Document:

Exhibit 10.3

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                CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,

                                      Buyer

                                       and

                          AMERICAN HOME MORTGAGE CORP.

                                     Seller

                                       and

                     AMERICAN HOME MORTGAGE ACCEPTANCE, INC.

                                     Seller

                                       and

                     AMERICAN HOME MORTGAGE SERVICING, INC.

                                     Seller

                                       and

                     AMERICAN HOME MORTGAGE INVESTMENT CORP.

                                     Seller

                                       and

                      DEUTSCHE BANK NATIONAL TRUST COMPANY

                                    Custodian

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

                               CUSTODIAL AGREEMENT

                            As of September 13, 2006

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                                TABLE OF CONTENTS

                                                                            Page

Section 1.    Definitions......................................................1
Section 2.    Deposit of Purchased Assets; Effecting a Transaction.............7
Section 3.    Certification of Documentation; Delivery of Documents............8
Section 4.    Obligations of Custodian........................................10
Section 5.    Takeout Provisions; Funding by Takeout Investor.................11
Section 6.    Future Defects..................................................12
Section 7.    Release for Payment.............................................12
Section 8.    Transfer of Purchased Assets Upon Termination of a
               Transaction, Event of Default or Swap for Agency
               Securities.....................................................12
Section 9.    Fees of Custodian...............................................12
Section 10.   Removal of Custodian With Respect to Some or All of the
               Purchased Assets...............................................13
Section 11.   Examination and Copies of Asset Files...........................13
Section 12.   Insurance of Custodian..........................................13
Section 13.   No Adverse Interest of Custodian................................14
Section 14.   Termination by Custodian........................................14
Section 15.   Limitation on Liability.........................................14
Section 16.   Indemnification of Custodian....................................16
Section 17.   Indemnification of Buyer and Seller.............................16
Section 18.   Obligations of the Custodian Regarding Genuineness of
               Documents......................................................17
Section 19.   Periodic Statements.............................................17
Section 20.   Shipment of Documents...........................................17
Section 21.   Authorized Representatives......................................17
Section 22.   Obligations of Custodian With Respect to the Trust
               Receipts.......................................................18
Section 23.   Representations and Warranties..................................19
Section 24.   Governing Law...................................................19
Section 25.   Notices.........................................................19
Section 26.   Successors and Assigns..........................................20
Section 27.   Reproduction of Documents.......................................20
Section 28.   Entire Agreement................................................20
Section 29.   Counterparts....................................................20
Section 30.   Submission to Jurisdiction......................................21
Section 31.   WAIVER OF JURY TRIAL............................................21
Section 32.   Confidentiality.................................................21

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                                   EXHIBITS

EXHIBIT A-1   RESERVED...............................................Ex. A-1-1
EXHIBIT A-2   RESERVED...............................................Ex. A-2-1
EXHIBIT B-1   CASH WINDOW SUBMISSION PACKAGE.........................Ex. B-1-1
EXHIBIT B-2   RESERVED...............................................Ex. B-2-1
EXHIBIT B-3   NON-AGENCY SUBMISSION PACKAGE..........................Ex. B-3-1
EXHIBIT C     FORM OF DELIVERY INSTRUCTIONS..........................Ex. C-1
EXHIBIT D-1   FANNIE MAE MASTER BAILEE LETTER........................Ex. D-1-1
EXHIBIT D-2   NON-AGENCY MASTER BAILEE LETTER........................Ex. D-2-1
EXHIBIT D-3   ATTORNEY BAILEE LETTER.................................Ex. D-3-1
EXHIBIT D-4   FORECLOSURE ATTORNEY BAILEE LETTER.....................Ex. D-4-1
EXHIBIT D-5   NOTICE OF BAILMENT.....................................Ex. D-5-1
EXHIBIT E     LIMITED POWER OF ATTORNEY..............................Ex. E-1
EXHIBIT F-1   ASSET FILE.............................................Ex. F-1
EXHIBIT F-2   ASSET SCHEDULE.........................................Ex. F-2
EXHIBIT F-3   AUDITED FIELDS SCHEDULE................................Ex. F-3
EXHIBIT G     FORM OF REQUEST FOR RELEASE OF DOCUMENTS
              AND RECEIPT............................................Ex. G-1
EXHIBIT H-1   TAKEOUT ASSIGNMENT.....................................Ex. H-1-1
EXHIBIT H-2   TAKEOUT ASSIGNMENT (Blanket)...........................Ex. H-2-1
EXHIBIT I     FORM OF TRUST RECEIPT..................................Ex. I-1
EXHIBIT J-1   WAREHOUSE LENDER'S RELEASE.............................Ex. J-1-1
EXHIBIT J-2   WAREHOUSE LENDER'S WIRE INSTRUCTIONS...................Ex. J-2-1
EXHIBIT K     FORM OF NOTICE TO CUSTODIAN............................Ex. K-1
EXHIBIT L     FORM OF LOST NOTE AFFIDAVIT............................Ex. L-1
EXHIBIT M     AUTHORIZED REPRESENTATIVES OF THE CUSTODIAN............Ex. M-1
EXHIBIT N     AUTHORIZED REPRESENTATIVES OF THE SELLER...............Ex. N-1
EXHIBIT O     AUTHORIZED REPRESENTATIVES OF THE BUYER................Ex. O-1
EXHIBIT P     FORM OF WAREHOUSE LENDER PAYOFF LETTER.................Ex. P-1
EXHIBIT Q     FORM OF BAILEE VIOLATION LETTER........................Ex. Q-1
EXHIBIT R     TAKEOUT INVESTORS......................................Ex. R-1
SCHEDULE 1    REO SUBSIDIARIES.......................................SCH-1

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            THIS AGREEMENT, dated as of September 13, 2006, by and among CREDIT
SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the "Buyer"), having an address at 11
Madison Avenue, New York, New York 10010, AMERICAN HOME MORTGAGE CORP. (a
"Seller"), AMERICAN HOME MORTGAGE ACCEPTANCE, INC. (a "Seller"), AMERICAN HOME
MORTGAGE SERVICING, INC. (a "Seller"), and AMERICAN HOME MORTGAGE INVESTMENT
CORP. (a "Seller" and collectively, the "Sellers"), each having an address at
538 Broadhollow Road, Melville, New York 11747, and DEUTSCHE BANK NATIONAL TRUST
COMPANY (the "Custodian"), having an address at 1761 East St. Andrew Place,
Santa Ana, California 92705.

                              W I T N E S S E T H:

            WHEREAS, the Buyer and the Sellers may, from time to time, enter
into transactions (each, a "Transaction") in which the Buyer shall purchase from
the Sellers certain Eligible Assets, with a simultaneous agreement by the
Sellers to repurchase such Purchased Assets as provided in that certain Master
Repurchase Agreement dated as of September 13, 2006, between the Sellers,
American Home Mortgage Holdings, Inc. (the "Guarantor") and the Buyer (the
"Master Repurchase Agreement") and a Confirmation between the Sellers and the
Buyer (the "Confirmation"; as to each Transaction, the related Confirmation and
the Master Repurchase Agreement are referred to collectively as, the "Repurchase
Agreement");

            WHEREAS, the Custodian is authorized to act as Custodian pursuant to
this Agreement, and has agreed to act as custodian/bailee for hire for Buyer and
each Seller in order to effect each Transaction on its behalf, all as more
particularly set forth herein;

            WHEREAS, each Seller shall from time to time deliver Purchased
Assets to the Custodian that are subject to a Transaction; and

            WHEREAS, each Seller has agreed to deliver or cause to be delivered
to the Custodian certain documents with respect to the Purchased Assets subject
to each Transaction in accordance with the terms and conditions hereof.

            NOW, THEREFORE, in consideration of the mutual undertakings herein
expressed, the parties hereto hereby agree as follows:

            Section 1. Definitions. Capitalized terms used but not defined
herein shall have the meanings assigned to them in the Repurchase Agreement.

            "Agency": Freddie Mac, Fannie Mae or GNMA, as applicable.

            "Agency Security": A mortgage-backed security issued by one of the
Agencies.

            "Agreement": This Custodial Agreement and all amendments and
attachments hereto and supplements hereof.

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            "Anticipated Settlement Date": The anticipated date for sale of
Purchased Mortgage Loans to a Takeout Investor.

            "Applicable Agency Documents": The documents listed on Exhibit A-1
or Exhibit A-2, as applicable.

            "Applicable Requirements": With respect to each Takeout Investor the
applicable requirements which must be satisfied in order for a Purchased
Mortgage Loan to be eligible for purchase by such Takeout Investor pursuant to a
Takeout Commitment.

            "Asset File": The items pertaining to a particular Eligible Asset or
Purchased Asset, as applicable, which are referred to in Exhibit F-1, plus, with
respect to any Committed Mortgage Loan, any additional items set forth in the
related Submission Package and, if applicable, Applicable Agency Documents and
all such other documents as the related Agency may require from time to time for
the issuance of the related Agency Securities.

            "Asset Schedule": An electronic schedule of Eligible Assets setting
forth the information described in Exhibit F-2 attached hereto which reflects
the Eligible Assets delivered by each Seller to the Custodian under this
Agreement.

            "Assignment of Mortgage": An assignment of the Mortgage, notice of
transfer or equivalent instrument in recordable form, reflecting the transfer of
the Mortgage to the party indicated therein.

            "Authorized Representative": Shall have the meaning set forth in
Section 21 hereof.

            "Bailee Letter": A Fannie Mae Bailee Letter, a Freddie Mac Bailee
Letter or a Non-Agency Bailee Letter, as applicable.

            "Bailee Violation Letter" A letter in the form of Exhibit Q hereto.

            "Business Day": Any day other than (i) a Saturday or Sunday or (ii)
a day on which the New York Stock Exchange, the Federal Reserve Bank of New York
or the Custodian is authorized or obligated by law or executive order to be
closed.

            "Buyer": Credit Suisse First Boston Mortgage Capital LLC, or its
successor in interest or assigns.

            "Buyer Deed": A duly executed deed or similar instrument in favor of
the Buyer, on an REO Property, which Buyer Deed shall (a) name the Buyer or its
designee as the assignee or beneficiary thereof; and (b) be in recordable form
in accordance with applicable state law.

            "Cash Window Submission Package": The documents listed on Exhibit
B-1, which shall be delivered by a Seller to Custodian in connection with each
Cash Window Transaction.

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            "Cash Window Transaction": A transaction initiated by a Seller's
delivery of a Request for Certification which identifies Fannie Mae or Freddie
Mac as the Takeout Investor.

            "Committed Mortgage Loan": Any Purchased Mortgage Loan which is the
subject of a Takeout Commitment with an Agency Takeout Investor.

            "Custodial Asset Schedule": An electronic schedule list of Purchased
Assets delivered by the Custodian to the Buyer, reflecting the Purchased Assets
held by the Custodian for the benefit of the Buyer, setting forth the
information described in Exhibit F-2. Each Custodial Asset Schedule shall set
forth the Eligible Asset being purchased by the Buyer on any applicable Purchase
Date as well as the Purchased Assets previously purchased by the Buyer and held
by the Custodian hereunder.

            "Custodian": Deutsche Bank National Trust Company or any successor
in interest or assigns, or any successor to the Custodian under this Agreement
as herein provided.

            "Delivered Asset": Each Eligible Asset delivered by each Seller
potentially for purchase by Buyer pursuant to the terms of the Master Repurchase
Agreement, prior to the time of its purchase.

            "Delivery Instructions": With respect to a Purchased Mortgage Loan,
instructions prepared by a Seller, in the form of Exhibit C, indicating the
address for the delivery by Custodian of the related Submission Package or Asset
Files.

            "Document Delivery Date": With respect to an Eligible Asset, the
date on which the related Asset File must be delivered to the Custodian. Such
date shall be, with respect to Wet-Ink Mortgage Loans, the Wet-Ink Delivery
Date, and with respect to all other Eligible Assets, (i) with respect to any
purchase of 250 or fewer Eligible Assets on a single Purchase Date, on or prior
to 11:00 p.m. (New York City time) one Business Day prior to the Purchase Date,
and (ii) with respect to any purchase of 251 or more Eligible Assets on a single
Purchase Date, by 11:30 p.m. (New York City time) on the Business Day prior to
the Purchase Date.

            "Eligible Asset": A Mortgage Loan or REO Property owned by the REO
Subsidiary that is eligible for sale to the Buyer pursuant to the terms of the
Repurchase Agreement.

            "Event of Default": Any event of default under the Repurchase
Agreement or any Confirmation thereunder.

            "Fannie Mae": Fannie Mae and any successor thereto.

            "Fannie Mae Bailee Letter": The master bailee letter, in the form of
Exhibit D-1, for use by Custodian in connection with the delivery to Fannie Mae
of a Cash Window Submission Package excluding (i) the Assignment of Mortgage, in
blank, (ii) the Warehouse Lender's Release, if applicable, (iii) all
modification agreements relating to a Mortgage, (iv) the Delivery Instructions,
and (v) a copy of the Takeout Commitment.

      "Freddie Mac": Freddie Mac and any successor thereto.

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            "Freddie Mac Bailee Letter": The master bailee letter for use by
Custodian in connection with the delivery to Freddie Mac of a Submission Package
excluding (i) the Assignment of Mortgage, in blank, (ii) the Warehouse Lender's
Release, if applicable, (iii) all modification agreements relating to a
Mortgage, (iv) the Delivery Instructions, and (v) a copy of the Takeout
Commitment.

            "GNMA": The Government National Mortgage Association and any
successor thereto.

            "GNMA Transaction": A transaction initiated by Buyer's delivery of a
Request for Certification which identifies GNMA as the Takeout Investor.

            "Limited Power of Attorney": A limited power of attorney, in the
form of Exhibit E, executed by each Seller and delivered to Custodian,
authorizing Custodian to prepare Mortgage Note endorsements in the form
indicated thereon.

            "MERS Mortgage Loan": Any Purchased Mortgage Loan registered with
MERS on the MERS System.

            "MERS System": The system of recording transfers of mortgages
electronically maintained by MERS.

            "MIN": The mortgage identification number for any MERS Mortgage
Loan.

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

            "Mortgage": The mortgage, deed of trust or other instrument securing
a Mortgage Note.

            "Mortgage Loan": Any residential real estate secured loan,
including, without limitation: (i) a promissory note, any reformation thereof
and related deed of trust (or mortgage) and security agreement; (ii) all
guaranties and insurance policies, including, without limitation, all mortgage
and title insurance policies and all fire and extended coverage insurance
policies and rights of the applicable Seller to return premiums or payments with
respect thereto; and (iii) all right, title and interest of the applicable
Seller in the property covered by such deed of trust (or mortgage).

            "Mortgage Note": The original executed promissory note or other
evidence of the indebtedness of a mortgagor/borrower with respect to a Purchased
Mortgage Loan.

            "Mortgaged Property": The real property (including all improvements,
buildings, fixtures, building equipment and personal property thereon and all
additions, alterations and replacements made at any time with respect to the
foregoing) and all other collateral securing repayment of the debt evidenced by
a Mortgage Note.

            "Mortgagor": The obligor on a Mortgage Note.

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            "Non-Agency Bailee Letter": The master bailee letter, in the form of
Exhibit D-2, for use by Custodian in connection with the transfer of Mortgage,
Loans to a Takeout Investor which is not an Agency.

            "Non-Agency Submission Package": The documents listed on Exhibit
B-3, which shall be delivered by a Seller to Custodian in connection with each
Non-Agency Transaction.

            "Non-Agency Transaction": Any transaction initiated by a Seller's
delivery of a Request for Certification for Eligible Assets which are not
Committed Mortgage Loans.

            "Notice of Bailment": A notice, in the form of Schedule 1 to Exhibit
D-1 or Schedule 1 to Exhibit D-2, as applicable, delivered by Custodian to
Takeout Investor in connection with each delivery to Takeout Investor of the
applicable portion of each Submission Package.

            "Notice of Default": Written notice delivered by Buyer to Custodian
and each Seller, of an "Event of Default" under the Repurchase Agreement.

            "Payee Number": The code used by Fannie Mae to indicate the wire
transfer instructions that will be used by Fannie Mae to purchase a Mortgage
Loan.

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

            "Purchase Date": With respect to each Purchased Asset, the date on
which such Purchased Asset is purchased by the Buyer pursuant to the Repurchase
Agreement.

            "Purchased Asset": (a) A Purchased Mortgage Loan or (b) REO Property
owned by the REO Subsidiary.

            "Purchased Mortgage Loan": A Mortgage Loan sold by each Seller to
Buyer in a Transaction.

            "Release Payment": The amount necessary to effectuate a release
under a Warehouse Lender's Release.

            "REO Property": The real property assets (a) purchased by the REO
Subsidiary from a lender who obtained title to such real property assets as a
result of a foreclosure or deed in lieu of foreclosure of a mortgage or deed of
trust; or (b) acquired by the REO Subsidiary as a result of foreclosure or deed
in lieu of foreclosure of a mortgage or deed of trust.

            "REO Subsidiary": The wholly owned Subsidiary of the Sellers that is
a Special Purpose Entity formed for the sole purpose of holding REO Property set
forth on Schedule 3 of the Repurchase Agreement.

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<PAGE>

            "Request for Certification": A Transaction Request (as defined under
the Repurchase Agreement) and the Asset Schedule supplied by each Seller to
Buyer, and transmitted by Buyer or Sellers to Custodian electronically in an
appropriate data layout, regarding all Eligible Assets being offered for sale by
each Seller to Buyer on the Purchase Date.

            "Request for Release of Documents and Receipt": A written request
for the release of documents and receipt in the form of Exhibit G hereto.

            "Responsible Officer": With respect to the Custodian, any director,
associate, vice president, assistant vice president, trust officer or any other
officer of the Custodian customarily performing functions similar to those
performed by any of the above designated officers, and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular
subject.

            "Seller": American Home Mortgage Corp., American Home Mortgage
Acceptance, Inc., American Home Mortgage Servicing, Inc., and American Home
Mortgage Investment Corp., or their respective successors in interest or
assigns.

            "Submission Package": With respect to each Purchased Mortgage Loan,
a Cash Window Submission Package or a Non-Agency Submission Package, as
applicable.

            "Takeout Assignment": The assignment by a Seller to Buyer of a
Seller's rights under a specific Takeout Commitment, in the form of Exhibit H-1,
or of a Seller's rights under all Takeout Commitments, in the form of Exhibit
H-2.

            "Takeout Commitment": A commitment of each Seller to either (a) sell
one or more Purchased Mortgage Loans to a Takeout Investor or (b) (i) swap one
or more Purchased Mortgage Loans with a Takeout Investor that is an Agency for
an Agency Security, and (ii) sell the related Agency Security to a Takeout
Investor, and in each case, the corresponding Takeout Investor's commitment back
to the Sellers to effectuate any of the foregoing, as applicable.

            "Takeout Investor": Shall mean (i) an Agency, (ii) DLJ Mortgage
Capital, Inc. or (iii) other institution which has made a Takeout Commitment and
is listed on Exhibit R, as such exhibit may be updated from time to time by
notice from the Buyer to the Custodian in writing.

            "Trust Receipt": A trust receipt issued by the Custodian evidencing
the Purchased Assets it holds, in the form attached hereto as Exhibit I, and
delivered to the Buyer by the Custodian in accordance with Section 3 hereof.

            "Warehouse Lender": Any lender providing financing to a Seller for
the purpose of originating Mortgage Loans, which lender prior to the Purchase
Date has a security interest in such Mortgage Loans as collateral for the
obligations of such Seller to such lender.

            "Warehouse Lender's Release": A letter, in the form of Exhibit J-1,
from a Warehouse Lender to Buyer, conditionally releasing all of Warehouse
Lender's right, title and interest in certain Mortgage Loans identified therein
upon payment to Warehouse Lender.

                                      -6-
<PAGE>

            "Warehouse Lender's Wire Instructions": The wire instructions, set
forth in a letter in the form of Exhibit J-2, from a Warehouse Lender to Buyer,
setting forth wire instructions for all amounts due and payable to such
Warehouse Lender.

            "Wet-Ink Delivery Date": With respect to each Wet-Ink Mortgage Loan,
the date which is seven Business Days after the related Purchase Date.

            "Wet Ink Mortgage Loan": A Mortgage Loan which a Seller is selling
to Buyer simultaneously with the origination thereof.

            "Written Instructions": Written communications received by a
Responsible Officer of the Custodian from an Authorized Representative of the
Buyer or the Sellers, including communications received in electronic format.

            Section 2. Deposit of Purchased Assets; Effecting a Transaction.

            (a) RESERVED.

            (b) (i) With respect to any purchase of 250 or fewer Eligible Assets
on a single Purchase Date, on or prior to 11:00 a.m. (New York City time) one
(1) Business Day prior to the Purchase Date, and (ii) with respect to any
purchase of 251 or more Eligible Assets on a single Purchase Date, by 11:30 a.m.
(New York City time) two (2) Business Days prior to the Purchase Date or (iii)
by 11:30 a.m. (Eastern time) on the Purchase Date with respect to Wet Ink
Mortgage Loans, each Seller shall deposit with Custodian (a) a Request for
Certification (copy to Buyer), and (b) the Asset File, except with respect to
each Wet-Ink Mortgage Loan. The documentation for no more than two hundred fifty
(250) Delivered Assets will be reviewed by the Custodian on any Business Day.

            (c) On or prior to 12 p.m. (Eastern time) on a Wet-Ink Delivery
Date, each Seller shall deliver or cause to be delivered, the Mortgage Loan File
for each related Wet-Ink Mortgage Loan.

            (d) From and including the Purchase Date and until notified in
writing on the Repurchase Date or as extended by written notice signed by Buyer
and each Seller and delivered to an authorized officer of the Custodian, or
until a Responsible Officer of the Custodian shall actually receive a Notice of
Default, Custodian shall hold the Purchased Assets in trust for the exclusive
benefit of Buyer and shall not act upon Written Instructions of Buyer or each
Seller to deliver the Purchased Assets other than as expressly provided in this
Agreement. Prior to the related Purchase Date, Custodian shall hold the
Delivered Assets in trust for the exclusive benefit of each Seller.

            (e) All loan documents delivered to the Custodian shall have been
placed by each Seller or its representative in an appropriate file folder,
properly secured, and clearly marked with the name of the Mortgagor and the loan
number (the "Loan Number").

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<PAGE>

            Section 3. Certification of Documentation; Delivery of Documents.

            (a) Upon receipt by Custodian of the Request for Certification
pursuant to Section 2(b) hereof, Custodian shall ascertain whether it is in
possession of the Asset File for each Delivered Asset identified on the Request
for Certification and shall no later than 3 p.m. Eastern time (i) on the related
Purchase Date for Eligible Assets (other than Wet-Ink Mortgage Loans), and (ii)
with respect to Wet-Ink Mortgage Loans delivered by 6 p.m. New York City time on
the Wet-Ink Delivery Date, no later than 3 p.m. New York City time on the
Business Day following the Wet-Ink Delivery Date provide to Buyer and each
Seller a written listing of exceptions via electronic mail, if any, relating to
each Delivered Asset based on Custodian's review of the related Asset File
pursuant to this Section 3 (provided, that the Custodian has timely received the
items required in Section 2(b) herein). Except for any Delivered Asset which has
been notified to Buyer by Custodian as containing an exception (and Buyer has
not provided written notice of its intent to purchase by 2 p.m. Eastern time on
the related Purchase Date, and except for any other Delivered Asset that Buyer
has provided written notice of its intent to not purchase by 2 p.m. Eastern Time
on the related Purchase Date), Custodian shall, issue to Buyer by 3 p.m. Eastern
time on the related Purchase Date (provided, that the Custodian has timely
received the items required in Section 2(b) herein) a Custodial Asset Schedule
electronically or by fax and identifying all Delivered Assets and treat such
Delivered Assets as Purchased Assets pursuant to this Agreement. A physical
Custodial Asset Schedule shall be sent via electronic transmission as agreed
between Buyer and Custodian. Custodian hereby acknowledges that each time it
issues a Custodial Asset Schedule, it is making an express representation and
warranty to Buyer that it has reviewed the items contained in the Asset File
listed on the Request for Certification as specified in Sections 3(a) and (b)
with respect to the related Eligible Asset (other than a Wet-Ink Mortgage Loan).
In the event the Buyer does not wire the Purchase Price to each Seller on the
related Purchase Date, the Buyer shall return the Custodial Asset Schedule to
Custodian.

            (b) With respect to each Request for Certification, prior to the
delivery of the Custodial Asset Schedule by Custodian and upon receipt of the
Asset File for each Delivered Asset:

            (i) Custodian shall review the documents in each Asset File to
      verify whether all are complete and appear regular on their face, whether
      each such document purporting to be an original appears on its face to be
      so, and whether each copy appears on its face to be a complete copy of its
      original. Custodian shall confirm that, with respect to each Delivered
      Asset:

                  (A) each document required by this Agreement to be in the
            Asset File is in Custodian's possession, including, without
            limitation, the original Mortgage and Mortgage Note (except that in
            the case of a Mortgage, the original of which has been delivered for
            recordation, a certified copy of the original Mortgage shall be in
            the Custodian's possession);

                  (B) the Mortgage Note is endorsed "Pay to the order
            of___________ without recourse" and signed in the name of the last
            endorsee by an officer, with

                                      -8-
<PAGE>

all intervening endorsements showing a complete chain of title from the
originator to the last endorsee;

                  (C) each signature on the Mortgage Note is original and does
            not materially differ from the name typed below the signature line
            it appears on;

                  (D) the information on Exhibit F-3 (except for items 3, 4, 9,
            11, 12 and 14) which is contained on the Mortgage Note conforms to
            the related Asset Schedule;

                  (E) all signatures on the Mortgage properly relate to the
            Mortgage Note, examine the Mortgage for the completions of any
            notarization and verify that any rider or addendum properly relates
            to the Mortgage and that the signatures on any rider or addendum
            match the signatures on the Mortgage;

                  (F) the Mortgagor name on the Assignment of Mortgage (if any)
            agrees with the related Asset Schedule;

                  (G) the original or certified copies of the recorded
            intervening assignments of the Mortgage, if applicable, notice of
            transfer or equivalent instrument (each, an "Intervening
            Assignment"), show a complete chain of assignment from the
            originator and verify that the Mortgagor name is on the assignment
            agrees with the related Asset Schedule;

                  (H) Reserved;

                  (I) Reserved;

                  (J) With respect to each REO Property, the original or a copy
            of the deed, or a trustee's, sherriff's or referee's deed bears
            evidence of recording thereon, evidencing ownership of the REO
            Property, and includes copies of any certificate of foreclosure or
            other document customary in the jurisdiction in which the REO
            Property is located to evidence ownership thereof.

            (ii) If Custodian determines that the documents in the Asset File
      for a Delivered Asset conform in all respects with Section 3(b)(i), and
      unless otherwise notified by Buyer in accordance with Section 3(b)(i),
      Custodian shall include such Eligible Asset in the Custodial Asset
      Schedule issued to Buyer. If the documents required in any Asset File do
      not conform in all respects with Section 3(b)(i) or are missing and/or do
      not conform (except as otherwise notified in Section 3(b)(i)), Custodian
      shall not include such Eligible Asset in any Custodial Asset Schedule.
      Custodian shall notify each Seller and Buyer of any documents that are
      missing, incomplete on their face or patently inconsistent and of any
      Eligible Assets that do not satisfy the criteria listed above. Each Seller
      shall promptly deposit such missing documents with Custodian or complete
      or correct the documents as required by Section 3(b) or remove the related
      Asset File from the Request for Certification. On or prior to the Purchase
      Date and as a condition to purchase, except with respect to a Wet-Ink
      Mortgage Loan, Custodian shall deliver to the Buyer an electronic
      Custodial Asset

                                      -9-
<PAGE>

      Schedule to the effect that the Custodian has received the Asset File for
      each Purchased Asset on the Asset Schedule and as to each Asset File,
      specifying any document delivered and any original document that has not
      been received, and verifying the items listed in this Section 3(b).

            (c) As required by Section 3(a), Custodian shall deliver to Buyer,
no later than 3:00 p.m. Eastern Time on the related Purchase Date (provided,
that the Custodian has timely received the items required in Section 2(b)
herein), electronically or via facsimile, followed, if requested in writing by
Buyer, by overnight courier, a Custodial Asset Schedule having appended thereto
a schedule of all Eligible Assets with respect to which Custodian has completed
the procedures set forth in Sections 3(a) and 3(b)(i) hereof and certify that it
is holding each related Asset File for the benefit of Buyer in accordance with
the terms hereof.

            (d) In addition to the foregoing, on the initial Purchase Date, the
Custodian shall deliver to the Buyer via facsimile or e-mail, no later than 3:00
p.m., New York City time, a Trust Receipt with a Custodial Asset Schedule
attached thereto. Each Custodial Asset Schedule delivered by the Custodian to
the Buyer shall supersede and cancel the Custodial Asset Schedule previously
delivered by the Custodian to the Buyer hereunder, and shall replace the then
existing Custodial Asset Schedule to be attached to the Trust Receipt.
Notwithstanding anything to the contrary set forth herein, in the event that the
Custodial Asset Schedule attached to the Trust Receipt is different from the
most recently delivered Custodial Asset Schedule, then the most recently
delivered Custodial Asset Schedule shall control and be binding upon the parties
hereto.

            (e) Each Seller shall promptly forward to Custodian original
documents evidencing an assumption, modification, consolidation or extension of
any Purchased Asset that has not been purchased or a certified true copy of any
such document submitted for recordation, and shall provide the original of any
document submitted for recordation or a copy of such document certified by the
appropriate public recording office to be a true and complete copy of the
original within sixty days of its submission for recordation. The Custodian
shall review, record on its system and file all such documents promptly upon
receipt. If the related Purchased Mortgage Loan has been sold to a Takeout
Investor, Custodian shall forward at Sellers' expense any such documents in its
possession promptly to the related Takeout Investor.

            Section 4. Obligations of Custodian. (a) On and after the Purchase
Date, with respect to the Asset Files, and other documents delivered to
Custodian or which come into the possession of Custodian, Custodian is the
custodian for Buyer, exclusively. The Custodian shall hold all documents
received by it for the exclusive use and benefit of Buyer, and shall make
disposition thereof only in accordance with this Agreement and the Written
Instructions furnished by Buyer. The Custodian shall segregate and maintain
continuous custody of the Asset Files and the Submission Packages in secure and
fire resistant facilities in accordance with customary industry standards for
custody of similar documents.

            (b) The Custodian shall promptly notify Buyer if (i) a Responsible
Officer of the Custodian has actual knowledge that any mortgage, pledge, lien,
security interest or other charge or encumbrance has been placed on any accounts
maintained by each Seller with Custodian or on the Asset File or the Submission
Package; or (ii) the representation, warranty

                                      -10-
<PAGE>

and covenant contained in Section 23(d) below were to become untrue or incorrect
at any time during the term of this Agreement.

            Section 5. Takeout Provisions; Funding by Takeout Investor.

            (a) With respect to each Purchased Mortgage Loan scheduled for sale
      to a Takeout Investor, the applicable Seller shall provide to Buyer, with
      a copy to the Custodian, a completed Request for Release of Documents and
      Receipt with respect to the related Purchased Mortgage Loans. The Asset
      Files relating to the Purchased Mortgage Loans included in a Request for
      Release of Documents and Receipt shall be sent for delivery by Custodian
      to the applicable Takeout Investor specified by the applicable Seller to
      Buyer in writing on the same day as the completed Request for Release of
      Documents and Receipt is received by Custodian (in the event that such
      request is received by 11 a.m. (Eastern time)); provided, that the
      Custodian shall not be required to deliver more than 100 Asset Files on
      any Business Day, but in any event no later than two Business Days prior
      to the Anticipated Settlement Date as notified to the Custodian; provided,
      however, that Custodian has received the confirmation described below. In
      the event that the Request for Release of Documents and Receipt is not
      received prior to 11 a.m. Eastern time, Custodian shall use reasonable
      efforts to effect same day shipment of the related Asset Files, but in any
      event shall send such Asset Files on the following Business Day. Such
      Asset Files shall be sent via overnight courier in accordance with the
      Delivery Instructions and under cover of a fully completed Notice of
      Bailment prepared by Custodian in accordance with the terms of the
      applicable Bailee Letter. Custodian shall not deliver any Asset File to
      any potential Takeout Investor unless such Takeout Investor is listed on
      Exhibit R hereto, as updated from time to time by written notice from the
      Buyer to the Custodian, or as otherwise approved by the Buyer in writing.
      The location to which the Asset Files shall be delivered will be specified
      on the related Request for Release of Documents and Receipt.

            (b) At any time following the delivery of a Request for Release of
      Documents and Receipt, in the event a Responsible Officer of the Custodian
      knows that any document is missing or is not in compliance with Section
      3(b)(i) with respect to a related Asset File or the related forms,
      including the return of documents to Custodian from a Takeout Investor due
      to a defect in such documents, the Custodian shall give prompt telephone
      notice of such defect to Buyer, followed by a written specification
      thereof to Buyer within one Business Day. In addition, Custodian shall
      provide a Bailee Violation Letter to Buyer and the Takeout Investor in the
      event that Buyer notifies Custodian in writing that any documents remain
      in the possession of a Takeout Investor for forty-five days and the
      related Purchased Mortgage Loans have not been purchased by Takeout
      Investor prior to such date.

            (c) On the Anticipated Settlement Date, unless Custodian receives on
      or prior to such Anticipated Settlement Date a Notice of Default or
      Written Instructions from Buyer and the applicable Seller that the
      Anticipated Settlement Date has been extended, Buyer irrevocably instructs
      Custodian to release to the Takeout Investor the Purchased Mortgage Loans
      with respect to such Transaction with a fully completed Notice of
      Bailment. Notwithstanding anything to the contrary herein, in the event
      the Purchased

                                      -11-
<PAGE>

      Mortgage Loans are repurchased prior to the related Anticipated Settlement
      Date pursuant to the Repurchase Agreement, Buyer irrevocably instructs
      Custodian, upon receipt of written notice thereof from Buyer, to release
      to the applicable Seller such Purchased Mortgage Loans as more
      particularly described in Section 8.

            (d) In the event that a Takeout Investor rejects a Purchased
      Mortgage Loan for purchase pursuant to a Takeout Commitment for any reason
      whatsoever, Custodian shall promptly notify Buyer and the applicable
      Seller upon receipt of the returned Asset File or notification from the
      Takeout Investor, and a Seller shall deliver to Buyer, not later than two
      Business Days after such rejection, a new Takeout Commitment covering such
      Purchased Mortgage Loan.

            Section 6. Future Defects. During the term of this Agreement, if
Custodian discovers (without duty of inquiry, other than as expressly required
by Section 3 of this Agreement) any document that is missing or is not in
compliance with Section 3(b)(i) with respect to the Asset Files, Custodian shall
give written specification of such defect to each Seller and Buyer.

            Section 7. Release for Payment. Upon the payment in full of any
Purchased Asset, and upon receipt by Custodian of a Request for Release of
Documents and Receipt and written acknowledgement from Buyer that the
appropriate proceeds have been received, Custodian shall promptly release the
Asset File to a Seller or its designee. The Custodian shall amend the Asset
Schedule to reflect the release of the applicable Purchased Asset, and shall
deliver to Buyer such amended Asset Schedule.

            Section 8. Transfer of Purchased Assets Upon Termination of a
Transaction, Event of Default or Swap for Agency Securities. If Custodian is
furnished with written notice from Buyer that a Transaction with respect to the
Repurchase Agreement has been terminated, that an Event of Default under the
Repurchase Agreement has occurred as to any or all of the Purchased Assets or
that the Purchased Mortgage Loans identified have been swapped for Agency
Securities, upon written notice of the Buyer in the form of Exhibit K, the
Custodian shall release to such Persons as designated in such notice, the Asset
Files relating to the Purchased Assets that are no longer subject to the
Transaction, and shall deliver to the Buyer an amended Custodial Asset Schedule
attached thereto, listing all of the Purchased Assets still subject to a
Transaction. Promptly upon receipt of written notice from Buyer of the
occurrence of an Event of Default pursuant to the Master Repurchase Agreement
and written direction from Buyer to endorse the Mortgage Note and Assignment of
Mortgage, respectively, of a Purchased Asset, Custodian shall endorse the
related Mortgage Note as directed in writing by Buyer and, at the expense of the
Buyer. In addition, each Seller hereby grants Custodian and any officer or agent
thereof an irrevocable power of attorney, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and
stead of the Sellers, coupled with an interest, for the purpose of exercising
its obligations pursuant to this Section 8.

      Section 9. Fees of Custodian. Custodian shall charge such fees for its
services under this Agreement as are set forth in a separate letter agreement
between Custodian and each Seller, the payment of which fees, together with
Custodian's expenses in connection herewith,

                                      -12-
<PAGE>

shall be solely the obligation of each Seller. Each Seller shall also reimburse
the Custodian on demand for any out-of-pocket expenses, including any reasonable
fees and expenses of counsel.

            Section 10. Removal of Custodian With Respect to Some or All of the
Purchased Assets. Buyer may, from time to time, remove and discharge Custodian
from the performance of its duties under this Agreement with respect to any or
all of the Purchased Assets by providing sixty (60) days' written notice from
Buyer to Custodian, with a copy to each Seller; provided, that upon an event of
default hereunder, no notice shall be required. Having given notice of such
removal, Buyer promptly shall, by written instrument (one original counterpart
of which instrument shall be delivered to each Seller and an original to any
successor Custodian).

            (i) appoint a successor Custodian to act on behalf of Buyer to
      replace Custodian under this Agreement, provided that, if no Event of
      Default shall have occurred, each Seller shall approve such successor
      Custodian, which approval shall not be unreasonably withheld, and that any
      appointment of a successor Custodian which is an affiliate of each Seller
      shall be null and void;

            (ii) designate a document custodian to receive the Asset Files with
      respect to the Purchased Assets removed from this Agreement, or

            (iii) take delivery of the Asset Files with respect to the Purchased
      Assets removed from this Agreement. In the event of any such removal,
      Custodian shall promptly transfer to the successor Custodian, as directed,
      all affected Asset Files. In the event of any appointment of a successor
      Custodian under this Agreement, each Seller shall be responsible for the
      fees of the successor Custodian hereunder. Notwithstanding the foregoing,
      this Agreement shall remain in full force and effect with respect to any
      Purchased Assets for which this Agreement is not terminated hereunder.

            Section 11. Examination and Copies of Asset Files. (a) Upon
reasonable prior notice (which shall be at least 48 hours) to Custodian, the
Sellers, Buyer and their agents, accountants, attorneys, auditors and
prospective purchasers will be permitted during normal business hours to examine
the Asset Files and any other documents, records and papers in the possession of
or under the control of Custodian relating to any or all of the Purchased Assets
or the Delivered Assets.

            (b) Upon the request of the Sellers or Buyer and at the cost and
expense of Buyer, as the case may be, Custodian shall provide the Sellers or
Buyer, as the case may be, with copies of the Mortgage Notes, Mortgages,
Assignment of Mortgages and other documents relating to one or more of the
Purchased Assets.

            Section 12. Insurance of Custodian. At its own expense, Custodian
shall maintain at all times during the existence of this Agreement and keep in
full force and effect fidelity insurance, theft of documents insurance, forgery
insurance and errors and omissions insurance. All such insurance shall be in
amounts, with standard coverage and subject to lowest available deductibles, all
as is customary for insurance typically maintained by banks which act as
Custodian and with insurance companies reasonably acceptable to Sellers. The
minimum coverage under any such bond and insurance policies shall be at least
equal to the corresponding

                                      -13-
<PAGE>

amounts required by Fannie Mae in the Fannie Mae Mortgaged-Backed Securities
Selling Guide and the Fannie Mae Servicing Guide or by Freddie Mac in the
Freddie Mac Seller's & Servicer's Guide. A certificate of Custodian shall be
furnished to Sellers, upon request, evidencing that such insurance is in full
force and effect.

            Section 13. No Adverse Interest of Custodian. By execution of this
Agreement, Custodian represents and warrants that it currently holds, and during
the existence of this Agreement shall hold, no adverse interest, by way of
security or otherwise, in any Delivered Asset or Purchased Asset, and hereby
waives and releases any such interest which it may have in any Delivered Asset
or Purchased Asset as of the date hereof. The Delivered Assets and the Purchased
Assets shall not be subject to any security interest, lien or right of set-off
by Custodian or any third party claiming through Custodian, and Custodian shall
not pledge, encumber, hypothecate, transfer, dispose of, or otherwise grant any
third party interest in, the Purchased Assets.

            Section 14. Termination by Custodian. Unless required to terminate
earlier by applicable law or regulation, after the expiration of the 180-day
period commencing on the initial Purchase Date, Custodian may terminate its
obligations under this Agreement upon at least 60 days' notice to Buyer and
Sellers. The Custodian shall pay all costs associated with the transfer of the
Asset Files, unless such termination is due to the nonpayment of custodial fees,
in which case such costs shall be borne by the Buyer.

            Section 15. Limitation on Liability. (a) Neither Custodian nor any
of its directors, officers, agents or employees, shall be liable for any action
taken or omitted to be taken by it or them hereunder or in connection herewith
in good faith and believed by it or them to be within the purview of this
Agreement, except for its or their own negligence, lack of good faith or willful
misconduct. In no event shall the Custodian or any of its directors, officers,
agents, or employees have any responsibility to inquire, ascertain or to take
action except as expressly provided herein.

            (b) The Custodian shall have responsibility only for the Asset Files
and any other documents which have been actually delivered to it and which have
not been released to the Sellers, Buyer, Takeout Investor, any Agency or
assignee or their respective agent or designee in accordance with this
Agreement. The standard of care to be exercised by Custodian in the custody of
the Asset Files under this Agreement shall be to exercise the same degree of
care as Custodian exercises when it holds mortgage loan documents as security
for its own loans or warehouse loans. Custodian is an agent, bailee and
custodian only and is not intended to be, nor shall it be construed to be
(except only as agent, bailee and custodian), a representative, trustee or
fiduciary of, or for, each Seller, any Agency, Buyer, Takeout Investor or
assignee. Custodian shall not be bound in any way by any agreement or contract
other than this Agreement, including, without limitation, the Repurchase
Agreement, and the exhibits and schedules hereto and any other agreement to
which it is a party. Custodian shall not be required to ascertain or inquire as
to the performance or observance of any of the conditions or agreements to be
performed or observed by any other party, except as specifically provided in
this Agreement and the exhibits and schedules hereto. Custodian disclaims any
responsibility for the validity or accuracy of the recitals to this Agreement
and any representations and warranties

                                      -14-
<PAGE>

contained herein, unless specifically identified as recitals, representations or
warranties of Custodian.

            (i) Custodian shall have no responsibility for ascertaining the
      value, collectability, insurability, enforceability, effectiveness,
      recordability, or suitability of any Eligible Asset, the title of any
      party therein, the validity, adequacy, perfection or priority of the
      security afforded thereby, or the validity of this Agreement (except as to
      Custodian's authority to enter into this Agreement and to perform its
      obligations hereunder).

            (ii) Custodian shall not be under any duty to examine or pass upon
      the genuineness, validity or legal sufficiency of any of the documents
      constituting part of any Asset File, and shall be entitled to assume that
      all documents constituting part of such files are genuine and valid and
      that they are what they purport to be, and that any endorsements or
      assignments thereof are genuine and valid.

            (iii) No provision of this Agreement shall require Custodian to
      expend or risk its own funds or otherwise incur any financial liability in
      the performance of any of its duties hereunder or in the exercise of any
      of its rights and powers, if, in its sole judgment, it shall believe that
      repayment of such funds or indemnity satisfactory to it against such risk
      or liability is not assured to it.

            (iv) Custodian is not responsible for preparing or filing any
      reports or returns relating to federal, state or local income taxes with
      respect to this Agreement, other than for Custodian's compensation or for
      reimbursement of expenses.

            (v) The Custodian shall not be responsible for the monitoring of, or
      the validity and perfection of the Buyer's security interest in the
      Mortgages and the Eligible Assets hereunder, other then the obligation to
      take possession of the Asset File for each Eligible Asset.

            (vi) The Custodian shall have no duties or responsibilities except
      those that are specifically set forth herein, shall not be liable except
      for the performance of such duties and obligations and no implied
      covenants or obligations shall be read into this Agreement against the
      Custodian.

            (vii) The Custodian shall be under no obligation to make any
      investigation into the facts or matters stated in any Written
      Instructions, direction, resolution, certificate, statement,
      acknowledgment, consent order, notice, request, document in the Asset
      File, or any other document received from the Buyer or the Sellers.

            (viii) In the absence of bad faith on the part of the Custodian, the
      Custodian shall not be liable with respect to any action taken or omitted
      to be taken in accordance with Written Instructions, direction,
      acknowledgement, consent or any other communication from the Buyer.

            (ix) In the absence of bad faith on the part of the Custodian, the
      Custodian may conclusively rely, as to the truth of the statements and the
      correctness of any request,

                                      -15-
<PAGE>

      instructions, certificates or other documents furnished to the Custodian,
      reasonably believed by the Custodian to be genuine and to have been signed
      or presented by the proper party or parties; but in the case of any
      document contained in an Asset File or other request, instruction,
      document or certificate which by any provision hereof is specifically
      required to be furnished to the Custodian, the Custodian shall be under a
      duty to examine the same to determine whether or not it conforms in form
      to the requirements of this Agreement.

            (x) If the Custodian requests Written Instructions from the Buyer
      with respect to any action or omission in connection with this Agreement,
      the Custodian shall be entitled (without incurring any liability therefore
      to the Buyer or any other Person) to refrain from taking such action and
      continue to refrain from acting unless and until the Custodian shall have
      received Written Instructions from the Buyer with respect to such request.

            (xi) Reserved.

            (xii) In order to comply with laws, rules and regulations applicable
      to banking institutions, including those relating to the funding of
      terrorist activities and money laundering, the Custodian is required to
      obtain, verify and record certain information relating to individuals and
      entities which maintain a business relationship with the Custodian.
      Accordingly, each of the parties agrees to provide to the Custodian upon
      its request from time to time such party's complete name, address, tax
      identification number and such other identifying information together with
      copies of such party's constituting documentation, securities disclosure
      documentation and such other identifying documentation as may be available
      for such party.

            Section 16. Indemnification of Custodian. The Sellers and Buyer
agree, on a joint and several basis, to fully indemnify, defend and hold
Custodian and its directors, officers, agents and employees harmless against any
and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever, including reasonable attorneys' fees, that may be imposed on,
incurred by, or asserted against it or them in any way relating to or arising
out of this Agreement or any action taken or not taken by it or them hereunder
unless such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements were imposed on, incurred by
or asserted against Custodian by reason of or as a result of negligence, lack of
good faith or willful misconduct on the part of the Custodian or any of its
directors, officers, agents or employees. The foregoing indemnification shall
survive any termination of this Agreement or the earlier resignation or removal
of the Custodian.

            Section 17. Indemnification of Buyer and Seller. In the event that
Custodian fails to produce a Mortgage Note, Assignment of Mortgage or any other
document related to a Purchased Asset that was in its possession pursuant to
this Agreement within two (2) Business Days after required or requested by Buyer
(a "Custodial Delivery Failure"), and provided, that (i) Custodian previously
delivered to Buyer a Asset Schedule with respect to such document; (ii) such
document is not outstanding pursuant to a Request for Release of Documents and
Receipt in the form annexed hereto as Exhibit G; and (iii) such document was
assigned or sold to

                                      -16-
<PAGE>

Buyer, then Custodian shall (a) with respect to any missing Mortgage Note,
promptly deliver to such Buyer upon request, a Lost Note Affidavit in the form
of Exhibit L annexed hereto and (b) with respect to any missing document related
to such Purchased Asset including but not limited to, a missing Mortgage Note,
indemnify Buyer in accordance with the succeeding paragraph of this Section 17.
Custodian agrees to indemnify and hold the Buyer and the Sellers and their
respective designees harmless against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever, including reasonable attorney's
fees, that may be imposed on, incurred by, or asserted against it or them in any
way relating to or arising out of such Custodial Delivery Failure or the
Custodian's negligence, willful misconduct, or lack of good faith. The foregoing
indemnification shall survive any termination or assignment of the Custodial
Agreement.

            Section 18. Obligations of the Custodian Regarding Genuineness of
Documents In the absence of bad faith on the part of Custodian, Custodian may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any request, instructions, certificate, opinion
or other document furnished to Custodian, reasonably believed by Custodian to be
genuine and to have been signed or presented by the proper party or parties and
conforming to the requirements of this Agreement, but in the case of any loan
document or other request, instruction, document or certificate which by any
provision hereof is specifically required to be furnished to Custodian,
Custodian shall be under a duty to examine the same to determine whether or not
it conforms to the requirements of this Agreement, provided that,
notwithstanding the foregoing, the Custodian is not required to determine if any
document is in recordable form.

            Section 19. Periodic Statements. Custodian shall periodically
provide to Buyer or Sellers, as the case may be, those reports, including a list
of all the Purchased Assets for which the Custodian holds an Asset File pursuant
to this Agreement, as Buyer and Custodian mutually agree. Sellers shall be
entitled to copies of such reports upon reasonable request.

            Section 20. Shipment of Documents. Written Instructions as to the
method of shipment and shipper(s) that Custodian is directed to utilize in
connection with transmission of Asset Files in the performance of the
Custodian's duties hereunder shall be delivered by each Seller to Custodian
prior to any shipment of any Asset Files hereunder. Buyer will arrange for the
provision of such services at its sole cost and expense (or, at Custodian's
option, Buyer will reimburse Custodian for all costs and expenses incurred by
Custodian consistent with such instructions) and will maintain such insurance
against loss or damage to the Asset Files as each Seller deems appropriate.
Without limiting the generality of the provisions of Section 17 above, it is
expressly agreed that in no event shall Custodian have any liability for any
losses or damages to any person, arising out of actions of Custodian in
accordance with instructions of the Sellers or the Buyer, unless such
performance constitutes negligence, lack of good faith or willful misconduct on
the part of the Custodian or any of its directors, officers, agents or
employees. If the Custodian does not receive timely Written Instructions as to
the method of shipment and shipper(s) of the related Asset Files, the Custodian
shall be fully protected in using a nationally recognized courier.

            Section 21. Authorized Representatives. Each individual designated
as an authorized representative of the Sellers and the Buyer (each, an
"Authorized Representative") or

                                      -17-
<PAGE>

a Responsible Officer of the Custodian, is authorized to give and receive
notices, requests and instructions and to deliver certificates and documents in
connection with this Agreement on behalf of the Custodian, the Sellers and the
Buyer, respectively, and the specimen signature for each such Authorized
Representative or Responsible Officer, as applicable, of the Custodian, the
Sellers and the Buyer initially authorized hereunder is set forth on Exhibits M,
N and O, respectively. From time to time, Custodian, each Seller and Buyer may,
by delivering to the others a revised exhibit, change the information previously
given pursuant to this Section, but each of the parties hereto shall be entitled
to rely conclusively on the then current exhibit until receipt of a superseding
exhibit.

            Section 22. Obligations of Custodian With Respect to the Trust
Receipts. (a) Upon the request of the Buyer, the Custodian shall issue
additional Trust Receipts subdividing the initial Trust Receipt.

            (b) With respect to any subdivision of the initial Trust Receipt
into additional Trust Receipts, the Custodian shall keep a register of such
Trust Receipts issued acceptable to the Buyer in its sole discretion, including
the Purchased Assets to which the Trust Receipts related, acceptable to Buyer in
its sole discretion. Each Trust Receipt, upon initial issuance or reissuance,
shall be dated the date of such issuance or reissuance and shall evidence the
receipt and possession by Custodian on behalf of Buyer, or its transferee as set
forth below, of the Trust Receipt of the Asset Files and Buyer or its
Transferee's right to possess those Asset Files, and the Custodian shall not be
affected by notice of any facts to the contrary. No Trust Receipt shall be valid
for any purpose unless substantially in the form set forth in Exhibit I to this
Agreement and executed by manual signature of an authorized officer of the
Custodian. Such signature upon any Trust Receipt shall be conclusive evidence,
and the only evidence, that such Trust Receipt has been duly delivered under
this Agreement. Trust Receipts bearing the manual signatures of individuals who
were, at the time when such signatures where affixed, authorized to sign on
behalf of Custodian shall bind Custodian, notwithstanding that such individuals
have ceased to be so authorized prior to the delivery of those Trust Receipts.
Each physical Trust Receipt shall have attached thereto a Custodial Asset
Schedule with respect to the applicable Purchased Assets. Any of the Sellers or
other transferee or assignee of the Trust Receipt shall succeed to all the
rights of the transferring Buyer under this Agreement with respect to such Trust
Receipt and the related Purchased Assets upon notice to Custodian and delivery
to Custodian of the appropriate evidence of such transfer and assignment. Each
Trust Receipt subsequently delivered by the Custodian to the Buyer shall
supersede and cancel the Trust Receipt previously delivered by the Custodian to
the Buyer hereunder.

            (c) Buyer may transfer its interest in the Asset Files covered by
any Trust Receipt by delivering to the transferee (the "Transferee") such Trust
Receipt, together with an appropriate notice to the Custodian in the form of
Exhibit K hereto (the "Notice to the Custodian"). Within three (3) Business Days
of receipt of the Notice to the Custodian and the Trust Receipt from the
Transferee, Custodian shall deliver, in accordance with the written instructions
of the Transferee, a Trust Receipt issued in the name of the Transferee and to
the place indicated in any such written direction from the Transferee; provided
that the Custodian shall not be required to issue a Trust Receipt to such
Assignee until the date which is one (1) Business Day following the date that
the Custodian has received all information necessary to allow the Custodian to
complete its internal "Know Your Customer" procedures with respect to

                                      -18-
<PAGE>

such Assignee.. Upon receipt of the Notice to Custodian from the Buyer,
Custodian shall change its records to reflect that such Transferee is the person
to whom such Trust Receipt is issued for the Purchased Assets.

            (d) In the event that (i) any mutilated Trust Receipt is surrendered
to Custodian, or Custodian receives evidence to its satisfaction of the
destruction, loss or theft of any Trust Receipt and (ii) there is delivered to
Custodian such security or indemnity as may be required by it to save it
harmless, then, in the absence of actual notice to Custodian that such Trust
Receipt has been acquired by a bona fide purchaser, Custodian shall execute and
deliver a new Trust Receipt to such purchaser in exchange for or in lieu of any
such mutilated, lost or stolen Trust Receipt.

            (e) Simultaneously with the relinquishment of the Trust Receipt to
Custodian by the purchaser thereof and the delivery by Custodian of the related
Asset Files to such purchaser or a designee of such purchaser, the Trust Receipt
shall be canceled and the Asset Files will no longer be subject to this
Agreement

            Section 23. Representations and Warranties. Custodian represents and
warrants to Buyer and Sellers that:

            (a) Custodian has the corporate power and authority and the legal
right to execute and deliver, and to perform its obligations under, this
Agreement, and has taken all necessary corporate action to authorize its
execution, delivery and performance of this Agreement;

            (b) no consent or authorization of, filing with, or other act by or
in respect of, any arbitrator or Governmental Authority and no consent of any
other Person (including, without limitation, any stockholder or creditor of
Custodian) is required in connection with the execution, delivery, performance,
validity or enforceability of this Agreement;

            (c) this Agreement has been duly executed and delivered on behalf of
Custodian and constitutes a legal, valid and binding obligation of Custodian
enforceable in accordance with its terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights generally and by general
principles of equity (whether enforcement is sought in a proceeding in equity or
at law); and

            (d) it is not controlled by, under common control with or otherwise
affiliated with or related to any Seller.

            Section 24. Governing Law. This Agreement shall be governed by the
internal laws of the State of New York, without giving effect to the conflict of
laws principles thereof.

            Section 25. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if
mailed, by registered or certified mail, return receipt requested, or, if by
other means, including other telecommunication or electronic device capable of
transmitting or creating a written record directly to the office of the

                                      -19-
<PAGE>

recipient, when received by the recipient party at the address shown on the
first page hereof, or at such other addresses as may hereafter be furnished to
the other parties by like notice.

            Notices provided to Buyer shall be directed as follows: Credit
Suisse First Boston Mortgage Capital LLC, 302 Carnegie Center, 2nd Floor,
Princeton, N.J. 08540.

            Notices provided to Custodian shall be directed as follows: Deutsche
Bank National Trust Company, 1761 East St. Andrew Place, Santa Ana, California
92705 Attn: Mortgage Custody - AH067C (facsimile: 714-247-6082).

            Notices provided to any of the Sellers shall be addressed to such
Seller and directed as follows: 538 Broadhollow Road, Melville, New York 11747
Attn: Craig Pino (facsimile: 516-495-5411), with a copy to Alan B. Horn, General
Counsel, at the above address.

            Any such demand, notice or communication hereunder shall be deemed
to have been received on the date delivered to or received at the premises of
the addressee (as evidenced, in the case of registered or certified mail, by the
date noted on the return receipt, or in the case of or other telecommunication
or electronic device, the date noted on the confirmation of such transmission).

            Section 26. Successors and Assigns. This Agreement shall inure to
the benefit of the successors and assigns of the parties hereto. This Agreement
shall not be assigned by any Seller nor Buyer without the prior written consent
of the other, provided, however, that Buyer may assign this Agreement to any
affiliate of Buyer without the prior written consent of any other party hereto.

            Section 27. Reproduction of Documents. This Agreement and all
documents relating thereto, including, without limitation, (i) consents, waivers
and modifications which may hereafter be executed, and (ii) certificates and
other information previously or hereafter furnished, may be reproduced by any
photographic, photostatic, microfilm, microcard, miniature photographic or other
similar process. The parties agree that any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative
proceeding, whether or not the original is in existence and whether or not such
reproduction was made by a party in the regular course of business, and that any
enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence.

            Section 28. Entire Agreement. This Agreement, together with the
Exhibits, Annexes and other writings referred to herein or delivered pursuant
hereto, constitute the entire agreement between the parties hereto with respect
to the subject matter hereof and supersede all prior agreements and
understandings, both written and oral, between the parties with respect to the
subject matter hereof.

            Section 29. Counterparts. For the purpose of facilitating the
execution of this Agreement as herein provided and for other purposes, this
Agreement may be executed simultaneously in any number of counterparts, each of
which counterparts shall be deemed to be an original, and such counterparts
shall constitute and be one and the same instrument.

                                      -20-
<PAGE>

            Section 30. Submission to Jurisdiction. With respect to any claim
arising out of this Agreement each party (a) irrevocably submits to the
nonexclusive jurisdiction of the courts of the State of New York and the United
States District Court located in the Borough of Manhattan in New York City, and
(b) irrevocably waives (i) any objection which it may have at any time to the
laying of venue of any suit, action or proceeding arising out of or relating
hereto brought in any such court, (ii) any claim that any such suit, action or
proceeding brought in any such court has been brought in any inconvenient forum
and (iii) the right to object, with respect to such claim, suit, action or
proceeding brought in any such court, that such court does not have jurisdiction
over such party. Nothing herein will be deemed to preclude any party hereto from
bringing an action or proceeding in respect of this Agreement in any
jurisdiction other than as set forth in this Section 30.

            Section 31. WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, ANY OTHER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

      Section 32. Confidentiality.Section 33. (a) At the Buyer's direction and
in the Buyer's sole discretion at any time, the Custodian shall immediately
return to the Buyer any or all Confidential Information. Upon termination or
expiration of this Agreement, the Custodian shall immediately return to the
Buyer any and all Confidential Information which it has received under this
Agreement and shall destroy all records of such Confidential Information.

            For purposes of this Agreement, "Confidential Information" shall
mean all confidential or proprietary information regarding the Buyer and/or any
information with respect to any Mortgagor and/or any Delivered Asset or the
related Asset File as required to be kept confidential in accordance with
applicable law and any information with respect to another party obtained
pursuant to this Agreement, and any other information contained in the Asset
Schedule. The term "Confidential Information" does not include information
(unless otherwise required by law applicable to the Custodian) which (i) becomes
publicly known through a means other than as a result of a disclosure by
Custodian or its directors, officers, employees, agents, attorneys, accountants
or affiliates (individually, a "Representative" and collectively,
"Representatives") in violation of this Agreement, (ii) is already in
Custodian's or its applicable Representative's possession as of the date hereof,
provided that, to a Responsible Officer of the Custodian's actual knowledge,
after customary and reasonable due inquiry, such information is not subject to
another confidentiality agreement with or similar obligation, (iii) becomes
available to Custodian on a non-confidential basis or otherwise becomes publicly
known from a source other than Buyer or its Representatives, provided that, to
Custodian's actual knowledge, without inquiry, such source is not bound by a
confidentiality agreement with or similar obligation, or (iv) Custodian develops
independently without reference to any Confidential Information.

            (b) Notwithstanding anything herein to the contrary, the foregoing
shall not be construed to prohibit (i) disclosure of any and all information (A)
if required to do so by any applicable law, rule or regulation, (B) to any
government agency or regulatory body having or claiming authority to regulate or
oversee any respects of Custodian's business or that of its affiliates, (C)
pursuant to any subpoena, civil investigative demand or similar demand or
request

                                      -21-
<PAGE>

of any court, regulatory authority, arbitrator or arbitration to which Custodian
or any affiliate or an officer, director, employer or shareholder thereof is a
party or (D) to any affiliate, independent or internal auditor, agent, employee
or attorney of Custodian having a need to know the same, provided that Custodian
advises such recipient of the confidential nature of the information being
disclosed, or (ii) any other disclosure authorized by this Agreement or in
writing by the Buyer.

            In the event that Custodian or any of its Representatives are
requested or legally compelled (by deposition, interrogatory, request for
documents, subpoena, civil investigative demand or similar process) to make any
disclosure which is prohibited or otherwise constrained by this agreement,
Custodian or its Representatives, as the case may be, shall give Buyer prompt
written notice of such request, and the terms and circumstances surrounding such
request so that Buyer may seek an appropriate protective order or other
appropriate remedy and/or waive compliance with the provisions of this
agreement, as Buyer determines to be appropriate, in its sole discretion.
Custodian and its Representatives, to the extent legally practicable, shall take
such actions as Buyer may reasonably request in a timely fashion to cooperate
with Buyer to obtain such protective order or other remedy. If Buyer does not
obtain a protective order or other remedy or waives compliance with the
provisions of this Agreement or takes no action in a timely fashion, Custodian
or its Representatives, as the case may be, may disclose only that portion of
the Confidential Information or other information which it is required to
disclose by law or by court order, provided that Custodian or its
Representatives, as the case may be, shall (i) give Buyer written notice of the
Confidential Information or other information to be disclosed as soon as
practicable, (ii) exercise reasonable efforts to obtain assurance that
confidential treatment will be accorded such Confidential Information or other
information, (iii) otherwise continue to treat such Confidential Information as
such. Custodian or its Representatives, as the case may be, shall not be liable
hereunder for disclosures made in compliance with the foregoing.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                      -22-
<PAGE>

      IN WITNESS WHEREOF, Buyer, Seller and Custodian have caused their names to
be duly signed hereto by their respective officers thereunto duly authorized,
all as of the date first above written.

                                        CREDIT SUISSE FIRST BOSTON MORTGAGE
                                           CAPITAL LLC,
                                           as Buyer

                                        By: /s/ A. Adam Loskove
                                           -------------------------------------
                                           Name: A. Adam Loskove
                                                --------------------------------
                                           Title: Vice President
                                                 -------------------------------

                                        AMERICAN HOME MORTGAGE CORP.
                                           as Seller

                                        By: /s/ Alan B. Horn
                                           -------------------------------------
                                           Name: Alan B. Horn
                                                --------------------------------
                                           Title: Executive Vice President,
                                                  General Counsel & Secretary
                                                 -------------------------------

                                        AMERICAN HOME MORTGAGE ACCEPTANCE, INC.
                                           as Seller

                                        By: /s/ Alan B. Horn
                                           -------------------------------------
                                           Name: Alan B. Horn
                                                --------------------------------
                                           Title: Executive Vice President,
                                                  General Counsel & Secretary
                                                 -------------------------------

<PAGE>

                                        AMERICAN HOME MORTGAGE SERVICING, INC.
                                           as Seller

                                        By: /s/ Alan B. Horn
                                           -------------------------------------
                                           Name: Alan B. Horn
                                                --------------------------------
                                           Title: Executive Vice President,
                                                  General Counsel & Secretary
                                                 -------------------------------

                                        AMERICAN HOME MORTGAGE INVESTMENT CORP.
                                           as Seller

                                        By: /s/ Alan B. Horn
                                           -------------------------------------
                                           Name: Alan B. Horn
                                                --------------------------------
                                           Title: Executive Vice President,
                                                  General Counsel & Secretary
                                                 -------------------------------

                                        DEUTSCHE BANK NATIONAL TRUST COMPANY,
                                           as Custodian

                                        By: /s/ Norma L. Catone
                                           -------------------------------------
                                           Name: Norma L. Catone
                                                --------------------------------
                                           Title: Vice President
                                                 -------------------------------

                                        By: /s/ Angel Sanchez
                                           -------------------------------------
                                           Name: Angel Sanchez
                                                --------------------------------
                                           Title: Authorized Signer
                                                 -------------------------------

                                      -2-Exhibit 10.4

                     WHOLE LOAN PURCHASE AND SALE AGREEMENT

                                      among

                          AMERICAN HOME MORTGAGE CORP.
                                     Seller

                     AMERICAN HOME MORTGAGE INVESTMENT CORP.
                                     Seller

                                       and

                     AMERICAN HOME MORTGAGE SERVICING, INC.
                                    Servicer

                                       and

                               ASPEN FUNDING CORP.
                                    Purchaser

                        GEMINI SECURITIZATION CORP., LLC
                                    Purchaser

                              NEWPORT FUNDING CORP.
                                    Purchaser

                        SEDONA CAPITAL FUNDING CORP., LLC
                                    Purchaser

                            DATED: September 22, 2006

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

Section 1.  Definitions........................................................1

Section 2.  Procedures for Purchases of Mortgage Loans.........................9

Section 3.  Sale of Mortgage Loans to Takeout Investor........................11

Section 4.  Completion Fee....................................................14

Section 5.  Servicing of the Mortgage Loans...................................15

Section 6.  Trade Assignments.................................................17

Section 7.  Transfers of Beneficial Interest in Mortgage Loans by
            Purchasers........................................................17

Section 8.  Record Title to Mortgage Loans; Intent of Parties; Security
            Interest..........................................................17

Section 9.  Representations and Warranties....................................18

Section 10. Covenants of Sellers..............................................28

Section 11. Term..............................................................31

Section 12. Exclusive Benefit of Parties; Assignment..........................31

Section 13. Amendments; Waivers; Cumulative Rights............................32

Section 14. Execution in Counterparts.........................................32

Section 15. Effect of Invalidity of Provisions................................32

Section 16. Governing Law.....................................................32

Section 17. Notices...........................................................32

Section 18. Entire Agreement..................................................32

Section 19. Costs of Enforcement..............................................33

Section 20. Consent to Service................................................33

Section 21. Submission to Jurisdiction........................................33

Section 22. Jurisdiction Not Exclusive........................................33

Section 23. WAIVER OF JURY TRIAL..............................................33

                                      -i-
<PAGE>

Section 24. Construction......................................................33

Section 25. Further Assurances................................................33

Section 26. Joint and Several Liability.......................................34

Section 27. Expenses..........................................................34

Section 28. Intent of the Parties.............................................34

                                    EXHIBITS

Exhibit A-1    Trade Assignment
Exhibit A-2    Trade Assignment (Blanket)
Exhibit B      Purchaser's Wire Instructions
Exhibit C      Form of Confirmation
Exhibit D      Reserved
Exhibit E      Settlement Modification Letter
Exhibit F      Seller's Officer's Certificate
Exhibit G      Seller's Officer's Certificate
Exhibit H      Mortgage Loan Schedule
Exhibit I      Form of Transaction Notice
Exhibit J      Seller's Wire Instructions

                                      -ii-
<PAGE>

                     WHOLE LOAN PURCHASE AND SALE AGREEMENT

           This Whole Loan Purchase and Sale Agreement ("Agreement"), dated as
of the date set forth on the cover page hereof, is by and among Aspen Funding
Corp., Gemini Securitization Corp., LLC, Newport Funding Corp. and Sedona
Capital Funding Corp., LLC, each having an address at 60 Wall Street, New York,
New York 10005 (each individually, a "Purchaser" and together, the
"Purchasers"), American Home Mortgage Corp., having an address at 538
Broadhollow Road, Melville, New York 11747 ("AHMC") and American Home Mortgage
Investment Corp., having an address at 538 Broadhollow Road, Melville, New York
11747 ("AHMI" and together with AHMC, each individually, a "Seller" and
together, the "Sellers"), and American Home Mortgage Servicing, Inc., having an
address at 4600 Regent Blvd., Suite 200, Irving, Texas 75063 (the "Servicer").

                              PRELIMINARY STATEMENT

           Sellers may offer to sell to Purchasers from time to time a 100%
undivided ownership interest in certain Mortgage Loans, and Purchasers, in their
sole discretion, may agree to purchase such Mortgage Loans from Sellers on a
servicing-released basis in accordance with the terms and conditions set forth
in this Agreement. The related Seller, subject to the terms hereof, will cause
each Mortgage Loan purchased by a Purchaser hereunder to be purchased by a
Takeout Investor. During the period from the purchase of a Mortgage Loan by a
Purchaser to the sale of the Mortgage Loan to Takeout Investor, the Servicer
shall interim service such Mortgage Loan for the benefit of Purchasers pursuant
to the terms of this Agreement.

           The parties hereto hereby agree as follows:

           Section 1. Definitions.

           Capitalized terms used but not defined herein shall have the meanings
set forth in the Custodial Agreement. As used in this Agreement, the following
terms shall have the following meanings:

           "Act of Insolvency": With respect to either Seller, (i) the filing of
a petition, commencing, or authorizing the commencement of any case or
proceeding under any bankruptcy, insolvency, reorganization, liquidation,
dissolution or similar law relating to the protection of creditors, or suffering
any such petition or proceeding to be commenced by another against a Seller,
American Home Mortgage Acceptance, Inc. ("AHMA"), American Home Mortgage
Holdings, Inc. ("AHMH") and American Home Mortgage Servicing, Inc. ("AHMS" and
collectively with AHMA and AHMH, the "American Home Affiliates"); (ii) seeking
the appointment of a receiver, trustee, custodian or similar official for either
Seller or the American Home Affiliates or any substantial part of the property
of either, (iii) the appointment of a receiver, conservator, or manager for
either Seller or the American Home Affiliates by any governmental agency or
authority having the jurisdiction to do so; (iv) the making or offering by
either Seller or the American Home Affiliates of a concession with its creditors
or a general

<PAGE>

assignment for the benefit of creditors, (v) the admission by either Seller or
the American Home Affiliates of Seller's or any of the American Home Affiliates'
inability to pay its debts or discharge its obligations as they become due or
mature; or (vi) any governmental authority or agency or any person, agency or
entity acting or purporting to act under governmental authority shall have taken
any action to condemn, seize or appropriate, or to assume custody or control of,
all or any substantial part of the property of either Seller or the American
Home Affiliates, provided, however, that with respect to any involuntary filing,
the Seller or the American Home Affiliates, as applicable, shall have sixty (60)
days to dismiss such filing before such event constitutes an Act of Insolvency.

           "Affiliate": With respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.
For the purposes of this definition, "control" means the power to direct the
management and policies of such Person, directly or indirectly, through the
ownership of voting equity.

           "Appraised Value": With respect to any Mortgaged Property, the value
thereof set forth in an appraisal made for the originator of the Mortgage Loan
at the time of origination of the Mortgage Loan by an appraiser who met the
minimum requirements of FNMA and FHLMC. Each appraisal has been made in
accordance with and satisfies the provisions of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989.

           "Assignee": As defined in Section 7.

           "Bankruptcy Code": The United States Bankruptcy Code of 1978 as
amended from time to time.

           "Business Day": Any day other than (a) a Saturday, Sunday or other
day on which banks located in The City of New York, New York are authorized or
obligated by law or executive order to be closed or (b) any day on which a
Seller, Servicer, Purchaser or Custodian is authorized or obligated by law or
executive order to be closed.

           "Collateral": As defined in Section 8(c).

           "Combined Loan-to-Value Ratio" or "CLTV" means with respect to any
Mortgage Loan or second lien Mortgage Loan, the sum of the original principal
balance of such first lien Mortgage Loan or second lien Mortgage Loan, as
applicable, at the time of origination and the outstanding principal balance of
any related first lien loan or second lien loan, as applicable as of the date of
origination of such first lien Mortgage Loan or second lien Mortgage Loan, as
applicable, divided by the lesser of (a) the Appraised Value of the related
Mortgage Property as of the date of origination of such first lien Mortgage Loan
or second lien Mortgage Loan, as applicable and (b) if the related Mortgaged
Property was purchased within twelve (12) months of the origination of such
first lien Mortgage Loan or second lien Mortgage Loan, as applicable, the
purchase price of such Mortgaged Property.

           "Commitment Amount": The aggregate outstanding principal amount of
Mortgage Loans to be purchased pursuant to a Takeout Commitment. If the
Commitment

                                     - 2 -
<PAGE>

Amount is expressed as a fixed amount plus or minus a percentage in the related
Takeout Confirmation, then the amount required to be delivered by the related
Seller shall be the minimum amount of such range.

           "Commitment Date": The date set forth in a Takeout Confirmation as
the commitment date.

           "Commitment Guidelines": The guidelines, if any, issued by a Takeout
Investor regarding the issuance of Takeout Commitments, as amended from time to
time by such Takeout Investor.

           "Commitment Number": With respect to a Takeout Commitment, the number
identified on the Takeout Confirmation as the commitment number, if applicable.

           "Completion Fee": The meaning assigned thereto in the Pricing Side
Letter.

           "Confirmation": A written confirmation of a Purchaser's intent to
purchase a Mortgage Loan Pool, which written confirmation shall be substantially
in the form attached hereto as Exhibit C.

           "Control Bank": (i) JPMorgan Chase Bank, N.A. and its successors
thereto, or (ii) such other bank as may be mutually acceptable among Sellers and
Purchasers.

           "Credit File": All Mortgage Loan papers and documents required to be
maintained pursuant to the Sale Agreement, and all other papers and records of
whatever kind or description in Seller's possession whether developed or
originated by the related Seller or others, required to document or service the
Mortgage Loan and would customarily be required by a secondary market purchaser;
provided, however, that such Mortgage Loan papers, documents and records shall
not include any Mortgage Loan papers, documents or records which are contained
in the Custodial File.

           "Cure Date": With respect to a Mortgage Loan, the date occurring 15
calendar days after the expiration of the Takeout Commitment, or if such date is
not a Business Day, the immediately preceding Business Day.

           "Custodial Account": As defined in Section 5(b).

           "Custodial Account Control Agreement": The collection account control
agreement among the Sellers, the Purchasers and the Control Bank dated as of
[___], 2006.

           "Custodial Agreement": The Custodial Agreement, dated as of the date
set forth on the cover page thereof, among Sellers, Servicer, Purchasers and
Custodian.

           "Custodial File": With respect to each Mortgage Loan, the documents
that are required to be delivered to the Custodian pursuant to the Custodial
Agreement.

                                     - 3 -
<PAGE>

           "Custodian": The Custodian whose name is set forth on the cover page
of the Custodial Agreement and its permitted successors thereunder.

           "Cut-off Date": With respect to a Mortgage Loan, the latest day of a
month on which the Settlement Date can occur if accrued interest for such month
is to be collected by Takeout Investor.

           "Defective Mortgage Loan": With respect to any Mortgage Loan, either
(i) the Document File does not contain a document required to be contained
therein, (ii) a document within a Document File is, in the judgment of any
Purchaser or Takeout Investor, defective or inaccurate in any material respect,
as determined upon evaluation of the Document File against the requirements of
the this Agreement, Sale Agreement or the pricing requirements of the related
Takeout Investor, (iii) a document in the Document File is not legal, valid and
binding, or (iv) as to such Mortgage Loan, one of the representations and
warranties in Section 9 hereof has been breached and such breach materially and
adversely affects the value of such Mortgage Loan or the related Purchaser's
interest in such Mortgage Loan and, with respect to any Wet Mortgage Loan, if a
Custodial File is not received by Custodian within seven (7) Business Days of
the related Purchase Date.

           "Discount": The meaning assigned thereto in the Pricing Side Letter.

           "Document File": The Credit File and the Custodial File.

           "Due Date": The day of the month on which the Monthly Payment is due
on a Mortgage Loan.

           "Electronic Agent": Shall have the meaning assigned to such term in
Section 2 of the Electronic Tracking Agreement.

           "Electronic Tracking Agreement": The Electronic Tracking Agreement,
dated as of the date hereof, among the Purchasers, the Sellers, the Servicer,
the Electronic Agent and MERS, as the same shall be amended, supplemented or
otherwise modified from time to time.

           "Early Payment Default": as defined in Section 3(c)(1) hereof.

           "Expiration Date": With respect to any Takeout Commitment, the
expiration date thereof.

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

           "FHLMC": Freddie Mac or any successor thereto.

           "FNMA": Fannie Mae or any successor thereto.

           "GAAP": Generally accepted accounting principles as in effect from
time to time in the United States of America.

                                     - 4 -
<PAGE>

           "HUD": United States Department of Housing and Urban Development or
any successor thereto.

           "Indebtedness": shall mean, for any Person, all items of indebtedness
which, in accordance with GAAP, would be included in determining liabilities as
shown on the liability side of a balance sheet of such Person as of the date as
of which indebtedness is to be determined, including, without limitation, all
obligations for money borrowed, and shall also include all indebtedness and
liabilities of others assumed or guaranteed by such Person or in respect of
which such Person is secondarily or contingently liable (other than by
endorsement of instruments in the course of collection) whether by reason of any
agreement to acquire such indebtedness or to supply or advance sums or
otherwise.

           "Loan to Value Ratio" or "LTV" means with respect to any Mortgage
Loan, the ratio of the original outstanding principal amount of the Mortgage
Loan, as of the date of origination, to the lesser of (a) the Appraised Value of
the related Mortgaged Property at origination or (b) if the Mortgaged Property
was purchased within 12 months of the origination of such Mortgage Loan, the
purchase price of the related Mortgaged Property.

           "Losses": Any and all losses, claims, damages, liabilities or
expenses (including reasonable attorney's fees) incurred by any Person
specified.

           "LIBOR": With respect to each day (or if such day is not a Business
Day, the next succeeding Business Day), the rate per annum equal to the rate
published by Bloomberg or if such rate is not available, the rate appearing at
page 3750 of the Telerate Screen, as one-month LIBOR on such date, and if such
rate shall not be so quoted, the rate per annum at which the Purchasers are
offered Dollar deposits at or about 11:00 A.M., New York City time, on such date
by prime banks in the interbank eurodollar market where the eurodollar and
foreign currency and exchange operations in respect of its transactions are then
being conducted for delivery on such day for a period of one month and in an
amount comparable to the amount of the transactions hereunder to be outstanding
on such day.

           "Maximum Aggregate Purchase Price": The aggregate Purchase Price of
all Mortgage Loans acquired by Purchasers from Sellers under this Agreement,
held by Purchasers at any one time and not yet delivered to and funded by a
Takeout Investor, which amount shall not, at any time, exceed $2,000,000,000.

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

           "MERS Mortgage Loan": Any Mortgage Loan as to which the related
Mortgage or assignment of Mortgage has been recorded in the name of MERS, as
agent for the holder from time to time of the Mortgage Note and which is
identified as a MERS Mortgage Loan on the related Mortgage Loan Schedule.

                                     - 5 -
<PAGE>

           "MERS System": The system of recording transfers of Mortgages
electronically maintained by MERS.

           "MIN": The mortgage identification number of Mortgage Loans
registered with MERS on the MERS System.

           "Monthly Payment": The scheduled monthly payment of principal and/or
interest on a Mortgage Loan.

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

           "Mortgage Interest Rate": The annual rate of interest borne on a
Mortgage Note.

           "Mortgage Loan": Each first or second lien, one- to four-family
residential mortgage loan sold, assigned and transferred pursuant to this
Agreement and which satisfies the requirements of the related Sale Agreement as
the same may be modified from time to time, subject to the consent of the
Purchasers and if modified so as to adversely affect the rights or obligations
of the Sellers, the consent of the Sellers.

           "Mortgage Loan Pool": The groups of Mortgage Loans purchased by the
Purchaser hereunder for which a Mortgage Loan Schedule is provided to the
Purchasers in accordance with this Agreement.

           "Mortgage Loan Schedule": The schedule of Mortgage Loans, attached
hereto as Exhibit H, delivered to the related Purchaser as communicated to such
Purchaser by the related Seller prior to each Purchase Date in a form, and
containing information, acceptable to such Purchaser and the related Seller.

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

           "Mortgaged Property": The property subject to the lien of the
Mortgage securing a Mortgage Note.

           "Mortgagor": The obligor on a Mortgage Note.

           "NCUA": National Credit Union Administration, or any successor
thereto.

           "Net Carry Adjustment": The meaning assigned thereto in the Pricing
Side Letter.

            "Option-ARM Mortgage Loan": An adjustable rate Mortgage Loan which
(i) provides the Mortgagor with multiple payment options and (ii) may result in
negative amortization.

                                     - 6 -
<PAGE>

           "OTS": Office of Thrift Supervision or any successor thereto.

           "Parent Company": A corporation or other entity owning at least 50%
of the outstanding shares of voting stock of a Seller.

           "Pass-Through Rate": As defined in the Pricing Side Letter as the
Pass-Through Rate.

           "Person": Any individual, corporation, company, voluntary
association, partnership, joint venture, limited liability company, trust,
unincorporated association or government (or any agency, instrumentality or
political subdivision thereof).

           "Pricing Side Letter": The pricing side letter, dated as of the date
hereof, among the Sellers, the Servicer and the Purchasers, as the same may be
amended, supplemented or modified from time to time.

           "Program Documents": This Agreement, the Custodial Agreement, the
Pricing Side Letter, the Custodial Account Control Agreement, the Electronic
Tracking Agreement and any other agreement entered into by a Seller, on the one
hand, and a Purchaser and/or any of its Affiliates or Subsidiaries (or Custodian
on its behalf) on the other, in connection herewith or therewith.

           "Purchase Date": With respect to any Mortgage Loan Pool purchased by
a Purchaser hereunder, the date of payment thereof by Purchaser to the related
Seller and/or any warehouse lenders, as applicable, of the Purchase Price.

           "Purchase Price": With respect to each Mortgage Loan Pool purchased
by a Purchaser hereunder, the amount specified in the related Confirmation and
calculated in accordance with the Pricing Side Letter.

           "Purchaser": Any of Aspen Funding Corp., Gemini Securitization Corp.,
LLC, Newport Funding Corp. and Sedona Capital Funding Corp., LLC and its
respective successors in interest, including, but not limited to, a party to
whom a Trust Receipt is assigned as provided hereunder and in the Custodial
Agreement.

           "Purchaser's Wire Instructions": The wire instructions set forth in a
letter in the form of Exhibit B.

           "Sale Agreement": The agreement providing for the purchase by Takeout
Investor of Mortgage Loans from the related Seller.

           "SEC": The Securities Exchange Commission or any successor thereto.

           "Seller": Each Seller whose name is set forth on the cover page
hereof and its permitted successors hereunder.

           "Seller's Wire Instructions": The wire instructions set forth in a
letter in the form of Exhibit J.

                                     - 7 -
<PAGE>

           "Settlement Account": The meaning assigned thereto in the Custodial
Agreement.

           "Settlement Date": With respect to any Mortgage Loan, the date of
payment thereof by Takeout Investor to the related Purchaser of the Takeout
Proceeds.

           "Settlement Modification Letter": A letter in the form of Exhibit E.

           "Servicer": American Home Mortgage Servicing, Inc, its successors and
permitted assigns.

           "Successor Servicer": An entity designated by the Purchasers, with
notice provided in conformity with Section 17, to replace the Servicer as
servicer of the Mortgage Loans.

           "Takeout Commitment": A commitment of the related Seller to sell one
or more Mortgage Loans to Takeout Investor and of Takeout Investor to purchase
one or more Mortgage Loans from such Seller. Each Takeout Commitment must be
acceptable to the related Purchaser in its sole discretion.

           "Takeout Confirmation": The written notification to the related
Seller from Takeout Investor containing all of the relevant details of the
Takeout Commitment, which notification may take the form of a trade
confirmation.

           "Takeout Investor": An investor approved by Purchasers in their sole
discretion.

           "Takeout Proceeds": With respect to any Mortgage Loan Pool, the
related Trade Principal plus accrued interest as calculated in accordance with
Section 4, as amended by any related Settlement Modification Letter accepted by
the related Purchaser.

           "Tangible Net Worth": With respect to any Person, as of any date of
determination, the excess of total assets of such Person over the total
liabilities of such Person determined in accordance with GAAP on a consolidated
basis, but excluding from the determination of total assets: (a) all assets
which would be classified as intangible assets under GAAP, including, without
limitation, goodwill (whether representing the excess cost over book value of
assets acquired or otherwise), patents, trademarks, trade names, copyrights,
franchises and deferred charges (including, without limitation, unamortized debt
discount and expense, organization costs and research and product development
costs), (b) loans or other extensions of credit to officers, employees,
shareholders or Affiliates of such Person, and (c) investments in subsidiaries
of such Person.

           "Third Party Underwriter": A third party, including but not limited
to a mortgage loan pool insurer, who underwrites the Mortgage Loan(s) prior to
the purchase by the related Purchaser of the related Mortgage Loan Pool.

                                     - 8 -
<PAGE>

           "Third Party Underwriter's Certificate": A certificate issued by a
Third Party Underwriter with respect to a Mortgage Loan, certifying that such
Mortgage Loan complies with the third party underwriting requirements.

           "Trade Assignment": The assignment by the related Seller to the
related Purchaser of such Seller's rights under a specific Takeout Commitment,
in the form of Exhibit A-1, or of such Seller's rights under all Takeout
Commitments, in the form of Exhibit A-2.

           "Trade Price": The trade price set forth on a Takeout Commitment as
modified pursuant to any Settlement Modification Letter consented to by the
related Purchaser.

           "Trade Principal": With respect to any Mortgage Loan Pool, the
aggregate outstanding principal balance of such Mortgage Loan Pool multiplied by
a percentage equal to the Trade Price.

           "Transaction Notice": A notice in the form attached hereto as Exhibit
 I.

           "Trust Receipt": A trust receipt issued by the Custodian evidencing
the Mortgage Loan Pool it holds for a Purchaser, in the form attached as Exhibit
A-1 (or A-2 with respect to Wet Mortgage Loans) to the Custodial Agreement, and
delivered to the related Purchaser by the Custodian in accordance with Section 2
hereof.

           "Warehouse Lender": Any lender providing financing to the related
Seller for the purpose of originating or purchasing Mortgage Loans which prior
to the Purchase Date has a security interest in such Mortgage Loans as
collateral for the obligations of such Seller to such lender.

           "Warehouse Lender's Wire Instructions": The wire instructions set
forth in Exhibit E to the Custodial Agreement.

           "Wet Mortgage Loan": Mortgage Loans for which the Custodian has not
yet received a completed Custodial File.

           Section 2. Procedures for Purchases of Mortgage Loans.

           (a) Any Purchaser may, in its sole discretion, from time to time,
purchase one or more Mortgage Loan Pools from either or both Sellers. Any
request by Seller that a Purchaser purchase any Mortgage Loans hereunder shall
be provided by delivery of a Transaction Notice together with a Mortgage Loan
Schedule attached, no later than 3:00 p.m. (New York City time) one (1) Business
Day prior to the requested Purchase Date with respect to any Mortgage Loans
other than Wet Mortgage Loans. With respect to Wet Mortgage Loans, the related
Seller shall notify the related Purchaser of an estimate of the Purchase Price
of such Wet Mortgage Loans no later than 3:00 p.m. (New York City time) one (1)
Business Day prior to the requested Purchase Date. Prior to any Purchaser's
actual purchase of any Mortgage Loan Pool, such Purchaser shall have received
(a) from Custodian by facsimile or electronic transmission acceptable to related

                                     - 9 -
<PAGE>

Purchaser, the Trust Receipt covering all Mortgage Loans being purchased on such
day fully completed and authenticated by Custodian, and a cumulative Trust
Receipt covering all Mortgage Loans purchased by Purchasers (but not settled by
any Takeout Investor pursuant to a Takeout Commitment or otherwise repurchased
by either Seller) with the original Trust Receipts sent by overnight mail to
arrive on the Business Day after the day they are sent by facsimile, and (b)
from the Seller (i) a copy of the Takeout Confirmation related to the Mortgage
Loan(s) in such Mortgage Loan Pool, executed by the related Seller and Takeout
Investor or such other notification acceptable to the Purchaser in its sole
discretion and (ii) an original letter in the form of Exhibit E to the Custodial
Agreement from the applicable Warehouse Lender (if any), or an original letter
in the form of Exhibit F to the Custodial Agreement in the event that there is
no Warehouse Lender. In addition to the foregoing, the related Seller shall use
its best efforts to obtain a Trade Assignment executed by the related Seller and
Takeout Investor in the form of Exhibit A-1 or Exhibit A-2. This Agreement is
not a commitment by any Purchaser to enter into transactions with either Seller
but rather sets forth the procedures to be used in connection with periodic
requests for a Purchaser to enter into transactions with a Seller. Sellers
hereby acknowledge that Purchasers are under no obligation to agree to enter
into, or to enter into, any transaction pursuant to this Agreement.

           (b) If any Purchaser elects to purchase any Mortgage Loan Pool,
Purchaser shall provide to Seller a Confirmation of such purchase in the form of
Exhibit C attached hereto and such Purchaser shall pay the amount of the
Purchase Price for such Mortgage Loan Pool by wire transfer of immediately
available funds in accordance with the Warehouse Lender's Wire Instructions or
if there is no Warehouse Lender, the related Seller's Wire Instructions. Upon
such payment and not otherwise, Purchaser shall be deemed to have accepted the
related Trade Assignment. Sellers shall not offer for sale to any Purchaser any
Mortgage Loan as to which the Expiration Date of the related Takeout Commitment
is five (5) Business Days or less following the Purchase Date.

           (c) Simultaneously with the payment by a Purchaser of the Purchase
Price, in accordance with the Warehouse Lender's Wire Instructions or the
related Seller's Wire Instructions, as applicable, with respect to a Mortgage
Loan Pool, such Seller hereby conveys to the related Purchaser all of such
Seller's right, title and interest in and to the related Mortgage Loan(s) free
and clear of any lien, claim or encumbrance other than the Takeout Commitment.
Notwithstanding the satisfaction by the related Seller of the conditions
specified in this Section 2, no Purchaser is obligated to purchase any Mortgage
Loans offered to it hereunder.

           (d) In the event that a Purchaser rejects a Mortgage Loan for
purchase for any reason and/or does not transmit the applicable Purchase Price,
(i) the Trust Receipt, if any, delivered by Custodian to such Purchaser in
anticipation of such purchase shall automatically be null and void with respect
to the Mortgage Loans that have been rejected by such Purchaser and valid for
all other Mortgage Loans that were purchased by a Purchaser and not rejected,
pending the delivery by the Custodian of an updated Trust Receipt pursuant to
Section [__] of the Custodial Agreement and (ii) if such Purchaser shall
nevertheless receive any portion of the related Takeout Proceeds, such Purchaser

                                     - 10 -
<PAGE>

shall within one (1) Business Day pay such Takeout Proceeds to the related
Seller in accordance with such Seller's Wire Instructions.

           (e) The terms and conditions of the purchase of each Mortgage Loan
Pool shall be as set forth in this Agreement.

           Section 3. Sale of Mortgage Loans to Takeout Investor.

           (a) With respect to Mortgage Loan(s) that a Purchaser has elected to
purchase, such Purchaser may, at its option, either (i) instruct Custodian to
deliver to Takeout Investor, in accordance with Takeout Investor's instructions,
the Custodial File in respect of such Mortgage Loans, in the manner and at the
time set forth in the Custodial Agreement, or (ii) provide for the delivery of
the Custodial File through an escrow arrangement satisfactory to such Purchaser
and Takeout Investor. The related Seller shall in accordance with the related
Sale Agreement, deliver to Takeout Investor any and all documents required to be
delivered pursuant to the Sale Agreement to enable Takeout Investor to purchase
such Mortgage Loan(s) on or before the related Expiration Date.

           (b) (1) Upon receipt by the related Purchaser, prior to the Cure
Date, of a Settlement Modification Letter, duly executed by Takeout Investor and
the related Seller, such Purchaser may, at its election, agree to the
postponement of the Settlement Date and such other matters as are set forth in
the Settlement Modification Letter. If such Purchaser elects to accept a
Settlement Modification Letter, such Purchaser shall, not later than two (2)
Business Days or earlier if reasonably required by the Takeout Investor or the
Seller after receipt of such Settlement Modification Letter execute the
Settlement Modification Letter and send, via facsimile, copies of such fully
executed Settlement Modification Letter to the related Seller and Takeout
Investor.

           (b) (2) The Seller is required to provide certain representations and
warranties to the Takeout Investor pursuant to the Sale Agreement as of the
Settlement Date. To the extent that the Seller has knowledge that any such
representations and warranties are not true, Seller shall have no obligation to
provide any such representation and warranty.

           (c) (1) If a breach by Sellers of this Agreement results in any
Mortgage Loan being a Defective Mortgage Loan at the time of the delivery of the
related Trust Receipt to the related Purchaser, or in the event that the first
Monthly Payment due on the Mortgage Loan following the Purchase Date is not made
within 30 days of its Due Date (an "Early Payment Default"), such Purchaser, at
its election, may require that such Seller, upon receipt of notice from such
Purchaser of its exercise of such right, immediately repurchase such Purchaser's
ownership interest in such Mortgage Loan by remitting to such Purchaser (in
immediately available funds in accordance with Purchaser's Wire Instructions)
the amount paid by such Purchaser for such Mortgage Loan plus all interest at
the Pass-Through Rate on the principal amount thereof from the related Purchase
Date to the date of such repurchase.

                                     - 11 -
<PAGE>

           (c) (2) The Servicer's rights and obligations to interim service each
Mortgage Loan as provided in this Agreement, shall terminate on the later of the
related Settlement Date or the date which is thirty days following the related
Purchase Date; provided that, the related Purchaser may in its sole discretion
extend such 30 day interim servicing period by one or more additional 30 day
periods by providing written notice to the Servicer prior to the termination of
such interim servicing period. If an Act of Insolvency or any other material
default hereunder by the Servicer occurs at any time, the Servicer's rights and
obligations to service the Mortgage Loan(s), as provided in this Agreement,
shall terminate immediately, without any notice or action by Purchaser subject
to the rights of any Takeout Investor. Upon any such termination, Purchaser is
hereby authorized and empowered to sell and transfer such rights to service the
Mortgage Loan(s) for such price and on such terms and conditions as Purchaser
shall reasonably determine subject to the rights of any Takeout Investor, and
neither the Servicer nor the Sellers shall have any right to attempt to sell or
transfer such rights to service. The Servicer shall perform all acts and take
all actions so that the Mortgage Loan(s) and all files and documents relating to
such Mortgage Loan(s) held by the Servicer, together with all escrow amounts
relating to such Mortgage Loan(s), are delivered to Successor Servicer. To the
extent that the approval of any Takeout Investor, Third Party Underwriter or any
other insurer or guarantor is required for any such sale or transfer, the
Sellers and the Servicer shall fully cooperate with Purchaser to obtain such
approval. All amounts paid by any purchaser of such rights to service the
Mortgage Loan(s) shall be the property of the Purchasers. Upon exercise by
Purchasers of the remedies under this Section 3(c)(2), Purchasers' obligation to
pay and Sellers' and Servicer's right to receive any portion of the Completion
Fee relating to such Mortgage Loan(s) shall automatically be canceled and become
null and void, provided that such cancellation shall in no way relieve such
Seller or otherwise affect the obligation of such Seller to indemnify and hold
the Purchasers harmless as specified in Section 3(e).

           (d) Subject to the rights of a Takeout Investor, each Mortgage Loan
delivered to any Purchaser hereunder shall be delivered on a servicing released
basis free of any servicing rights in favor of the related Seller and free of
any title, interest, lien, encumbrance or claim of any kind of such Seller and
such Seller hereby waives its right to assert any interest, lien, encumbrance or
claim of any kind. Subject to the rights of a Takeout Investor, upon transfer of
such servicing rights to any Successor Servicer, the Servicer and the related
Seller shall deliver or cause to be delivered all files and documents relating
to each Mortgage Loan held by the Servicer or such Seller to Successor Servicer.
The related Seller and the Servicer shall promptly take such actions and furnish
to the related Purchaser such documents that such Purchaser reasonably deems
necessary or appropriate to enable such Purchaser to cure any defect in each
such Mortgage Loan or to enforce such Mortgage Loans, as appropriate.

           (e) Sellers agree to indemnify, defend and hold harmless each
Purchaser and its assigns from and against all Losses resulting from any breach
or failure to perform by Sellers of any representation, warranty, covenant, term
or condition made or to be performed by Sellers under the Program Documents. For
the avoidance of doubt, the indemnity set forth in this Section 3(e) shall not
be subject to any limit or cap.

                                     - 12 -
<PAGE>

           (f) [Reserved]

           (g) In addition to the indemnity provided pursuant to Section 3(e)
above, the Sellers agree to indemnify and hold each Purchaser and its assigns
harmless from and against all Losses related to the Mortgage Loans and the
transactions contemplated hereunder, including, without limitation, any Losses
resulting from or relating to any breach or failure to perform by any Takeout
Investor, any credit losses on the Mortgage Loans, uninsured hazard losses,
Shortfalls and delinquency (other than the one month Early Payment Default),
provided that, the aggregate liability of the Sellers pursuant to this Section
3(g) for any such Losses (not taking into account any Losses under Section 3(e)
resulting from or relating to any breach or failure to perform by Sellers of any
representation, warranty, covenant, term or condition made or to be performed by
Sellers or any repurchases of Defective Mortgage Loans or of any Mortgage Loans
subject to an Early Payment Default under Section 3(c)(1) and any Losses under
Section 19) shall not exceed 5% of the sum of the aggregate Purchase Prices and
the Completion Fees for any Mortgage Loans in the related Mortgage Loan Pool
sold to a particular Takeout Investor determined on a Mortgage Loan Pool basis.
For the purposes of this Section 3(g), "Shortfall" shall mean the excess, if
any, of (i) the Purchase Price paid by such Purchaser to Seller plus the
Pass-Through Rate for the related Mortgage Loans, over (ii) the actual Takeout
Proceeds (including accrued interest) paid by the particular Takeout Investor to
the related Purchaser. No exercise by a Purchaser of its rights under this
Section 3 shall relieve Sellers of responsibility or liability for any breach of
the Program Documents.

           (h) In addition to any rights and remedies of Purchasers provided by
this Agreement and by law, each Purchaser shall have the right, without prior
notice to Sellers, any such notice being expressly waived by Sellers to the
extent permitted by applicable law, upon any amount becoming due and payable
(and has not been paid by the Sellers as required) by Sellers hereunder to
set-off and appropriate and apply against such amount any and all property and
deposits (general or special, time or demand, provisional or final), in any
currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by such Purchaser to or for the credit or
the account of Sellers (including, without limitation, the amount of any accrued
and unpaid Completion Fee). Each Purchaser may also set-off cash and all other
sums or obligations owed by such Purchaser to Sellers under the Program
Documents against all of such Seller's obligations to such Purchaser, whether or
not such obligations are then due. The exercise of any such right of set-off
shall be without prejudice to any Purchaser's right to recover any deficiency.

           (i) Sellers agree that, with respect to any Mortgage Loan Pool
purchased by a Purchaser, the related Takeout Commitment shall have an
Expiration Date which is not later than 60 calendar days after the related
Purchase Date. Sellers further agree that any additional Takeout Commitment that
they obtain with respect to such Mortgage Loan Pool if the initial Takeout
Investor does not perform under such Takeout Commitment shall have an Expiration
Date which is not later than 75 calendar days after the related Purchase Date.
Sellers have not and will not take any action, or fail

                                     - 13 -
<PAGE>

to act where action is required, the result of which would be to impair any
Trade Assignment.

           (j) Sellers shall notify and provide the related Purchaser with
copies of any changes made to the Sale Agreement or any other correspondent
agreements between Sellers and any Takeout Investor within two (2) Business Days
of such change.

           (k) In no event shall the Purchasers be liable to the Takeout
Investor for any pair-off, breakage or other similar fees in the event that a
Takeout Investor asserts any such right under any Takeout Commitment.

           Section 4. Completion Fee.

           (a) With respect to each Mortgage Loan Pool that a Purchaser elects
to purchase hereunder, such Purchaser shall pay to the related Seller the
Completion Fee subject to the terms of this Agreement. The Completion Fee shall
be payable by such Purchaser as provided in subsection (c) below.

           (b) If a Mortgage Loan Pool is purchased by a Purchaser in the month
prior to the month in which the related Settlement Date occurs, (A) all interest
which accrues on the related Mortgage Loans, on and after the Purchase Date,
through the last day of any month prior to the month in which such Settlement
Date occurs, and all other collections thereon, shall be paid to such Purchaser
by the Servicer, as interim servicer, on a monthly basis on the earlier of (i)
the second Business Day of the month following the month such interest accrued
or (ii) related Settlement Date and (B) all interest which accrues on the
Mortgage Loans in such Mortgage Loan Pool on and after the first day of the
month in which such Settlement Date occurs, through the day immediately prior to
such Settlement Date, and all other collections thereon, will be paid to such
Purchaser by Takeout Investor on such Settlement Date unless such Settlement
Date occurs after the Cut-off Date of such month in which event Servicer, as
interim servicer, shall pay such amount to such Purchaser on such Settlement
Date. If a Mortgage Loan Pool is purchased by such Purchaser in the same month
in which the related Settlement Date occurs, (A) all interest, if any, which
accrues on such Mortgage Loan(s) from the first day of such month to but not
including the related Purchase Date shall be paid by such Purchaser to the
related Seller on such Settlement Date, and (B) all interest which accrues on
such Mortgage Loan(s), on and after the Purchase Date to but not including the
Settlement Date will be paid to such Purchaser by Takeout Investor on the
Settlement Date unless such Settlement Date occurs after the Cut-off Date or in
a month in which interest has been prepaid by the Mortgagor in either of which
events the Servicer, as interim servicer, shall pay such amount to such
Purchaser on such Settlement Date. For purposes of this paragraph all interest
payments shall be deemed to accrue at the applicable rate set forth in the
related Takeout Commitment.

           (c) Except as provided in Section 4(d), the Completion Fee relating
to each Mortgage Loan Pool is payable on the date of receipt by the related
Purchaser of the Takeout Proceeds, provided that to the extent such Takeout
Proceeds are not received on

                                     - 14 -
<PAGE>

or before the Cure Date, the Purchasers shall have no obligation to pay the
Completion Fee with respect to the related Mortgage Loan Pool.

           (d) Notwithstanding the generality of the foregoing, upon acceptance
and execution by the related Purchaser of a Settlement Modification Letter, such
Purchaser shall recalculate the amount of the Completion Fee, if any, due to
Seller using the new terms included in the Settlement Modification Letter. If
such Settlement Modification Letter results in the related Settlement Date (the
"New Settlement Date") occurring after the related Cure Date, the Completion Fee
shall be payable to the related Seller, not later than 3:00 p.m. on the next
Business Day after Takeout Investor's purchase of the related Mortgage Loans as
evidenced by such Purchaser's receipt of the Takeout Proceeds on the New
Settlement Date of the amount of such recalculated Completion Fee. The payment
of the Completion Fee shall be expressly contingent on the related Seller
satisfying its obligations hereunder prior to the New Settlement Date. In the
event that the related Seller has not satisfied such obligations prior to the
New Settlement Date, the recalculated Completion Fee shall not be payable. In no
event shall the Cure Date be modified or extended.

           (e) The Purchasers shall retain the Sellers to act as their agents
with respect to the administrative actions necessary to consummate the Takeout
Commitment of the Mortgage Loans by the related Takeout Investors. In connection
therewith, and except to the extent otherwise superseded by the provisions of
this Agreement, the Sellers, in such role, shall continue to perform all of
their duties and obligations to the Takeout Investors under the Takeout
Commitments and otherwise, with respect to the Mortgage Loans purchased by the
Purchasers hereunder, as if such Mortgage Loans were still owned by the Sellers
and sold directly by the Sellers to the Takeout Investors without the
intervening ownership of the Purchasers pursuant to this Agreement. Without
limiting the generality of the foregoing, the Sellers shall timely assemble all
records and documents concerning the Mortgage Loans as required by the related
Takeout Commitments, together with all other documents and information that has
been required or requested by the related Takeout Investor. In consideration of
performing such functions, the Sellers shall be entitled to receive the
Completion Fees, at the times and under the terms as specified in this
Agreement.

           Section 5. Servicing of the Mortgage Loans.

           (a) Upon payment of the Purchase Price, the related Purchaser shall
own all source files, documents, agreements and papers related to servicing the
Mortgage Loans and shall own all derivative information created by the Servicer
or the related Seller or other third party used or useful in servicing the
Mortgage Loans. The Servicer shall interim service and administer the Mortgage
Loan(s) on behalf of the related Purchaser in accordance with customary and
reasonable mortgage loan servicing standards and procedures generally accepted
by lenders in the mortgage banking industry and in accordance with the
requirements of Takeout Investor, provided that the Servicer shall at all times
comply with applicable law and the terms of the related Mortgage Loan Documents,
and the requirements of any applicable insurer or guarantor including, without
limitation, any Third Party Underwriter, so that the insurance in respect of any

                                     - 15 -
<PAGE>

Mortgage Loan is not voided or reduced. The Servicer shall at all times maintain
accurate and complete records of its interim servicing of each Mortgage Loan,
and any Purchaser may, at any time during the Servicer's business hours on two
(2) Business Days notice (or immediately in the event of a default hereunder by
the Servicer), examine and make copies of such records. At the request and in
accordance with the directions of such Purchaser, the Servicer shall deliver to
such Purchaser copies of any Credit Files within two (3) Business Days of such
request by such Purchaser. In addition, upon not less than two (2) Business Days
notice to the related Seller or the Servicer, any Purchaser shall have the right
to perform a due diligence review of such Seller or the Servicer, including the
Servicer's servicing capabilities.

           The Servicer shall at any Purchaser's request deliver to such
Purchaser monthly reports prepared by the Servicer in the ordinary course of its
business and such other reports reasonably requested by any Purchaser regarding
the status of such Mortgage Loan, which reports shall include, but shall not be
limited to, a description of each Mortgage Loan in default for more than thirty
(30) days, and such other circumstances with respect to any Mortgage Loan
(whether or not such Mortgage Loan is included in the foregoing list) that could
materially adversely affect any such Mortgage Loan, the related Purchaser's
ownership of any such Mortgage Loan or the collateral securing any such Mortgage
Loan. The Servicer shall deliver such a report to each Purchaser every thirty
(30) days until (i) the purchase by Takeout Investor of such Mortgage Loan
pursuant to the related Takeout Commitment or (ii) the exercise by Purchasers of
any remedial election pursuant to Section 3.

           (b) The Servicer shall establish (prior to the initial Purchase Date)
and maintain a separate custodial account (the "Custodial Account") entitled
"[Name of Servicer], in trust for Aspen Funding Corp., Gemini Securitization
Corp., LLC, Newport Funding Corp. and Sedona Capital Funding Corp., LLC and each
of their assignees under the Whole Loan Purchase and Sale Agreement dated
September 22, 2006" for the benefit of the Purchasers and for the sole and
exclusive benefit of the Purchasers and shall, after a default under this
Agreement, deposit promptly into the Custodial Account (and in any event, within
two (2) Business Days of receipt thereof) any amounts received by it relating to
the Mortgage Loans. The Custodial Account shall be subject to the Custodial
Account Control Agreement.

           (c) Amounts deposited in the Custodial Account with respect to any
Mortgage Loan shall be held in trust for the related Purchaser as the owner of
such Mortgage Loan and shall be released only as follows:

                 (1) Except as otherwise provided in Section 5(c)(2), following
           receipt by the related Purchaser or its designee of the Takeout
           Proceeds for such Mortgage Loan from Takeout Investor, amounts
           deposited in the Custodial Account related to such Mortgage Loan not
           otherwise subject to setoff as provided hereunder shall be released
           to the Servicer. The amounts paid to the Servicer (if any) pursuant
           to this Section 5(c)(1) shall constitute the Servicer's sole
           compensation for interim servicing the Mortgage Loans as provided in
           this Section 5.

                                     - 16 -
<PAGE>

                 (2) If Successor Servicer takes delivery of such Mortgage Loan
           (either under the circumstances set forth in Section 3 or
           otherwise), all amounts deposited in the Custodial Account shall be
           paid to the related Purchasers promptly upon such delivery.

                 (3) If a Mortgage Loan is not purchased by Takeout Investor on
           or before the Cure Date, during the period thereafter that the
           related Seller remains as interim servicer, all amounts deposited in
           the Custodial Account shall be released only in accordance with the
           related Purchaser's written instructions.

           Section 6. Trade Assignments. Each related Seller hereby assigns to
each related Purchaser, free of any security interest, lien, claim or
encumbrance of any kind, such Seller's rights, under each Takeout Commitment, to
deliver the Mortgage Loan(s) specified therein to the related Takeout Investor
and to receive the Takeout Proceeds therefor from such Takeout Investor. No
Purchaser shall be deemed to have accepted any Trade Assignment unless and until
it purchases the related Mortgage Loans, and nothing set forth herein shall be
deemed to impair such Purchaser's right to reject any Mortgage Loan for any
reason, in its sole discretion.

           Section 7. Transfers of Beneficial Interest in Mortgage Loans by
Purchasers. Each Purchaser may, in its sole discretion, assign all of its right,
title and interest in or grant a security interest in any Mortgage Loan sold by
Seller hereunder and all rights of such Purchaser under the Program Documents,
in respect of such Mortgage Loan solely to one of Purchaser's commercial paper
conduits (each, an "Assignee") but in no event to any Seller or any Affiliate of
any Seller. It is anticipated that such assignment to an Assignee will be made
by Purchasers, and Sellers hereby irrevocably consent to such assignment. No
notice of such assignment shall be given by any Purchaser to Sellers or Takeout
Investor. Assignment by a Purchaser of the Mortgage Loans as provided in this
Section 7 shall not release Purchaser from any obligations otherwise under the
Program Documents. Without limitation of the foregoing, an assignment of the
Mortgage Loans to an Assignee, as described in this Section 7, shall be
effective upon delivery to the Assignee of a duly executed and authenticated
Trust Receipt.

           Section 8. Record Title to Mortgage Loans; Intent of Parties;
Security Interest.

           (a) From and after the issuance and delivery of the related Trust
Receipt, and subject to the remedies of Purchasers in Section 3, the related
Seller may remain the last named payee or endorsee of each Mortgage Note and
(except with respect to any MERS Mortgage Loan) the mortgagee or assignee of
record of each Mortgage in trust for the benefit of the related Purchaser, for
the sole purpose of facilitating the servicing of such Mortgage Loan.
Notwithstanding the foregoing, beneficial ownership of each Mortgage and the
related Mortgage Note shall be vested solely in the related Purchaser or the
appropriate designee of such Purchaser, as the case may be. All rights arising
out of the Mortgage Loans including, but not limited to, all funds received by
the

                                     - 17 -
<PAGE>

related Seller after the related Purchase Date on or in connection with a
Mortgage Loan shall be vested in the related Purchaser or one or more assignees
of such Purchaser.

           (b) Each Seller shall maintain a complete set of books and records
for each Mortgage Loan which shall be clearly marked to reflect the ownership
interest in each Mortgage Loan of the related Purchaser. With respect to each
MERS Mortgage Loan, upon the request of the related Purchaser, the related
Seller shall prepare and deliver to MERS an assignment of Mortgage from MERS to
blank. The related Seller shall cause such assignment of Mortgage to be recorded
in the public land records upon request of such Purchaser. At any time during
the term of this Agreement, the related Purchaser or the Takeout Investor, as
the case may be, may direct the related Seller to cause any MERS Mortgage Loan
to be deactivated from the MERS system. In connection with such deactivation,
the related Seller shall notify MERS and prepare an assignment of Mortgage from
MERS to the related Purchaser or in blank. In the event that the related
Purchaser specifies that any such assignment be made to Seller, such assignment
shall be for the sole purpose of facilitating the servicing of such Mortgage
Loan and such Seller shall also prepare an assignment of Mortgage in recordable
form from such Seller to the related Purchaser or its designee and deliver such
unrecorded assignment of Mortgage to the Custodian pursuant to the terms and
conditions of the Custodial Agreement.

           (c) Purchasers and Sellers confirm that the transactions contemplated
herein are intended to be sales of the Mortgage Loans by Sellers to Purchasers
rather than borrowings secured by the Mortgage Loans and will be treated and
accounted for as such on their books and records. In the event, for any reason,
any transaction is construed by any court or regulatory authority as a borrowing
rather than as a sale, Sellers and Purchasers intend that the related Purchaser
or its Assignee, as the case may be, shall have a perfected first priority
security interest in the Mortgage Loans, the servicing rights appurtenant to the
Mortgage Loans, the Custodial Account and the Settlement Account and all
proceeds thereof, the Takeout Commitments and the proceeds of any and all of the
foregoing (collectively, the "Collateral"), free and clear of adverse claims but
subject to the Takeout Commitments. In such case, the related Seller shall be
deemed to have hereby granted to the related Purchaser or Assignee, as the case
may be, a first priority security interest in and lien upon the Collateral, free
and clear of adverse claims but subject to the Takeout Commitments. In such
event, this Agreement shall constitute a security agreement, the Custodian shall
be deemed to be an independent custodian for purposes of perfection of the
security interest granted to the related Purchaser or Assignee, as the case may
be, and the related Purchaser or Assignee, as the case may be, shall have all of
the rights of a secured party under applicable law.

           Section 9. Representations and Warranties.

           (a) Each Seller, jointly and severally, hereby represents and
warrants to each Purchaser as of the date hereof and as of the date of each
issuance and delivery of a Trust Receipt that:

                                     - 18 -
<PAGE>

                  (i) Each Seller is duly organized, validly existing and in
            good standing under the laws of the state of its organization and
            has all licenses necessary to carry on its business as now being
            conducted and is licensed, qualified and in good standing in the
            state where the Mortgaged Property is located if the laws of such
            state require licensing or qualification in order to conduct
            business of the type conducted by each Seller, except where the
            failure to be so licensed or qualified would not result in a
            material adverse effect on the Sellers or their ability to perform
            under any Program Document. Each Seller has all requisite corporate
            power and authority to execute and deliver each Program Document to
            which it is party and to perform in accordance herewith and
            therewith; the execution, delivery and performance of each Program
            Document to which it is party (including all instruments of transfer
            to be delivered pursuant to such Program Documents) by each Seller
            and the consummation of the transactions contemplated hereby and
            thereby have been duly and validly authorized; each Program Document
            evidences the valid, binding and enforceable obligation of Seller
            except as the enforceability may be limited by bankruptcy,
            insolvency, reorganization, or similar laws, and by equitable
            principles affecting the enforceability of the rights of creditors;
            and all requisite corporate action has been taken by each Seller to
            make each Program Document to which it is party valid and binding
            upon each Seller in accordance with its terms;

                  (ii) No approval of the transactions contemplated by the
            Program Documents from the OTS, the NCUA, the FDIC or any similar
            federal or state regulatory authority having jurisdiction over each
            Seller is required, or if required, such approval has been obtained.
            There are no actions or proceedings pending or against Sellers which
            would materially and adversely affect each Seller's ability to
            perform hereunder. The transfers, assignments and conveyances
            provided for herein are not subject to the bulk transfer or any
            similar statutory provisions in effect in any applicable
            jurisdiction;

                  (iii) The consummation of the transactions contemplated by the
            Program Documents are in the ordinary course of business of each
            Seller and will not (i) result in the breach of any term or
            provision of the charter or by-laws of each Seller or (ii) result in
            the breach of any term or provision of, or conflict with or
            constitute a default under or result in the acceleration of any
            obligation under, any material agreement, indenture or loan or
            credit agreement or other instrument to which each Seller or its
            property is subject, or (iii) result in the violation of any law,
            rule, regulation, order, judgment or decree to which each Seller or
            its property is subject except, in the case of clauses (ii) and
            (iii), for such conflicts, breaches, defaults or violations of law
            which would not, individually or in the aggregate, result in a
            material adverse effect on the Sellers or their ability to perform
            under any Program Document;

                                     - 19 -
<PAGE>

                  (iv) The Program Documents and every other document to be
            executed by Seller each pursuant to this Agreement is and will be
            valid, binding and subsisting obligations of each Seller,
            enforceable in accordance with their respective terms, except as the
            enforceability may be limited by bankruptcy, insolvency,
            reorganization, or similar laws, and by equitable principles
            affecting the enforceability of the rights of creditors. No consents
            or approvals are required to be obtained by any Seller or its Parent
            Company, if any, for the execution, delivery and performance of any
            Program Document by each Seller;

                  (v) Upon purchase by the Purchaser, each Seller has not sold,
            assigned, transferred, pledged or hypothecated any interest in any
            Mortgage Loan sold hereunder to any person other than the related
            Purchaser and the Takeout Investor, and upon delivery of a related
            Trust Receipt to such Purchaser, such Purchaser will be the sole
            owner thereof, free and clear of any lien, claim or encumbrance
            subject to the rights of the Takeout Investor;

                  (vi) Neither this Agreement nor any information relating to
            Sellers that Sellers have delivered to any Purchaser, including, but
            not limited to, all documents related to this Agreement, the
            Custodial Agreement, the other Program Documents or Seller's
            financial statements, contains any untrue statement of a material
            fact or omits to state a material fact necessary to make the
            statements made therein or herein in light of the circumstances
            under which they were made, not misleading. Since the furnishing of
            such documents or information, there has been no change, nor any
            development or event involving a prospective change that would
            render any of such documents or information untrue or misleading in
            any material respect;

                  (vii) There is no pending or threatened action, suit,
            proceeding, inquiry or investigation, at law or in equity or before
            or by any court, administrative body or other tribunal (A) that
            would prohibit each Seller entering into any of the Program
            Documents, (B) seeking to prevent the sale of the Mortgage Loans or
            the consummation of the transactions contemplated by the Program
            Documents or (C) that would prohibit or materially and adversely
            affect the performance by each Seller of its obligations under, or
            validity or enforceability of, any Program Document;

                  (viii) AHMI's Aggregate Tangible Net Worth is not less than
            $700,000,000; and

                  (ix) Sellers and their Affiliates maintains in the aggregate
            committed warehouse facilities in an amount equal to not less than
            $4 billion which is in full force and effect, with one or more third
            party lenders which are not Affiliates of Sellers.

                                     - 20 -
<PAGE>

           (b) The related Seller hereby represents and warrants to the related
Purchaser as of the date hereof, as of the date of delivery of each Mortgage
Loan Pool and as of each Purchase Date that the Custodian is an eligible
custodian as determined by FNMA, FHLMC and GNMA, and is not an Affiliate of
Seller.

           (c) Seller hereby represents and warrants to the related Purchaser
with respect to each Mortgage Loan as of each Purchase Date of the related
Mortgage Loan that:

                  (i) The Mortgage Loan conforms in all respects to the
            requirements of this Agreement, the Sale Agreement, the Commitment
            Guidelines, the Takeout Investor and the requirements of the related
            Third Party Underwriter's Certificate, if any. The Mortgage Loan was
            originated not more than 60 days prior to the related Purchase Date.

                  (ii) The related Seller is the sole owner and holder of the
            Mortgage Loan free and clear of any and all liens, pledges, charges
            or security interests of any nature other than, prior to the
            purchase by the Purchaser, the rights of any warehouse lender and
            has full right and authority, subject to no interest or
            participation of, or agreement with, any other party, to sell and
            assign the same pursuant to this Agreement other than the rights of
            the Takeout Investor;

                  (iii) No servicing agreement has been entered into with
            respect to the Mortgage Loan, or any such servicing agreement has
            been terminated and there are no restrictions, contractual or
            governmental, which would impair the ability of the related
            Purchaser or such Purchaser's designees from servicing the Mortgage
            Loan other than the rights of any Takeout Investor;

                  (iv) The Mortgage is a valid and subsisting first or second
            lien on the property therein described, as specified on the Mortgage
            Loan Schedule and the Mortgaged Property is free and clear of all
            encumbrances and liens having priority over the lien of the Mortgage
            except for liens for real estate taxes and special assessments not
            yet due and payable and with respect to each Mortgage Loan which is
            a second lien Mortgage Loan, a first lien on the Mortgaged Property.
            Any pledge account, security agreement, chattel mortgage or
            equivalent document related to, and delivered to (or required to be
            delivered for Wet Mortgage Loans) the Custodian with the Mortgage,
            establishes in the related Seller a valid and subsisting lien on the
            property described and the priority provided therein, and such
            Seller has full right to sell and assign the same to such Purchaser
            subject to the rights of any Takeout Investor;

                  (v) Neither the related Seller nor any prior holder of the
            Mortgage has modified the Mortgage in any material respect;
            satisfied, canceled or subordinated the Mortgage in whole or in
            part; released the

                                     - 21 -
<PAGE>

            Mortgaged Property in whole or in part from the lien of the
            Mortgage; or executed any instrument of release, cancellation,
            modification or satisfaction unless such release, cancellation,
            modification or satisfaction does not adversely affect the value of
            the Mortgage Loan and is contained in the related Document File;

                  (vi) The Mortgage Loan is not in default, and all Monthly
            Payments due prior to the Purchase Date and all taxes, governmental
            assessments, insurance premiums, water, sewer and municipal charges,
            leasehold payments or ground rents due and owing have been paid.
            Sellers have not advanced funds, or induced or solicited any advance
            of funds by a party other than the Mortgagor directly or indirectly,
            for the payment of any amount required by the Mortgage Loan. The
            collection practices used by each entity which has serviced the
            Mortgage Loan have been in all respects legal and customary in the
            mortgage servicing business. With respect to escrow deposits and
            payments in those instances where such were required, there exist no
            deficiencies in connection therewith for which customary
            arrangements for repayment thereof have not been made and no escrow
            deposits or payments or other charges or payments have been
            capitalized under any Mortgage or the related Mortgage Note except
            for deferred interest payments on Option-ARM Mortgage Loan;

                  (vii) There is no default, breach, violation or event of
            acceleration existing under the Mortgage or the related Mortgage
            Note and no event which, with the passage of time or with notice and
            the expiration of any grace of cure period, would constitute a
            default, breach, violation or event of acceleration; and Sellers
            have not waived any default, breach, violation or event of
            acceleration;

                  (viii) The Mortgage Loan is not subject to any valid right of
            rescission, set-off, counterclaim or defense, including the defense
            of usury, nor will the operation of any of the terms of the Mortgage
            Note or the Mortgage, or the exercise of any right thereunder,
            render either the Mortgage Note or the Mortgage unenforceable, in
            whole or in part, or subject to any right of rescission, set-off,
            counterclaim or defense, including the defense of usury, and no such
            right of rescission, set-off, counterclaim or defense has been
            asserted with respect thereto;

                  (ix) The Mortgage Note and the related Mortgage are genuine
            and each is the legal, valid and binding obligation of the maker
            thereof, enforceable in accordance with its terms. All parties to
            the Mortgage Note and the Mortgage had legal capacity to execute the
            Mortgage Note and the Mortgage and each Mortgage Note and Mortgage
            have been duly and properly executed by the Mortgagor;

                                     - 22 -
<PAGE>

                  (x) The Mortgage Loan meets, or is exempt from, applicable
            state or federal laws, regulations and other requirements pertaining
            to usury, and the Mortgage Loan is not usurious;

                  (xi) Any and all requirements of any federal, state or local
            law including, without limitation, truth-in-lending, real estate
            settlement procedures, consumer credit protection, equal credit
            opportunity or disclosure laws applicable to the Mortgage Loan have
            been complied with, and Sellers shall deliver to the related
            Purchaser upon demand, evidence of compliance with all such
            requirements;

                  (xii) Either: (A) the related Seller and every other holder of
            the Mortgage, if any, were authorized to transact and do business in
            the jurisdiction in which the Mortgaged Property is located at all
            times when such party held the Mortgage; or (B) the loan of mortgage
            funds, the acquisition of the Mortgage (if to the extent required by
            applicable law such Seller was not the original lender), the holding
            of the Mortgage and the transfer of the Mortgage did not constitute
            the transaction of business or the doing of business in such
            jurisdiction;

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

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

                  (xv) The Mortgage Loan was originated free of any "original
            issue discount" with respect to which the owner of the Mortgage Loan
            could be deemed to have income pursuant to Sections 1271 et seq. of
            the Internal Revenue Code;

                  (xvi) Each Mortgage Loan was originated by an institution
            described in Section 3(a)(41)(A)(ii) of the Securities Exchange Act
            of 1934, as amended;

                                     - 23 -
<PAGE>

                  (xvii) At origination, the Mortgaged Property was free and
            clear of all mechanics' and materialmen's liens or liens in the
            nature thereof which are or could be prior to the Mortgage lien;

                  (xviii) All of the improvements which are included for the
            purpose of determining the Appraised Value of the Mortgaged Property
            lie wholly within the boundaries and building restriction lines of
            such property, and no improvements on adjoining properties encroach
            upon the Mortgaged Property;

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

                  (xx) There is no proceeding pending for the total or partial
            condemnation of the Mortgaged Property and said property is
            undamaged by waste, fire, earthquake or earth movement, windstorm,
            flood, tornado or other casualty;

                  (xxi) The Custodial File contains, and the Credit File
            contains or shall contain prior to the Expiration Date, each of the
            documents and instruments specified to be included therein duly
            executed and in due and proper form and each such document or
            instrument is a uniform instrument. The Custodian is currently in
            possession of the Custodial File for each Mortgage Loan (except for
            Wet Mortgage Loans) and the related Seller is in possession or shall
            be prior to the Expiration Date of the Credit File for each Mortgage
            Loan and there are no custodial agreements in effect adversely
            affecting the rights of such Seller to make the deliveries required
            within the required time. The related Seller shall not deliver a
            Credit File to Takeout Investor prior to the related Commitment
            Date;

                  (xxii) The lien of each Mortgage Loan securing the
            consolidated principal amount thereof is expressly insured as having
            first or second (as indicated on the Mortgage Loan Schedule) lien
            priority or is covered by an attorney's opinion of title acceptable
            to GNMA, FNMA or FHLMC, as applicable, if customarily provided in
            the jurisdiction in which the related Mortgaged Property is located,
            or a mortgage title insurance policy acceptable to FNMA, issued by,
            and the valid and binding obligation of, a title insurer acceptable
            to FNMA and qualified to do business in the jurisdiction where the
            Mortgaged Property is located, insuring the related Seller, its
            successors and assigns, as to the validity and appropriate

                                     - 24 -
<PAGE>

            priority of the lien created by the Mortgage subject to customary
            permitted exceptions in the original principal amount of the
            Mortgage Loan. The related Seller is the named insured and the sole
            insured of such mortgage title insurance policy, and the assignment
            to the related Purchaser of such Seller's interest in such mortgage
            title insurance policy does not require the consent of or
            notification to the insurer, such mortgage title insurance policy is
            in full force and effect and will be in full force and effect and
            inure to the benefit of the related Purchaser upon the consummation
            of the transactions contemplated by this Agreement and no claims
            have been made under such mortgage title insurance policy and no
            prior holder of the related Mortgage, including such Seller, has
            done, by act or omission, anything which would impair the coverage
            of such mortgage title insurance policy;

                  (xxiii) All buildings upon the Mortgaged Property are insured
            against loss by fire, hazards of extended coverage and such other
            hazards as are customary in the area where the Mortgaged Property is
            located, pursuant to fire and hazard insurance policies with
            extended coverage or other insurance required by the Sale Agreement
            by insurance companies reasonably acceptable to the related
            Purchaser, in an amount at least equal to the lesser of (i) the
            outstanding principal balance of the Mortgage Loan or (ii) the
            maximum insurable value (replacement cost without deduction for
            depreciation) of the improvements constituting the Mortgaged
            Property. If applicable laws limit the amount of such insurance to
            the replacement cost of the improvements constituting the Mortgaged
            Property or to some other amount, then such insurance is in an
            amount equal to the maximum allowed by such laws. Such insurance
            amount is sufficient to prevent the Mortgagor or the loss payee
            under the policy from becoming a co-insurer. The insurer issuing
            such insurance is acceptable pursuant to the Sale Agreement. All
            individual insurance policies contain a standard mortgagee clause
            naming the related Seller, its successors and assigns, as mortgagee
            and all premiums thereon have been paid and providing that such
            policy may not be canceled without prior notice to such Seller. Each
            Mortgage obligates the Mortgagor thereunder to maintain all such
            insurance at Mortgagor's cost and expense, and upon the Mortgagor's
            failure to do so, authorizes the holder of the Mortgage to obtain
            and maintain such insurance at Mortgagor's cost and expense and to
            seek reimbursement therefor from the Mortgagor. Any flood insurance
            required by applicable law has been obtained;

                  (xxiv) The CLTV of each Mortgage Loan was not more than 100%
            as of the date of origination of the Mortgage Loan and as of the
            Purchase Date. Each prime credit First Lien Mortgage Loan which is
            not insured by the FHA or guaranteed by the VA and which has an LTV
            over 80% is and will be insured as to payment defaults by a policy
            of primary mortgage guaranty insurance in accordance with the Sale
            Agreement and all provisions of such primary mortgage guaranty
            insurance policy have

                                     - 25 -
<PAGE>

            been and are being complied with, such policy is in full force and
            effect, and all premiums due thereunder have been paid. Any Mortgage
            Loan subject to any such policy of primary mortgage guaranty
            insurance obligates the Mortgagor thereunder to maintain such
            insurance and pay all premiums and charges in connection therewith.
            No action, event or state of facts exists or has existed which,
            because of its involving or arising from any dishonest, fraudulent,
            criminal, negligent or knowingly wrongful act, error or omission by
            the Mortgagor or the originator or servicer of the Mortgage Loan,
            would result in the exclusion from, denial of, or defense to
            coverage which otherwise would be provided by such insurance;

                  (xxv) [Reserved];

                  (xxvi) [Reserved];

                  (xxvii) The Mortgaged Property consists of a single parcel of
            real property;

                  (xxviii) There are no circumstances or conditions with respect
            to the Mortgage, the Mortgaged Property, the Mortgagor or the
            Mortgagor's credit standing that can be reasonably expected to cause
            private institutional investors to regard the Mortgage Loan as an
            unacceptable investment, cause the Mortgage Loan to become
            delinquent or adversely affect the value or marketability of the
            Mortgage Loan;

                  (xxix) Such Mortgage Loan was, immediately prior to the sale
            to the related Purchaser of the related Mortgage Loan Pool, owned
            solely by the related Seller subject to the rights of any warehouse
            lender (which will be released simultaneous with the purchase) and
            any Takeout Investor, is not subject to any lien, claim or
            encumbrance, including, without limitation, any such interest
            pursuant to a loan or credit agreement for warehousing mortgage
            loans, and was originated and serviced in accordance with all
            applicable law and regulations, including without limitation the
            Federal Truth-in-Lending Act, the Real Estate Settlement Procedures
            Act, regulations issued pursuant to any of the aforesaid, and any
            and all rules, requirements, guidelines and announcements of FNMA,
            FHLMC, FHA and VA, as the same may be amended from time to time;

                  (xxx) To the extent applicable, such Mortgage Loan is either
            insured by the FHA under the National Housing Act, guaranteed by the
            VA under the Servicemen's Readjustment Act of 1944 or is otherwise
            insured or guaranteed in accordance with the requirements of the
            GNMA, FNMA or FHLMC Program, as applicable, and is not subject to
            any defect that would prevent recovery in full or in part against
            the FHA, VA or other insurer or guarantor, as the case may be;

                                     - 26 -
<PAGE>

                  (xxxi) Such Mortgage Loan is in material compliance with the
            requirements and specifications (including, without limitation, all
            representations and warranties required in respect thereof) set
            forth in the guide or agreements entered into with any Takeout
            Investor;

                  (xxxii) [Reserved];

                  (xxxiii) The Mortgage Note, the Mortgage, an assignment of
            Mortgage from the related Seller in blank (except with respect to
            MERS Mortgage Loans), and any other documents required to be
            delivered with respect to each Mortgage Loan pursuant to the
            Custodial Agreement, have been delivered to the Custodian all in
            compliance with the specific requirements of the Custodial
            Agreement;

                  (xxxiv) With respect to each MERS Mortgage Loan, a Mortgage
            Identification Number has been assigned by MERS and such Mortgage
            Identification Number is accurately provided on the Mortgage Loan
            Schedule. The related Assignment of Mortgage to MERS has been duly
            and properly recorded or sent for recording;

                  (xxxv) With respect to each MERS Mortgage Loan, Sellers have
            not received any notice of liens or legal actions with respect to
            such Mortgage Loan and no such notices have been electronically
            posted by MERS;

                  (xxxvi) With respect to any MERS Mortgage Loan, the related
            Takeout Investor has been notified that the mortgagee of record is
            MERS and has consented to such assignment of such MERS Mortgage
            Loan;

                  (xxxvii) No Mortgage Loan is (a)(1) subject to the provisions
            of the Homeownership and Equity Protection Act of 1994 as amended
            ("HOEPA") or (2) has an "annual percentage rate" or "total points
            and fees" (as each such term is defined under HOEPA) payable by the
            Mortgagor that equal or exceed the applicable thresholds defined
            under HOEPA (as defined in 12 CFR 226.32 (a)(1)(i) and (ii)), (b) a
            "high cost" mortgage loan, "covered" mortgage loan, "high risk home"
            mortgage loan, or "predatory" mortgage loan or any other comparable
            term, no matter how defined under any federal, state or local law,
            (c) subject to any comparable federal, state or local statutes or
            regulations, or any other statute or regulation providing for
            heightened regulatory scrutiny or assignee liability to holders of
            such mortgage loans, or (d) a High Cost Loan or Covered Loan, as
            applicable (as such terms are defined in the current Standard &
            Poor's LEVELS(R) Glossary Revised, Appendix E);

                  (xxxviii) No predatory or deceptive lending practices,
            including but not limited to, the extension of credit to a mortgagor
            without regard for the mortgagor's ability to repay the Mortgage
            Loan

                                     - 27 -
<PAGE>

            and the extension of credit to a mortgagor which has no apparent
            benefit to the mortgagor, were employed in connection with the
            origination of the Mortgage Loan. Each Mortgage Loan is in
            compliance with the anti-predatory lending eligibility for purchase
            requirements of GNMA, Fannie Mae and Freddie Mac;

                  (xxxix) Each Mortgage Loan is eligible for sale in the
            secondary market without being priced at an unreasonable discount
            and for inclusion in a publicly issued or privately placed
            mortgage-backed securities transaction that can be rated by each
            nationally recognized rating agency without unreasonable credit
            enhancement;

                  (xl) Each Mortgage Loan is subject to a mandatory Takeout
            Commitment at the locked-in Trade Price, and of a Takeout Investor
            to purchase such Mortgage Loans at such Trade Price on the related
            Settlement Date. The existence of such Takeout Commitment is
            confirmed in writing in the form of a Takeout Confirmation by
            Takeout Investor to Seller and contains all of the relevant details
            of the Takeout Commitment. Such Takeout Commitment and Takeout
            Confirmation have been assigned by the related Seller to the related
            Purchaser in writing and acknowledged and agreed to by the Takeout
            Investor in the form of a Trade Assignment or such other
            notification acceptable to the Purchaser in its sole discretion. The
            Settlement Date of the Takeout Commitment must be no more than 60
            days after the Purchase Date; and

                  (xli) With respect to each Wet Mortgage Loan, the Custodial
            File shall be delivered within seven (7) Business Days of the
            related Purchase Date.

           The representations and warranties of Sellers in this Section 9 are
unaffected by and supersede any provision in any endorsement of any Mortgage
Loan or in any assignment with respect to such Mortgage Loan to the effect that
such endorsement or assignment is without recourse or without representation or
warranty.

           Section 10. Covenants of Sellers. Sellers hereby covenant and agree
with Purchasers as follows:

           (a) Sellers shall deliver to Purchasers:

                  (i) Within ninety (90) days after the end of each fiscal year
            of AHMI, the consolidated balance sheets of each Seller and its
            consolidated subsidiaries, which will be in conformity with GAAP,
            and the related consolidated statements of income showing the
            financial condition of each Seller and its consolidated subsidiaries
            as of the close of such fiscal year, and the results of operations
            during such year, and a consolidated statement of cash flows, as of
            the close of such fiscal year, setting forth, in each case, in
            comparative form the corresponding figures for the

                                     - 28 -
<PAGE>

            preceding year. The foregoing consolidated financial statements are
            to be reported on by, and to carry the report (acceptable in form
            and content to Purchasers) of an independent public accountant of
            national standing acceptable to Purchasers and are to be accompanied
            by a letter of management in form and substance acceptable to
            Purchasers;

                  (ii) Within forty-five (45) days after the end of each of the
            first three fiscal quarters of each fiscal year of each Seller,
            unaudited consolidated balance sheets and consolidated statements of
            income, all to be in a form acceptable to Purchasers, showing the
            financial condition and results of operations of each Seller and its
            consolidated subsidiaries on a consolidated basis as of the end of
            each such quarter and for the then elapsed portion of the fiscal
            year, setting forth, in each case, in comparative form the
            corresponding figures for the corresponding periods of the preceding
            fiscal year, certified by a financial officer of each Seller
            (acceptable to Purchasers) as presenting fairly the financial
            position and results of operations of each Seller and its
            consolidated subsidiaries and as having been prepared in accordance
            with GAAP consistently applied, in each case, subject to normal
            year-end audit adjustments;

                  (iii) [Reserved];

                  (iv) Promptly upon becoming aware thereof, notice of (1) the
            commencement of, or any determination in, any legal, judicial or
            regulatory proceedings that if adversely determined would have a
            material adverse effect on the related Seller, (2) any material
            dispute between each Seller or its Parent Company and any
            governmental or regulatory body, (3) any event or condition, which,
            in any case of (1) or (2) is likely to be adversely determined, and
            would have a material adverse effect on (A) the validity or
            enforceability of any Program Document, (B) the financial condition
            or business operations of each Seller, or (C) the ability of each
            Seller to fulfill its obligations under any Program Document or (4)
            any material adverse change in the business, operations or financial
            condition of Seller, including, without limitation, the insolvency
            of each Seller or its Parent Company;

                  (v) [Reserved];

                  (vi) [Reserved];

                  (vii) Prior to the first Purchase Date hereunder and at the
            request of any Purchaser at any time thereafter, a copy of an
            Officer's Certificate in the form attached hereto as Exhibit F
            together with (1) the articles of incorporation of the related
            Seller and any amendments thereto, certified by the Secretary of
            State of such Seller's state of incorporation, (2) a copy of such
            Seller's by-laws, together with any amendments thereto, and (3) a
            copy of the resolutions adopted by such Seller's Board of Directors

                                     - 29 -
<PAGE>

            authorizing such Seller to enter into the Program Documents and
            authorizing one or more of such Seller's officers to execute the
            documents related to the Program Documents;

                  (viii) Evidence that all other actions necessary or, in the
            opinion of the related Purchaser, desirable to perfect and protect
            Purchaser's interest in the Mortgage Loans and other Collateral have
            been taken, including, without limitation, duly filed Uniform
            Commercial Code financing statements on Form UCC-1;

                  (ix) [Reserved]; and

                  (x) Such supplements to the aforementioned documents and such
            other information regarding the operations, business, affairs and
            financial condition of its Parent Company, each Seller or any of
            each Seller's consolidated subsidiaries as Purchasers may reasonably
            request in the possession of a Seller.

           (b) Unless any Mortgage Loan is repurchased by a Seller in accordance
with the terms of this Agreement, after the related Purchase Date, neither each
Seller nor any Affiliate thereof will acquire at any time any economic interest
in or obligation with respect to any Mortgage Loan, except (i) in the case of
Defective Mortgage Loans, (ii) in the case of Mortgage Loans for which an Early
Payment Default occurs, (iii) to the extent that the Seller retains the
servicing rights with respect to any Mortgage Loans purchased by the Purchaser
hereunder and (iv) Seller's right to the Completion Fee;

           (c) Under GAAP and for federal income tax purposes, each Seller will
report each sale of a Mortgage Loan to the related Purchaser hereunder as a sale
of the ownership interest in the Mortgage Loan. Each Seller has been advised by
or has confirmed with its independent public accountants that the foregoing
transactions will be so classified under GAAP;

           (d) The consideration received by the related Seller upon the sale of
each Mortgage Loan Pool will constitute reasonably equivalent value and fair
consideration for the ownership interest in the Mortgage Loans included therein;

           (e) Each Seller will be solvent at all relevant times prior to, and
will not be rendered insolvent by, any sale of a Mortgage Loan to any Purchaser;

           (f) Each Seller will not sell any Mortgage Loan to any Purchaser with
any intent to hinder, delay or defraud any of each Seller's creditors;

           (g) Each Seller shall comply, in all material respects, with all
laws, rules and regulations to which it is subject;

           (h) Each Seller shall, upon request of any Purchaser, promptly
execute and deliver to such Purchaser all such other and further documents and
instruments of

                                     - 30 -
<PAGE>

transfer, conveyance and assignment, and shall take such other action as such
Purchaser may reasonably require more effectively to transfer, convey, assign to
and vest in such Purchaser and to put such Purchaser in possession of the
property to be transferred, conveyed, assigned and delivered hereunder and
otherwise to carry out more effectively the intent of the provisions under this
Agreement;

           (i) Each Seller is a member of MERS in good standing and current in
the payment of all fees and assessments imposed by MERS, and has complied with
all rules and procedures of MERS. Each Seller has entered into the Electronic
Tracking Agreement. In accordance with the provisions of the Electronic Tracking
Agreement, each Seller shall (1) cause each Mortgage Loan that is to be sold to
the related Purchaser on a Purchase Date the Mortgage for which is recorded in
the name of MERS to be designated a MERS Mortgage Loan and (2) cause the related
Purchaser to be designated an Associated Member (as defined in the Electronic
Tracking Agreement) with respect to each such MERS Mortgage Loan. In connection
with the assignment of any Mortgage Loan registered on the MERS System, each
Seller agrees that at the request of the related Purchaser it will, at each
Seller's own cost and expense, cause the MERS System to indicate that such
Mortgage Loan has been transferred to the related Purchaser in accordance with
the terms of this Agreement by including in MERS' computer files (a) the code in
the field which identifies the specific owner of the Mortgage Loans and (b) the
code in the field "Pool Field" which identifies the series in which such
Mortgage Loans were sold. Each Seller further agrees that it will not alter
codes referenced in this paragraph with respect to any Mortgage Loan at any time
that such Mortgage Loan is subject to this Agreement, and each Seller shall
retain its membership in MERS at all times during the term of this Agreement;

           (j) [Reserved];

           (k) [Reserved];

           (l) [Reserved];

           (m) [Reserved]; and

           (n) Proceeds of any insurance on a Mortgaged Property that is paid to
the related Seller shall be held in trust for the benefit of the related
Purchaser.

           Section 11. Term. This Agreement shall continue in effect until
terminated as to future transactions by written instruction signed by the
Sellers or Purchasers and delivered to the other, provided that no termination
will affect the obligations hereunder as to any of the Mortgage Loans purchased
hereunder.

           Section 12. Exclusive Benefit of Parties; Assignment. This Agreement
is for the exclusive benefit of the parties hereto and their respective
successors and assigns and shall not be deemed to give any legal or equitable
right to any other person, including the Custodian. Except as provided in
Section 7, no rights or obligations created by this Agreement may be assigned by
any party hereto without the prior written consent of the other parties.

                                     - 31 -
<PAGE>

           Any Person into which either Seller may be merged or consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
such Seller shall be a party, or any Person succeeding to the business of such
Seller, shall be the successor of such Seller hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding.

           Section 13. Amendments; Waivers; Cumulative Rights. This Agreement
may be amended from time to time only by written agreement of Sellers and
Purchasers. Any forbearance, failure or delay by either party in exercising any
right, power or remedy hereunder shall not be deemed to be a waiver thereof, and
any single or partial exercise by a Purchaser of any right, power or remedy
hereunder shall not preclude the further exercise thereof. Every right, power
and remedy of Purchasers shall continue in full force and effect until
specifically waived by Purchasers in writing. No right, power or remedy shall be
exclusive, and each such right, power or remedy shall be cumulative and in
addition to any other right, power or remedy, whether conferred hereby or
hereafter available at law or in equity or by statute or otherwise.

           Section 14. Execution in Counterparts. This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original, but
all of which shall constitute one and the same instrument.

           Section 15. Effect of Invalidity of Provisions. In case any one or
more of the provisions contained in this Agreement should be or become invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein or therein shall in
no way be affected, prejudiced or disturbed thereby.

           Section 16. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to conflict of laws rules.

           Section 17. Notices. Any notices, consents, elections, directions and
other communications given under this Agreement shall be in writing and shall be
deemed to have been duly given when telecopied or delivered by overnight
courier, personally delivered, or on the third day following the placing thereof
in the mail, first class postage prepaid, to the respective addresses set forth
in the first paragraph hereof for Sellers, Servicer and Purchasers, or to such
other address as either party shall give notice to the other party pursuant to
this Section 17. Copies of all notices to Sellers shall be delivered to the
attention of Craig Pino and copies of all notices to Servicer shall be delivered
to the attention of David M. Friedman, in each case with a copy of all legal
notices delivered to the attention of Alan B. Horn, General Counsel. Copies of
all notices to Purchasers shall be delivered to the attention of Glenn Minkoff.

           Section 18. Entire Agreement. This Agreement and the other Program
Documents contain the entire agreement between the parties hereto with respect
to the

                                     - 32 -
<PAGE>

subject matter hereof, and supersede all prior and contemporaneous agreements
between them, oral or written, of any nature whatsoever with respect to the
subject matter hereof.

           Section 19. Costs of Enforcement. In addition to any other indemnity
specified in this Agreement, Sellers agree to reimburse Purchasers as and when
billed by Purchasers for all Purchasers' reasonable out-of-pocket costs and
expenses, including reasonable attorneys' fees and expenses of Purchasers and/or
Assignees, incurred in connection with the enforcement or the preservation of
Purchasers' rights under the Program Documents, including any costs incurred in
the event of a breach by Seller of the Program Documents or a Takeout
Commitment.

           Section 20. Consent to Service. Each party irrevocably consents to
the service of process by registered or certified mail, postage prepaid, to it
at its address given in or pursuant to Section 17.

           Section 21. Submission to Jurisdiction. With respect to any claim
arising out of this Agreement each party (a) irrevocably submits to the
nonexclusive jurisdiction of the courts of the State of New York and the United
States District Court located in the Borough of Manhattan in New York City, and
(b) irrevocably waives (i) any objection which it may have at any time to the
laying of venue of any suit, action or proceeding arising out of or relating
hereto brought in any such court, (ii) any claim that any such suit, action or
proceeding brought in any such court has been brought in any inconvenient forum
and (iii) the right to object, with respect to such claim, suit, action or
proceeding brought in any such court, that such court does not have jurisdiction
over such party.

           Section 22. Jurisdiction Not Exclusive. Nothing herein will be deemed
to preclude either party hereto from bringing an action or proceeding in respect
of this Agreement in any jurisdiction other than as set forth in Section 21.

           Section 23. WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, ANY OTHER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

           Section 24. Construction. The headings in this Agreement are for
convenience only and are not intended to influence its construction. References
to Sections, Exhibits and Annexes in this Agreement are to the Sections of and
Exhibits to this Agreement. The Exhibits are part of this Agreement, and are
incorporated herein by reference. The singular includes the plural, the plural
the singular, and the words "and" and "or" are used in the conjunctive or
disjunctive as the sense and circumstances may require.

           Section 25. Further Assurances. Sellers and Purchasers each agree to
execute and deliver to the other such reasonable and appropriate additional
documents,

                                     - 33 -
<PAGE>

instruments or agreements as may be necessary or appropriate to effectuate the
purposes of this Agreement.

           Section 26. Joint and Several Liability. The liability of the Sellers
and the Servicer hereunder is joint and several. The Sellers and Servicer
hereby: (a) acknowledge and agree that the Purchasers shall have no obligation
to proceed against one Seller or the Servicer before proceeding against the
other Seller or the Servicer, (b) waive any defense to their obligations under
this Agreement, based upon or arising our of the disability or other defense or
cessation of liability of one Seller or Servicer versus the other or of any
other Seller or Servicer, and (c) waive any right or subrogation or ability to
proceed against any Person until all amounts owed to Purchasers by Sellers
pursuant to this Agreement are paid in full.

           Section 27. Expenses. Seller shall pay to Purchasers and their
affiliates: (i) all of its reasonable fees and out-of-pocket expenses incurred
in connection with the preparation, negotiation and execution of the Program
Documents and related documentation (including all reasonable fees and
out-of-pocket expenses of its legal counsel incurred in connection with any
amendments to the Program Documents or any take-out); (ii) its due diligence
expenses (including the diligence undertaken in connection with the execution of
the Program Documents and any on-going due diligence undertaken in connection
with the Program Documents or any take-out); provided that, the Sellers shall
not be required to reimburse the Purchasers for due diligence costs in excess of
$50,000 in any twelve month period unless the Purchasers require additional due
diligence due to non-compliance, in which case the Sellers will reimburse the
Purchasers directly for all reasonable out of pocket costs incurred in
connection with such due diligence; and (iii) up front and ongoing custodial
fees and expenses. Sellers shall reimburse Purchasers for any other fees and
out-of-pocket expenses reasonably incurred in connection with the Program
Documents. All of the foregoing amounts shall be due and payable from time to
time promptly after demand of Purchasers irrespective of the execution of this
Agreement.

           Section 28. Intent of the Parties.

           (a) The parties recognize (without suggesting that Mortgage Loans are
securities) that this Agreement and each transaction hereunder is a "securities
contract" as that term is defined in Section 741 of Title 11 of the United
States Code, as amended and the Bankruptcy Code.

           (b) It is understood that the related Purchaser's right to liquidate
Mortgage Loans delivered to it in connection with transactions hereunder or to
exercise any other remedies hereof is a contractual right to liquidate such
transactions as described in Section 555 of Title 11 of the United States Code,
as amended.

           (c) The parties intend that this Agreement and all transactions
hereunder constitute a "master netting agreement" as that term is defined in
Section 101 of the Bankruptcy Code. It is understood that Purchaser's right to
sell the Mortgage Loans delivered to it hereunder, accelerate or terminate this
Agreement or otherwise

                                     - 34 -
<PAGE>

exercise any other remedies hereunder is a contractual right to liquidate,
terminate or accelerate this Agreement as described in Sections 555 and 561 of
the Bankruptcy Code, as applicable.

                            [signature page follows]

<PAGE>

           IN WITNESS WHEREOF, Purchasers, Sellers and Servicer have duly
executed this Agreement as of the date and year set forth on the cover page
hereof.

                                        ASPEN FUNDING CORP.

                                        By: /s/ Doris J. Hearn
                                           -------------------------------------
                                        Name: Doris J. Hearn
                                        Title: Vice President

                                        GEMINI SECURITIZATION CORP., LLC

                                        By: /s/ R. Douglas Donaldson
                                           -------------------------------------
                                        Name: R. Douglas Donaldson
                                        Title: Treasurer

                                        NEWPORT FUNDING CORP.

                                        By: /s/ Doris J. Hearn
                                           -------------------------------------
                                        Name: Doris J. Hearn
                                        Title: Vice President

                                        SEDONA CAPITAL FUNDING CORP., LLC

                                        By: /s/ Doris J. Hearn
                                           -------------------------------------
                                        Name: Doris J. Hearn
                                        Title: Vice President

<PAGE>

                                        AMERICAN HOME MORTGAGE CORP.

                                        By: /s/ Alan B. Horn
                                           -------------------------------------
                                        Name: Alan B. Horn
                                        Title: Executive Vice President, General
                                               Counsel and Secretary

                                        AMERICAN HOME MORTGAGE INVESTMENT CORP.

                                        By: /s/ Alan B. Horn
                                           -------------------------------------
                                        Name: Alan B. Horn
                                        Title: Executive Vice President, General
                                               Counsel and Secretary

                                        AMERICAN HOME MORTGAGE SERVICING, INC.

                                        By: /s/ Alan B. Horn
                                           -------------------------------------
                                        Name: Alan B. Horn
                                        Title: Executive Vice President, General
                                               Counsel and Secretary

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