>

        Grantor Trustee may conclusively rely, as to the truth of the statements
        and the correctness of the opinions expressed therein,  upon any Grantor
        Trust  Certificate or opinions  furnished to the Grantor  Trustee by the
        Depositor  or the  Master  Servicer  and  which  on their  face,  do not
        contradict the requirements of this Grantor Trust Agreement;

                        (ii) The Grantor Trustee shall not be personally  liable
        for an error of judgment made in good faith by a Responsible  Officer or
        Responsible  Officers of the Grantor Trustee,  unless it shall be proved
        that the Grantor  Trustee was  negligent in  ascertaining  the pertinent
        facts;

                       (iii) The Grantor Trustee shall not be personally  liable
        with respect to any action taken,  suffered or omitted to be taken by it
        in good faith in  accordance  with the  direction  of the Grantor  Trust
        Certificateholder  as to the time,  method and place of  conducting  any
        proceeding  for  any  remedy  available  to  the  Grantor  Trustee,   or
        exercising any trust or power conferred upon the Grantor Trustee,  under
        this Grantor Trust Agreement;

                        (iv) The  Grantor  Trustee  shall  not be  charged  with
        knowledge  of any  failure or event that may give rise to any  Servicing
        Default (other than a default in payment to the Grantor  Trustee) unless
        a Responsible  Officer of the Grantor Trustee assigned to and working in
        the Corporate  Trust Office obtains actual  knowledge of such failure or
        event or the Grantor Trustee  receives written notice of such failure or
        event at its  Corporate  Trust  Office  from the  Master  Servicer,  the
        Depositor or any Grantor Trust Certificateholder which notice shall make
        specific reference to this transaction; and

                         (v) Except to the extent  provided in Sections 6.06 and
        6.07,  no provision of this Grantor  Trust  Agreement  shall require the
        Grantor  Trustee to expend or risk its own funds or otherwise  incur any
        personal financial  liability in the performance of any of its duties as
        Grantor  Trustee  hereunder,  or in the exercise of any of its rights or
        powers,  if the  Grantor  Trustee  shall  have  reasonable  grounds  for
        believing  that  repayment of funds or adequate  indemnity  against such
        risk or liability is not reasonably assured to it.

               (d) As used in this Article,  references  to the rights,  powers,
duties and obligations of the Grantor Trustee under this Grantor Trust Agreement
include the rights,  powers, duties and obligations of the Grantor Trustee under
the Servicing Agreement.

               (e) The  Grantor  Trustee  covenants  and  agrees  that it  shall
perform its  obligations  hereunder  in a manner so as to maintain the status of
the Grantor  Trust as a grantor trust under subpart E, part I of subchapter J of
the  Code and not as an  association  taxable  as a  corporation,  as a  taxable
mortgage  pool,  or as a partnership  and to prevent the  imposition of any U.S.
federal, state or local income or other tax on the Grantor Trust.

                                             -14-

<PAGE>

               Section 6.02. Certain Matters Affecting the Grantor Trustee.
                             ---------------------------------------------

               Except as otherwise provided in Section 6.01:

                     (i) The Grantor  Trustee may rely 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 believed by it to be genuine
        and to have been signed or presented by the proper party or parties;

                    (ii) The Grantor  Trustee may consult  with  counsel and any
        Opinion  of  Counsel  shall  be  full  and  complete  authorization  and
        protection  in respect of any action  taken or suffered or omitted by it
        hereunder in good faith and in accordance with such Opinion of Counsel;

                   (iii) The Grantor  Trustee  shall be under no  obligation  to
        exercise any of the trusts or powers  vested in it by this Grantor Trust
        Agreement or to institute, conduct or defend any litigation hereunder or
        in relation  hereto at the  request,  order or  direction of the Grantor
        Trust Certificateholder pursuant to the provisions of this Grantor Trust
        Agreement, unless the Grantor Trust Certificateholder shall have offered
        to the Grantor  Trustee  reasonable  security or  indemnity  against the
        costs, expenses and liabilities which may be incurred therein or thereby
        has given its consent;  nothing contained herein shall, however, relieve
        the  Grantor  Trustee  of  the  obligation,  upon  the  occurrence  of a
        Servicing  Default  (which has not been cured),  to exercise such of the
        rights and powers vested in it by this Grantor Trust  Agreement,  and to
        use the same  degree  of care and skill in their  exercise  as a prudent
        investor would exercise or use under the circumstances in the conduct of
        such investor's own affairs;

                    (iv) The Grantor Trustee shall not be personally  liable for
        any action  taken,  suffered or omitted by it in good faith and believed
        by it to be  authorized  or within  the  discretion  or rights or powers
        conferred upon it by this Grantor Trust Agreement;

                     (v)  Prior  to  the  occurrence  of  a  Servicing   Default
        hereunder and after the curing of any  Servicing  Default which may have
        occurred,   the  Grantor   Trustee  shall  not  be  bound  to  make  any
        investigation  into  the  facts or  matters  stated  in any  resolution,
        certificate,  statement,  instrument,  opinion, report, notice, request,
        consent,  order,  approval,  bond or  other  paper or  document,  unless
        requested  in writing to do so by the Grantor  Trust  Certificateholder;
        provided,  however,  that if the payment within a reasonable time to the
        Grantor  Trustee  of the costs,  expenses  or  liabilities  likely to be
        incurred by it in the making of such investigation is, in the opinion of
        the Grantor  Trustee,  not reasonably  assured to the Grantor Trustee by
        the  security  afforded  to  it by  the  terms  of  this  Grantor  Trust
        Agreement,  the Grantor Trustee may require reasonable indemnity against
        such  expense  or  liability  as  a  condition  to  so  proceeding.  The
        reasonable expense of every such examination shall be paid by the Master
        Servicer,  if a Servicing Default shall have occurred and is continuing,
        and  otherwise by the Grantor  Trust  Certificateholder  requesting  the
        investigation; and

                                             -15-

<PAGE>

                    (vi) The  Grantor  Trustee  may execute any of the trusts or
        powers  hereunder or perform any duties  hereunder either directly or by
        or through  agents or  attorneys  or a  custodian  or  nominee,  and the
        Grantor   Trustee  shall  not  be  responsible  for  any  misconduct  or
        negligence  on the part of, or for the  supervision  of, any such agent,
        attorney, custodian or nominee appointed with due care by it hereunder.

               Section 6.03.  Grantor  Trustee  Not  Liable  for  Grantor  Trust
                    Certificate or Home Loans.

               The  recitals   contained   herein  and  in  the  Grantor   Trust
Certificate  (other than the execution and  authentication  of the Grantor Trust
Certificate  and relating to the acceptance and receipt of the Home Loans) shall
be taken as the statements of the Depositor,  and the Grantor Trustee assumes no
responsibility   for  their   correctness.   The   Grantor   Trustee   makes  no
representations  as to  the  validity  or  sufficiency  of  this  Grantor  Trust
Agreement or of the Grantor  Trust  Certificate  (except that the Grantor  Trust
Certificate  shall be duly and validly executed by it and authenticated by it as
Grantor Trust  Certificate  Registrar) or of any Home Loan or related  document.
The Grantor  Trustee shall not be accountable  for the use or application by the
Depositor  of the Grantor  Trust  Certificate  or of the proceeds of the Grantor
Trust  Certificate,  or for  the use or  application  of any  funds  paid to the
Depositor in respect of the Home Loans or  deposited  in or  withdrawn  from the
Custodial Account or the Grantor Trust  Certificate  Account by the Depositor or
the Master Servicer.

               Section 6.04. Grantor Trustee May Own Grantor Trust Certificate.
                             -------------------------------------------------

               The Grantor  Trustee in its  individual or any other capacity may
become the owner or  pledgee  of the  Grantor  Trust  Certificate  with the same
rights it would have if it were not Grantor Trustee.

               Section 6.05. Eligibility Requirements for Grantor Trustee.
                             --------------------------------------------

               The Grantor Trustee hereunder shall at all times be a corporation
or a national  banking  association  having its principal  office in a state and
city acceptable to the Depositor and organized and doing business under the laws
of such state or the United  States of  America,  authorized  under such laws to
exercise  corporate  trust powers,  having a combined  capital and surplus of at
least  $50,000,000 and subject to supervision or examination by federal or state
authority. If such corporation or national banking association publishes reports
of condition at least  annually,  pursuant to law or to the  requirements of the
aforesaid  supervising  or  examining  authority,  then for the purposes of this
Section the combined capital and surplus of such corporation  shall be deemed to
be its  combined  capital and surplus as set forth in its most recent  report of
condition so published.  In case at any time the Grantor  Trustee shall cease to
be eligible in  accordance  with the  provisions  of this  Section,  the Grantor
Trustee shall resign  immediately in the manner and with the effect specified in
Section 6.06.

                                             -16-

<PAGE>

               Section 6.06. Resignation and Removal of the Grantor Trustee.
                             ----------------------------------------------

               (a) The Grantor  Trustee may at any time resign and be discharged
from the trusts hereby  created by giving 120 days written notice thereof to the
Depositor.  Upon  receiving  such notice of  resignation,  the  Depositor  shall
promptly  appoint  a  successor  Grantor  Trustee  by  written  instrument,   in
duplicate,  one copy of which  instrument  shall be delivered  to the  resigning
Grantor Trustee and one copy to the successor  Grantor Trustee.  If no successor
Grantor  Trustee  shall have been so  appointed  and have  accepted  appointment
within 120 days after the giving of such notice of  resignation,  the  resigning
Grantor  Trustee  may  petition  any  court of  competent  jurisdiction  for the
appointment of a successor Grantor Trustee.

               (b) If at any time the Grantor Trustee shall cease to be eligible
in accordance with the provisions of Section 6.05 and shall fail to resign after
written request therefor by the Depositor, or if at any time the Grantor Trustee
shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or
a receiver of the Grantor Trustee or of its property shall be appointed,  or any
public  officer  shall take charge or control of the  Grantor  Trustee or of its
property  or  affairs  for  the  purpose  of  rehabilitation,   conservation  or
liquidation,  then the  Depositor  may remove the Grantor  Trustee and appoint a
successor Grantor Trustee by written instrument, in duplicate, one copy of which
instrument  shall be delivered to the Grantor Trustee so removed and one copy to
the  successor  Grantor  Trustee.  In addition,  in the event that the Depositor
determines  that the Grantor Trustee has failed (i) to distribute or cause to be
distributed  to the Grantor Trust  Certificateholder  any amount  required to be
distributed  hereunder,  if such  amount is held by the  Grantor  Trustee or its
Paying Agent (other than the Master Servicer or the Depositor) for  distribution
or (ii) to  otherwise  observe  or perform in any  material  respect  any of its
covenants,  agreements or obligations hereunder, and such failure shall continue
unremedied  for a period of 5 days (in  respect  of clause (i) above) or 30 days
(in respect of clause (ii) above) after the date on which written notice of such
failure,  requiring  that the same be  remedied,  shall  have been  given to the
Grantor  Trustee by the  Depositor,  then the  Depositor  may remove the Grantor
Trustee and appoint a successor Grantor Trustee by written instrument  delivered
as provided in Section 6.06(a).

               (c) The Holder of the Grantor Trust  Certificate  may at any time
remove the Grantor  Trustee and appoint a successor  Grantor  Trustee by written
instrument  or  instruments,  in  triplicate,  signed  by  such  Holder  or  its
attorney-in-fact duly authorized, one complete set of which instruments shall be
delivered to the Depositor,  one complete set to the Grantor  Trustee so removed
and one complete set to the successor so appointed.

               (d)  Any  resignation  or  removal  of the  Grantor  Trustee  and
appointment of a successor  Grantor Trustee pursuant to any of the provisions of
this Section  shall become  effective  upon  acceptance  of  appointment  by the
successor  Grantor  Trustee as provided in Section 6.07. In connection  with the
appointment of a successor  Grantor Trustee pursuant to the preceding  sentence,
the Depositor shall, on or before the date on which any such appointment becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any  such  successor  Grantor  Trustee  will not  result  in the
reduction  of the  ratings on any class of the  Securities  or the Class B Notes
below the lesser of the then current or original  ratings on such  Securities or
the Class B Notes.

                                             -17-

<PAGE>

               Section 6.07. Successor Grantor Trustee.
                             -------------------------

               (a) Any  successor  Grantor  Trustee  appointed  as  provided  in
Section 6.06 shall execute,  acknowledge and deliver to the Depositor and to its
predecessor Grantor Trustee an instrument accepting such appointment  hereunder,
and thereupon the  resignation  or removal of the  predecessor  Grantor  Trustee
shall become effective and such successor Grantor Trustee shall become effective
and such successor Grantor Trustee, without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, duties and obligations of
its  predecessor  hereunder,  with the like  effect  as if  originally  named as
Grantor  Trustee herein.  The  predecessor  Grantor Trustee shall deliver to the
successor   Grantor  Trustee  all  Mortgage  Files  and  related  documents  and
statements held by it hereunder  (other than any Mortgage Files at the time held
by a Custodian,  which shall become the agent of any successor  Grantor  Trustee
hereunder),  and the Depositor,  the Master Servicer and the predecessor Grantor
Trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in  the  successor  Grantor  Trustee  all  such  rights,   powers,   duties  and
obligations.

               (b) No successor  Grantor  Trustee  shall accept  appointment  as
provided in this Section  unless at the time of such  acceptance  such successor
Grantor Trustee shall be eligible under the provisions of Section 6.05.

               (c) Upon acceptance of appointment by a successor Grantor Trustee
as provided in this Section,  the Depositor  shall mail notice of the succession
of such Grantor Trustee hereunder to the Holder of the Grantor Trust Certificate
at its  address  as shown in the  Grantor  Trust  Certificate  Register.  If the
Depositor  fails  to mail  such  notice  within  10  days  after  acceptance  of
appointment by the successor  Grantor  Trustee,  the successor  Grantor  Trustee
shall cause such notice to be mailed at the expense of the Depositor.

               Section 6.08. Merger or Consolidation of Grantor Trustee.
                             ------------------------------------------

               Any corporation or national  banking  association  into which the
Grantor  Trustee may be merged or converted or with which it may be consolidated
or any corporation or national  banking  association  resulting from any merger,
conversion or  consolidation  to which the Grantor  Trustee shall be a party, or
any corporation or national banking  association  acquiring all or substantially
all of the business of the Grantor  Trustee or succeeding to the business of the
Grantor  Trustee,  shall be the  successor  of the  Grantor  Trustee  hereunder,
provided such  corporation  or national  banking  association  shall be eligible
under the  provisions  of Section  6.05,  without the execution or filing of any
paper or any  further  act on the part of any of the  parties  hereto,  anything
herein to the contrary notwithstanding. The Grantor Trustee shall mail notice of
any such merger or consolidation to the Grantor Trust  Certificateholder  at its
address as shown in the Grantor Trust Certificate Register.

               Section  6.09.  Appointment  of  Co-Grantor  Trustee or  Separate
Grantor Trustee.

               (a) Notwithstanding any other provisions hereof, at any time, for
the purpose of meeting any legal  requirements of any  jurisdiction in which any
part of the  Grantor  Trust  or  property  securing  the same may at the time be
located, the Master Servicer and the Grantor Trustee acting

                                             -18-

<PAGE>

jointly  shall have the power and shall execute and deliver all  instruments  to
appoint one or more Persons approved by the Grantor Trustee to act as co-Grantor
Trustee or co-Grantor  Trustees,  jointly with the Grantor Trustee,  or separate
Grantor Trustee or separate Grantor Trustees,  of all or any part of the Grantor
Trust,  and to vest in such Person or Persons,  in such capacity,  such title to
the Grantor Trust, or any part thereof,  and, subject to the other provisions of
this Section 6.09, such powers,  duties,  obligations,  rights and trusts as the
Master Servicer and the Grantor Trustee may consider necessary or desirable.  If
the Master  Servicer  shall not have joined in such  appointment  within 15 days
after the  receipt  by it of a request  so to do, or in case an Event of Default
shall have occurred and be continuing,  the Grantor Trustee alone shall have the
power to make such  appointment.  No  co-Grantor  Trustee  or  separate  Grantor
Trustee  hereunder  shall be  required  to meet the  terms of  eligibility  as a
successor  Grantor  Trustee  under  Section 6.05  hereunder and no notice to the
Holder  of the  Grantor  Trust  Certificate  of the  appointment  of  co-Grantor
Trustee(s) or separate  Grantor  Trustee(s) shall be required under Section 6.07
hereof.

               (b) In the case of any  appointment  of a  co-Grantor  Trustee or
separate  Grantor  Trustee  pursuant to this  Section  6.09 all rights,  powers,
duties and  obligations  conferred or imposed upon the Grantor  Trustee shall be
conferred or imposed upon and exercised or performed by the Grantor Trustee, and
such separate  Grantor  Trustee or  co-Grantor  Trustee  jointly,  except to the
extent that under any law of any  jurisdiction  in which any  particular  act or
acts are to be performed  (whether as Grantor Trustee  hereunder or as successor
to the Master Servicer  hereunder),  the Grantor 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 Grantor Trust or
any portion thereof in any such  jurisdiction)  shall be exercised and performed
by such separate  Grantor Trustee or co-Grantor  Trustee at the direction of the
Grantor Trustee.

               (c) Any  notice,  request or other  writing  given to the Grantor
Trustee shall be deemed to have been given to each of the then separate  Grantor
Trustees and  co-Grantor  Trustees,  as effectively as if given to each of them.
Every instrument  appointing any separate Grantor Trustee or co-Grantor  Trustee
shall refer to this Grantor Trust  Agreement and the  conditions of this Article
VI. Each separate Grantor Trustee and co-Grantor 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 Grantor  Trustee or
separately,  as may be provided  therein,  subject to all the provisions of this
Grantor Trust Agreement,  specifically including every provision of this Grantor
Trust  Agreement  relating to the conduct of,  affecting  the  liability  of, or
affording  protection to, the Grantor  Trustee.  Every such instrument  shall be
filed with the Grantor Trustee.

               (d) Any separate  Grantor  Trustee or co-Grantor  Trustee may, at
any time,  constitute the Grantor 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 Grantor Trust Agreement on its behalf and in its
name. If any separate  Grantor  Trustee or co-Grantor  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  Grantor
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor Grantor Trustee.

                                             -19-

<PAGE>

               Section 6.10. Appointment of Custodians.
                             -------------------------

               The Grantor  Trustee may, with the consent of the Master Servicer
and the Depositor,  appoint one or more Custodians who are not Affiliates of the
Depositor,  the  Master  Servicer  or any Seller to hold all or a portion of the
Mortgage  Files as agent for the Grantor  Trustee,  by entering into a Custodial
Agreement. Subject to Article VII, the Grantor Trustee agrees to comply with the
terms of each  Custodial  Agreement  and to  enforce  the terms  and  provisions
thereof   against  the   Custodian   for  the  benefit  of  the  Grantor   Trust
Certificateholder;  provided,  however,  the Grantor  Trustee  shall be under no
obligation  to supervise the  Custodian.  Each  Custodian  shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any Loan.  Each  Custodial
Agreement may be amended only as provided in Section 8.01.  The Grantor  Trustee
shall  notify the Grantor  Trust  Certificateholder  of the  appointment  of any
Custodian  (other than the Custodian  appointed as of the Closing Date) pursuant
to this Section 6.10.

               Section 6.11. Appointment of Office or Agency.
                             -------------------------------

               The Grantor Trustee will maintain an office or agency in the City
of  New  York  where  the  Grantor  Trust  Certificate  may be  surrendered  for
registration  of transfer or  exchange.  The Grantor  Trustee  will  maintain an
office at the address stated in Section 8.05(c) hereof where notices and demands
to or upon the Grantor Trustee in respect of this Grantor Trust Agreement may be
served.

               Section 6.12. Compliance with Withholding Requirements.
                             ----------------------------------------

               Notwithstanding  any  other  provisions  of this  Agreement,  the
Grantor Trustee shall comply with all U.S. federal withholding requirements with
respect to distributions to the Grantor Trust Certificateholder.  The consent of
the  Grantor  Trust  Certificateholder  shall  not  be  required  for  any  such
withholding;  except  that no  withholding  shall be made to the extent that the
Grantor  Trust  Certificateholder   presents  to  the  Grantor  Trustee  a  form
evidencing  entitlement to elimination or reduction of such withholding.  In the
event  the  Grantor  Trustee   withholds  any  amount  from  the  Grantor  Trust
Certificateholder  pursuant  to federal  withholding  requirements,  the Grantor
Trustee  shall  indicate to the Grantor  Trust  Certificateholder  the amount so
withheld.

               Section 6.13. Grantor Trust Reporting.
                             -----------------------

               The Grantor Trustee shall furnish or cause to be furnished to the
Holder of the Grantor Trust Certificate and shall file or cause to be filed with
the Internal Revenue Service,  together with Form 1041 or such other form as may
be applicable, such information with respect to the income and deductions of the
Grantor  Trust at the time or times  and in the  manner  required  by the  Code,
including  such other  customary  factual  information  as is  available  to the
Grantor Trustee to enable the Grantor Trust Certificateholder to prepare its tax
returns, including information required with respect to computing the accrual of
original issue and market discount.

                                             -20-

<PAGE>

               Section 6.14. Representations and Warranties.
                             ------------------------------

               The Grantor Trustee hereby represents that:

               (i) The Grantor Trustee is duly organized,  validly  existing and
        in good standing  under the laws of the State of New York with power and
        authority  to own its  properties  and to conduct  its  business as such
        properties are currently owned and such business is presently conducted.

               (ii) The Grantor  Trustee has the power and  authority to execute
        and deliver this Grantor Trust Agreement and to carry out its terms; and
        the execution,  delivery and performance of this Grantor Trust Agreement
        have  been duly  authorized  by the  Grantor  Trustee  by all  necessary
        corporate action.

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

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

               (v) The Grantor Trustee does not have notice of any adverse claim
        (as such terms are used in the applicable  UCC) with respect to the Home
        Loans.

               Section 6.15.  Compensation  and Indemnity.  The Grantor  Trustee
shall be compensated  and  indemnified by the Master Servicer in accordance with
Section 6.06 of the  Servicing  Agreement.  The Grantor  Trustee's  compensation
shall not be  limited  by any law on  compensation  of a trustee  of an  express
trust.  The Depositor  shall  reimburse the Grantor  Trustee for all  reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation  for its services.  Such expenses shall include the
reasonable compensation and expenses,  disbursements and advances of the Grantor
Trustee's  agents,  counsel,   accountants  and  experts.  The  Depositor  shall
indemnify  the Grantor  Trustee  against any and all loss,  liability or expense
(including attorneys' fees) incurred by it in connection with the administration
of this trust and the performance of its duties  hereunder.  The Grantor Trustee
shall  notify  the  Depositor  promptly  of any  claim  for  which  it may  seek
indemnity.  Failure by the Grantor  Trustee to so notify the Depositor shall not
relieve the Depositor of its obligations hereunder. The Depositor

                                             -21-

<PAGE>

shall defend any such claim,  and the Grantor Trustee may have separate  counsel
and the Depositor shall pay the fees and expenses of such counsel. The Depositor
is not  obligated  to  reimburse  any  expense or  indemnify  against  any loss,
liability  or expense  incurred  by the  Grantor  Trustee  through  the  Grantor
Trustee's own willful misconduct, negligence or bad faith.

        The Depositor's and the Master  Servicer's  indemnification  and payment
obligations to the Grantor  Trustee  pursuant to this Section 6.15 shall survive
the discharge of this Grantor Trust Agreement.

                                             -22-

<PAGE>

                                   ARTICLE VII

                                   TERMINATION

               Section 7.01. Termination Upon Purchase by the Master Servicer or
                    Liquidation of All Home Loans.

               (a) Unless  earlier  terminated  pursuant  to Section  7.02,  the
respective  obligations  and  responsibilities  of the Depositor and the Grantor
Trustee created hereby in respect of the Grantor Trust  Certificate  (other than
the obligation of the Grantor  Trustee to make certain  payments after the Final
Scheduled Payment Date to the Grantor Trust Certificateholder and the obligation
of the  Depositor  to send  certain  notices as  hereinafter  set  forth)  shall
terminate  upon the last action  required to be taken by the Grantor  Trustee on
the Final  Scheduled  Payment Date  pursuant to this Article VII  following  the
earlier of:

                         (i) the final payment or other  liquidation of the last
        Home Loan remaining in the Grantor Trust, or

                        (ii) the  purchase  by the Master  Servicer  of all Home
        Loans  pursuant  to  Section  8.08(a)(ii)  of the  Servicing  Agreement;
        provided,  however,  that in no event  shall  the trust  created  hereby
        continue  beyond the  expiration  of 21 years from the death of the last
        survivor of the descendants of Joseph P. Kennedy, the late ambassador of
        the  United  States  to the  Court of St.  James's,  living  on the date
        hereof.

               (b)Notice of any termination shall be provided in accordance with
Section 4.02(b).

               (c)  Upon   presentation  and  surrender  of  the  Grantor  Trust
Certificate  by the Grantor  Trust  Certificateholder,  (i) if not in connection
with the Master  Servicer's  election to repurchase,  the Grantor  Trustee shall
distribute  to  the  Grantor  Trust   Certificateholder   the  amount  otherwise
distributable on such Payment Date, or (ii) if the Master Servicer elected to so
repurchase,   the  Grantor  Trustee  shall   distribute  to  the  Grantor  Trust
Certificateholder  the purchase  price  specified in Section  8.08(a)(ii) of the
Servicing Agreement to the extent received by it.

               (d) In the event that the Grantor Trust  Certificateholder  shall
not surrender the Grantor Trust  Certificate for final payment and  cancellation
on or before  the Final  Scheduled  Payment  Date (if so  required  by the terms
hereof),  the Grantor  Trustee shall on such date cause all funds in the Grantor
Trust Certificate  Account not distributed in final  distribution to the Grantor
Trust  Certificateholder  to be withdrawn  therefrom and credited to the Grantor
Trust  Certificateholder  by depositing  such funds in an escrow account for the
benefit of the Grantor Trust Certificateholder, and the Master Servicer pursuant
to Section 8.08 of the Servicing  Agreement,  as applicable (if it exercised its
right to purchase the assets of the Grantor  Trust),  or the Grantor Trustee (in
any  other  case)  shall  give a second  written  notice  to the  Grantor  Trust
Certificateholder  to surrender the Grantor Trust  Certificate for  cancellation
and receive the final  distribution  with respect thereto.  If within six months
after the second notice the Grantor Trust Certificate shall not have been

                                             -23-

<PAGE>

surrendered for  cancellation,  the Grantor Trustee shall take appropriate steps
as directed by the Master  Servicer  pursuant to Section  8.08 of the  Servicing
Agreement,  as  applicable,  to  contact  the  Grantor  Trust  Certificateholder
concerning surrender of the Grantor Trust Certificate. The costs and expenses of
maintaining   the  escrow   account  and  of   contacting   the  Grantor   Trust
Certificateholder  shall be paid out of the  assets  which  remain in the escrow
account.  If within  nine  months  after the  second  notice the  Grantor  Trust
Certificate  shall not have  been  surrendered  for  cancellation,  the  Grantor
Trustee  shall  pay  to  the  Master  Servicer,   as  applicable,   all  amounts
distributable to the holder thereof and the Master Servicer  pursuant to Section
8.08 of the  Servicing  Agreement,  shall  thereafter  hold such  amounts  until
distributed  to such  holders.  No  interest  shall  accrue or be payable to the
Grantor Trust  Certificateholder  on any amount held in the escrow account or by
the  Master  Servicer,  as a result  of the  Grantor  Trust  Certificateholder's
failure to surrender the Grantor Trust  Certificate for final payment thereof in
accordance with this Section 7.01 and the Grantor Trust  Certificateholder shall
look only to the Master Servicer for such payment.

               Section 7.02  Termination by Grantor Trust Certificateholder.
                             ----------------------------------------------

               Upon the occurrence of an Event of Default under the Indenture or
the  Indenture  is  otherwise  terminated,  the  Holder  of  the  Grantor  Trust
Certificate  shall have the right to terminate  this Grantor Trust  Agreement at
any time upon 30 days prior written notice to the Grantor  Trustee,  with copies
to the Master Servicer, the Custodian and the Depositor specifying the effective
date of such  termination.  Upon presentation and surrender of the Grantor Trust
Certificate by the Holder thereof to the Grantor Trustee on such effective date:
(i) the Home Loans and all other property of the Grantor Trust shall be conveyed
to such  Holder;  (ii) the  Grantor  Trustee  shall  execute and deliver to such
Holder all  instruments  delivered  to the  Grantor  Trustee  and  necessary  to
evidence such conveyance, and shall release all monies and other property of the
Grantor  Trust held by the Grantor  Trustee to such Holder;  (iii) the Custodian
shall thereafter hold all Mortgage Files solely on behalf of, and subject to the
instructions of, such Holder, until the Custodial Agreement is terminated;  (iv)
the Master  Servicer  shall  continue to service the Home Loans  pursuant to the
Servicing  Agreement,  solely for such  Holder,  and such Holder  shall have all
rights of the Grantor  Trustee  thereunder,  until the  Servicing  Agreement  is
terminated;  and (v) such  Holder  will have full right and  authority  to sell,
transfer and assign the Home Loans, subject to any applicable  provisions of the
Owner Trust Agreement and the Grantor Trust Agreement.

                                             -24-

<PAGE>

                                         ARTICLE VIII

                                   MISCELLANEOUS PROVISIONS

               Section 8.01. Amendment.
                             ---------

               (a) This  Agreement,  the  Servicing  Agreement or the  Custodial
Agreement  may be amended  from time to time by the  Depositor  and the  Grantor
Trustee, without the consent of the Grantor Trust Certificateholder:

                   (i) to cure any ambiguity,

                  (ii)  to  correct  or  supplement  any  provisions  herein  or
        therein,  which may be inconsistent  with any other provisions herein or
        therein or to correct any error,

                 (iii) to modify,  eliminate or add to any of its  provisions to
        such  extent  as  shall  be  necessary  or  desirable  to  maintain  the
        qualification  of the Grantor Trust as a Grantor Trust at all times that
        any Grantor Trust Certificate is outstanding or to avoid or minimize the
        risk of the  imposition of any tax on the Grantor Trust  pursuant to the
        Code that would be a claim against the Grantor Trust,  provided that the
        Grantor Trustee has received an Opinion of Counsel (at no expense to the
        Grantor  Trustee)  to the effect that (A) such  action is  necessary  or
        desirable  to maintain  such  qualification  or to avoid or minimize the
        risk of the  imposition  of any such tax and (B)  such  action  will not
        adversely  affect in any material  respect the  interests of any Grantor
        Trust Certificateholder,

                  (iv) to make any other  provisions  with respect to matters or
        questions   arising  under  this  Grantor  Trust  Agreement,   Servicing
        Agreement  or such  Custodial  Agreement  which shall not be  materially
        inconsistent  with  the  provisions  of this  Grantor  Trust  Agreement,
        provided  that such  action  shall not,  as  evidenced  by an Opinion of
        Counsel (at no expense to the Grantor Trustee),  adversely affect in any
        material respect the interests of any Grantor Trust Certificateholder.

               (b) This Grantor Trust Agreement,  the Servicing Agreement or any
Custodial  Agreement  may also be amended from time to time by the Depositor and
the  Grantor  Trustee  with the  consent  of the  Holder  of the  Grantor  Trust
Certificate,  for the  purpose of adding any  provisions  to or  changing in any
manner or eliminating any of the provisions of this Grantor Trust Agreement, the
Servicing  Agreement or such  Custodial  Agreement or of modifying in any manner
the rights of the Holder of the Grantor Trust  Certificate;  provided,  however,
that any amendment must be accompanied by a letter from the Rating Agencies that
such amendment will not result in a downgrading or withdrawal of the rating then
assigned to the Securities or the Class B Notes.

               (c)  Notwithstanding any contrary provision of this Grantor Trust
Agreement,  the  Grantor  Trustee  shall not  consent to any  amendment  to this
Grantor  Trust  Agreement,  the Servicing  Agreement or any Custodial  Agreement
unless it shall have first  received an Opinion of Counsel (at no expense to the
Grantor Trustee) to the effect that such amendment or the exercise of any power

                                             -25-

<PAGE>

granted  to the  Master  Servicer,  the  Depositor  or the  Grantor  Trustee  in
accordance  with such  amendment (i) is authorized or permitted by the Agreement
and (ii) will not  result in the  imposition  of a tax on the  Grantor  Trust or
cause  the  Grantor  Trust to fail to be  classified  as a grantor  trust  under
subpart E, part I of subchapter J of chapter 1 of the Code. The Grantor  Trustee
may but shall not be  obligated  to enter into any  amendment  pursuant  to this
Section that affects its rights,  duties and immunities under this Grantor Trust
Agreement or otherwise; provided however, such consent shall not be unreasonably
withheld.

               (d)  Promptly  after  the  execution  of any such  amendment  the
Grantor  Trustee shall  furnish  written  notification  of the substance of such
amendment to the Grantor Trust Certificateholder.  It shall not be necessary for
the consent of the Grantor  Trust  Certificateholder  under this Section 8.01 to
approve  the  particular  form  of  any  proposed  amendment,  but it  shall  be
sufficient if such consent shall  approve the substance  thereof.  The manner of
obtaining  such consents and of evidencing  the  authorization  of the execution
thereof by Grantor Trust  Certificateholder  shall be subject to such reasonable
regulations as the Grantor Trustee may prescribe.

            Section 8.02. Recordation of Grantor Trust Agreement; Counterparts.

               (a) To the extent permitted by applicable law, this Grantor Trust
Agreement is subject to recordation in all  appropriate  public offices for real
property records in all the counties or other comparable  jurisdictions in which
any or all of the properties  subject to the Mortgages are situated,  and in any
other appropriate  public recording office or elsewhere,  such recordation to be
effected by the Master  Servicer  and at its expense on direction by the Grantor
Trustee   (pursuant  to  the  request  of  the  Holder  of  the  Grantor   Trust
Certificate),  but only upon direction  accompanied by an Opinion of Counsel (at
no  expense  to  the  Grantor  Trustee)  to the  effect  that  such  recordation
materially  and  beneficially   affects  the  interests  of  the  Grantor  Trust
Certificateholder.

               (b) For the  purpose  of  facilitating  the  recordation  of this
Grantor Trust Agreement as herein provided and for other purposes,  this Grantor
Trust Agreement may be executed  simultaneously  in any number of  counterparts,
each  of  which  counterparts  shall  be  deemed  to be an  original,  and  such
counterparts shall constitute but one and the same instrument.

         Section 8.03. Limitation on Rights of Grantor Trust Certificateholder.

               (a)   The   death   or    incapacity   of   the   Grantor   Trust
Certificateholder shall not operate to terminate this Grantor Trust Agreement or
the Grantor  Trust,  nor entitle such Grantor  Trust  Certificateholder's  legal
representatives  or  heirs  to claim an  accounting  or to take  any  action  or
proceeding in any court for a partition or winding up of the Grantor Trust,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

               (b) No Grantor  Trust  Certificateholder  shall have any right to
vote (except as expressly  provided herein) or in any manner  otherwise  control
the operation and  management of the Grantor  Trust,  or the  obligations of the
parties  hereto,  nor shall anything herein set forth, or contained in the terms
of the Grantor Trust Certificate, be construed so as to constitute the Grantor

                                             -26-

<PAGE>

Trust  Certificateholder  from  time  to  time  as  partners  or  members  of an
association;  nor  shall  the  Grantor  Trust  Certificateholder  be  under  any
liability  to any third  person by reason of any action  taken by the parties to
this Grantor Trust Agreement pursuant to any provision hereof.

               (c) No Grantor  Trust  Certificateholder  shall have any right by
virtue of any provision of this Grantor  Trust  Agreement to institute any suit,
action or  proceeding  in equity or at law upon or under or with respect to this
Grantor Trust Agreement,  unless such Holder  previously shall have given to the
Grantor Trustee a written notice of default and of the continuance  thereof,  as
hereinbefore  provided,  and  unless  also  the  Holder  of  the  Grantor  Trust
Certificate, shall have made written request to the Grantor Trustee to institute
such action, suit or proceeding in its own name as Grantor Trustee hereunder and
shall have offered to the Grantor  Trustee such  reasonable  indemnity as it may
require against the costs,  expenses and  liabilities to be incurred  therein or
thereby shall have given its written consent,  and the Grantor  Trustee,  for 60
days after its receipt of such  notice,  request and offer of  indemnity,  shall
have neglected or refused to institute any such action, suit or proceeding.  For
the protection and  enforcement of the provisions of this Section 8.03, each and
every Grantor Trust  Certificateholder and the Grantor Trustee shall be entitled
to such relief as can be given either at law or in equity.

               Section 8.04. Governing Law.
                             -------------

               This Grantor Trust  Agreement  and the Grantor Trust  Certificate
shall be governed by and construed in  accordance  with the laws of the State of
New York and the obligations, rights and remedies of the parties hereunder shall
be determined in accordance with such laws.

               Section 8.05. Notices.
                             -------

               All demands and notices  hereunder  shall be in writing and shall
be  deemed  to have  been duly  given if  personally  delivered  at or mailed by
registered  mail,  postage  prepaid  (except for notices to the Grantor  Trustee
which shall be deemed to have been duly given only when received), to (a) in the
case of the Depositor,  8400 Normandale Lake Boulevard,  Suite 700, Minneapolis,
Minnesota  55437,  or such other  address as may  hereafter  be furnished to the
Master Servicer and the Grantor Trustee in writing by the Depositor,  (b) in the
case of the Master  Servicer,  2255 North Ontario  Street,  Suite 400,  Burbank,
California 91504-3102,  Attention:  Addition Director - Bond Administration,  or
such other  address  as may be  hereafter  furnished  to the  Depositor  and the
Grantor  Trustee  by the  Master  Servicer  in  writing,  (c) in the case of the
Grantor  Trustee,  4 New York  Plaza,  6th  Floor,  New  York,  New York  10004,
Attention:  Institutional  Trust  Services/Structured  Finance Service - Grantor
Trust  2003-HI2  or such other  address as may  hereafter  be  furnished  to the
Depositor and the Master Servicer in writing by the Grantor Trustee,  (d) in the
case of Standard & Poor's, 55 Water Street, 41st Floor, New York, New York 10041
Attention: Residential Mortgage Surveillance Group, or such other address as may
hereafter  be  furnished to the  Depositor,  the Grantor  Trustee and the Master
Servicer  in writing by  Standard  & Poor's and (e) in the case of  Moody's,  99
Church Street, 4th Floor, New York, New York 10007 Attention: Home Mortgage Loan
Monitoring  Group or such other  address as may be  hereafter  furnished  to the
Depositor,  Grantor Trustee and Master Servicer by Moody's.  Any notice required
or permitted to be mailed to the Grantor Trust  Certificateholder shall be given
by first class mail, postage prepaid, at the address of such holder as

                                             -27-

<PAGE>

shown in the Grantor Trust Certificate Register. Any notice so mailed within the
time prescribed in this Grantor Trust  Agreement shall be conclusively  presumed
to have been duly  given,  whether or not the  Grantor  Trust  Certificateholder
receives such notice.

               Section 8.06. Severability of Provisions.
                             --------------------------

               If any one or more of the  covenants,  agreements,  provisions or
terms of this Grantor Trust  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
Grantor   Trust   Agreement   and  shall  in  no  way  affect  the  validity  or
enforceability of the other provisions of this Grantor Trust Agreement or of the
Grantor Trust Certificate or the rights of the Holder thereof.

                                             -28-

<PAGE>

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

                                            RESIDENTIAL FUNDING MORTGAGE
                                            SECURITIES II, INC.
[Seal]

                                            By:    /s/ Mark White
                                               ---------------------------------
                                               Name: Mark White
                                               Title: Vice President

Attest: /s/ Lisa Lundsten
Name:Lisa Lundsten
Title:  Vice President

                                            JPMORGAN CHASE BANK,
                                            as Grantor Trustee
[Seal]

                                            By:         /s/ Mark McDermott
                                               ---------------------------------
                                               Name:    Mark McDermott
                                               Title:   Vice President

Attest:   /s/ Aranka R. Paul
       -----------------------------------------------------------
Name:    Aranka R. Paul
Title:   Assistant Vice President

                                             -29-

<PAGE>

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

               On the 27th day of June,  2003 before me, a notary  public in and
for  said  State,  personally  appeared  Mark  White,  known  to me to be a Vice
President of  Residential  Funding  Mortgage  Securities  II,  Inc.,  one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official  seal the day and year in this Grantor  Trust  Certificate  first above
written.

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

                                                    Notary Public

[Notarial Seal]

<PAGE>

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

               On the 27th day of June,  2003 before me, a notary  public in and
for said State,  personally  appeared Mark  McDermott,  known to me to be a Vice
President of JPMorgan Chase Bank, a New York banking  corporation  that executed
the within instrument,  and also known to me to be the person who executed it on
behalf of said  association,  and  acknowledged to me that such national banking
association executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official  seal the day and year in this Grantor  Trust  Certificate  first above
written.

                                                  ------------------------------
                                                               Notary Public

[Notarial Seal]

<PAGE>

                                    EXHIBIT A

                        FORM OF GRANTOR TRUST CERTIFICATE
                                 SERIES 2003-HI2

               THIS GRANTOR TRUST CERTIFICATE IS NOT TRANSFERABLE
EXCEPT UPON SATISFACTION OF THE CONDITIONS IN SECTION 5.02 OF THE
GRANTOR TRUST AGREEMENT.

               THIS  GRANTOR  TRUST  CERTIFICATE  HAS NOT  BEEN  AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES LAWS
OF ANY  STATE  AND MAY NOT BE RESOLD  OR  TRANSFERRED  UNLESS  IT IS  REGISTERED
PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR  TRANSFERRED IN  TRANSACTIONS  WHICH
ARE EXEMPT FROM  REGISTRATION  UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND
IS TRANSFERRED IN ACCORDANCE  WITH THE PROVISIONS OF SECTION 5.02 OF THE GRANTOR
TRUST  AGREEMENT,  DATED JUNE 27, 2003,  BETWEEN  RESIDENTIAL  FUNDING  MORTGAGE
SECURITIES II, INC. AND JPMORGAN CHASE BANK ("THE AGREEMENT").

               NO  TRANSFER  OF THIS  CERTIFICATE  SHALL BE MADE  UNLESS (I) THE
GRANTOR  TRUSTEE SHALL HAVE RECEIVED AN OPINION OF COUNSEL  ACCEPTABLE TO AND IN
FORM AND SUBSTANCE  SATISFACTORY TO THE GRANTOR  TRUSTEE,  THE DEPOSITOR AND THE
MASTER SERVICER TO THE EFFECT THAT THE PURCHASE OR HOLDING OF THIS GRANTOR TRUST
CERTIFICATE IS PERMISSIBLE  UNDER  APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
IN ANY  NON-EXEMPT  PROHIBITED  TRANSACTION  UNDER  SECTION 406 OF THE  EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF
THE CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT  ENACTMENTS),  AND WILL NOT
SUBJECT  THE  GRANTOR  TRUSTEE,  THE  DEPOSITOR  OR THE MASTER  SERVICER  TO ANY
OBLIGATION OR LIABILITY  (INCLUDING  OBLIGATIONS OR  LIABILITIES  UNDER ERISA OR
SECTION  4975 OF THE CODE) IN ADDITION  TO THOSE  UNDERTAKEN  IN THE  AGREEMENT,
WHICH  OPINION OF COUNSEL  SHALL NOT BE AN EXPENSE OF THE GRANTOR  TRUSTEE,  THE
DEPOSITOR OR THE MASTER SERVICER OR (II) THE PROSPECTIVE  TRANSFEREE  SHALL HAVE
PROVIDED  TO THE  GRANTOR  TRUSTEE,  THE  DEPOSITOR  AND THE  MASTER  SERVICER A
CERTIFICATION,  WHICH THE GRANTOR  TRUSTEE MAY RELY UPON WITHOUT FURTHER INQUIRY
OR INVESTIGATION,  OR SUCH OTHER  CERTIFICATIONS AS THE GRANTOR TRUSTEE MAY DEEM
DESIRABLE OR NECESSARY IN ORDER TO ESTABLISH THAT SUCH  TRANSFEREE OR THE PERSON
IN WHOSE NAME SUCH  REGISTRATION IS REQUESTED IS NOT AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN SUBJECT TO THE PROHIBITED  TRANSACTION PROVISIONS OF ERISA OR SECTION
4975 OF THE CODE,  OR ANY  PERSON  (INCLUDING  AN  INVESTMENT  MANAGER,  A NAMED
FIDUCIARY OR A GRANTOR  TRUSTEE OF ANY SUCH PLAN) WHO IS USING "PLAN  ASSETS" OF
ANY SUCH PLAN TO EFFECT SUCH

<PAGE>

ACQUISITION;  PROVIDED,  HOWEVER,  THAT SUCH OPINION OF COUNSEL OR CERTIFICATION
WILL NOT BE REQUIRED IN  CONNECTION  WITH THE INITIAL  TRANSFERS OF THIS GRANTOR
TRUST  CERTIFICATE BY THE DEPOSITOR OR ANY AFFILIATE  THEREOF TO AN AFFILIATE OF
THE DEPOSITOR OR TO THE ISSUER OR THE INDENTURE TRUSTEE AS PLEDGEE OF THE ISSUER
(IN WHICH CASE, THE DEPOSITOR OR ANY AFFILIATE  THEREOF OR THE ISSUER SHALL HAVE
DEEMED TO HAVE  REPRESENTED THAT SUCH AFFILIATE OR THE ISSUER IS NOT A PLAN OR A
PERSON  INVESTING  "PLAN  ASSETS" OF ANY PLAN) AND THE GRANTOR  TRUSTEE SHALL BE
ENTITLED TO CONCLUSIVELY RELY UPON A REPRESENTATION  (WHICH, UPON THE REQUEST OF
THE GRANTOR TRUSTEE,  SHALL BE A WRITTEN  REPRESENTATION)  FROM THE DEPOSITOR OF
THE STATUS OF SUCH TRANSFEREE AS AN AFFILIATE OF THE DEPOSITOR.

               THIS GRANTOR TRUST CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF THE SELLER, THE DEPOSITOR, THE MASTER
SERVICER, THE GRANTOR TRUSTEE, OR ANY OF THEIR RESPECTIVE
AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE AGREEMENT OR THE
BASIC DOCUMENTS.

<PAGE>

Certificate No. 1

Cut-off Date:                               Grantor Trust Certificate Principal
June 1, 2003                                Balance as of the Closing Date:
                                            $--------------

First Payment Date:                         Certificate Percentage Interest
July 25, 2003                               this Grantor Trust Certificate: 100%

                            GRANTOR TRUST CERTIFICATE
                                 SERIES 2003-HI2

evidencing  an undivided  interest in the Grantor  Trust,  the property of which
consists  primarily of the Home Loans,  formed and sold by  RESIDENTIAL  FUNDING
MORTGAGE  SECURITIES II, INC.  (hereinafter  called the "Depositor,"  which term
includes any successor entity under the Agreement referred to below).

               This Grantor Trust  Certificate is payable solely from the assets
of the Grantor Trust, and does not represent an obligation of or interest in the
Depositor,  the Seller, the Master Servicer, the Grantor Trustee or any of their
affiliates.  Neither this Grantor Trust Certificate nor any of the Home Loans is
guaranteed or insured by any governmental  agency or  instrumentality  or by the
Depositor,  the Seller, the Master Servicer, the Grantor Trustee or any of their
affiliates.  None of the Depositor, the Seller, the Master Servicer, the Grantor
Trustee or any of their  affiliates will have any obligation with respect to any
certificate  or other  obligation  secured by or payable  from  payments  on the
Grantor Trust Certificate.

               This  certifies  that  [  ]  is  the  registered   owner  of  the
Certificate  Percentage Interest evidenced by this Grantor Trust Certificate (as
set forth on the face  hereof)  in  certain  distributions  with  respect to the
Grantor  Trust,  consisting  primarily  of the Home  Loans,  formed  and sold by
Residential  Funding Mortgage  Securities II, Inc. The Grantor Trust was created
pursuant to a Grantor Trust  Agreement  dated as specified above (as amended and
supplemented  from time to time,  the  "Agreement")  between the  Depositor  and
JPMorgan  Chase Bank,  as grantor  trustee (the  "Grantor  Trustee,"  which term
includes any successor entity under the Agreement),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This Grantor Trust Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement, to which Agreement the Holder
of this Grantor Trust Certificate by virtue of the acceptance hereof assents and
by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately  following (each, a "Payment Date"),  commencing on
the first Payment Date specified above, to the Person in whose name this Grantor
Trust Certificate is registered at the close of business on the last day (or

                                             -1-

<PAGE>

if such last day is not a Business Day, the Business Day  immediately  preceding
such last day) of the month immediately preceding the month of such distribution
(each,  a  "Record  Date"),  in an  amount  equal  to the  sum  of the  Interest
Collections and the Principal  Collections.  Distributions on this Grantor Trust
Certificate  will be made as  provided  in the  Agreement  by the  Paying  Agent
appointed by the Grantor Trustee by wire transfer or check mailed to the Grantor
Trust  Certificateholder  of record in the Grantor  Trust  Certificate  Register
without the  presentation or surrender of this Grantor Trust  Certificate or the
making of any notation hereon.

               Except as otherwise provided in the Agreement and notwithstanding
the above, the final distribution on this Grantor Trust Certificate will be made
after due notice by the Grantor Trustee of the pendency of such distribution and
only upon  presentation  and surrender of this Grantor Trust  Certificate at the
office  maintained by the Grantor Trustee for that purpose in the City and State
of New York.

               No transfer,  sale,  pledge or other  disposition of this Grantor
Trust  Certificate  shall be made unless such  transfer,  sale,  pledge or other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended (the "1933 Act"),  and any applicable  state securities laws
or is made in accordance with said Act and laws. Except as otherwise provided in
Section  5.02(d) of the Agreement,  in the event that a transfer of this Grantor
Trust  Certificate is to be made either (i)(A) the Grantor Trustee shall require
a  written  Opinion  of  Counsel   acceptable  to  and  in  form  and  substance
satisfactory  to the Grantor Trustee and the Depositor that such transfer may be
made pursuant to an exemption, describing the applicable exemption and the basis
therefor, from said Act and laws or is being made pursuant to said Act and laws,
which  Opinion of Counsel  shall not be an expense of the Grantor  Trustee,  the
Depositor or the Master Servicer; provided that such Opinion of Counsel will not
be required in  connection  with the initial  transfers  of this  Grantor  Trust
Certificate  by the  Depositor or any  Affiliate  thereof to an Affiliate of the
Depositor or to the Issuer or the Indenture Trustee as pledgee of the Issuer and
(B) the Grantor Trustee shall require the transferee to execute a representation
letter,  and the  Grantor  Trustee  shall  require the  transferor  to execute a
representation letter, each acceptable to and in form and substance satisfactory
to the  Depositor  and the Grantor  Trustee  certifying to the Depositor and the
Grantor  Trustee  the facts  surrounding  such  transfer,  which  representation
letters  shall not be an expense of the Grantor  Trustee,  the  Depositor or the
Master Servicer; provided, however, that such representation letters will not be
required in connection with any transfers of any such Grantor Trust  Certificate
by the Depositor or any Affiliate thereof to an Affiliate of the Depositor or to
the Issuer or the  Indenture  Trustee as pledgee of the Issuer,  and the Grantor
Trustee shall be entitled to  conclusively  rely upon a  representation  (which,
upon the request of the Grantor Trustee,  shall be written  representation) from
the Depositor of the status, of such transferee as an Affiliate of the Depositor
or (ii) the prospective  transferee of this Grantor Trust  Certificate  shall be
required to provide the Grantor  Trustee,  the Depositor and the Master Servicer
with an investment  letter,  which investment  letter shall not be an expense of
the Grantor Trustee, the Depositor, or the Master Servicer, and which investment
letter states that,  among other  things,  such  transferee  (A) is a "qualified
institutional  buyer" as defined under Rule 144A,  acting for its own account or
the accounts of other  "qualified  institutional  buyers" as defined  under Rule
144A,  and (B) is aware  that the  proposed  transferor  intends  to rely on the
exemption  from  registration  requirements  under the 1933 Act provided by Rule
144A. The Holder of this Grantor Trust  Certificate  desiring to effect any such
transfer, sale, pledge

                                             -2-

<PAGE>

or other  disposition  shall,  and does hereby agree to,  indemnify  the Grantor
Trustee,  the Depositor,  the Master Servicer and the Grantor Trust  Certificate
Registrar against any liability that may result if the transfer, sale, pledge or
other  disposition  is not so  exempt  or is not made in  accordance  with  such
federal and state laws and the Grantor Trust Agreement.

               In  connection  with any such  transfer,  either (i) the  Grantor
Trustee  shall  require  an Opinion  of  Counsel  acceptable  to and in form and
substance  satisfactory  to the Grantor  Trustee,  the  Depositor and the Master
Servicer  to the effect  that the  purchase  or holding  of this  Grantor  Trust
Certificate is permissible  under  applicable law, will not constitute or result
in any  non-exempt  prohibited  transaction  under  Section 406 of the  Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of
the Code (or comparable provisions of any subsequent  enactments),  and will not
subject  the  Grantor  Trustee,  the  Depositor  or the Master  Servicer  to any
obligation or liability  (including  obligations or  liabilities  under ERISA or
Section  4975 of the Code) in addition  to those  undertaken  in the  Agreement,
which  Opinion of Counsel  shall not be an expense of the Grantor  Trustee,  the
Depositor or the Master  Servicer or (ii) the  prospective  transferee  shall be
required to provide the Grantor  Trustee,  the Depositor and the Master Servicer
with a  certification,  which the Grantor  Trustee may rely upon without further
inquiry or  investigation,  or such other  certifications as the Grantor Trustee
may deem  desirable or necessary in order to establish  that such  transferee or
the Person in whose  name such  registration  is  requested  is not an  employee
benefit plan or other plan subject to the prohibited  transaction  provisions of
ERISA or  Section  4975 of the Code,  or any  Person  (including  an  investment
manager,  a named  fiduciary or a Grantor Trustee of any such plan) who is using
"plan assets" of any such plan to effect such  acquisition;  provided,  however,
that such Opinion of Counsel or certification will not be required in connection
with the initial transfers of this Grantor Trust Certificate by the Depositor or
any  Affiliate  thereof to an Affiliate of the Depositor or to the Issuer or the
Indenture  Trustee as pledgee of the Issuer (in which case, the Depositor or any
Affiliate  thereof shall have deemed to have  represented that such Affiliate is
not a Plan or a Person  investing  "plan  assets"  of any Plan) and the  Grantor
Trustee  shall be entitled to  conclusively  rely upon a written  representation
from the  Depositor  of the status of such  transferee  as an  Affiliate  of the
Depositor.

               The Agreement  permits the amendment  thereof as specified in the
Agreement.

               As provided in the Agreement  and subject to certain  limitations
therein  set  forth,   the  transfer  of  this  Grantor  Trust   Certificate  is
registerable  in the Grantor Trust  Certificate  Register upon surrender of this
Grantor  Trust  Certificate  for  registration  of  transfer  at the  offices or
agencies of the Grantor  Trustee  maintained  in the City and State of New York,
accompanied  by a written  instrument  of transfer in form  satisfactory  to the
Grantor  Trustee duly executed by the Holder  hereof or such  Holder's  attorney
duly authorized in writing,  and thereupon one new Grantor Trust  Certificate of
authorized  denomination  evidencing the same aggregate  Certificate  Percentage
Interest will be issued to the designated transferee.  The initial Grantor Trust
Certificate Registrar appointed under the Agreement is the Grantor Trustee.

               The  Grantor  Trust  Certificate  is  issuable  only as a  single
Certificate evidencing a 100% Certificate Percentage Interest.

                                             -3-

<PAGE>

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

               The Grantor Trustee, the Grantor Trust Certificate  Registrar and
any agent of the Grantor Trustee, or the Grantor Trust Certificate Registrar may
treat the Person in whose name this Grantor Trust  Certificate  is registered as
the owner hereof for all purposes,  and none of the Grantor Trustee, the Grantor
Trust Certificate Registrar or any such agent shall be affected by any notice to
the contrary.

               This Grantor Trust Certificate shall be governed by and construed
in accordance with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Grantor Trust  Certificate and the Grantor Trust created thereby shall terminate
upon the last action  required  to be taken by the Grantor  Trustee on the Final
Scheduled  Payment Date pursuant to the  Agreement  following the earlier of (i)
the final payment or other  liquidation  of the last Home Loan  remaining in the
Grantor  Trust or (ii) the  purchase  by the Master  Servicer  of all Home Loans
pursuant to Section 8.08(a)(ii) of the Servicing Agreement.

               Unless the certificate of  authentication  hereon shall have been
executed by an authorized  officer of the Grantor Trustee,  by manual signature,
this Grantor  Trust  Certificate  shall not be entitled to any benefit under the
Agreement or be valid for any purpose.

                                             -4-

<PAGE>

               IN WITNESS  WHEREOF,  the Grantor Trustee has caused this Grantor
Trust Certificate to be duly executed.

                                       by  JPMORGAN CHASE BANK, not in
                                           its individual capacity but solely as
                                           Grantor Trustee

Dated: June 27, 2003
                                     ------------------------------------------
                                           Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

This is one of the Grantor Trust Certificate referred to in the within mentioned
Agreement.

JPMORGAN CHASE BANK,
not in its individual capacity
but solely as Grantor Trustee Certificate Registrar

                                      By:
                              Authorized Signatory

or                                                 ,
  -------------------------------------------------
               as Authenticating Agent of the Grantor Trust

By:
   ------------------------------------------------
                 Authorized Signatory

                                             -5-

<PAGE>

                                          ASSIGNMENT

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

  ______________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)
the  within  Grantor  Trust  Certificate,  and  all  rights  thereunder,  hereby
irrevocably constituting and appointing

to transfer  said Grantor  Trust  Certificate  on the books of the Grantor Trust
Certificate Registrar, with full power of substitution in the premises.

Dated:

                                 ____________________________________*/
                                                                     -
                                     Signature Guaranteed:

                                 ____________________________*/
                                                             -

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

*/ NOTICE:  The signature to this assignment must correspond with the name as it
appears  upon  the  face  of the  within  Grantor  Trust  Certificate  in  every
particular,  without  alteration,  enlargement  or  any  change  whatever.  Such
signature  must be guaranteed by a member firm of the New York Stock Exchange or
a commercial bank or trust company.

                                             -6-

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The assignee  should include the following for the information of
the Grantor Trust Certificate Paying Agent:

     Distribution shall be made by wire transfer in immediately  available funds
to        __________________________        for       the       account       of
________________________________________,  account number ______________, or, if
mailed by check, to ______________.

     Applicable statements should be mailed to__________________.

                                       ------------------------------
                                       Signature of assignee or agent
                                       (for authorization of wire
                                        transfer only)

                                             -7-

<PAGE>

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