Document:

<PAGE>

                                                                  EXECUTION COPY

                    STRUCTURED ASSET SECURITIES CORPORATION,
                                  as Depositor,

                            AURORA LOAN SERVICES LLC,
                               as Master Servicer,

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,
                                   as Trustee

                           ___________________________

                                 TRUST AGREEMENT

                           Dated as of August 1, 2005
                           ___________________________

                 STRUCTURED ADJUSTABLE RATE MORTGAGE LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 2005-19XS

<PAGE>

                                TABLE OF CONTENTS
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<S>                                                                                                          <C>
ARTICLE I DEFINITIONS ...........................................................................................8

Section 1.01.         Definitions................................................................................8

Section 1.02.         Calculations Respecting Mortgage Loans....................................................46

Section 1.03.         Calculations Respecting Accrued Interest..................................................46

ARTICLE II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES.......................................................47

Section 2.01.         Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans......................47

Section 2.02.         Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund...............50

Section 2.03.         Representations and Warranties of the Depositor...........................................52

Section 2.04.         Discovery of Breach.......................................................................54

Section 2.05.         Repurchase, Purchase or Substitution of Mortgage Loans....................................54

Section 2.06.         Grant Clause..............................................................................55

ARTICLE III THE CERTIFICATES....................................................................................56

Section 3.01.         The Certificates..........................................................................56

Section 3.02.         Registration..............................................................................57

Section 3.03.         Transfer and Exchange of Certificates.....................................................57

Section 3.04.         Cancellation of Certificates..............................................................61

Section 3.05.         Replacement of Certificates...............................................................61

Section 3.06.         Persons Deemed Owners.....................................................................62

Section 3.07.         Temporary Certificates....................................................................62

Section 3.08.         Appointment of Paying Agent...............................................................62

Section 3.09.         Book Entry Certificates...................................................................63

ARTICLE IV ADMINISTRATION OF THE TRUST FUND.....................................................................64

Section 4.01.         Collection Account........................................................................64

Section 4.02.         Application of Funds in the Collection Account............................................66

Section 4.03.         Reports to Certificateholders.............................................................68

Section 4.04.         Certificate Account.......................................................................72

ARTICLE V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES..............................................................73

Section 5.01.         Distributions Generally...................................................................73

Section 5.02.         Distributions from the Certificate Account................................................74

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Section 5.03.         Allocation of Losses......................................................................83

Section 5.04.         Advances by Master Servicer, Servicer and Trustee.........................................84

Section 5.05.         Compensating Interest Payments............................................................85

Section 5.06.         Pool 1 Basis Risk Reserve Fund and Pool 2 Basis Risk Reserve Fund.........................85

Section 5.07.         Capitalized Interest Account..............................................................85

ARTICLE VI CONCERNING THE TRUSTEE EVENTS OF DEFAULT.............................................................86

Section 6.01.         Duties of Trustee.........................................................................86

Section 6.02.         Certain Matters Affecting the Trustee.....................................................88

Section 6.03.         Trustee Not Liable for Certificates.......................................................90

Section 6.04.         Trustee May Own Certificates..............................................................90

Section 6.05.         Eligibility Requirements for Trustee......................................................90

Section 6.06.         Resignation and Removal of Trustee........................................................91

Section 6.07.         Successor Trustee.........................................................................92

Section 6.08.         Merger or Consolidation of Trustee........................................................92

Section 6.09.         Appointment of Co-Trustee, Separate Trustee or Custodian..................................92

Section 6.10.         Authenticating Agents.....................................................................94

Section 6.11.         Indemnification of Trustee................................................................95

Section 6.12.         Fees and Expenses of Trustee and Custodians...............................................95

Section 6.13.         Collection of Monies......................................................................96

Section 6.14.         Events of Default; Trustee To Act; Appointment of Successor...............................96

Section 6.15.         Additional Remedies of Trustee Upon Event of Default.....................................100

Section 6.16.         Waiver of Defaults.......................................................................101

Section 6.17.         Notification to Holders..................................................................101

Section 6.18.         Directions by Certificateholders and Duties of Trustee During Event of Default...........101

Section 6.19.         Action Upon Certain Failures of the Master Servicer and Upon Event of Default............102

Section 6.20.         Preparation of Tax Returns and Other Reports.............................................102

Section 6.21.         Allocation to Related Mortgage Pool......................................................104
</TABLE>

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ARTICLE VII PURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND.......................................104

Section 7.01.         Purchase of Mortgage Loans; Termination of the Trust Fund Upon Purchase or
                      Liquidation of Mortgage Loans............................................................104

Section 7.02.         Procedure Upon Termination of Trust Fund.................................................106

Section 7.03.         Additional Trust Fund Termination Requirements...........................................107

Section 7.04.         Optional Purchase Right of NIMS Insurer..................................................108

ARTICLE VIII RIGHTS OF CERTIFICATEHOLDERS......................................................................108

Section 8.01.         Limitation on Rights of Holders..........................................................108

Section 8.02.         Access to List of Holders................................................................109

Section 8.03.         Acts of Holders of Certificates..........................................................110

ARTICLE IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER...............................111

Section 9.01.         Duties of the Master Servicer............................................................111

Section 9.02.         Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
                      Policy...................................................................................111

Section 9.03.         Master Servicer's Financial Statements and Related Information...........................112

Section 9.04.         Power to Act; Procedures.................................................................112

Section 9.05.         Enforcement of Servicer's and Master Servicer's Obligations..............................114

Section 9.06.         Collection of Taxes, Assessments and Similar Items.......................................115

Section 9.07.         Termination of Servicing Agreements; Successor Servicers.................................115

Section 9.08.         Master Servicer Liable for Enforcement...................................................116

Section 9.09.         No Contractual Relationship Between the Servicer and Trustee or Depositor................117

Section 9.10.         Assumption of Servicing Agreement by the Trustee.........................................117

Section 9.11.         Due-on-Sale Clauses; Assumption Agreements; Easements....................................117

Section 9.12.         Release of Mortgage Files................................................................118

Section 9.13.         Documents, Records and Funds in Possession of Master Servicer To Be Held for
                      Trustee..................................................................................119

Section 9.14.         Representations and Warranties of the Master Servicer....................................120

Section 9.15.         Opinion..................................................................................123

Section 9.16.         Standard Hazard and Flood Insurance Policies.............................................123

Section 9.17.         Presentment of Claims and Collection of Proceeds.........................................123

Section 9.18.         Maintenance of the Primary Mortgage Insurance Policies...................................123

</TABLE>
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Section 9.19.         Trustee To Retain Possession of Certain Insurance Policies and Documents.................124

Section 9.20.         Realization Upon Defaulted Mortgage Loans................................................124

Section 9.21.         Compensation to the Master Servicer......................................................125

Section 9.22.         REO Property.............................................................................125

Section 9.23.         [Reserved]...............................................................................126

Section 9.24.         Reports to the Trustee...................................................................126

Section 9.25.         Annual Officer's Certificate as to Compliance............................................127

Section 9.26.         Annual Independent Accountants' Servicing Report.........................................127

Section 9.27.         Merger or Consolidation..................................................................128

Section 9.28.         Resignation of Master Servicer...........................................................128

Section 9.29.         Assignment or Delegation of Duties by the Master Servicer................................129

Section 9.30.         Limitation on Liability of the Master Servicer and Others................................129

Section 9.31.         Indemnification; Third Party Claims......................................................130

Section 9.32.         Special Servicing of Delinquent Mortgage Loans...........................................130

Section 9.33.         Allocation to Related Mortgage Pool......................................................130

ARTICLE X REMIC ADMINISTRATION.................................................................................131

Section 10.01.        REMIC Administration.....................................................................131

Section 10.02.        Prohibited Transactions and Activities...................................................139

Section 10.03.        Indemnification with Respect to Certain Taxes and Loss of REMIC Status...................139

Section 10.04.        REO Property.............................................................................140

ARTICLE XI MISCELLANEOUS PROVISIONS............................................................................141

Section 11.01.        Binding Nature of Agreement; Assignment..................................................141

Section 11.02.        Entire Agreement.........................................................................141

Section 11.03.        Amendment................................................................................141

Section 11.04.        Voting Rights............................................................................142

Section 11.05.        Provision of Information.................................................................142

Section 11.06.        Governing Law............................................................................143

Section 11.07.        Notices..................................................................................143

Section 11.08.        Severability of Provisions...............................................................143

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Section 11.09.        Indulgences; No Waivers..................................................................144

Section 11.10.        Headings Not To Affect Interpretation....................................................144

Section 11.11.        Benefits of Agreement....................................................................144

Section 11.12.        Special Notices to the Rating Agencies...................................................144

Section 11.13.        Conflicts................................................................................145

Section 11.14.        Counterparts.............................................................................145

Section 11.15.        Transfer of Servicing....................................................................145

</TABLE>

                                      -v-

<PAGE>
                                   ATTACHMENTS

Exhibit A        Forms of Certificates
Exhibit B-1      Form of Initial Certification
Exhibit B-2      Form of Interim Certification
Exhibit B-3      Form of Final Certification
Exhibit B-4      Form of Endorsement
Exhibit C        Request for Release of Documents and Receipt
Exhibit D-l      Form of Residual Certificate Transfer Affidavit (Transferee)
Exhibit D-2      Form of Residual Certificate Transfer Affidavit (Transferor)
Exhibit E        Servicing Agreements for Aurora Loan Services LLC and Option
                   One Mortgage Corporation
Exhibit F        Form of Rule 144A Transfer Certificate
Exhibit G        Form of Purchaser's Letter for Institutional Accredited
                   Investors
Exhibit H        Form of ERISA Transfer Affidavit
Exhibit I        [Reserved]
Exhibit J        [Reserved]
Exhibit K        Custodial Agreement for U.S. Bank National Association
Exhibit L        [Reserved]
Exhibit M        Form Certifications to be Provided by the Trustee to the
                   Depositor
Exhibit N        [Reserved]
Exhibit O        [Reserved]
Exhibit P        [Reserved]
Schedule A       Mortgage Loan Schedule

                                      -vi-

<PAGE>
         This TRUST AGREEMENT, dated as of August 1, 2005 (the "Agreement"), is
by and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as
depositor (the "Depositor"), AURORA LOAN SERVICES LLC, as master servicer (the
"Master Servicer"), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as trustee (the "Trustee").

                              PRELIMINARY STATEMENT

         The Depositor has acquired the Mortgage Loans from Lehman Brothers
Holdings (the "Seller"), and at the Closing Date is the owner of the Mortgage
Loans and the other property being conveyed by it to the Trustee hereunder for
inclusion in the Trust Fund. On the Closing Date, the Depositor will acquire the
Certificates from the Trust Fund as consideration for its transfer to the Trust
Fund of the Mortgage Loans and the other property constituting the Trust Fund.
The Depositor has duly authorized the execution and delivery of this Agreement
to provide for the conveyance to the Trustee of the Mortgage Loans and the other
property constituting the Trust Fund. All covenants and agreements made by the
Seller in the Mortgage Loan Sale Agreement and by the Depositor, the Master
Servicer and the Trustee herein with respect to the Mortgage Loans and the other
property constituting the Trust Fund are for the benefit of the Holders from
time to time of the Certificates. The Depositor, the Trustee and the Master
Servicer are entering into this Agreement, and the Trustee is accepting the
Trust Fund created hereby, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged.

         As provided herein, the Trustee shall elect that the Trust Fund (other
than the Capitalized Interest Account, the Pool 1 Basis Risk Reserve Fund and
the Pool 2 Basis Risk Reserve Fund) be treated for federal income tax purposes
as comprising four real estate mortgage investment conduits (each a "REMIC" or,
in the alternative, "REMIC I-1," "REMIC I-2," "REMIC II-1" and "REMIC II-2").
Each Group I Certificate and Class X-I Certificate represents ownership of a
regular interest in REMIC I-2 for purposes of the REMIC Provisions. Each Group
II Certificate and Class X-II Certificate represents ownership of a regular
interest in REMIC II-2 for purposes of the REMIC Provisions. In addition, each
Certificate (other than the Class R, Class X-I and Class X-II Certificates)
represents the right to receive payments with respect to any Basis Risk
Shortfalls and Unpaid Basis Risk Shortfalls. In addition, each Group I
Certificate and the Class X-I Certificates represent the right to receive
payments attributable to the fact that, for the first Distribution Date, the
Pool 1 Optimal Interest Remittance Amount is increased by the Capitalized
Interest Amount. The Class R Certificate represents ownership of the sole Class
of residual interest in each of REMIC I-1, REMIC I-2, REMIC II-1 and the REMIC
II-2 for purposes of the REMIC Provisions.

         REMIC I-2 shall hold as its assets the several Classes of
uncertificated REMIC I-1 Regular Interests and each such REMIC I-1 Regular
Interest is hereby designated as a regular interest in REMIC I-1. REMIC I-1
shall hold as its assets the property of the Trust Fund relating to Pool 1 other
than (i) the Capitalized Interest Account, (ii) the Lower Tier Interests, (iii)
the Pool 1 Basis Risk Reserve Fund and (iv) the Pool 2 Basis Risk Reserve Fund.

<PAGE>

         REMIC II-2 shall hold as its assets the several Classes of
uncertificated REMIC II-1 Regular Interests and each such REMIC II-1 Regular
Interest is hereby designated as a regular interest in REMIC II-1. REMIC II-1
shall hold as its assets the property of the Trust Fund relating to Pool 2 other
than (i) the Capitalized Interest Account, (ii) the Lower Tier Interests, (iii)
the Pool 1 Basis Risk Reserve Fund and (iv) the Pool 2 Basis Risk Reserve Fund.

         The startup day for each REMIC created hereby for purposes of the REMIC
Provisions is the Closing Date. In addition, for purposes of the REMIC
Provisions, the latest possible maturity date for each regular interest in each
REMIC created hereby is the Latest Possible Maturity Date.

                                       2
<PAGE>

REMIC I-1

         The following table sets forth (or describes) the Class designation,
interest rate, and initial principal amount for each Class of REMIC I-1
Interests.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                                                                                              Corresponding
            Class                                                 Initial Class                 Class of
         Designation                  Interest Rate             Principal Amount              Certificates
-------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                      <C>                           <C>
-------------------------------------------------------------------------------------------------------------------
LTI1-1A1                                   (1)                         (2)                        1-A1
-------------------------------------------------------------------------------------------------------------------
LTI1-1A2A                                  (1)                         (2)                        1-A2A
-------------------------------------------------------------------------------------------------------------------
LTI1-1A2B                                  (1)                         (2)                        1-A2B
-------------------------------------------------------------------------------------------------------------------
LTI1-1A3                                   (1)                         (2)                        1-A3
-------------------------------------------------------------------------------------------------------------------
LTI1-M1I                                   (1)                         (2)                        M1-I
-------------------------------------------------------------------------------------------------------------------
LTI1-M2I                                   (1)                         (2)                        M2-I
-------------------------------------------------------------------------------------------------------------------
LTI1-M3I                                   (1)                         (2)                        M3-I
-------------------------------------------------------------------------------------------------------------------
LTI1-XI                                    (1)                         (3)                         N/A
-------------------------------------------------------------------------------------------------------------------
LTI1-R                                     (4)                         (4)                         N/A
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The interest rate with respect to any Distribution Date (and the related
    Accrual Period) for each of these REMIC I-1 Interests is a per annum rate
    equal to the Pool 1 Net Funds Cap (computed as if the Pool 1 Optimal
    Interest Remittance Amount for the first Distribution Date was not increased
    by the Capitalized Interest Amount).

(2) The initial principal amount for this interest in REMIC I-1 equals 50% of
    the initial principal amount of the Corresponding Class of Certificates.

(3) This interest shall have an initial principal balance equal to the excess of
    (i) the Pool Balance of Pool 1 as of the Cut-off Date over (ii) the
    aggregate initial principal balance of the REMIC I-1 Marker Classes.

(4) The Class LTI1-R Interest is the sole Class of residual interest in REMIC
    I-1. It does not have an interest rate or a principal balance.

                                       3
<PAGE>
REMIC II-1

         The following table sets forth (or describes) the Class designation,
interest rate, and initial principal amount for each Class of REMIC II-1
Interests.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                                                                                              Corresponding
            Class                                                 Initial Class                 Class of
         Designation                  Interest Rate             Principal Amount              Certificates
-------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                      <C>                           <C>
-------------------------------------------------------------------------------------------------------------------
LTII1-2A1                                  (1)                         (2)                        2-A1
-------------------------------------------------------------------------------------------------------------------
LTII1-2A2                                  (1)                         (2)                        2-A2
-------------------------------------------------------------------------------------------------------------------
LTII1-2A3                                  (1)                         (2)                        2-A3
-------------------------------------------------------------------------------------------------------------------
LTII1-M1II                                 (1)                         (2)                        M1-II
-------------------------------------------------------------------------------------------------------------------
LTII1-M2II                                 (1)                         (2)                        M2-II
-------------------------------------------------------------------------------------------------------------------
LTII1-M3II                                 (1)                         (2)                        M3-II
-------------------------------------------------------------------------------------------------------------------
LTII1-XII                                  (1)                         (3)                         N/A
-------------------------------------------------------------------------------------------------------------------
LTII1-R                                    (4)                         (4)                         N/A
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The interest rate with respect to any Distribution Date (and the related
    Accrual Period) for each of these REMIC II-1 Interests is a per annum rate
    equal to the Pool 2 Net Funds Cap.

(2) The initial principal amount for this interest in REMIC II-1 equals 50% of
    the initial principal amount of the Corresponding Class of Certificates.

(3) This interest shall have an initial principal balance equal to the excess of
    (i) the Pool Balance of Pool 2 as of the Cut-off Date over (ii) the
    aggregate initial principal balance of the REMIC II-1 Marker Classes.

(4) The Class LTII1-R Interest is the sole Class of residual interest in REMIC
    II-1. It does not have an interest rate or a principal balance.

                                       4
<PAGE>
THE CERTIFICATES

         The following table sets forth (or describes) the Class designation,
Certificate Interest Rate, initial Class Principal Amount (or Class Notional
Amount) and minimum denomination for each Class of Certificates comprising
interests in the Trust Fund created hereunder. Each Group I Certificate and
Class X-I Certificate represents ownership of regular interests in REMIC I-2.
Each Group II Certificate and Class X-II Certificate represents ownership of
regular interests in REMIC II-2.
<TABLE>
<CAPTION>
                                                                    INITIAL CLASS
                                                                  PRINCIPAL AMOUNT
                                                                  OR CLASS NOTIONAL                 MINIMUM
      CLASS DESIGNATION                INTEREST RATE                 AMOUNT ($)                  DENOMINATIONS
----------------------------        --------------------        ---------------------         ------------------
<S>                                 <C>                         <C>                          <C>
Class 1-A1                                  (1)                    $  687,421,000               $  25,000.00
Class 1-A2A                                 (2)                    $  100,000,000               $  25,000.00
Class 1-A2B                                 (3)                    $  146,326,000               $  25,000.00
Class 1-A3                                  (4)                    $  108,842,000               $  25,000.00
Class 2-A1                                  (5)                    $  365,330,000               $  25,000.00
Class 2-A2                                  (6)                    $  130,910,000               $  25,000.00
Class 2-A3                                  (7)                    $  47,188,000                $  25,000.00
Class M1-I                                  (8)                    $  54,993,000                $  100,000.00
Class M2-I                                  (9)                    $  27,496,000                $  100,000.00
Class M3-I                                 (10)                    $  14,894,000                $  100,000.00
Class M1-II                                (11)                    $  48,406,000                $  100,000.00
Class M2-II                                (12)                    $  9,437,000                 $  100,000.00
Class M3-II                                (13)                    $  6,088,000                 $  100,000.00
Class X-I                                  (14)                    (14)                         (17)
Class X-II                                 (15)                    (15)                         (17)
Class R                                    (16)                    (16)                         (17)
</TABLE>

(1) The Certificate Interest Rate with respect to any Distribution Date (and the
    related Accrual Period) for the Class 1-A1 Certificates is the per annum
    rate equal to the lesser of (i) LIBOR plus 0.320% (the "1-A1 Margin") and
    (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided, that if
    the Pool 1 Mortgage Loans and related property are not purchased pursuant to
    Section 7.01(b) on the Pool 1 Initial Optional Termination Date, then with
    respect to each subsequent Distribution Date the per annum rate calculated
    pursuant to clause (i) above with respect to the Class 1-A1 Certificates
    will be LIBOR plus 0.640%.

(2) The Certificate Interest Rate with respect to any Distribution Date (and the
    related Accrual Period) for the Class 1-A2A Certificates is the per annum
    rate equal to the lesser of (i) LIBOR plus 0.880% (the "1-A2A Margin") and
    (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided, that if
    the Pool 1 Mortgage Loans and related property are not purchased pursuant to
    Section 7.01(b) on the Pool 1 Initial Optional Termination Date, then with
    respect to each subsequent Distribution Date the per annum rate calculated
    pursuant to clause (i) above with respect to the Class 1-A2A Certificates
    will be LIBOR plus 1.760%.

                                       5
<PAGE>
(3) The Certificate Interest Rate with respect to any Distribution Date (and the
    related Accrual Period) for the Class 1-A2B Certificates is the per annum
    rate equal to the lesser of (i) LIBOR plus 0.360% (the "1-A2B Margin") and
    (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided, that if
    the Pool 1 Mortgage Loans and related property are not purchased pursuant to
    Section 7.01(b) on the Pool 1 Initial Optional Termination Date, then with
    respect to each subsequent Distribution Date the per annum rate calculated
    pursuant to clause (i) above with respect to the Class 1-A2B Certificates
    will be LIBOR plus 0.720%.

(4) The Certificate Interest Rate with respect to any Distribution Date (and the
    related Accrual Period) for the Class 1-A3 Certificates is the per annum
    rate equal to the lesser of (i) LIBOR plus 0.420 % (the "1-A3 Margin") and
    (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided, that if
    the Pool 1 Mortgage Loans and related property are not purchased pursuant to
    Section 7.01(b) on the Pool 1 Initial Optional Termination Date, then with
    respect to each subsequent Distribution Date the per annum rate calculated
    pursuant to clause (i) above with respect to the Class 1-A3 Certificates
    will be LIBOR plus 0.840%.

(5) The Certificate Interest Rate with respect to any Distribution Date (and the
    related Accrual Period) for the Class 2-A1 Certificates is the per annum
    rate equal to the lesser of (i) LIBOR plus 0.300% (the "2-A1 Margin") and
    (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided, that if
    the Pool 2 Mortgage Loans and related property are not purchased pursuant to
    Section 7.01(b) on the Pool 2 Initial Optional Termination Date, then with
    respect to each subsequent Distribution Date the per annum rate calculated
    pursuant to clause (i) above with respect to the Class 2-A1 Certificates
    will be LIBOR plus 0.600%.

(6) The Certificate Interest Rate with respect to any Distribution Date (and the
    related Accrual Period) for the Class 2-A2 Certificates is the per annum
    rate equal to the lesser of (i) LIBOR plus 0.340% (the "2-A2 Margin") and
    (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided, that if
    the Pool 2 Mortgage Loans and related property are not purchased pursuant to
    Section 7.01(b) on the Pool 2 Initial Optional Termination Date, then with
    respect to each subsequent Distribution Date the per annum rate calculated
    pursuant to clause (i) above with respect to the Class 2-A2 Certificates
    will be LIBOR plus 0.680%.

(7) The Certificate Interest Rate with respect to any Distribution Date (and the
    related Accrual Period) for the Class 2-A3 Certificates is the per annum
    rate equal to the lesser of (i) LIBOR plus 0.400% (the "2-A3 Margin") and
    (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided, that if
    the Pool 2 Mortgage Loans and related property are not purchased pursuant to
    Section 7.01(b) on the Pool 2 Initial Optional Termination Date, then with
    respect to each subsequent Distribution Date the per annum rate calculated
    pursuant to clause (i) above with respect to the Class 2-A3 Certificates
    will be LIBOR plus 0.800%.

(8) The Certificate Interest Rate with respect to any Distribution Date (and the
    related Accrual Period) for the Class M1-I Certificates is the per annum
    rate equal to the lesser of (i) LIBOR plus 0.650% (the "M1-I Margin") and
    (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided, that if
    the Pool 1 Mortgage Loans and related property are not purchased pursuant to
    Section 7.01(b) on the Pool 1 Initial Optional Termination Date, then with
    respect to each subsequent Distribution Date the per annum rate calculated
    pursuant to clause (i) above with respect to the Class M1-I Certificates
    will be LIBOR plus 0.975%.

(9) The Certificate Interest Rate with respect to any Distribution Date (and the
    related Accrual Period) for the Class M2-I Certificates is the per annum
    rate equal to the lesser of (i) LIBOR plus 0.950% (the "M2-I Margin") and
    (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided, that if
    the Pool 1 Mortgage Loans and related property are not purchased pursuant to
    Section 7.01(b) on the Pool 1 Initial Optional Termination Date, then with
    respect to each subsequent Distribution Date the per annum rate calculated
    pursuant to clause (i) above with respect to the Class M2-I Certificates
    will be LIBOR plus 1.425%.

                                       6
<PAGE>
(10) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class M3-I Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 1.750% (the "M3-I Margin")
     and (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
     that if the Pool 1 Mortgage Loans and related property are not purchased
     pursuant to Section 7.01(b) on the Pool 1 Initial Optional Termination
     Date, then with respect to each subsequent Distribution Date the per annum
     rate calculated pursuant to clause (i) above with respect to the Class M3-I
     Certificates will be LIBOR plus 2.625%.

(11) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class M1-II Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.650% (the "M1-II
     Margin") and (ii) the Pool 2 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 2 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 2 Initial Optional
     Termination Date, then with respect to each subsequent Distribution Date
     the per annum rate calculated pursuant to clause (i) above with respect to
     the Class M1-II Certificates will be LIBOR plus 0.975%.

(12) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class M2-II Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 0.950% (the "M2-II
     Margin") and (ii) the Pool 2 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 2 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 2 Initial Optional
     Termination Date, then with respect to each subsequent Distribution Date
     the per annum rate calculated pursuant to clause (i) above with respect to
     the Class M2-II Certificates will be LIBOR plus 1.425%.

(13) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class M3-II Certificates is the per
     annum rate equal to the lesser of (i) LIBOR plus 2.200% (the "M3-II
     Margin") and (ii) the Pool 2 Net Funds Cap for such Distribution Date;
     provided, that if the Pool 2 Mortgage Loans and related property are not
     purchased pursuant to Section 7.01(b) on the Pool 2 Initial Optional
     Termination Date, then with respect to each subsequent Distribution Date
     the per annum rate calculated pursuant to clause (i) above with respect to
     the Class M3-II Certificates will be LIBOR plus 3.300%.

(14) The Class X-I Certificate shall have an initial principal balance of
     $5,731,175.15. For each Distribution Date, the Class X-I Certificate shall
     be entitled to the Class X-I Current Interest. Unpaid interest on the Class
     X-I Certificates shall not itself bear interest.

(15) The Class X-II Certificate shall have an initial principal balance of
     $1,525,502.61. For each Distribution Date, the Class X-II Certificate shall
     be entitled to the Class X-II Current Interest. Unpaid interest on the
     Class X-II Certificates shall not itself bear interest.

(16) The Class R Certificate will be issued without a Certificate Principal
     Amount and will not bear interest at a stated rate. The Class R Certificate
     represents ownership of the residual interest in REMIC I-2 and REMIC II-2,
     as well as ownership of the Class LTI1-R Interest and Class LTII1-R
     Interest.

(17) The Class X-I and Class X-II Certificates will be issued in minimum
     Percentage Interests of 10%. The Class R Certificate will be issued as a
     single Certificate evidencing the entire Percentage Interest in such Class.

         As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $1,754,587,677.76.

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

                                       7
<PAGE>
                                   ARTICLE I

                                  DEFINITIONS

         Section 1.01. Definitions.

         The following words and phrases, unless the context otherwise requires,
shall have the following meanings:

         1-A1 Margin: As defined in footnote (1) of the Preliminary Statement
under the caption "The Certificates".

         1-A2A Margin: As defined in footnote (2) of the Preliminary Statement
under the caption "The Certificates".

         1-A2B Margin: As defined in footnote (3) of the Preliminary Statement
under the caption "The Certificates".

         1-A3 Margin: As defined in footnote (4) of the Preliminary Statement
under the caption "The Certificates".

         2-A1 Margin: As defined in footnote (5) of the Preliminary Statement
under the caption "The Certificates".

         2-A2 Margin: As defined in footnote (6) of the Preliminary Statement
under the caption "The Certificates".

         2-A3 Margin: As defined in footnote (7) of the Preliminary Statement
under the caption "The Certificates".

         Accepted Servicing Practices: With respect to any Mortgage Loan, as
applicable, either (x) those customary mortgage servicing practices of prudent
mortgage servicing institutions that service or master service mortgage loans of
the same type and quality as such Mortgage Loan in the jurisdiction where the
related Mortgaged Property is located, to the extent applicable to the Trustee
(as successor Master Servicer) or the Master Servicer or (y) as provided in the
Servicing Agreement, to the extent applicable to the Servicer.

         Accountant: A person engaged in the practice of accounting who (except
when this Agreement provides that an Accountant must be Independent) may be
employed by or affiliated with the Depositor or an Affiliate of the Depositor.

         Accrual Period: For each Distribution Date, the period beginning on the
immediately preceding Distribution Date (or on August 25, 2005, in the case of
the first Accrual Period) and ending on the day immediately preceding the
related Distribution Date. The Offered Certificates and Lower Tier Interests
shall accrue interest on the basis of a 360-day year and the actual number of
days in each Accrual Period.

         Act:  As defined in Section 3.03(c).

                                       8
<PAGE>

         Advance: An advance of the aggregate of payments of principal and
interest (net of the Servicing Fee) on one or more Mortgage Loans that were due
on the Due Date in the related Collection Period and not received as of the
close of business on the related Determination Date, required to be made by the
Servicer or by the Master Servicer on behalf of the Servicer (or by the Trustee
as successor master servicer) pursuant to Section 5.04.

         Adverse REMIC Event: Either (i) loss of status as a REMIC, within the
meaning of Section 860D of the Code, for any group of assets identified as a
REMIC in the Preliminary Statement to this Agreement, or (ii) imposition of any
tax, including the tax imposed under Section 860F(a)(1) on prohibited
transactions, and the tax imposed under Section 860G(d) on certain contributions
to a REMIC, on any REMIC created hereunder.

         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" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

         Aggregate Voting Interests: The aggregate of the Voting Interests of
all the Certificates under this Agreement.

         Agreement: This Trust Agreement and all amendments and supplements
hereto.

         Applied Loss Amounts: Not applicable.

         Appraised Value: With respect to any Mortgage Loan, the amount set
forth in an appraisal made in connection with the origination of such Mortgage
Loan as the value of the related Mortgaged Property.

         Assignment of Mortgage: An assignment of the Mortgage, notice of
transfer or equivalent instrument, in recordable form, sufficient under the laws
of the jurisdiction wherein the related Mortgaged Property is located to reflect
the sale of the Mortgage to the Trustee, which assignment, notice of transfer or
equivalent instrument may be in the form of one or more blanket assignments
covering the Mortgage Loans secured by Mortgaged Properties located in the same
jurisdiction, if permitted by law; provided, however, that neither the Custodian
nor the Trustee shall be responsible for determining whether any such assignment
is in recordable form.

         Aurora: Aurora Loan Services LLC or its successors in interest.

         Authenticating Agent: Any authenticating agent appointed by the Trustee
pursuant to Section 6.10.

         Authorized Officer: Not applicable.

         Balloon Mortgage Loan: Not applicable.

         Balloon Payment: Not applicable.

                                       9
<PAGE>

         Bankruptcy: As to any Person, the making of an assignment for the
benefit of creditors, the filing of a voluntary petition in bankruptcy,
adjudication as a bankrupt or insolvent, the entry of an order for relief in a
bankruptcy or insolvency proceeding, the seeking of reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief, or
seeking, consenting to or acquiescing in the appointment of a trustee, receiver
or liquidator, dissolution, or termination, as the case may be, of such Person
pursuant to the provisions of either the Bankruptcy Code, or any other similar
state laws.

         Bankruptcy Code: The United States Bankruptcy Code of 1986, as amended.

         Basis Risk Payment: Not applicable.

         Basis Risk Reserve Fund: Not applicable.

         Basis Risk Shortfall: With respect to any Distribution Date and any
Class of Offered Certificates, the amount by which the amount of interest
calculated at the Certificate Interest Rate applicable to such Class for such
date, determined without regard to the applicable Net Funds Cap for such date
but subject to a cap equal to the Maximum Interest Rate of the Mortgage Pool to
which such Class relates, exceeds the amount of interest calculated at the
applicable Net Funds Cap.

         Benefit Plan Opinion: Not applicable.

         Book-Entry Certificates: Beneficial interests in Certificates
designated as "Book-Entry Certificates" in this Agreement, ownership and
transfers of which shall be evidenced or made through book entries by a Clearing
Agency as described in Section 3.09; provided, that after the occurrence of a
condition whereupon book-entry registration and transfer are no longer permitted
and Definitive Certificates are to be issued to Certificate Owners, such
Book-Entry Certificates shall no longer be "Book-Entry Certificates." As of the
Closing Date, the Offered Certificates constitute Book-Entry Certificates.

         Bulk PMI Policy: Not applicable.

         Business Day: Any day other than (i) a Saturday or a Sunday, (ii) a day
on which banking institutions in New York City, New York or, if other than New
York City, the city in which the Corporate Trust Office of the Trustee is
located and the State of Colorado are closed, or (iii) with respect to the
Servicer Remittance Date or the Servicer reporting date, the States specified in
the definition of "Business Day" in the Servicing Agreement, are authorized or
obligated by law or executive order to be closed.

         Cap Agreement: None.

         Cap Counterparty: None.

         Capitalized Interest Account: A trust account, established by the
Trustee for the benefit of the holders of the Group I Certificates and the
Seller.

         Capitalized Interest Amount: $30,000.

                                       10
<PAGE>

         Carryforward Interest: With respect to any Distribution Date and any
Class of Certificates (other than the Class X-I, Class X-II and Class R
Certificates), the sum of (i) the amount, if any, by which (x) the sum of (A)
Current Interest for such Class for the immediately preceding Distribution Date
and (B) any unpaid Carryforward Interest for such Class from previous
Distribution Dates exceeds (y) the amount distributed in respect of interest on
such Class on such immediately preceding Distribution Date, and (ii) interest on
such amount for the related Accrual Period at the applicable Certificate
Interest Rate. Carryforward Interest shall not include amounts attributable to
an allocation of Deferred Interest.

         Certificate: Any one of the certificates signed and countersigned by
the Trustee in substantially the forms attached hereto as Exhibit A.

         Certificate Account: The account maintained by the Trustee in
accordance with the provisions of Section 4.04.

         Certificate Group: The Group I Certificates or the Group II
Certificates, as applicable.

         Certificate Interest Rate: With respect to each Class of Certificates
and any Distribution Date, the applicable per annum rate set forth or described
in the Preliminary Statement hereto.

         Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the owner of such Book-Entry Certificate, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with
such Clearing Agency (directly or as an indirect participant, in accordance with
the rules of such Clearing Agency).

         Certificate Principal Amount: With respect to any Certificate (other
than the Class X-I, Class X-II and Class R Certificates) and any Distribution
Date, the initial Certificate Principal Amount thereof on the Closing Date, less
the amount of all principal distributions previously distributed with respect to
such Certificate prior to such Distribution Date, and, in the case of the Group
I Subordinate Certificates, as reduced by any Pool 1 Applied Loss Amounts or, in
the case of any Group II Subordinate Certificate, as reduced by any Pool 2
Applied Loss Amounts, previously allocated thereto, plus, in the case of any
Negative Amortization Certificate, any Deferred Interest allocated thereto on
previous Distribution Dates; provided, however, that on each Distribution Date
on which a Subsequent Recovery is distributed, the Certificate Principal Amount
of any Group I Subordinate Certificate that has been reduced by application of a
Pool 1 Applied Loss Amount or the Certificate Principal Amount of any Group II
Subordinate Certificate that has been reduced by application of a Pool 2 Applied
Loss Amount will be increased, in order of seniority, by an amount (to be
applied pro rata to all Certificates of such Class) equal to the lesser of (1)
any Deferred Amount for each such Class immediately prior to such date and (2)
(a) in the case of the holders of Group I Certificates, the total amount of any
Subsequent Recovery related to Pool 1 distributed on such date to
Certificateholders, after application (for this purpose) to more senior Classes
of such Certificates and (b) in the case of holders of Group II Certificates,
the total amount of any Subsequent Recovery related to Pool 2 distributed on
such date to Certificateholders, after application (for this purpose) to more
senior Classes of such Certificates. The Class X-I, Class X-II and Class R
Certificates are issued without Certificate Principal Amounts.

                                       11
<PAGE>

         Certificate Register and Certificate Registrar: The register maintained
and the registrar appointed pursuant to Section 3.02.

         Certificateholder: The meaning provided in the definition of "Holder."

         Class: All Certificates and, in the case of REMIC I-1 or REMIC II-1,
all Lower Tier Interests bearing the same Class designation.

         Class CX Excess Cap Amount:  Not Applicable.

         Class M Certificates: Any of the Class M1-I, Class M1-II, Class M2-I,
Class M2-II, Class M3-I and Class M3-II Certificates.

         Class Notional Amount: Not applicable.

         Class P Interest: Not Applicable.

         Class P Principal Amount: Not Applicable.

         Class Principal Amount: With respect to each Class of Certificates
other than the Class R, Class X-I and Class X-II Certificates, the aggregate of
the Certificate Principal Amounts (or related Percentage Interest therein
aggregating to 100%) of all Certificates of such Class at the date of
determination. With respect to the Class R, Class X-I and Class X-II
Certificates, zero.

         Class R Certificate: The Class R Certificate executed by the Trustee,
and authenticated and delivered by the Certificate Registrar, substantially in
the form annexed hereto as Exhibit A and evidencing the ownership of the Class
LTI1-R Interest, Class LTII1-R Interest and the residual interest in REMIC I-2
and REMIC II-2.

         Class X-I Current Interest: For any Distribution Date, the interest
accrued during the related Accrual Period on the Class X-I Notional Balance at
the Class X-I Interest Rate.

         Class X-I Distributable Amount: On any Distribution Date, the excess of
(i) the sum of (x) $5,731,175.15 and (y) the aggregate Class X-I Current
Interest for such Distribution Date and all prior Distribution Dates over (ii)
the sum of (x) the aggregate Pool 1 Basis Risk Payment for such Distribution
Date and all prior Distribution Dates and (y) all prior Distributions to the
Class X-I Certificate under Section 5.02(f)(v) hereof.

         Class X-I Interest Rate: For any Distribution Date, the excess of (i)
the weighted average of the interest rates on the REMIC I-1 Regular Interests
over (ii) two times the weighted average of the interest rates on the REMIC I-1
Regular Interests (treating for purposes of this clause (ii) the interest rate
on each of the REMIC I-1 Marker Classes as being capped at the interest rate of
the Corresponding Classes of Certificates and treating the interest rate on the
Class LTI1-XI Interest as capped at zero). The average described in the
preceding sentence shall be weighted on the basis of the respective principal
balances of the REMIC I-1 Regular Interests immediately prior to such
Distribution Date.

                                       12
<PAGE>

         Class X-I Notional Balance: With respect to any Distribution Date (and
the related Accrual Period), the aggregate principal balance of the REMIC I-1
Regular Interests immediately prior to such Distribution Date.

         Class X-II Current Interest: For any Distribution Date, the interest
accrued during the related Accrual Period on the Class X-II Notional Balance at
the Class X-II Interest Rate.

         Class X-II Distributable Amount: On any Distribution Date, the excess
of (i) the sum of (x) $1,525,502.61 and (y) the aggregate Class X-II Current
Interest for such Distribution Date and all prior Distribution Dates over (ii)
the sum of (x) the aggregate Pool 2 Basis Risk Payment for such Distribution
Date and all prior Distribution Dates and (y) all prior Distributions to the
Class X-II Certificate under Section 5.02(g)(v) hereof.

         Class X-II Interest Rate: For any Distribution Date, the excess of (i)
the weighted average of the interest rates on the REMIC II-1 Regular Interests
over (ii) two times the weighted average of the interest rates on the REMIC II-1
Regular Interests (treating for purposes of this clause (ii) the interest rate
on each of the REMIC II-1 Marker Classes as being capped at the interest rate of
the Corresponding Classes of Certificates and treating the interest rate on the
Class LTII1-XII Interest as capped at zero). The average described in the
preceding sentence shall be weighted on the basis of the respective principal
balances of the REMIC II-1 Regular Interests immediately prior to such
Distribution Date.

         Class X-II Notional Balance: With respect to any Distribution Date (and
the related Accrual Period), the aggregate principal balance of the REMIC II-1
Regular Interests immediately prior to such Distribution Date.

         Clearing Agency: An organization registered as a "clearing agency"
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. As
of the Closing Date, the Clearing Agency shall be The Depository Trust Company.

         Clearing Agency Participant: A broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency effects
book entry transfers and pledges of securities deposited with the Clearing
Agency.

         Clearstream: Not applicable.

         Closing Date: August 31, 2005.

         Code: The Internal Revenue Code of 1986, as amended, and as it may be
further amended from time to time, any successor statutes thereto, and
applicable U.S. Department of Treasury regulations issued pursuant thereto in
temporary or final form.

         Collection Account: A separate account established and maintained by
the Master Servicer pursuant to Section 4.01.

         Collection Period: With respect to any Distribution Date, the period
commencing on the second day of the month immediately preceding the month in
which such Distribution Date occurs and ending on the first day of the month in
which such Distribution Date occurs.

                                       13
<PAGE>

         Compensating Interest Payment: With respect to any Distribution Date
and prepayments in full or in part, an amount equal the aggregate amount of any
Prepayment Interest Shortfalls required to be paid by the Servicer with respect
to such Distribution Date. The Master Servicer shall not be responsible to make
any Compensating Interest Payment.

         Component: Not applicable.

         Component Interest Rate: Not applicable.

         Component Principal Amount: Not applicable.

         Conventional Loan: Not applicable.

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

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

         Cooperative Loan Documents: As to any Cooperative Loan, (i) the
Cooperative Shares, together with a stock power in blank; (ii) the original
executed Security Agreement and the assignment of the Security Agreement
endorsed in blank; (iii) the original executed Proprietary Lease and the
assignment of the Proprietary Lease endorsed in blank; (iv) the original
executed Recognition Agreement and the assignment of the Recognition Agreement
(or a blanket assignment of all Recognition Agreements) endorsed in blank; (v)
the executed UCC-1 financing statement with evidence of recording thereon, which
has been filed in all places required to perfect the security interest in the
Cooperative Shares and the Proprietary Lease; and (vi) executed UCC-3 financing
statements (or copies thereof) or other appropriate UCC financing statements
required by state law, evidencing a complete and unbroken line from the
mortgagee to the Trustee with evidence of recording thereon (or in a form
suitable for recordation).

         Cooperative Property: The real property and improvements owned by the
Cooperative Corporation, that includes the allocation of individual dwelling
units to the holders of the Cooperative Shares of the Cooperative Corporation.

         Cooperative Shares: Shares issued by a Cooperative Corporation.

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

         Corporate Trust Office: The principal corporate trust office of the
Trustee is located at U.S. Bank National Association, 1 Federal Street, 3rd
Floor, Boston, M.A. 02110, Attention: SARM 2005-19XS.

         Corresponding Class: The Class of Certificates that corresponds to a
class of Lower Tier Interests in REMIC I-1 or REMIC II-1 and as described in the
Preliminary Statement.

                                       14
<PAGE>

         Credit Score: Not applicable.

         Cumulative Loss Trigger Event: Not applicable.

         Current Interest: With respect to any Offered Certificate and any
Distribution Date, the aggregate amount of interest accrued at the applicable
Certificate Interest Rate during the related Accrual Period on the Class
Principal Amount (or Class Notional Amount) thereof immediately prior to such
Distribution Date.

         Custodial Account: Any custodial account (other than an Escrow Account)
established and maintained by the Servicer pursuant to the Servicing Agreement.

         Custodial Agreement: The custodial agreement attached as Exhibit K
hereto, and any custodial agreement subsequently executed by the Trustee and
acknowledged by the Master Servicer substantially in the form thereof.

         Custodian: The custodian appointed by the Trustee pursuant to a
Custodial Agreement, and any successor thereto. The initial Custodian is U.S.
Bank National Association.

         Cut-off Date: With respect to all Mortgage Loans, August 1, 2005.

         Cut-off Date Balance: With respect to the Mortgage Loans in a Mortgage
Pool on the Closing Date, the Pool Balance as of the Cut-off Date.

         Debt Service Reduction: With respect to any Mortgage Loan, a reduction
of the Scheduled Payment that the related Mortgagor is obligated to pay on any
Due Date as a result of, or in connection with, any proceeding under Bankruptcy
law or any similar proceeding.

         Deferred Amount: With respect to any Distribution Date and the Class M
Certificates, the aggregate of Pool 1 Applied Loss Amounts (in the case of any
Group I Subordinate Certificate) or Pool 2 Applied Loss Amounts (in the case of
any Group II Certificates) previously applied in reduction of the Certificate
Principal Amount of such Class M Certificate, less (i) any amounts previously
reimbursed in respect thereof and (ii) the amount by which the Certificate
Principal Amount of such Class M Certificate has been increased due to
Subsequent Recoveries.

         Deferred Interest: Any interest shortfall resulting from Net Negative
Amortization.

         Deficient Valuation: With respect to any Mortgage Loan, a valuation by
a court of competent jurisdiction of the Mortgaged Property in an amount less
than the then outstanding indebtedness under such Mortgage Loan, which valuation
results from a proceeding under Bankruptcy law or any similar proceeding.

         Definitive Certificate: A Certificate of any Class issued in
definitive, fully registered, certificated form.

         Deleted Mortgage Loan: A Mortgage Loan that is repurchased from the
Trust Fund pursuant to the terms hereof or as to which one or more Qualifying
Substitute Mortgage Loans are substituted therefor.

                                       15
<PAGE>

         Delinquency Event: Not applicable.

         Delinquency Rate: Not applicable.

         Delinquent: For reporting purposes, a Mortgage Loan is "delinquent"
when any payment contractually due thereon has not been made by the close of
business on the Due Date therefor. Such Mortgage Loan is "30 days Delinquent" if
such payment has not been received by the close of business on the corresponding
day of the month immediately succeeding the month in which such payment was
first due, or, if there is no such corresponding day (e.g., as when a 30-day
month follows a 31-day month in which a payment was due on the 31st day of such
month), then on the last day of such immediately succeeding month. Similarly for
"60 days Delinquent" and the second immediately succeeding month and "90 days
Delinquent" and the third immediately succeeding month.

         Deposit Date: With respect to each Distribution Date, the Business Day
immediately preceding such Distribution Date.

         Depositor: Structured Asset Securities Corporation, a Delaware
corporation, having its principal place of business in New York, or its
successors in interest.

         Determination Date: With respect to each Distribution Date, the 18th
day of the month in which such Distribution Date occurs, or, if such 18th day is
not a Business Day, the next succeeding Business Day.

         Disqualified Organization: A "disqualified organization" as defined in
Section 860E(e)(5) of the Code.

         Distressed Mortgage Loan: Any Mortgage Loan that at the date of
determination is Delinquent in payment for a period of more than 90 days or more
without giving effect to any grace period permitted by the relevant Mortgage
Note or for which the Servicer has accepted a deed in lieu of foreclosure.

         Distribution Date: The 25th day of each month or, if such 25th day is
not a Business Day, the next succeeding Business Day, commencing in September
2005.

         Due Date: With respect to any Mortgage Loan, the date on which a
Scheduled Payment is due under the related Mortgage Note.

         Eligible Account: Either (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company acceptable to
the Rating Agencies or (ii) an account or accounts the deposits in which are
insured by the FDIC to the limits established by such corporation, provided that
any such deposits not so insured shall be maintained in an account at a
depository institution or trust company whose commercial paper or other short
term debt obligations (or, in the case of a depository institution or trust
company which is the principal subsidiary of a holding company, the commercial
paper or other short term debt or deposit obligations of such holding company or
depository institution, as the case may be) have been rated by each Rating
Agency in its highest short-term rating category, or (iii) a segregated trust
account or accounts (which shall be a "special deposit account") maintained with
the Trustee or any other federal or state chartered depository institution or
trust company, acting in its fiduciary capacity, in a manner acceptable to the
Trustee and the Rating Agencies. Eligible Accounts may bear interest.

                                       16
<PAGE>

         Eligible Investments: Any one or more of the following obligations or
securities:

                                    (i) direct obligations of, and obligations
                  fully guaranteed as to timely payment of principal and
                  interest by, the United States of America or any agency or
                  instrumentality of the United States of America the
                  obligations of which are backed by the full faith and credit
                  of the United States of America ("Direct Obligations");

                                    (ii) federal funds, or demand and time
                  deposits in, certificates of deposits of, or bankers'
                  acceptances issued by, any depository institution or trust
                  company (including U.S. subsidiaries of foreign depositories
                  and the Trustee or any agent of the Trustee, acting in its
                  respective commercial capacity) incorporated or organized
                  under the laws of the United States of America or any state
                  thereof and subject to supervision and examination by federal
                  or state banking authorities, so long as at the time of
                  investment or the contractual commitment providing for such
                  investment the commercial paper or other short term debt
                  obligations of such depository institution or trust company
                  (or, in the case of a depository institution or trust company
                  which is the principal subsidiary of a holding company, the
                  commercial paper or other short term debt or deposit
                  obligations of such holding company or deposit institution, as
                  the case may be) have been rated by each Rating Agency in its
                  highest short-term rating category or one of its two highest
                  long-term rating categories;

                                    (iii) repurchase agreements collateralized
                  by Direct Obligations or securities guaranteed by Ginnie Mae,
                  Fannie Mae or Freddie Mac with any registered broker/dealer
                  subject to Securities Investors' Protection Corporation
                  jurisdiction or any commercial bank insured by the FDIC, if
                  such broker/dealer or bank has an uninsured, unsecured and
                  unguaranteed obligation rated by each Rating Agency in its
                  highest short-term rating category;

                                    (iv) securities bearing interest or sold at
                  a discount issued by any corporation incorporated under the
                  laws of the United States of America or any state thereof
                  which have a credit rating from each Rating Agency, at the
                  time of investment or the contractual commitment providing for
                  such investment, at least equal to one of the two highest
                  short term credit rating categories of each Rating Agency;
                  provided, however, that securities issued by any particular
                  corporation will not be Eligible Investments to the extent
                  that investment therein will cause the then outstanding
                  principal amount of securities issued by such corporation and
                  held as part of the Trust Fund to exceed 20% of the sum of the
                  Pool Balance and the aggregate principal amount of all
                  Eligible Investments in the Certificate Account; provided,
                  further, that such securities will not be Eligible Investments
                  if they are published as being under review with negative
                  implications from any Rating Agency;

                                       17
<PAGE>

                                    (v) commercial paper (including both
                  non-interest-bearing discount obligations and interest bearing
                  obligations payable on demand or on a specified date not more
                  than 180 days after the date of issuance thereof) rated by
                  each Rating Agency in its highest short-term rating category;

                                    (vi) a Qualified GIC;

                                    (vii) certificates or receipts representing
                  direct ownership interests in future interest or principal
                  payments on obligations of the United States of America or its
                  agencies or instrumentalities (which obligations are backed by
                  the full faith and credit of the United States of America)
                  held by a custodian in safekeeping on behalf of the holders of
                  such receipts; and

                                    (viii) any other demand, money market,
                  common trust fund or time deposit or obligation, or interest
                  bearing or other security or investment (including those
                  managed or advised by the Trustee or any Affiliate thereof),
                  (A) rated in the highest rating category by each Rating Agency
                  or (B) that would not adversely affect the then current rating
                  assigned by each Rating Agency of any of the Certificates.
                  Such investments in this subsection (viii) may include money
                  market mutual funds or common trust funds, including any fund
                  for which U.S. Bank National Association, in its capacity
                  other than as Trustee, the Master Servicer or an affiliate
                  thereof serves as an investment advisor, administrator,
                  shareholder, servicing agent, and/or custodian or
                  subcustodian, notwithstanding that (x) U.S. Bank National
                  Association, the Trustee, the Master Servicer or any affiliate
                  thereof charges and collects fees and expenses from such funds
                  for services rendered, (y) U.S. Bank National Association, the
                  Trustee, the Master Servicer, or any affiliate thereof charges
                  and collects fees and expenses for services rendered pursuant
                  to this Agreement, and (z) services performed for such funds
                  and pursuant to this Agreement may converge at any time. U.S.
                  Bank National Association or an affiliate thereof is hereby
                  authorized to charge and collect from the Trust Fund such fees
                  as are collected from all investors in such funds for services
                  rendered to such funds (but not to exceed investment earnings
                  thereon);

provided, however, that no such instrument shall be an Eligible Investment if
such instrument evidences either (i) a right to receive only interest payments
with respect to the obligations underlying such instrument, or (ii) both
principal and interest payments derived from obligations underlying such
instrument and the principal and interest payments with respect to such
instrument provide a yield to maturity of greater than 120% of the yield to
maturity at par of such underlying obligations, and provided further that in
order to be an Eligible Investment any such investment must be a "permitted
investment" within the meaning of Section 860G(a)(5) of the Code.

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

         ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that would satisfy the requirements of the
Underwriter's Exemption, except, in relevant part, for the requirement that the
certificates have received a rating at the time of acquisition that is in one of
the three (or four, in the case of a "designated transaction") highest generic
rating categories by at least one of the Rating Agencies.

                                       18
<PAGE>

         ERISA-Restricted Certificate: Any Class R, Class X-I or Class X-II
Certificate, and any other Certificate, unless the acquisition and holding of
such other Certificate is covered by and exempt under the Underwriter's
Exemption.

         Errors and Omission Insurance Policy: The errors or omission insurance
policy required to be obtained by the Servicer satisfying the requirements of
the Servicing Agreement.

         Escrow Account: Any account established and maintained by the Servicer
pursuant to the Servicing Agreement.

         Euroclear: Euroclear Bank, S.A./N.V., as operator of the Euroclear
System.

         Event of Default: Any one of the conditions or circumstances enumerated
in Section 6.14(a).

         Fannie Mae: Fannie Mae, f/k/a the Federal National Mortgage
Association, a federally chartered and privately owned corporation organized and
existing under the Federal National Mortgage Association Charter Act, or any
successor thereto.

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

         Fidelity Bond: The fidelity bond required to be obtained by the
Servicer satisfying the requirements of the Servicing Agreement.

         Final Scheduled Distribution Date: With respect to (i) the Offered
Certificates, the Distribution Date in October 2035 and (ii) all other Classes
of Certificates, the Latest Possible Maturity Date.

         Financial Intermediary: A broker, dealer, bank or other financial
institution or other Person that clears through or maintains a custodial
relationship with a Clearing Agency Participant.

         Freddie Mac: Freddie Mac, f/k/a the Federal Home Loan Mortgage
Corporation, a corporate instrumentality of the United States created and
existing under Title III of the Emergency Home Finance Act of 1970, as amended,
or any successor thereto.

         Ginnie Mae: Ginnie Mae, f/k/a the Government National Mortgage
Association, a wholly owned corporate instrumentality of the United States
within HUD.

         Global Securities: The global certificates representing the Book-Entry
Certificates.

         Grantor Trust: Each of the "grantor trusts" (within the meaning of the
Grantor Trust Provisions) described in Section 10.01 herein.

                                       19
<PAGE>

         Grantor Trust Provisions: Subpart E of Subchapter J of the Code,
including Treasury regulation section 301.7701-4(c)(2).

         Group I Certificates: The Class 1-A1, Class 1-A2A, Class 1-A2B, Class
1-A3, Class M1-I, Class M2-I and Class M3-I Certificates.

         Group I Senior Certificates: The Class 1-A1, Class 1-A2A, Class 1-A2B
and Class 1-A3 Certificates.

         Group I Subordinate Certificates: The Class M1-I, Class M2-I and Class
M3-I Certificates.

         Group I Subordinate Priority: Distributions to the Class M1-I, Class
M2-I and Class M3-I Certificates, sequentially, in that order.

         Group II Certificates: The Class 2-A1, Class 2-A2 and Class 2-A3, Class
M1-II, Class M2-II and Class M3-II Certificates.

         Group II Senior Certificates: The Class 2-A1, Class 2-A2 and Class 2-A3
Certificates.

         Group II Subordinate Certificates: The Class M1-II, Class M2-II and
Class M3-II Certificates.

         Group II Subordinate Priority: Distributions to the Class M1-II, Class
M2-II and Class M3-II Certificates, sequentially, in that order.

         Holder or Certificateholder: The registered owner of any Certificate as
recorded on the books of the Certificate Registrar except that, solely for the
purposes of taking any action or giving any consent pursuant to this Agreement,
any Certificate registered in the name of the Depositor, the Trustee, the Master
Servicer, the Servicer or any Affiliate thereof shall be deemed not to be
outstanding in determining whether the requisite percentage necessary to effect
any such consent has been obtained, except that, in determining whether the
Trustee shall be protected in relying upon any such consent, only Certificates
which a Responsible Officer of the Trustee knows to be so owned shall be
disregarded. The Trustee may request and conclusively rely on certifications by
the Depositor, the Master Servicer and the Servicer, in determining whether any
Certificates are registered to an Affiliate of the Depositor, the Master
Servicer or the Servicer, respectively.

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

         Independent: When used with respect to any Accountants, a Person who is
"independent" within the meaning of Rule 2 01(b) of the Securities and Exchange
Commission's Regulation S X. When used with respect to any other Person, a
Person who (a) is in fact independent of another specified Person and any
Affiliate of such other Person, (b) does not have any material direct financial
interest in such other Person or any Affiliate of such other Person, and (c) is
not connected with such other Person or any Affiliate of such other Person as an
officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

                                       20
<PAGE>

         Initial LIBOR Rate: 3.670% per annum.

         Initial Optional Termination Date: Not applicable.

         Insurance Fee Rate: Not applicable.

         Insurance Policy: Any Primary Mortgage Insurance Policy and any
standard hazard insurance policy, flood insurance policy, earthquake insurance
policy or title insurance policy relating to the Mortgage Loans or the Mortgaged
Properties, to be in effect as of the Closing Date or thereafter during the term
of this Agreement.

         Insurance Proceeds: Amounts paid by the insurer under any Insurance
Policy, other than amounts (i) to cover expenses incurred by or on behalf of the
Servicer or the Master Servicer in connection with procuring such proceeds, (ii)
to be applied to restoration or repair of the related Mortgaged Property or
(iii) required to be paid over to the Mortgagor pursuant to law or the related
Mortgage Note.

         Interest Remittance Amount: With respect to any Distribution Date and
any Mortgage Pool, (a) the sum of (1) all interest collected (other than in
connection with Payaheads and Prepayment Premiums) or advanced in respect of
Scheduled Payments on the related Mortgage Loans during the related Collection
Period by the Servicer, the Master Servicer, or the Trustee (solely acting in
its capacity as successor Master Servicer), minus (x) the Servicing Fee with
respect to the related Mortgage Loans and (y) previously unreimbursed Advances
and other amounts due to the Servicer, the Master Servicer or the Trustee
(solely acting in its capacity as successor Master Servicer) to the extent
allocable to interest and the allocable portion of previously unreimbursed
Servicing Advances with respect to the related Mortgage Loans, (2) any
Compensating Interest Payments with respect to the related Mortgage Loans with
respect to the related Prepayment Period, (3) the portion of any Purchase Price,
as applicable, or Substitution Amount paid with respect the related Mortgage
Loans during the related Prepayment Period allocable to interest, and (4) all
Net Liquidation Proceeds, Insurance Proceeds and any other recoveries collected
with respect to the related Mortgage Loans during the related Prepayment Period
(or in the case of Mortgage Loans serviced by Aurora, the relevant Collection
Period), to the extent allocable to interest, as reduced by (b) other costs,
expenses or liabilities related to such Mortgage Pool and reimbursable to the
Trustee, the Master Servicer or the Servicer to the extent provided in this
Agreement and the Servicing Agreement, and the Custodian pursuant to the
Custodial Agreement and (c) as increased by the lesser of (1) all Principal
Prepayments in full or in part received during the related Prepayment Period
with respect to the Mortgage Loans in such Mortgage Pool and (2) the aggregate
amount of Negative Amortization with respect to the Mortgage Loans during the
related Collection Period.

         Intervening Assignments: The original intervening assignments of the
Mortgage, notices of transfer or equivalent instrument.

         Latest Possible Maturity Date: The Distribution Date occurring in
October 2038.

                                       21
<PAGE>

         LBH: Lehman Brothers Holdings Inc., or any successor in interest.

         LIBOR: With respect to the first Accrual Period, the Initial LIBOR
Rate. With respect to each subsequent Accrual Period, a per annum rate
determined on the LIBOR Determination Date in the following manner by the
Trustee on the basis of the "Interest Settlement Rate" set by the British
Bankers' Association (the "BBA") for one-month United States dollar deposits, as
such rates appear on the Telerate Page 3750, as of 11:00 a.m. (London time) on
such LIBOR Determination Date.

         If on such a LIBOR Determination Date, the BBA's Interest Settlement
Rate does not appear on the Telerate Page 3750 as of 11:00 a.m. (London time),
or if the Telerate Page 3750 is not available on such date, the Trustee will
obtain such rate from Reuters' "page LIBOR 01" or Bloomberg's page "BBAM." If
such rate is not published for such LIBOR Determination Date, LIBOR for such
date will be the most recently published Interest Settlement Rate. In the event
that the BBA no longer sets an Interest Settlement Rate, the Trustee will
designate an alternative index that has performed, or that the Trustee expects
to perform, in a manner substantially similar to the BBA's Interest Settlement
Rate. The Trustee will select a particular index as the alternative index only
if it receives an Opinion of Counsel (a copy of which shall be furnished to any
NIMS Insurer), which opinion shall be an expense reimbursed from the Certificate
Account pursuant to Section 4.04, that the selection of such index will not
cause any of the REMICs to lose their classification as REMICs for federal
income tax purposes.

         The establishment of LIBOR by the Trustee and the Trustee's subsequent
calculation of the Certificate Interest Rate applicable to the LIBOR
Certificates for the relevant Accrual Period, in the absence of manifest error,
will be final and binding.

         LIBOR Business Day: Any day on which banks in London, England and The
City of New York are open and conducting transactions in foreign currency and
exchange.

         LIBOR Certificate: Any Offered Certificate.

         LIBOR Determination Date: The second LIBOR Business Day immediately
preceding the commencement of each Accrual Period for any LIBOR Certificates.

         Liquidated Mortgage Loan: Any defaulted Mortgage Loan as to which the
Master Servicer or the Servicer has determined that all amounts that it expects
to recover on behalf of the Trust Fund from or on account of such Mortgage Loan
have been recovered.

         Liquidation Expenses: Expenses that are incurred by the Master Servicer
or the Servicer in connection with the liquidation of any defaulted Mortgage
Loan and are not recoverable under the applicable Primary Mortgage Insurance
Policy, if any, including, without limitation, foreclosure and rehabilitation
expenses, legal expenses and unreimbursed amounts, if any, expended pursuant to
Sections 9.06, 9.16 or 9.22.

         Liquidation Proceeds: Cash received in connection with the liquidation
of a defaulted Mortgage Loan, whether through the sale or assignment of such
Mortgage Loan, trustee's sale, foreclosure sale, payment in full, discounted
payoff, condemnation proceeds, Insurance Proceeds, or otherwise, or the sale of
the related Mortgaged Property if the Mortgaged Property is acquired in
satisfaction of the Mortgage Loan by foreclosure or deed in lieu of foreclosure,
including any amounts remaining in the related Escrow Account.

                                       22
<PAGE>

         Loan-to-Value Ratio: With respect to any Mortgage Loan, the ratio of
the principal balance of such Mortgage Loan at origination, or such other date
as is specified, to the Original Value thereof.

         Lower Tier Interest: Any of the REMIC I-1 or REMIC II-1 Interests.

         M1-I Margin: As defined in footnote (8) of the Preliminary Statement
under the caption "The Certificates".

         M1-I Principal Distribution Amount: With respect to any Distribution
Date on or after the Pool 1 Stepdown Date and as long as a Pool 1 Trigger Event
is not in effect with respect to such Distribution Date, the amount, if any, by
which (x) the sum of (i) the aggregate Class Principal Amount of the Class 1-A1,
Class 1-A2A, Class 1-A2B and Class 1-A3 Certificates after giving effect to
distributions on such Distribution Date and (ii) the Class Principal Amount of
the Class M1-I Certificates immediately prior to such Distribution Date exceeds
(y) the M1-I Target Amount.

         M1-I Target Amount: With respect to any Distribution Date an amount
equal to the lesser of (a) the product of (i) (x) for each distribution prior to
the Distribution Date in September 2011, 88.875% and (y) thereafter, 91.100% and
(ii) the Pool Balance for Pool 1 for such Distribution Date determined as of the
last day of the related Collection Period immediately prior to such Distribution
Date and (b) the amount, if any, by which (1) the Pool Balance for Pool 1 for
such Distribution Date determined as of the last day of the related Collection
Period exceeds (2) the Pool 1 Overcollateralization Floor.

         M1-II Margin: As defined in footnote (11) of the Preliminary Statement
under the caption "The Certificates".

         M1-II Principal Distribution Amount: With respect to any Distribution
Date on or after the Pool 2 Stepdown Date and as long as a Pool 2 Trigger Event
is not in effect with respect to such Distribution Date, the amount, if any, by
which (x) the sum of (i) the aggregate Class Principal Amount of the Class 2-A1,
Class 2-A2 and Class 2-A3 Certificates after giving effect to distributions on
such Distribution Date and (ii) the Class Principal Amount of the Class M1-II
Certificates immediately prior to such Distribution Date exceeds (y) the M1-II
Target Amount.

         M1-II Target Amount: With respect to any Distribution Date an amount
equal to the lesser of (a) the product of (i) (x) for each distribution prior to
the Distribution Date in September 2011, 92.126% and (y) thereafter, 93.701% and
(ii) the Pool Balance for Pool 2 for such Distribution Date determined as of the
last day of the related Collection Period immediately prior to such Distribution
Date and (b) the amount, if any, by which (1) the Pool Balance for Pool 2 for
such Distribution Date determined as of the last day of the related Collection
Period exceeds (2) the Pool 2 Overcollateralization Floor.

         M2-I Margin: As defined in footnote (9) of the Preliminary Statement
under the caption "The Certificates".

                                       23
<PAGE>

         M2-I Principal Distribution Amount: With respect to any Distribution
Date on or after the Pool 1 Stepdown Date and as long as a Pool 1 Trigger Event
is not in effect with respect to such Distribution Date, the amount, if any, by
which (x) the sum of (i) the aggregate Class Principal Amount of the Class 1-A1,
Class 1-A2A, Class 1-A2B, Class 1-A3 and Class M1-I Certificates in each case,
after giving effect to distributions on such Distribution Date and (ii) the
Class Principal Amount of the Class M2-I Certificates immediately prior to such
Distribution Date exceeds (y) the M2-I Target Amount.

         M2-I Target Amount: With respect to any Distribution Date an amount
equal to the lesser of (a) the product of (i) (x) for each distribution prior to
the Distribution Date in September 2011, 94.875% and (y) thereafter, 95.900% and
(ii) the Pool Balance for Pool 1 for such Distribution Date determined as of the
last day of the related Collection Period immediately prior to such Distribution
Date and (b) the amount, if any, by which (1) the Pool Balance for Pool 1 for
such Distribution Date determined as of the last day of the related Collection
Period exceeds (2) the Pool 1 Overcollateralization Floor.

         M2-II Margin: As defined in footnote (12) of the Preliminary Statement
under the caption "The Certificates".

         M2-II Principal Distribution Amount: With respect to any Distribution
Date on or after the Pool 2 Stepdown Date and as long as a Pool 2 Trigger Event
is not in effect with respect to such Distribution Date, the amount, if any, by
which (x) the sum of (i) the aggregate Class Principal Amount of the Class 2-A1,
Class 2-A2, Class 2-A3 and Class M1-II Certificates in each case, after giving
effect to distributions on such Distribution Date and (ii) the Class Principal
Amount of the Class M2-II Certificates immediately prior to such Distribution
Date exceeds (y) the M2-II Target Amount.

         M2-II Target Amount: With respect to any Distribution Date an amount
equal to the lesser of (a) the product of (i) (x) for each distribution prior to
the Distribution Date in September 2011, 96.000% and (y) thereafter, 96.800% and
(ii) the Pool Balance for Pool 2 for such Distribution Date determined as of the
last day of the related Collection Period immediately prior to such Distribution
Date and (b) the amount, if any, by which (1) the Pool Balance for Pool 2 for
such Distribution Date determined as of the last day of the related Collection
Period exceeds (2) the Pool 2 Overcollateralization Floor.

         M3-I Margin: As defined in footnote (10) of the Preliminary Statement
under the caption "The Certificates".

         M3-I Principal Distribution Amount: With respect to any Distribution
Date on or after the Pool 1 Stepdown Date and as long as a Pool 1 Trigger Event
is not in effect with respect to such Distribution Date, the amount, if any, by
which (x) the sum of (i) the aggregate Class Principal Amount of the Class 1-A1,
Class 1-A2A, Class 1-A2B, Class 1-A3, Class M1-I and Class M2-I Certificates, in
each case after giving effect to distributions on such Distribution Date and
(ii) the Class Principal Amount of the Class M3-I Certificates immediately prior
to such Distribution Date exceeds (y) the M3-I Target Amount.

                                       24
<PAGE>

         M3-I Target Amount: With respect to any Distribution Date an amount
equal to the lesser of (a) the product of (i) (x) for each distribution prior to
the Distribution Date in September 2011, 98.125% and (y) thereafter, 98.500% and
(ii) the Pool Balance for Pool 1 for such Distribution Date determined as of the
last day of the related Collection Period immediately prior to such Distribution
Date and (b) the amount, if any, by which (1) the Pool Balance for Pool 1 for
such Distribution Date determined as of the last day of the Collection Period
exceeds (2) the Pool 1 Overcollateralization Floor.

         M3-II Margin: As defined in footnote (13) of the Preliminary Statement
under the caption "The Certificates".

         M3-II Principal Distribution Amount: With respect to any Distribution
Date on or after the Pool 2 Stepdown Date and as long as a Pool 2 Trigger Event
is not in effect with respect to such Distribution Date, the amount, if any, by
which (x) the sum of (i) the aggregate Class Principal Amount of the Class 2-A1,
Class 2-A2, Class 2-A3, Class M1-II and Class M2-II Certificates, in each case
after giving effect to distributions on such Distribution Date and (ii) the
Class Principal Amount of the Class M3-II Certificates immediately prior to such
Distribution Date exceeds (y) the M3-II Target Amount.

         M3-II Target Amount: With respect to any Distribution Date an amount
equal to the lesser of (a) the product of (i) (x) for each distribution prior to
the Distribution Date in September 2011, 98.500% and (y) thereafter, 98.800% and
(ii) the Pool Balance for Pool 2 for such Distribution Date determined as of the
last day of the related Collection Period immediately prior to such Distribution
Date and (b) the amount, if any, by which (1) the Pool Balance for Pool 2 for
such Distribution Date determined as of the last day of the Collection Period
exceeds (2) the Pool 2 Overcollateralization Floor.

         Master Servicer: Aurora Loan Services LLC, or any successor in
interest, or if any successor master servicer shall be appointed as herein
provided, then such successor master servicer.

         Master Servicing Fee: As to any Distribution Date, an amount equal to
one-twelfth the product of (a) the Master Servicing Fee Rate and (b) the
outstanding principal balance of each Mortgage Loan.

         Master Servicing Fee Rate: 0.00% per annum.

         Material Defect: As defined in Section 2.02(c) hereof.

         Maximum Interest Rate: For any Distribution Date and for each Mortgage
Pool, an annual rate equal to the applicable Net Funds Cap for such Distribution
Date if the applicable Optimal Interest Remittance Amount was computed by
reference to the weighted average of the excess of the maximum "lifetime"
Mortgage Rates specified in the related Mortgage Notes for the related Mortgage
Loans over the Servicing Fee Rate.

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

                                       25
<PAGE>

         MERS Mortgage Loan: Any Mortgage Loan as to which the related Mortgage,
or an Assignment of Mortgage, has been or will be recorded in the name of MERS,
as nominee for the holder from time to time of the Mortgage Note.

         Monthly Excess Cashflow: Not applicable.

         Monthly Excess Interest: Not applicable.

         Moody's: Moody's Investors Service, Inc., or any successor in interest.

         Mortgage: A mortgage, deed of trust or other instrument encumbering a
fee simple interest in real property securing a Mortgage Note, together with
improvements thereto.

         Mortgage File: The mortgage documents listed in Section 2.01(b)
pertaining to a particular Mortgage Loan required to be delivered to the Trustee
pursuant to this Agreement.

         Mortgage Loan: A Mortgage and the related notes or other evidences of
indebtedness secured by each such Mortgage conveyed, transferred, sold, assigned
to or deposited with the Trustee pursuant to Section 2.01 or Section 2.05,
including without limitation, each Mortgage Loan listed on the Mortgage Loan
Schedule, as amended from time to time.

         Mortgage Loan Sale Agreement: The mortgage loan sale and assignment
agreement dated as of August 1, 2005 for the sale of the Mortgage Loans by the
Seller to the Depositor.

         Mortgage Loan Schedule: The schedule attached hereto as Schedule A,
which shall identify each Mortgage Loan, as such schedule may be amended from
time to time to reflect the addition of Mortgage Loans to, or the deletion of
Mortgage Loans from, the Trust Fund. Such schedule shall set forth, among other
things, the following information with respect to each Mortgage Loan: (i) the
Mortgage Loan identifying number; (ii) the Mortgagor's name; (iii) the street
address of the Mortgaged Property including the city, state and zip code; (iv)
the original principal amount of the Mortgage Loan; (v) the Mortgage Rate at
origination; (vi) the monthly payment of principal and interest at origination;
(vii) the Seller of such Mortgage Loan to the Depositor; (viii) the Servicer
servicing such Mortgage Loan and the applicable Servicing Fee Rate; (ix) the
applicable prepayment premium, if any, and the method of calculation and (x) the
Custodian with respect to the Mortgage File related to such Mortgage Loan. The
Depositor shall be responsible for providing the Trustee and the Master Servicer
with all amendments to the Mortgage Loan Schedule.

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

         Mortgage Pool: Either of Pool 1 or Pool 2.

         Mortgage Rate: As to any Mortgage Loan, the per annum rate at which
interest accrues on such Mortgage Loan, determined under in the related Mortgage
Note as reduced by any Relief Act Reductions.

                                       26
<PAGE>

         Mortgaged Property: Either of (x) the fee simple interest in real
property, together with improvements thereto including any exterior improvements
to be completed within 120 days of disbursement of the related Mortgage Loan
proceeds, or (y) in the case of a Cooperative Loan, the related Cooperative
Shares and Proprietary Lease, securing the indebtedness of the Mortgagor under
the related Mortgage Loan.

         Mortgagor: The obligor on a Mortgage Note.

         Negative Amortization: With respect to each Distribution Date, the
amount of interest on the Mortgage Loans that the related Mortgagors are not
obligated to pay as interest (and which shall be added to the Scheduled
Principal Balance of each such Mortgage Loan) due to the negative amortization
feature of such Mortgage Loans, in each case during the related Collection
Period.

         Negative Amortization Certificate: Any Certificate other than the Class
R Certificate.

         Net Funds Cap: Either of the Pool 1 Net Funds Cap or the Pool 2 Net
Funds Cap.

         Net Liquidation Proceeds: With respect to any Liquidated Mortgage Loan,
the related Liquidation Proceeds net of (i) unreimbursed expenses and (ii) any
unreimbursed Advances, if any, received and retained in connection with the
liquidation of such Mortgage Loan.

         Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage Rate
thereof reduced by the Servicing Fee Rate for such Mortgage Loan.

         Net Negative Amortization: For any Distribution Date and each Mortgage
Pool, the excess, if any, of (i) the Negative Amortization with respect to all
Mortgage Loans in such Mortgage Pool for the related Collection Period, over
(ii) the aggregate amount of prepayments in full and partial prepayments
received with respect to all Mortgage Loans in such Mortgage Pool during the
related Prepayment Period.

         Net Prepayment Interest Shortfall: With respect to any Deposit Date,
the excess, if any, of any Prepayment Interest Shortfalls with respect to the
Mortgage Loans in a Mortgage Pool for such date over (i) any Prepayment Interest
Excess with respect to such Mortgage Loans for such date and (ii) any amounts
paid with respect to such shortfalls by the Servicer pursuant to the Servicing
Agreement.

         NIM Redemption Amount: As defined in Section 7.01(b).

         NIM Securities: Any net interest margin securities issued subsequent to
the Closing Date by an owner trust or other special purpose entity, the
principal assets of such trust or other entity including the Class X-I and Class
X-II Certificates and the payments received thereon, which principal assets back
such securities.

         NIMS Agreement: Not applicable.

         NIMS Insurer: One or more insurers issuing financial guaranty insurance
policies in connection with the issuance of NIM Securities.

                                       27
<PAGE>

         Non-Book-Entry Certificate: Not applicable.

         Non-MERS Mortgage Loan: Any Mortgage Loan other than a MERS Mortgage
Loan.

         Non-permitted Foreign Holder: As defined in Section 3.03(f).

         Non-U.S. Person: Any person other than a "United States person" within
the meaning of Section 7701(a)(30) of the Code.

         Notional Amount: Not applicable.

         Notional Certificate: None.

         Offered Certificates: Collectively, the Class 1-A1, Class 1-A2A, Class
1-A2B, Class 1-A3, Class 2-A1, Class 2-A2, Class 2-A3, Class M1-I, Class M2-I,
Class M3-I, Class M1-II, Class M2-II and Class M3-II Certificates.

         Offering Document: The Prospectus.

         Officer's Certificate: A certificate signed by the Chairman of the
Board, any Vice Chairman, the President, any Vice President or any Assistant
Vice President of a Person, and in each case delivered to the Trustee.

         Opinion of Counsel: A written opinion of counsel, reasonably acceptable
in form and substance to the Trustee, and who may be in house or outside counsel
to the Depositor, the Master Servicer or the Servicer but which must be
Independent outside counsel with respect to any such opinion of counsel
concerning the transfer of any Residual Certificate or concerning certain
matters with respect to the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or the taxation, or the federal income tax status, of each
REMIC.

         Optimal Interest Remittance Amount: Either of the Pool 1 Optimal
Interest Remittance Amount or the Pool 2 Optimal Interest Remittance Amount.

         Original Loan-to-Value Ratio:  Not applicable.

         Original Value: The lesser of (a) the Appraised Value of a Mortgaged
Property at the time the related Mortgage Loan was originated and (b) if the
Mortgage Loan was made to finance the acquisition of the related Mortgaged
Property, the purchase price paid for the Mortgaged Property by the Mortgagor at
the time the related Mortgage Loan was originated.

         Overcollateralization Amount: Either of the Pool 1
Overcollateralization Amount or the Pool 2 Overcollateralization Amount.

         Overcollateralization Deficiency: Not applicable.

         Overcollateralization Floor: Not applicable.

         Overcollateralization Release Amount: Not applicable.

                                       28
<PAGE>

         Payahead: With respect to any Mortgage Loan and any Due Date therefor,
any Scheduled Payment received by the Servicer during any Collection Period in
addition to the Scheduled Payment due on such Due Date, intended by the related
Mortgagor to be applied on a subsequent Due Date or Due Dates.

         Paying Agent: Any paying agent appointed pursuant to Section 3.08.

         Percentage Interest: With respect to any Certificate, its percentage
interest in the undivided beneficial ownership interest in the Trust Fund
evidenced by all Certificates of the same Class as such Certificate. With
respect to any Certificate other than the Class X-I, Class X-II and Class R
Certificates, the Percentage Interest evidenced thereby shall equal the initial
Certificate Principal Amount thereof divided by the initial Class Principal
Amount of all Certificates of the same Class. With respect to the Class X-I,
Class X-II and Class R Certificates, the Percentage Interest evidenced thereby
shall be as specified on the face thereof, or otherwise be equal to 100%.

         Permitted Servicing Amendment: Any amendment to the Servicing Agreement
pursuant to Section 11.03(a)(iii) hereunder in connection with any servicing
transfer or transfer of any servicing rights.

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

         Plan: As defined in Section 3.03(d).

         Plan Asset Regulations: The Department of Labor regulations set forth
in 29 C.F.R. 2510.3 101.

         Pool 1: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 1.

         Pool 1 Applied Loss Amounts: With respect to any Distribution Date, the
amount, if any, by which (x) the aggregate Certificate Principal Amount of the
Group I Certificates after giving effect to all Realized Losses incurred with
respect to the Pool 1 Mortgage Loans during the related Collection Period and
distributions of principal on such Distribution Date, but before giving effect
to any application of the Pool 1 Applied Loss Amount with respect to such date,
exceeds (y) the Pool Balance for Pool 1 for such Distribution Date.

         Pool 1 Basis Risk Payment: For any Distribution Date and the Group I
Certificates, the sum of (1) any Basis Risk Shortfall for such Classes of
Certificates for such Distribution Date and (2) any Unpaid Basis Risk Shortfall
for such Classes of Certificates for such Distribution Date. The amount of the
Pool 1 Basis Risk Payments for any Distribution Date with respect to the Group I
Senior Certificates and the Group I Subordinate Certificates, however, cannot
exceed the amount of Pool 1 Monthly Excess Cashflow otherwise distributable in
respect of the Class X-I Certificates pursuant to Section 5.02(f)(v) hereof on
such Distribution Date (as determined under the definition of "Class X-I
Distributable Amount" without regard to the Pool 1 Basis Risk Payment for such
Distribution Date).

                                       29
<PAGE>

         Pool 1 Basis Risk Reserve Fund: A fund created as part of the Trust
Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any
of the REMICs.

         Pool 1 Cumulative Loss Trigger Event: With respect to any Distribution
Date, a Pool 1 Cumulative Loss Trigger Event shall occur if the fraction,
expressed as a percentage, obtained by dividing (x) the aggregate amount of
cumulative Realized Losses incurred on the Pool 1 Mortgage Loans from the
Cut-off Date through the last day of the related Collection Period by (y) the
Pool 1 Cut-off Date Balance, exceeds the applicable percentages described below
with respect to such Distribution Date.

        Distribution Date                       Loss Percentage
        -----------------                       ---------------

September 2008 to August 2009       1.20% for the first month plus an additional
                                    1/12th of 0.80% for each month thereafter.
September 2009 to August 2010       2.00% for the first month plus an additional
                                    1/12th of 0.50% for each month thereafter.
September 2010 and thereafter       2.50%.

         Pool 1 Cut-off Date Balance: With respect to the Pool 1 Mortgage Loans
in the Trust Fund on the Closing Date, the Pool Balance of Pool 1 as of the
Cut-off Date.

         Pool 1 Delinquency Event: With respect to any Distribution Date, a
"Pool 1 Delinquency Event" shall occur if the Pool 1 Rolling Three Month
Delinquency Rate as of the last day of the immediately preceding month equals or
exceeds 26.00% of the Pool 1 Senior Enhancement Percentage for such Distribution
Date.

         Pool 1 Delinquency Rate: With respect to any calendar month, the
fraction, expressed as a percentage, the numerator of which is the aggregate
outstanding principal balance of all Pool 1 Mortgage Loans that are 60 or more
days Delinquent (including all foreclosures, bankruptcies and REO Properties,
without duplication, as of the close of business on the last day of such month),
and the denominator of which is the Pool Balance for Pool 1 as of the close of
business on the last day of such month.

         Pool 1 Initial Optional Termination Date: The Distribution Date
occurring in the month following the month in which the Pool Balance for Pool 1
initially declines to less than 1.00% of the Cut-off Date Balance for Pool 1.

         Pool 1 Monthly Excess Cashflow: With respect to any Distribution Date,
the sum of (x) the Pool 1 Monthly Excess Interest for such date, (y) Pool 1
Overcollateralization Release Amount for such date and (z) that portion, if any,
of the Principal Distribution Amount for Pool 1 for such date available for
distribution pursuant to Section 5.02(d)(i)(C) or Section 5.02(d)(ii)(E) hereof.

         Pool 1 Monthly Excess Interest: With respect to any Distribution Date,
that portion, if any, of the Interest Remittance Amount for Pool 1 available for
distribution pursuant to Section 5.02(b)(iv) hereof for such date.

                                       30
<PAGE>

         Pool 1 Mortgage Loan: A Mortgage in Pool 1 and the related notes or
other evidences of indebtedness secured by each such Mortgage conveyed,
transferred, sold, assigned to or deposited with the Trustee pursuant to Section
2.01 or Section 2.05, including without limitation, each Pool 1 Mortgage Loan
listed on the Mortgage Loan Schedule, as amended from time to time.

         Pool 1 Net Funds Cap: With respect to any Distribution Date and the
Group I Certificates, an annual rate equal to (a) a fraction, expressed as a
percentage, the numerator of which is the product of (i) the Pool 1 Optimal
Interest Remittance Amount for such date and (ii) 12, and the denominator of
which is the Pool Balance for Pool 1 as of the first day of the related
Collection Period (not including for this purpose Mortgage Loans for which
prepayments in full have been received and distributed in the month prior to
that Distribution Date), multiplied by a fraction, the numerator of which is 30
and the denominator of which is the actual number of days in the Accrual Period
related to such Distribution Date.

         Pool 1 Optimal Interest Remittance Amount: With respect to each
Distribution Date, the product of (A)(x) the weighted average of the Net
Mortgage Rates of the Pool 1 Mortgage Loans (based on their Scheduled Principal
Balances as of the first day of the related Collection Period) divided by (y) 12
and (B) the Pool Balance for Pool 1 as of the first day of the related
Collection Period (not including for this purpose Pool 1 Mortgage Loans for
which prepayments in full have been received and distributed in the month prior
to that Distribution Date). Solely for the first Distribution Date, such amount
shall be increased by the Capitalized Interest Amount.

         Pool 1 Overcollateralization Amount: With respect to any Distribution
Date, the amount, if any, by which (x) the Pool Balance for Pool 1 for such
Distribution Date determined as of the last day of the related Collection Period
exceeds (y) the aggregate Class Principal Amount of the Group I Certificates,
after giving effect to distributions on such Distribution Date.

         Pool 1 Overcollateralization Deficiency: With respect to any
Distribution Date, the amount, if any, by which (x) the Pool 1 Targeted
Overcollateralization Amount for such Distribution Date exceeds (y) the Pool 1
Overcollateralization Amount for such Distribution Date, calculated for this
purpose after giving effect to the reduction on such Distribution Date of the
aggregate Certificate Principal Amount of the Group I Certificates resulting
from the distribution of the Principal Distribution Amount relating to the Pool
1 Mortgage Loans on such Distribution Date but prior to allocation of any Pool 1
Applied Loss Amount on such Distribution Date.

         Pool 1 Overcollateralization Floor: For any Distribution Date after the
Pool 1 Stepdown Date, $5,728,516 (0.50% of the Pool 1 Cut-off Date Balance).

         Pool 1 Overcollateralization Release Amount: With respect to any
Distribution Date, the lesser of (x) the Principal Remittance Amount for Pool 1
for such Distribution Date and (y) the amount, if any, by which (1) the Pool 1
Overcollateralization Amount for such Distribution Date (calculated for this
purpose on the basis of the assumption that 100% of the Principal Remittance
Amount for Pool 1 for such date is applied on such Distribution Date in
reduction of the aggregate Certificate Principal Amount of the Group I
Certificates), exceeds (2) the Pool 1 Targeted Overcollateralization Amount for
such Distribution Date.

                                       31
<PAGE>

         Pool 1 Purchase Price: With respect to the purchase of a Pool 1
Mortgage Loan or related REO Property pursuant to this Agreement, an amount
equal to the sum of (a) 100% of the unpaid principal balance of such Mortgage
Loan, (b) accrued interest thereon at the applicable Mortgage Rate, from the
date as to which interest was last paid to (but not including) the Due Date in
the Collection Period immediately preceding the related Distribution Date; (c)
any unreimbursed Servicing Advances with respect to such Mortgage Loan; (d) any
costs and damages incurred by the Trust Fund with respect to such Mortgage Loan
in connection with any violation of any federal, state or local predatory or
abusive lending laws or other similar laws; and (e) the fair market value of all
other property being purchased (reduced, in the case of REO Property relating to
the Pool 1 Mortgage Loans, by (1) reasonably anticipated disposition costs and
(2) any amount by which the fair market value as so reduced exceeds the
outstanding principal balance of the related Mortgage Loan). The Master
Servicer, the Servicer (or the Trustee, in its capacity as successor Master
Servicer, if applicable) shall be reimbursed from the Pool 1 Purchase Price for
any Pool 1 Mortgage Loan or related REO Property for any Advances made or other
amounts advanced with respect to such Mortgage Loan that are reimbursable to the
Master Servicer or the Servicer under this Agreement or the Servicing Agreement
(or to the Trustee hereunder in its capacity as successor Master Servicer),
together with any accrued and unpaid compensation due to the Master Servicer,
the Servicer or the Trustee hereunder or thereunder.

         Pool 1 Rolling Three Month Delinquency Rate: With respect to any
Distribution Date, the average of the Pool 1 Delinquency Rates for each of the
three (or one and two, in the case of the first and second Distribution Dates,
respectively) immediately preceding calendar months.

         Pool 1 Senior Enhancement Percentage: With respect to any Distribution
Date, the fraction, expressed as a percentage, the numerator of which is the sum
of the aggregate Class Principal Amount of the Group I Subordinate Certificates
and the Pool 1 Overcollateralization Amount (which amount, for purposes of this
definition only, shall not be less than zero and assuming for purposes of this
definition that the Principal Distribution Amount has been distributed on such
Distribution Date and no Pool 1 Trigger Event has occurred) and the denominator
of which is the Pool Balance for Pool 1 for such Distribution Date, in each case
after giving effect to distributions on such Distribution Date.

         Pool 1 Senior Principal Distribution Amount: For any Distribution Date
(a) prior to the Pool 1 Stepdown Date or if a Pool 1 Trigger Event is in effect
with respect to such Distribution Date, an amount equal to the Principal
Distribution Amount for Pool 1 and (b) on or after the Pool 1 Stepdown Date and
as long as a Pool 1 Trigger Event is not in effect with respect to such
Distribution Date, the amount, if any, by which (x) the aggregate Class
Principal Amount of the Class 1-A1, Class 1-A2A, Class 1-A2B and Class 1-A3
Certificates immediately prior to such Distribution Date exceeds (y) the Pool 1
Senior Target Amount.

         Pool 1 Senior Target Amount: With respect to any Distribution Date an
amount equal to the lesser of (a) the product of (i) (x) for each distribution
prior to the Distribution Date in September 2011, 76.875% and (y) thereafter,
81.500% and (ii) the Pool Balance for Pool 1 for such Distribution Date
determined as of the last day of the related Collection Period and (b) the
amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
Date determined as of the last day of the related Collection Period exceeds (2)
the Pool 1 Overcollateralization Floor.

                                       32
<PAGE>

         Pool 1 Stepdown Date: The later to occur of (x) the Distribution Date
in September 2008 and (y) the first Distribution Date on which the Pool 1 Senior
Enhancement Percentage (calculated for this purpose after giving effect to
payments or other recoveries in respect of the Pool 1 Mortgage Loans during the
related Collection Period but before giving effect to distributions on any
Certificates on such Distribution Date) is greater than or equal to (i) prior to
the Distribution Date in September 2011, 23.125% and (ii) on or after the
Distribution Date in September 2011, 18.500%.

         Pool 1 Target Amount: With respect to any Distribution Date, an amount
equal to the Pool Balance for Pool 1 as of such Distribution Date minus the Pool
1 Targeted Overcollateralization Amount for such Distribution Date.

         Pool 1 Targeted Overcollateralization Amount: For any Distribution Date
(x) prior to the Pool 1 Stepdown Date an amount equal to $8,592,774 (0.75% of
the Pool 1 Cut-off Date Balance) and (y) on or after the Pool 1 Stepdown Date,
the greater of (1) the lesser of (a) the amount of $8,592,774 and (b) the
product of (i) for each distribution prior to the Distribution Date in September
2011, 1.875%, and thereafter, 1.500% and (ii) the Pool Balance for Pool 1 as of
the last day of the related Collection Period and (2) the Pool 1
Overcollateralization Floor.

         Pool 1 Trigger Event: With respect to any Distribution Date, means that
either a Pool 1 Delinquency Event or a Pool 1 Cumulative Loss Trigger Event is
in effect for such Distribution Date.

         Pool 2: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 2.

         Pool 2 Applied Loss Amounts: With respect to any Distribution Date, the
amount, if any, by which (x) the aggregate Certificate Principal Amount of the
Group II Certificates after giving effect to all Realized Losses incurred with
respect to the Pool 2 Mortgage Loans during the related Collection Period and
distributions of principal on such Distribution Date, but before giving effect
to any application of the Pool 2 Applied Loss Amount with respect to such date,
exceeds (y) the Pool Balance for Pool 2 for such Distribution Date.

         Pool 2 Basis Risk Payment: For any Distribution Date and the Group II
Certificates, the sum of (1) any Basis Risk Shortfall for such Classes of
Certificates for such Distribution Date and (2) any Unpaid Basis Risk Shortfall
for such Classes of Certificates for such Distribution Date. The amount of the
Pool 2 Basis Risk Payments for any Distribution Date with respect to the Group
II Senior Certificates and the Group II Subordinate Certificates, however,
cannot exceed the amount of Pool 2 Monthly Excess Cashflow otherwise
distributable in respect of the Class X-II Certificates pursuant to Section
5.02(g)(v) hereof on such Distribution Date (as determined under the definition
of "Class X-II Distributable Amount" without regard to the Pool 2 Basis Risk
Payment for such Distribution Date).

         Pool 2 Basis Risk Reserve Fund: A fund created as part of the Trust
Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any
of the REMICs.

                                       33
<PAGE>

         Pool 2 Cumulative Loss Trigger Event: With respect to any Distribution
Date, a Pool 2 Cumulative Loss Trigger Event shall occur if the fraction,
expressed as a percentage, obtained by dividing (x) the aggregate amount of
cumulative Realized Losses incurred on the Pool 2 Mortgage Loans from the
Cut-off Date through the last day of the related Collection Period by (y) the
Pool 2 Cut-off Date Balance, exceeds the applicable percentages described below
with respect to such Distribution Date.

       Distribution Date                          Loss Percentage
       -----------------                          ---------------

September 2008 to August 2009       0.55% for the first month plus an additional
                                    1/12th of 0.40% for each month thereafter.
September 2009 to August 2010       0.95% for the first month plus an additional
                                    1/12th of 0.40% for each month thereafter.
September 2010 to August 2011       1.35% for the first month plus an additional
                                    1/12th of 0.50% for each month thereafter.
September 2011 to August 2012       1.85% for the first month plus an additional
                                    1/12th of 0.20% for each month thereafter.
September 2012 and thereafter       2.05%.

         Pool 2 Cut-off Date Balance: With respect to the Pool 2 Mortgage Loans
in the Trust Fund on the Closing Date, the Pool Balance of Pool 2 as of the
Cut-off Date.

         Pool 2 Delinquency Event: With respect to any Distribution Date, a
"Pool 2 Delinquency Event" shall occur if the Pool 2 Rolling Three Month
Delinquency Rate as of the last day of the immediately preceding month equals or
exceeds 22.00% of the Pool 2 Senior Enhancement Percentage for such Distribution
Date.

         Pool 2 Delinquency Rate: With respect to any calendar month, the
fraction, expressed as a percentage, the numerator of which is the aggregate
outstanding principal balance of all Pool 2 Mortgage Loans that are 60 or more
days Delinquent (including all foreclosures, bankruptcies and REO Properties,
without duplication, as of the close of business on the last day of such month),
and the denominator of which is the Pool Balance for Pool 2 as of the close of
business on the last day of such month.

         Pool 2 Initial Optional Termination Date: The Distribution Date
occurring in the month following the month in which the Pool Balance for Pool 2
initially declines to less than 1.00% of the Cut-off Date Balance for Pool 2.

         Pool 2 Monthly Excess Cashflow: With respect to any Distribution Date,
the sum of (x) the Pool 2 Monthly Excess Interest for such date, (y) Pool 2
Overcollateralization Release Amount for such date and (z) that portion, if any,
of the Principal Distribution Amount for Pool 2 for such date available for
distribution pursuant to Section 5.02(e)(i)(C) or Section 5.02(e)(ii)(E) hereof.

                                       34
<PAGE>

         Pool 2 Monthly Excess Interest: With respect to any Distribution Date,
that portion, if any, of the Interest Remittance Amount for Pool 2 available for
distribution pursuant to Section 5.02(c)(iv) hereof for such date.

         Pool 2 Mortgage Loan: A Mortgage in Pool 2 and the related notes or
other evidences of indebtedness secured by each such Mortgage conveyed,
transferred, sold, assigned to or deposited with the Trustee pursuant to Section
2.01 or Section 2.05, including without limitation, each Pool 2 Mortgage Loan
listed on the Mortgage Loan Schedule, as amended from time to time.

         Pool 2 Net Funds Cap: With respect to any Distribution Date and the
Group II Certificates, an annual rate equal to (a) a fraction, expressed as a
percentage, the numerator of which is the product of (i) the Pool 2 Optimal
Interest Remittance Amount for such date and (ii) 12, and the denominator of
which is the Pool Balance for Pool 2 as of the first day of the related
Collection Period (not including for this purpose Mortgage Loans for which
prepayments in full have been received and distributed in the month prior to
that Distribution Date), multiplied by a fraction, the numerator of which is 30
and the denominator of which is the actual number of days in the Accrual Period
related to such Distribution Date.

         Pool 2 Optimal Interest Remittance Amount: With respect to each
Distribution Date, the product of (A)(x) the weighted average of the Net
Mortgage Rates of the Pool 2 Mortgage Loans (based on their Scheduled Principal
Balances as of the first day of the related Collection Period) divided by (y) 12
and (B) the Pool Balance for Pool 2 as of the first day of the related
Collection Period (not including for this purpose Pool 2 Mortgage Loans for
which prepayments in full have been received and distributed in the month prior
to that Distribution Date).

         Pool 2 Overcollateralization Amount: With respect to any Distribution
Date, the amount, if any, by which (x) the Pool Balance for Pool 2 for such
Distribution Date determined as of the last day of the related Collection Period
exceeds (y) the aggregate Class Principal Amount of the Group II Certificates,
after giving effect to distributions on such Distribution Date.

         Pool 2 Overcollateralization Deficiency: With respect to any
Distribution Date, the amount, if any, by which (x) the Pool 2 Targeted
Overcollateralization Amount for such Distribution Date exceeds (y) the Pool 2
Overcollateralization Amount for such Distribution Date, calculated for this
purpose after giving effect to the reduction on such Distribution Date of the
aggregate Certificate Principal Amount of the Group II Certificates resulting
from the distribution of the Principal Distribution Amount relating to the Pool
2 Mortgage Loans on such Distribution Date but prior to allocation of any Pool 2
Applied Loss Amount on such Distribution Date.

         Pool 2 Overcollateralization Floor: For any Distribution Date after the
Pool 2 Stepdown Date, $3,044,423 (0.50% of the Pool 2 Cut-off Date Balance).

         Pool 2 Overcollateralization Release Amount: With respect to any
Distribution Date, the lesser of (x) the Principal Remittance Amount for Pool 2
for such Distribution Date and (y) the amount, if any, by which (1) the Pool 2
Overcollateralization Amount for such Distribution Date (calculated for this
purpose on the basis of the assumption that 100% of the Principal Remittance
Amount for Pool 2 for such date is applied on such Distribution Date in
reduction of the aggregate Certificate Principal Amount of the Group II
Certificates), exceeds (2) the Pool 2 Targeted Overcollateralization Amount for
such Distribution Date.

                                       35
<PAGE>

         Pool 2 Purchase Price: With respect to the purchase of a Pool 2
Mortgage Loan or related REO Property pursuant to this Agreement, an amount
equal to the sum of (a) 100% of the unpaid principal balance of such Mortgage
Loan, (b) accrued interest thereon at the applicable Mortgage Rate, from the
date as to which interest was last paid to (but not including) the Due Date in
the Collection Period immediately preceding the related Distribution Date; (c)
any unreimbursed Servicing Advances with respect to such Mortgage Loan; (d) any
costs and damages incurred by the Trust Fund with respect to such Mortgage Loan
in connection with any violation of any federal, state or local predatory or
abusive lending laws or other similar laws; and (e) the fair market value of all
other property being purchased (reduced, in the case of REO Property relating to
the Pool 2 Mortgage Loans, by (1) reasonably anticipated disposition costs and
(2) any amount by which the fair market value as so reduced exceeds the
outstanding principal balance of the related Mortgage Loan). The Master
Servicer, the Servicer (or the Trustee, in its capacity as successor Master
Servicer, if applicable) shall be reimbursed from the Pool 2 Purchase Price for
any Pool 2 Mortgage Loan or related REO Property for any Advances made or other
amounts advanced with respect to such Mortgage Loan that are reimbursable to the
Master Servicer or the Servicer under this Agreement or the Servicing Agreement
(or to the Trustee hereunder in its capacity as successor Master Servicer),
together with any accrued and unpaid compensation due to the Master Servicer,
the Servicer or the Trustee hereunder or thereunder.

         Pool 2 Rolling Three Month Delinquency Rate: With respect to any
Distribution Date, the average of the Pool 2 Delinquency Rates for each of the
three (or one and two, in the case of the first and second Distribution Dates,
respectively) immediately preceding calendar months.

         Pool 2 Senior Enhancement Percentage: With respect to any Distribution
Date, the fraction, expressed as a percentage, the numerator of which is the sum
of the aggregate Class Principal Amount of the Group II Subordinate Certificates
and the Pool 2 Overcollateralization Amount (which amount, for purposes of this
definition only, shall not be less than zero and assuming for purposes of this
definition that the Principal Distribution Amount has been distributed on such
Distribution Date and no Pool 2 Trigger Event has occurred) and the denominator
of which is the Pool Balance for Pool 2 for such Distribution Date, in each case
after giving effect to distributions on such Distribution Date.

         Pool 2 Senior Principal Distribution Amount: For any Distribution Date
(a) prior to the Pool 2 Stepdown Date or if a Pool 2 Trigger Event is in effect
with respect to such Distribution Date, an amount equal to the Principal
Distribution Amount for Pool 2 and (b) on or after the Pool 2 Stepdown Date and
as long as a Pool 2 Trigger Event is not in effect with respect to such
Distribution Date, the amount, if any, by which (x) the aggregate Class
Principal Amount of the Class 2-A1, Class 2-A2 and Class 2-A3 Certificates
immediately prior to such Distribution Date exceeds (y) the Pool 2 Senior Target
Amount.

         Pool 2 Senior Target Amount: With respect to any Distribution Date an
amount equal to the lesser of (a) the product of (i) (x) for each distribution
prior to the Distribution Date in September 2011, 72.251% and (y) thereafter,
77.801% and (ii) the Pool Balance for Pool 2 for such Distribution Date
determined as of the last day of the related Collection Period and (b) the
amount, if any, by which (1) the Pool Balance for Pool 2 for such Distribution
Date determined as of the last day of the related Collection Period exceeds (2)
the Pool 2 Overcollateralization Floor.

                                       36
<PAGE>

         Pool 2 Stepdown Date: The later to occur of (x) the Distribution Date
in September 2008 and (y) the first Distribution Date on which the Pool 2 Senior
Enhancement Percentage (calculated for this purpose after giving effect to
payments or other recoveries in respect of the Pool 2 Mortgage Loans during the
related Collection Period but before giving effect to distributions on any
Certificates on such Distribution Date) is greater than or equal to (i) prior to
the Distribution Date in September 2011, 27.749% and (ii) on or after the
Distribution Date in September 2011, 22.199%.

         Pool 2 Target Amount: With respect to any Distribution Date, an amount
equal to the Pool Balance for Pool 2 as of such Distribution Date minus the Pool
2 Targeted Overcollateralization Amount for such Distribution Date.

         Pool 2 Targeted Overcollateralization Amount: For any Distribution Date
(x) prior to the Pool 2 Stepdown Date an amount equal to $3,653,307 (0.60% of
the Pool 2 Cut-off Date Balance) and (y) on or after the Pool 2 Stepdown Date,
the greater of (1) the lesser of (a) the amount of $3,653,307 and (b) the
product of (i) for each distribution prior to the Distribution Date in September
2011, 1.50%, and thereafter, 1.20% and (ii) the Pool Balance for Pool 2 as of
the last day of the related Collection Period and (2) the Pool 2
Overcollateralization Floor.

         Pool 2 Trigger Event: With respect to any Distribution Date, means that
either a Pool 2 Delinquency Event or a Pool 2 Cumulative Loss Trigger Event is
in effect for such Distribution Date.

         Pool Balance: As to each Mortgage Pool and any Distribution Date or the
Cut-off Date, the sum of the Scheduled Principal Balance of the Mortgage Loans
included in such Mortgage Pool for that Distribution Date or the Cut-off Date,
as applicable.

         Prepayment Interest Excess: Not applicable.

         Prepayment Interest Shortfall: With respect to any Distribution Date
and any Principal Prepayment in full, the difference between (i) one full
month's interest at the applicable Net Mortgage Rate (after giving effect to any
applicable Relief Act Reduction) on the outstanding principal balance of such
Mortgage Loan immediately prior to such prepayment and (ii) the amount of
interest actually received with respect to such Mortgage Loan in connection with
such Principal Prepayment.

         Prepayment Period: With respect to any Distribution Date and any
Principal Prepayment, whether in part or in full (including any liquidation),
the second day (or, in the case of the first Distribution Date, the first) of
the calendar month immediately preceding the month in which such Distribution
Date occurs through the first day of the calendar month in which such
Distribution Date occurs.

                                       37
<PAGE>

         Prepayment Premiums: None.

         Primary Mortgage Insurance Policy: Any mortgage guaranty insurance, if
any, on an individual Mortgage Loan as evidenced by a policy or certificate,
whether such policy is obtained by the originator, the lender or the borrower.

         Principal Distribution Amount: With respect to any Distribution Date
and for Pool 1, an amount equal to the Principal Remittance Amount for such date
for such Mortgage Pool minus the Pool 1 Overcollateralization Release Amount, if
any, for such Distribution Date. With respect to any Distribution Date and for
Pool 2, an amount equal to the Principal Remittance Amount for such date for
such Mortgage Pool minus the Pool 2 Overcollateralization Release Amount, if
any, for such Distribution Date.

         Principal Prepayment: Any Mortgagor payment of principal or other
recovery of principal on a Mortgage Loan that is recognized as having been
received or recovered in advance of its scheduled Due Date and applied to reduce
the principal balance of the Mortgage Loan in accordance with the terms of the
Mortgage Note or the Servicing Agreement.

         Principal Remittance Amount: With respect to each Mortgage Pool and any
Distribution Date, (a) the sum of (i) all principal collected (other than in
connection with Payaheads) or advanced in respect of Scheduled Payments on the
Mortgage Loans in such Mortgage Pool during the related Collection Period
whether by the Servicer, the Master Servicer or the Trustee, in its capacity as
successor master servicer (less unreimbursed Advances due to the Master
Servicer, the Servicer, or the Trustee, in its capacity as successor master
servicer, with respect to the related Mortgage Loans, to the extent allocable to
principal and any unreimbursed Servicing Advances), (ii) all Principal
Prepayments in full or in part received during the related Prepayment Period
with respect to the Mortgage Loans in such Mortgage Pool reduced (but not to
less than zero) by the aggregate amount of Negative Amortization with respect to
the Mortgage Loans in such Mortgage Pool during the related Collection Period,
(iii) the outstanding principal balance of each Mortgage Loan in such Mortgage
Pool that was repurchased by the Seller or the Transferor during the related
Prepayment Period, or the NIMS Insurer (in the case of certain Mortgage Loans 90
days or more delinquent), (iv) the portion of any Substitution Amount paid with
respect to any Deleted Mortgage Loan in such Mortgage Pool during the related
Prepayment Period allocable to principal, and (v) all Net Liquidation Proceeds,
Insurance Proceeds, any Subsequent Recovery and other recoveries collected with
respect to the Mortgage Loans in such Mortgage Pool during the related
Prepayment Period, to the extent allocable to principal, as reduced by (b) to
the extent not reimbursed from the Interest Remittance Amount, other costs,
expenses or liabilities reimbursable to the Trustee, the Master Servicer and the
Servicer to the extent provided in this Agreement and the Servicing Agreement or
to the Custodian pursuant to the Custodial Agreement, as applicable to each
Mortgage Pool.

         Proceeding: Not applicable.

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

                                       38
<PAGE>

         Prospectus: The prospectus supplement dated August 30, 2005 together
with the accompanying prospectus dated July 26, 2005, relating to the Offered
Certificates.

         Purchase Price: Either of the Pool 1 Purchase Price or the Pool 2
Purchase Price.

         QIB: As defined in Section 3.03(c).

         Qualified GIC: A guaranteed investment contract or surety bond
providing for the investment of funds in the Collection Account or the
Certificate Account and insuring a minimum, fixed or floating rate of return on
investments of such funds, which contract or surety bond shall:

         (i) be an obligation of an insurance company or other corporation whose
long term debt is rated by each Rating Agency in one of its two highest rating
categories or, if such insurance company has no long term debt, whose claims
paying ability is rated by each Rating Agency in one of its two highest rating
categories, and whose short-term debt is rated by each Rating Agency in its
highest rating category;

         (ii) provide that the Trustee may exercise all of the rights under such
contract or surety bond without the necessity of taking any action by any other
Person;

         (iii) provide that if at any time the then current credit standing of
the obligor under such guaranteed investment contract is such that continued
investment pursuant to such contract of funds would result in a downgrading of
any rating of the Certificates or the NIM Securities, the Trustee shall
terminate such contract without penalty and be entitled to the return of all
funds previously invested thereunder, together with accrued interest thereon at
the interest rate provided under such contract to the date of delivery of such
funds to the Trustee;

         (iv) provide that the Trustee's interest therein shall be transferable
to any successor trustee hereunder; and

         (v) provide that the funds reinvested thereunder and accrued interest
thereon be returnable to the Collection Account or the Certificate Account, as
the case may be, not later than the Business Day prior to any Distribution Date.

         Qualified Insurer: Not applicable.

         Qualifying Substitute Mortgage Loan: In the case of a Mortgage Loan
substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement,
a Mortgage Loan that, on the date of such substitution, (i) has an outstanding
Scheduled Principal Balance (or in the case of a substitution of more than one
mortgage loan for a Deleted Mortgage Loan, an aggregate Scheduled Principal
Balance), after application of all Scheduled Payments due during or prior to the
month of substitution, not in excess of, and not more than 5% less than, the
outstanding Scheduled Principal Balance of the Deleted Mortgage Loan as of the
Due Date in the calendar month during which the substitution occurs, (ii) has a
Mortgage Rate not less than the Mortgage Rate on the Deleted Mortgage Loan,
(iii) if applicable, has a maximum Mortgage Rate not less than the maximum
Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum
Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage
Loan, (v) if applicable, has a gross margin equal to or greater than the gross
margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the
related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a

                                       39
<PAGE>

next adjustment date not later than the next adjustment date on the Deleted
Mortgage Loan, (viii) has the same Due Date as the Deleted Mortgage Loan, (ix)
has a remaining stated term to maturity not longer than 18 months and not more
than 18 months shorter than the remaining stated term to maturity of the related
Deleted Mortgage Loan, (x) is current as of the date of substitution, (xi) has a
Loan-to-Value Ratio as of the date of substitution equal to or lower than the
Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xii) has been
underwritten by a Transferor in accordance with the same underwriting criteria
and guidelines as the Deleted Mortgage Loan, (xiii) has a risk grading
determined by the Seller at least equal to the risk grading assigned on the
Deleted Mortgage Loan, (xiv) is secured by the same property type as the Deleted
Mortgage Loan, (xv) conforms to each representation and warranty applicable to
the Deleted Mortgage Loan made in the Mortgage Loan Sale and Assignment
Agreement, (xvi) has the same or higher lien position as the Deleted Mortgage
Loan, (xvii) is covered by a Primary Mortgage Insurance Policy if the Deleted
Mortgage Loan was so covered and (xviii) contains provisions covering the
payment of Prepayment Premium by the Mortgagor for early prepayment of the
Mortgage Loan at least as favorable as the Deleted Mortgage Loan. In the event
that one or more mortgage loans are substituted for one or more Deleted Mortgage
Loans, the amounts described in clause (i) hereof shall be determined on the
basis of aggregate Scheduled Principal Balances, the Mortgage Rates described in
clause (ii) hereof shall be determined on the basis of weighted average Mortgage
Rates, the risk gradings described in clause (xiii) hereof shall be satisfied as
to each such mortgage loan, the terms described in clause (ix) hereof shall be
determined on the basis of weighted average remaining term to maturity, the
Loan-to-Value Ratios described in clause (xi) hereof shall be satisfied as to
each such mortgage loan and, except to the extent otherwise provided in this
sentence, the representations and warranties described in clause (xv) hereof
must be satisfied as to each Qualified Substitute Mortgage Loan or in the
aggregate, as the case may be.

         Rating Agency: Each of Moody's and S&P.

         Realized Loss: With respect to each Liquidated Mortgage Loan, an amount
equal to (i) the unpaid principal balance of such Mortgage Loan as of the date
of liquidation, minus (ii) Liquidation Proceeds received, to the extent
allocable to principal, net of amounts that are reimbursable therefrom to the
Master Servicer or the Servicer with respect to such Mortgage Loan (other than
Advances of principal) including expenses of liquidation. In determining whether
a Realized Loss is a Realized Loss of principal, Liquidation Proceeds shall be
allocated, first, to payment of expenses related to such Liquidated Mortgage
Loan, then to accrued unpaid interest and finally to reduce the principal
balance of the Mortgage Loan.

         Recognition Agreement: With respect to any Cooperative Loan, an
agreement between the related Cooperative Corporation and the originator of such
Mortgage Loan to establish the rights of such originator in the related
Cooperative Property.

         Record Date: With respect to the Book-Entry Certificates and any
Distribution Date, the close of business on the Business Day immediately
preceding such Distribution Date. With respect to the Class X-I, Class X-II and
Class R Certificates and any Class of Definitive Certificates and any
Distribution Date, the last Business Day of the month immediately preceding the
month in which the Distribution Date occurs (or, in the case of the first
Distribution Date, the Closing Date).

                                       40
<PAGE>

         Regulation S: Not applicable.

         Regulation S Global Security: Not applicable.

         Relief Act: The Servicemembers Civil Relief Act and any similar state
law or regulation.

         Relief Act Reduction: With respect to any Mortgage Loan as to which
there has been a reduction in the amount of interest collectible thereon as a
result of application of the Relief Act, any amount by which interest
collectible on such Mortgage Loan for the Due Date in the related Collection
Period is less than interest accrued thereon for the applicable one-month period
at the Mortgage Rate without giving effect to such reduction.

         REMIC: Each of REMIC I-1, REMIC I-2, REMIC II-1 and REMIC II-2, as
described in the Preliminary Statement hereto.

         REMIC I-1: As described in the Preliminary Statement.

         REMIC I-1 Interest: Any one of the classes of REMIC I-1 Interests
described in the Preliminary Statement hereto.

         REMIC I-1 Marker Classes: Any of the REMIC I-1 Regular Interests other
than the Class LTI1-XI Interest.

         REMIC I-1 Regular Interest: Any of the REMIC I-1 Interests other than
the Class LTI1-R Interest.

         REMIC I-2: As described in the Preliminary Statement.

         REMIC I-2 Regular Interest: Any of the REMIC regular interests
represented by (i) the rights associated with any Class of Group I Certificates
other than the rights to payments in respect of Basis Risk Shortfalls and Unpaid
Basis Risk Shortfalls and other than the rights to payments attributable to the
fact that, for the first Distribution Date, the Pool 1 Optimal Interest
Remittance Amount is increased by the Capitalized Interest Amount and (ii) the
Uncertificated Class X-I Interest.

         REMIC II-1: As described in the Preliminary Statement.

         REMIC II-1 Interest: Any one of the classes of REMIC II-1 Interests
described in the Preliminary Statement hereto.

         REMIC II-1 Marker Classes: Any of the REMIC II-1 Regular Interests
other than the Class LTII1-XII Interest.

                                       41
<PAGE>

         REMIC II-1 Regular Interest: Any of the REMIC II-1 Interests other than
the Class LTII1-R Interest.

         REMIC II-2: As described in the Preliminary Statement.

         REMIC II-2 Regular Interest: Any of the REMIC regular interests
represented by (i) the rights associated with any Class of Group II Certificates
other than the rights to payments in respect of Basis Risk Shortfalls and Unpaid
Basis Risk Shortfalls and (ii) the Uncertificated Class X-II Interest.

         REMIC Provisions: The provisions of the federal income tax law relating
to real estate mortgage investment conduits, which appear at sections 860A
through 860G of Subchapter M of Chapter 1 of the Code, and related provisions,
and regulations, including proposed regulations and rulings, and administrative
pronouncements promulgated thereunder, as the foregoing may be in effect from
time to time.

         REO Property: A Mortgaged Property acquired by the Trust Fund through
foreclosure or deed in lieu of foreclosure in connection with a defaulted
Mortgage Loan or otherwise treated as having been acquired pursuant to the REMIC
Provisions.

         Required Reserve Fund Amount: Not applicable.

         Residual Certificates: The Class R Certificates.

         Residual I Interest: An interest in REMIC I-2 that is entitled to all
distributions on the Class R Certificate relating to Pool 1 other than
distributions in respect of the Class LTI1-R Interest.

         Residual II Interest: An interest in REMIC II-2 that is entitled to all
distributions on the Class R Certificate relating to Pool 2 other than
distributions in respect of the Class LTII1-R Interest.

         Responsible Officer: When used with respect to the Trustee, any Vice
President, Assistant Vice President, the Secretary, any assistant secretary, or
any officer, working in its Corporate Trust Office and having direct
responsibility for the administration of this Agreement, and any other officer
to whom a matter arising under this Agreement may be referred.

         Restricted Certificate: Any Class X-I, Class X-II or Class R
Certificate.

         Restricted Global Security: Not Applicable.

         Rolling Three Month Delinquency Rate: Not applicable.

         Rules: As defined in Section 6.20(c).

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

                                       42
<PAGE>

         Scheduled Payment: Each scheduled payment of principal and interest (or
of interest only, if applicable) to be paid by the Mortgagor on a Mortgage Loan,
as reduced (except where otherwise specified herein) by the amount of any
related Debt Service Reduction or as a result of any related Deficient Valuation
(in each case, excluding all amounts of principal and interest that were due on
or before the Cut-off Date whenever received) and, in the case of an REO
Property, an amount equivalent to the Scheduled Payment that would have been due
on the related Mortgage Loan if such Mortgage Loan had remained in existence.

         Scheduled Principal Balance: With respect to (i) any Mortgage Loan as
of any Distribution Date, the principal balance of such Mortgage Loan at the
close of business on the Cut-off Date after giving effect to principal payments
due on or before the Cut-off Date, whether or not received, less an amount equal
to principal payments due after the Cut-off Date, and on or before the Due Date
in the related Collection Period, whether or not received from the Mortgagor or
advanced by the Servicer or the Master Servicer, and all amounts received
thereon which are allocable to unscheduled principal payments (including
Principal Prepayments, Liquidation Proceeds, Insurance Proceeds and condemnation
proceeds, in each case to the extent identified and applied prior to or during
the related Prepayment Period) and as increased by the amounts of any Negative
Amortization with respect to such Mortgage Loan after the Cut-off Date through
the Due Date in the related Collection Period and (ii) any REO Property as of
any Distribution Date, the Scheduled Principal Balance of the related Mortgage
Loan on the Due Date immediately preceding the date of acquisition of such REO
Property by or on behalf of the Trustee (reduced by any amount applied as a
reduction of principal on the Mortgage Loan). With respect to any Mortgage Loan
and the Cut-off Date, as specified in the Mortgage Loan Schedule. The Scheduled
Principal Balance of a Liquidated Mortgage Loan shall be zero.

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

         Seller: Lehman Brothers Holdings Inc. or any successor in interest
thereto.

         Senior Certificates: The Class 1-A1, Class 1-A2A, Class 1-A2B, Class
1-A3, Class 2-A1, Class 2-A2 and Class 2-A3 Certificates.

         Senior Enhancement Percentage: Not applicable.

         Senior Principal Distribution Amount: Not applicable.

         Senior Target Amount: Not applicable.

         Servicer: The Servicer that has entered into the Servicing Agreement
attached as Exhibit E hereto, or any successor in interest. Initially, the
Servicer is Countrywide Home Loans Servicing, LP.

         Servicer Remittance Date: The day in each calendar month on which the
Servicer is required to remit payments to the Collection Account, as specified
in the Servicing Agreement, which is the 18th day of each calendar month (or, if
such 18th day is not a Business Day, the next succeeding Business Day).

                                       43
<PAGE>

         Servicing Advances: Expenditures incurred by the Servicer in connection
with the liquidation or foreclosure of a Mortgage Loan which are eligible for
reimbursement under the Servicing Agreement.

         Servicing Agreement: The Servicing Agreement between the Servicer and
the Seller dated as of August 1, 2005, attached hereto in Exhibit E, and any
other servicing agreement entered into between a successor servicer and the
Seller or the Trustee pursuant to the terms hereof.

         Servicing Fee: As to any Distribution Date and each Mortgage Loan, an
amount equal to the product of (a) one-twelfth of the Servicing Fee Rate and (b)
the outstanding principal balance of such Mortgage Loan as of the first day of
the related Collection Period.

         Servicing Fee Rate: With respect to each Mortgage Loan, the rate
specified in the Servicing Agreement.

         Startup Day: The day designated as such pursuant to Section 10.01(b)
hereof.

         Stepdown Date: Not applicable.

         Subordinate Priority: Not applicable.

         Subsequent Recovery: Any amount recovered by the Servicer or the Master
Servicer with respect to a Liquidated Mortgage Loan with respect to which a
Realized Loss was incurred after the liquidation or disposition of such Mortgage
Loan.

         Substitution Amount: The amount, if any, by which the Scheduled
Principal Balance of a Deleted Mortgage Loan exceeds the Scheduled Principal
Balance of the related Qualifying Substitute Mortgage Loan, or aggregate
Scheduled Principal Balance, if applicable, plus unpaid interest thereon, and
any related unpaid Advances or Servicing Advances or unpaid Servicing Fees, plus
any costs and damages incurred by the Trust Fund associated with violation of
any federal, state or local predatory or abusive lending laws.

         Target Amount: Not applicable.

         Targeted Overcollateralization Amount: Not applicable.

         Tax Matters Person: Not applicable.

         Telerate Page 3750: The display currently so designated as "Page 3750"
on the Moneyline Telerate Service (or such other page selected by the Master
Servicer as may replace Page 3750 on that service for the purpose of displaying
daily comparable rates on prices).

         Termination Price: As defined in Section 7.01(b).

                                       44
<PAGE>

         Title Insurance Policy: A title insurance policy maintained with
respect to a Mortgage Loan.

         Total Distribution Amount: With respect to any Distribution Date, the
sum of (i) the Interest Remittance Amount for both Mortgage Pools for such date;
(ii) the Principal Remittance Amount for both Mortgage Pools for such date; and
(iii) the Prepayment Premiums.

         Transfer Agreements: As defined in the Mortgage Loan Sale Agreement.

         Transferor: Countrywide Home Loans Inc.

         Trigger Event: Not applicable.

         Trust Fund: The corpus of the trust created pursuant to this Agreement,
consisting of the Mortgage Loans, the assignment of the Depositor's rights under
the Transfer Agreement, the Mortgage Loan Sale Agreement and the Servicing
Agreement, such amounts as shall from time to time be held in the Pool 1 Basis
Risk Reserve Fund and the Pool 2 Basis Risk Reserve Fund, the Capitalized
Interest Account, Collection Account, Certificate Account, any Custodial Account
and any Escrow Account, the Insurance Policies, any REO Property and the other
items referred to in, and conveyed to the Trustee under, Section 2.01(a).

         Trust REMIC: Each of REMIC I-1, REMIC I-2, REMIC II-1 and REMIC II-2,
as described in the Preliminary Statement hereto.

         Trustee: U.S. Bank National Association, a national banking
association, not in its individual capacity, but solely in its capacity as
trustee for the benefit of the Certificateholders under this Agreement, and any
successor thereto, and any corporation or national banking association resulting
from or surviving any consolidation or merger to which it or its successors may
be a party and any successor trustee as may from time to time be serving as
successor trustee hereunder.

         Uncertificated Class X Interest: Not applicable.

         Uncertificated Class X-I Interest: An uncertificated regular interest
in REMIC I-2 with an initial principal balance equal to the excess of (i) the
Pool 1 Cut-off Date Balance over (ii) the aggregate initial principal amounts of
the Group I Certificates and bearing interest on a each Distribution Date in an
amount equal to the Class X-I Current Interest for such Distribution Date;
provided, however, that such interest shall have no obligation to make any
payments treated as paid by the Class X-I Certificates pursuant to interest rate
cap agreements under Section 10.01 and shall have no rights to receive payments
in respect of Class X-I Shortfall Amounts from the Master Servicer as described
in Section 10.01.

         Uncertificated Class X-II Interest: An uncertificated regular interest
in REMIC II-2 with an initial principal balance equal to the excess of (i) the
Pool 2 Cut-off Date Balance over (ii) the aggregate initial principal amounts of
the Group II Certificates and bearing interest on a each Distribution Date in an
amount equal to the Class X-II Current Interest for such Distribution Date;
provided, however, that such interest shall have no obligation to make any
payments treated as paid by the Class X-II Certificates pursuant to interest
rate cap agreements under Section 10.01 and shall have no rights to receive
payments in respect of Class X-II Shortfall Amounts from the Master Servicer as
described in Section 10.01.

                                       45
<PAGE>

         UCC or Uniform Commercial Code: The Uniform Commercial Code as in
effect in any applicable jurisdiction from time to time.

         Underwriter: Lehman Brothers Inc.

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

         Unpaid Basis Risk Shortfall: With respect to any Distribution Date and
any Class of Offered Certificates, the aggregate of all Basis Risk Shortfalls
with respect to such Class remaining unpaid from previous Distribution Dates,
plus interest accrued thereon at the applicable Certificate Interest Rate
(calculated without giving effect to the applicable Net Funds Cap but limited to
a rate no greater than the Maximum Interest Rate of the Mortgage Pool to which
such Class relates).

         Upper Tier REMIC: As described in the Preliminary Statement.

         Voting Interests: The portion of the voting rights of all the
Certificates that is allocated to any Certificate for purposes of the voting
provisions of this Agreement. At all times during the term of this Agreement,
98% of all Voting Interests shall be allocated to the Class 1-A1, Class 1-A2A,
Class 1-A2B, Class 1-A3, Class 2-A1, Class 2-A2, Class 2-A3, Class M1-I, Class
M2-I, Class M3-I, Class M1-II, Class M2-II, Class M3-II and Class R Certificates
and the Class X-I and Class X-II Certificates will each be allocated 1% of all
Voting Interests. Voting Interests shall be allocated among such Classes of
Certificates (other than the Class X-I and Class X-II and Class R Certificates)
in proportion to their Class Principal Amounts or Class Notional Amounts and
among the Certificates of each Class in proportion to their Percentage
Interests.

         Section 1.02. Calculations Respecting Mortgage Loans.

         Calculations required to be made pursuant to this Agreement with
respect to any Mortgage Loan in the Trust Fund shall be made based upon current
information as to the terms of the Mortgage Loans and reports of payments
received from the Mortgagor on such Mortgage Loans and payments to be made to
the Trustee as supplied to the Trustee by the Master Servicer. The Trustee shall
not be required to recompute, verify or recalculate the information supplied to
it by the Master Servicer or the Servicer.

         Section 1.03. Calculations Respecting Accrued Interest.

         Accrued interest, if any, on any Offered Certificate shall be
calculated based upon a 360-day year and the actual number of days elapsed in
each Accrual Period.

                                       46
<PAGE>

                                   ARTICLE II

                              DECLARATION OF TRUST;
                            ISSUANCE OF CERTIFICATES

         Section 2.01. Creation and Declaration of Trust Fund; Conveyance of
Mortgage Loans.

         (a) Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby transfer, assign, set over, deposit with and otherwise
convey to the Trustee, without recourse, subject to Sections 2.02, 2.04, 2.05
and 2.06, in trust, all the right, title and interest of the Depositor in and to
the Mortgage Loans. Such conveyance includes, without limitation, the right to
all payments of principal and interest received on or with respect to the
Mortgage Loans on and after the Cut-off Date (other than payments of principal
and interest due on or before such date), and all such payments due after such
date but received prior to such date and intended by the related Mortgagors to
be applied after such date together with all of the Depositor's right, title and
interest in and to the Collection Account, the Certificate Account and all
amounts from time to time credited to and the proceeds of the Certificate
Account, any Custodial Accounts, any Escrow Account established pursuant to
Section 9.06, the Pool 1 Basis Risk Reserve Fund and the Pool 2 Basis Risk
Reserve Fund established pursuant to Section 5.06 and all amounts from time to
time credited to and the proceeds of each such account, any REO Property and the
proceeds thereof, the Depositor's rights under any Insurance Policies related to
the Mortgage Loans, the Depositor's security interest in any collateral pledged
to secure the Mortgage Loans, including the Mortgaged Properties, and any
proceeds of the foregoing, to have and to hold, in trust; and the Trustee
declares that, subject to the review provided for in Section 2.02, it has
received and shall hold the Trust Fund, as trustee, in trust, for the benefit
and use of the Holders of the Certificates and for the purposes and subject to
the terms and conditions set forth in this Agreement, and, concurrently with
such receipt, has caused to be executed, authenticated and delivered to or upon
the order of the Depositor, in exchange for the Trust Fund, Certificates in the
authorized denominations evidencing the entire ownership of the Trust Fund.

         Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby assign to the Trustee all of its rights and interest under
the Mortgage Loan Sale Agreement, including all rights of the Seller under the
Servicing Agreement and the Transfer Agreement (other than first payment date
default or early payment date default rights against the Transferor) but, in
each case, only to the extent assigned under the Mortgage Loan Sale Agreement.
The Trustee hereby accepts such assignment and delegation, and shall be entitled
to exercise all the rights of the Depositor under the Mortgage Loan Sale
Agreement as if, for such purpose, it were the Depositor. The foregoing sale,
transfer, assignment, set-over, deposit, delegation and conveyance does not and
is not intended to result in the creation or assumption by the Trustee of any
obligation of the Depositor, the Seller or any other Person in connection with
the Mortgage Loans or any other agreement or instrument relating thereto except
as specifically set forth herein.

         (b) In connection with such transfer and assignment, the Depositor does
hereby deliver to, and deposit with, or cause to be delivered to and deposited
with, the Trustee, and/or the Custodian acting on the Trustee's behalf, the
following documents or instruments with respect to each Mortgage Loan (each a
"Mortgage File") so transferred and assigned:

                                       47
<PAGE>

                  (i) with respect to each Mortgage Loan, the original Mortgage
         Note endorsed without recourse in proper form to the order of the
         Trustee, as shown on Exhibit B-4 hereto, or in blank (in each case,
         with all necessary intervening endorsements, as applicable) or with
         respect to any lost Mortgage Note, a lost note affidavit stating that
         the original Mortgage Note was lost, misplaced or destroyed, together
         with a copy of the related Mortgage Note;

                  (ii) if applicable, the original of any guarantee, security
         agreement or pledge agreement executed in connection with the Mortgage
         Note, assigned to the Trustee;

                  (iii) with respect to any Mortgage Loan other than a
         Cooperative Loan, the original recorded Mortgage with evidence of
         recording indicated thereon and the original recorded power of
         attorney, with evidence of recording thereon. If, in connection with
         any Mortgage Loan, the Depositor cannot deliver the Mortgage or power
         of attorney with evidence of recording thereon on or prior to the
         Closing Date because of a delay caused by the public recording office
         where such Mortgage has been delivered for recordation or because such
         Mortgage or power of attorney has been lost, the Depositor shall
         deliver or cause to be delivered to the Trustee (or the Custodian), in
         the case of a delay due to recording, a true copy of such Mortgage or
         power of attorney, pending delivery of the original thereof, together
         with an Officer's Certificate of the Depositor certifying that the copy
         of such Mortgage or power of attorney delivered to the Trustee (or the
         Custodian) is a true copy and that the original of such Mortgage or
         power of attorney has been forwarded to the public recording office,
         or, in the case of a Mortgage or power of attorney that has been lost,
         a copy thereof (certified as provided for under the laws of the
         appropriate jurisdiction) and a written Opinion of Counsel delivered to
         the Trustee and the Depositor that an original recorded Mortgage or
         power of attorney is not required to enforce the Trustee's interest in
         the Mortgage Loan;

                  (iv) the original of each assumption, modification or
         substitution agreement, if any, relating to the Mortgage Loans, or, as
         to any assumption, modification or substitution agreement which cannot
         be delivered on or prior to the Closing Date because of a delay caused
         by the public recording office where such assumption, modification or
         substitution agreement has been delivered for recordation, a photocopy
         of such assumption, modification or substitution agreement, pending
         delivery of the original thereof, together with an Officer's
         Certificate of the Depositor certifying that the copy of such
         assumption, modification or substitution agreement delivered to the
         Trustee (or the Custodian) is a true copy and that the original of such
         agreement has been forwarded to the public recording office;

                  (v) with respect to each Non-MERS Mortgage Loan, an original
         Assignment of Mortgage, in form and substance acceptable for recording.
         The related Mortgage shall be assigned either (A) in blank, without
         recourse or (B) to "U.S. Bank National Association, as Trustee of the
         Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
         Certificates, Series 2005-19XS," without recourse;

                                       48
<PAGE>

                  (vi) if applicable, such original intervening assignments of
         the Mortgage, notice of transfer or equivalent instrument (each, an
         "Intervening Assignment"), as may be necessary to show a complete chain
         of assignment from the originator, or, in the case of an Intervening
         Assignment that has been lost, a written Opinion of Counsel delivered
         to the Trustee that such original Intervening Assignment is not
         required to enforce the Trustee's interest in the Mortgage Loans;

                  (vii) with respect to any Mortgage Loan other than a
         Cooperative Loan, the original mortgagee title insurance policy or
         attorney's opinion of title and abstract of title, and, if applicable,
         the original Primary Mortgage Insurance Policy or certificate;

                  (viii) the original of any security agreement, chattel
         mortgage or equivalent instrument executed in connection with the
         Mortgage or as to any security agreement, chattel mortgage or their
         equivalent instrument that cannot be delivered on or prior to the
         Closing Date because of a delay caused by the public recording office
         where such document has been delivered for recordation, a photocopy of
         such document, pending delivery of the original thereof, together with
         an Officer's Certificate of the Depositor certifying that the copy of
         such security agreement, chattel mortgage or their equivalent
         instrument delivered to the Trustee (or the Custodian) is a true copy
         and that the original of such document has been forwarded to the public
         recording office;

                  (ix) with respect to any manufactured housing contract, any
         related manufactured housing sales contract, installment loan agreement
         or participation interest; and

                  (x) with respect to any Cooperative Loan, the Cooperative Loan
         Documents.

         The parties hereto acknowledge and agree that the form of endorsement
attached hereto as Exhibit B-4 is intended to effect the transfer to the
Trustee, for the benefit of the Certificateholders, of the Mortgage Notes and
the Mortgages.

         (c) (i) Assignments of Mortgage with respect to each Non-MERS Mortgage
Loan other than a Cooperative Loan shall be recorded; provided, however, that
such Assignments need not be recorded if, on or prior to the Closing Date, the
Depositor delivers, at its own expense, an Opinion of Counsel addressed to the
Trustee (which must be Independent counsel) acceptable to the Trustee and the
Rating Agencies, to the effect that recording in such states is not required to
protect the Trustee's interest in the related Non-MERS Mortgage Loans; provided,
further, that notwithstanding the delivery of any Opinion of Counsel, the Master
Servicer shall cause the Servicer to submit each Assignment of Mortgage for
recording upon the occurrence of a bankruptcy, insolvency or foreclosure
relating to the Mortgagor under the related Mortgage. Subject to the preceding
sentence, as soon as practicable after the Closing Date (but in no event more
than three months thereafter except to the extent delays are caused by the
applicable recording office), the Master Servicer, at the expense of the
Depositor and with the cooperation of the Servicer, shall cause to be properly
recorded by the Servicer in each public recording office where the related
Mortgages are recorded each Assignment of Mortgage referred to in subsection
(b)(v) above with respect to each Non-MERS Mortgage Loan. With respect to each
Cooperative Loan, the Master Servicer, at the expense of the Depositor and with
the cooperation of the Servicer, shall cause the Servicer to take such actions
as are necessary under applicable law in order to perfect the interest of the
Trustee in the related Mortgaged Property.

                                       49
<PAGE>

                  (ii) With respect to each MERS Mortgage Loan, the Master
         Servicer, at the expense of the Depositor and with the cooperation of
         the Servicer, shall cause the Servicer to take such actions as are
         necessary to cause the Trustee to be clearly identified as the owner of
         each such Mortgage Loan on the records of MERS for purposes of the
         system of recording transfers of beneficial ownership of mortgages
         maintained by MERS.

         (d) In instances where a Title Insurance Policy is required to be
delivered to the Trustee or the Custodian on behalf of the Trustee under clause
(b)(vii) above and is not so delivered, the Depositor will provide a copy of
such Title Insurance Policy to the Trustee, or to the Custodian on behalf of the
Trustee, as promptly as practicable after the execution and delivery hereof, but
in any case within 180 days of the Closing Date.

         (e) For Mortgage Loans (if any) that have been prepaid in full after
the Cut-off Date and prior to the Closing Date, the Depositor, in lieu of
delivering the above documents, herewith delivers to the Trustee, or to the
Custodian on behalf of the Trustee, an Officer's Certificate which shall include
a statement to the effect that all amounts received in connection with such
prepayment that are required to be deposited in the Collection Account pursuant
to Section 4.01 have been so deposited. All original documents that are not
delivered to the Trustee or the Custodian on behalf of the Trustee shall be held
by the Master Servicer or the Servicer in trust for the benefit of the Trustee
and the Certificateholders.

         Section 2.02. Acceptance of Trust Fund by Trustee: Review of
                       Documentation for Trust Fund.

         (a) The Trustee, by execution and delivery hereof, acknowledges receipt
by it or by the Custodian on its behalf of the Mortgage Files pertaining to the
Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof
by the Trustee, or by the Custodian on behalf of the Trustee, under this Section
2.02. The Trustee, or the Custodian on behalf of the Trustee, will execute and
deliver to the Trustee, the Depositor, the Master Servicer and any NIMS Insurer
on the Closing Date an Initial Certification in the form annexed hereto as
Exhibit B-1 (or in the form annexed to the Custodial Agreement as Exhibit B-1,
as applicable).

         (b) Within 45 days after the Closing Date, the Trustee or the Custodian
on behalf of the Trustee, will, for the benefit of Holders of the Certificates,
review each Mortgage File to ascertain that all required documents set forth in
Section 2.01 have been received and appear on their face to contain the
requisite signatures by or on behalf of the respective parties thereto, and
shall deliver to the Trustee, the Depositor, the Master Servicer and any NIMS
Insurer an Interim Certification in the form annexed hereto as Exhibit B-2 (or
in the form annexed to the applicable Custodial Agreement as Exhibit B 2, as
applicable) to the effect that, as to each Mortgage Loan listed in the Mortgage
Loan Schedule (other than any Mortgage Loan prepaid in full or any specifically
identified in such certification as not covered by such certification), (i) all
of the applicable documents specified in Section 2.01(b) are in its possession
and (ii) such documents have been reviewed by it and appear to relate to such
Mortgage Loan. The Trustee, or the Custodian on behalf of the Trustee, shall
determine whether such documents are executed and endorsed, but shall be under
no duty or obligation to inspect, review or examine any such documents,
instruments, certificates or other papers to determine that the same are valid,
binding, legally effective, properly endorsed, genuine, enforceable or
appropriate for the represented purpose or that they have actually been recorded
or are in recordable form or that they are other than what they purport to be on
their face. Neither the Trustee nor the Custodian shall have any responsibility
for verifying the genuineness or the legal effectiveness of or authority for any
signatures of or on behalf of any party or endorser.

                                       50
<PAGE>

         (c) If in the course of the review described in paragraph (b) above the
Trustee or the Custodian discovers any document or documents constituting a part
of a Mortgage File that is missing, does not appear regular on its face (i.e.,
is mutilated, damaged, defaced, torn or otherwise physically altered) or appears
to be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule
(each, a "Material Defect"), the Trustee, or the Custodian on behalf of the
Trustee, discovering such Material Defect shall promptly identify the Mortgage
Loan to which such Material Defect relates in the Interim Certification
delivered to the Trustee, the Depositor and the Master Servicer. Within 90 days
of its receipt of such notice, the Transferor, or, if the Transferor does not do
so, the Depositor shall be required to cure such Material Defect (and, in such
event, the Depositor shall provide the Trustee with an Officer's Certificate
confirming that such cure has been effected). If the applicable Transferor or
the Depositor, as applicable, does not so cure such Material Defect, the
Transferor, or, if the Transferor does not do so, the Depositor, shall, if a
loss has been incurred with respect to such Mortgage Loan that would, if such
Mortgage Loan were not purchased from the Trust Fund, constitute a Realized
Loss, and such loss is attributable to the failure of the Depositor to cure such
Material Defect, repurchase the related Mortgage Loan from the Trust Fund at the
Purchase Price. A loss shall be deemed to be attributable to the failure of the
Depositor to cure a Material Defect if, as determined by the Depositor, upon
mutual agreement with the Trustee each acting in good faith, absent such
Material Defect, such loss would not have been incurred. Within the two-year
period following the Closing Date, the Depositor may, in lieu of repurchasing a
Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage Loan a
Qualifying Substitute Mortgage Loan subject to the provisions of Section 2.05.
The failure of the Trustee or the Custodian to give the notice contemplated
herein within 45 days after the Closing Date shall not affect or relieve the
Depositor of its obligation to repurchase any Mortgage Loan pursuant to this
Section 2.02 or any other Section of this Agreement requiring the repurchase of
Mortgage Loans from the Trust Fund.

         (d) Within 180 days following the Closing Date, the Trustee, or the
Custodian, shall deliver to the Trustee, the Depositor, the Master Servicer and
any NIMS Insurer a Final Certification substantially in the form attached as
Exhibit B-3 (or in the form annexed to the applicable Custodial Agreement as
Exhibit B-3, as applicable) evidencing the completeness of the Mortgage Files in
its possession or control, with any exceptions noted thereto.

         (e) Nothing in this Agreement shall be construed to constitute an
assumption by the Trust Fund, the Trustee, the Custodian or the
Certificateholders of any unsatisfied duty, claim or other liability on any
Mortgage Loan or to any Mortgagor.

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<PAGE>

         (f) Each of the parties hereto acknowledges that the Custodian shall
perform the applicable review of the Mortgage Loans and respective
certifications thereof as provided in this Section 2.02 and the Custodial
Agreement.

         (g) Upon execution of this Agreement, the Depositor hereby delivers to
the Trustee and the Trustee acknowledges a receipt of the Mortgage Loan Sale
Agreement and the Servicing Agreement.

         Section 2.03. Representations and Warranties of the Depositor.

         (a) The Depositor hereby represents and warrants to the Trustee, for
the benefit of Certificateholders and to the Master Servicer as of the Closing
Date or such other date as is specified, that:

                  (i) the Depositor is a corporation duly organized, validly
         existing and in good standing under the laws governing its creation and
         existence and has full corporate power and authority to own its
         property, to carry on its business as presently conducted, to enter
         into and perform its obligations under this Agreement, and to create
         the trust pursuant hereto;

                  (ii) the execution and delivery by the Depositor of this
         Agreement have been duly authorized by all necessary corporate action
         on the part of the Depositor; neither the execution and delivery of
         this Agreement, nor the consummation of the transactions herein
         contemplated, nor compliance with the provisions hereof, will conflict
         with or result in a breach of, or constitute a default under, any of
         the provisions of any law, governmental rule, regulation, judgment,
         decree or order binding on the Depositor or its properties or the
         certificate of incorporation or bylaws of the Depositor;

                  (iii) the execution, delivery and performance by the Depositor
         of this Agreement and the consummation of the transactions contemplated
         hereby do not require the consent or approval of, the giving of notice
         to, the registration with, or the taking of any other action in respect
         of, any state, federal or other governmental authority or agency,
         except such as has been obtained, given, effected or taken prior to the
         date hereof;

                  (iv) this Agreement has been duly executed and delivered by
         the Depositor and, assuming due authorization, execution and delivery
         by the Trustee and the Master Servicer constitutes a valid and binding
         obligation of the Depositor enforceable against it in accordance with
         its terms except as such enforceability may be subject to (A)
         applicable bankruptcy and insolvency laws and other similar laws
         affecting the enforcement of the rights of creditors generally and (B)
         general principles of equity regardless of whether such enforcement is
         considered in a proceeding in equity or at law;

                  (v) there are no actions, suits or proceedings pending or, to
         the knowledge of the Depositor, threatened or likely to be asserted
         against or affecting the Depositor, before or by any court,
         administrative agency, arbitrator or governmental body (A) with respect
         to any of the transactions contemplated by this Agreement or (B) with
         respect to any other matter which in the judgment of the Depositor will
         be determined adversely to the Depositor and will if determined
         adversely to the Depositor materially and adversely affect it or its
         business, assets, operations or condition, financial or otherwise, or
         adversely affect its ability to perform its obligations under this
         Agreement; and

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<PAGE>

                  (vi) immediately prior to the transfer and assignment of the
         Mortgage Loans to the Trustee, the Depositor was the sole owner of
         record and holder of each Mortgage Loan, and the Depositor had good and
         marketable title thereto, and had full right to transfer and sell each
         Mortgage Loan to the Trustee free and clear, subject only to (1) liens
         of current real property taxes and assessments not yet due and payable
         and, if the related Mortgaged Property is a condominium unit, any lien
         for common charges permitted by statute, (2) covenants, conditions and
         restrictions, rights of way, easements and other matters of public
         record as of the date of recording of such Mortgage acceptable to
         mortgage lending institutions in the area in which the related
         Mortgaged Property is located and specifically referred to in the
         lender's Title Insurance Policy or attorney's opinion of title and
         abstract of title delivered to the originator of such Mortgage Loan,
         and (3) such other matters to which like properties are commonly
         subject which do not, individually or in the aggregate, materially
         interfere with the benefits of the security intended to be provided by
         the Mortgage, of any encumbrance, equity, participation interest, lien,
         pledge, charge, claim or security interest, and had full right and
         authority, subject to no interest or participation of, or agreement
         with, any other party, to sell and assign each Mortgage Loan pursuant
         to this Agreement.

         (b) The representations and warranties of the Transferor with respect
to the related Mortgage Loans in the applicable Transfer Agreement, which have
been assigned to the Trustee hereunder, were made as of the date specified in
the applicable Transfer Agreement (or underlying agreement, if such Transfer
Agreement is in the form of an assignment of a prior agreement). To the extent
that any fact, condition or event with respect to a Mortgage Loan constitutes a
breach of both (i) a representation or warranty of the applicable Transferor
under the applicable Transfer Agreement and (ii) a representation or warranty of
the Seller under the Mortgage Loan Sale Agreement, the only right or remedy of
the Trustee or any Certificateholder hereunder (other than a breach by the
Seller of the representations made pursuant to Sections 1.04(b)(xii),
1.04(b)(xvii), 1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan
Sale Agreement) shall be their rights to enforce the obligations of the
applicable Transferor under any applicable representation or warranty made by
it. Pursuant to the terms of the Mortgage Loan Sale Agreement, the
representations and warranties made by the Seller pursuant to Sections
1.04(b)(xii), 1.04(b)(xvii), 1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the
Mortgage Loan Sale Agreement shall be the direct obligations of the Seller. With
the exception of the immediately proceeding sentence, the Seller shall not have
any other obligation or liability with respect to any breach of a representation
or warranty made by it with respect to the Mortgage Loans sold by it if the
fact, condition or event constituting such breach also constitutes a breach of a
representation or warranty made by the applicable Transferor in the applicable
Transfer Agreement, without regard to whether such Transferor fulfills its
contractual obligations in respect of such representation or warranty. The
Depositor shall have no obligation or liability with respect to any breach of
any representation or warranty with respect to the Mortgage Loans (except as set
forth in Section 2.03(a)(vi)) under any circumstances.

                                       53
<PAGE>

         Section 2.04. Discovery of Breach.

         It is understood and agreed that the representations and warranties (i)
set forth in Section 2.03, (ii) of the Seller set forth in the Mortgage Loan
Sale Agreement and assigned to the Depositor by the Seller under the Mortgage
Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of
the Transferor and of the Servicer assigned by the Seller to the Depositor
pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the
Depositor hereunder, shall each survive delivery of the Mortgage Files and the
Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue
throughout the term of this Agreement. Upon discovery by any of the Depositor,
the Master Servicer or the Trustee of a breach of any of such representations
and warranties that materially and adversely affects the value of the related
Mortgage Loan, the party discovering such breach shall give prompt written
notice to the other parties. Within 90 days of the discovery of a breach of any
representation or warranty given to the Trustee by the Depositor or given by a
Transferor or the Seller and assigned to the Trustee, the Depositor, such
Transferor or the Seller, as applicable, shall either (a) cure such breach in
all material respects, (b) repurchase such Mortgage Loan or any property
acquired in respect thereof from the Trustee at the Purchase Price (or, with
respect to Mortgage Loans as to which there is a breach of a representation or
warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at
the purchase price therefor paid by the Seller under the Mortgage Loan Sale
Agreement) or (c) within the two-year period following the Closing Date,
substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan.
In the event of discovery of a breach of any representation and warranty of a
Transferor assigned to the Trustee, the Trustee shall enforce its rights under
the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the
benefit of Certificateholders. As provided in the Mortgage Loan Sale Agreements,
if a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan pursuant
to the Transfer Agreement and such substitute mortgage loan is not a Qualifying
Substitute Mortgage Loan, then pursuant to the terms of the Mortgage Loan Sale
Agreement the Seller will, in exchange for such substitute mortgage loan, (i)
pay to the Trust Fund the applicable Purchase Price for the affected Mortgage
Loan or (ii) within two years of the Closing Date, substitute a Qualifying
Substitute Mortgage Loan.

         Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans.

         (a) With respect to any Mortgage Loan repurchased by the Depositor
pursuant to this Agreement, by the Seller pursuant to the Mortgage Loan Sale
Agreement, or by the Transferor pursuant to the applicable Transfer Agreement,
the principal portion of the funds received by the Master Servicer in respect of
such repurchase of a Mortgage Loan will be considered a Principal Prepayment and
the Purchase Price shall be deposited in the Collection Account or a Custodial
Account, as applicable. The Trustee (i) upon receipt of the full amount of the
Purchase Price for a Deleted Mortgage Loan, (ii) upon receipt of a written
certification from the Master Servicer that it has received the full amount of
the Purchase Price for a Deleted Mortgage Loan and has deposited such amount in
the Collection Account or (iii) upon receipt of notification from the Custodian
that it had received the Mortgage File for a Qualifying Substitute Mortgage Loan
substituted for a Deleted Mortgage Loan (and any applicable Substitution
Amount), shall release or cause to be released and reassign to the Depositor,
the Seller or the Transferor, as applicable, the related Mortgage File for the
Deleted Mortgage Loan and shall execute and deliver such instruments of transfer
or assignment, in each case without recourse, representation or warranty, as
shall be necessary to vest in such party or its designee or assignee title to
any Deleted Mortgage Loan released pursuant hereto, free and clear of all
security interests, liens and other encumbrances created by this Agreement,

                                       54
<PAGE>

which instruments shall be prepared by the Servicer and the Trustee shall have
no further responsibility with respect to the Mortgage File relating to such
Deleted Mortgage Loan. The Seller indemnifies and holds the Trust Fund, the
Master Servicer, the Trustee, the Depositor and each Certificateholder harmless
against any and all taxes, claims, losses, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees
and expenses that the Trust Fund, the Trustee, the Master Servicer, the
Depositor and any Certificateholder may sustain in connection with any actions
of the Seller relating to a repurchase of a Mortgage Loan other than in
compliance with the terms of this Section 2.05 and the Mortgage Loan Sale
Agreement, to the extent that any such action causes an Adverse REMIC Event.

         (b) With respect to each Qualifying Substitute Mortgage Loan to be
delivered to the Trustee (or the Custodian) pursuant to the terms of this
Article II in exchange for a Deleted Mortgage Loan: (i) the Depositor, the
Transferor or the Seller, as applicable, must deliver to the Trustee (or the
Custodian) the Mortgage File for the Qualifying Substitute Mortgage Loan
containing the documents set forth in Section 2.01(b) along with a written
certification certifying as to the delivery of such Mortgage File and containing
the granting language set forth in Section 2.01(a); and (ii) the Depositor will
be deemed to have made, with respect to such Qualifying Substitute Mortgage
Loan, each of the representations and warranties made by it with respect to the
related Deleted Mortgage Loan. As soon as practicable after the delivery of any
Qualifying Substitute Mortgage Loan hereunder, the Master Servicer, at the
expense of the Depositor and with the cooperation of the Servicer, shall (i)
with respect to a Qualifying Substitute Mortgage Loan that is a Non-MERS
Mortgage Loan, cause the Assignment of Mortgage to be recorded by the Servicer
if required pursuant to Section 2.01(c), or (ii) with respect to a Qualifying
Substitute Mortgage Loan that is a MERS Mortgage Loan, cause to be taken such
actions as are necessary to cause the Trustee to be clearly identified as the
owner of each such Mortgage Loan on the records of MERS if required pursuant to
Section 2.01(c).

         (c) Notwithstanding any other provision of this Agreement, the right to
substitute Mortgage Loans pursuant to this Article II shall be subject to the
additional limitations that no substitution of a Qualifying Substitute Mortgage
Loan for a Deleted Mortgage Loan shall be made unless the Trustee has received
an Opinion of Counsel (at the expense of the party seeking to make the
substitution) that, under current law, such substitution will not result in an
Adverse REMIC Event.

         Section 2.06. Grant Clause.

         (a) It is intended that the conveyance of the Depositor's right, title
and interest in and to property constituting the Trust Fund pursuant to this
Agreement shall constitute, and shall be construed as, a sale of such property
and not a grant of a security interest to secure a loan. However, if such
conveyance is deemed to be in respect of a loan, it is intended that: (1) the
rights and obligations of the parties shall be established pursuant to the terms
of this Agreement; (2) the Depositor hereby grants to the Trustee for the
benefit of the Holders of the Certificates a first priority security interest to
secure repayment of an obligation in an amount equal to the aggregate Class
Principal Amount of the Certificates in all of the Depositor's right, title and
interest in, to and under, whether now owned or hereafter acquired, the Trust
Fund and all proceeds of any and all property constituting the Trust Fund to
secure payment of the Certificates; and (3) this Agreement shall constitute a
security agreement under applicable law. If such conveyance is deemed to be in
respect of a loan and the trust created by this Agreement terminates prior to
the satisfaction of the claims of any Person holding any Certificate, the
security interest created hereby shall continue in full force and effect and the
Trustee shall be deemed to be the collateral agent for the benefit of such
Person, and all proceeds shall be distributed as herein provided.

                                       55
<PAGE>

         (b) The Depositor shall, to the extent consistent with this Agreement,
take such reasonable actions as may be necessary to ensure that, if this
Agreement were deemed to create a security interest in the Mortgage Loans and
the other property described above, such security interest would be deemed to be
a perfected security interest of first priority under applicable law and shall
be maintained as such throughout the term of this Agreement. The Depositor
shall, at its own expense, make all initial filings on or about the Closing Date
and shall forward a copy of such filing or filings to the Trustee. Without
limiting the generality of the foregoing, the Depositor shall prepare and
forward for filing, or shall cause to be forwarded for filing, at the expense of
the Depositor, all filings necessary to maintain the effectiveness of any
original filings necessary under the relevant UCC to perfect the Trustee's
security interest in or lien on the Mortgage Loans, including without limitation
(x) continuation statements, and (y) such other statements as may be occasioned
by (1) any change of name of the Seller, the Depositor or the Trustee, (2) any
change of location of the jurisdiction of organization of the Seller or the
Depositor, (3) any transfer of any interest of the Seller or the Depositor in
any Mortgage Loan or (4) any change under the relevant UCC or other applicable
laws. Neither the Seller nor the Depositor shall organize under the law of any
jurisdiction other than the State under which each is organized as of the
Closing Date (whether changing its jurisdiction of organization or organizing
under an additional jurisdiction) without giving 30 days prior written notice of
such action to its immediate and intermediate transferee, including the Trustee.
Before effecting such change, the Seller or the Depositor proposing to change
its jurisdiction of organization shall prepare and file in the appropriate
filing office any financing statements or other statements necessary to continue
the perfection of the interests of its immediate and mediate transferees,
including the Trustee, in the Mortgage Loans. In connection with the
transactions contemplated by this Agreement, the Seller and the Depositor
authorizes its immediate or mediate transferee to file in any filing office any
initial financing statements, any amendments to financing statements, any
continuation statements, or any other statements or filings described in this
paragraph (b).

                                  ARTICLE III

                                THE CERTIFICATES

         Section 3.01. The Certificates.

         (a) The Certificates shall be issuable in registered form only and
shall be securities governed by Article 8 of the New York Uniform Commercial
Code. The Book-Entry Certificates will be evidenced by one or more certificates,
beneficial ownership of which will be held in the dollar denominations in
Certificate Principal Amount (or Notional Amount), or in the Percentage
Interests, specified herein. Each Class of Offered Certificates will be issued
in the minimum denominations in Certificate Principal Amount (or Notional
Amount) specified in the Preliminary Statement hereto and in integral multiples
of $1 in excess thereof. The Class X-I and Class X-II Certificates shall be
maintained in definitive, fully registered form in a minimum denomination equal
to 10% of the Percentage Interest of the Class. The Class R Certificate shall be
issued as a single Certificate and maintained in definitive, fully registered
form in a minimum denomination equal to 100% of the Percentage Interest of such
Class. The Certificates may be issued in the form of typewritten certificates.

                                       56
<PAGE>

         (b) The Certificates shall be executed by manual or facsimile signature
on behalf of the Trustee by an authorized officer. Each Certificate shall, on
original issue, be authenticated by the Trustee upon the order of the Depositor
upon receipt by the Trustee of the Mortgage Files described in Section 2.01. No
Certificate shall be entitled to any benefit under this Agreement, or be valid
for any purpose, unless there appears on such Certificate a certificate of
authentication substantially in the form provided for herein, executed by an
authorized officer of the Trustee or the Authenticating Agent, if any, by manual
signature, and such certification upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date
of their authentication. At any time and from time to time after the execution
and delivery of this Agreement, the Depositor may deliver Certificates executed
by the Depositor to the Trustee or the Authenticating Agent for authentication
and the Trustee or the Authenticating Agent shall authenticate and deliver such
Certificates as in this Agreement provided and not otherwise.

         Section 3.02. Registration.

         The Trustee is hereby appointed, and hereby accepts its appointment as,
Certificate Registrar in respect of the Certificates and shall maintain books
for the registration and for the transfer of Certificates (the "Certificate
Register"). The Trustee may appoint a bank or trust company to act as
Certificate Registrar. A registration book shall be maintained for the
Certificates collectively. The Certificate Registrar may resign or be discharged
or removed and a new successor may be appointed in accordance with the
procedures and requirements set forth in Sections 6.06 and 6.07 hereof with
respect to the resignation, discharge or removal of the Trustee and the
appointment of a successor trustee. The Certificate Registrar may appoint, by a
written instrument delivered to the Holders and the Master Servicer, any bank or
trust company to act as co registrar under such conditions as the Certificate
Registrar may prescribe; provided, however, that the Certificate Registrar shall
not be relieved of any of its duties or responsibilities hereunder by reason of
such appointment.

         Section 3.03. Transfer and Exchange of Certificates.

         (a) A Certificate (other than Book Entry Certificates which shall be
subject to Section 3.09 hereof) may be transferred by the Holder thereof only
upon presentation and surrender of such Certificate at the office of the
Certificate Registrar duly endorsed or accompanied by an assignment duly
executed by such Holder or his duly authorized attorney in such form as shall be
satisfactory to the Certificate Registrar. Upon the transfer of any Certificate
in accordance with the preceding sentence, the Trustee shall execute, and the
Trustee or any Authenticating Agent shall authenticate and deliver to the
transferee, one or more new Certificates of the same Class and evidencing, in
the aggregate, the same aggregate Certificate Principal Amount or Percentage
Interest as the Certificate being transferred. No service charge shall be made
to a Certificateholder for any registration of transfer of Certificates, but the
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge that may be imposed in connection with any registration
of transfer of Certificates.

                                       57
<PAGE>

         (b) A Certificate may be exchanged by the Holder thereof for any number
of new Certificates of the same Class, in authorized denominations, representing
in the aggregate the same Certificate Principal Amount or Percentage Interest as
the Certificate surrendered, upon surrender of the Certificate to be exchanged
at the office of the Certificate Registrar duly endorsed or accompanied by a
written instrument of transfer duly executed by such Holder or his duly
authorized attorney in such form as is satisfactory to the Certificate
Registrar. Certificates delivered upon any such exchange will evidence the same
obligations, and will be entitled to the same rights and privileges, as the
Certificates surrendered. No service charge shall be made to a Certificateholder
for any exchange of Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any exchange of Certificates. Whenever any
Certificates are so surrendered for exchange, the Trustee shall execute, and the
Trustee or the Authenticating Agent shall authenticate, date and deliver the
Certificates which the Certificateholder making the exchange is entitled to
receive.

         (c) By acceptance of a Restricted Certificate, whether upon original
issuance or subsequent transfer, each Holder of such a Certificate acknowledges
the restrictions on the transfer of such Certificate set forth thereon and
agrees that it will transfer such a Certificate only as provided herein.

         The following restrictions shall apply with respect to the transfer and
registration of transfer of a Restricted Certificate to a transferee that takes
delivery in the form of a Definitive Certificate:

                  (i) The Certificate Registrar shall register the transfer of a
         Restricted Certificate if the requested transfer is (x) to the
         Depositor or an affiliate (as defined in Rule 405 under the 1933 Act)
         of the Depositor or (y) being made to a "qualified institutional buyer"
         (a "QIB") as defined in Rule 144A under the Securities Act of 1933, as
         amended (the "Act") by a transferor that has provided the Trustee with
         a certificate in the form of Exhibit F hereto; and

                  (ii) The Certificate Registrar shall register the transfer of
         a Restricted Certificate if the requested transfer is being made to an
         "accredited investor" under Rule 501(a)(1), (2), (3) or (7) under the
         Act, or to any Person all of the equity owners in which are such
         accredited investors, by a transferor who furnishes to the Trustee a
         letter of the transferee substantially in the form of Exhibit G hereto.

         (d) No Transfer of an ERISA-Restricted Certificate that is a Class R
Certificate will be registered unless the Trustee, the Certificate Registrar and
the Depositor receive a representation as set forth in Exhibit D-1 to the effect
that such transferee is not an employee benefit plan or other arrangement
subject to Title I of ERISA, a plan subject to Section 4975 of the Code or a
plan subject to any provisions under any federal, state, local, non-U.S. or
other laws or regulations that are substantively similar to the foregoing
provisions of ERISA or the Code ("Similar Law") (collectively, a "Plan"), and is
not directly or indirectly acquiring the Class R Certificate for, on behalf of,
or with any assets of any such Plan. Each Person to whom a Class R Certificate
is to be transferred shall be required or deemed to represent that it is not a
Plan.

                                       58
<PAGE>

         No Transfer of an ERISA-Restricted Certificate (other than the Class R
Certificate) will be registered unless the Trustee, the Certificate Registrar
and the Depositor receive (A) a representation as set forth in Exhibit H that
the transferee is not a Plan and is not directly or indirectly acquiring the
Certificate for, on behalf of, or with any assets of any such Plan, (B) if the
Certificate has been the subject of an ERISA-Qualifying Underwriting, a
representation as set forth in Exhibit H that such transferee is an insurance
company that is acquiring the Certificate with assets contained in an "insurance
company general account," as defined in Section V(e) of Prohibited Transaction
Class Exemption ("PTCE") 95-60, and the acquisition and holding of the
Certificate are covered and exempt under Sections I and III of PTCE 95-60, or
(C) solely in the case of a Definitive Certificate, an Opinion of Counsel
satisfactory to the Trustee, the Certificate Registrar and the Depositor, and
upon which the Trustee, the Certificate Registrar and the Depositor shall be
entitled to rely, to the effect that the acquisition and holding of such
Certificate will not constitute or result in a nonexempt prohibited transaction
under ERISA or the Code, or a violation of Similar Law, and will not subject the
Trustee, the Certificate Registrar, the Master Servicer, any Servicer or the
Depositor to any obligation in addition to those expressly undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Trustee, the
Certificate Registrar, the Master Servicer, any Servicer or the Depositor.

         For purposes of this Subsection 3.03(d), other than clause (C) in the
immediately preceding paragraph, the representations set forth in Exhibit D-1 or
Exhibit H, as applicable, shall be deemed to have been made to the Trustee, the
Certificate Registrar and the Depositor by the transferee's acceptance of an
ERISA-Restricted Certificate (or the acceptance by a Certificate Owner of the
beneficial interest in any Class of ERISA-Restricted Certificates). The Trustee,
the Certificate Registrar and the Depositor shall not have any obligation to
monitor transfers of Book-Entry Certificates or Restricted Global Securities
that are ERISA-Restricted Certificates or any liability for transfers of such
Certificates in violation of the transfer restrictions.

         Notwithstanding any other provision herein to the contrary, any
purported transfer of an ERISA-Restricted Certificate to or on behalf of a Plan
without the delivery to the Trustee, the Certificate Registrar and the Depositor
of a representation or an Opinion of Counsel satisfactory to the Trustee, the
Certificate Registrar and the Depositor as described above shall be void and of
no effect. The Trustee, the Certificate Registrar and the Depositor shall not
have any liability to any Person for any registration or transfer of any
ERISA-Restricted Certificate that is in fact not permitted by this Section
3.03(d) and the Trustee, the Certificate Registrar and the Depositor shall not
have any liability for making any payments due on such Certificate to the Holder
thereof or taking any other action with respect to such Holder under the
provisions of this Agreement so long as the transfer was registered by the
Certificate Registrar in accordance with the foregoing requirements. The
Trustee, the Certificate Registrar and the Depositor shall be entitled, but not
obligated, to recover from any Holder of any ERISA-Restricted Certificate that
was in fact a Plan and that held such Certificate in violation of this Section
3.03(d) all payments made on such ERISA-Restricted Certificate at and after the
time it commenced such holding. Any such payments so recovered shall be paid and
delivered to the last preceding Holder of such Certificate that is not a Plan.

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         (e) As a condition of the registration of transfer or exchange of any
Certificate, the Certificate Registrar may require the certified taxpayer
identification number of the owner of the Certificate and the payment of a sum
sufficient to cover any tax or other governmental charge imposed in connection
therewith; provided, however, that the Certificate Registrar shall have no
obligation to require such payment or to determine whether or not any such tax
or charge may be applicable. No service charge shall be made to the
Certificateholder for any registration, transfer or exchange of a Certificate.

         (f) Notwithstanding anything to the contrary contained herein, no
Residual Certificate may be owned, pledged or transferred, directly or
indirectly, by or to (i) a Disqualified Organization or (ii) an individual,
corporation or partnership or other person unless, in the case of clause (ii),
such person is (A) not a Non-U.S. Person or (B) is a Non U.S. Person that holds
a Residual Certificate in connection with the conduct of a trade or business
within the United States and has furnished the transferor and the Trustee with
an effective Internal Revenue Service Form W-8ECI or successor form at the time
and in the manner required by the Code (any such person who is not covered by
clause (A) or (B) above is referred to herein as a "Non-permitted Foreign
Holder").

         Prior to and as a condition of the registration of any transfer, sale
or other disposition of a Residual Certificate, the proposed transferee shall
deliver to the Trustee an affidavit in substantially the form attached hereto as
Exhibit D-1 representing and warranting, among other things, that such
transferee is neither a Disqualified Organization, an agent or nominee acting on
behalf of a Disqualified Organization, nor a Non-permitted Foreign Holder (any
such transferee, a "Permitted Transferee"), and the proposed transferor shall
deliver to the Trustee an affidavit in substantially the form attached hereto as
Exhibit D-2. In addition, the Trustee may (but shall have no obligation to)
require, prior to and as a condition of any such transfer, the delivery by the
proposed transferee of an Opinion of Counsel, addressed to the Depositor, the
Master Servicer and the Trustee satisfactory in form and substance to the
Depositor, that such proposed transferee or, if the proposed transferee is an
agent or nominee, the proposed beneficial owner, is not a Disqualified
Organization, agent or nominee thereof, or a Non-permitted Foreign Holder.
Notwithstanding the registration in the Certificate Register of any transfer,
sale, or other disposition of a Residual Certificate to a Disqualified
Organization, an agent or nominee thereof, or Non-permitted Foreign Holder, such
registration shall be deemed to be of no legal force or effect whatsoever and
such Disqualified Organization, agent or nominee thereof, or Non-permitted
Foreign Holder shall not be deemed to be a Certificateholder for any purpose
hereunder, including, but not limited to, the receipt of distributions on such
Residual Certificate. The Trustee shall not be under any liability to any person
for any registration or transfer of a Residual Certificate to a Disqualified
Organization, agent or nominee thereof or Non-permitted Foreign Holder or for
the maturity of any payments due on such Residual Certificate to the Holder
thereof or for taking any other action with respect to such Holder under the
provisions of the Agreement, so long as the transfer was effected in accordance
with this Section 3.03(f), unless the Trustee shall have actual knowledge at the
time of such transfer or the time of such payment or other action that the
transferee is a Disqualified Organization, or an agent or nominee thereof, or
Non-permitted Foreign Holder. The Trustee shall be entitled to recover from any
Holder of a Residual Certificate that was a Disqualified Organization, agent or
nominee thereof, or Non-permitted Foreign Holder at the time it became a Holder
or any subsequent time it became a Disqualified Organization, agent or nominee
thereof, or Non-permitted Foreign Holder, all payments made on such Residual
Certificate at and after either such times (and all costs and expenses,
including but not limited to attorneys' fees, incurred in connection therewith).
Any payment (not including any such costs and expenses) so recovered by the
Trustee shall be paid and delivered to the last preceding Holder of such
Residual Certificate.

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         If any purported transferee shall become a registered Holder of a
Residual Certificate in violation of the provisions of this Section 3.03(f),
then upon receipt of written notice to the Trustee that the registration of
transfer of such Residual Certificate was not in fact permitted by this Section
3.03(f), the last preceding Permitted Transferee shall be restored to all rights
as Holder thereof retroactive to the date of such registration of transfer of
such Residual Certificate. The Trustee shall be under no liability to any Person
for any registration of transfer of a Residual Certificate that is in fact not
permitted by this Section 3.03(f), for making any payment due on such
Certificate to the registered Holder thereof or for taking any other action with
respect to such Holder under the provisions of this Agreement so long as the
transfer was registered upon receipt of the affidavit described in the preceding
paragraph of this Section 3.03(f).

         (g) Each Holder or Certificate Owner of a Restricted Certificate,
ERISA-Restricted Certificate or Residual Certificate, or an interest therein, by
such Holder's or Owner's acceptance thereof, shall be deemed for all purposes to
have consented to the provisions of this section.

         Section 3.04. Cancellation of Certificates.

         Any Certificate surrendered for registration of transfer or exchange
shall be cancelled and retained in accordance with normal retention policies
with respect to cancelled certificates maintained by the Trustee or the
Certificate Registrar.

         Section 3.05. Replacement of Certificates.

         If (i) any Certificate is mutilated and is surrendered to the Trustee
or any Authenticating Agent or (ii) the Trustee or any Authenticating Agent
receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and there is delivered to the Trustee or the Authenticating Agent
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Depositor and any Authenticating
Agent that such destroyed, lost or stolen Certificate has been acquired by a
bona fide purchaser, the Trustee shall execute and the Trustee or any
Authenticating Agent shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
of like tenor and Certificate Principal Amount. Upon the issuance of any new
Certificate under this Section 3.05, the Trustee and Authenticating Agent may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Trustee or the Authenticating Agent) connected
therewith. Any replacement Certificate issued pursuant to this Section 3.05
shall constitute complete and indefeasible evidence of ownership in the
applicable Trust Fund, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.

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         Section 3.06. Persons Deemed Owners.

         Subject to the provisions of Section 3.09 with respect to Book Entry
Certificates, the Depositor, the Master Servicer, the Trustee, the Certificate
Registrar and any agent of any of them may treat the Person in whose name any
Certificate is registered upon the books of the Certificate Registrar as the
owner of such Certificate for the purpose of receiving distributions pursuant to
Sections 5.01 and 5.02 and for all other purposes whatsoever, and neither the
Depositor, the Master Servicer, the Trustee, the Certificate Registrar nor any
agent of any of them shall be affected by notice to the contrary.

         Section 3.07. Temporary Certificates.

         (a) Pending the preparation of Definitive Certificates, upon the order
of the Depositor, the Trustee shall execute and shall authenticate and deliver
temporary Certificates that are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the
tenor of the Definitive Certificates in lieu of which they are issued and with
such variations as the authorized officers executing such Certificates may
determine, as evidenced by their execution of such Certificates.

         (b) If temporary Certificates are issued, the Depositor will cause
Definitive Certificates to be prepared without unreasonable delay. After the
preparation of Definitive Certificates, the temporary Certificates shall be
exchangeable for Definitive Certificates upon surrender of the temporary
Certificates at the office or agency of the Trustee without charge to the
Holder. Upon surrender for cancellation of any one or more temporary
Certificates, the Trustee shall execute and authenticate and deliver in exchange
therefor a like aggregate Certificate Principal Amount of Definitive
Certificates of the same Class in the authorized denominations. Until so
exchanged, the temporary Certificates shall in all respects be entitled to the
same benefits under this Agreement as Definitive Certificates of the same Class.

         Section 3.08. Appointment of Paying Agent.

         The Trustee may appoint a Paying Agent (which may be the Trustee) for
the purpose of making distributions to Certificateholders hereunder. The Trustee
shall cause such Paying Agent to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee that such
Paying Agent will hold all sums held by it for the payment to Certificateholders
in an Eligible Account in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to the Certificateholders. All
funds remitted by the Trustee to any such Paying Agent for the purpose of making
distributions shall be paid to Certificateholders on each Distribution Date and
any amounts not so paid shall be returned on such Distribution Date to the
Trustee. If the Paying Agent is not the Trustee, the Trustee shall cause to be
remitted to the Paying Agent on or before the Business Day prior to each
Distribution Date, by wire transfer in immediately available funds, the funds to
be distributed on such Distribution Date. Any Paying Agent shall be either a
bank or trust company or otherwise authorized under law to exercise corporate
trust powers.

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         Section 3.09. Book Entry Certificates.

         (a) Each Class of Book Entry Certificates, upon original issuance,
shall be issued in the form of one or more typewritten Certificates representing
the Book Entry Certificates. The Book Entry Certificates shall initially be
registered on the Certificate Register in the name of the nominee of the
Clearing Agency, and no Certificate Owner will receive a Definitive Certificate
representing such Certificate Owner's interest in the Book Entry Certificates,
except as provided in Section 3.09(c). Unless Definitive Certificates have been
issued to Certificate Owners of Book Entry Certificates pursuant to Section
3.09(c):

                  (i) the provisions of this Section 3.09 shall be in full force
         and effect;

                  (ii) the Depositor, the Master Servicer, the Paying Agent, the
         Registrar and the Trustee may deal with the Clearing Agency for all
         purposes (including the making of distributions on the Book Entry
         Certificates) as the authorized representatives of the Certificate
         Owners and the Clearing Agency shall be responsible for crediting the
         amount of such distributions to the accounts of such Persons entitled
         thereto, in accordance with the Clearing Agency's normal procedures;

                  (iii) to the extent that the provisions of this Section 3.09
         conflict with any other provisions of this Agreement, the provisions of
         this Section 3.09 shall control; and

                  (iv) the rights of Certificate Owners shall be exercised only
         through the Clearing Agency and the Clearing Agency Participants and
         shall be limited to those established by law and agreements between
         such Certificate Owners and the Clearing Agency and/or the Clearing
         Agency Participants. Unless and until Definitive Certificates are
         issued pursuant to Section 3.09(c), the initial Clearing Agency will
         make book entry transfers among the Clearing Agency Participants and
         receive and transmit distributions of principal of and interest on the
         Book Entry Certificates to such Clearing Agency Participants.

         (b) Whenever notice or other communication to the Certificateholders is
required under this Agreement, unless and until Definitive Certificates shall
have been issued to Certificate Owners pursuant to Section 3.09(c), the Trustee
shall give all such notices and communications specified herein to be given to
Holders of the Book Entry Certificates to the Clearing Agency.

         (c) If (i) (A) the Depositor advises the Trustee in writing that the
Clearing Agency is no longer willing or able to discharge properly its
responsibilities with respect to the Book-Entry Certificates, and (B) the
Trustee or the Depositor is unable to locate a qualified successor, or (ii)
after the occurrence of an Event of Default, Certificate Owners representing
beneficial interests aggregating not less than 50% of the Class Principal Amount
of a Class of Book Entry Certificates identified as such to the Trustee by an
Officer's Certificate from the Clearing Agency advise the Trustee and the
Clearing Agency through the Clearing Agency Participants in writing that the
continuation of a book entry system through the Clearing Agency is no longer in
the best interests of the Certificate Owners of a Class of Book Entry
Certificates, the Trustee shall notify or cause the Certificate Registrar to
notify the Clearing Agency to effect notification to all Certificate Owners,
through the Clearing Agency, of the occurrence of any such event and of the
availability of Definitive Certificates to Certificate Owners requesting the
same. Upon surrender to the Trustee of the Book Entry Certificates by the
Clearing Agency, accompanied by registration instructions from the Clearing
Agency for registration, the Trustee shall issue the Definitive Certificates.
Neither the Depositor nor the Trustee shall be liable for any delay in delivery
of such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions. Upon the issuance of Definitive Certificates all
references herein to obligations imposed upon or to be performed by the Clearing
Agency shall be deemed to be imposed upon and performed by the Trustee, to the
extent applicable, with respect to such Definitive Certificates and the Trustee
shall recognize the holders of the Definitive Certificates as Certificateholders
hereunder.

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                                   ARTICLE IV

                        ADMINISTRATION OF THE TRUST FUND

         Section 4.01. Collection Account.

         (a) On the Closing Date, the Master Servicer shall open and shall
thereafter maintain a segregated account held in trust (the "Collection
Account"), entitled "Collection Account, Aurora Loan Services LLC, as Master
Servicer, in trust for the benefit of the Holders of Structured Adjustable Rate
Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2005-19XS" or its
nominee. The Collection Account shall relate solely to the Certificates issued
by the Trust Fund hereunder, and funds in such Collection Account shall not be
commingled with any other monies.

         (b) The Collection Account shall be an Eligible Account. If an existing
Collection Account ceases to be an Eligible Account, the Master Servicer shall
establish a new Collection Account that is an Eligible Account within 15 days
and transfer all funds and investment property on deposit in such existing
Collection Account into such new Collection Account.

         (c) The Master Servicer shall give to the Trustee prior written notice
of the name and address of the depository institution at which the Collection
Account is maintained and the account number of such Collection Account. The
Master Servicer shall take such actions as are necessary to cause the depository
institution holding the Collection Account to hold such account in the name of
the Master Servicer under this Agreement. No later than 2:00 p.m. New York City
time on each Deposit Date, the entire amount on deposit in the Collection
Account (subject to permitted withdrawals set forth in Section 4.02), other than
amounts not included in the Total Distribution Amount for such Distribution
Date, shall be remitted to the Trustee for deposit into the Certificate Account
by wire transfer in immediately available funds. The Master Servicer, at its
option (but with prior notice to the Trustee), may choose to make daily
remittances from the Collection Account to the Trustee for deposit into the
Certificate Account.

         (d) The Master Servicer shall deposit or cause to be deposited into the
Collection Account, no later than the Business Day following the Closing Date,
any amounts received with respect to the Mortgage Loans representing Scheduled
Payments on the Mortgage Loans due after the Cut-off Date and unscheduled
payments received on or after the Cut-off Date and on or before the Closing
Date. Thereafter, the Master Servicer shall deposit or cause to be deposited in
the Collection Account one Business Day following receipt thereof, the following
amounts received or payments made by it (other than in respect of principal of
and interest on the Mortgage Loans due on or before the Cut-off Date):

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                  (i) all payments on account of principal, including Principal
         Prepayments, late collections, and any Prepayment Premiums, on the
         Mortgage Loans;

                  (ii) all payments on account of interest on the Mortgage
         Loans, in all cases, net of the Servicing Fee with respect to each such
         Mortgage Loan, but only to the extent of the amount permitted to be
         withdrawn or withheld from the Collection Account in accordance with
         Sections 5.04 and 9.21;

                  (iii) any unscheduled payment or other recovery with respect
         to a Mortgage Loan not otherwise specified in this paragraph (d),
         including any Subsequent Recovery, all Net Liquidation Proceeds with
         respect to the Mortgage Loans and REO Property, and all amounts
         received in connection with the operation of any REO Property, net of
         (x) any unpaid Servicing Fees with respect to such Mortgage Loans (but
         only to the extent of the amount permitted to be withdrawn or withheld
         from the Collection Account in accordance with Sections 5.04 and 9.21)
         and (y) any amounts reimbursable to the Servicer with respect to such
         Mortgage Loan under the Servicing Agreement and retained by the
         Servicer;

                  (iv) all Insurance Proceeds;

                  (v) all Advances made by the Master Servicer or the Servicer
         pursuant to Section 5.04 or the Servicing Agreement;

                  (vi) all amounts paid by the Servicer with respect to
         Prepayment Interest Shortfalls; and

                  (vii) the Purchase Price of any Mortgage Loan repurchased by
         the Depositor, the Seller, the Master Servicer or any other Person, and
         any Substitution Amount related to any Qualifying Substitute Mortgage
         Loan and any purchase price paid by the NIMS Insurer for the purchase
         of any Distressed Mortgage Loan under Section 7.04.

         (e) Funds in the Collection Account may be invested in Eligible
Investments selected by and at the written direction of the Master Servicer,
which shall mature not later than one Business Day prior to the Deposit Date
(except that if such Eligible Investment is an obligation of the Trustee, then
such Eligible Investment shall mature not later than such applicable Deposit
Date) and any such Eligible Investment shall not be sold or disposed of prior to
its maturity. All such Eligible Investments shall be made in the name of the
Master Servicer in trust for the benefit of the Trustee and the Holders of
Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
Certificates, Series 2005-19XS. All income and gain realized from any Eligible
Investment shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time and shall not be part of the Trust
Fund. The amount of any losses incurred in respect of any such investments shall
be deposited in such Collection Account by the Master Servicer out of its own
funds, without any right of reimbursement therefor, immediately as realized. The
foregoing requirements for deposit in the Collection Account are exclusive, it
being understood and agreed that, without limiting the generality of the
foregoing, payments of interest on funds in the Collection Account and payments
in the nature of late payment charges, assumption fees, prepayment penalties
with respect to mortgages for which the Seller does not own the servicing
rights, and other incidental fees and charges relating to the Mortgage Loans
(other than Prepayment Premiums) need not be deposited by the Master Servicer in
the Collection Account and may be retained by the Master Servicer or the
Servicer as additional servicing compensation. If the Master Servicer deposits
in the Collection Account any amount not required to be deposited therein, it
may at any time withdraw such amount from such Collection Account.

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         Section 4.02. Application of Funds in the Collection Account.

         The Master Servicer may, from time to time, make, or cause to be made,
withdrawals from the Collection Account for the following purposes:

                  (i) to reimburse itself or the Servicer for Advances or
         Servicing Advances made by it or by the Servicer pursuant to Section
         5.04 or the Servicing Agreement; such right to reimbursement pursuant
         to this sub-clause (i) is limited to amounts received on or in respect
         of a particular Mortgage Loan (including, for this purpose, Liquidation
         Proceeds and amounts representing Insurance Proceeds with respect to
         the property subject to the related Mortgage) which represent late
         recoveries (net of the applicable Servicing Fee) of payments of
         principal or interest respecting which any such Advance was made, it
         being understood, in the case of any such reimbursement, that the
         Master Servicer's or Servicer's right thereto shall be prior to the
         rights of the Certificateholders;

                  (ii) to reimburse itself or the Servicer, following a final
         liquidation of a Mortgage Loan (except as otherwise provided in the
         Servicing Agreement) for any previously unreimbursed Advances or
         Servicing Advances made by it or by the Servicer (A) that it or the
         Servicer determines in good faith will not be recoverable from amounts
         representing late recoveries of payments of principal or interest
         respecting the particular Mortgage Loan as to which such Advance or
         Servicing Advance was made or from Liquidation Proceeds or Insurance
         Proceeds with respect to such Mortgage Loan and/or (B) to the extent
         that such unreimbursed Advances or Servicing Advances exceed the
         related Liquidation Proceeds or Insurance Proceeds, it being
         understood, in the case of each such reimbursement, that such Master
         Servicer's or Servicer's right thereto shall be prior to the rights of
         the Certificateholders;

                  (iii) to reimburse itself or the Servicer from Liquidation
         Proceeds for Liquidation Expenses and for amounts expended by it
         pursuant to Sections 9.20 and 9.22(c) or the Servicing Agreement in
         good faith in connection with the restoration of damaged property and,
         to the extent that Liquidation Proceeds after such reimbursement exceed
         the unpaid principal balance of the related Mortgage Loan, together
         with accrued and unpaid interest thereon at the applicable Mortgage
         Rate less the Servicing Fee Rate for such Mortgage Loan to the Due Date
         next succeeding the date of its receipt of such Liquidation Proceeds,
         to pay to itself out of such excess the amount of any unpaid assumption
         fees, late payment charges or other Mortgagor charges on the related
         Mortgage Loan and to retain any excess remaining thereafter as
         additional servicing compensation, it being understood, in the case of
         any such reimbursement or payment, that such Master Servicer's or
         Servicer's right thereto shall be prior to the rights of the
         Certificateholders;

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                  (iv) [Reserved];

                  (v) to reimburse itself or the Servicer for expenses incurred
         by and recoverable by or reimbursable to it or the Servicer pursuant to
         Sections 9.04, 9.05, 9.06 9.07(a), 9.16, 9.30 or 11.15 or pursuant to
         the Servicing Agreement;

                  (vi) to pay to the Depositor, the Seller or the Transferor, as
         applicable, with respect to each Mortgage Loan or REO Property acquired
         in respect thereof that has been purchased pursuant to this Agreement,
         all amounts received thereon and not distributed on the date on which
         the related repurchase was effected, and to pay to the applicable
         Person any Advances and Servicing Advances to the extent specified in
         the definition of Purchase Price;

                  (vii) subject to Section 5.05, to pay to itself income earned
         on the investment of funds deposited in the Collection Account;

                  (viii) to make payments to the Trustee on each Deposit Date
         for deposit into the Certificate Account in the amount provided in
         Section 4.04;

                  (ix) to make payment to itself, the Trustee and others
         pursuant to any other provision of this Agreement and to reimburse the
         Custodian pursuant to the Custodial Agreement, but only to the extent
         that the items reimbursed constitute "unanticipated expenses" within
         the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);

                  (x) to withdraw funds deposited in error in the Collection
         Account;

                  (xi) to clear and terminate the Collection Account pursuant to
         Section 7.02;

                  (xii) to reimburse the Trustee and a successor Master Servicer
         (solely in its capacity as successor Master Servicer), for any fee or
         advance occasioned by a termination of the Master Servicer, and the
         assumption of such duties by the Trustee or a successor Master Servicer
         appointed by the Trustee pursuant to Section 6.14, in each case to the
         extent not reimbursed by the terminated Master Servicer, it being
         understood, in the case of any such reimbursement or payment, that the
         right of the Master Servicer or the Trustee thereto shall be prior to
         the rights of the Certificateholders; and

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                  (xiii) to reimburse the Servicer for such amounts as are due
         thereto under the Servicing Agreement and have not been retained by or
         paid to the Servicer, to the extent provided in the Servicing
         Agreement.

         If provided in the Servicing Agreement, the Servicer shall be entitled
to retain as additional servicing compensation any Prepayment Interest Excess
(to the extent not offset by Prepayment Interest Shortfalls).

         In the event that the Master Servicer fails on any Deposit Date to
remit to the Trustee any amounts required to be so remitted to the Trustee
pursuant to sub-clause (viii) by such date, the Master Servicer shall pay the
Trustee, for the account of the Trustee, interest calculated at the "prime rate"
(as published in the "Money Rates" section of The Wall Street Journal) on such
amounts not timely remitted for the period from and including that Deposit Date
to but not including the related Distribution Date. The Master Servicer shall
only be required to pay the Trustee interest for the actual number of days such
amounts are not timely remitted (e.g., one day's interest, if such amounts are
remitted one day after the Deposit Date).

         In connection with withdrawals pursuant to sub-clauses (i), (iii), and
(vi) above, the Master Servicer's, the Servicer's or such other Person's
entitlement thereto is limited to collections or other recoveries on the related
Mortgage Loan. The Master Servicer shall therefore keep and maintain a separate
accounting for each Mortgage Loan it master services for the purpose of
justifying any withdrawal from the Collection Account it maintains pursuant to
such sub-clause (i), (iii) and (vi).

         Any withdrawals described in this section shall be allocated and
limited to collections or other recoveries on the related Mortgage Pool and
shall be accounted for in such manner.

         Section 4.03. Reports to Certificateholders.

         (a) On each Distribution Date, the Trustee shall prepare (based solely
on information provided by the Master Servicer) and shall make available to the
Certificateholders a written report setting forth the following information by
Mortgage Pool and Certificate Group (on the basis of Mortgage Loan level
information obtained from the Servicer).

                  (i) the aggregate amount of the distribution to be made on
         such Distribution Date to the Holders of each Class of Offered
         Certificates, other than any Class of Notional Certificates, allocable
         to principal on the Mortgage Loans, including Liquidation Proceeds and
         Insurance Proceeds, stating separately the amount attributable to
         scheduled principal payments and unscheduled payments in the nature of
         principal in each Mortgage Pool;

                  (ii) the aggregate amount of the distribution to be made on
         such Distribution Date to the Holders of each Class of Offered
         Certificates allocable to interest and the calculation thereof;

                  (iii) the amount, if any, of any distributions to the Holders
         of the Class X-I, Class X-II and Class R Certificates on such
         Distribution Date, stated separately, and the aggregate amounts, if
         any, of distributions to the Holders of the Class X-I, Class X-II and
         Class R Certificates on all Distribution Dates, stated separately;

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                  (iv) (A) the aggregate amount of any Advances required to be
         made by or on behalf of the Servicer (or, if applicable, the Trustee,
         solely in its capacity as Master Servicer) with respect to such
         Distribution Date, (B) the aggregate amount of such Advances actually
         made, and (C) the amount, if any, by which (A) above exceeds (B) above;

                  (v) the total number of Mortgage Loans, the aggregate
         Scheduled Principal Balance of all the Mortgage Loans as of the close
         of business on the last day of the related Collection Period, after
         giving effect to payments allocated to principal reported under clause
         (i) above;

                  (vi) the Class Principal Amount (or Class Notional Amount) of
         each Class of Certificates, to the extent applicable, as of such
         Distribution Date after giving effect to payments allocated to
         principal reported under clause (i) above, separately identifying any
         reduction of any of the foregoing Certificate Principal Amounts due to
         Pool 1 Applied Loss Amounts or Pool 2 Applied Loss Amounts, as
         applicable;

                  (vii) the amount of any Realized Losses incurred with respect
         to the Mortgage Loans (x) in the applicable Prepayment Period and (y)
         in the aggregate since the Cut-off Date;

                  (viii) the amount of the Servicing Fees paid during the
         Collection Period to which such distribution relates;

                  (ix) the number and aggregate Scheduled Principal Balance of
         Mortgage Loans, as reported to the Trustee by the Master Servicer, (a)
         remaining outstanding (b) delinquent one month, (c) delinquent two
         months, (d) delinquent three or more months, (e) as to which
         foreclosure proceedings have been commenced as of the close of business
         on the last Business Day of the calendar month immediately preceding
         the month in which such Distribution Date occurs, (f) in bankruptcy and
         (g) that are REO Properties;

                  (x) the aggregate Scheduled Principal Balance of any Mortgage
         Loans with respect to which the related Mortgage Property became a REO
         Property as of the close of business on the last Business Day of the
         calendar month immediately preceding the month in which such
         Distribution Date occurs;

                  (xi) with respect to substitution of Mortgage Loans in the
         preceding calendar month, the Scheduled Principal Balance of each
         Deleted Mortgage Loan, and of each Qualifying Substitute Mortgage Loan;

                  (xii) the aggregate outstanding Carryforward Interest, Net
         Prepayment Interest Shortfalls, Deferred Amounts, Basis Risk Shortfalls
         and Unpaid Basis Risk Shortfalls, if any, for each applicable Class of
         Certificates, after giving effect to the distribution made on such
         Distribution Date;

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                  (xiii) the Certificate Interest Rate applicable to such
         Distribution Date with respect to each Class of Certificates (with a
         notation if such Certificate Interest Rate reflects the application of
         the applicable Net Funds Cap);

                  (xiv) the Interest Remittance Amount, the Principal Remittance
         Amount, the Principal Distribution Amount, the Pool 1
         Overcollateralization Release Amount and the Pool 2
         Overcollateralization Release Amount applicable to such Distribution
         Date;

                  (xv) if applicable, the amount of any shortfall (i.e., the
         difference between the aggregate amounts of principal and interest
         which Certificateholders would have received if there were sufficient
         available amounts in the Certificate Account and the amounts actually
         distributed);

                  (xvi) the Pool 1 Overcollateralization Amount and Pool 2
         Overcollateralization Amount after giving effect to the distributions
         made on such Distribution Date;

                  (xvii) the amount of any Pool 1 Overcollateralization
         Deficiency and Pool 2 Overcollateralization Deficiency after giving
         effect to the distributions made in such Distribution Date;

                  (xviii) the level of LIBOR and the Certificate Interest Rate
         of each of the Offered Certificates; and

                  (xix) the amount of any payments made to each Class of
         Certificates that are treated as payments received in respect of a
         REMIC I-2 Regular Interest or REMIC II-2 Regular Interest and the
         amount of any payments to each Class of Certificates that are not
         treated as payments received in respect of a REMIC I-2 Regular Interest
         or REMIC II-2 Regular Interest.

         In the case of information furnished pursuant to sub-clauses (i), (ii)
and (vi) above, the amounts shall (except with respect to the Class X-I and
Class X-II Certificates) be expressed as a dollar amount per $1,000 of original
principal amount of Certificates.

         The Trustee will make such report and additional loan level information
(and, at its option, any additional files containing the same information in an
alternative format) provided to it by the Master Servicer available each month
to Certificateholders and the Rating Agencies via the Trustee's internet
website. The Trustee's internet website shall initially be located at
http://trustinvestorreporting.com and assistance in using the website can be
obtained by emailing the Trustee's customer service desk at
ct.information.delivery@usbank.com. Such parties that are unable to use the
website are entitled to have a paper copy mailed to them via first class mail by
calling the customer service desk and indicating such. The Trustee shall have
the right to change the way such statements are distributed in order to make
such distribution more convenient and/or more accessible to the above parties
and the Trustee shall provide timely and adequate notification to all above
parties regarding any such changes.

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         The Trustee shall provide a "zero settlement file" to Bloomberg L.P.
within seven (7) calendar days after the receipt of the collateral data file
from the Depositor, but in no event later than the first Distribution Date,
which shall contain all of the information in the initial Monthly Report
(without giving effect to any distributions); provided, however, that in no
event will such zero settlement file contain any mortgagor-specific information.

         The foregoing information and reports shall be prepared and determined
by the Trustee based solely on Mortgage Loan data provided to the Trustee by the
Master Servicer (in a format agreed to by the Trustee and the Master Servicer)
no later than 2:00 p.m. Eastern Time four Business Days prior to the
Distribution Date. In preparing or furnishing the foregoing information, the
Trustee shall be entitled to rely conclusively on the accuracy of the
information or data regarding the Mortgage Loans and the related REO Property
that has been provided to the Master Servicer by the Servicer and to the Trustee
by the Master Servicer, and the Trustee shall not be obligated to verify,
recompute, reconcile or recalculate any such information or data. The Trustee
shall be entitled to conclusively rely on the Mortgage Loan data provided by the
Master Servicer and shall have no liability for any errors in such Mortgage Loan
data.

         (b) Upon the reasonable advance written request of any
Certificateholder that is a savings and loan, bank or insurance company, which
request, if received by the Trustee will be promptly forwarded to the Master
Servicer, the Master Servicer shall provide, or cause to be provided, to the
extent such information is available to the Master Servicer exercising
reasonable efforts to obtain such information (or, to the extent that such
information or documentation is not required to be provided by the Servicer
under the Servicing Agreement, shall use reasonable efforts to obtain such
information and documentation from the Servicer, and provide) to such
Certificateholder such reports and access to information and documentation
regarding the Mortgage Loans as such Certificateholder may reasonably deem
necessary to comply with applicable regulations of the Office of Thrift
Supervision or its successor or other regulatory authorities with respect to the
NIM Securities or an investment in the Certificates; provided, however, that the
Trustee shall be entitled to be reimbursed by such Certificateholder for the
actual expenses incurred in providing such reports and access.

         (c) Within 90 days, or such shorter period as may be required by
statute or regulation, after the end of each calendar year, the Trustee shall,
upon written request, have prepared and shall make available to each Person who
at any time during the calendar year was a Certificateholder of record, and make
available to Certificate Owners (identified as such by the Clearing Agency) in
accordance with applicable regulations, a report summarizing the items provided
to the Certificateholders pursuant to Section 4.03(a)(i) and (ii) on an annual
basis as may be required to enable such Holders to prepare their federal income
tax returns; provided, however that this Section 4.03(c) shall not be applicable
where relevant reports or summaries are required elsewhere in this Agreement.
Such information shall include the amount of original issue discount accrued on
each Class of Certificates and information regarding the expenses of the Trust
Fund. The Trustee shall be deemed to have satisfied this requirement if it
forwards such information in any other format permitted by the Code. The Master
Servicer shall provide the Trustee with such information as is necessary for the
Trustee to prepare such reports.

         (d) The Trustee shall prepare and file with the Internal Revenue
Service ("IRS"), on behalf of the Trust Fund, an application for an employer
identification number on IRS Form SS-4 or by any other acceptable method. The
Trustee shall also file a Form 8811 as required. The Trustee, upon receipt from
the IRS of the Notice of Taxpayer Identification Number Assigned, shall upon
request promptly forward a copy of such notice to the Master Servicer and the
Depositor. The Trustee shall furnish any other information that is required by
the Code and regulations thereunder to be made available to Certificateholders.
The Master Servicer shall provide the Trustee with such information as is
necessary for the Trustee to comply with the foregoing.

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Section 4.04.     Certificate Account.

         (a) The Trustee shall establish and maintain in its name, as trustee, a
trust account (the "Certificate Account") entitled "Certificate Account, U.S.
Bank National Association, as Trustee, in trust for the benefit of the Holders
of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
Certificates, Series 2005-19XS" until disbursed pursuant to the terms of this
Agreement. The Certificate Account shall be an Eligible Account and shall be for
the benefit of the Certificateholders. If the existing Certificate Account
ceases to be an Eligible Account, the Trustee shall establish a new Certificate
Account that is an Eligible Account within 20 Business Days and transfer all
funds and investment property on deposit in such existing Certificate Account
into such new Certificate Account. The Certificate Account shall relate solely
to the Certificates issued hereunder and funds in the Certificate Account shall
be held separate and apart from and shall not be commingled with any other
monies including, without limitation, other monies of the Trustee held under
this Agreement.

         (b) The Trustee shall deposit or cause to be deposited into the
Certificate Account, on the day on which, or, if such day is not a Business Day,
the Business Day immediately following the day on which, any monies are remitted
by the Master Servicer to the Trustee, all such amounts. The Trustee shall make
withdrawals from the Certificate Account only for the following purposes:

                  (i) to pay itself any investment income earned with respect to
         funds in the Certificate Account invested in Eligible Investments as
         set forth in subsection (c) below, and to make payments to itself and
         others prior to making distributions pursuant to Section 5.02 for any
         expenses or other indemnification owing to itself and others pursuant
         to any provision of this Agreement or any Custodial Agreement; provided
         that such payments are for "unanticipated expenses" within the meaning
         of Treasury Regulation Section 1.860G-1(b)(3)(ii);

                  (ii) to make payment to itself pursuant to any provision of
         this Agreement, or to reimburse itself or its agents for any amounts
         reimbursable to it pursuant to Sections 6.11, 6.12 or 7.01; provided
         that such payments are for "unanticipated expenses" within the meaning
         of Treasury Regulation Section 1.860G-1(b)(3)(ii);

                  (iii) to withdraw amounts deposited in the Certificate Account
         in error;

                  (iv) to make payments to itself and others pursuant to any
         provision of this Agreement;

                  (v) to make distributions to Certificateholders pursuant to
         Article V; and

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                  (vi) to clear and terminate the Certificate Account pursuant
         to Section 7.02.

         Any withdrawals described in the preceding sentence shall be allocated
and limited to collections or other recoveries on the related Mortgage Pool and
shall be accounted for in such manner.

         The Trustee may invest, or cause to be invested, funds held in the
Certificate Account, which funds, if invested, shall be invested in Eligible
Investments (which may be obligations of the Trustee). All such investments must
be payable on demand or mature no later than the next Distribution Date, and
shall not be sold or disposed of prior to their maturity. All such Eligible
Investments will be made in the name of the Trustee (in its capacity as such) or
its nominee. All income and gain realized from any such investment shall be
compensation to the Trustee and shall be subject to its withdrawal on order from
time to time. The amount of any losses incurred in respect of any such
investments shall be paid by the Trustee for deposit in the Certificate Account
out of its own funds, without any right of reimbursement therefor, immediately
as realized.

                                   ARTICLE V

                    DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

         Section 5.01. Distributions Generally.

         (a) Subject to Section 7.01 respecting the final distribution on the
Certificates, on each Distribution Date the Trustee or the Paying Agent shall
make distributions in accordance with this Article V. Such distributions shall
be made by wire transfer if the Certificateholder has provided the Trustee with
wire instructions or by check mailed to the address of such Certificateholder as
it appears in the books of the Trustee if the Certificateholder has not provided
the Trustee with wire instructions in immediately available funds to an account
specified in the request and at the expense of such Certificateholder; provided,
however, that the final distribution in respect of any Certificate shall be made
only upon presentation and surrender of such Certificate at the Corporate Trust
Office; provided, further, that the foregoing provisions shall not apply to any
Class of Certificates as long as such Certificate remains a Book-Entry
Certificate in which case all payments made shall be made through the Clearing
Agency and its Clearing Agency Participants. Notwithstanding such final payment
of principal of any of the Certificates, each Residual Certificate will remain
outstanding until the termination of each REMIC and the payment in full of all
other amounts due with respect to the Residual Certificates and at such time
such final payment in retirement of any Residual Certificate will be made only
upon presentation and surrender of such Certificate at the Corporate Trust
Office. If any payment required to be made on the Certificates is to be made on
a day that is not a Business Day, then such payment will be made on the next
succeeding Business Day.

         (b) All distributions or allocations made with respect to
Certificateholders within each Class on each Distribution Date shall be
allocated among the outstanding Certificates of such Class equally in proportion
to their respective initial Class Principal Amounts or initial Class Notional
Amounts (or Percentage Interests).

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         Section 5.02. Distributions from the Certificate Account.

         (a) On each Distribution Date the Trustee (or the Paying Agent on
behalf of the Trustee) shall withdraw from the Certificate Account the Total
Distribution Amount and shall allocate such amount to the interests issued in
respect of each REMIC and shall distribute such amount as specified in this
Section.

         (b) For Pool 1, on each Distribution Date, the Trustee shall distribute
the Interest Remittance Amount for such date in the following order of priority:

                  (i) concurrently, to the Group I Senior Certificates, pro rata
         on the basis of the amount of interest distributable thereon, Current
         Interest and any Carryforward Interest for such Classes and for such
         Distribution Date; provided, however, that if amounts distributable are
         insufficient to pay such amounts, any resulting shortfalls shall be
         allocated pro rata on the basis of Current Interest and Carryforward
         Interest due such Classes on such Distribution Date; provided further,
         however, any interest shortfall resulting from Deferred Interest on the
         Pool 1 Mortgage Loans will be allocated to the Group I Certificates,
         pro rata, according the Certificate Principal Amount of each such Group
         I Certificate, in reduction of the amount of interest otherwise
         distributable to such classes of Certificates; provided further,
         however, that to the extent the amount of Net Negative Amortization
         otherwise allocable to the Group I Certificates exceeds the amount of
         Accrued Certificate Interest (as reduced by each such class's share of
         any Net Prepayment Interest Shortfalls for such Distribution Date)
         accrued on such Offered Certificates, then such excess Net Negative
         Amortization shall be allocated to the Class X-I Certificates to the
         extent payments would otherwise be made to the Class X-I Certificates,
         and then, if necessary, among the Group I Certificates in proportion to
         the amount of any remaining interest otherwise distributable on such
         Certificate;

                  (ii) to the Class M1-I, Class M2-I and Class M3-I
         Certificates, sequentially, in that order (the "Group I Subordinate
         Priority"), Current Interest and any Carryforward Interest for each
         such Class and for such Distribution Date; provided, however, any
         interest shortfall resulting from Deferred Interest on the Pool 1
         Mortgage Loans will be allocated to the Group I Certificates, pro rata,
         according the Certificate Principal Amount of each such Group I
         Certificate, in reduction of the amount of interest otherwise
         distributable to such classes of Certificates; provided further,
         however, that to the extent the amount of Net Negative Amortization
         otherwise allocable to the Group I Certificates exceeds the amount of
         Accrued Certificate Interest (as reduced by each such class's share of
         any Net Prepayment Interest Shortfalls for such Distribution Date)
         accrued on such Group I Certificates, then such excess Net Negative
         Amortization shall be allocated to the Class X-I Certificates to the
         extent payments would otherwise be made to the Class X-I Certificates,
         and then, if necessary, among the Group I Certificates in proportion to
         the amount of any remaining interest otherwise distributable on such
         Certificate;

                  (iii) concurrently, to the Trustee, any amounts reimbursable
         pursuant to Section 4.04(b)(i) related to Pool 1, and not previously
         reimbursed thereto;

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                  (iv) for application as part of Pool 1 Monthly Excess Cashflow
         for such Distribution Date, as provided in subsection (f) of this
         Section, any Interest Remittance Amount remaining after application
         pursuant to clauses (i) through (iii) above; and

         (c) For Pool 2, on each Distribution Date, the Trustee shall distribute
the Interest Remittance Amount for such date in the following order of priority:

                  (i) concurrently, to the Group II Senior Certificates, pro
         rata on the basis of the amount of interest distributable thereon,
         Current Interest and any Carryforward Interest for such Classes and for
         such Distribution Date; provided, however, that if amounts
         distributable are insufficient to pay such amounts, any resulting
         shortfalls shall be allocated pro rata on the basis of Current Interest
         and Carryforward Interest due such Classes on such Distribution Date;
         provided further, however, any interest shortfall resulting from
         Deferred Interest on the Pool 2 Mortgage Loans will be allocated to the
         Group II Certificates, pro rata, according the Certificate Principal
         Amount of each such Group II Certificate, in reduction of the amount of
         interest otherwise distributable to such classes of Certificates;
         provided further, however, that to the extent the amount of Net
         Negative Amortization otherwise allocable to the Group II Certificates
         exceeds the amount of Accrued Certificate Interest (as reduced by each
         such class's share of any Net Prepayment Interest Shortfalls for such
         Distribution Date) accrued on such Offered Certificates, then such
         excess Net Negative Amortization shall be allocated to the Class X-II
         Certificates to the extent payments would otherwise be made to the
         Class X-II Certificates, and then, if necessary, among the Group II
         Certificates in proportion to the amount of any remaining interest
         otherwise distributable on such Certificate;

                  (ii) to the Class M1-II, Class M2-II and Class M3-II
         Certificates, sequentially, in that order (the "Group II Subordinate
         Priority"), Current Interest and any Carryforward Interest for each
         such Class and for such Distribution Date; provided, however, any
         interest shortfall resulting from Deferred Interest on the Pool 2
         Mortgage Loans will be allocated to the Group II Certificates, pro
         rata, according the Certificate Principal Amount of each such Group II
         Certificate, in reduction of the amount of interest otherwise
         distributable to such classes of Certificates; provided further,
         however, that to the extent the amount of Net Negative Amortization
         otherwise allocable to the Group II Certificates exceeds the amount of
         Accrued Certificate Interest (as reduced by each such class's share of
         any Net Prepayment Interest Shortfalls for such Distribution Date)
         accrued on such Group II Certificates, then such excess Net Negative
         Amortization shall be allocated to the Class X-II Certificates to the
         extent payments would otherwise be made to the Class X-II Certificates,
         and then, if necessary, among the Group II Certificates in proportion
         to the amount of any remaining interest otherwise distributable on such
         Certificate;

                  (iii) concurrently, to the Trustee, any amounts reimbursable
         pursuant to Section 4.04(b)(i) related to Pool 2, and not previously
         reimbursed thereto;

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<PAGE>

                  (iv) for application as part of Pool 2 Monthly Excess Cashflow
         for such Distribution Date, as provided in subsection (g) of this
         Section, any Interest Remittance Amount remaining after application
         pursuant to clauses (i) through (iii) above; and

         (d) For Pool 1, on each Distribution Date, the Trustee shall distribute
the Principal Distribution Amount for such date as follows:

                  (i) On each Distribution Date (a) prior to the Pool 1 Stepdown
         Date or (b) with respect to which a Pool 1 Trigger Event is in effect,
         until the aggregate Certificate Principal Amount of the Group I
         Certificates equals the Pool 1 Target Amount for such Distribution
         Date, the Trustee shall distribute the Principal Distribution Amount in
         the following order of priority:

                           (A) pro rata, to the Class 1-A1 Certificates, Class
                  1-A2A Certificates, Class 1-A2B Certificates and Class 1-A3
                  Certificates, until the Class Principal Amount of each such
                  Class has been reduced to zero; provided, however, that on
                  each Distribution Date after the aggregate Class Principal
                  Amount of the Group I Subordinate Certificates has been
                  reduced to zero, the Pool 1 Overcollateralization Amount is
                  equal to zero or less and the Pool 1 Monthly Excess Interest
                  is equal to zero, any amounts that would otherwise be
                  distributed to the Class 1-A1 Certificates, Class 1-A2A
                  Certificates, Class 1-A2B Certificates and Class 1-A3
                  Certificates on a pro rata basis will be distributed
                  sequentially (i) first, to the Class 1-A1 Certificates, (ii)
                  second, pro rata to the Class 1-A2A Certificates and the Class
                  1-A2B Certificates and (iii) third, to the Class 1-A3
                  Certificates, in that order, until the Class Principal Amount
                  of each such Class has been reduced to zero;

                           (B) to the Group I Subordinate Certificates, in
                  accordance with the Group I Subordinate Priority, until the
                  Class Principal Amount of each such Class has been reduced to
                  zero;

                           (C) for application as part of Pool 1 Monthly Excess
                  Cashflow for such Distribution Date, as provided in subsection
                  (f) of this Section, any Principal Distribution Amount
                  remaining after application pursuant to clauses (A) and (B)
                  above.

                  (ii) On each Distribution Date (a) on or after the Pool 1
         Stepdown Date and (b) with respect to which a Pool 1 Trigger Event is
         not in effect, the Principal Distribution Amount for such date will be
         distributed in the following order of priority:

                           (A) so long as any Group I Subordinate Certificates
                  are outstanding, pro rata to the Class 1-A1 Certificates,
                  Class 1-A2A Certificates, Class 1-A2B Certificates and Class
                  1-A3 Certificates, in an amount equal to the lesser of (x) the
                  Principal Distribution Amount for such Distribution Date and
                  (y) the Pool 1 Senior Principal Distribution Amount for such
                  Distribution Date, until the Class Principal Amount of each
                  such Class has been reduced to zero; provided, however, if
                  none of the Group I Subordinate Certificates are outstanding,
                  the entire Principal Distribution Amount on such Distribution
                  Date will be distributable pro rata to the Class 1-A1
                  Certificates, Class 1-A2A Certificates, Class 1-A2B
                  Certificates and Class 1-A3 Certificates until the Class
                  Principal Amount of each such Class has been reduced to zero;
                  provided, however, that on each Distribution Date after the
                  aggregate Class Principal Amount of the Group I Subordinate
                  Certificates has been reduced to zero, the Pool 1
                  Overcollateralization Amount is equal to zero or less and the
                  Pool 1 Monthly Excess Interest is equal to zero, any amounts
                  that would otherwise be distributable to the Class 1-A1
                  Certificates, the Class 1-A2A Certificates, the Class 1-A2B
                  Certificates and the Class 1-A3 Certificates on a pro rata
                  basis will be distributed sequentially (i) first, to the Class
                  1-A1 Certificates, (ii) second, pro rata to the Class 1-A2A
                  Certificates and the Class 1-A2B Certificates and (iii) third,
                  to the Class 1-A3 Certificates, in that order, until the Class
                  Principal Amount of each such Class has been reduced to zero;

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                           (B) to the Class M1-I Certificates, an amount equal
                  to the lesser of (x) the excess of (a) the Principal
                  Distribution Amount for such Distribution Date over (b) the
                  amount distributed to the Class 1-A1, Class 1-A2A, Class 1-A2B
                  and Class 1-A3 Certificates on such Distribution Date pursuant
                  to clause (A) above, and (y) the M1-I Principal Distribution
                  Amount for such Distribution Date, until the Class Principal
                  Amount of such Class has been reduced to zero;

                           (C) to the Class M2-I Certificates, an amount equal
                  to the lesser of (x) the excess of (a) the Principal
                  Distribution Amount for such Distribution Date over (b) the
                  amount distributed to the Class 1-A1, Class 1-A2A, Class
                  1-A2B, Class 1-A3 and Class M1-I Certificates on such
                  Distribution Date pursuant to clauses (A) and (B) above, and
                  (y) the M2-I Principal Distribution Amount for such
                  Distribution Date, until the Class Principal Amount of such
                  Class has been reduced to zero;

                           (D) to the M3-I Certificates, an amount equal to the
                  lesser of (x) the excess of (a) the Principal Distribution
                  Amount for such Distribution Date over (b) the amount
                  distributed to the Class 1-A1, Class 1-A2A, Class 1-A2B, Class
                  1-A3, Class M1-I and Class M2-I Certificates on such
                  Distribution Date pursuant to clauses (A), (B) and (C) above,
                  respectively, and (y) the M3-I Principal Distribution Amount
                  for such Distribution Date, until the Class Principal Amount
                  of such Class has been reduced to zero;

                           (E) for application as part of Pool 1 Monthly Excess
                  Cashflow for such Distribution Date, as provided in subsection
                  (f) of this Section, any Principal Distribution Amount
                  remaining after application pursuant to sub-clauses (A)
                  through (D) above.

         (e) For Pool 2, on each Distribution Date, the Trustee shall distribute
the Principal Distribution Amount for such date as follows:

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                  (i) On each Distribution Date (a) prior to the Pool 2 Stepdown
         Date or (b) with respect to which a Pool 2 Trigger Event is in effect,
         until the aggregate Certificate Principal Amount of the Group II
         Certificates equals the Pool 2 Target Amount for such Distribution
         Date, the Trustee shall distribute the Principal Distribution Amount in
         the following order of priority:

                           (A) pro rata, to the Class 2-A1 Certificates, Class
                  2-A2 Certificates and Class 2-A3 Certificates, until the Class
                  Principal Amount of each such Class has been reduced to zero;
                  provided, however, that on each Distribution Date after the
                  aggregate Class Principal Amount of the Group II Subordinate
                  Certificates has been reduced to zero, the Pool 2
                  Overcollateralization Amount is equal to zero or less and the
                  Pool 2 Monthly Excess Interest is equal to zero, any amounts
                  that would otherwise be distributed to the Class 2-A1
                  Certificates, Class 2-A2 Certificates and Class 2-A3
                  Certificates on a pro rata basis will be distributed
                  sequentially (i) first, to the Class 2-A1 Certificates, (ii)
                  second, to the Class 2-A2 Certificates and (iii) third, to the
                  Class 2-A3 Certificates, in that order, until the Class
                  Principal Amount of each such Class has been reduced to zero;

                           (B) to the Group II Subordinate Certificates, in
                  accordance with the Group II Subordinate Priority, until the
                  Class Principal Amount of each such Class has been reduced to
                  zero;

                           (C) for application as part of Pool 2 Monthly Excess
                  Cashflow for such Distribution Date, as provided in subsection
                  (g) of this Section, any Principal Distribution Amount
                  remaining after application pursuant to clauses (A) and (B)
                  above.

                  (ii) On each Distribution Date (a) on or after the Pool 2
         Stepdown Date and (b) with respect to which a Pool 2 Trigger Event is
         not in effect, the Principal Distribution Amount for such date will be
         distributed in the following order of priority:

                           (A) so long as any Group II Subordinate Certificates
                  are outstanding, pro rata to the Class 2-A1 Certificates,
                  Class 2-A2 Certificates and Class 2-A3 Certificates, in an
                  amount equal to the lesser of (x) the Principal Distribution
                  Amount for such Distribution Date and (y) the Pool 2 Senior
                  Principal Distribution Amount for such Distribution Date,
                  until the Class Principal Amount of each such Class has been
                  reduced to zero; provided, however, if none of the Group II
                  Subordinate Certificates are outstanding, the entire Principal
                  Distribution Amount on such Distribution Date will be
                  distributable pro rata to the Class 2-A1 Certificates, Class
                  2-A2 Certificates and Class 2-A3 Certificates until the Class
                  Principal Amount of each such Class has been reduced to zero;
                  provided, however, that on each Distribution Date after the
                  aggregate Class Principal Amount of the Group II Subordinate
                  Certificates has been reduced to zero, the Pool 2
                  Overcollateralization Amount is equal to zero or less and the
                  Pool 2 Monthly Excess Interest is equal to zero, any amounts
                  that would otherwise be distributable to the Class 2-A1
                  Certificates, Class 2-A2 Certificates and Class 2-A3
                  Certificates on a pro rata basis will be distributed
                  sequentially (i) first, to the Class 2-A1 Certificates, (ii)
                  second, to the Class 2-A2 Certificates and (iii) third, to the
                  Class 2-A3 Certificates, in that order, until the Class
                  Principal Amount of each such Class has been reduced to zero;

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                           (B) to the Class M1-II Certificates, an amount equal
                  to the lesser of (x) the excess of (a) the Principal
                  Distribution Amount for such Distribution Date over (b) the
                  amount distributed to the Class 2-A1 Certificates, Class 2-A2
                  Certificates and Class 2-A3 Certificates on such Distribution
                  Date pursuant to clause (A) above, and (y) the M1-II Principal
                  Distribution Amount for such Distribution Date, until the
                  Class Principal Amount of such Class has been reduced to zero;

                           (C) to the Class M2-II Certificates, an amount equal
                  to the lesser of (x) the excess of (a) the Principal
                  Distribution Amount for such Distribution Date over (b) the
                  amount distributed to the Class 2-A1 Certificates, Class 2-A2
                  Certificates, Class 2-A3 and Class M1-II Certificates on such
                  Distribution Date pursuant to clauses (A) and (B) above, and
                  (y) the M2-II Principal Distribution Amount for such
                  Distribution Date, until the Class Principal Amount of such
                  Class has been reduced to zero;

                           (D) to the M3-II Certificates, an amount equal to the
                  lesser of (x) the excess of (a) the Principal Distribution
                  Amount for such Distribution Date over (b) the amount
                  distributed to the Class 2-A1 Certificates, Class 2-A2
                  Certificates, Class 2-A3, Class M1-II and Class M2-II
                  Certificates on such Distribution Date pursuant to clauses
                  (A), (B) and (C) above, respectively, and (y) the M3-II
                  Principal Distribution Amount for such Distribution Date,
                  until the Class Principal Amount of such Class has been
                  reduced to zero;

                           (E) for application as part of Pool 2 Monthly Excess
                  Cashflow for such Distribution Date, as provided in subsection
                  (g) of this Section, any Principal Distribution Amount
                  remaining after application pursuant to sub-clauses (A)
                  through (D) above.

         (f) On each Distribution Date, the Trustee shall distribute the Pool 1
Monthly Excess Cashflow for such date in the following order of priority:

                  (i) For each Distribution Date occurring (a) before the Pool 1
         Stepdown Date or (b) on or after the Pool 1 Stepdown Date but for which
         a Pool 1 Trigger Event is in effect, then until the aggregate
         Certificate Principal Amount of the Group I Certificates equals the
         Pool 1 Target Amount, in reduction of the Class Principal Amounts of
         the Group I Certificates in the following order of priority:

                           (A) so long as any of the Group I Subordinate
                  Certificates are outstanding pro rata to the Class 1-A1
                  Certificates, Class 1-A2A Certificates, Class 1-A2B
                  Certificates and Class 1-A3 Certificates, in reduction of
                  their respective Class Principal Amounts, until the Class
                  Principal Amount of each such Class has been reduced to zero;
                  provided, however, if none of the Group I Subordinate
                  Certificates are outstanding, the Pool 1 Overcollateralization
                  Amount is equal to zero or less and the Pool 1 Monthly Excess
                  Interest is equal to zero, amounts that would otherwise be
                  distributed to the Class 1-A1 Certificates, Class 1-A2A
                  Certificates, Class 1-A2B Certificates and Class 1-A3
                  Certificates on a pro rata basis will be distributed
                  sequentially (i) first, to the Class 1-A1 Certificates, (ii)
                  second, pro rata to the Class 1-A2A Certificates and the Class
                  1-A2B Certificates and (iii) third, to the Class 1-A3
                  Certificates, in that order, until the Class Principal Amount
                  of each such Class has been reduced to zero;

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                           (B) to the Group I Subordinate Certificates, in
                  accordance with the Group I Subordinate Priority, in reduction
                  of their Class Principal Amount, until the Class Principal
                  Amount of each such Class has been reduced to zero;

                  (ii) for each Distribution Date occurring on or after the Pool
         1 Stepdown Date and for which a Pool 1 Trigger Event is not in effect,
         in the following order of priority:

                           (A) pro rata to the Class 1-A1, Class 1-A2A, Class
                  1-A2B and Class 1-A3 Certificates, in reduction of their
                  respective Class Principal Amounts, until the aggregate Class
                  Principal Amount of the Class 1-A1, Class 1-A2A, Class 1-A2B
                  and Class 1-A3 Certificates, after giving effect to
                  distributions on such Distribution Date, equals the Pool 1
                  Senior Target Amount; provided, however, if none of the Group
                  I Subordinate Certificates are outstanding, the Pool 1
                  Overcollateralization Amount is equal to zero or less and the
                  Pool 1 Monthly Excess Interest is equal to zero, Pool 1
                  Monthly Excess Cashflow on such Distribution Date will be
                  distributed sequentially (i) first, to the Class 1-A1
                  Certificates, (ii) second, pro rata to the Class 1-A2A
                  Certificates and the Class 1-A2B Certificates and (iii) third,
                  to the Class 1-A3 Certificates, in that order, until the Class
                  Principal Amount of each such Class has been reduced to zero;

                           (B) to the Class M1-I Certificates, in reduction of
                  their Class Principal Amount, until the aggregate Class
                  Principal Amount of the Class 1-A1, Class 1-A2A, Class 1-A2B,
                  Class 1-A3 and Class M1-I Certificates, after giving effect to
                  distributions on such Distribution Date, equals the M1-I
                  Target Amount;

                           (C) to the Class M2-I Certificates, in reduction of
                  their Class Principal Amount, until the aggregate Class
                  Principal Amount of the Class 1-A1, Class 1-A2A, Class 1-A2B,
                  Class 1-A3, Class M1-I and Class M2-I Certificates, after
                  giving effect to distributions on such Distribution Date,
                  equals the M2-I Target Amount;

                           (D) to the Class M3-I Certificates, in reduction of
                  their Class Principal Amount, until the aggregate Class
                  Principal Amount of the Class 1-A1, Class 1-A2A, Class 1-A2B,
                  Class 1-A3, Class M1-I, Class M2-I and Class M3-I
                  Certificates, after giving effect to distributions on such
                  Distribution Date, equals the M3-I Target Amount; and

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<PAGE>

                  (iii) to the Pool 1 Basis Risk Reserve Fund, an amount equal
         to the Pool 1 Basis Risk Payment for such Distribution Date, and then
         from the Pool 1 Basis Risk Reserve Fund, in the following order of
         priority:

                           (A) pro rata, to the Class 1-A1 Certificates, Class
                  1-A2A Certificates, Class 1-A2B Certificates and Class 1-A3
                  Certificates, any applicable Basis Risk Shortfall and Unpaid
                  Basis Risk Shortfall for each such Class and such Distribution
                  Date, in proportion to such shortfalls;

                           (B) to the Group I Subordinate Certificates, in
                  accordance with the Group I Subordinate Priority, any
                  applicable Basis Risk Shortfall and Unpaid Basis Risk
                  Shortfall for each such Class and such Distribution Date;

                           (C) for addition to the amounts distributable
                  pursuant to subclause (v) below, to the Class X-I
                  Certificates, any amounts remaining in the Pool 1 Basis Risk
                  Reserve Fund in excess of amounts required to be on deposit
                  therein after application pursuant to subclauses (A) and (B)
                  above;

                  (iv) to the Group I Subordinate Certificates, in accordance
         with the Group I Subordinate Priority, any Deferred Amounts for each
         such Class and such Distribution Date;

                  (v) to the Class X-I Certificates, the Class X-I Distributable
         Amount for such Distribution Date reduced by the sum of the Pool 1
         Basis Risk Payment for such Distribution Date and all prior
         Distribution Dates; and

                  (vi) to the Class R Certificate, any amount remaining on such
         date after application pursuant to clauses (i) through (v) above.

         (g) On each Distribution Date, the Trustee shall distribute the Pool 2
Monthly Excess Cashflow for such date in the following order of priority:

                  (i) For each Distribution Date occurring (a) before the Pool 2
         Stepdown Date or (b) on or after the Pool 2 Stepdown Date but for which
         a Pool 2 Trigger Event is in effect, then until the aggregate
         Certificate Principal Amount of the Group II Certificates equals the
         Pool 2 Target Amount, in reduction of the Class Principal Amounts of
         the Group II Certificates in the following order of priority:

                           (A) so long as any of Group II Subordinate
                  Certificates are outstanding pro rata to the Class 2-A1
                  Certificates, Class 2-A2 Certificates and Class 2-A3
                  Certificates, in reduction of their respective Class Principal
                  Amounts, until the Class Principal Amount of each such Class
                  has been reduced to zero; provided, however, if none of the
                  Group II Subordinate Certificates are outstanding, the Pool 2
                  Overcollateralization Amount is equal to zero or less and the
                  Pool 2 Monthly Excess Interest is equal to zero, amounts that
                  would otherwise be distributed to the Class 2-A1 Certificates,
                  Class 2-A2 Certificates and Class 2-A3 on a pro rata basis
                  will be distributed sequentially (i) first, to the Class 2-A1
                  Certificates, (ii) second, to the Class 2-A2 Certificates and
                  (iii) third, to the Class 2-A3 Certificates, in that order,
                  until the Class Principal Amount of each such Class has been
                  reduced to zero;

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<PAGE>

                           (B) to the Group II Subordinate Certificates, in
                  accordance with the Group II Subordinate Priority, in
                  reduction of their Class Principal Amount, until the Class
                  Principal Amount of each such Class has been reduced to zero;

                  (ii) for each Distribution Date occurring on or after the Pool
         2 Stepdown Date and for which a Pool 2 Trigger Event is not in effect,
         in the following order of priority:

                           (A) pro rata to the Class 2-A1 Certificates, Class
                  2-A2 Certificates and Class 2-A3 Certificates, in reduction of
                  their respective Class Principal Amounts, until the aggregate
                  Class Principal Amount of the Class 2-A1 Certificates, Class
                  2-A2 Certificates and Class 2-A3 Certificates, after giving
                  effect to distributions on such Distribution Date, equals the
                  Pool 2 Senior Target Amount; provided, however, if none of the
                  Group II Subordinate Certificates are outstanding, the Pool 2
                  Overcollateralization Amount is equal to zero or less and the
                  Pool 2 Monthly Excess Interest is equal to zero, Pool 2
                  Monthly Excess Cashflow on such Distribution Date will be
                  distributed sequentially (i) first, to the Class 2-A1
                  Certificates, (ii) second, to the Class 2-A2 Certificates and
                  (iii) third, to the Class 2-A3 Certificates, in that order,
                  until the Class Principal Amount of each such Class has been
                  reduced to zero;

                           (B) to the Class M1-II Certificates, in reduction of
                  their Class Principal Amount, until the aggregate Class
                  Principal Amount of the Class 2-A1, Class 2-A2, Class 2-A3 and
                  Class M1-II Certificates, after giving effect to distributions
                  on such Distribution Date, equals the M1-II Target Amount;

                           (C) to the Class M2-II Certificates, in reduction of
                  their Class Principal Amount, until the aggregate Class
                  Principal Amount of the Class 2-A1, Class 2-A2, Class 2-A3,
                  Class M1-II and Class M2-II Certificates, after giving effect
                  to distributions on such Distribution Date, equals the M2-II
                  Target Amount;

                           (D) to the Class M3-II Certificates, in reduction of
                  their Class Principal Amount, until the aggregate Class
                  Principal Amount of the Class 2-A1, Class 2-A2, Class 2-A3,
                  Class M1-II, Class M2-II and Class M3-II Certificates, after
                  giving effect to distributions on such Distribution Date,
                  equals the M3-II Target Amount; and

                  (iii) to the Pool 2 Basis Risk Reserve Fund, an amount equal
         to the Pool 2 Basis Risk Payment for such Distribution Date, and then
         from the Pool 2 Basis Risk Reserve Fund, in the following order of
         priority:

                           (A) pro rata, to the Class 2-A1 Certificates, Class
                  2-A2 Certificates and Class 2-A3 Certificates, any applicable
                  Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each
                  such Class and such Distribution Date, in proportion to such
                  shortfalls;

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                           (B) to the Group II Subordinate Certificates, in
                  accordance with the Group II Subordinate Priority, any
                  applicable Basis Risk Shortfall and Unpaid Basis Risk
                  Shortfall for each such Class and such Distribution Date;

                           (C) for addition to the amounts distributable
                  pursuant to subclause (v) below, to the Class X-II
                  Certificates, any amounts remaining in the Pool 2 Basis Risk
                  Reserve Fund in excess of amounts required to be on deposit
                  therein after application pursuant to subclauses (A) and (B)
                  above;

                  (iv) to the Group II Subordinate Certificates, in accordance
         with the Group II Subordinate Priority, any Deferred Amounts for each
         such Class and such Distribution Date;

                  (v) to the Class X-II Certificates, the Class X-II
         Distributable Amount for such Distribution Date reduced by the sum of
         the Pool 2 Basis Risk Payment for such Distribution Date and all prior
         Distribution Dates; and

                  (vi) to the Class R Certificate, any amount remaining on such
         date after application pursuant to clauses (i) through (v) above.

         Section 5.03. Allocation of Losses.

         (a) On each Distribution Date, the aggregate Class Principal Amount of
the Group I Subordinate Certificates shall be reduced by the amount of any Pool
1 Applied Loss Amount for such date, in the following order of priority:

                  (i) to the Class M3-I Certificates, until the Class Principal
         Amount of such Class has been reduced to zero;

                  (ii) to the Class M2-I Certificates, until the Class Principal
         Amount of such Class has been reduced to zero;

                  (iii) to the Class M1-I Certificates, until the Class
         Principal Amount of such Class has been reduced to zero;

         (b) On each Distribution Date, the aggregate Class Principal Amount of
the Group II Subordinate Certificates shall be reduced by the amount of any Pool
2 Applied Loss Amount for such date, in the following order of priority:

                  (i) to the Class M3-II Certificates, until the Class Principal
         Amount of such Class has been reduced to zero;

                  (ii) to the Class M2-II Certificates, until the Class
         Principal Amount of such Class has been reduced to zero;

                  (iii) to the Class M1-II Certificates, until the Class
         Principal Amount of such Class has been reduced to zero;

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         Section 5.04. Advances by Master Servicer, Servicer and Trustee.

         (a) Subject to Section 9.07, Advances shall be made in respect of each
Determination Date as provided herein. If, on any Determination Date, the
Servicer determines that any Scheduled Payments due during the related
Collection Period (other than Balloon Payments) have not been received, the
Servicer shall advance such amount to the extent provided in the Servicing
Agreement. If the Servicer fails to remit Advances required to be made under the
Servicing Agreement, the Master Servicer shall itself make, or shall cause the
successor Servicer to make, such Advance on the Deposit Date immediately
following such Determination Date; provided, however, that required Advances
remitted by the Servicer or the Master Servicer may be reduced by an amount, if
any, to be set forth in an Officer's Certificate to be delivered to the Trustee
on such Determination Date, which if advanced the Master Servicer or the
Servicer has determined would not be recoverable from amounts received with
respect to such Mortgage Loan, including late payments, Liquidation Proceeds,
Insurance Proceeds or otherwise. If the Master Servicer determines that an
Advance is required, it shall on the Deposit Date immediately following such
Determination Date either (i) remit to the Trustee from its own funds (or funds
advanced by the Servicer) for deposit in the Certificate Account immediately
available funds in an amount equal to such Advance, (ii) cause to be made an
appropriate entry in the records of the Collection Account that funds in such
account being held for future distribution or withdrawal have been, as permitted
by this Section 5.04, used by the Master Servicer to make such Advance, and
remit such immediately available funds to the Trustee for deposit in the
Certificate Account or (iii) make Advances in the form of any combination of
clauses (i) and (ii) aggregating the amount of such Advance. Any funds being
held in the Collection Account for future distribution to Certificateholders and
so used shall be replaced by the Master Servicer from its own funds by
remittance to the Trustee for deposit in the Certificate Account on or before
any future Deposit Date to the extent that funds in the Certificate Account on
such Deposit Date shall be less than payments to Certificateholders required to
be made on the related Distribution Date. The Master Servicer and the Servicer
shall be entitled to be reimbursed from the Collection Account for all Advances
made by it as provided in Section 4.02. Notwithstanding anything to the contrary
herein, in the event the Master Servicer determines in its reasonable judgment
that an Advance is non-recoverable, the Master Servicer shall be under no
obligation to make such Advance. The Trustee shall be entitled to conclusively
rely upon any determination by the Master Servicer that an Advance, if made,
would constitute a non-recoverable Advance.

         (b) In the event that the Master Servicer or Servicer fails for any
reason to make an Advance required to be made pursuant to this Section 5.04 on
or before the Deposit Date, the Trustee, solely in its capacity as successor
Master Servicer pursuant to Section 6.14, shall, on or before the related
Distribution Date, deposit in the Certificate Account an amount equal to the
excess of (a) Advances required to be made by the Master Servicer or the
Servicer that would have been deposited in such Certificate Account over (b) the
amount of any Advance made by the Master Servicer or the Servicer with respect
to such Distribution Date; provided, however, that the Trustee shall be required
to make such Advance only if it is not prohibited by law from doing so and it
has determined that such Advance would be recoverable from amounts to be
received with respect to such Mortgage Loan, including late payments,
Liquidation Proceeds, Insurance Proceeds, or otherwise. The Trustee shall be
entitled to be reimbursed from the Certificate Account for Advances made by it
pursuant to this Section 5.04 as if it were the Master Servicer.

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         Section 5.05. Compensating Interest Payments.

         The Master Servicer shall not be responsible for making any
Compensating Interest Payments not made by the Servicer. Any Compensating
Interest Payments made by the Servicer shall be a component of the Interest
Remittance Amount.

         Section 5.06. Pool 1 Basis Risk Reserve Fund and Pool 2 Basis Risk
                       Reserve Fund.

         (a) On the Closing Date, the Trustee shall establish and maintain in
its name, in trust (i) for the benefit of the holders of the Group I
Certificates, a Pool 1 Basis Risk Reserve Fund and (ii) for the benefit of the
holders of the Group II Certificates, a Pool 2 Basis Risk Reserve Fund. The Pool
1 Basis Risk Reserve Fund and Pool 2 Basis Risk Reserve Fund shall each be an
Eligible Account, and funds on deposit therein shall be held separate and apart
from, and shall not be commingled with, any other moneys, including, without
limitation, other moneys of the Trustee held pursuant to this Agreement.

         (b) [Reserved]

         (c) Funds in the Pool 1 Basis Risk Reserve Fund and Pool 2 Basis Risk
Reserve Fund shall be invested in Eligible Investments. The Class X-I
Certificates shall evidence ownership of the Pool 1 Basis Risk Reserve Fund and
the Class X-II Certificates shall evidence ownership of the Pool 2 Basis Risk
Reserve Fund for federal income tax purposes and LBH, on behalf of the Holders
thereof, shall direct the Trustee, in writing, as to investment of amounts on
deposit therein. LBH shall be liable for any losses incurred on such
investments. In the absence of written instructions from LBH as to investment
funds on deposit in the Pool 1 Basis Risk Reserve Fund or Pool 2 Basis Risk
Reserve Fund, such funds shall remain uninvested.

         Section 5.07. Capitalized Interest Account.

         (a) No later than the Closing Date, the Trustee shall establish and
maintain a segregated trust account that is an Eligible Account, which shall be
titled "Capitalized Interest Account, U.S. Bank National Association, as trustee
for the registered holders of Structured Adjustable Rate Mortgage Loan Trust
Mortgage Pass-Through Certificates Series 2005-19XS" (the "Capitalized Interest
Account"). The Trustee shall, promptly upon receipt, deposit in the Capitalized
Interest Account and retain therein the Capitalized Interest Amount remitted on
the Closing Date to the Trustee by the Depositor. Funds deposited in the
Capitalized Interest Account shall be held in trust by the Trustee on behalf of
the Certificateholders for the uses and purposes set forth herein. With respect
to the Distribution Date in September 2005, the Trustee will withdraw from the
Capitalized Interest Account an amount equal to the Capitalized Interest Amount
and such amount shall be included in the Interest Remittance Amount for Pool 1
for the Distribution Date in September 2005.

         (b) The Trustee will invest funds deposited in the Capitalized Interest
Account in Eligible Investments as directed in writing by the Depositor
(provided that if the Trustee does not receive written direction from the
Depositor, the amounts in the Capitalized Interest Account shall not be
invested) with a maturity date no later than the Business Day preceding each
Distribution Date. For federal income tax purposes, the Depositor shall be the
owner of the Capitalized Interest Account and shall report all items of income,
deduction, gain or loss arising therefrom. At no time will the Capitalized
Interest Account be an asset of any of the REMICs provided for herein. All
income and gain realized from investment of funds deposited in the Capitalized
Interest Account shall be for the sole and exclusive benefit of the Depositor
and shall be remitted by the Trustee to the Depositor on each Distribution Date.
The Depositor shall deposit in the Capitalized Interest Account the amount of
any net loss incurred in respect of any such Eligible Investment immediately
upon realization of such loss.

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<PAGE>

         (c) On the Distribution Date in September 2005, any amount remaining on
deposit in the Capitalized Interest Account after withdrawals pursuant to
paragraph (a) above shall be withdrawn by the Trustee and paid to the Depositor
or its designee.

                                   ARTICLE VI

                    CONCERNING THE TRUSTEE EVENTS OF DEFAULT

         Section 6.01. Duties of Trustee.

         (a) The Trustee, except during the continuance of an Event of Default
of which a Responsible Officer of the Trustee shall have actual knowledge,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. Any permissive right of the Trustee provided for in
this Agreement shall not be construed as a duty of the Trustee. If an Event of
Default (of which a Responsible Officer of the Trustee shall have actual
knowledge) has occurred and has not otherwise been cured or waived, the Trustee
shall exercise such of the rights and powers vested in it by this Agreement and
use the same degree of care and skill in their exercise as a prudent Person
would exercise or use under the circumstances in the conduct of such Person's
own affairs, unless the Trustee is acting as Master Servicer, in which case it
shall use the same degree of care and skill as the Master Servicer hereunder.

         (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they are,
on their face, in the form required by this Agreement; provided, however, that
the Trustee shall not be responsible for the accuracy or content of any such
resolution, certificate, statement, opinion, report, document, order or other
instrument furnished by the Master Servicer or the Servicer to the Trustee
pursuant to this Agreement, and shall not be required to recalculate or verify
any numerical information furnished to the Trustee pursuant to this Agreement.
Subject to the immediately preceding sentence, if any such resolution,
certificate, statement, opinion, report, document, order or other instrument is
found not to conform on its face to the form required by this Agreement in a
material manner the Trustee shall notify the Person providing such resolutions,
certificates, statements, opinions, reports or other documents of the
non-conformity, and if the instrument is not corrected to the Trustee's
satisfaction, the Trustee will provide notice thereof to the Certificateholders
and any NIMS Insurer and will, at the expense of the Trust Fund, which expense
shall be reasonable given the scope and nature of the required action, take such
further action as directed by the Certificateholders and any NIMS Insurer.

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<PAGE>

         (c) The Trustee shall not have any liability arising out of or in
connection with this Agreement, except for its negligence or willful misconduct.
Notwithstanding anything in this Agreement to the contrary, the Trustee shall
not be liable for special, indirect or consequential losses or damages of any
kind whatsoever (including, but not limited to, lost profits). No provision of
this Agreement shall be construed to relieve the Trustee from liability for its
own negligent action, its own negligent failure to act or its own willful
misconduct; provided, however, that:

                  (i) The Trustee shall not be personally liable with respect to
         any action taken, suffered or omitted to be taken by it in good faith
         in accordance with the consent or direction of Holders of Certificates
         as provided in Section 6.18 hereof;

                  (ii) For all purposes under this Agreement, the Trustee shall
         not be deemed to have notice of any Event of Default (other than
         resulting from a failure by the Master Servicer (i) to remit funds (or
         to make Advances) or (ii) to furnish information to the Trustee when
         required to do so) unless a Responsible Officer of the Trustee has
         actual knowledge thereof or unless written notice of any event which is
         in fact such a default is received by the Trustee at the Corporate
         Trust Office, and such notice references the Holders of the
         Certificates and this Agreement;

                  (iii) For all purposes under this Agreement, the Trustee shall
         not be deemed to have notice of any Event of Default (other than
         resulting from a failure by the Master Servicer to remit funds or to
         furnish information to the Trustee when required to do so) unless a
         Responsible Officer of the Trustee has actual knowledge thereof or
         unless written notice of any event which is in fact such a default is
         received by the Trustee at the address provided in Section 11.07, and
         such notice references the Holders of the Certificates and this
         Agreement; and

                  (iv) The Trustee shall not be responsible for the acts or
         omissions of the Master Servicer.

         (d) The Trustee shall have no duty hereunder with respect to any
complaint, claim, demand, notice or other document it may receive or which may
be alleged to have been delivered to or served upon it by the parties as a
consequence of the assignment of any Mortgage Loan hereunder; provided, however,
that the Trustee shall promptly remit to the Master Servicer upon receipt any
such complaint, claim, demand, notice or other document (i) which is delivered
to the Corporate Trust Office of the Trustee and makes reference to this series
of Certificate or this Agreement, (ii) of which a Responsible Officer has actual
knowledge, and (iii) which contains information sufficient to permit the Trustee
to make a determination that the real property to which such document relates is
a Mortgaged Property.

         (e) The Trustee shall not be personally liable with respect to any
action taken, suffered or omitted to be taken by it in good faith in accordance
with the direction of any NIMS Insurer or the Certificateholders of any Class
holding Certificates which evidence, as to such Class, Percentage Interests
aggregating not less than 25% as to the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or
power conferred upon the Trustee under this Agreement.

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<PAGE>

         (f) The Trustee shall not be required to perform services under this
Agreement, or to expend or risk its own funds or otherwise incur financial
liability for the performance of any of its duties hereunder or the exercise of
any of its rights or powers if there is reasonable ground for believing that the
timely payment of its fees and expenses or the repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it, and none of the provisions contained in this Agreement shall in any event
require the Trustee to perform, or be responsible for the manner of performance
of, any of the obligations of the Master Servicer or the Servicer under this
Agreement or the Servicing Agreement except during such time, if any, as the
Trustee shall be the successor to, and be vested with the rights, duties, powers
and privileges of, the Master Servicer in accordance with the terms of this
Agreement, except with respect to the Trustee, during such time, if any, as the
Trustee shall be the successor to, and be vested with the rights, duties, powers
and privileges of, the Master Servicer in accordance with the terms of this
Agreement.

         (g) The Trustee shall not be held liable by reason of any insufficiency
in any account (including without limitation the Collection Account and the
Certificate Account) held by or on behalf of the Trustee resulting from any
investment loss on any Eligible Investment included therein (except to the
extent that the Trustee is the obligor and has defaulted thereon).

         (h) Except as otherwise provided herein, the Trustee shall not have any
duty (A) to see to any recording, filing, or depositing of this Agreement or any
agreement referred to herein or any financing statement or continuation
statement evidencing a security interest, or to see to the maintenance of any
such recording or filing or depositing or to any rerecording, refiling or
redepositing of any thereof, (B) to see to any insurance, (C) to see to the
payment or discharge of any tax, assessment, or other governmental charge or any
lien or encumbrance of any kind owing with respect to, assessed or levied
against, any part of the Trust Fund other than from funds available in the
Collection Account or the Certificate Account, or (D) to confirm or verify the
contents of any reports or certificates of the Master Servicer, the Servicer or
the Depositor delivered to the Trustee pursuant to this Agreement believed by
the Trustee to be genuine and to have been signed or presented by the proper
party or parties.

         (i) The Trustee shall not be liable in its individual capacity for an
error of judgment made in good faith by a Responsible Officer or other officers
of the Trustee unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts.

         (j) Notwithstanding anything in this Agreement to the contrary, the
Trustee shall not be liable for special, indirect or consequential losses or
damages of any kind whatsoever (including, but not limited to, lost profits),
even if the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of action.

         (k) The Trustee shall not be responsible for the acts or omissions of
the Servicer, Custodian or Master Servicer, it being understood that this
Agreement shall not be construed to render them agents of one another.

         Section 6.02. Certain Matters Affecting the Trustee.

         Except as otherwise provided in Section 6.01:

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                  (i) The Trustee may request, and may rely and shall be
         protected in acting or refraining from acting upon any resolution,
         Officer's Certificate, certificate of auditors or any other
         certificate, statement, instrument, opinion, report, notice, request,
         consent, order, approval, bond or other paper or document believed by
         it to be genuine and to have been signed or presented by the proper
         party or parties;

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

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

                  (iv) Unless an Event of Default shall have occurred and be
         continuing, the Trustee shall not be bound to make any investigation
         into the facts or matters stated in any resolution, certificate,
         statement, instrument, opinion, report, notice, request, consent,
         order, approval, bond or other paper or document (provided the same
         appears regular on its face), unless requested in writing to do so by
         any NIMS Insurer or the Holders of at least a majority in Class
         Principal Amount (or Percentage Interest) of each Class of
         Certificates; provided, however, that, if the payment within a
         reasonable time to the Trustee of the costs, expenses or liabilities
         likely to be incurred by it in the making of such investigation is, in
         the opinion of the Trustee not reasonably assured to the Trustee by the
         security afforded to it by the terms of this Agreement, the Trustee may
         require reasonable indemnity against such expense or liability or
         payment of such estimated expenses from any NIMS Insurer or the
         Certificateholders, as applicable, as a condition to proceeding. The
         reasonable expense thereof shall be paid by the party requesting such
         investigation and if not reimbursed by the requesting party shall be
         reimbursed to the Trustee by the Trust Fund;

                  (v) The Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents, custodians or attorneys, which agents, custodians or
         attorneys shall have any and all of the rights, powers, duties and
         obligations of the Trustee conferred on them by such appointment,
         provided that the Trustee shall continue to be responsible for its
         duties and obligations hereunder to the extent provided herein, and
         provided further that the Trustee shall not be responsible for any
         misconduct or negligence on the part of any such agent or attorney
         appointed with due care by the Trustee;

                  (vi) The Trustee shall not be under any obligation to exercise
         any of the trusts or powers vested in it by this Agreement or to
         institute, conduct or defend any litigation hereunder or in relation
         hereto, in each case at the request, order or direction of any of the
         Certificateholders or any NIMS Insurer pursuant to the provisions of
         this Agreement, unless such Certificateholders or any NIMS Insurer
         shall have offered to the Trustee reasonable security or indemnity
         against the costs, expenses and liabilities which may be incurred
         therein or thereby;

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                  (vii) The right of the Trustee to perform any discretionary
         act enumerated in this Agreement shall not be construed as a duty, and
         the Trustee shall not be answerable for other than its negligence or
         willful misconduct in the performance of such act; and

                  (viii) The Trustee shall not be required to give any bond or
         surety in respect of the execution of the Trust Fund created hereby or
         the powers granted hereunder.

         Section 6.03. Trustee Not Liable for Certificates.

         The Trustee makes no representations as to the validity or sufficiency
of this Agreement or of the Certificates (other than the certificate of
authentication on the Certificates) or of any Mortgage Loan, or related document
save that the Trustee represents that, assuming due execution and delivery by
the other parties hereto, this Agreement has been duly authorized, executed and
delivered by it and constitutes its valid and binding obligation, enforceable
against it in accordance with its terms except that such enforceability may be
subject to (A) applicable bankruptcy and insolvency laws and other similar laws
affecting the enforcement of the rights of creditors generally, and (B) general
principles of equity regardless of whether such enforcement is considered in a
proceeding in equity or at law. The Trustee shall not be accountable for the use
or application by the Depositor of funds paid to the Depositor in consideration
of the assignment of the Mortgage Loans to the Trust Fund by the Depositor or
for the use or application of any funds deposited into the Collection Account,
the Certificate Account, any Escrow Account or any other fund or account
maintained with respect to the Certificates. The Trustee shall not be
responsible for the legality or validity of this Agreement or the validity,
priority, perfection or sufficiency of the security for the Certificates issued
or intended to be issued hereunder. Except as otherwise provided herein, the
Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain
the perfection of any security interest or lien granted to it hereunder or to
record this Agreement.

         Section 6.04. Trustee May Own Certificates.

         The Trustee and any Affiliate or agent of the Trustee in its individual
or any other capacity may become the owner or pledgee of Certificates and may
transact banking and trust business with the other parties hereto and their
Affiliates with the same rights it would have if it were not Trustee or such
agent.

         Section 6.05. Eligibility Requirements for Trustee.

         The Trustee hereunder shall at all times be (i) an institution whose
accounts are insured by the FDIC, (ii) a corporation or national banking
association, organized and doing business under the laws of any State or the
United States of America, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by federal or state authority and (iii)
not an Affiliate of the Master Servicer or the Servicer. If such corporation or
national banking association publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then, for the purposes of this Section, the combined capital and
surplus of such corporation or national banking association shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 6.06.

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         Section 6.06. Resignation and Removal of Trustee.

         (a) The Trustee may at any time resign and be discharged from the trust
hereby created by giving written notice thereof to the Depositor, any NIMS
Insurer and the Master Servicer. Upon receiving such notice of resignation, the
Depositor will promptly appoint a successor trustee acceptable to any NIMS
Insurer by written instrument, one copy of which instrument shall be delivered
to the resigning Trustee, one copy to the successor trustee and one copy to each
of the Master Servicer and any NIMS Insurer. If no successor trustee shall have
been so appointed and shall have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee.

         (b) If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 6.05 and shall fail to resign after
written request therefor by the Depositor or any NIMS Insurer, (ii) the Trustee
shall become incapable of acting, or shall be adjudged a bankrupt or insolvent,
or a receiver of the Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, (iii) a
tax is imposed or threatened with respect to the Trust Fund by any state in
which the Trustee or the Trust Fund held by the Trustee is located, or (iv) the
continued use of the Trustee would result in a downgrading of the rating by any
Rating Agency of any Class of Certificates with a rating, then the Depositor,
any NIMS Insurer or the Master Servicer shall remove the Trustee and the
Depositor shall appoint a successor trustee acceptable to any NIMS Insurer and
the Master Servicer by written instrument, one copy of which instrument shall be
delivered to the Trustee so removed, one copy each to the successor trustee and
one copy to the Master Servicer and any NIMS Insurer.

         (c) The Holders of more than 50% of the Class Principal Amount (or
Percentage Interest) of each Class of Certificates (or any NIMS Insurer in the
event of failure of the Trustee to perform its obligations hereunder) may at any
time upon 30 days' written notice to the Trustee and the Depositor remove the
Trustee by such written instrument, signed by such Holders or their attorney in
fact duly authorized (or by any NIMS Insurer), one copy of which instrument
shall be delivered to the Depositor, one copy to the Trustee and one copy to the
Master Servicer and any NIMS Insurer; the Depositor shall thereupon appoint a
successor trustee in accordance with this Section mutually acceptable to the
Depositor and the Master Servicer and any NIMS Insurer.

         (d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon (i) the payment of all unpaid amounts owed to the Trustee and
(ii) the acceptance of appointment by the successor trustee as provided in
Section 6.07.

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         Section 6.07. Successor Trustee.

         (a) Any successor trustee appointed as provided in Section 6.06 shall
execute, acknowledge and deliver to the Depositor and the Master Servicer and
any NIMS Insurer and to its predecessor trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with like
effect as if originally named as trustee herein. The predecessor trustee (or its
custodian) shall deliver to the successor trustee (or assign to the Trustee its
interest under each Custodial Agreement, to the extent permitted thereunder) all
Mortgage Files and documents and statements related to each Mortgage File held
by it hereunder, and shall duly assign, transfer, deliver and pay over to the
successor trustee the entire Trust Fund, together with all necessary instruments
of transfer and assignment or other documents properly executed necessary to
effect such transfer and such of the records or copies thereof maintained by the
predecessor trustee in the administration hereof as may be requested by the
successor trustee and shall thereupon be discharged from all duties and
responsibilities under this Agreement. In addition, the Master Servicer and the
predecessor trustee shall execute and deliver such other instruments and do such
other things as may reasonably be required to more fully and certainly vest and
confirm in the successor trustee all such rights, powers, duties and
obligations.

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

         (c) Upon acceptance of appointment by a successor trustee as provided
in this Section, the predecessor trustee shall mail notice of the succession of
such trustee hereunder to all Holders of Certificates at their addresses as
shown in the Certificate Register and to any Rating Agency. The expenses of such
mailing shall be borne by the predecessor trustee.

         Section 6.08. Merger or Consolidation of Trustee.

         Any Person into which the Trustee may be merged or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Persons succeeding
to the corporate trust business of the Trustee shall be the successor to the
Trustee hereunder, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding, provided that such Person shall be eligible under the
provisions of Section 6.05.

         Section 6.09. Appointment of Co-Trustee, Separate Trustee or Custodian.

         (a) Notwithstanding any other provisions hereof, at any time, the
Trustee, the Depositor or the Certificateholders evidencing more than 50% of the
Class Principal Amount (or Percentage Interest) of every Class of Certificates
shall have the power from time to time to appoint one or more Persons, approved
by the Trustee and any NIMS Insurer, to act either as co trustees jointly with
the Trustee, or as separate trustees, or as custodians, for the purpose of
holding title to, foreclosing or otherwise taking action with respect to any
Mortgage Loan outside the state where the Trustee has its principal place of
business where such separate trustee or co trustee is necessary or advisable (or
the Trustee has been advised by the Master Servicer that such separate trustee
or co-trustee is necessary or advisable) under the laws of any state in which a
property securing a Mortgage Loan is located or for the purpose of otherwise
conforming to any legal requirement, restriction or condition in any state in

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which a property securing a Mortgage Loan is located or in any state in which
any portion of the Trust Fund is located. The separate Trustees, co trustees, or
custodians so appointed shall be trustees or custodians for the benefit of all
the Certificateholders and shall have such powers, rights and remedies as shall
be specified in the instrument of appointment; provided, however, that no such
appointment shall, or shall be deemed to, constitute the appointee an agent of
the Trustee. The obligation of the Trustee to make Advances pursuant to Section
5.04 and 6.14 shall not be affected or assigned by the appointment of a co
trustee. The Trustee shall not be responsible for any action or omission of any
separate trustee, co-trustee or custodian.

         (b) Every separate trustee, co trustee, and custodian shall, to the
extent permitted by law, be appointed and act subject to the following
provisions and conditions:

                  (i) all powers, duties, obligations and rights conferred upon
         the Trustee in respect of the receipt, custody and payment of moneys
         shall be exercised solely by the Trustee;

                  (ii) all other rights, powers, duties and obligations
         conferred or imposed upon the Trustee shall be conferred or imposed
         upon and exercised or performed by the Trustee and such separate
         trustee, co trustee, or custodian jointly, except to the extent that
         under any law of any jurisdiction in which any particular act or acts
         are to be performed the Trustee shall be incompetent or unqualified to
         perform such act or acts, in which event such rights, powers, duties
         and obligations, including the holding of title to the Trust Fund or
         any portion thereof in any such jurisdiction, shall be exercised and
         performed by such separate trustee, co trustee, or custodian;

                  (iii) no trustee or custodian hereunder shall be personally
         liable by reason of any act or omission of any other trustee or
         custodian hereunder; and

                  (iv) the Trustee or the Certificateholders evidencing more
         than 50% of the Aggregate Voting Interests of the Certificates may at
         any time accept the resignation of or remove any separate trustee, co
         trustee or custodian, so appointed by it or them, if such resignation
         or removal does not violate the other terms of this Agreement.

         (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee, co trustee or custodian shall refer to this Agreement and the
conditions of this Article VI. Each separate trustee and co trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or
separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to
the conduct of, affecting the liability of, or affording protection to, the
Trustee. Every such instrument shall be filed with the Trustee and a copy given
to the Master Servicer and any NIMS Insurer.

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         (d) Any separate trustee, co trustee or custodian may, at any time,
constitute the Trustee its agent or attorney in fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate
trustee, co trustee or custodian shall die, become incapable of acting, resign
or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Trustee, to the extent permitted by law, without
the appointment of a new or successor trustee.

         (e) No separate trustee, co trustee or custodian hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section
6.05 hereunder and no notice to Certificateholders of the appointment shall be
required under Section 6.07 hereof.

         (f) The Trustee agrees to instruct the co trustees, if any, to the
extent necessary to fulfill the Trustee's obligations hereunder.

         (g) The Trustee shall pay the reasonable compensation of the co
trustees requested by the Trustee to be so appointed (which compensation shall
not reduce any compensation payable to the Trustee ) and, if paid by the
Trustee, shall be a reimbursable expense pursuant to Section 6.12.

         Section 6.10. Authenticating Agents.

         (a) The Trustee may appoint one or more Authenticating Agents which
shall be authorized to act on behalf of the Trustee in authenticating
Certificates. Wherever reference is made in this Agreement to the authentication
of Certificates by the Trustee or the Trustee's certificate of authentication,
such reference shall be deemed to include authentication on behalf of the
Trustee by an Authenticating Agent and a certificate of authentication executed
on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
must be a corporation organized and doing business under the laws of the United
States of America or of any state, having a combined capital and surplus of at
least $15,000,000, authorized under such laws to do a trust business and subject
to supervision or examination by federal or state authorities and acceptable to
any NIMS Insurer.

         (b) Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which any Authenticating Agent shall be a
party, or any Person succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

         (c) Any Authenticating Agent may at any time resign by giving at least
30 days' advance written notice of resignation to the Trustee, any NIMS Insurer
and the Depositor. The Trustee may at any time terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving a
notice of resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.10, the Trustee may appoint a successor
Authenticating Agent, shall give written notice of such appointment to the
Depositor and any NIMS Insurer and shall mail notice of such appointment to all
Holders of Certificates. Any successor Authenticating Agent upon acceptance of
its appointment hereunder shall become vested with all the rights, powers,
duties and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section 6.10. No
Authenticating Agent shall have responsibility or liability for any action taken
by it as such at the direction of the Trustee. Any Authenticating Agent shall be
entitled to reasonable compensation for its services and, if paid by the
Trustee, it shall be a reimbursable expense pursuant to Section 6.12.

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         Section 6.11. Indemnification of Trustee.

         The Trustee and its respective directors, officers, employees and
agents shall be entitled to indemnification from the Trust Fund for any loss,
liability or expense incurred in connection with any legal proceeding or
incurred without negligence or willful misconduct on their part (it being
understood that the negligence or willful misconduct of any Custodian shall not
constitute negligence or willful misconduct on the part of the Trustee or its
directors, officers, employees or agents for such purpose), arising out of, or
in connection with, the acceptance or administration of the trusts created
hereunder or in connection with the performance of their duties hereunder or
under the Mortgage Loan Sale Agreement, any Transfer Agreement, the Servicing
Agreement or the Custodial Agreement, including any applicable fees and expenses
payable pursuant to Section 6.12 and the costs and expenses of defending
themselves against any claim in connection with the exercise or performance of
any of their powers or duties hereunder, provided that:

                  (i) with respect to any such claim, the Trustee shall have
         given the Depositor, the Master Servicer and the Holders written notice
         thereof promptly after the Trustee shall have knowledge thereof;
         provided that failure to so notify shall not relieve the Trust Fund of
         the obligation to indemnify the Trustee; however, any reasonable delay
         by the Trustee to provide written notice to the Depositor, the Master
         Servicer and the Holders promptly after the Trustee shall have obtained
         knowledge of a claim shall not relieve the Trust Fund of the obligation
         to indemnify the Trustee under this Section 6.11;

                  (ii) while maintaining control over its own defense, the
         Trustee shall cooperate and consult fully with the Depositor in
         preparing such defense; and

                  (iii) notwithstanding anything to the contrary in this Section
         6.11, the Trust Fund shall not be liable for settlement of any such
         claim by the Trustee entered into without the prior consent of the
         Depositor, which consent shall not be unreasonably withheld.

         The provisions of this Section 6.11 shall survive any termination of
this Agreement and the resignation or removal of the Trustee and shall be
construed to include, but not be limited to any loss, liability or expense under
any environmental law.

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         Section 6.12. Fees and Expenses of Trustee and Custodians.

         The Trustee shall be entitled to (i) receive, and is authorized to pay
itself, the amount of income or gain earned from investment of funds in the
Certificate Account and (ii) reimbursement of all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
this Agreement (including fees and expenses of its counsel and all persons not
regularly in its employment and any amounts described in Section 10.01 to which
the Trustee is entitled as provided therein), except for expenses, disbursements
and advances that either (i) do not constitute "unanticipated expenses" within
the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) or (ii) arise
from its negligence, bad faith or willful misconduct. The Custodian shall
receive compensation and reimbursement or payment of its expenses under the
Custodial Agreement as provided therein; provided that, to the extent required
under Section 6 or Section 20 of the Custodial Agreement, the Trustee is hereby
authorized to pay such compensation or reimbursement from amounts on deposit in
the Certificate Account prior to any distributions to Certificateholders
pursuant to Section 5.02 hereof.

         Section 6.13. Collection of Monies.

         Except as otherwise expressly provided in this Agreement, the Trustee
may demand payment or delivery of, and shall receive and collect, all money and
other property payable to or receivable by the Trustee pursuant to this
Agreement. The Trustee shall hold all such money and property received by it as
part of the Trust Fund and shall distribute it as provided in this Agreement. If
the Trustee shall not have timely received amounts to be remitted with respect
to the Mortgage Loans from the Master Servicer, the Trustee shall request the
Master Servicer to make such distribution as promptly as practicable or legally
permitted. If the Trustee shall subsequently receive any such amount, it may
withdraw such request.

         Section 6.14. Events of Default; Trustee To Act; Appointment of
Successor.

         (a) The occurrence of any one or more of the following events shall
constitute an "Event of Default":

                  (i) Any failure by the Master Servicer to furnish to the
         Trustee the Mortgage Loan data sufficient to prepare the reports
         described in Section 4.03(a) which continues unremedied for a period of
         two (2) Business Days after the date upon which written notice of such
         failure shall have been given to such Master Servicer by the Trustee or
         to such Master Servicer and the Trustee by the Holders of not less than
         25% of the Class Principal Amount of each Class of Certificates
         affected thereby; or

                  (ii) Any failure on the part of the Master Servicer duly to
         observe or perform in any material respect any other of the covenants
         or agreements on the part of the Master Servicer contained in this
         Agreement which continues unremedied for a period of 30 days after the
         date on which written notice of such failure, requiring the same to be
         remedied, shall have been given to the Master Servicer by the Trustee
         or to the Master Servicer and the Trustee by the Holders of not less
         than 25% of the Class Principal Amount (or Class Notional Amount) of
         each Class of Certificates affected thereby or by any NIMS Insurer; or

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                  (iii) A decree or order of a court or agency or supervisory
         authority having jurisdiction for the appointment of a conservator or
         receiver or liquidator in any insolvency, readjustment of debt,
         marshalling of assets and liabilities or similar proceedings, or for
         the winding up or liquidation of its affairs, shall have been entered
         against the Master Servicer, and such decree or order shall have
         remained in force undischarged or unstayed for a period of 60 days or
         any Rating Agency reduces or withdraws or threatens to reduce or
         withdraw the rating of the Certificates because of the financial
         condition or loan servicing capability of such Master Servicer; or

                  (iv) The Master Servicer shall consent to the appointment of a
         conservator or receiver or liquidator in any insolvency, readjustment
         of debt, marshalling of assets and liabilities, voluntary liquidation
         or similar proceedings of or relating to the Master Servicer or of or
         relating to all or substantially all of its property; or

                  (v) The Master Servicer shall admit in writing its inability
         to pay its debts generally as they become due, file a petition to take
         advantage of any applicable insolvency or reorganization statute, make
         an assignment for the benefit of its creditors or voluntarily suspend
         payment of its obligations; or

                  (vi) The Master Servicer shall be dissolved, or shall dispose
         of all or substantially all of its assets, or consolidate with or merge
         into another entity or shall permit another entity to consolidate or
         merge into it, such that the resulting entity does not meet the
         criteria for a successor servicer as specified in Section 9.27 hereof;
         or

                  (vii) If a representation or warranty set forth in Section
         9.14 hereof shall prove to be incorrect as of the time made in any
         respect that materially and adversely affects the interests of the
         Certificateholders, and the circumstance or condition in respect of
         which such representation or warranty was incorrect shall not have been
         eliminated or cured within 30 days after the date on which written
         notice of such incorrect representation or warranty shall have been
         given to the Master Servicer by the Trustee or to the Master Servicer
         and the Trustee by the Holders of more than 50% of the Aggregate Voting
         Interests of the Certificates or by any NIMS Insurer; or

                  (viii) A sale or pledge of any of the rights of the Master
         Servicer hereunder or an assignment of this Agreement by the Master
         Servicer or a delegation of the rights or duties of the Master Servicer
         hereunder shall have occurred in any manner not otherwise permitted
         hereunder and without the prior written consent of the Trustee, any
         NIMS Insurer and Certificateholders holding more than 50% of the
         Aggregate Voting Interests of the Certificates; or

                  (ix) The Master Servicer has notice or actual knowledge that
         the Servicer at any time is not either a Fannie Mae- or Freddie Mac-
         approved Seller/Servicer, and the Master Servicer has not terminated
         the rights and obligations of the Servicer under the Servicing
         Agreement and replaced the Servicer with a Fannie Mae- or Freddie
         Mac-approved servicer within 60 days of the date the Master Servicer
         receives such notice or acquires such actual knowledge; or

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                  (x) After any receipt of notice from the Trustee or any NIMS
         Insurer, any failure of the Master Servicer to remit to the Trustee any
         payment required to be made to the Trustee for the benefit of
         Certificateholders under the terms of this Agreement, including any
         Advance, on any Deposit Date, which failure continues unremedied for a
         period of one Business Day after the date upon which such written
         notice of such failure shall have been given to the Master Servicer by
         the Trustee.

         If an Event of Default described in clauses (i) through (ix) of this
Section 6.14 shall occur, then, in each and every case, subject to applicable
law, so long as any such Event of Default shall not have been remedied within
any period of time prescribed by this Section, the Trustee, by notice in writing
to the Master Servicer may, and shall, if so directed by Certificateholders
evidencing more than 50% of the Class Principal Amount (or Class Notional
Amount) of each Class of Certificates, terminate all of the rights and
obligations of the Master Servicer hereunder and in and to the Mortgage Loans
and the proceeds thereof. If an Event of Default described in clause (x) of this
Section 6.14 shall occur, then, in each and every case, subject to applicable
law, so long as such Event of Default shall not have been remedied within the
time period prescribed by clause (x) of this Section 6.14, the Trustee, by
notice in writing to the Master Servicer, shall promptly terminate all the
rights and obligations of the Master Servicer hereunder and in and to the
Mortgage Loans and the proceeds thereof. On or after the receipt by the Master
Servicer of such written notice, all authority and power of the Master Servicer,
and only in its capacity as Master Servicer under this Agreement, whether with
respect to the Mortgage Loans or otherwise, shall pass to and be vested in the
Trustee and pursuant to and under the terms of this Agreement; provided,
however, the parties acknowledge that notwithstanding the preceding sentence,
there may be a transition period, not to exceed 90 days, in order to effect the
transfer of the Master Servicer's obligations to the Trustee, the Trustee is
hereby authorized and empowered to execute and deliver, on behalf of the
defaulting Master Servicer as attorney-in-fact or otherwise, any and all
documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents or otherwise. The defaulting Master
Servicer agrees to cooperate with the Trustee in effecting the termination of
the defaulting Master Servicer's responsibilities and rights hereunder as Master
Servicer including, without limitation, notifying the Servicer of the assignment
of the master servicing function and providing the Trustee or its designee all
documents and records in electronic or other form reasonably requested by it to
enable the Trustee or its designee to assume the defaulting Master Servicer's
functions hereunder and the transfer to the Trustee for administration by it of
all amounts which shall at the time be or should have been deposited by the
defaulting Master Servicer in the Collection Account maintained by such
defaulting Master Servicer and any other account or fund maintained with respect
to the Certificates or thereafter received with respect to the Mortgage Loans.
The Master Servicer being terminated (or the Trust Fund, if the Master Servicer
is unable to fulfill its obligations hereunder) as a result of an Event of
Default shall bear all costs of a master servicing transfer, including but not
limited to those of the Trustee reasonably allocable to specific employees and
overhead, legal fees and expenses, accounting and financial consulting fees and
expenses, and costs of amending the Agreement, if necessary.

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         The Trustee shall be entitled to be reimbursed from the Master Servicer
(or by the Trust Fund, if the Master Servicer is unable to fulfill its
obligations hereunder) for all costs associated with the transfer of master
servicing from the predecessor Master Servicer, including, without limitation,
any costs or expenses associated with the complete transfer of all master
servicing data and the completion, correction or manipulation of such servicing
data as may be required by the Trustee to correct any errors or insufficiencies
in the master servicing data or otherwise to enable the Trustee to master
service the Mortgage Loans properly and effectively. If the terminated Master
Servicer does not pay such reimbursement within thirty (30) days of its receipt
of an invoice therefor, such reimbursement shall be an expense of the Trust Fund
and the Trustee shall be entitled to withdraw such reimbursement from amounts on
deposit in the Certificate Account pursuant to Section 4.04(b); provided that
the terminated Master Servicer shall reimburse the Trust Fund for any such
expense incurred by the Trust Fund.

         Notwithstanding the termination of its activities as Master Servicer,
each terminated Master Servicer shall continue to be entitled to reimbursement
to the extent provided in Section 4.02(i), (ii), (iii), (v), (vii) and (ix) to
the extent such reimbursement relates to the period prior to such Master
Servicer's termination.

         If any Event of Default shall occur of which a Responsible Officer of
the Trustee has actual knowledge, the Trustee, shall promptly notify any NIMS
Insurer and each Rating Agency of the nature and extent of such Event of
Default. The Trustee shall immediately give written notice to the Master
Servicer upon the Master Servicer's failure to remit funds on the Deposit Date.

         (b) On or after the time the Master Servicer receives a notice of
termination from the Trustee pursuant to Section 6.14(a) or the Trustee receives
the resignation of the Master Servicer evidenced by an Opinion of Counsel
pursuant to Section 9.28, the Trustee, within 90 days of such notice unless
another master servicer shall have been appointed, shall be the successor in all
respects to the Master Servicer in its capacity as such under this Agreement and
the transactions set forth or provided for herein and shall have all the rights
and powers and be subject to all the responsibilities, duties and liabilities
relating thereto and arising thereafter placed on the Master Servicer hereunder,
including the obligation to make Advances; provided, however, that any failure
to perform such duties or responsibilities caused by the Master Servicer's
failure to provide information required by this Agreement shall not be
considered a default by the Trustee hereunder. In addition, the Trustee shall
have no responsibility for any act or omission of the Master Servicer prior to
the issuance of any notice of termination. The Trustee shall have no liability
relating to the representations and warranties of the Master Servicer set forth
in Section 9.14. In the Trustee's capacity as such successor, the Trustee shall
have the same limitations on liability herein granted to the Master Servicer. As
compensation therefor, the Trustee shall be entitled to receive all compensation
payable to the Master Servicer under this Agreement, including the Master
Servicing Fee. The Trustee shall be entitled to be reimbursed from the Master
Servicer (or by the Trust Fund if the Master Servicer is unable to fulfill its
obligations hereunder) for all costs associated with the transfer of master
servicing from the predecessor master servicer, including, without limitation,
any costs or expenses associated with the complete transfer of all master
servicing data and the completion, correction or manipulation of such master
servicing data as may be required by the Trustee to correct any errors or
insufficiencies in the master servicing data or otherwise to enable the Trustee
to master service the Mortgage Loans properly and effectively.

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<PAGE>

         (c) Notwithstanding the above, the Trustee may, if it shall be
unwilling to continue to so act, or shall, if it is unable to so act, request
the Depositor to appoint, petition a court of competent jurisdiction to appoint,
or appoint on its own behalf any established housing and home finance
institution servicer, master servicer, servicing or mortgage servicing
institution having a net worth of not less than $15,000,000 and meeting such
other standards for a successor master servicer as are set forth in this
Agreement, as the successor to such Master Servicer in the assumption of all of
the responsibilities, duties or liabilities of a master servicer, like the
Master Servicer hereunder. Any entity designated by the Trustee as a successor
master servicer may be an Affiliate of the Trustee; provided, however, that,
unless such Affiliate meets the net worth requirements and other standards set
forth herein for a successor master servicer, the Trustee in its individual
capacity shall agree, at the time of such designation, to be and remain liable
to the Trust Fund for such Affiliate's actions and omissions in performing its
duties hereunder. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out of
payments on Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted to the
Master Servicer hereunder. The Trustee and such successor shall take such
actions, consistent with this Agreement, as shall be necessary to effectuate any
such succession and may make other arrangements with respect to the servicing to
be conducted hereunder which are not inconsistent herewith. The Master Servicer
shall cooperate with the Trustee and any successor master servicer in effecting
the termination of the Master Servicer's responsibilities and rights hereunder
including, without limitation, notifying Mortgagors of the assignment of the
master servicing functions and providing the Trustee and successor master
servicer, as applicable, all documents and records in electronic or other form
reasonably requested by it to enable it to assume the Master Servicer's
functions hereunder and the transfer to the Trustee or such successor master
servicer, as applicable, all amounts which shall at the time be or should have
been deposited by the Master Servicer in the Collection Account and any other
account or fund maintained with respect to the Certificates or thereafter be
received with respect to the Mortgage Loans. Neither the Trustee nor any other
successor master servicer shall be deemed to be in default hereunder by reason
of any failure to make, or any delay in making, any distribution hereunder or
any portion thereof caused by (i) the failure of the Master Servicer to deliver,
or any delay in delivering, cash, documents or records to it, (ii) the failure
of the Master Servicer to cooperate as required by this Agreement, (iii) the
failure of the Master Servicer to deliver the Mortgage Loan data to the Trustee
as required by this Agreement or (iv) restrictions imposed by any regulatory
authority having jurisdiction over the Master Servicer. No successor master
servicer shall be deemed to be in default hereunder by reason of any failure to
make, or any delay in making, any distribution hereunder or any portion thereof
caused by (i) the failure of the terminated Master Servicer to deliver, or any
delay in delivering cash, documents or records to it, or (ii) the failure of the
terminated Master Servicer to cooperate as required by this Agreement.

         Section 6.15. Additional Remedies of Trustee Upon Event of Default.

         During the continuance of any Event of Default, so long as such Event
of Default shall not have been remedied, the Trustee, in addition to the rights
specified in Section 6.14, shall have the right, in its own name and as trustee
of an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the
interests, and enforce the rights and remedies, of any NIMS Insurer and the
Certificateholders (including the institution and prosecution of all judicial,
administrative and other proceedings and the filings of proofs of claim and debt
in connection therewith). Except as otherwise expressly provided in this
Agreement, no remedy provided for by this Agreement shall be exclusive of any
other remedy, and each and every remedy shall be cumulative and in addition to
any other remedy, and no delay or omission to exercise any right or remedy shall
impair any such right or remedy or shall be deemed to be a waiver of any Event
of Default.

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<PAGE>

         Section 6.16. Waiver of Defaults.

         More than 50% of the Aggregate Voting Interests of Certificateholders
(with the consent of any NIMS Insurer) may waive any default or Event of Default
by the Master Servicer in the performance of its obligations hereunder, except
that a default in the making of any required deposit to the Certificate Account
that would result in a failure of the Trustee to make any required payment of
principal of or interest on the Certificates may only be waived with the consent
of 100% of the affected Certificateholders and with the consent of any NIMS
Insurer. Upon any such waiver of a past default, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
remedied for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereon except to the
extent expressly so waived.

         Section 6.17. Notification to Holders.

         Upon termination of the Master Servicer or appointment of a successor
to the Master Servicer, in each case as provided herein, the Trustee shall
promptly mail notice thereof by first class mail to Certificateholders at their
respective addresses appearing on the Certificate Register and any NIMS Insurer.
The Trustee shall also, within 45 days after the occurrence of any Event of
Default known to a Responsible Officer of the Trustee, give written notice
thereof to any NIMS Insurer and the Certificateholders, unless such Event of
Default shall have been cured or waived prior to the issuance of such notice and
within such 45 day period.

         Section 6.18. Directions by Certificateholders and Duties of Trustee
                       During Event of Default.

         Subject to the provisions of Section 8.01 hereof, during the
continuance of any Event of Default, Holders of Certificates evidencing not less
than 25% of the Class Principal Amount (or Percentage Interest) of each Class of
Certificates affected thereby may, with the consent of any NIMS Insurer, direct
the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee,
under this Agreement; provided, however, that the Trustee shall be under no
obligation to pursue any such remedy, or to exercise any of the trusts or powers
vested in it by this Agreement (including, without limitation, (i) the
conducting or defending of any administrative action or litigation hereunder or
in relation hereto and (ii) the terminating of the Master Servicer or any
successor master servicer from its rights and duties as master servicer
hereunder) at the request, order or direction of any of the Certificateholders,
or any NIMS Insurer, unless such Certificateholders, or any NIMS Insurer, shall
have offered to the Trustee reasonable security or indemnity against the cost,
expenses and liabilities which may be incurred therein or thereby; and, provided
further, that, subject to the provisions of Section 8.01, the Trustee shall have
the right to decline to follow any such direction if the Trustee, in accordance
with an Opinion of Counsel, determines that the action or proceeding so directed
may not lawfully be taken or if the Trustee in good faith determines that the
action or proceeding so directed would involve it in personal liability for
which it is not indemnified to its satisfaction or be unjustly prejudicial to
the non assenting Certificateholders.

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<PAGE>

         Section 6.19. Action Upon Certain Failures of the Master Servicer and
                       Upon Event of Default.

         In the event that a Responsible Officer of the Trustee shall have
actual knowledge of any action or inaction of the Master Servicer that would
become an Event of Default upon the Master Servicer's failure to remedy the same
after notice, the Trustee shall give notice thereof to the Master Servicer. For
all purposes of this Agreement, in the absence of actual knowledge by a
Responsible Officer of the Trustee, the Trustee shall not be deemed to have
knowledge of any failure of the Master Servicer or any other Event of Default
unless notified in writing by the Depositor, the Master Servicer or the
Certificateholders.

         Section 6.20. Preparation of Tax Returns and Other Reports.

         (a) The Trustee shall prepare or cause to be prepared on behalf of the
Trust Fund, based upon information calculated in accordance with this Agreement
pursuant to instructions given by the Depositor, and the Trustee shall file
federal tax returns, all in accordance with Article X hereof. The Trustee shall
prepare and file required state income tax returns and such other returns as may
be required by applicable law relating to the Trust Fund, and, if required by
state law, and shall file any other documents to the extent required by
applicable state tax law (to the extent such documents are in the Trustee's
possession). The Trustee shall forward copies to the Depositor of all such
returns and Form 1099 supplemental tax information and such other information
within the control of the Trustee as the Depositor may reasonably request in
writing, and shall distribute to each Certificateholder such forms and furnish
such information within the control of the Trustee as are required by the Code
and the REMIC Provisions to be furnished to them, and will prepare and
distribute to Certificateholders Form 1099 (supplemental tax information) (or
otherwise furnish information within the control of the Trustee) to the extent
required by applicable law. The Master Servicer shall indemnify the Trustee for
any liability of or assessment against the Trustee resulting from any error in
any of such tax or information returns directly resulting from errors in the
information provided by such Master Servicer.

         (b) The Trustee shall prepare and file with the Internal Revenue
Service ("IRS"), on behalf of each REMIC created hereby, an application on IRS
Form SS-4. The Trustee, upon receipt from the IRS of the Notice of Taxpayer
Identification Number Assigned for each REMIC, shall promptly forward copies of
such notices to the Master Servicer and the Depositor. The Trustee will file an
IRS Form 8811 for all REMICs created hereunder. The Trustee shall have no
obligation to verify the information in any Form 8811 or Form SS-4 filing.

         (c) The Depositor shall prepare or cause to be prepared the initial
current report on Form 8-K. Thereafter, within 10 days (or, if applicable,
within such shorter period of time as is required under the rules of the
Securities and Exchange Commission (the "Commission") as in effect from time to
time (the "Rules")) following each Distribution Date, the Trustee shall, in
accordance with industry standards and the Rules, prepare and file with the
Commission via the Electronic Data Gathering and Retrieval System (EDGAR), a
Form 8-K (or such other form as is prescribed by the Rules and available to the
Trustee in a format compatible with Edgar filing requirements) that includes (i)
a copy of the statement to the Certificateholders for such Distribution Date,
and (ii) such other information as is required by the Rules.

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<PAGE>

         (d) Unless the Trustee receives written notice to the contrary prior to
January 30, 2006, the Trustee shall, in accordance with industry standards,
prepare and file a Form 15 Suspension Notification with respect to the Trust
Fund, if applicable.

         (e) Prior to March 30, 2006 and, unless and until a Form 15 Suspension
Notification shall have been filed, on or prior to March 30 of each year
thereafter, the Trustee shall file (but will not execute) a Form 10-K, in
substance conforming to industry standards and complying with the Rules, with
respect to the Trust Fund. Each Form 10-K shall include the certification
required pursuant to Rule 13a-14 under the Securities and Exchange Act of 1934
(the "1934 Act"), as amended (the "Form 10-K Certification") signed by an
appropriate party or parties (which Form 10-K Certification the Trustee shall
not be required to prepare or sign) and such other information as is required by
the Rules.

         (f) The Trustee shall promptly send copies of each periodic report
filed on Form 8-K or other applicable form, each annual report on Form 10-K, and
each Form 15 Suspension Notification, together in each case with the acceptance
confirmation receipt from EDGAR, to McKee Nelson LLP and to the Depositor (i) by
e-mail to the e-mail addresses provided in writing by each of McKee Nelson LLP
and the Depositor, respectively and (ii) to McKee Nelson LLP at 1919 M Street,
N.W., Washington, D.C. 20036, and to the Depositor at the address specified in
Section 11.07, in each case to the attention of a designated contact specified
by each of McKee Nelson LLP and the Depositor, respectively.

         (g) The Trustee shall not have any liability for any duty in filing the
Form 10-K or Form 10-K Certification due to failure of any party to timely sign
such Form 10-K or Form 10-K Certification. The Depositor hereby grants to the
Trustee a limited power of attorney to execute and file each Form 8-K (or other
applicable form for filing of periodic reports) on behalf of the Depositor. To
the extent that any certification pursuant to Rule 13a-14 under the Securities
and Exchange Act of 1934, as amended, or any similar certification which may be
required to be filed with any Form 8-K, the Depositor shall designate the
appropriate party to sign such certification (which shall not be the Trustee).
Such power of attorney shall continue until either the earlier of (i) receipt by
the Trustee from the Depositor of written termination of such power of attorney
and (ii) the termination of the Trust Fund. The Depositor agrees to promptly
furnish to the Trustee, from time to time upon request, such further
information, reports, and financial statements within its control related to
this Agreement and the Mortgage Loans as the Trustee reasonably deems
appropriate to prepare and file all necessary reports with the Commission. The
Trustee shall have no responsibility to file any items other than those
specified in this section.

         (h) If so requested, the Trustee shall sign a certification (in the
form attached hereto as Exhibit M) for the benefit of the Person(s) signing the
Form 10-K Certification regarding certain aspects of such Form 10-K
Certification (provided, however, that the Trustee shall not be required to
undertake an analysis of, and shall have no responsibility for, any financial
information, accountant's report, certification or other matter contained
therein, except for computations performed by the Trustee and reflected in
distribution reports), which certification shall be delivered to such Person(s)
not later than five Business Days prior to the date on which the Form 10-K is
required to be filed with the Commission.

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<PAGE>

         (i) If so requested, the Master Servicer shall sign a certification for
the benefit of the Person(s) signing the Form 10-K Certification regarding
certain aspects of such Form 10-K Certification (provided, however, that the
Master Servicer shall not be required to undertake an analysis of the
accountant's report attached as an exhibit to the Form 10-K).

         (j) Each person (including their officers or directors) that signs any
Form 10-K Certification shall be entitled to indemnification from the Trust Fund
for any liability or expense incurred by it in connection with such
certification, other than any liability or expense attributable to such Person's
own bad faith, negligence or willful misconduct. The provisions of this
subsection shall survive any termination of this Agreement and the resignation
or removal of such Person.

         Section 6.21. Allocation to Related Mortgage Pool.

         Payments described in this Article VI made from the Trust Fund shall be
allocated and limited to collections or other recoveries on the related Mortgage
Pool or Mortgage Pools and shall be accounted for in such manner.

                                  ARTICLE VII

                         PURCHASE OF MORTGAGE LOANS AND
                          TERMINATION OF THE TRUST FUND

         Section 7.01. Purchase of Mortgage Loans; Termination of the Trust Fund
                       Upon Purchase or Liquidation of Mortgage Loans.

         (a) The respective obligations and responsibilities of the Trustee and
the Master Servicer created hereby (other than the obligation of the Trustee to
make payments to Certificateholders as set forth in Section 7.02, the obligation
of the Master Servicer to make a final remittance to the Trustee pursuant to
Section 4.01, and the obligations of the Master Servicer to the Trustee pursuant
to Sections 9.10 and 9.14) shall terminate on the earliest of (i) the final
payment or other liquidation of the last Mortgage Loan remaining in the Trust
Fund and the disposition of all REO Property, (ii) the sale of the property held
by the Trust Fund in accordance with Section 7.01(b) and (iii) the Latest
Possible Maturity Date; provided, however, that in no event shall the Trust Fund
created hereby continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the Court of St. James's, living on the date hereof. Any
termination of the Trust Fund shall be carried out in such a manner so that the
termination of each REMIC included therein shall qualify as a "qualified
liquidation" under the REMIC Provisions.

                                      104
<PAGE>

         (b) (i) For Pool 1, on any Distribution Date occurring on or after the
Pool 1 Initial Optional Termination Date, the Master Servicer, with the prior
written consent of any NIMS Insurer and the Seller, which consent shall not be
unreasonably withheld, has the option to cause each of REMIC I-1 and REMIC I-2
to adopt a plan of complete liquidation and to purchase the Pool 1 Mortgage
Loans and any REO Property related to Pool 1 (the "Pool 1 Assets") for a price
equal to the Pool 1 Purchase Price, pursuant to Section 7.03(a) hereof. The
Master Servicer has agreed not to exercise such option so long as any NIM
Securities remain outstanding. Upon exercise of such option, the property of
Pool 1 shall be sold to the Master Servicer at a price (the "Pool 1 Purchase
Price") equal to the sum of (i) 100% of the unpaid principal balance of each
Pool 1 Mortgage Loan on the day of such purchase plus interest accrued thereon
at the Mortgage Rate with respect to such Mortgage Loan to the Due Date in the
Collection Period immediately preceding the Distribution Date on which the
proceeds of such sale will be distributed to the holders of the Group I
Certificates, (ii) the fair market value of any REO Property related to the Pool
1 Mortgage Loans and any other property related to the Pool 1 Mortgage Loans
held by any REMIC, such fair market value to be determined by an independent
appraiser or appraisers mutually agreed upon by the Master Servicer, any NIMS
Insurer and the Trustee (reduced, in the case of REO Property, by (1) reasonably
anticipated disposition costs and (2) any amount by which the fair market value
as so reduced exceeds the outstanding principal balance of the related Mortgage
Loan plus interest accrued thereon at the applicable Net Mortgage Rate to the
date of such purchase) and (iii) any unreimbursed Servicing Advances and other
amounts to be reimbursed pursuant to the immediately following sentence related
to the Pool 1 Mortgage Loans. The Master Servicer, the Servicer, the Trustee and
the Custodian shall be reimbursed from the Pool 1 Purchase Price for any Pool 1
Mortgage Loan or related REO Property for any Advances made or other amounts
advanced with respect to the Mortgage Loans that are reimbursable to any such
entity under this Agreement, the Servicing Agreement or the Custodial Agreement,
together with any accrued and unpaid compensation and any other amounts due to
the Master Servicer or the Trustee hereunder or the Servicer or the Custodian,
to the extent such amounts relate to the Pool 1 Mortgage Loans. Subject to
Section 7.03, the Trustee shall distribute the assets of the Trust Fund related
to Pool 1 on the Distribution Date on which the repurchase occurred. If the NIMS
Insurer directs the Master Servicer to exercise such right as described above,
then (i) the Master Servicer shall cause REMIC I-1 and REMIC I-2 to adopt a plan
of complete liquidation as described above and (ii) the NIMS Insurer shall remit
the Pool 1 Price in immediately available funds to the Master Servicer at least
three Business Days prior to the applicable Distribution Date and, upon receipt
of such funds from the NIMS Insurer, the Master Servicer shall promptly deposit
such funds in the Collection Account. The NIMS Insurer shall be obligated to
reimburse the Master Servicer and the Trustee for their reasonable out-of-pocket
expenses incurred in connection with the purchase of the Pool 1 Mortgage Loans
and REO Property related to Pool 1 at the direction of the NIMS Insurer and
shall indemnify and hold harmless the Master Servicer and the Trustee for any
losses, liabilities or expenses resulting from any claims directly resulting
from or relating to the Master Servicer's or Trustee's purchase of the Pool 1
Assets at the direction of the NIMS Insurer at the direction of the NIMS
Insurer, except to the extent such losses, liabilities or expenses arise out of
or result from the Master Servicer's or Trustee's, as the case may be,
negligence, bad faith or willful misconduct.

                                      105
<PAGE>

                  (ii) For Pool 2, on any Distribution Date occurring on or
after the Pool 2 Initial Optional Termination Date, the Master Servicer, with
the prior written consent of any NIMS Insurer and the Seller, which consent
shall not be unreasonably withheld, has the option to cause each of REMIC II-1
and REMIC II-2 to adopt a plan of complete liquidation and to purchase the Pool
2 Mortgage Loans and any REO Property related to Pool 2 (the "Pool 2 Assets")
for a price equal to the Pool 2 Purchase Price, pursuant to Section 7.03(a)
hereof. The Master Servicer has agreed not to exercise such option so long as
any NIM Securities remain outstanding. Upon exercise of such option, the
property of Pool 2 shall be sold to the Master Servicer at a price (the "Pool 2
Purchase Price") equal to the sum of (i) 100% of the unpaid principal balance of
each Pool 2 Mortgage Loan on the day of such purchase plus interest accrued
thereon at the Mortgage Rate with respect to such Mortgage Loan to the Due Date
in the Collection Period immediately preceding the Distribution Date on which
the proceeds of such sale will be distributed to the holders of the Group II
Certificates, (ii) the fair market value of any REO Property related to the Pool
2 Mortgage Loans and any other property related to the Pool 2 Mortgage Loans
held by any REMIC, such fair market value to be determined by an independent
appraiser or appraisers mutually agreed upon by the Master Servicer, any NIMS
Insurer and the Trustee (reduced, in the case of REO Property, by (1) reasonably
anticipated disposition costs and (2) any amount by which the fair market value
as so reduced exceeds the outstanding principal balance of the related Mortgage
Loan plus interest accrued thereon at the applicable Net Mortgage Rate to the
date of such purchase) and (iii) any unreimbursed Servicing Advances and other
amounts to be reimbursed pursuant to the immediately following sentence related
to the Pool 2 Mortgage Loans. The Master Servicer, the Servicer, the Trustee and
the Custodian shall be reimbursed from the Pool 2 Purchase Price for any
Mortgage Loan or related REO Property for any Advances made or other amounts
advanced with respect to the Pool 2 Mortgage Loans that are reimbursable to any
such entity under this Agreement, the Servicing Agreement or the Custodial
Agreement, together with any accrued and unpaid compensation and any other
amounts due to the Master Servicer or the Trustee hereunder or the Servicer or
the Custodian, to the extent such amounts relate to the Pool 2 Mortgage Loans.
Subject to Section 7.03, the Trustee shall distribute the assets of the Trust
Fund related to Pool 2 on the Distribution Date on which the repurchase
occurred. If the NIMS Insurer directs the Master Servicer to exercise such right
as described above, then (i) the Master Servicer shall cause REMIC II-1 and
REMIC II-2 to adopt a plan of complete liquidation as described above and (ii)
the NIMS Insurer shall remit the Pool 2 Price in immediately available funds to
the Master Servicer at least three Business Days prior to the applicable
Distribution Date and, upon receipt of such funds from the NIMS Insurer, the
Master Servicer shall promptly deposit such funds in the Collection Account. The
NIMS Insurer shall be obligated to reimburse the Master Servicer and the Trustee
for their reasonable out-of-pocket expenses incurred in connection with the
exercise the purchase of the Pool 2 Assets at the direction of the NIMS Insurer
at the direction of the NIMS Insurer and shall indemnify and hold harmless the
Master Servicer and the Trustee for any losses, liabilities or expenses
resulting from any claims directly resulting from or relating to the Master
Servicer's or Trustee's purchase of the Pool 2 Assets at the direction of the
NIMS Insurer, except to the extent such losses, liabilities or expenses arise
out of or result from the Master Servicer's or Trustee's, as the case may be,
negligence, bad faith or willful misconduct.

                                      106
<PAGE>

                  (iii) Upon the later of the exercise by the Master Servicer of
the initial purchase option with respect to Pool 1 or Pool 2, the Trust Fund
will be terminated.

         Section 7.02. Procedure Upon Termination of Trust Fund.

         (a) Notice of any termination pursuant to the provisions of Section
7.01 (or the retirement of Certificates related to Mortgage Pool 1 or Mortgage
Pool 2, as applicable), specifying the Distribution Date upon which the final
distribution shall be made, shall be given promptly by the Trustee by first
class mail to the Certificateholders, mailed upon (x) no later than five
Business Days after the Trustee has received notice from the Master Servicer of
its intent to exercise its right to cause the termination of the Trust Fund
pursuant to Section 7.01(b) (or the retirement of the Certificates relatled to
Mortgage Pool 1 or Mortgage Pool 2, as applicable, to the extent the other such
Mortgage Pool is not terminated pursuant to such Section 7.01(b)) or (y) upon
final payment or other liquidation of the last Mortgage Loan or REO Property in
the Trust Fund. Such notice shall specify (A) the Distribution Date upon which
final distribution on the Certificates of all amounts required to be distributed
to Certificateholders pursuant to Section 5.02 will be made upon presentation
and surrender of the related Certificates at the Corporate Trust Office, and (B)
that the Record Date otherwise applicable to such Distribution Date is not
applicable, distribution being made only upon presentation and surrender of the
related Certificates at the office or agency of the Trustee therein specified.
The Trustee shall give such notice to the Master Servicer and the Certificate
Registrar at the time such notice is given to Holders of the related
Certificates. Upon any termination pursuant to Section 7.01(b), the duties of
the Certificate Registrar with respect to the applicable Certificates shall
terminate and the Trustee shall terminate or request the Master Servicer to
terminate, the Collection Account it maintains, the Certificate Account and any
other account or fund maintained with respect to the related Certificates,
subject to the Trustee's obligation hereunder to hold all amounts payable to
Certificateholders in trust without interest pending such payment.

         (b) In the event that all of the Holders do not surrender their
Certificates for cancellation within three months after the time specified in
the above mentioned written notice, the Trustee shall give a second written
notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
one year after the second notice any Certificates shall not have been
surrendered for cancellation, the Trustee may take appropriate steps to contact
the remaining Certificateholders concerning surrender of such Certificates, and
the cost thereof shall be paid out of the amounts distributable to such Holders.
If within two years after the second notice any Certificates shall not have been
surrendered for cancellation, the Trustee shall, subject to applicable state law
relating to escheatment, hold all amounts distributable to such Holders for the
benefit of such Holders. No interest shall accrue on any amount held by the
Trustee and not distributed to a Certificateholder due to such
Certificateholder's failure to surrender its Certificate(s) for payment of the
final distribution thereon in accordance with this Section.

         (c) Any reasonable expenses incurred by the Trustee in connection with
any termination or liquidation of the Trust Fund (or a Mortgage Pool thereof)
shall be reimbursed from proceeds received from the liquidation of the related
Mortgage Pool or Mortgage Pools.

         Section 7.03. Additional Trust Fund Termination Requirements.

         (a) Any sale pursuant to Section 7.01(b) shall be effected in
accordance with the following additional requirements, unless the Trustee seeks
(at the request of the party exercising the option to repurchase all of the
Mortgage Loans pursuant to Section 7.01(b)), and subsequently receives, an
Opinion of Counsel (at the expense of such requesting party), addressed to the
Trustee and any NIMS Insurer to the effect that the failure of the Trust Fund to
comply with the requirements of this Section 7.03 will not (I) result in the
imposition of taxes on any REMIC under the REMIC Provisions or (II) cause any
REMIC established hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding:

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                  (i) In the case of a sale of the assets of Pool 1:

                           (A) The Trustee shall sell all of the assets of Pool
                      1 for cash and, within 90 days of such sale, shall
                      distribute the proceeds of such sale to the Group I
                      Certificateholders and Class X-I Certificateholders in
                      complete liquidation of REMIC I-1 and REMIC I-2; and

                           (B) The Trustee shall attach a statement to the final
                      Federal income tax return for each of REMIC I-1 and REMIC
                      I-2 stating that pursuant to Treasury Regulation ss.
                      1.860F-1, the first day of the 90-day liquidation period
                      for each such REMIC was the date on which the Trustee sold
                      such assets.

                  (ii) In the case of a sale of the assets of Pool 2:

                           (A) The Trustee shall sell all of the assets of Pool
                      2 for cash and, within 90 days of such sale, shall
                      distribute the proceeds of such sale to the Group II
                      Certificateholders and Class X-II Certificateholders in
                      complete liquidation of REMIC II-1 and REMIC II-2; and

                           (B) The Trustee shall attach a statement to the final
                      Federal income tax return for each of REMIC II-1 and REMIC
                      II-2 stating that pursuant to Treasury Regulation ss.
                      1.860F-1, the first day of the 90-day liquidation period
                      for each such REMIC was the date on which the Trustee sold
                      such assets.

         (b) By its acceptance of a Residual Certificate, each Holder thereof
hereby (i) authorizes the Trustee to take the action described in paragraph (a)
above and (ii) agrees to take such other action as may be necessary to
facilitate liquidation of each REMIC created under this Agreement, which
authorization shall be binding upon all successor Residual Certificateholders.

         Section 7.04. Optional Purchase Right of NIMS Insurer.

         The NIMS Insurer may purchase any Distressed Mortgage Loan for a
purchase price equal to the outstanding principal balance of such Mortgage Loan,
plus accrued interest thereon to the date of repurchase plus any unreimbursed
Advances, Servicing Advances, Servicing Fees or Trustee Fees and any
unreimbursed expenses of the Trustee allocable to such Distressed Mortgage Loan.
Any such purchase shall be accomplished by the NIM Insurer's remittance of the
purchase price for the Distressed Mortgage Loan to the Master Servicer for
deposit into the Collection Account.

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                                  ARTICLE VIII

                          RIGHTS OF CERTIFICATEHOLDERS

         Section 8.01. Limitation on Rights of Holders.

         (a) The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or this Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
take any action or proceeding in any court for a partition or winding up of this
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them. Except as otherwise expressly provided herein, no
Certificateholder, solely by virtue of its status as a Certificateholder, shall
have any right to vote or in any manner otherwise control the Master Servicer or
the operation and management of the Trust Fund, or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms
of the Certificates, be construed so as to constitute the Certificateholders
from time to time as partners or members of an association, nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken by the parties to this Agreement pursuant to any provision hereof.

         (b) No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of an Event
of Default and of the continuance thereof, as hereinbefore provided, and unless
also the Holders of Certificates evidencing not less than 25% of the Class
Principal Amount or Class Notional Amount (or Percentage Interest) of
Certificates of each Class affected thereby shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the cost, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for sixty days after its receipt
of such notice, request and offer of indemnity, shall have neglected or refused
to institute any such action, suit or proceeding and no direction inconsistent
with such written request has been given such Trustee during such sixty day
period by such Certificateholders; it being understood and intended, and being
expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatever by virtue or by availing of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates, or to obtain or seek to obtain
priority over or preference to any other such Holder, or to enforce any right
under this Agreement, except in the manner herein provided and for the benefit
of all Certificateholders. For the protection and enforcement of the provisions
of this Section, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

         Section 8.02. Access to List of Holders.

         (a) If the Trustee is not acting as Certificate Registrar, the
Certificate Registrar will furnish or cause to be furnished to the Trustee,
within fifteen days after receipt by the Certificate Registrar of a request by
the Trustee in writing, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Certificateholders of each Class as
of the most recent Record Date.

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         (b) If three or more Holders or Certificate Owners (hereinafter
referred to as "Applicants") apply in writing to the Trustee, and such
application states that the Applicants desire to communicate with other Holders
with respect to their rights under this Agreement or under the Certificates and
is accompanied by a copy of the communication which such Applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt of
such application, afford such Applicants reasonable access during the normal
business hours of the Trustee to the most recent list of Certificateholders held
by the Trustee or shall, as an alternative, send, at the Applicants' expense,
the written communication proffered by the Applicants to all Certificateholders
at their addresses as they appear in the Certificate Register.

         (c) Every Holder or Certificate Owner, if the Holder is a Clearing
Agency, by receiving and holding a Certificate, agrees with the Depositor, the
Master Servicer, the Certificate Registrar and the Trustee, that none of the
Depositor, the Master Servicer, the Certificate Registrar, the Paying Agent or
the Trustee shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Certificateholders hereunder,
regardless of the source from which such information was derived.

         Section 8.03. Acts of Holders of Certificates.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders or Certificate Owner, if the Holder is a Clearing Agency, may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee, the
Certificate Registrar and the Paying Agent and, where expressly required herein,
to the Master Servicer. Such instrument or instruments (as the action embodies
therein and evidenced thereby) are herein sometimes referred to as an "Act" of
the Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agents shall be sufficient
for any purpose of this Agreement and conclusive in favor of the Trustee and the
Master Servicer, if made in the manner provided in this Section. Each of the
Trustee and the Master Servicer shall promptly notify the other of receipt of
any such instrument by it, and shall promptly forward a copy of such instrument
to the other.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by the certificate of any notary public or other officer authorized
by law to take acknowledgments or deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Whenever
such execution is by an officer of a corporation or a member of a partnership on
behalf of such corporation or partnership, such certificate or affidavit shall
also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the individual
executing the same, may also be proved in any other manner which the Trustee
deems sufficient.

         (c) The ownership of Certificates (whether or not such Certificates
shall be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee) shall be proved by the
Certificate Register, and none of the Trustee, the Master Servicer, the Paying
Agent or the Depositor shall be affected by any notice to the contrary.

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         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Certificate shall bind every future
Holder of the same Certificate and the Holder of every Certificate issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof,
in respect of anything done, omitted or suffered to be done by the Trustee or
the Master Servicer in reliance thereon, whether or not notation of such action
is made upon such Certificate.

                                   ARTICLE IX

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                             BY THE MASTER SERVICER

         Section 9.01. Duties of the Master Servicer.

         The Certificateholders, by their purchase and acceptance of the
Certificates, appoint Aurora Loan Services LLC, as Master Servicer. For and on
behalf of the Depositor, the Trustee and the Certificateholders, the Master
Servicer shall master service the Mortgage Loans in accordance with the
provisions of this Agreement and the provisions of the Servicing Agreement.

         Section 9.02. Master Servicer Fidelity Bond and Master Servicer Errors
                       and Omissions Insurance Policy.

         (a) The Master Servicer, at its expense, shall maintain in effect a
Master Servicer Fidelity Bond and a Master Servicer Errors and Omissions
Insurance Policy, affording coverage with respect to all directors, officers,
employees and other Persons acting on such Master Servicer's behalf, and
covering errors and omissions in the performance of the Master Servicer's
obligations hereunder. The Master Servicer Errors and Omissions Insurance Policy
and the Master Servicer Fidelity Bond shall be in such form and amount that
would meet the requirements of Fannie Mae or Freddie Mac if it were the
purchaser of the Mortgage Loans and shall by its terms not be cancelable without
thirty days' prior written notice to the Trustee, the Master Servicer shall
provide the Trustee upon request, with a copy of such policy and fidelity bond.
The Master Servicer shall (i) require the Servicer to maintain an Errors and
Omissions Insurance Policy and the Servicer Fidelity Bond in accordance with the
provisions of the Servicing Agreement, (ii) cause the Servicer to provide to the
Master Servicer certificates evidencing that such policy and bond is in effect
and to furnish to the Master Servicer any notice of cancellation, non-renewal or
modification of the policy or bond received by it, as and to the extent provided
in the Servicing Agreement, and (iii) furnish copies of such policies and of the
certificates and notices referred to in clause (ii) to the Trustee upon request.

         (b) The Master Servicer shall promptly report to the Trustee any
material changes that may occur in the Master Servicer Fidelity Bond or the
Master Servicer Errors and Omissions Insurance Policy and shall furnish to the
Trustee, on request, certificates evidencing that such bond and insurance policy
are in full force and effect. The Master Servicer shall promptly report to the
Trustee all cases of embezzlement or fraud, if such events involve funds
relating to the Mortgage Loans. The total losses, regardless of whether claims
are filed with the applicable insurer or surety, shall be disclosed in such
reports together with the amount of such losses covered by insurance. If a bond
or insurance claim report is filed with any of such bonding companies or
insurers, the Master Servicer shall promptly furnish a copy of such report to
the Trustee. Any amounts relating to the Mortgage Loans collected by the Master
Servicer under any such bond or policy shall be promptly remitted by the Master
Servicer to the Trustee for deposit into the Certificate Account. Any amounts
relating to the Mortgage Loans collected by the Servicer under any such bond or
policy shall be remitted to the Master Servicer to the extent provided in the
Servicing Agreement.

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         Section 9.03. Master Servicer's Financial Statements and Related
                       Information.

         For each year this Agreement is in effect, the Master Servicer shall
submit to the Trustee, each Rating Agency and the Depositor a copy of its annual
unaudited financial statements on or prior to March 15 of each year, beginning
March 15, 2006. Such financial statements shall include a balance sheet, income
statement, statement of retained earnings, statement of additional paid in
capital, statement of changes in financial position and all related notes and
schedules and shall be in comparative form, certified by a nationally recognized
firm of Independent Accountants to the effect that such statements were examined
and prepared in accordance with generally accepted accounting principles applied
on a basis consistent with that of the preceding year.

         Section 9.04. Power to Act; Procedures.

         (a) The Master Servicer shall master service the Mortgage Loans and
shall have full power and authority, subject to the REMIC Provisions and the
provisions of Article X hereof, and the Servicer shall have full power and
authority (to the extent provided in the Servicing Agreement) to do any and all
things that it may deem necessary or desirable in connection with the servicing
and administration of the Mortgage Loans, including but not limited to the power
and authority (i) to execute and deliver, on behalf of the Certificateholders
and the Trustee, customary consents or waivers and other instruments and
documents, (ii) to consent to transfers of any Mortgaged Property and
assumptions of the Mortgage Notes and related Mortgages, (iii) to collect any
Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate foreclosure
or other conversion of the ownership of the Mortgaged Property securing any
Mortgage Loan, in each case, in accordance with the provisions of this Agreement
and the Servicing Agreement, as applicable; provided that the Master Servicer
shall not take, or knowingly permit the Servicer to take, any action that is
inconsistent with or prejudices the interests of the Trust Fund or the
Certificateholders in any Mortgage Loan or the rights and interests of the
Depositor, the Trustee, or the Certificateholders under this Agreement. The
Master Servicer further is authorized and empowered by the Trustee, on behalf of
the Certificateholders and the Trustee, in its own name or in the name of the
Servicer (to the extent permitted in the Servicing Agreement), when the Master
Servicer or the Servicer, as the case may be, believes it is appropriate in its
best judgment to register any Mortgage Loan with MERS, or cause the removal from
the registration of any Mortgage Loan on the MERS system, to execute and
deliver, on behalf of the Trustee and the Certificateholders or any of them, any
and all instruments of assignment and other comparable instruments with respect
to such assignment or re-recording of a Mortgage in the name of MERS, solely as
nominee for the Trustee and its successors and assigns. The Master Servicer
shall represent and protect the interests of the Trust Fund in the same manner
as it protects its own interests in mortgage loans in its own portfolio in any
claim, proceeding or litigation regarding a Mortgage Loan and shall not make or
knowingly permit the Servicer to make any modification, waiver or amendment of
any term of any Mortgage Loan that would cause an Adverse REMIC Event. Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of the Servicer, and the Servicer, to the extent such authority is
delegated to the Servicer under the Servicing Agreement, is hereby authorized

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and empowered by the Trustee when the Master Servicer or the Servicer, as the
case may be, believes it appropriate in its best judgment and in accordance with
Accepted Servicing Practices and the Servicing Agreement, to execute and
deliver, on behalf of itself and the Certificateholders, the Trustee or any of
them, any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge and all other comparable instruments, with respect to
the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
shall execute, upon request, any powers of attorney furnished to it by the
Master Servicer empowering the Master Servicer or the Servicer to execute and
deliver instruments of satisfaction or cancellation, or of partial or full
release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
Property, and to appeal, prosecute or defend in any court action relating to the
Mortgage Loans or the Mortgaged Property, in accordance with the Servicing
Agreement and this Agreement, and the Trustee shall execute and deliver such
other documents, as the Master Servicer may request, necessary or appropriate to
enable the Master Servicer to master service the Mortgage Loans and carry out
its duties hereunder and to allow the Servicer to service the Mortgage Loans, in
each case in accordance with Accepted Servicing Practices (and the Trustee shall
have no liability for misuse of any such powers of attorney by the Master
Servicer or the Servicer). If the Master Servicer or the Trustee has been
advised that it is likely that the laws of the state in which action is to be
taken prohibit such action if taken in the name of the Trustee or that the
Trustee would be adversely affected under the "doing business" or tax laws of
such state if such action is taken in its name, then upon request of the Trustee
the Master Servicer shall join with the Trustee in the appointment of a co
trustee pursuant to Section 6.09 hereof. In the performance of its duties
hereunder, the Master Servicer shall be an independent contractor and shall not,
except in those instances where it is taking action in the name of the Trustee,
be deemed to be the agent of the Trustee. Notwithstanding anything to the
contrary, the Master Servicer shall not without the Trustee's written consent:
(i) initiate any action, suit or proceeding solely under the Trustee's name
without indicating the Master Servicer's representative capacity or (ii) take
any action with the intent to cause, and which actually does cause, the Trustee
to be registered to do business in any state.

(b) In master servicing and administering the Mortgage Loans, the Master
Servicer shall employ procedures, and shall exercise the same care that it
customarily employs and exercises master servicing and administering loans for
its own account, giving due consideration to Accepted Servicing Practices where
such practices do not conflict with this Agreement. Consistent with the
foregoing, the Master Servicer may, and may permit the Servicer to, in its
discretion (i) waive any late payment charge (but not any Prepayment Premium,
except as set forth below) and (ii) extend the due dates for payments due on a
Mortgage Note for a period not greater than 120 days; provided, however, that
the maturity of any Mortgage Loan shall not be extended past the date on which
the final payment is due on the latest maturing Mortgage Loan as of the Cut-off
Date. In the event of any extension described in clause (ii) above, the Master
Servicer shall make or cause the Servicer (if required by the Servicing
Agreement) to make Advances on the related Mortgage Loan in accordance with the
provisions of Section 5.04 on the basis of the amortization schedule of such
Mortgage Loan without modification thereof by reason of such extension.
Notwithstanding anything to the contrary in this Agreement, the Master Servicer
shall not make or knowingly permit any modification, waiver or amendment of any
material term of any Mortgage Loan unless: (1) such Mortgage Loan is in default
or default by the related Mortgagor is, in the reasonable judgment of the Master
Servicer or the Servicer, reasonably foreseeable, (2) in the case of a waiver of
a Prepayment Premium if (a) such Mortgage Loan is in default or default by the
related Mortgagor is, in the reasonable judgment of the Master Servicer or

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Servicer, reasonably foreseeable, and such waiver would maximize recovery of
total proceeds taking into account the value of such Prepayment Premium and the
related Mortgage Loan or (b) if the prepayment is not the result of a
refinancing by the Servicer or any of its affiliates and (i) such Mortgage Loan
is in default or default by the related Mortgagor is, in the reasonable judgment
of the Master Servicer or the Servicer, reasonably foreseeable, and such waiver
would maximize recovery of total proceeds taking into account the value of such
Prepayment Premium and the related Mortgage Loan or (ii) the collection of the
Prepayment Premium would be in violation of applicable laws or (iii) the
collection of such Prepayment Premium would be considered "predatory" pursuant
to written guidance published or issued by any applicable federal, state or
local regulatory authority acting in its official capacity and having
jurisdiction over such matters, and (3) the Master Servicer shall have provided
or caused to be provided to the Trustee an Opinion of Counsel addressed to the
Trustee (which opinion shall, if provided by the Master Servicer, be an expense
reimbursed from the Collection Account pursuant to Section 4.02(v)) in writing
to the effect that such modification, waiver or amendment would not cause an
Adverse REMIC Event; provided, in no event shall an Opinion of Counsel be
required for the waiver of a Prepayment Premium under clause (2) above.

         Section 9.05. Enforcement of Servicer's and Master Servicer's
                       Obligations.

         (a) Each Servicing Agreement requires the Servicer to service the
Mortgage Loans in accordance with the provisions thereof. References in this
Agreement to actions taken or to be taken by the Master Servicer include actions
taken or to be taken by the Servicer on behalf of the Master Servicer. Any fees
and other amounts payable to the Servicer shall be deducted from amounts
remitted to the Master Servicer by the Servicer to the extent permitted by the
Servicing Agreement and shall not be an obligation of the Trust Fund, the
Trustee or the Master Servicer.

         (b) The Master Servicer shall not be required to (i) take any action
with respect to the servicing of any Mortgage Loan that the Servicer is not
required to take under the Servicing Agreement and (ii) cause the Servicer to
take any action or refrain from taking any action if the Servicing Agreement
does not require the Servicer to take such action or refrain from taking such
action; in both cases notwithstanding any provision of this Agreement that
requires the Master Servicer to take such action or cause the Servicer to take
such action.

         (c) The Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall use its reasonable best efforts to enforce the
obligations of the Servicer under the Servicing Agreement, and shall, upon
obtaining actual knowledge of the failure of the Servicer to perform its
obligations in accordance therewith, to the extent that such non-performance of
such obligations would have a material adverse effect on a Mortgage Loan, the
Trust Fund or the Certificateholders, terminate the rights and obligations of
the Servicer thereunder and either act as servicer of the related Mortgage Loans
or cause the other parties hereto to enter into a Servicing Agreement (and such
parties hereby agree to execute and deliver any such successor Servicing
Agreement), with a successor Servicer. Such enforcement, including, without
limitation, the legal prosecution of claims, termination of Servicing Agreements
and the pursuit of other appropriate remedies, shall be in such form and carried
out to such an extent and at such time as the Master Servicer, in its good faith
business judgment, would require were it the owner of the related Mortgage
Loans. The Master Servicer shall pay the costs of such enforcement at its own
expense, and shall be reimbursed therefor initially (i) from a general recovery
resulting from such enforcement only to the extent, if any, that such recovery
exceeds all amounts due in respect of the related Mortgage Loans, (ii) from a
specific recovery of costs, expenses or attorneys' fees against the party
against whom such enforcement is directed, and then, (iii) to the extent that
such amounts are insufficient to reimburse the Master Servicer for the costs of
such enforcement, from the Collection Account.

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         (d) The Master Servicer shall be entitled to conclusively rely on any
certifications or other information provided by the Servicer under the terms of
the Servicing Agreement, in its preparation of any certifications, filings or
reports, in accordance with the terms hereof or as may be required by applicable
law or regulation.

         Section 9.06. Collection of Taxes, Assessments and Similar Items.

         (a) To the extent provided in the Servicing Agreement, the Master
Servicer shall cause the Servicer to establish and maintain one or more
custodial accounts at a depository institution (which may be a depository
institution with which the Master Servicer or the Servicer establishes accounts
in the ordinary course of its servicing activities), the accounts of which are
insured to the maximum extent permitted by the FDIC (each, an "Escrow Account")
and to deposit therein any collections of amounts received with respect to
amounts due for taxes, assessments, water rates, Standard Hazard Insurance
Policy premiums, Payaheads, if applicable, or any comparable items for the
account of the Mortgagors. Withdrawals from any Escrow Account may be made (to
the extent amounts have been escrowed for such purpose) only in accordance with
the Servicing Agreement. The Servicer shall be entitled to all investment income
not required to be paid to Mortgagors on any Escrow Account maintained by the
Servicer. The Master Servicer shall make (or cause to be made) to the extent
provided in the Servicing Agreement advances to the extent necessary in order to
effect timely payment of taxes, water rates, assessments, Standard Hazard
Insurance Policy premiums or comparable items in connection with the related
Mortgage Loan (to the extent that the Mortgagor is required, but fails, to pay
such items), provided that it or the Servicer has determined that the funds so
advanced are recoverable from escrow payments, reimbursement pursuant to Section
4.02 or otherwise.

         (b) Costs incurred by the Master Servicer or by the Servicer in
effecting the timely payment of taxes and assessments on the properties subject
to the Mortgage Loans may be added to the amount owing under the related
Mortgage Note where the terms of the Mortgage Note so permit; provided, however,
that the addition of any such cost shall not be taken into account for purposes
of calculating the distributions to be made to Certificateholders. Such costs,
to the extent that they are unanticipated, extraordinary costs, and not ordinary
or routine costs shall be recoverable as a Servicing Advance by the Master
Servicer pursuant to Section 4.02.

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         Section 9.07. Termination of Servicing Agreements; Successor Servicers.

         (a) The Master Servicer shall be entitled to terminate the rights and
obligations of the Servicer under the Servicing Agreement in accordance with the
terms and conditions of the Servicing Agreement and without any limitation by
virtue of this Agreement; provided, however, that in the event of termination of
the Servicing Agreement by the Master Servicer or the Servicer, the Master
Servicer shall either act as Servicer of the related Mortgage Loans or provide
for the servicing of the Mortgage Loans by a successor Servicer to be appointed
as provided in the Servicing Agreement.

         The parties acknowledge that notwithstanding the preceding sentence,
there may be a transition period, not to exceed 90 days, in order to effect the
transfer of servicing to a successor Servicer. The Master Servicer shall be
entitled to be reimbursed from the Servicer (or by the Trust Fund, if the
Servicer is unable to fulfill its obligations hereunder) for all costs
associated with the transfer of servicing from the predecessor servicer,
including without limitation, any costs or expenses associated with the complete
transfer of all servicing data and the completion, correction or manipulation of
such servicing data, as may be required by the Master Servicer to correct any
errors or insufficiencies in the servicing data or otherwise to enable the
Master Servicer to service the Mortgage Loans properly and effectively.

         (b) If the Master Servicer acts as a successor Servicer, it will not
assume liability for the representations and warranties of the Servicer, if any,
that it replaces. The Master Servicer shall use reasonable efforts to have the
successor Servicer assume liability for the representations and warranties made
by the terminated Servicer in the Servicing Agreement, and in the event of any
such assumption by the successor Servicer, the Trustee or the Master Servicer,
as applicable, may, in the exercise of its business judgment, release the
terminated Servicer from liability for such representations and warranties.

         (c) If the Master Servicer acts as a successor servicer, it will have
no obligation to make an Advance if it determines in its reasonable judgment
that such Advance is non-recoverable. To the extent that the Master Servicer is
unable to find a successor servicer that is willing to service the Mortgage
Loans for the Servicing Fee because of the obligation of the servicer to make
Advances regardless of whether such Advance is recoverable, the Servicing
Agreement may be amended to provide that the successor servicer shall have no
obligation to make an Advance if it determines in its reasonable judgment that
such Advance is non-recoverable and provides an Officer's Certificate to such
effect to the Master Servicer and the Trustee.

         Section 9.08. Master Servicer Liable for Enforcement.

         Notwithstanding the Servicing Agreement, the Master Servicer shall
remain obligated and liable to the Trustee and the Certificateholders in
accordance with the provisions of this Agreement, to the extent of its
obligations hereunder, without diminution of such obligation or liability by
virtue of the Servicing Agreement. The Master Servicer shall use commercially
reasonable efforts to ensure that the Mortgage Loans are serviced in accordance
with the provisions of this Agreement and shall use commercially reasonable
efforts to enforce the provisions of each Servicing Agreement for the benefit of
the Certificateholders. The Master Servicer shall be entitled to enter into any
agreement with the Servicer for indemnification of the Master Servicer and
nothing contained in this Agreement shall be deemed to limit or modify such
indemnification. Except as expressly set forth herein, the Master Servicer shall
have no liability for the acts or omissions of the Servicer in the performance
by the Servicer of its obligations under the Servicing Agreement.

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         Section 9.09. No Contractual Relationship Between the Servicer and
                       Trustee or Depositor.

         The Servicing Agreement and any other transactions or services relating
to the Mortgage Loans involving the Servicer in its capacity as such and not as
an originator shall be deemed to be between the Servicer, the Seller and the
Master Servicer, and the Trustee and the Depositor shall not be deemed parties
thereto and shall have no obligations, duties or liabilities with respect to the
Servicer except as set forth in Section 9.10 hereof, but shall have rights
thereunder as third party beneficiaries.

         Section 9.10. Assumption of Servicing Agreement by the Trustee.

         (a) In the event the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of any Event of Default under this
Agreement), after a period not to exceed ninety days after the issuance of any
notice of termination pursuant to Section 6.14 or Section 9.28, as applicable,
the Trustee, or a successor master servicer appointed by it in accordance with
Section 6.14, shall assume all of the rights and obligations of such Master
Servicer hereunder and under each Servicing Agreement entered into with respect
to the Mortgage Loans. The Trustee, its designee or any successor master
servicer appointed by the Trustee shall be deemed to have assumed all of the
Master Servicer's interest herein and therein to the same extent as if the
Servicing Agreement had been assigned to the assuming party, except that the
Master Servicer shall not thereby be relieved of any liability or obligations of
the Master Servicer under the Servicing Agreement accruing prior to its
replacement as Master Servicer, and shall be liable to the Trustee, and hereby
agrees to indemnify and hold harmless the Trustee from and against all costs,
damages, expenses and liabilities (including reasonable attorneys' fees)
incurred by the Trustee as a result of such liability or obligations of the
Master Servicer and in connection with the Trustee's assumption (but not its
performance, except to the extent that costs or liability of the Trustee are
created or increased as a result of negligent or wrongful acts or omissions of
the Master Servicer prior to its replacement as Master Servicer) of the Master
Servicer's obligations, duties or responsibilities thereunder; provided that the
Master Servicer shall not indemnify or hold harmless the Trustee against
negligent or willful misconduct of the Trustee.

         (b) The Master Servicer that has been terminated shall, upon request of
the Trustee but at the expense of such Master Servicer or at the expense of the
Trust Fund, deliver to the assuming party all documents and records relating to
each Servicing Agreement and the related Mortgage Loans and an accounting of
amounts collected and held by it and otherwise use its best efforts to effect
the orderly and efficient transfer of each Servicing Agreement to the assuming
party.

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         Section 9.11. Due-on-Sale Clauses; Assumption Agreements; Easements.

         (a) To the extent provided in the Servicing Agreement, to the extent
Mortgage Loans contain enforceable due on sale clauses, and to the extent that
the Master Servicer has knowledge of the conveyance of a Mortgaged Property, the
Master Servicer shall cause the Servicer to enforce such clauses in accordance
with the Servicing Agreement. If applicable law prohibits the enforcement of a
due on sale clause or such clause is otherwise not enforced in accordance with
the Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the
original Mortgagor may be released from liability in accordance with the
Servicing Agreement.

         (b) The Master Servicer or the Servicer, as the case may be, shall be
entitled to approve a request from a Mortgagor for the granting of an easement
thereon in favor of another Person or any alteration or demolition of the
related Mortgaged Property if it has determined, exercising its good faith
business judgment in the same manner as it would if it were the owner of the
related Mortgage Loan, that the security for, and the timely and full
collectability of, such Mortgage Loan would not be materially adversely affected
thereby. Any fee collected by the Master Servicer or the Servicer for processing
such a request will be retained by the Master Servicer or the Servicer as
additional servicing compensation.

         Section 9.12. Release of Mortgage Files.

         (a) Upon (i) becoming aware of the payment in full of any Mortgage Loan
or (ii) the receipt by the Master Servicer of a notification that payment in
full has been or will be escrowed in a manner customary for such purposes, the
Master Servicer shall, or shall cause the Servicer to, promptly notify the
Trustee (or the Custodian) by a certification (which certification shall include
a statement to the effect that all amounts received in connection with such
payment that are required to be deposited in the Collection Account maintained
by the Master Servicer pursuant to Section 4.01 hereof have been or will be so
deposited) of a Servicing Officer and shall request (on the form attached hereto
as Exhibit C or on the form attached to the Custodial Agreement) the Trustee or
the Custodian, to deliver to the Servicer the related Mortgage File; provided,
however, that in lieu of sending a hard copy certification of a Servicing
Officer, the Master Servicer may, or may cause, the Servicer to, deliver the
request for release in a mutually agreeable electronic format, and to the extent
that such a request, on its face, originates from a Servicing Officer, no
original signature shall be required. Upon receipt of such certification and
request, the Trustee or the Custodian, shall promptly release the related
Mortgage File to the Servicer and neither the Trustee nor the Custodian shall
have any further responsibility with regard to such Mortgage File. Upon any such
payment in full, the Master Servicer is authorized, and the Servicer, to the
extent such authority is provided for under the Servicing Agreement, is
authorized, to give, as agent for the Trustee, as the mortgagee under the
Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
assignment of mortgage without recourse) regarding the Mortgaged Property
subject to the Mortgage, which instrument of satisfaction or assignment, as the
case may be, shall be delivered to the Person or Persons entitled thereto
against receipt therefor of such payment, it being understood and agreed that no
expenses incurred in connection with such instrument of satisfaction or
assignment, as the case may be, shall be chargeable to the Collection Account.

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         (b) From time to time and as appropriate for the servicing or
foreclosure of any Mortgage Loan and in accordance with Accepted Servicing
Practices and the Servicing Agreement, the Trustee shall execute such documents
as shall be prepared and furnished to the Trustee by the Master Servicer, or by
the Servicer (in form reasonably acceptable to the Trustee) and as are necessary
to the prosecution of any such proceedings. The Trustee or the Custodian, shall,
upon request of the Master Servicer, or of the Servicer, and delivery to the
Trustee or the Custodian, of a trust receipt signed by a Servicing Officer
substantially in the form of Exhibit C, release the related Mortgage File held
in its possession or control to the Master Servicer (or the Servicer). Such
trust receipt shall obligate the Master Servicer or Servicer to return the
Mortgage File to the Trustee or the Custodian, as applicable, when the need
therefor by the Master Servicer or Servicer no longer exists unless (i) the
Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate
of a Servicing Officer similar to that hereinabove specified, the trust receipt
shall be released by the Trustee or the Custodian, as applicable, to the Master
Servicer (or the Servicer) or (ii) the Mortgage File has been delivered directly
or through the Servicer to an attorney, or to a public trustee or other public
official as required by law, for purposes of initiating or pursuing legal action
or other proceedings for the foreclosure of the Mortgaged Property either
judicially or non-judicially, and the Master Servicer has delivered directly or
through the Servicer to the Trustee a certificate of a Servicing Officer
certifying as to the name and address of the Person to which such Mortgage File
or such document was delivered and the purpose of such delivery.

         Section 9.13. Documents, Records and Funds in Possession of Master
                       Servicer To Be Held for Trustee.

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

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         (b) All Mortgage Files and funds collected or held by, or under the
control of, the Master Servicer, or the Servicer, in respect of any Mortgage
Loans, whether from the collection of principal and interest payments or from a
Subsequent Recovery, Liquidation Proceeds or Insurance Proceeds, shall be held
by the Master Servicer, or by the Servicer, for and on behalf of the Trustee and
the Certificateholders and shall be and remain the sole and exclusive property
of the Trustee; provided, however, that the Master Servicer and the Servicer
shall be entitled to setoff against, and deduct from, any such funds any amounts
that are properly due and payable to the Master Servicer or the Servicer under
this Agreement or the Servicing Agreement and shall be authorized to remit such
funds to the Trustee in accordance with this Agreement.

         (c) The Master Servicer hereby acknowledges that concurrently with the
execution of this Agreement, the Trustee shall own or, to the extent that a
court of competent jurisdiction shall deem the conveyance of the Mortgage Loans
from the Seller to the Depositor not to constitute a sale, the Trustee shall
have a security interest in the Mortgage Loans and in all Mortgage Files
representing such Mortgage Loans and in all funds and investment property now or
hereafter held by, or under the control of, the Servicer or the Master Servicer
that are collected by the Servicer or the Master Servicer in connection with the
Mortgage Loans, whether as scheduled installments of principal and interest or
as full or partial prepayments of principal or interest or as a Subsequent
Recovery, Liquidation Proceeds or Insurance Proceeds or otherwise, and in all
proceeds of the foregoing and proceeds of proceeds (but excluding any fee or
other amounts to which the Servicer is entitled under the Servicing Agreement,
or the Master Servicer or the Depositor is entitled to hereunder); and the
Master Servicer agrees that so long as the Mortgage Loans are assigned to and
held by the Trustee or the Custodian, all documents or instruments constituting
part of the Mortgage Files, and such funds relating to the Mortgage Loans which
come into the possession or custody of, or which are subject to the control of,
the Master Servicer or the Servicer shall be held by the Master Servicer or the
Servicer for and on behalf of the Trustee as the Trustee's agent and bailee for
purposes of perfecting the Trustee's security interest therein as provided by
the applicable Uniform Commercial Code or other applicable laws.

         (d) The Master Servicer agrees that it shall not, and shall not
authorize the Servicer to, create, incur or subject any Mortgage Loans, or any
funds that are deposited in any Custodial Account, Escrow Account or the
Collection Account, or any funds that otherwise are or may become due or payable
to the Trustee, to any claim, lien, security interest, judgment, levy, writ of
attachment or other encumbrance, nor assert by legal action or otherwise any
claim or right of setoff against any Mortgage Loan or any funds collected on, or
in connection with, a Mortgage Loan.

         Section 9.14. Representations and Warranties of the Master Servicer.

         (a) The Master Servicer hereby represents and warrants to the Depositor
and the Trustee, for the benefit of the Certificateholders, as of the Closing
Date that:

                  (i) it is validly existing and in good standing under the laws
         of the State of Delaware, and as Master Servicer has full power and
         authority to transact any and all business contemplated by this
         Agreement and to execute, deliver and comply with its obligations under
         the terms of this Agreement, the execution, delivery and performance of
         which have been duly authorized by all necessary corporate action on
         the part of the Master Servicer;

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                  (ii) the execution and delivery of this Agreement by the
         Master Servicer and its performance and compliance with the terms of
         this Agreement will not (A) violate the Master Servicer's charter or
         bylaws, (B) violate any law or regulation or any administrative decree
         or order to which it is subject or (C) constitute a default (or an
         event which, with notice or lapse of time, or both, would constitute a
         default) under, or result in the breach of, any material contract,
         agreement or other instrument to which the Master Servicer is a party
         or by which it is bound or to which any of its assets are subject,
         which violation, default or breach would materially and adversely
         affect the Master Servicer's ability to perform its obligations under
         this Agreement;

                  (iii) this Agreement constitutes, assuming due authorization,
         execution and delivery hereof by the other respective parties hereto, a
         legal, valid and binding obligation of the Master Servicer, enforceable
         against it in accordance with the terms hereof, except as such
         enforcement may be limited by bankruptcy, insolvency, reorganization,
         moratorium and other laws affecting the enforcement of creditors'
         rights in general, and by general equity principles (regardless of
         whether such enforcement is considered in a proceeding in equity or at
         law);

                  (iv) the Master Servicer is not in default with respect to any
         order or decree of any court or any order or regulation of any federal,
         state, municipal or governmental agency to the extent that any such
         default would materially and adversely affect its performance
         hereunder;

                  (v) the Master Servicer is not a party to or bound by any
         agreement or instrument or subject to any charter provision, bylaw or
         any other corporate restriction or any judgment, order, writ,
         injunction, decree, law or regulation that may materially and adversely
         affect its ability as Master Servicer to perform its obligations under
         this Agreement or that requires the consent of any third person to the
         execution of this Agreement or the performance by the Master Servicer
         of its obligations under this Agreement;

                  (vi) no litigation is pending or, to the best of the Master
         Servicer's knowledge, threatened against the Master Servicer which
         would prohibit its entering into this Agreement or performing its
         obligations under this Agreement;

                  (vii) the Master Servicer, or an affiliate thereof the primary
         business of which is the servicing of conventional residential mortgage
         loans, is a Fannie Mae- or Freddie Mac-approved seller/servicer;

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

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

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                  (x) the Master Servicer has obtained an Errors and Omissions
         Insurance Policy and a Fidelity Bond in accordance with Section 9.02
         each of which is in full force and effect, and each of which provides
         at least such coverage as is required hereunder; and

                  (xi) the information about the Master Servicer under the
         heading "The Master Servicer" in the Offering Document relating to the
         Master Servicer does not include an untrue statement of a material fact
         and does not omit to state a material fact, with respect to the
         statements made, necessary in order to make the statements in light of
         the circumstances under which they were made not misleading.

         (b) It is understood and agreed that the representations and warranties
set forth in this Section 9.14 shall survive the execution and delivery of this
Agreement. The Master Servicer shall indemnify the Depositor and the Trustee and
hold them harmless against any loss, damages, penalties, fines, forfeitures,
legal fees and related costs, judgments, and other costs and expenses resulting
from any claim, demand, defense or assertion based on or grounded upon, or
resulting from, a breach of the Master Servicer's representations and warranties
contained in Section 9.14(a). It is understood and agreed that the enforcement
of the obligation of the Master Servicer set forth in this Section to indemnify
the Depositor and the Trustee as provided in this Section constitutes the sole
remedy (other than as set forth in Section 6.14) of the Depositor and the
Trustee, respecting a breach of the foregoing representations and warranties.
Such indemnification shall survive any termination of the Master Servicer as
Master Servicer hereunder, and any termination of this Agreement.

         Any cause of action against the Master Servicer relating to or arising
out of the breach of any representations and warranties made in this Section
shall accrue upon discovery of such breach by any of the Depositor, the Master
Servicer or the Trustee or notice thereof by any one of such parties to the
other parties. Notwithstanding anything in this Agreement to the contrary, the
Master Servicer shall not be liable for special, indirect or consequential
losses or damages of any kind whatsoever (including, but not limited to, lost
profits).

         (c) It is understood and agreed that the representations and warranties
of the Depositor set forth in Sections 2.03(a)(i) through (vi) shall survive the
execution and delivery of this Agreement. The Depositor shall indemnify the
Master Servicer and hold each harmless against any loss, damages, penalties,
fines, forfeitures, legal fees and related costs, judgments, and other costs and
expenses resulting from any claim, demand, defense or assertion based on or
grounded upon, or resulting from, a breach of the Depositor's representations
and warranties contained in Sections 2.03(a)(i) through (vi) hereof. It is
understood and agreed that the enforcement of the obligation of the Depositor
set forth in this Section to indemnify the Master Servicer as provided in this
Section constitutes the sole remedy hereunder of the Master Servicer respecting
a breach by the Depositor of the representations and warranties in Sections
2.03(a)(i) through (vi) hereof.

         Any cause of action against the Depositor relating to or arising out of
the breach of the representations and warranties made in Sections 2.03(a)(i)
through (vi) hereof shall accrue upon discovery of such breach by either the
Depositor or the Master Servicer or notice thereof by any one of such parties to
the other parties.

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         Section 9.15. Opinion.

         On or before the Closing Date, the Master Servicer shall cause to be
delivered to the Depositor, the Seller and the Trustee one or more Opinions of
Counsel, dated the Closing Date, in form and substance reasonably satisfactory
to the Depositor and Lehman Brothers Inc., as to the due authorization,
execution and delivery of this Agreement by the Master Servicer and the
enforceability thereof.

         Section 9.16. Standard Hazard and Flood Insurance Policies.

         For each Mortgage Loan (other than a Cooperative Loan), the Master
Servicer shall maintain, or cause to be maintained by the Servicer, standard
fire and casualty insurance and, where applicable, flood insurance, all in
accordance with the provisions of this Agreement and the Servicing Agreement, as
applicable. It is understood and agreed that such insurance shall be with
insurers meeting the eligibility requirements set forth in the Servicing
Agreement and that no earthquake or other additional insurance is to be required
of any Mortgagor or to be maintained on property acquired in respect of a
defaulted loan, other than pursuant to such applicable laws and regulations as
shall at any time be in force and as shall require such additional insurance.

         Pursuant to Section 4.01, any amounts collected by the Master Servicer,
or by the Servicer, under any insurance policies maintained pursuant to this
Section 9.16 or the Servicing Agreement (other than amounts to be applied to the
restoration or repair of the property subject to the related Mortgage or
released to the Mortgagor in accordance with the Servicing Agreement) shall be
deposited into the Collection Account, subject to withdrawal pursuant to Section
4.02. Any cost incurred by the Master Servicer or the Servicer in maintaining
any such insurance if the Mortgagor defaults in its obligation to do so shall be
added to the amount owing under the Mortgage Loan where the terms of the
Mortgage Loan so permit; provided, however, that the addition of any such cost
shall not be taken into account for purposes of calculating the distributions to
be made to Certificateholders and shall be recoverable by the Master Servicer or
the Servicer pursuant to Section 4.02.

         Section 9.17. Presentment of Claims and Collection of Proceeds.

         The Master Servicer shall cause the Servicer (to the extent provided in
the Servicing Agreement) to, prepare and present on behalf of the Trustee and
the Certificateholders all claims under the Insurance Policies with respect to
the Mortgage Loans, and take such actions (including the negotiation,
settlement, compromise or enforcement of the insured's claim) as shall be
necessary to realize recovery under such policies. Any proceeds disbursed to the
Master Servicer (or disbursed to the Servicer and remitted to the Master
Servicer) in respect of such policies or bonds shall be promptly deposited in
the Collection Account or the Custodial Account upon receipt, except that any
amounts realized that are to be applied to the repair or restoration of the
related Mortgaged Property or released to the related Mortgagor in accordance
with the Master Servicer's or the Servicer's normal servicing procedures need
not be so deposited (or remitted).

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         Section 9.18. Maintenance of the Primary Mortgage Insurance Policies.

         (a) The Master Servicer shall not take, or knowingly permit the
Servicer (consistent with the Servicing Agreement) to take, any action that
would result in noncoverage under any applicable Primary Mortgage Insurance
Policy of any loss which, but for the actions of such Master Servicer or the
Servicer, would have been covered thereunder. To the extent that coverage is
available, the Master Servicer shall use its best reasonable efforts to keep in
force and effect, or to cause the Servicer to keep in force and effect (to the
extent that the Mortgage Loan requires the Mortgagor to maintain such
insurance), primary mortgage insurance applicable to each Mortgage Loan in
accordance with the provisions of this Agreement and the Servicing Agreement, as
applicable. The Master Servicer shall not, and shall not knowingly permit the
Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
Policy that is in effect at the date of the initial issuance of the Certificates
and is required to be kept in force hereunder except in accordance with the
provisions of this Agreement and the Servicing Agreement, as applicable.

         (b) The Master Servicer agrees, to the extent provided in each
Servicing Agreement, to cause the Servicer to present, on behalf of the Trustee
and the Certificateholders, claims to the insurer under any Primary Mortgage
Insurance Policies and, in this regard, to take such reasonable action as shall
be necessary to permit recovery under any Primary Mortgage Insurance Policies
respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
collected by the Master Servicer or the Servicer under any Primary Mortgage
Insurance Policies shall be deposited in the Collection Account, subject to
withdrawal pursuant to Section 4.02.

         Section 9.19. Trustee To Retain Possession of Certain Insurance
                       Policies and Documents.

         The Trustee (or the Custodian) shall retain possession and custody of
the originals of the Primary Mortgage Insurance Policies or certificate of
insurance if applicable and any certificates of renewal as to the foregoing as
may be issued from time to time as contemplated by this Agreement. Until all
amounts distributable in respect of the Certificates have been distributed in
full and the Master Servicer otherwise has fulfilled its obligations under this
Agreement, the Trustee (or the Custodian) shall also retain possession and
custody of each Mortgage File in accordance with and subject to the terms and
conditions of this Agreement. The Master Servicer shall promptly deliver or
cause the Servicer to deliver to the Trustee (or the Custodian), upon the
execution or receipt thereof the originals of the Primary Mortgage Insurance
Policies and any certificates of renewal thereof, and such other documents or
instruments that constitute portions of the Mortgage File that come into the
possession of the Master Servicer or the Servicer from time to time.

         Section 9.20. Realization Upon Defaulted Mortgage Loans.

         The Master Servicer shall use its reasonable best efforts to, or to
cause the Servicer to, foreclose upon, repossess or otherwise comparably convert
the ownership of Mortgaged Properties securing such of the Mortgage Loans as
come into and continue in default and as to which no satisfactory arrangements
can be made for collection of delinquent payments, all in accordance with the
Servicing Agreement. Alternatively, the Master Servicer may take, or authorize
the Servicer to take, other actions in respect of a defaulted Mortgage Loan,
which may include (i) accepting a short sale (a payoff of the Mortgage Loan for
an amount less than the total amount contractually owed in order to facilitate a
sale of the Mortgaged Property by the Mortgagor) or permitting a short
refinancing (a payoff of the Mortgage Loan for an amount less than the total
amount contractually owed in order to facilitate refinancing transactions by the
Mortgagor not involving a sale of the Mortgaged Property), (ii) arranging for a

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repayment plan or (iii) agreeing to a modification in accordance with Section
9.04. In connection with such foreclosure or other conversion or action, the
Master Servicer shall, consistent with Section 9.18, follow such practices and
procedures as it shall reasonably determine to be in the best interests of the
Trust Fund and the Certificateholders and which shall be consistent with its
customary practices in performing its general mortgage servicing activities;
provided that the Master Servicer shall not be liable in any respect hereunder
if the Master Servicer is acting in connection with any such foreclosure or
other conversion or action in a manner that is consistent with the provisions of
this Agreement. Neither the Master Servicer, nor the Servicer, shall be required
to expend its own funds or incur other reimbursable charges in connection with
any foreclosure, or attempted foreclosure which is not completed, or toward the
correction of any default on a related senior mortgage loan, or towards the
restoration of any property unless it shall determine (i) that such restoration
and/or foreclosure will increase the proceeds of liquidation of the Mortgage
Loan to the Certificateholders after reimbursement to itself for such expenses
or charges and (ii) that such expenses and charges will be recoverable to it
through Liquidation Proceeds or Insurance Proceeds (as provided in Section
4.02).

         Section 9.21. Compensation to the Master Servicer.

         The Master Servicer shall be entitled to withdraw from the Collection
Account, subject to Section 5.05, the Master Servicing Fee to the extent
permitted by Section 4.02. Servicing compensation in the form of assumption
fees, if any, late payment charges, as collected, if any, or otherwise (but not
including any Prepayment Premium) shall be retained by the Master Servicer (or
the Servicer) and shall not be deposited in the Collection Account. If the
Master Servicer does not retain or withdraw the Master Servicing Fee from the
Collection Account as provided herein, the Master Servicer shall be entitled to
direct the Trustee to pay the Master Servicing Fee to such Master Servicer by
withdrawal from the Certificate Account to the extent that payments have been
received with respect to the applicable Mortgage Loan. The Master Servicer shall
be required to pay all expenses incurred by it in connection with its activities
hereunder and shall not be entitled to reimbursement therefor except as provided
in this Agreement. Pursuant to Section 4.01(e), all income and gain realized
from any investment of funds in the Collection Account shall be for the benefit
of the Master Servicer as compensation. The provisions of this Section 9.21 are
subject to the provisions of Section 6.14.

         Section 9.22. REO Property.

         (a) In the event the Trust Fund acquires ownership of any REO Property
in respect of any Mortgage Loan, the deed or certificate of sale shall be issued
to the Trustee, or to its nominee, on behalf of the Certificateholders. The
Master Servicer shall use its reasonable best efforts to sell, or cause the
Servicer, to the extent provided in the Servicing Agreement any REO Property as
expeditiously as possible and in accordance with the provisions of this
Agreement and the Servicing Agreement, as applicable, but in all events within
the time period, and subject to the conditions set forth in Article X hereof.
Pursuant to its efforts to sell such REO Property, the Master Servicer shall
protect and conserve, or cause the Servicer to protect and conserve, such REO
Property in the manner and to such extent required by the Servicing Agreement,
subject to Article X hereof.

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         (b) The Master Servicer shall deposit or cause to be deposited all
funds collected and received by it, or recovered from the Servicer, in
connection with the operation of any REO Property in the Collection Account.

         (c) The Master Servicer and the Servicer, upon the final disposition of
any REO Property, shall be entitled to reimbursement for any related
unreimbursed Advances and other unreimbursed advances as well as any unpaid
Master Servicing Fees or Servicing Fees from Liquidation Proceeds received in
connection with the final disposition of such REO Property; provided, that
(without limitation of any other right of reimbursement that the Master Servicer
or the Servicer shall have hereunder) any such unreimbursed Advances as well as
any unpaid Net Master Servicing Fees or Servicing Fees may be reimbursed or
paid, as the case may be, prior to final disposition, out of any net rental
income or other net amounts derived from such REO Property.

         (d) The Liquidation Proceeds from the final disposition of the REO
Property, net of any payment to the Master Servicer and the Servicer as provided
above, shall be deposited in the Collection Account on or prior to the
Determination Date in the month following receipt thereof (and the Master
Servicer shall provide written notice to the Trustee upon such deposit) and be
remitted by wire transfer in immediately available funds to the Trustee for
deposit into the Certificate Account on the next succeeding Deposit Date.

         Section 9.23. [Reserved]

         Section 9.24. Reports to the Trustee.

         (a) Not later than 30 days after each Distribution Date, the Master
Servicer shall, upon request, forward to the Trustee a statement, deemed to have
been certified by a Servicing Officer, setting forth the status of the
Collection Account maintained by the Master Servicer as of the close of business
on the related Distribution Date, indicating that all distributions required by
this Agreement to be made by the Master Servicer have been made (or if any
required distribution has not been made by the Master Servicer, specifying the
nature and status thereof) and showing, for the period covered by such
statement, the aggregate of deposits into and withdrawals from the Collection
Account maintained by the Master Servicer. Copies of such statement shall be
provided by the Master Servicer, upon request, to the Depositor, Attention:
Contract Finance and to any Certificateholders (or by the Trustee at the Master
Servicer's expense if the Master Servicer shall fail to provide such copies to
the Certificateholders (unless (i) the Master Servicer shall have failed to
provide the Trustee with such statement or (ii) the Trustee shall be unaware of
the Master Servicer's failure to provide such statement)).

         (b) Not later than two Business Days following each Distribution Date,
the Master Servicer shall deliver to one Person designated by the Depositor, in
a format consistent with other electronic loan level reporting supplied by the
Master Servicer in connection with similar transactions, "loan level"
information with respect to the Mortgage Loans as of the related Determination
Date, to the extent that such information has been provided to the Master
Servicer by the Servicer or by the Depositor.

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         (c) All information, reports and statements prepared by the Master
Servicer under this Agreement shall be based upon information supplied to the
Master Servicer by the Servicer without independent verification thereof and the
Master Servicer shall be entitled to rely on such information.

         (d) The Master Servicer shall provide the Trustee with such information
as the Trustee may reasonably request in connection with its responsibilities
under Section 10.01 hereof.

         Section 9.25. Annual Officer's Certificate as to Compliance.

         (a) The Master Servicer shall deliver to the Trustee no later than five
(5) Business Days after March 15th of each calendar year, commencing in March
2006, an Officer's Certificate, certifying that with respect to the period
ending on the immediately preceding December 31st: (i) such Servicing Officer
has reviewed the activities of such Master Servicer during the preceding
calendar year or portion thereof and its performance under this Agreement, (ii)
to the best of such Servicing Officer's knowledge, based on such review, such
Master Servicer has performed and fulfilled its duties, responsibilities and
obligations under this Agreement in all material respects throughout such year,
or, if there has been a default in the fulfillment of any such duties,
responsibilities or obligations, specifying each such default known to such
Servicing Officer and the nature and status thereof, (iii) nothing has come to
the attention of such Servicing Officer to lead such Servicing Officer to
believe that the Servicer has failed to perform any of its duties,
responsibilities and obligations under its Servicing Agreement in all material
respects throughout such year, or, if there has been a material default in the
performance or fulfillment of any such duties, responsibilities or obligations,
specifying each such default known to such Servicing Officer and the nature and
status thereof, and (iv) the Master Servicer has received from the Servicer an
annual certificate of compliance and a copy of the Servicer's annual audit
report, in each case to the extent required under the Servicing Agreement, or,
if any such certificate or report has not been received by the Master Servicer,
the Master Servicer is using its best reasonable efforts to obtain such
certificate or report. Such annual certification shall cover items (i) through
(iv) and such other additional items as may be required by applicable law or
regulation.

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

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         Section 9.26. Annual Independent Accountants' Servicing Report.

         If the Master Servicer (or any of its Affiliates) has, during the
course of any fiscal year, directly serviced any of the Mortgage Loans, then the
Master Servicer at its expense shall cause a nationally recognized firm of
independent certified public accountants to furnish a statement to the Trustee
and the Depositor no later than five (5) Business Days after March 15th of each
calendar year, commencing in March 2006 to the effect that, with respect to the
most recently ended fiscal year, such firm has examined certain records and
documents relating to the Master Servicer's performance of its servicing
obligations under this Agreement and pooling and servicing and trust agreements
in material respects similar to this Agreement and to each other and that, on
the basis of such examination conducted substantially in compliance with the
audit program for mortgages serviced for Freddie Mac or the Uniform Single
Attestation Program for Mortgage Bankers or such other attestation program as
may be required by applicable law or regulation, such firm is of the opinion
that the Master Servicer's activities have been conducted in compliance with
this Agreement, or that such examination has disclosed no material items of
noncompliance except for (i) such exceptions as such firm believes to be
immaterial, (ii) such other exceptions as are set forth in such statement and
(iii) such exceptions that the Uniform Single Attestation Program for Mortgage
Bankers or the Audit Program for Mortgages Serviced by Freddie Mac requires it
to report. Copies of such statements shall be provided to any Certificateholder
upon request by the Master Servicer, or by the Trustee at the expense of the
Master Servicer if the Master Servicer shall fail to provide such copies. If
such report discloses exceptions that are material, the Master Servicer shall
advise the Trustee whether such exceptions have been or are susceptible of cure,
and will take prompt action to do so. To the extent that the Master Servicer
receives an Annual Independent Accountant's Servicing Report from the Servicer,
the Master Servicer shall forward a copy of such report to the Trustee. If the
report is not received from the Servicer, the Master Servicer shall request that
the Servicer deliver such report.

         Section 9.27. Merger or Consolidation.

         Any Person into which the Master Servicer may be merged or
consolidated, or any Person resulting from any merger, conversion, other change
in form or consolidation to which the Master Servicer shall be a party, or any
Person succeeding to the business of the Master Servicer, shall be the successor
to the Master Servicer hereunder, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding; provided, however, that the successor or resulting
Person to the Master Servicer shall be a Person that shall be qualified and
approved to service mortgage loans for Fannie Mae or Freddie Mac and shall have
a net worth of not less than $15,000,000.

         Section 9.28. Resignation of Master Servicer.

         Except as otherwise provided in Sections 9.27 and 9.29 hereof, the
Master Servicer shall not resign from the obligations and duties hereby imposed
on it unless it or the Trustee determines that the Master Servicer's duties
hereunder are no longer permissible under applicable law or are in material
conflict by reason of applicable law with any other activities carried on by it
and cannot be cured. Any such determination permitting the resignation of the
Master Servicer shall be evidenced by an Opinion of Counsel that shall be
Independent to such effect delivered to the Trustee. No such resignation shall
become effective until a period of time not to exceed 90 days after the Trustee
receives written notice thereof from the Master Servicer and until the Trustee
shall have assumed, or a successor master servicer shall have been appointed by
the Trustee and until such successor shall have assumed, the Master Servicer's
responsibilities and obligations under this Agreement. Notice of such
resignation shall be given promptly by the Master Servicer and the Depositor to
the Trustee.

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         Section 9.29. Assignment or Delegation of Duties by the Master
                       Servicer.

         Except as expressly provided herein, the Master Servicer shall not
assign or transfer any of its rights, benefits or privileges hereunder to any
other Person, or delegate to or subcontract with, or authorize or appoint any
other Person to perform any of the duties, covenants or obligations to be
performed by the Master Servicer hereunder; provided, however, that the Master
Servicer shall have the right without the prior written consent of the Trustee
or the Depositor to delegate or assign to or subcontract with or authorize or
appoint an Affiliate of the Master Servicer to perform and carry out any duties,
covenants or obligations to be performed and carried out by the Master Servicer
hereunder. In no case, however, shall any such delegation, subcontracting or
assignment to an Affiliate of the Master Servicer relieve the Master Servicer of
any liability hereunder. Notice of such permitted assignment shall be given
promptly by the Master Servicer to the Depositor and the Trustee. If, pursuant
to any provision hereof, the duties of the Master Servicer are transferred to a
successor master servicer, the entire amount of the Master Servicing Fees and
other compensation payable to the Master Servicer pursuant hereto, including
amounts payable to or permitted to be retained or withdrawn by the Master
Servicer pursuant to Section 9.21 hereof, shall thereafter be payable to such
successor master servicer.

         Section 9.30. Limitation on Liability of the Master Servicer and
                       Others.

         (a) The Master Servicer undertakes to perform such duties and only such
duties as are specifically set forth in this Agreement.

         (b) No provision of this Agreement shall be construed to relieve the
Master Servicer from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct; provided, however, that the duties
and obligations of the Master Servicer shall be determined solely by the express
provisions of this Agreement, the Master Servicer shall not be liable except for
the performance of such duties and obligations as are specifically set forth in
this Agreement; no implied covenants or obligations shall be read into this
Agreement against the Master Servicer and, in absence of bad faith on the part
of the Master Servicer, the Master Servicer may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon any certificates or opinions furnished to the Master Servicer and
conforming to the requirements of this Agreement.

         (c) None of the Master Servicer, the Seller or the Depositor or any of
the directors, officers, employees or agents of any of them shall be under any
liability to the Trustee or the Certificateholders for any action taken or for
refraining from the taking of any action in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Master Servicer, the Seller or the Depositor or any such
person against any liability that would otherwise be imposed by reason of
willful misfeasance, bad faith or negligence in its performance of its duties or
by reason of reckless disregard for its obligations and duties under this
Agreement. The Master Servicer, the Seller and the Depositor and any director,
officer, employee or agent of any of them shall be entitled to indemnification
by the Trust Fund and will be held harmless against any loss, liability or
expense incurred in connection with any legal action relating to this Agreement
or the Certificates other than any loss, liability or expense incurred by reason
of willful misfeasance, bad faith or negligence in the performance of his or its
duties hereunder or by reason of reckless disregard of his or its obligations
and duties hereunder. The Master Servicer, the Seller and the Depositor and any
director, officer, employee or agent of any of them may rely in good faith on

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any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder. The Master Servicer shall be
under no obligation to appear in, prosecute or defend any legal action that is
not incidental to its duties to master service the Mortgage Loans in accordance
with this Agreement and that in its opinion may involve it in any expenses or
liability; provided, however, that the Master Servicer may in its sole
discretion undertake any such action that it may deem necessary or desirable in
respect to this Agreement and the rights and duties of the parties hereto and
the interests of the Certificateholders hereunder. In such event, the legal
expenses and costs of such action and any liability resulting therefrom shall be
expenses, costs and liabilities of the Trust Fund and the Master Servicer shall
be entitled to be reimbursed therefor out of the Collection Account it maintains
as provided by Section 4.02.

         Section 9.31. Indemnification; Third Party Claims.

         The Master Servicer agrees to indemnify the Depositor, the Certificate
Registrar, the Paying Agent and the Trustee (and each of their respective
directors, officers, employees and agents) and hold them harmless against any
and all claims, losses, penalties, fines, forfeitures, legal fees and related
costs, judgments, and any other costs, liability, fees and expenses that the
Depositor, the Certificate Registrar, the Paying Agent or the Trustee may
sustain as a result of the failure of the Master Servicer to perform its duties
and master service the Mortgage Loans in compliance with the terms of this
Agreement. The Depositor, the Certificate Registrar, the Paying Agent and the
Trustee shall immediately notify the Master Servicer if a claim is made by a
third party with respect to this Agreement or the Mortgage Loans entitling the
Depositor or the Trustee to indemnification hereunder, whereupon the Master
Servicer shall assume the defense of any such claim and pay all expenses in
connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in
respect of such claim.

         Section 9.32. Special Servicing of Delinquent Mortgage Loans.

         If permitted under the terms of the Servicing Agreement, the Seller may
appoint, pursuant to the terms of the Servicing Agreement and with the written
consent of the Depositor, the Master Servicer, the Trustee and the NIMS Insurer,
a Special Servicer to special service any Distressed Mortgage Loans. Any
applicable Termination Fee related to the termination of the Servicer and the
appointment of any Special Servicer shall be paid by the Seller. Any fees paid
to any such Special Servicer shall not exceed the Servicing Fee Rate.

         Section 9.33. Allocation to Related Mortgage Pool.

         Payments described in this Article IX made from the Trust Fund shall be
allocated and limited to collections or other recoveries on the related Mortgage
Pool or Mortgage Pools and shall be accounted for in such manner.

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                                   ARTICLE X

                              REMIC ADMINISTRATION

         Section 10.01. REMIC Administration.

         (a) REMIC elections as set forth in the Preliminary Statement shall be
made on Forms 1066 or other appropriate federal tax or information return for
the taxable year ending on the last day of the calendar year in which the
Certificates are issued. The regular interests and residual interest in each
REMIC shall be as designated in the Preliminary Statement. For purposes of such
designations, the interest rate of any regular interest that is computed by
taking into account the weighted average of the Net Mortgage Rates of the
Mortgage Loans shall be reduced to take into account any expense paid by the
Trust to the extent that (i) such expense was not taken into account in
computing the Net Mortgage Rate of any Mortgage Loan, (ii) such expense does not
constitute an "unanticipated expense" of a REMIC within the meaning of Treasury
Regulation Section 1.860G-1(b)(3)(ii) and (iii) the amount of such expense was
not taken into account in computing the interest rate of a more junior Class of
regular interests.

         (b) The Closing Date is hereby designated as the "Startup Day" of each
REMIC within the meaning of section 860G(a)(9) of the Code. The latest possible
maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) will be the
Latest Possible Maturity Date.

         (c) The Trustee shall represent the Trust Fund in any administrative or
judicial proceeding relating to an examination or audit by any governmental
taxing authority with respect thereto. The Trustee shall pay any and all tax
related expenses (not including taxes) of each REMIC and Grantor Trust,
including but not limited to any professional fees or expenses related to audits
or any administrative or judicial proceedings with respect to such REMIC or
Grantor Trust that involve the Internal Revenue Service or state tax
authorities, but only to the extent that (i) such expenses are ordinary or
routine expenses, including expenses of a routine audit but not expenses of
litigation (except as described in (ii)); or (ii) such expenses or liabilities
(including taxes and penalties) are attributable to the negligence or willful
misconduct of the Trustee in fulfilling its duties hereunder (including its
duties as tax return preparer). The Trustee shall be entitled to reimbursement
from the Certificate Account of the expenses to the extent (x) provided in
clause (i) above and (y) with respect to each REMIC, such expenses are
"unanticipated expenses" within the meaning of Treasury Regulation Section
1.860G-1(b)(3)(ii). Any reimbursement described in the preceding sentence shall
be allocated and limited to collections or other recoveries on the related
Mortgage Pool and shall be accounted for in such manner.

         (d) The Trustee shall prepare, the Trustee shall sign, and the Trustee
will file, all of each REMIC's federal and state tax and information returns as
such REMIC's direct representative. The Trustee shall prepare, sign and file all
of the tax or information returns in respect of each Grantor Trust. The Trustee
shall comply with such requirement by filing Form 1041. The expenses of
preparing and filing such returns shall be borne by the Trustee.

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         (e) The Trustee or its designee shall perform on behalf of the Trust
Fund and each REMIC and Grantor Trust all reporting and other tax compliance
duties that are the responsibility of the Trust Fund or such REMIC or Grantor
Trust under the Code, the REMIC Provisions, or other compliance guidance issued
by the Internal Revenue Service or any state or local taxing authority. Among
its other duties, if required by the Code, the REMIC Provisions, or other such
guidance, the Trustee shall provide (i) to the Treasury or other governmental
authority such information as is necessary for the application of any tax
relating to the transfer of a Residual Certificate to any disqualified person or
organization pursuant to Treasury Regulation 1.860E-2(a)(5) and any person
designated in Section 860E(e)(3) of the Code and (ii) to the Certificateholders
such information or reports as are required by the Code or REMIC Provisions.

         (f) The Trustee, the Master Servicer and the Holders of Certificates
shall take any action, within their respective control and scope of their
duties, or cause any REMIC to take any action necessary to create or maintain
the status of any REMIC as a REMIC under the REMIC Provisions and shall assist
each other as necessary to create or maintain such status. Neither the Trustee,
the Master Servicer nor the Holder of any Residual Certificate shall knowingly
take any action, cause any REMIC to take any action or fail to take (or fail to
cause to be taken) any action, within their respective control and scope of
their duties, that, under the REMIC Provisions, if taken or not taken, as the
case may be, could result in an Adverse REMIC Event unless the Trustee and the
Master Servicer have received an Opinion of Counsel (at the expense of the party
seeking to take such action) to the effect that the contemplated action will not
result in an Adverse REMIC Event. In addition, prior to taking any action with
respect to any REMIC or the assets therein, or causing any REMIC to take any
action, which is not expressly permitted under the terms of this Agreement, any
Holder of a Residual Certificate will consult with the Trustee, the Master
Servicer or their respective designees, in writing, with respect to whether such
action could cause an Adverse REMIC Event to occur with respect to any REMIC,
and no such Person shall take any such action or cause any REMIC to take any
such action as to which the Trustee or the Master Servicer has advised it in
writing that an Adverse REMIC Event could occur.

         (g) Each Holder of a Residual Certificate shall pay when due any and
all taxes imposed on the related REMIC by federal or state governmental
authorities. To the extent that such taxes are not paid by a Residual
Certificateholder, the Trustee shall pay any remaining REMIC taxes out of
current or future amounts otherwise distributable to the Holder of the Residual
Certificate in any such REMIC or, if no such amounts are available, out of other
amounts held in the Collection Account, and shall reduce amounts otherwise
payable to holders of regular interests in any such REMIC, as the case may be.

         (h) The Trustee shall, for federal income tax purposes, maintain books
and records with respect to each REMIC on a calendar year and on an accrual
basis.

         (i) No additional contributions of assets shall be made to any REMIC,
except as expressly provided in this Agreement with respect to Qualifying
Substitute Mortgage Loans.

         (j) Neither the Trustee nor the Master Servicer shall enter into any
arrangement by which any REMIC will receive a fee or other compensation for
services.

         (k) Upon the request of any Rating Agency, the Trustee shall deliver an
Officer's Certificate stating, without regard to any actions taken by any party
other than the Trustee, the Trustee's compliance with provisions of this Section
10.01.

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         (l) [Reserved]

         (m) REMIC I-1 shall consist of all of the assets of the Trust Fund
relating to Pool 1 (other than (i) the interests issued by REMIC I-1, (ii) the
grantor trusts described in Section 10.01 hereof, (iii) the Capitalized Interest
Account and (iv) the Pool 1 Basis Risk Reserve Fund). The REMIC I-1 Regular
Interests shall be designated as the regular interests in REMIC I-1, and the
Class LTI1-R Interest shall be designated as the sole class of residual interest
in REMIC I-1. Each of the REMIC I-1 Regular Interests shall have the
characteristics set forth in the Preliminary Statement.

         The assets of REMIC I-2 shall be the REMIC I-1 Regular Interests. The
REMIC I-2 Regular Interests shall be designated as the regular interests in
REMIC I-2 and the Residual I Interest shall be designated as the sole class of
residual interest in REMIC I-2. For federal income tax purposes, the interest
rate on each REMIC I-2 Regular Interest (other than the Uncertificated Class X-I
Interest) shall be subject to a cap equal to the Pool 1 Net Funds Cap (computed
as if the Pool 1 Optimal Interest Remittance Amount for the first Distribution
Date was not increased by the Capitalized Interest Amount).

         REMIC II-1 shall consist of all of the assets of the Trust Fund
relating to Pool 2 (other than (i) the interests issued by REMIC II-1, (ii) the
grantor trusts described in Section 10.01 hereof and (iii) the Pool 2 Basis Risk
Reserve Fund). The REMIC II-1 Regular Interests shall be designated as the
regular interests in REMIC II-1, and the Class LTII1-R Interest shall be
designated as the sole class of residual interest in REMIC II-1. Each of the
REMIC II-1 Regular Interests shall have the characteristics set forth in the
Preliminary Statement.

         The assets of REMIC II-2 shall be the REMIC II-1 Regular Interests. The
REMIC II-2 Regular Interests shall be designated as the regular interests in
REMIC II-2 and the Residual II Interest shall be designated as the sole class of
residual interest in REMIC II-2. For federal income tax purposes, the interest
rate on each REMIC II-2 Regular Interest (other than the Uncertificated Class
X-II Interest) shall be subject to a cap equal to the Pool 2 Net Funds Cap.

         The beneficial ownership of the Class LTI1-R Interest, the Class
LTII1-R Interest, the Residual I Interest and the Residual II Interest shall be
represented by the Class R Certificate. None of the Class LTI1-R Interest, the
Class LTII1-R Interest, the Residual I Interest and the Residual II Interest
shall have a principal balance or bear interest.

         (n) It is intended that the rights of each Class of Group I
Certificates to receive payments in respect of Basis Risk Shortfalls and Unpaid
Basis Risk Shortfalls pursuant to Section 5.02(f)(iii) shall be treated as a
right in interest rate cap contracts written by the holders of the Class X-I
Certificates in favor of the holders of each Class of the Group I Certificates
and such shall be accounted for as property held separate and apart from the
regular interests in REMIC I-2 held by the holders of the Group I Certificates.
This provision is intended to satisfy the requirements of Treasury Regulations
Section 1.860G-2(i) for the treatment of property rights coupled with REMIC
interests to be separately respected and shall be interpreted consistently with
such regulation. On each Distribution Date, to the extent that any of the Group
I Certificates receive payments in respect of Basis Risk Shortfalls and Unpaid
Basis Risk Shortfalls pursuant to Section 5.02(f)(iii), such amounts will be
treated as distributed by REMIC I-2 to the Class X-I Certificates in respect of
the Uncertificated Class X-I Interest pro rata and then paid to the relevant
Class of Certificates pursuant to the related interest cap agreement. The
Trustee is hereby directed to perform its duties and obligations in accordance
with this Section 10.01(n).

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         It is intended that the rights of each Class of Group I Certificates
and Class X-I Certificates to receive payments attributable to the fact that,
for the first Distribution Date, the Pool 1 Optimal Interest Remittance Amount
is increased by the Capitalized Interest Amount shall be treated as a right in
interest rate cap contracts written by the Depositor in favor of the holders of
each Class of the Group I Certificates and Class X-I Certificates and such shall
be accounted for as property held separate and apart from the regular interests
in REMIC I-2 held by the holders of the Group I Certificates and Class X-I
Certificates. This provision is intended to satisfy the requirements of Treasury
Regulations Section 1.860G-2(i) for the treatment of property rights coupled
with REMIC interests to be separately respected and shall be interpreted
consistently with such regulation. The Trustee is hereby directed to perform its
duties and obligations in accordance with this Section 10.01(n).

         It is intended that the rights of each Class of Group II Certificates
to receive payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk
Shortfalls pursuant to Section 5.02(g)(iii) shall be treated as a right in
interest rate cap contracts written by the holders of the Class X-II
Certificates in favor of the holders of each Class of the Group II Certificates
and such shall be accounted for as property held separate and apart from the
regular interests in REMIC II-2 held by the holders of the Group II
Certificates. This provision is intended to satisfy the requirements of Treasury
Regulations Section 1.860G-2(i) for the treatment of property rights coupled
with REMIC interests to be separately respected and shall be interpreted
consistently with such regulation. On each Distribution Date, to the extent that
any of the Group II Certificates receive payments in respect of Basis Risk
Shortfalls and Unpaid Basis Risk Shortfalls pursuant to Section 5.02(g)(iii),
such amounts will be treated as distributed by REMIC II-2 to the Class X-II
Certificates in respect of the Uncertificated Class X-II Interest pro rata and
then paid to the relevant Class of Certificates pursuant to the related interest
cap agreement. The Trustee is hereby directed to perform its duties and
obligations in accordance with this Section 10.01(n).

         (o) The parties hereto intend that the Uncertificated Class X-I
Interest, the Pool 1 Basis Risk Reserve Fund, the right to receive payments in
respect of Class X-I Shortfalls as set forth in Section 10.01(p) and the
obligation of the holders of the Class X-I Certificates to pay amounts of Basis
Risk Shortfalls and Unpaid Basis Risk Shortfalls pursuant to Section
5.02(f)(iii) to the holders of the Group I Certificates shall be treated as a
"grantor trust" under the Code, and the provisions hereof shall be interpreted
consistently with this intention. In furtherance of such intention, the Trustee
shall (i) furnish or cause to be furnished to the holders of the Class X-I
Certificates information regarding their allocable share, if any, of the income
with respect to such grantor trust, (ii) file or cause to be filed with the
Internal Revenue Service Form 1041 (together with any necessary attachments) and
such other forms as may be applicable and (iii) comply with such information
reporting obligations with respect to payments from such grantor trust to the
holders of Group I Certificates as may be applicable under the Code. The Trustee
is hereby directed to perform its duties and obligations in accordance with this
Section 10.01(o).

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         The parties hereto intend that the Uncertificated Class X-II Interest,
the Pool 2 Basis Risk Reserve Fund, the right to receive payments in respect of
Class X-II Shortfalls as set forth in Section 10.01(p) and the obligation of the
holders of the Class X-II Certificates to pay amounts of Basis Risk Shortfalls
and Unpaid Basis Risk Shortfalls pursuant to Section 5.02(g)(iii) to the holders
of the Group II Certificates shall be treated as a "grantor trust" under the
Code, and the provisions hereof shall be interpreted consistently with this
intention. In furtherance of such intention, the Trustee shall (i) furnish or
cause to be furnished to the holders of the Class X-II Certificates information
regarding their allocable share, if any, of the income with respect to such
grantor trust, (ii) file or cause to be filed with the Internal Revenue Service
Form 1041 (together with any necessary attachments) and such other forms as may
be applicable and (iii) comply with such information reporting obligations with
respect to payments from such grantor trust to the holders of Group II
Certificates as may be applicable under the Code. The Trustee is hereby directed
to perform its duties and obligations in accordance with this Section 10.01(o).

         (p) The excess, if any, of amounts payable with respect to the REMIC
regular interests held by REMIC I-2 over the amounts payable with respect to the
REMIC I-2 Regular Interests with respect to each Accrual Period shall be paid to
the Master Servicer as an additional fee, which amount shall be paid by the
Master Servicer to the holders of the Class X-I Certificates. It is intended
that the rights of the holders of the Class X-I Certificates to receive such
payments ("Class X-I Shortfalls") shall be treated as rights in respect of an
interest rate cap contract written by the Master Servicer in favor of the
holders of the Class X-I Certificates and shall be accounted for as property
separate and apart from the REMIC regular interest represented by the Class X-I
Certificates. This provision is intended to comply with the requirements of
Treasury Regulations Section 1.860G-2(i) for the treatment of property rights
coupled with regular interests to be separately respected and shall be
interpreted consistently with such regulation. The holders of the Class X-I
Certificates agree by their acceptance of such Certificates, that they will take
tax reporting positions that allocate no more than a nominal value to the right
to receive payments in respect of Class X-I Shortfalls. The Master Servicer and
Trustee shall agree to take tax reporting positions consistent with the
allocations by the holders of the Class X-I Certificates of no more than a
nominal value to the right to receive payments in respect of Class X-I
Shortfalls. For information reporting purposes, it will be assumed that such
rights have no value. Each payment made to the Class X-I Certificates in respect
of Class X-I Shortfalls shall be treated for federal income tax purposes or
having been paid to the Master Servicer as an additional servicing fee and then
paid by the Master Servicer to the Holders of the Class X-I Certificates. The
Master Servicer agrees and each holder or beneficial owner of a Class X-I
Certificate agrees, by virtue of its acquisition of such Certificate or
beneficial interest, to adopt tax reporting positions consistent with the
payments made to the Class X-I Certificates in respect of Class X-I Shortfalls
as payments in respect of interest rate cap agreements written by the Master
Servicer. The Trustee is hereby directed to perform its duties and obligations
in accordance with this Section 10.01(p).

         The excess, if any, of amounts payable with respect to the REMIC
regular interests held by REMIC II-2 over the amounts payable with respect to
the REMIC II-2 Regular Interests with respect to each Accrual Period shall be
paid to the Master Servicer as an additional fee, which amount shall be paid by
the Master Servicer to the holders of the Class X-II Certificates. It is
intended that the rights of the holders of the Class X-II Certificates to
receive such payments ("Class X-II Shortfalls") shall be treated as rights in
respect of an interest rate cap contract written by the Master Servicer in favor
of the holders of the Class X-II Certificates and shall be accounted for as
property separate and apart from the REMIC regular interest represented by the
Class X-II Certificates. This provision is intended to comply with the
requirements of Treasury Regulations Section 1.860G-2(i) for the treatment of
property rights coupled with regular interests to be separately respected and
shall be interpreted consistently with such regulation. The holders of the Class
X-II Certificates agree by their acceptance of such Certificates, that they will

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take tax reporting positions that allocate no more than a nominal value to the
right to receive payments in respect of Class X-II Shortfalls. The Master
Servicer and Trustee shall agree to take tax reporting positions consistent with
the allocations by the holders of the Class X-II Certificates of no more than a
nominal value to the right to receive payments in respect of Class X-II
Shortfalls. For information reporting purposes, it will be assumed that such
rights have no value. Each payment made to the Class X-II Certificates in
respect of Class X-II Shortfalls shall be treated for federal income tax
purposes or having been paid to the Master Servicer as an additional servicing
fee and then paid by the Master Servicer to the Holders of the Class X-II
Certificates. The Master Servicer agrees and each holder or beneficial owner of
a Class X-II Certificate agrees, by virtue of its acquisition of such
Certificate or beneficial interest, to adopt tax reporting positions consistent
with the payments made to the Class X-II Certificates in respect of Class X-II
Shortfalls as payments in respect of interest rate cap agreements written by the
Master Servicer. The Trustee is hereby directed to perform its duties and
obligations in accordance with this Section 10.01(p).

         (q) Payments in the nature of expenses, reimbursements and
indemnifications made from the Trust Fund shall be allocated and limited to
collections or other recoveries on the related Mortgage Pool or Mortgage Pools
and shall be accounted for in such manner.

         All payments of principal and interest at the Net Mortgage Rate on each
of the Pool 1 Mortgage Loans received with respect to the Pool 1 Mortgage Loans
(net of payments in the nature of expenses, reimbursements and indemnifications
related to such Mortgage Pool made from the Trust Fund (which payments shall be
limited to collections or other recoveries on such Mortgage Loans and shall be
accounted for in such manner)) shall be paid to the REMIC I-1 Regular Interests
until the principal balance of all such interests have been reduced to zero and
any losses allocated to such interests have been reimbursed. Any excess amounts
shall be distributed to the Class LTI1-R Interest.

         On each Distribution Date,

                  (i) interest shortfalls with respect to the Pool 1 Mortgage
         Loans (other than interest shortfalls attributable to Negative
         Amortization) shall be allocated to the REMIC I-1 Regular Interests pro
         rata based on the principal amounts of such interests immediately prior
         to such Distribution Date;

                  (ii) the principal balance of each REMIC I-1 Regular Interest
         shall be increased by the amount of interest accrued thereon (net of
         interest shortfalls allocated thereto pursuant to the immediately
         preceding clause (i));

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                  (iii) cash received by REMIC I-1 with respect to the Pool 1
         Mortgage Loans shall be distributed to, and losses with respect to the
         Pool 1 Mortgage Loans shall be allocated to:

                                    first, to the Class LTI1-M3I Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    second, to the Class LTI1-M2I Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    third, to the Class LTI1-1A2A Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    fourth, to the Class LTI1-M1I Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    fifth, to the Class LTI1-1A3 Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    sixth, to the Class LTI1-1A2B Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    seventh, to the Class LTI1-1A1 Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates; and

                                    eighth, to the Class LTI1-XI Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to the sum of (x) 50% of the
                  aggregate Scheduled Principal Balance of the Pool 1 Mortgage
                  Loans and (y) 50% of the Pool 1 Overcollateralization Amount.

         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Group I Certificate as a result of the proviso in the
definition of Certificate Principal Amount, then there shall be a corresponding
increase in the principal amount of the REMIC I-1 Regular Interests allocated as
follows:

         first, to each of the REMIC I-1 Regular Interests (other than the Class
LTI1-XI Interest) so that the principal balance of each such interest is as
close as possible to 50% of the principal balances of the related Classes of
Certificates; and

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         second, to the Class LTI1-XI Interest so that the principal balance of
such interest is as close as possible to the sum of (x) 50% of the aggregate
Scheduled Principal Balance of the Pool 1 Mortgage Loans and (y) 50% of the Pool
1 Overcollateralization Amount.

         All payments of principal and interest at the Net Mortgage Rate on each
of the Pool 2 Mortgage Loans received with respect to the Pool 2 Mortgage Loans
(net of payments in the nature of expenses, reimbursements and indemnifications
related to such Mortgage Pool made from the Trust Fund (which payments shall be
limited to collections or other recoveries on such Mortgage Loans and shall be
accounted for in such manner)) shall be paid to the REMIC II-1 Regular Interests
until the principal balance of all such interests have been reduced to zero and
any losses allocated to such interests have been reimbursed. Any excess amounts
shall be distributed to the Class LTII1-R Interest.

         On each Distribution Date,

                  (i) interest shortfalls with respect to the Pool 2 Mortgage
         Loans (other than interest shortfalls attributable to Negative
         Amortization) shall be allocated to the REMIC II-1 Regular Interests
         pro rata based on the principal amounts of such interests immediately
         prior to such Distribution Date;

                  (ii) the principal balance of each REMIC II-1 Regular Interest
         shall be increased by the amount of interest accrued thereon (net of
         interest shortfalls allocated thereto pursuant to the immediately
         preceding clause (i));

                  (iii) cash received by REMIC II-1 with respect to the Pool 2
         Mortgage Loans shall be distributed to, and losses with respect to the
         Pool 2 Mortgage Loans shall be allocated to:

                                    first, to the Class LTII1-M3II Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    second, to the Class LTII1-M2II Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    third, to the Class LTII1-M1II Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    fourth, to the Class LTII1-2A3 Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

                                    fifth, to the Class LTII1-2A2 Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates;

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                                    sixth, to the Class LTII1-2A1 Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to 50% of the principal
                  balance of its related Class of Certificates; and

                                    seventh, to the Class LTII1-XII Interest in
                  reduction of its principal balance so that its principal
                  balance is as close as possible to the sum of (x) 50% of the
                  aggregate Scheduled Principal Balance of the Pool 2 Mortgage
                  Loans and (y) 50% of the Pool 2 Overcollateralization Amount.

         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Group II Certificate as a result of the proviso in the
definition of Certificate Principal Amount, then there shall be a corresponding
increase in the principal amount of the REMIC II-1 Regular Interests allocated
as follows:

         first, to each of the REMIC II-1 Regular Interests (other than the
Class LTII1-XII Interest) so that the principal balance of each such interest is
as close as possible to 50% of the principal balances of the related Classes of
Certificates; and

         second, to the Class LTII1-XII Interest so that the principal balance
of such interest is as close as possible to the sum of (x) 50% of the aggregate
Scheduled Principal Balance of the Pool 2 Mortgage Loans and (y) 50% of the Pool
2 Overcollateralization Amount.

         (r) Notwithstanding the priority and sources of payments set forth in
Article 5 hereof or otherwise, the Trustee shall account for all distributions
with respect to a Class of Certificates in amounts that differ from those
payable pursuant to the regular interest in REMIC I-2 or REMIC II-2
corresponding to such Class as amounts paid or received (as appropriate)
pursuant to the interest rate cap contracts provided for in this Section. In no
event shall any such amounts be treated as payments with respect to a "regular
interest" in a REMIC within the meaning of Code Section 860G(a)(1).

         Section 10.02. Prohibited Transactions and Activities.

         None of the Depositor, the Master Servicer or the Trustee shall sell,
dispose of, or substitute for any of the Mortgage Loans, except in a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of the REMIC holding such Mortgage Loan
pursuant to Article VII of this Agreement, (iv) a substitution pursuant to
Article II of this Agreement or (v) a repurchase of Mortgage Loans pursuant to
Article II of this Agreement, nor acquire any assets for any REMIC, nor sell or
dispose of any investments in the Certificate Account for gain, nor accept any
contributions to any REMIC after the Closing Date, unless it has received an
Opinion of Counsel (at the expense of the party causing such sale, disposition,
or substitution) that such disposition, acquisition, substitution, or acceptance
will not (a) result in an Adverse REMIC Event, (b) affect the distribution of
interest or principal on the Certificates, or (c) result in the encumbrance of
the assets transferred or assigned to the Trust Fund (except pursuant to the
provisions of this Agreement).

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         Section 10.03. Indemnification with Respect to Certain Taxes and Loss
                        of REMIC Status.

         Upon the occurrence of an Adverse REMIC Event due to the negligent
performance by the Trustee of its duties and obligations set forth herein, the
Trustee shall indemnify the Holder of the related Residual Certificate or the
Trust Fund, as applicable, against any and all losses, claims, damages,
liabilities or expenses ("Losses") resulting from such negligence; provided,
however, that the Trustee shall not be liable for any such Losses attributable
to the action or inaction of the Master Servicer, the Depositor, the Class X-I,
Class X-II or Class R Certificateholder, as applicable, nor for any such Losses
resulting from misinformation provided by the Holder of such Residual
Certificate on which the Trustee has relied. The foregoing shall not be deemed
to limit or restrict the rights and remedies of the Holder of such Residual
Certificate now or hereafter existing at law or in equity. Notwithstanding the
foregoing, however, in no event shall the Trustee have any liability (1) for any
action or omission that is taken in accordance with and in compliance with the
express terms of, or which is expressly permitted by the terms of, this
Agreement or the Servicing Agreement, (2) for any Losses other than arising out
of a negligent performance by the Trustee of its duties and obligations set
forth herein, and (3) for any special or consequential damages to
Certificateholders (in addition to payment of principal and interest on the
Certificates).

         Section 10.04. REO Property.

         (a) Notwithstanding any other provision of this Agreement, the Master
Servicer, acting on behalf of the Trustee hereunder, shall not, except to the
extent provided in the Servicing Agreement, knowingly permit the Servicer to,
rent, lease, or otherwise earn income on behalf of any REMIC with respect to any
REO Property which might cause an Adverse REMIC Event unless the Master Servicer
has advised, or has caused the Servicer to advise, the Trustee in writing to the
effect that, under the REMIC Provisions, such action would not result in an
Adverse REMIC Event.

         (b) The Master Servicer shall cause the Servicer (to the extent
provided in the Servicing Agreement) to make reasonable efforts to sell any REO
Property for its fair market value. In any event, however, the Master Servicer
shall, or shall cause the Servicer to, dispose of any REO Property within three
years of its acquisition by the Trust Fund unless the Master Servicer has
received a grant of extension from the Internal Revenue Service to the effect
that, under the REMIC Provisions, the REMIC may hold REO Property for a longer
period without causing an Adverse REMIC Event. If the Master Servicer has
received such an extension, then the Master Servicer, acting on the Trustee's
behalf hereunder, shall, or shall cause the Servicer to, continue to attempt to
sell the REO Property for its fair market value for such period longer than
three years as such extension permits (the "Extended Period"). If the Master
Servicer has not received such an extension and the Master Servicer or the
Servicer, acting on behalf of the Trustee hereunder, is unable to sell the REO
Property within 33 months after its acquisition by the Trust Fund or if the
Master Servicer has received such an extension, and the Master Servicer or the
Servicer is unable to sell the REO Property within the period ending three
months before the close of the Extended Period, the Master Servicer shall cause
the Servicer, before the end of the three year period or the Extended Period, as
applicable, to (i) purchase such REO Property at a price equal to the REO
Property's fair market value or (ii) auction the REO Property to the highest
bidder (which may be the Servicer) in an auction reasonably designed to produce
a fair price prior to the expiration of the three year period or the Extended
Period, as the case may be.

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                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

         Section 11.01. Binding Nature of Agreement; Assignment.

         This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

         Section 11.02. Entire Agreement.

         This Agreement contains the entire agreement and understanding among
the parties hereto with respect to the subject matter hereof, and supersedes all
prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter hereof. The express terms hereof control and
supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof.

         Section 11.03. Amendment.

         (a) This Agreement may be amended from time to time by the Depositor,
the Master Servicer and the Trustee, and without notice to or the consent of any
of the Holders, (i) to cure any ambiguity, (ii) to cause the provisions herein
to conform to or be consistent with or in furtherance of the statements made
with respect to the Certificates, the Trust Fund or this Agreement in any
Offering Document, or to correct or supplement any provision herein which may be
inconsistent with any other provisions herein or with the provisions of the
Servicing Agreement, (iii) to make any other provisions with respect to matters
or questions arising under this Agreement or (iv) to add, delete, or amend any
provisions to the extent necessary or desirable to comply with any requirements
imposed by the Code and the REMIC Provisions. No such amendment effected
pursuant to the preceding sentence shall, as evidenced by an Opinion of Counsel,
result in an Adverse REMIC Event, nor shall such amendment effected pursuant to
clause (iii) of such sentence adversely affect in any material respect the
interests of any Holder. Prior to entering into any amendment without the
consent of Holders pursuant to this paragraph, the Trustee shall be provided
with an Opinion of Counsel addressed to the Trustee (at the expense of the party
requesting such amendment) to the effect that such amendment is permitted under
this Section. Any such amendment shall be deemed not to adversely affect in any
material respect any Holder, if the Trustee receives written confirmation from
each Rating Agency that such amendment will not cause such Rating Agency to
reduce the then current rating assigned to the Certificates (and any Opinion of
Counsel requested by the Trustee in connection with any such amendment may rely
expressly on such confirmation as the basis therefor).

         (b) This Agreement may also be amended from time to time by the
Depositor, the Master Servicer, and the Trustee, with the consent of the Holders
of not less than 66 2/3% of the Class Principal Amount or Class Notional Amount
(or Percentage Interest) of each Class of Certificates affected thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
the Holders; provided, however, that no such amendment shall be made unless the
Trustee receives an Opinion of Counsel addressed to the Trustee, at the expense
of the party requesting the change, that such change will not cause an Adverse
REMIC Event; and provided further, that no such amendment may (i) reduce in any

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manner the amount of, or delay the timing of, payments received on Mortgage
Loans which are required to be distributed on any Certificate, without the
consent of the Holder of such Certificate or (ii) reduce the aforesaid
percentages of Class Principal Amount (or Percentage Interest) of Certificates
of each Class, the Holders of which are required to consent to any such
amendment without the consent of the Holders of 100% of the Class Principal
Amount or Class Notional Amount (or Percentage Interest) of each Class of
Certificates affected thereby. For purposes of this paragraph, references to
"Holder" or "Holders" shall be deemed to include, in the case of any Class of
Book-Entry Certificates, the related Certificate Owners.

         (c) Promptly after the execution of any such amendment, the Trustee
shall furnish written notification of the substance of such amendment to each
Holder, the Depositor and to the Rating Agencies.

         (d) It shall not be necessary for the consent of Holders under this
Section 11.03 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Holders shall be subject to such reasonable regulations as
the Trustee may prescribe.

         (e) Notwithstanding anything to the contrary in the Servicing
Agreement, the Trustee shall not consent to any amendment of the Servicing
Agreement unless (i) such amendment is effected pursuant to the standards
provided in this Section with respect to amendment of this Agreement and (ii)
except for a Permitted Servicing Amendment, any such amendment pursuant to
Section 11.03(a)(iii) shall not be materially inconsistent with the provisions
of the Servicing Agreement.

         (f) Notwithstanding anything to the contrary in this Section 11.03,
this Agreement may be amended from time to time by the Depositor, the Master
Servicer and the Trustee to the extent necessary, in the judgment of the
Depositor and its counsel, to comply with the Rules.

         Section 11.04. Voting Rights.

         Except to the extent that the consent of all affected
Certificateholders is required pursuant to this Agreement, with respect to any
provision of this Agreement requiring the consent of Certificateholders
representing specified percentages of aggregate outstanding Certificate
Principal Amount or Class Notional Amount (or Percentage Interest), Certificates
owned by the Depositor, the Master Servicer, the Trustee, the Servicer or
Affiliates thereof are not to be counted so long as such Certificates are owned
by the Depositor, the Master Servicer, the Trustee, the Servicer or any
Affiliate thereof.

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         Section 11.05. Provision of Information.

         (a) For so long as any of the Certificates of any Series or Class are
"restricted securities" within the meaning of Rule 144(a)(3) under the Act, each
of the Depositor, the Master Servicer and the Trustee agree to cooperate with
each other to provide to any Certificateholders, and to any prospective
purchaser of Certificates designated by such holder, upon the request of such
holder or prospective purchaser, any information required to be provided to such
holder or prospective purchaser to satisfy the condition set forth in Rule
144A(d)(4) under the Act. Any reasonable, out-of-pocket expenses incurred by the
Trustee in providing such information shall be reimbursed by the Depositor.

         (b) The Trustee shall make available to any person to whom a Prospectus
was delivered, upon the request of such person specifying the document or
documents requested, (i) a copy (excluding exhibits) of any report on Form 8-K
or Form 10-K filed with the Securities and Exchange Commission pursuant to
Section 6.20(c) and (ii) a copy of any other document incorporated by reference
in the Prospectus (to the extent that the Trustee has such documents in its
possession or such documents are reasonably obtainable by the Trustee). Any
reasonable out-of-pocket expenses incurred by the Trustee in providing copies of
such documents shall be reimbursed by the Depositor.

         (c) On each Distribution Date, the Trustee shall make available on its
website or otherwise deliver to the Depositor a copy of the report delivered to
Certificateholders pursuant to Section 4.03.

         Section 11.06. Governing Law.

         THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

         Section 11.07. Notices.

         All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given when received by (a) in the case of
the Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 7th
Floor, New York, New York 10019, Attention: Mortgage Finance, SARM 2005-19XS,
(b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
Avenue, 7th Floor, New York, New York 10019, Attention: Mortgage Finance, SARM
2005-19XS, (c) in the case of the Trustee, U.S. Bank National Association, 1
Federal Street, Boston, M.A. 02110, Attention: Corporate Trust Services, and (d)
in the case of the Master Servicer, Aurora Loan Services LLC, 327 Inverness
Drive South, Englewood, Colorado 80112; Attention: Master Servicing, SARM
2005-19XS, or, as to each party such other address as may hereafter be furnished
by such party to the other parties in writing. All demands, notices and
communications to a party hereunder shall be in writing and shall be deemed to
have been duly given when delivered to such party at the relevant address,
facsimile number or electronic mail address set forth above or at such other
address, facsimile number or electronic mail address as such party may designate
from time to time by written notice in accordance with this Section 11.07.

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         Section 11.08. Severability of Provisions.

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

         Section 11.09. Indulgences; No Waivers.

         Neither the failure nor any delay on the part of a party to exercise
any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed
by the party asserted to have granted such waiver.

         Section 11.10. Headings Not To Affect Interpretation.

         The headings contained in this Agreement are for convenience of
reference only, and they shall not be used in the interpretation hereof.

         Section 11.11. Benefits of Agreement.

         Nothing in this Agreement or in the Certificates, express or implied,
shall give to any Person, other than the parties to this Agreement and their
successors hereunder, the Holders of the Certificates, any benefit or any legal
or equitable right, power, remedy or claim under this Agreement, except to the
extent specified in Section 11.15.

         Section 11.12. Special Notices to the Rating Agencies.

         (a) The Depositor shall give prompt notice to the Rating Agencies of
the occurrence of any of the following events of which it has notice:

                  (i) any amendment to this Agreement pursuant to Section 11.03;

                  (ii) any Assignment by the Master Servicer of its rights
         hereunder or delegation of its duties hereunder;

                  (iii) the occurrence of any Event of Default described in
         Section 6.14;

                  (iv) any notice of termination given to the Master Servicer
         pursuant to Section 6.14 and any resignation of the Master Servicer
         hereunder;

                  (v) the appointment of any successor to any Master Servicer
         pursuant to Section 6.14;

                  (vi) the making of a final payment pursuant to Section 7.02;
         and

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<PAGE>

                  (vii) any termination of the rights and obligations of the
         Servicer under the Servicing Agreement.

         (b) All notices to the Rating Agencies provided for this Section shall
be in writing and sent by first class mail, telecopy or overnight courier, as
follows:

         If to Moody's, to:

         Moody's Investors Service, Inc.
         99 Church Street
         New York, New York  10007
         Attention: Residential Mortgages

         If to S&P, to:

         Standard & Poor's Ratings Services, a division of The McGraw-Hill
         Companies, Inc.
         55 Water Street
         New York, New York 10014
         Attention: Residential Mortgages

         (c) The Trustee shall provide or make available to the Rating Agencies
reports prepared pursuant to Section 4.03. In addition, the Trustee shall, at
the expense of the Trust Fund, make available to each Rating Agency such
information as such Rating Agency may reasonably request regarding the
Certificates or the Trust Fund, to the extent that such information is
reasonably available to the Trustee.

         Section 11.13. Conflicts.

         To the extent that the terms of this Agreement conflict with the terms
of the Servicing Agreement, the Servicing Agreement shall govern unless such
provisions shall adversely affect the Trustee or the Trust Fund.

         Section 11.14. Counterparts.

         This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, and all of which together shall
constitute one and the same instrument.

         Section 11.15. Transfer of Servicing.

         The Seller agrees that it shall provide written notice to the Master
Servicer and the Trustee thirty days prior to any proposed transfer or
assignment by the Seller of its rights under the Servicing Agreement or of the
servicing thereunder from time to time with respect to any Mortgage Loan or
group of Mortgage Loans, or delegation of its rights or duties thereunder or any
portion thereof to any other Person other than the initial Servicer under the
Servicing Agreement; provided, however, that the Seller shall not be required to
provide prior notice of any transfer of servicing that occurs within three
months following the Closing Date to an entity that is the Servicer on the
Closing Date. In addition, the ability of the Seller to transfer or assign its
rights and delegate its duties under the Servicing Agreement or to transfer the
servicing thereunder, from time to time with respect to any Mortgage Loan or
group of Mortgage Loans, to a successor servicer shall be subject to the
following conditions:

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                  (i) satisfaction of the conditions to such transfer as set
         forth in the Servicing Agreement including, without limitation, receipt
         of written consent of the Master Servicer to such transfer;

                  (ii) Such successor servicer must be qualified to service
         loans for Fannie Mae or Freddie Mac, and must be a member in good
         standing of MERS;

                  (iii) Such successor servicer must satisfy the seller/servicer
         eligibility standards in the Servicing Agreement, exclusive of any
         experience in mortgage loan origination and must be reasonably
         acceptable to the Master Servicer, whose approval shall not be
         unreasonably withheld;

                  (iv) Such successor servicer must execute and deliver to the
         Trustee and the Master Servicer an agreement, in form and substance
         reasonably satisfactory to the Trustee and the Master Servicer, that
         contains an assumption by such successor servicer of the due and
         punctual performance and observance of each covenant and condition to
         be performed and observed by the Servicer under the Servicing Agreement
         or, (i) in the case of a transfer of servicing to a party that is
         already a Servicer pursuant to this Agreement, an agreement to add the
         related Mortgage Loans to the Servicing Agreement already in effect
         with the Servicer and (ii) in the case of a transfer of servicing to a
         Special Servicer pursuant to Section 9.32 herein, a special servicing
         agreement in the form of that attached to the Servicing Agreement;

                  (v) If the successor servicer is not a Servicer of Mortgage
         Loans at the time of the transfer, there must be delivered to the
         Trustee and the Master Servicer a letter from each Rating Agency to the
         effect that such transfer of servicing will not result in a
         qualification, withdrawal or downgrade of the then-current rating of
         any of the Certificates; and

                  (vi) The Seller shall, at its cost and expense, take such
         steps, or cause the transferring Servicer to take such steps, as may be
         necessary or appropriate to effectuate and evidence the transfer of the
         servicing of the specified Mortgage Loans to such successor or
         replacement servicer, including, but not limited to, the following: (A)
         to the extent required by the terms of the Mortgage Loans and by
         applicable federal and state laws and regulations, the Seller shall
         cause the prior Servicer to timely mail to each obligor under a
         Mortgage Loan any required notices or disclosures describing the
         transfer of servicing of the Mortgage Loans to the successor or
         replacement servicer; (B) prior to the effective date of such transfer
         of servicing, the Seller shall cause the prior Servicer to transmit to
         any related insurer notification of such transfer of servicing; (C) on
         or prior to the effective date of such transfer of servicing, the
         Seller shall cause the prior Servicer to deliver to the successor or
         replacement servicer all Mortgage Loan Documents and any related
         records or materials; (D) on or prior to the effective date of such
         transfer of servicing, the Seller shall cause the prior Servicer to
         transfer to the successor or replacement servicer, or, if such transfer
         occurs after a Servicer Remittance Date but before the next succeeding
         Deposit Date, to the Trustee, all funds held by the prior Servicer in
         respect of the Mortgage Loans; (E) on or prior to the effective date of

                                      146
<PAGE>

         such transfer of servicing, the Seller shall cause the prior Servicer
         to, after the effective date of the transfer of servicing to the
         successor or replacement servicer, continue to forward to such
         successor or replacement servicer, within one Business Day of receipt,
         the amount of any payments or other recoveries received by the prior
         Servicer, and to notify the successor or replacement servicer of the
         source and proper application of each such payment or recovery; and (F)
         the Seller shall cause the prior Servicer to, after the effective date
         of transfer of servicing to the successor or replacement servicer,
         continue to cooperate with the successor or replacement servicer to
         facilitate such transfer in such manner and to such extent as the
         successor or replacement servicer may reasonably request.
         Notwithstanding the foregoing, the prior Servicer shall be obligated to
         perform the items listed above to the extent provided in the Servicing
         Agreement.

                      [SIGNATURE PAGE IMMEDIATELY FOLLOWS]

                                      147
<PAGE>

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

                               STRUCTURED ASSET SECURITIES
                                  CORPORATION, as Depositor

                               By:      ______________________________________
                                        Name: Michael C. Hitzmann
                                        Title: Vice President

                               U.S. BANK NATIONAL ASSOCIATION,
                                  not in its individual capacity, but solely
                                  as Trustee

                               By:      ______________________________________
                                        Name: Diana J. Kenneally
                                        Title: Assistant Vice President

                               AURORA LOAN SERVICES LLC,
                                  as Master Servicer

                               By:      ______________________________________
                                        Name: E. Todd Whittemore
                                        Title: Executive Vice President

Solely for purposes of Section 11.15,
accepted and agreed to by:

LEHMAN BROTHERS HOLDINGS INC.

By:____________________________________
         Name: Ellen Kiernan
         Title: Authorized Signatory

<PAGE>

                                    EXHIBIT A

                              FORMS OF CERTIFICATES

                             [Intentionally Omitted]

                                      A-1
<PAGE>

                                   EXHIBIT B 1

                          FORM OF INITIAL CERTIFICATION

                                                            Date

U.S. Bank National Association
1 Federal Street
Boston, M.A. 02110
Attention: Corporate Trust Services

Aurora Loan Services LLC, as Master Servicer
327 Inverness Drive South
Englewood, Colorado 80112

Structured Asset Securities Corporation, as Depositor
745 Seventh Avenue, 7th Floor
New York, New York 10019
Attention: Mortgage Finance, SARM 2005-19XS

         Re:  Trust Agreement dated as of August 1, 2005 (the "Trust
              Agreement"), by and among Structured Asset Securities Corporation,
              as Depositor, Aurora Loan Services LLC, as Master Servicer and
              U.S. Bank National Association, as Trustee with respect to
              Structured Adjustable Rate Mortgage Loan Trust Mortgage
              Pass-Through Certificates, Series 2005-19XS
              -------------------------------------------

Ladies and Gentlemen:

         In accordance with Section 2.02(a) of the Trust Agreement, subject to
review of the contents thereof, the undersigned, as Custodian, hereby certifies
that it has received the documents listed in Section 2.01(b) of the Trust
Agreement for each Mortgage File pertaining to each Mortgage Loan listed on
Schedule A, to the Trust Agreement, subject to any exceptions noted on Schedule
I hereto.

         Capitalized words and phrases used herein and not otherwise defined
herein shall have the respective meanings assigned to them in the Trust
Agreement. This Certificate is subject in all respects to the terms of Section
2.02 of the Trust Agreement and the Trust Agreement sections cross-referenced
therein.

                                     [Custodian]

                                     By:_____________________________________
                                          Name:
                                          Title:

                                     B-1-1
<PAGE>

                                   EXHIBIT B 2

                          FORM OF INTERIM CERTIFICATION

                                                        Date
U.S. Bank National Association
1 Federal Street
Boston, M.A. 02110
Attention: Corporate Trust Services

Aurora Loan Services LLC, as Master Servicer
327 Inverness Drive South
Englewood, Colorado 80112

Structured Asset Securities Corporation, as Depositor
745 Seventh Avenue, 7th Floor
New York, New York 10019
Attention: Mortgage Finance, SARM 2005-19XS

         Re:  Trust Agreement dated as of August 1, 2005 (the "Trust
              Agreement"), by and among Structured Asset Securities Corporation,
              as Depositor, Aurora Loan Services LLC, as Master Servicer and
              U.S. Bank National Association, as Trustee with respect to
              Structured Adjustable Rate Mortgage Loan Trust Mortgage
              Pass-Through Certificates, Series 2005-19XS
              -------------------------------------------

Ladies and Gentlemen:

         In accordance with Section 2.02(b) of the Trust Agreement, the
undersigned, as Custodian, hereby certifies that as to each Mortgage Loan listed
in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or
listed on Schedule I hereto) it (or its custodian) has received the applicable
documents listed in Section 2.01(b) of the Trust Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on
Schedule I hereto, it has reviewed the documents listed in Section 2.01(b) of
the Trust Agreement and has determined that each such document appears regular
on its face and appears to relate to the Mortgage Loan identified in such
document.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement including, but not limited
to, Section 2.02(b).

                                      [Custodian]

                                      By:_____________________________________
                                            Name:
                                            Title:

                                     B-2-1
<PAGE>

                                   EXHIBIT B 3

                           FORM OF FINAL CERTIFICATION

                                                         Date
U.S. Bank National Association
1 Federal Street
Boston, M.A. 02110
Attention: Corporate Trust Services

Aurora Loan Services LLC, as Master Servicer
327 Inverness Drive South
Englewood, Colorado 80112

Structured Asset Securities Corporation, as Depositor
745 Seventh Avenue, 7th Floor
New York, New York 10019
Attention: Mortgage Finance, SARM 2005-19XS

         Re:  Trust Agreement dated as of August 1, 2005 (the "Trust
              Agreement"), by and among Structured Asset Securities Corporation,
              as Depositor, Aurora Loan Services LLC, as Master Servicer and
              U.S. Bank National Association, as Trustee with respect to
              Structured Adjustable Rate Mortgage Loan Trust Mortgage
              Pass-Through Certificates, Series 2005-19XS
              -------------------------------------------

Ladies and Gentlemen:

         In accordance with Section 2.02(d) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
received the applicable documents listed in Section 2.01(b) of the Trust
Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified in the Mortgage Loan Schedule, other than any Mortgage Loan listed on
Schedule I hereto, it has reviewed the documents listed in Section 2.01(b) of
the Trust Agreement and has determined that each such document appears to be
complete and, based on an examination of such documents, the information set
forth in items (i) through (vi) of the Mortgage Loan Schedule is correct.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement.

                                      [Custodian]

                                      By:_____________________________________
                                            Name:
                                            Title:

                                     B-3-1
<PAGE>

                                   EXHIBIT B 4

                               FORM OF ENDORSEMENT

Pay to the order of U.S. Bank National Association, as trustee (the "Trustee"),
under a Trust Agreement dated as of August 1, 2005, among Structured Asset
Securities Corporation, as depositor, Aurora Loan Services LLC, as master
servicer, and the Trustee, relating to Structured Adjustable Rate Mortgage Loan
Trust Mortgage Pass-Through Certificates, Series 2005-19XS, without recourse.

                                            __________________________________
                                            [current signatory on note]

                                            By:_______________________________
                                            Name:
                                            Title:

                                     B-4-1

<PAGE>

                                    EXHIBIT C

                  REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT

                                                           Date

[Addressed to Trustee
or, if applicable, Custodian]

         In connection with the administration of the mortgages held by you as
Trustee under a certain Trust Agreement dated as of August 1, 2005 by and among
Structured Asset Securities Corporation, as Depositor, U.S. Bank National
Association, as Trustee, and Aurora Loan Services LLC, as Master Servicer (the
"Trust Agreement"), the undersigned Servicer hereby requests a release of the
Mortgage File held by you as Trustee with respect to the following described
Mortgage Loan for the reason indicated below.

         Mortgagor's Name:

         Address:

         Loan No.:

         Reason for requesting file:

         1. Mortgage Loan paid in full. (The Servicer hereby certifies that all
amounts received in connection with the loan have been or will be credited to
the Certificate Account pursuant to the Trust Agreement.)

         2. The Mortgage Loan is being foreclosed.

         3. Mortgage Loan substituted. (The Servicer hereby certifies that a
Qualifying Substitute Mortgage Loan has been assigned and delivered to you along
with the related Mortgage File pursuant to the Trust Agreement.)

         4. Mortgage Loan repurchased. (The Servicer hereby certifies that the
applicable Purchase Price has been credited to the Certificate Account pursuant
to the Trust Agreement.)

         5. Other. (Describe)

         The undersigned acknowledges that the above Mortgage File will be held
by the undersigned in accordance with the provisions of the Trust Agreement and
will be returned to you within ten (10) days of our receipt of the Mortgage
File, except if the Mortgage Loan has been paid in full, or repurchased or
substituted for a Qualifying Substitute Mortgage Loan (in which case the
Mortgage File will be retained by us permanently) and except if the Mortgage
Loan is being foreclosed (in which case the Mortgage File will be returned when
no longer required by us for such purpose).

                                       C-1
<PAGE>

         Capitalized terms used herein shall have the meanings ascribed to them
in the Trust Agreement.

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

                                             [Name of Servicer]

                                             By:_______________________________
                                             Name:
                                             Title: Servicing Officer

                                      C-2
<PAGE>

                                   EXHIBIT D 1

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

STATE OF         )
                 ) ss.:
COUNTY OF        )

         [NAME OF OFFICER], _________________ being first duly sworn, deposes
and says:

         1.       That he [she] is [title of officer] ________________________
                  of [name of Purchaser]
                  _________________________________________ (the "Purchaser"), a
                  _______________________ [description of type of entity] duly
                  organized and existing under the laws of the [State of
                  __________] [United States], on behalf of which he [she] makes
                  this affidavit.

         2.       That the Purchaser's Taxpayer Identification Number is [ ].

         3.       That the Purchaser is not a "disqualified organization" within
                  the meaning of Section 860E(e)(5) of the Internal Revenue Code
                  of 1986, as amended (the "Code") and will not be a
                  "disqualified organization" as of [date of transfer], and that
                  the Purchaser is not acquiring a Residual Certificate (as
                  defined in the Agreement) for the account of, or as agent
                  (including a broker, nominee, or other middleman) for, any
                  person or entity from which it has not received an affidavit
                  substantially in the form of this affidavit. For these
                  purposes, a "disqualified organization" means the United
                  States, any state or political subdivision thereof, any
                  foreign government, any international organization, any agency
                  or instrumentality of any of the foregoing (other than an
                  instrumentality if all of its activities are subject to tax
                  and a majority of its board of directors is not selected by
                  such governmental entity), any cooperative organization
                  furnishing electric energy or providing telephone service to
                  persons in rural areas as described in Code Section
                  1381(a)(2)(C), any "electing large partnership" within the
                  meaning of Section 775 of the Code, or any organization (other
                  than a farmers' cooperative described in Code Section 521)
                  that is exempt from federal income tax unless such
                  organization is subject to the tax on unrelated business
                  income imposed by Code Section 511.

         4.       That the Purchaser is not, and on _______________ [date of
                  transfer] will not be, an employee benefit plan or other
                  arrangement subject to Title I of the Employee Retirement
                  Income Security Act of 1974, as amended ("ERISA"), a plan
                  subject to Section 4975 of the Internal Revenue Code of 1986,
                  as amended (the "Code") or a plan subject to any provisions
                  under any federal, state, local, non-U.S. or other laws or
                  regulations that are substantively similar to the foregoing
                  provisions of ERISA or the Code (collectively, a "Plan"), and
                  is not directly or indirectly acquiring a Residual Certificate
                  for, on behalf of or with any assets of any such Plan.

                                     D-1-1
<PAGE>

         5.       That the Purchaser hereby acknowledges that under the terms of
                  the Trust Agreement (the "Agreement") by and among Structured
                  Asset Securities Corporation, as Depositor, Aurora Loan
                  Services LLC, as Master Servicer, and U.S. Bank National
                  Association, as Trustee, dated as of August 1, 2005, relating
                  to Structured Adjustable Rate Mortgage Loan Trust Mortgage
                  Pass-Through Certificates, Series 2005-19XS, no transfer of
                  the Residual Certificates shall be permitted to be made to any
                  person unless the Depositor and Trustee have received a
                  certificate from such transferee containing the
                  representations in paragraphs 3 and 4 hereof.

         6.       That the Purchaser does not hold REMIC residual securities as
                  nominee to facilitate the clearance and settlement of such
                  securities through electronic book entry changes in accounts
                  of participating organizations (such entity, a "Book-Entry
                  Nominee").

         7.       That the Purchaser does not have the intention to impede the
                  assessment or collection of any federal, state or local taxes
                  legally required to be paid with respect to such Residual
                  Certificate, and that the Purchaser has provided financial
                  statements or other financial information requested by the
                  transferor in connection with the transfer of the Residual
                  Certificate in order to permit the transferor to assess the
                  financial capability of the Purchaser to pay such taxes.

         8.       That the Purchaser will not transfer a Residual Certificate to
                  any person or entity (i) as to which the Purchaser has actual
                  knowledge that the requirements set forth in paragraph 3,
                  paragraph 6 or paragraph 10 hereof are not satisfied or that
                  the Purchaser has reason to believe does not satisfy the
                  requirements set forth in paragraph 7 hereof, and (ii) without
                  obtaining from the prospective Purchaser an affidavit
                  substantially in this form and providing to the Trustee a
                  written statement substantially in the form of Exhibit D-2 to
                  the Agreement.

         9.       That the Purchaser understands that, as the holder of a
                  Residual Certificate, the Purchaser may incur tax liabilities
                  in excess of any cash flows generated by the interest and that
                  it intends to pay taxes associated with holding such Residual
                  Certificate as they become due.

         10.      That the Purchaser (i) is not a Non U.S. Person or (ii) is a
                  Non U.S. Person that holds a Residual Certificate in
                  connection with the conduct of a trade or business within the
                  United States and has furnished the transferor and the Trustee
                  with an effective Internal Revenue Service Form W-8ECI
                  (Certificate of Foreign Person's Claim for Exemption From
                  Withholding on Income Effectively Connected With the Conduct
                  of a Trade or Business in the United States) or successor form
                  at the time and in the manner required by the Code or (iii) is
                  a Non U.S. Person that has delivered to both the transferor
                  and the Trustee an opinion of a nationally recognized tax
                  counsel to the effect that the transfer of such Residual
                  Certificate to it is in accordance with the requirements of
                  the Code and the regulations promulgated thereunder and that
                  such transfer of a Residual Certificate will not be
                  disregarded for federal income tax purposes. "Non U.S. Person"
                  means an individual, corporation, partnership or other person
                  other than (i) a citizen or resident of the United States;
                  (ii) a corporation, partnership or other entity created or
                  organized in or under the laws of the United States or any
                  state thereof, including for this purpose, the District of
                  Columbia; (iii) an estate that is subject to U.S. federal
                  income tax regardless of the source of its income; (iv) a
                  trust if a court within the United States is able to exercise
                  primary supervision over the administration of the trust and
                  one or more United States trustees have authority to control
                  all substantial decisions of the trust; and, (v) to the extent
                  provided in Treasury regulations, certain trusts in existence
                  on August 20, 1996 that are treated as United States persons
                  prior to such date and elect to continue to be treated as
                  United States persons.

                                     D-1-2
<PAGE>

         11.      That the Purchaser agrees to such amendments of the Trust
                  Agreement as may be required to further effectuate the
                  restrictions on transfer of any Residual Certificate to such a
                  "disqualified organization," an agent thereof, a Book Entry
                  Nominee, or a person that does not satisfy the requirements of
                  paragraph 7 and paragraph 10 hereof.

         12.      That the Purchaser consents to the designation of the Trustee
                  as its agent to act as "tax matters person" of the Trust Fund
                  pursuant to the Trust Agreement.

                                     D-1-3
<PAGE>

         IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[title of officer] this _____ day of __________, 20__.

                                          _________________________________
                                          [name of Purchaser]

                                          By:______________________________
                                                Name:
                                                Title:

         Personally appeared before me the above named [name of officer]
________________, known or proved to me to be the same person who executed the
foregoing instrument and to be the [title of officer] _________________ of the
Purchaser, and acknowledged to me that he [she] executed the same as his [her]
free act and deed and the free act and deed of the Purchaser.

         Subscribed and sworn before me this _____ day of __________, 20__.

NOTARY PUBLIC

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

COUNTY OF_____________________

STATE OF______________________

My commission expires the _____ day of __________, 20__.

                                     D-1-4
<PAGE>

                                   EXHIBIT D 2

              RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

                                           ____________________________
                                                       Date

         Re:      Structured Adjustable Rate Mortgage Loan Trust
                  Mortgage Pass-Through Certificates, Series 2005-19XS
                  ----------------------------------------------------

                  _______________________ (the "Transferor") has reviewed the
attached affidavit of _____________________________ (the "Transferee"), and has
no actual knowledge that such affidavit is not true and has no reason to believe
that the information contained in paragraph 7 thereof is not true, and has no
reason to believe that the Transferee has the intention to impede the assessment
or collection of any federal, state or local taxes legally required to be paid
with respect to a Residual Certificate. In addition, the Transferor has
conducted a reasonable investigation at the time of the transfer and found that
the Transferee had historically paid its debts as they came due and found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due.

                                                     Very truly yours,

                                                     ___________________________
                                                     Name:
                                                     Title:

                                     D-2-1
<PAGE>

                                    EXHIBIT E

                               SERVICING AGREEMENT

                                See Exhibit 99.2

                                      E-1
<PAGE>
                                    EXHIBIT F

                     FORM OF RULE 144A TRANSFER CERTIFICATE

         Re:      Structured Adjustable Rate Mortgage Loan Trust
                  Mortgage Pass Through Certificates
                  Series 2005-19XS
                  ----------------

         Reference is hereby made to the Trust Agreement dated as of August 1,
2005 (the "Trust Agreement") by and among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer, and
U.S. Bank National Association, as Trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the Trust Agreement.

         This letter relates to $__________ initial Certificate Balance of Class
Certificates which are held in the form of Definitive Certificates registered in
the name of (the "Transferor"). The Transferor has requested a transfer of such
Definitive Certificates for Definitive Certificates of such Class registered in
the name of [insert name of transferee].

         In connection with such request, and in respect of such Certificates,
the Transferor hereby certifies that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Trust Agreement
and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
that the Transferor reasonably believes is a "qualified institutional buyer"
within the meaning of Rule 144A purchasing for its own account or for the
account of a "qualified institutional buyer," which purchaser is aware that the
sale to it is being made in reliance upon Rule 144A, in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United States or any other applicable jurisdiction.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Depositor.

                                                     __________________________
                                                     [Name of Transferor]

                                                     By:_______________________
                                                        Name:
                                                        Title:

Dated: ___________, ____

                                      F-1

<PAGE>

                                    EXHIBIT G

                         FORM OF PURCHASER'S LETTER FOR
                        INSTITUTIONAL ACCREDITED INVESTOR

                                                        Date

Dear Sirs:

         In connection with our proposed purchase of $______________ principal
amount of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass Through
Certificates, Series 2005-19XS (the "Privately Offered Certificates") of the
Structured Asset Securities Corporation (the "Depositor"), we confirm that:

         (1)      We understand that the Privately Offered Certificates have not
                  been, and will not be, registered under the Securities Act of
                  1933, as amended (the "Securities Act"), and may not be sold
                  except as permitted in the following sentence. We agree, on
                  our own behalf and on behalf of any accounts for which we are
                  acting as hereinafter stated, that if we should sell any
                  Privately Offered Certificates within two years of the later
                  of the date of original issuance of the Privately Offered
                  Certificates or the last day on which such Privately Offered
                  Certificates are owned by the Depositor or any affiliate of
                  the Depositor we will do so only (A) to the Depositor, (B) to
                  "qualified institutional buyers" (within the meaning of Rule
                  144A under the Securities Act) in accordance with Rule 144A
                  under the Securities Act ("QIBs"), (C) pursuant to the
                  exemption from registration provided by Rule 144 under the
                  Securities Act, or (D) to an institutional "accredited
                  investor" within the meaning of Rule 501(a)(1), (2), (3) or
                  (7) of Regulation D under the Securities Act that is not a QIB
                  (an "Institutional Accredited Investor") which, prior to such
                  transfer, delivers to the Trustee under the Trust Agreement
                  dated as of August 1, 2005 by and among the Depositor, Aurora
                  Loan Services LLC, as Master Servicer, and U.S. Bank National
                  Association, as Trustee (the "Trustee"), a signed letter in
                  the form of this letter; and we further agree, in the
                  capacities stated above, to provide to any person purchasing
                  any of the Privately Offered Certificates from us a notice
                  advising such purchaser that resales of the Privately Offered
                  Certificates are restricted as stated herein.

         (2)      We understand that, in connection with any proposed resale of
                  any Privately Offered Certificates to an Institutional
                  Accredited Investor, we will be required to furnish to the
                  Trustee and the Depositor a certification from such transferee
                  in the form hereof to confirm that the proposed sale is being
                  made pursuant to an exemption from, or in a transaction not
                  subject to, the registration requirements of the Securities
                  Act. We further understand that the Privately Offered
                  Certificates purchased by us will bear a legend to the
                  foregoing effect.

                                      G-1
<PAGE>

         (3)      We are acquiring the Privately Offered Certificates for
                  investment purposes and not with a view to, or for offer or
                  sale in connection with, any distribution in violation of the
                  Securities Act. We have such knowledge and experience in
                  financial and business matters as to be capable of evaluating
                  the merits and risks of our investment in the Privately
                  Offered Certificates, and we and any account for which we are
                  acting are each able to bear the economic risk of such
                  investment.

         (4)      We are an Institutional Accredited Investor and we are
                  acquiring the Privately Offered Certificates purchased by us
                  for our own account or for one or more accounts (each of which
                  is an Institutional Accredited Investor) as to each of which
                  we exercise sole investment discretion.

         (5)      We have received such information as we deem necessary in
                  order to make our investment decision.

         (6)      If we are acquiring an ERISA-Restricted Certificate, we are
                  not a Plan and we are not acquiring the ERISA-Restricted
                  Certificate for, on behalf of or with any assets of a Plan,
                  except as may be permitted pursuant to Section 3.03(d) of the
                  Trust Agreement.

         Terms used in this letter which are not otherwise defined herein have
the respective meanings assigned thereto in the Trust Agreement.

                                      G-2

<PAGE>

You and the Depositor are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceeding or official inquiry with respect to the
matters covered hereby.

                                                     Very truly yours,

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

                                                     [Purchaser]

                                                     By: ______________________
                                                           Name:
                                                           Title:

                                      G-3

<PAGE>

                                    EXHIBIT H

                        FORM OF ERISA TRANSFER AFFIDAVIT

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

         The undersigned, being first duly sworn, deposes and says as follows:

         1. The undersigned is the ______________________ of (the "Investor"), a
[corporation duly organized] and existing under the laws of __________, on
behalf of which he makes this affidavit.

         2. The Investor (A) is not, and on _______________ [date of transfer]
will not be, an employee benefit plan or arrangement subject to Title I of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), a plan
subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
"Code") or a plan subject to any provisions under any federal, state, local,
non-U.S. or other laws or regulations that are substantively similar to the
foregoing provisions of ERISA or the Code ("Similar Law") (collectively, a
"Plan"), and is not directly or indirectly acquiring the Certificate for, on
behalf of or with any assets of any such Plan, (B) if the Certificate has been
the subject of an ERISA-Qualifying Underwriting, is an insurance company that is
acquiring the Certificate with assets of an "insurance company general account"
as defined in Section V(E) of Prohibited Transaction Class Exemption ("PTCE")
95-60 and the acquisition and holding of the Certificate are covered and exempt
under Sections I and III of PTCE 95-60, or (C) solely in the case of a
Definitive Certificate, shall herewith deliver an Opinion of Counsel
satisfactory to the Certificate Registrar, the Trustee and the Depositor, and
upon which the Trustee, the Certificate Registrar and the Depositor shall be
entitled to rely, to the effect that the acquisition and holding of such
Certificate by the Investor will not result in a nonexempt prohibited
transaction under Title I of ERISA or Section 4975 of the Code, or a violation
of Similar Law, and will not subject the Trustee, the Master Servicer, the
Certificate Registrar, any Servicer or the Depositor to any obligation in
addition to those undertaken by such entities in the Trust Agreement, which
Opinion of Counsel shall not be an expense of the Trustee, the Master Servicer,
the Certificate Registrar, any Servicer or the Depositor.

         3. The Investor hereby acknowledges that under the terms of the Trust
Agreement (the "Agreement") by and among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer, and
U.S. Bank National Association, as Trustee, dated as of August 1, 2005,
regarding Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
Certificates, Series 2005-19XS, no transfer of the ERISA-Restricted Certificates
shall be permitted to be made to any person unless the Depositor and Trustee
have received a certificate from such transferee in the form hereof.

                                      H-1
<PAGE>

         IN WITNESS WHEREOF, the Investor has caused this instrument to be
executed on its behalf, pursuant to proper authority, by its duly authorized
officer, duly attested, this ____ day of _______________, 20___.

                                           _________________________________
                                           [Investor]

                                           By:______________________________
                                                    Name:
                                                    Title:

ATTEST:

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

STATE OF                  )
                          )  ss:
COUNTY OF                 )

         Personally appeared before me the above-named ________________, known
or proved to me to be the same person who executed the foregoing instrument and
to be the ____________________ of the Investor, and acknowledged that he
executed the same as his free act and deed and the free act and deed of the
Investor.

         Subscribed and sworn before me this _____ day of _________ 20___.

                                               ______________________________
                                               NOTARY PUBLIC

                                               My commission expires the
                                               _____ day of __________, 20___.

                                      H-2

<PAGE>

                                    EXHIBIT I

                                   [RESERVED]

                                      I-1

<PAGE>

                                    EXHIBIT J

                                   [RESERVED]

                                      J-1
<PAGE>

                                    EXHIBIT K

                               CUSTODIAL AGREEMENT

                             [Intentionally Omitted]

                                      K-1
<PAGE>

                                    EXHIBIT L

                                   [RESERVED]

                                      L-1
<PAGE>

                                    EXHIBIT M

                     FORM OF CERTIFICATION TO BE PROVIDED TO
             THE DEPOSITOR AND/OR THE MASTER SERVICER BY THE TRUSTEE

Structured Asset Securities Corporation
745 Seventh Avenue, 7th Floor
New York, New York 10019
Attention: Mortgage Finance, SARM 2005-19XS

Aurora Loan Services LLC
327 Inverness Drive South
Englewood, Colorado 80112

Re:      Structured Adjustable Rate Mortgage Loan Trust
         Mortgage Pass-Through Certificates, Series 2005-19XS
         ----------------------------------------------------

         Reference is made to the Trust Agreement dated as of August 1, 2005
(the "Trust Agreement"), by and among U.S. Bank National Association, (the
"Trustee"), Aurora Loan Services LLC, as master servicer (the "Master
Servicer"), and Structured Asset Securities Corporation, as depositor (the
"Depositor"). The Trustee hereby certifies to the Depositor and the Master
Servicer, and its officers, directors and affiliates, and with the knowledge and
intent that they will rely upon this certification, that:

         (i)      The Trustee has reviewed the annual report on Form 10-K for
                  the fiscal year [ ], and all reports on Form 8-K containing
                  distribution reports filed in respect of periods included in
                  the year covered by that annual report, relating to the
                  above-referenced trust;

         (ii)     Based solely upon the information provided to us by the Master
                  Servicer, the information set forth in the reports referenced
                  in (i) above does not contain any untrue statement of material
                  fact; and

         (iii)    Based on my knowledge, the distribution information required
                  to be provided by the Trustee under the Trust Agreement is
                  included in these reports.

Date:

                                             U.S. BANK NATIONAL ASSOCIATION,
                                                as Trustee

                                             By:    ___________________________
                                             Name:  ___________________________
                                             Title: ___________________________

                                      M-1
<PAGE>

                                    EXHIBIT N

                                   [RESERVED]

                                      N-1
<PAGE>

                                    EXHIBIT O

                                   [RESERVED]

                                      O-1
<PAGE>

                                    EXHIBIT P

                                   [RESERVED]

                                      P-1
<PAGE>

                                   SCHEDULE A

                             MORTGAGE LOAN SCHEDULE

                             [Intentionally Omitted]<PAGE>
                                                                    Exhibit: 4.1

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
                                    Depositor

                          WILSHIRE CREDIT CORPORATION,
                                    Servicer

                                       and

                             WELLS FARGO BANK, N.A.
                                     Trustee

                                   ----------

                         POOLING AND SERVICING AGREEMENT
                           Dated as of August 1, 2005

                                   ----------

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST,
            MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2005-FM1
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE I  DEFINITIONS...................................................      1

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES..     45

   SECTION 2.01.  Conveyance of Mortgage Loans...........................     45
   SECTION 2.02.  Acceptance by the Trustee of the Mortgage Loans........     47
   SECTION 2.03.  Representations, Warranties and Covenants of the
                  Depositor..............................................     48
   SECTION 2.04.  Representations and Warranties of the Servicer.........     52
   SECTION 2.05.  Substitutions and Repurchases of Mortgage Loans which
                  are not "Qualified Mortgages"..........................     53
   SECTION 2.06.  Authentication and Delivery of Certificates............     54
   SECTION 2.07.  REMIC Elections........................................     54
   SECTION 2.08.  [RESERVED].............................................     57
   SECTION 2.09.  Covenants of the Servicer..............................     57
   SECTION 2.10.  [RESERVED].............................................     57
   SECTION 2.11.  Permitted Activities of the Trust......................     57
   SECTION 2.12.  Qualifying Special Purpose Entity......................     57

ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...............     57

   SECTION 3.01.  Servicer to Service Mortgage Loans.....................     58
   SECTION 3.02.  Servicing and Subservicing; Enforcement of the
                  Obligations of Servicer................................     59
   SECTION 3.03.  Rights of the Depositor and the Trustee in Respect of
                  the Servicer...........................................     60
   SECTION 3.04.  Trustee to Act as Servicer.............................     60
   SECTION 3.05.  Collection of Mortgage Loan Payments; Collection
                  Account; Certificate Account...........................     61
   SECTION 3.06.  Collection of Taxes, Assessments and Similar Items;
                  Escrow Accounts........................................     64
   SECTION 3.07.  Access to Certain Documentation and Information
                  Regarding the Mortgage Loans...........................     64
   SECTION 3.08.  Permitted Withdrawals from the Collection Account and
                  Certificate Account....................................     65
   SECTION 3.09.  [RESERVED].............................................     67
</TABLE>

                                       -i-
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 3.10.  Maintenance of Hazard Insurance........................     67
   SECTION 3.11.  Enforcement of Due-On-Sale Clauses; Assumption
                  Agreements.............................................     68
   SECTION 3.12.  Realization Upon Defaulted Mortgage Loans;
                  Determination of Excess Proceeds; Special Loss
                  Mitigation.............................................     68
   SECTION 3.13.  Trustee to Cooperate; Release of Mortgage Files........     71
   SECTION 3.14.  Documents, Records and Funds in Possession of
                  Servicer to be Held for the Trustee....................     72
   SECTION 3.15.  Servicing Compensation.................................     73
   SECTION 3.16.  Access to Certain Documentation........................     73
   SECTION 3.17.  Annual Statement as to Compliance......................     73
   SECTION 3.18.  Annual Independent Public Accountants' Servicing
                  Statement; Financial Statements........................     74
   SECTION 3.19.  Reserved...............................................     74
   SECTION 3.20.  Periodic Filings.......................................     74
   SECTION 3.21.  Annual Certificate by Trustee..........................     75
   SECTION 3.22.  Annual Certificate by Servicer.........................     75
   SECTION 3.23.  Prepayment Charge Reporting Requirements...............     76
   SECTION 3.24.  Information to the Trustee.............................     76
   SECTION 3.25.  Indemnification........................................     76
   SECTION 3.26.  Nonsolicitation........................................     77
   SECTION 3.27.  High Cost Mortgage Loans...............................     77
   SECTION 3.28.  MI Policies; Claims under the MI Policies..............     77

ARTICLE IV DISTRIBUTIONS.................................................     77

   SECTION 4.01.  Advances...............................................     77
   SECTION 4.02.  Reduction of Servicing Compensation in Connection
                  with Prepayment Interest Shortfalls....................     78
   SECTION 4.03.  Distributions on the REMIC Interests...................     79
   SECTION 4.04.  Distributions..........................................     79
   SECTION 4.05.  Monthly Statements to Certificateholders...............     85

ARTICLE V THE CERTIFICATES...............................................     88

   Section 5.01.  The Certificates.......................................     88
</TABLE>

                                      -ii-
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 5.02.  Certificate Register; Registration of Transfer and
                  Exchange of Certificates...............................     89
   SECTION 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates......     93
   SECTION 5.04.  Persons Deemed Owners..................................     93
   SECTION 5.05.  Access to List of Certificateholders' Names and
                  Addresses..............................................     93
   SECTION 5.06.  Book-Entry Certificates................................     93
   SECTION 5.07.  Notices to Depository..................................     94
   SECTION 5.08.  Definitive Certificates................................     94
   SECTION 5.09.  Maintenance of Office or Agency........................     95

ARTICLE VI THE DEPOSITOR AND THE SERVICER................................     95

   SECTION 6.01.  Respective Liabilities of the Depositor and the
                  Servicer...............................................     95
   SECTION 6.02.  Merger or Consolidation of the Depositor and the
                  Servicer...............................................     95
   SECTION 6.03.  Limitation on Liability of the Depositor, the
                  Servicer and Others....................................     96
   SECTION 6.04.  Limitation on Resignation of Servicer..................     96
   SECTION 6.05.  Errors and Omissions Insurance; Fidelity Bonds.........     97

ARTICLE VII DEFAULT; TERMINATION OF SERVICER.............................     97

   SECTION 7.01.  Events of Default......................................     97
   SECTION 7.02.  Trustee to Act; Appointment of Successor...............     98
   SECTION 7.03.  Notification to Certificateholders.....................     99

ARTICLE VIII CONCERNING The Trustee......................................     99

   SECTION 8.01.  Duties of the Trustee..................................     99
   SECTION 8.02.  Certain Matters Affecting the Trustee..................    100
   SECTION 8.03.  Trustee Not Liable for Certificates or Mortgage Loans..    102
   SECTION 8.04.  Trustee May Own Certificates...........................    102
   SECTION 8.05.  Trustee's Fees and Expenses............................    102
   SECTION 8.06.  Indemnification and Expenses of Trustee................    102
   SECTION 8.07.  Eligibility Requirements for Trustee...................    103
   SECTION 8.08.  Resignation and Removal of Trustee.....................    104
   SECTION 8.09.  Successor Trustee......................................    104
   SECTION 8.10.  Merger or Consolidation of Trustee.....................    105
</TABLE>

                                      -iii-
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 8.11.  Appointment of Co-Trustee or Separate Trustee..........    105
   SECTION 8.12.  Tax Matters............................................    106

ARTICLE IX TERMINATION...................................................    108

   SECTION 9.01.  Termination upon Liquidation or Repurchase of all
                  Mortgage Loans.........................................    108
   SECTION 9.02.  Final Distribution on the Certificates.................    109
   SECTION 9.03.  Additional Termination Requirements....................    110

ARTICLE X MISCELLANEOUS PROVISIONS.......................................    112

   SECTION 10.01. Amendment..............................................    112
   SECTION 10.02. Counterparts...........................................    113
   SECTION 10.03. Governing Law..........................................    113
   SECTION 10.04. Intention of Parties...................................    113
   SECTION 10.05. Notices................................................    114
   SECTION 10.06. Severability of Provisions.............................    115
   SECTION 10.07. Assignment.............................................    115
   SECTION 10.08. Limitation on Rights of Certificateholders.............    116
   SECTION 10.09. Inspection and Audit Rights............................    117
   SECTION 10.10. Certificates Nonassessable and Fully Paid..............    117
   SECTION 10.11. Third Party Rights.....................................    117
</TABLE>

                                      -iv-
<PAGE>
<TABLE>
<S>           <C>
EXHIBIT A     FORMS OF CERTIFICATES
EXHIBIT B-1   MORTGAGE LOAN SCHEDULE -MORTGAGE POOL
EXHIBIT B-2   MORTGAGE LOAN SCHEDULE - GROUP ONE MORTGAGE LOANS
EXHIBIT B-3   MORTGAGE LOAN SCHEDULE - GROUP TWO MORTGAGE LOANS
EXHIBIT B-4   MORTGAGE LOAN SCHEDULE - M1 MORTGAGE LOANS
EXHIBIT C     [RESERVED]
EXHIBIT D     FORM OF CUSTODIAN CERTIFICATION
EXHIBIT E-1   FORM OF TRANSFEREE'S LETTER AND AFFIDAVIT
EXHIBIT E-2   FORM OF TRANSFEROR'S AFFIDAVIT
EXHIBIT F     FORM OF TRANSFEROR CERTIFICATE
EXHIBIT G     FORM OF INVESTMENT LETTER (ACCREDITED INVESTOR)
EXHIBIT H     FORM OF RULE 144A LETTER (QUALIFIED INSTITUTIONAL BUYER)
EXHIBIT I     FORM OF REQUEST FOR RELEASE
EXHIBIT J     [RESERVED]
EXHIBIT K     FORM OF OFFICER'S CERTIFICATE OF TRUSTEE
EXHIBIT L     FORM OF OFFICER'S CERTIFICATE OF SERVICER
EXHIBIT M-1   FORM OF DELINQUENCY REPORT
EXHIBIT M-2   FORM OF MONTHLY REMITTANCE ADVICE
EXHIBIT N     FORM OF CAP CONTRACT
EXHIBIT O     ONE-MONTH LIBOR CAP TABLE - CAP CONTRACT
</TABLE>
<PAGE>
          POOLING AND SERVICING AGREEMENT (the "Agreement"), dated as of August
1, 2005, among MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware corporation,
as depositor (the "Depositor"), WILSHIRE CREDIT CORPORATION, a Nevada
corporation, as servicer (the "Servicer") and WELLS FARGO BANK, N.A, a national
banking association, as trustee (the "Trustee").

          The Depositor is the owner of the Trust Fund that is hereby conveyed
to the Trustee in return for the Certificates. The Trust Fund for federal income
tax purposes will consist of (i) two real estate mortgage investment conduits,
(ii) the right to receive payments distributable to the Class P Certificates
pursuant to Section 4.04(b)(i) hereof, (iii) the Cap Contract and the Cap
Contract Account and (iv) the grantor trusts described in Section 2.07 hereof.
The Lower Tier REMIC will consist of all of the assets constituting the Trust
Fund (other than the assets described in clauses (ii), (iii) and (iv) above and
the Lower Tier REMIC Regular Interests) and will be evidenced by the Lower Tier
REMIC Regular Interests (which will be uncertificated and will represent the
"regular interests" in the Lower Tier REMIC) and the Class LTR Interest as the
single "residual interest" in the Lower Tier REMIC. The Trustee will hold the
Lower Tier REMIC Regular Interests. The Upper Tier REMIC will consist of the
Lower Tier REMIC Regular Interests and will be evidenced by the REMIC Regular
Interests (which will represent the "regular interests" in the Upper Tier REMIC)
and the Residual Interest as the single "residual interest" in the Upper Tier
REMIC. The Class R Certificate will represent beneficial ownership of the Class
LTR Interest and the Residual Interest. The "latest possible maturity date" for
federal income tax purposes of all interests created hereby will be the Latest
Possible Maturity Date.

          All covenants and agreements made by the Transferor in the Transfer
Agreement, by the Seller in the Sale Agreement and by the Depositor and the
Trustee herein with respect to the Mortgage Loans and the other property
constituting the Trust Fund are for the benefit of the Holders from time to time
of the Certificates.

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

                                    ARTICLE I

                                   DEFINITIONS

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

     Accepted Servicing Practices: The Servicer's normal servicing practices,
which will conform to the mortgage servicing practices of prudent mortgage
lending institutions which service for their own account mortgage loans of the
same type as the Mortgage Loans in the jurisdictions in which the related
Mortgaged Properties are located.

     Accrual Period: With respect to each Class of Certificates and the Lower
Tier REMIC Interests and any Distribution Date, the period commencing on the
immediately preceding Distribution Date (or, in the case of the first
Distribution Date, the Closing Date) and ending on the day immediately preceding
such Distribution Date. All calculations of interest on each Class of
Certificates and the Lower Tier REMIC Interests will be made on the basis of the
actual number of days elapsed in the related Accrual Period and a 360 day year.
<PAGE>
     Adjustable Rate Mortgage Loan: A Mortgage Loan identified in the Mortgage
Loan Schedule as having a Mortgage Rate that is adjustable.

     Adjustment Date: As to each Adjustable Rate Mortgage Loan, each date on
which the related Mortgage Rate is subject to adjustment, as provided in the
related Mortgage Note.

     Advance: The aggregate of the advances required to be made by the Servicer
with respect to any Distribution Date pursuant to Section 4.01, the amount of
any such advances being equal to the sum of the aggregate of payments of
principal and interest (net of the Servicing Fee Rate) on the Mortgage Loans
that were due during the applicable Due Period and not received as of the close
of business on the related Determination Date, less the aggregate amount of any
such Delinquent payments that the Servicer has determined would constitute a
Non-Recoverable Advance were an advance to be made with respect thereto;
provided, however, that with respect to any Mortgage Loan that is 150 days
delinquent or more (whether or not the Mortgage Loan has been converted to an
REO Property), there will be no obligation to make advances and, provided
further, however, that with respect to any Mortgage Loan that has been converted
to an REO Property which is less than 150 days delinquent, the obligation to
make Advances shall be limited to payments of interest.

     Advance Facility: A financing or other facility as described in Section
10.07(a).

     Advancing Person: The Person to whom the Servicer's rights under this
Agreement to be reimbursed for any Advances or Servicing Advances have been
assigned pursuant to Section 10.07.

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

     Aggregate Certificate Principal Balance: For any date of determination, the
sum of the Class A-1A Certificate Principal Balance, the Class A-1B Certificate
Principal Balance, the Class A-2A Certificate Principal Balance, the Class A-2B
Certificate Principal Balance, the Class A-2C Certificate Principal Balance, the
Class A-2D Certificate Principal Balance, the Class R Certificate Principal
Balance, the Class M-1 Certificate Principal Balance, the Class M-2 Certificate
Principal Balance, the Class M-3 Certificate Principal Balance, the Class M-4
Certificate Principal Balance, the Class M-5 Certificate Principal Balance, the
Class M-6 Certificate Principal Balance, the Class B-1 Certificate Principal
Balance, the Class B-2 Certificate Principal Balance, and the Class B-3
Certificate Principal Balance, in each case as of such date of determination.

     Agreement: This Pooling and Servicing Agreement and any and all amendments
or supplements hereto made in accordance with the terms herein.

     Applied Realized Loss Amount: With respect to any Distribution Date, the
amount, if any, by which, the sum of (i) the Aggregate Certificate Principal
Balance and (ii) the Class C Certificate Principal Balance after distributions
of principal on such Distribution Date exceeds the aggregate Stated Principal
Balance of the Mortgage Loans as of such Distribution Date.

     Appraised Value: With respect to a Mortgage Loan the proceeds of which were
used to purchase the related Mortgaged Property, the "Appraised Value" of a
Mortgaged Property is the lesser of (1) the appraised value based on an
appraisal made for the Seller by an independent fee appraiser at the time of the
origination of the related Mortgage Loan, and (2) the sales price of such
Mortgaged Property at such time of origination. With respect to a Mortgage Loan
the proceeds of which were used to refinance an

                                       -2-
<PAGE>
existing mortgage loan, the "Appraised Value" is the appraised value of the
Mortgaged Property based upon the appraisal obtained at the time of refinancing.

     Assignment of Mortgage: An assignment of the Mortgage, notice of transfer
or equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction where the related Mortgaged Property is located to reflect of
record the sale and assignment of the Mortgage Loan to the Trustee, which
assignment, notice of transfer or equivalent instrument may, if permitted by
law, be in the form of one or more blanket assignments covering Mortgages
secured by Mortgaged Properties located in the same county.

     Auction: The one-time auction conducted by the Trustee, as described in
Section 9.01(b) hereof.

     Auction Date: The date on which the Auction occurs.

     Available Funds Cap: With respect to any Distribution Date, the per annum
rate equal to 12 times the quotient of (x) the total scheduled interest on the
Mortgage Loans based on the Net Mortgage Rates in effect on the related Due
Date, divided by (y) the aggregate principal balance of the Class A, Class M and
Class B Certificates immediately prior to such Distribution Date multiplied by
30 and divided by the actual number of days in the related Accrual Period.

     Balloon Loan: A Mortgage Loan having an original term to stated maturity of
approximately 15 years and that provides for level monthly payments of principal
and interest generally based on a 30-year amortization schedule, with a balloon
payment of the remaining outstanding principal balance due on such Mortgage Loan
at its stated maturity.

     Book-Entry Certificates: Any of the Certificates that shall be registered
in the name of the Depository or its nominee, the ownership of which is
reflected on the books of the Depository or on the books of a Person maintaining
an account with the Depository (directly, as a "Depository Participant", or
indirectly, as an indirect participant in accordance with the rules of the
Depository and as described in Section 5.06). As of the Closing Date, each of
the Class A, Class M and Class B Certificates constitutes a Class of Book-Entry
Certificates.

     Book-Entry Regulation S Global Securities: As defined in Section 5.01.

     Bring Down Letter: That certain letter agreement, dated as of August 31,
2005 between Fremont and the Seller.

     Business Day: Any day other than (1) a Saturday or a Sunday, or (2) a day
on which banking institutions in the State of California, State of Maryland,
State of Minnesota, State of Oregon and in the City of New York, New York are
authorized or obligated by law or executive order to be closed.

     Cap Contract: An amended confirmation and agreement between the Trustee, on
behalf of the Trust, and the Cap Contract Counterparty.

     Cap Contract Account: The separate Eligible Account created and maintained
by the Trustee pursuant to Section 4.04(k) in the name of the Trustee for the
benefit of the Trust Fund and designated "Wells Fargo Bank, N.A., as Trustee, in
trust for registered holders of Merrill Lynch Mortgage Investors Trust, Mortgage
Loan Asset-Backed Certificates, Series 2005-FM1." Funds in the Cap Contract
Account shall be held in trust for the Trust Fund for the uses and purposes set
forth in this Agreement.

     Cap Contract Counterparty: Bear Stearns Financial Products Inc.

                                      -3-
<PAGE>
     Cap Contract Notional Balance: As of any Distribution Date, the lesser of
(x) the Notional Balance of the Cap Contract for such Distribution Date forth in
the table in Exhibit O and (y) the outstanding Certificate Principal Balance of
the Class A, Class M and Class B Certificates.

     Cap Contract Termination Date: The Distribution Date in March 2012.

     Certificate: Any one of the certificates of any Class executed by the
Trustee and authenticated by the Trustee in substantially the forms attached
hereto as Exhibit A.

     Certificate Account: The separate Eligible Account created and maintained
by the Trustee pursuant to Section 3.05(f) in the name of the Trustee for the
benefit of the Certificateholders and designated "Wells Fargo Bank, N.A., as
Trustee, in trust for registered holders of Merrill Lynch Mortgage Investors
Trust, Mortgage Loan Asset-Backed Certificates, Series 2005-FM1." Funds in the
Certificate Account shall be held in trust for the Certificateholders for the
uses and purposes set forth in this Agreement.

     Certificate Group: Either of Certificate Group One or Certificate Group
Two.

     Certificate Group One: The Class A-1A, Class A-1B and Class R Certificates.
For purposes of Section 2.07 hereof, Certificate Group One shall be related to
Group One.

     Certificate Group Two: The Class A-2A, Class A-2B, Class A-2C and Class
A-2D Certificates. For purposes of Section 2.07 hereof, Certificate Group Two
shall be related to Group Two.

     Certificate Owner: With respect to a Book-Entry Certificate, the Person
that is the beneficial owner of such Book-Entry Certificate.

     Certificate Principal Balance: As to any Certificate and as of any
Distribution Date, the Initial Certificate Principal Balance of such Certificate
less the sum of (1) all amounts distributed with respect to such Certificate in
reduction of the Certificate Principal Balance thereof on previous Distribution
Dates pursuant to Section 4.04, and (2) any Applied Realized Loss Amounts
allocated to such Certificate on previous Distribution Dates pursuant to Section
4.04(i). On each Distribution Date, after all distributions of principal on such
Distribution Date, a portion of the Class C Interest Carry Forward Amount in an
amount equal to the excess of the Overcollateralization Amount on such
Distribution Date over the Overcollateralization Amount as of the preceding
Distribution Date (or, in the case of the first Distribution Date, the initial
Overcollateralization Amount (based on the Stated Principal Balance of the
Mortgage Loans as of the Cut-Off Date)) will be added to the aggregate
Certificate Principal Balance of the Class C Certificates (on a pro rata basis).
Notwithstanding the foregoing on any Distribution Date relating to a Due Period
in which a Subsequent Recovery has been received by the Servicer, the
Certificate Principal Balance of any Class of Certificates then outstanding for
which any Applied Realized Loss Amount has been allocated will be increased, in
order of seniority, by an amount equal to the lesser of (i) the Unpaid Realized
Loss Amount for such Class of Certificates and (ii) the total of any Subsequent
Recovery distributed on such date to the Certificateholders (reduced by the
amount of the increase in the Certificate Principal Balance of any more senior
Class of Certificates pursuant to this sentence on such Distribution Date).

     Certificate Register: The register maintained pursuant to Section 5.02
hereof.

     Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register (initially, Cede & Co., as nominee for
the Depository) in the case of any Class of Regular Certificates or the Class R
Certificate, except that solely for the purpose of giving any consent pursuant
to this Agreement, any Certificate registered in the name of the Depositor or
any Affiliate of the

                                      -4-
<PAGE>
Depositor shall be deemed not to be Outstanding and the Percentage Interest
evidenced thereby shall not be taken into account in determining whether the
requisite amount of Percentage Interests necessary to effect such consent has
been obtained; provided, however, that if any such Person (including the
Depositor) owns 100% of the Percentage Interests evidenced by a Class of
Certificates, such Certificates shall be deemed to be Outstanding for purposes
of any provision hereof that requires the consent of the Holders of Certificates
of a particular Class as a condition to the taking of any action hereunder. The
Trustee is entitled to rely conclusively on a certification of the Depositor or
any Affiliate of the Depositor in determining which Certificates are registered
in the name of an Affiliate of the Depositor.

     Class: All Certificates bearing the same Class designation as set forth in
Section 5.01 hereof.

     Class A Certificate Principal Balance: For any date of determination, the
sum of the Class A-1A Certificate Principal Balance, the Class A-1B Certificate
Principal Balance, the Class R Certificate Principal Balance, the Class A-2A
Certificate Principal Balance, the Class A-2B Certificate Principal Balance, the
Class A-2C Certificate Principal Balance and the Class A-2D Certificate
Principal Balance.

     Class A Certificates: Any of the Class A-1A Certificates, the Class A-1B
Certificates, the Class A-2A Certificates, the Class A-2B Certificates, the
Class A-2C Certificates, the Class A-2D Certificates and the Class R
Certificates

     Class A Principal Distribution Amount: With respect to any Distribution
Date (1) prior to the Stepdown Date or any Distribution Date on which a Stepdown
Trigger Event exists, 100% of the Principal Distribution Amount for such
Distribution Date and (2) on or after the Stepdown Date where a Stepdown Trigger
Event does not exist, the excess of (A) the Class A Certificate Principal
Balance immediately prior to such Distribution Date over (B) the lesser of (i)
62.30% of the Stated Principal Balance of the Mortgage Loans as of the end of
the immediately preceding Due Period and (ii) the excess of the Stated Principal
Balance of the Mortgage Loans as of the end of the immediately preceding Due
Period over the Minimum Required Overcollateralization Amount provided, however,
that in no event will the Class A Principal Distribution Amount with respect to
any Distribution Date exceed the aggregate Certificate Principal Balance of the
Class A Certificates.

     Class A-1 Trigger Event: The situation that exists with respect to any
Distribution Date (a) during the period from the Closing Date through the
Distribution Date in August 2008, if the aggregate amount of Realized Losses
incurred from the Cut-off Date through the last day of the related Due Period
(after giving effect to scheduled payments received or advanced on or before the
related Determination Date and Principal Prepayments received during the related
Prepayment Period) divided by the sum of the aggregate Stated Principal Balance
of the Mortgage Loans as of the Cut-off Date exceeds 2.25%, or (b) on any
Distribution Date on or after September 2008, if a Stepdown Trigger Event is in
effect.

     Class A-1A Certificate: Any Certificate designated as a "Class A-1A
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class A-1A Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-1A Certificates.

     Class A-1A Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-1A Pass-Through Rate on
the Class A-1A Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or a Class A-1A Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class A-1A Certificates.

                                      -5-
<PAGE>
     Class A-1A Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-1A Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-1A Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-1A Pass-Through Rate for the related Accrual Period.

     Class A-1A Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.270% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.540% per annum.

     Class A-1A Pass-Through Rate: For the first Distribution Date, 3.940% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-1A Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class A-1B Certificate: Any Certificate designated as a "Class A-1B
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class A-1B Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-1B Certificates.

     Class A-1B Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-1B Pass-Through Rate on
the Class A-1B Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or a Class A-1B Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class A-1B Certificates.

     Class A-1B Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-1B Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-1B Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-1B Pass-Through Rate for the related Accrual Period.

     Class A-1B Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.320% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.640% per annum.

     Class A-1B Pass-Through Rate: For the first Distribution Date, 3.990% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-1B Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class A-2 Certificates: Each of the Class A-2A Certificates, the Class A-2B
Certificates, the Class A-2C Certificates and the Class A-2D Certificates.

     Class A-2A Certificate: Any Certificate designated as a "Class A-2A
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class A-2A Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-2A Certificates.

     Class A-2A Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2A Pass-Through Rate on
the Class A-2A Certificate Principal Balance as

                                      -6-
<PAGE>
of such Distribution Date plus the portion of any previous distributions on such
Class in respect of Current Interest or a Class A-2A Interest Carry Forward
Amount that is recovered as a voidable preference by a trustee in bankruptcy,
less any Non-Supported Interest Shortfall allocated on such Distribution Date to
the Class A-2A Certificates.

     Class A-2A Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-2A Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-2A Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-2A Pass-Through Rate for the related Accrual Period.

     Class A-2A Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.120% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.240% per annum.

     Class A-2A Pass-Through Rate: For the first Distribution Date, 3.790% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-2A Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class A-2B Certificate: Any Certificate designated as a "Class A-2B
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class A-2B Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-2B Certificates.

     Class A-2B Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2B Pass-Through Rate on
the Class A-2B Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or a Class A-2B Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class A-2B Certificates.

     Class A-2B Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-2B Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-2B Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-2B Pass-Through Rate for the related Accrual Period.

     Class A-2B Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.180% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.360% per annum.

     Class A-2B Pass-Through Rate: For the first Distribution Date, 3.850% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-2B Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class A-2C Certificate: Any Certificate designated as a "Class A-2C
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class A-2C Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-2C Certificates.

                                      -7-
<PAGE>
     Class A-2C Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2C Pass-Through Rate on
the Class A-2C Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or a Class A-2C Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class A-2C Certificates.

     Class A-2C Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-2C Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-2C Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-2C Pass-Through Rate for the related Accrual Period.

     Class A-2C Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.250% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.500% per annum.

     Class A-2C Pass-Through Rate: For the first Distribution Date, 3.920% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-2C Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class A-2D Certificate: Any Certificate designated as a "Class A-2D
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class A-2D Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-2D Certificates.

     Class A-2D Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2D Pass-Through Rate on
the Class A-2D Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or a Class A-2D Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class A-2D Certificates.

     Class A-2D Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-2D Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-2D Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-2D Pass-Through Rate for the related Accrual Period.

     Class A-2D Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.380% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.760% per annum.

     Class A-2D Pass-Through Rate: For the first Distribution Date, 4.050% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-2D Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class B Certificates: Any of the Class B-1, Class B-2 or Class B-3
Certificates.

                                      -8-
<PAGE>
     Class B-1 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that
have been applied to the reduction of the Certificate Principal Balance of the
Class B-1 Certificates.

     Class B-1 Certificate: Any Certificate designated as a "Class B-1
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class B-1 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class B-1 Certificates.

     Class B-1 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class B-1 Pass-Through Rate on
the Class B-1 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or a Class B-1 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class B-1 Certificates.

     Class B-1 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class B-1 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
B-1 Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class B-1 Pass-Through Rate for the related Accrual Period.

     Class B-1 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 1.800% per annum and, as of any
Distribution Date after the Optional Termination Date, 2.700% per annum.

     Class B-1 Pass-Through Rate: For the first Distribution Date, 5.470% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-1 Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class B-1 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, the
Class M-1 Certificate Principal Balance, the Class M-2 Certificate Principal
Balance, the Class M-3 Certificate Principal Balance, the Class M-4 Certificate
Principal Balance, the Class M-5 Certificate Principal Balance and the Class M-6
Certificate Principal Balance have been reduced to zero and a Stepdown Trigger
Event exists, or as long as a Stepdown Trigger Event does not exist, the excess
of (1) the sum of (A) the Class A Certificate Principal Balance (after taking
into account distributions of the Class A Principal Distribution Amount on such
Distribution Date), (B) the Class M-1 Certificate Principal Balance (after
taking into account distributions of the Class M-1 Principal Distribution Amount
on such Distribution Date), (C) the Class M-2 Certificate Principal Balance
(after taking into account distributions of the Class M-2 Principal Distribution
Amount on such Distribution Date), (D) the Class M-3 Certificate Principal
Balance (after taking into account distributions of the Class M-3 Principal
Distribution Amount on such Distribution Date), (E) the Class M-4 Certificate
Principal Balance (after taking into account distributions of the Class M-4
Principal Distribution Amount on such Distribution Date), (F) the Class M-5
Certificate Principal Balance (after taking into account distributions of the
Class M-5 Principal Distribution Amount on such Distribution Date), (G) the
Class M-6 Certificate Principal Balance (after taking into account distributions
of the Class M-6 Principal Distribution Amount on such Distribution Date) and
(H) the Class B-1 Certificate Principal Balance immediately prior to such
Distribution Date over (2) the lesser of (A) 95.00% of the Stated Principal
Balance of the Mortgage Loans as of the end of the immediately preceding Due
Period and (B) the excess of the Stated Principal Balance of the Mortgage Loans
as of the end of the immediately preceding Due Period over the Minimum

                                      -9-
<PAGE>
Required Overcollateralization Amount. Notwithstanding the foregoing, (I) on any
Distribution Date prior to the Stepdown Date on which the Certificate Principal
Balance of each Class of Class A Certificates and Class M Certificates has been
reduced to zero, the Class B-1 Principal Distribution Amount will equal the
lesser of (x) the outstanding Certificate Principal Balance of the Class B-1
Certificates and (y) 100% of the Principal Distribution Amount remaining after
any distributions on such Class A and Class M Certificates and (II) in no event
will the Class B-1 Principal Distribution Amount with respect to any
Distribution Date exceed the Class B-1 Certificate Principal Balance.

     Class B-1 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class B-1 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class B-1 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class B-1 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class B-2 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that
have been applied to the reduction of the Certificate Principal Balance of the
Class B-2 Certificates.

     Class B-2 Certificate: Any Certificate designated as a "Class B-2
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class B-2 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class B-2 Certificates.

     Class B-2 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class B-2 Pass-Through Rate on
the Class B-2 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or a Class B-2 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class B-2 Certificates.

     Class B-2 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class B-2 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
B-2 Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class B-2 Pass-Through Rate for the related Accrual Period.

     Class B-2 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 2.000% per annum and, as of any
Distribution Date after the Optional Termination Date, 3.000% per annum.

     Class B-2 Pass-Through Rate: For the first Distribution Date, 5.670% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-2 Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class B-2 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, the
Class M-1 Certificate Principal Balance, the Class M-2 Certificate Principal
Balance, the Class M-3 Certificate Principal Balance, the Class M-4 Certificate
Principal Balance, the Class M-5 Certificate Principal Balance, the Class M-6
Certificate Principal Balance and the Class B-1 Certificate Principal Balance
have been reduced to zero and a Stepdown Trigger Event exists, or as long as a
Stepdown Trigger Event does not exist, the excess of (1) the sum of (A) the
Class A

                                      -10-
<PAGE>
Certificate Principal Balance (after taking into account distributions of the
Class A Principal Distribution Amount on such Distribution Date), (B) the Class
M-1 Certificate Principal Balance (after taking into account distributions of
the Class M-1 Principal Distribution Amount on such Distribution Date), (C) the
Class M-2 Certificate Principal Balance (after taking into account distributions
of the Class M-2 Principal Distribution Amount on such Distribution Date), (D)
the Class M-3 Certificate Principal Balance (after taking into account
distributions of the Class M-3 Principal Distribution Amount on such
Distribution Date), (E) the Class M-4 Certificate Principal Balance (after
taking into account distributions of the Class M-4 Principal Distribution Amount
on such Distribution Date), (F) the Class M-5 Certificate Principal Balance
(after taking into account distributions of the Class M-5 Principal Distribution
Amount on such Distribution Date), (G) the Class M-6 Certificate Principal
Balance (after taking into account distributions of the Class M-6 Principal
Distribution Amount on such Distribution Date), (H) the Class B-1 Certificate
Principal Balance (after taking into account distributions of the Class B-1
Principal Distribution Amount on such Distribution Date) and (I) the Class B-2
Certificate Principal Balance immediately prior to such Distribution Date over
(2) the lesser of (A) 96.00% of the Stated Principal Balance of the Mortgage
Loans as of the end of the immediately preceding Due Period and (B) the excess
of the Stated Principal Balance of the Mortgage Loans as of the end of the
immediately preceding Due Period over the Minimum Required Overcollateralization
Amount. Notwithstanding the foregoing, (I) on any Distribution Date prior to the
Stepdown Date on which the Certificate Principal Balance of each Class of Class
A, Class M and Class B-1 Certificates has been reduced to zero, the Class B-2
Principal Distribution Amount will equal the lesser of (x) the outstanding
Certificate Principal Balance of the Class B-2 Certificates and (y) 100% of the
Principal Distribution Amount remaining after any distributions on such Class A,
Class M and Class B-1 Certificates and (II) in no event will the Class B-2
Principal Distribution Amount with respect to any Distribution Date exceed the
Class B-2 Certificate Principal Balance.

     Class B-2 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class B-2 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class B-2 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class B-2 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class B-3 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that
have been applied to the reduction of the Certificate Principal Balance of the
Class B-3 Certificates.

     Class B-3 Certificate: Any Certificate designated as a "Class B-3
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class B-3 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class B-3 Certificates.

     Class B-3 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class B-3 Pass-Through Rate on
the Class B-3 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or a Class B-3 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class B-3 Certificates.

     Class B-3 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class B-3 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
B-3 Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class B-3 Pass-Through Rate for the related Accrual Period.

                                      -11-
<PAGE>
     Class B-3 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 2.000% per annum and, as of any
Distribution Date after the Optional Termination Date, 3.000% per annum.

     Class B-3 Pass-Through Rate: For the first Distribution Date, 5.670% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-3 Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class B-3 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, the
Class M-1 Certificate Principal Balance, the Class M-2 Certificate Principal
Balance, the Class M-3 Certificate Principal Balance, the Class M-4 Certificate
Principal Balance, the Class M-5 Certificate Principal Balance, the Class M-6
Certificate Principal Balance, the Class B-1 Certificate Principal Balance and
the Class B-2 Certificate Principal Balance have been reduced to zero and a
Stepdown Trigger Event exists, or as long as a Stepdown Trigger Event does not
exist, the excess of (1) the sum of (A) the Class A Certificate Principal
Balance (after taking into account distributions of the Class A Principal
Distribution Amount on such Distribution Date), (B) the Class M-1 Certificate
Principal Balance (after taking into account distributions of the Class M-1
Principal Distribution Amount on such Distribution Date), (C) the Class M-2
Certificate Principal Balance (after taking into account distributions of the
Class M-2 Principal Distribution Amount on such Distribution Date), (D) the
Class M-3 Certificate Principal Balance (after taking into account distributions
of the Class M-3 Principal Distribution Amount on such Distribution Date), (E)
the Class M-4 Certificate Principal Balance (after taking into account
distributions of the Class M-4 Principal Distribution Amount on such
Distribution Date), (F) the Class M-5 Certificate Principal Balance (after
taking into account distributions of the Class M-5 Principal Distribution Amount
on such Distribution Date), (G) the Class M-6 Certificate Principal Balance
(after taking into account distributions of the Class M-6 Principal Distribution
Amount on such Distribution Date) and (H) the Class B-1 Certificate Principal
Balance (after taking into account distributions of the Class B-1 Principal
Distribution Amount on such Distribution Date), (G) the Class B-2 Certificate
Principal Balance (after taking into account distributions of the Class B-2
Principal Distribution Amount on such Distribution Date) and (H) the Class B-3
Certificate Principal Balance (after taking into account distributions of the
Class B-3 Principal Distribution Amount on such Distribution Date) over (2) the
lesser of (A) 99.00% of the Stated Principal Balance of the Mortgage Loans as of
the end of the immediately preceding Due Period and (B) the excess of the Stated
Principal Balance of the Mortgage Loans as of the end of the immediately
preceding Due Period over the Minimum Required Overcollateralization Amount.
Notwithstanding the foregoing, (I) on any Distribution Date prior to the
Stepdown Date on which the Certificate Principal Balance of each Class of Class
A, Class M, Class B-1 and Class B-2 Certificates has been reduced to zero, the
Class B-3 Principal Distribution Amount will equal the lesser of (x) the
outstanding Certificate Principal Balance of the Class B-3 Certificates and (y)
100% of the Principal Distribution Amount remaining after any distributions on
such Class A, Class M, Class B-1 and Class B-2 Certificates and (II) in no event
will the Class B-3 Principal Distribution Amount with respect to any
Distribution Date exceed the Class B-3 Certificate Principal Balance.

     Class B-3 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class B-3 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class B-3 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class B-3 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class C Applied Realized Loss Amount: As of any Distribution Date, the sum
of all Applied Realized Loss Amounts with respect to the Mortgage Loans which
have been applied to the reduction of the Certificate Principal Balance of the
Class C Certificates.

                                      -12-
<PAGE>
     Class C Certificate: Any Certificate designated as a "Class C Certificate"
on the face thereof, in the form of Exhibit A hereto, representing the right to
distributions as set forth herein.

     Class C Certificate Principal Balance: As of any date of determination, the
aggregate Certificate Principal Balance of the Class C Certificates.

     Class C Current Interest: As of any Distribution Date, the interest accrued
during the related Accrual Period at the Class C Distributable Interest Rate on
a notional amount equal to the aggregate principal balance of the Lower Tier
REMIC Regular Interests immediately prior to such Distribution Date, plus the
interest portion of any previous distributions on such Class that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class C
Certificates.

     Class C Distributable Interest Rate: The excess, if any, of (a) the
weighted average of the interest rates on the Lower Tier REMIC Regular Interests
over (b) two times the weighted average of the interest rates on the Lower Tier
REMIC Regular Interests (treating for purposes of this clause (b) the interest
rate on each of the Lower Tier REMIC Marker Classes as being capped at the
interest rate of its Related Certificates and treating the Class LTX Interest as
being capped at zero). The averages described in the preceding sentence shall be
weighted on the basis of the respective principal balances of the Lower Tier
REMIC Regular Interests immediately prior to any date of determination.

     Class C Interest Carry Forward Amount: As of any Distribution Date, the
excess of (A) the Class C Current Interest with respect to prior Distribution
Dates over (B) the amount actually distributed to the Class C Certificates with
respect to interest on such prior Distribution Dates or added to the aggregate
Certificate Principal Balance of the Class C Certificates.

     Class C Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class C Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class C Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class C Certificates pursuant to the last sentence of
the definition of "Certificate Principal Balance."

     Class LTA-1A Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificates and an interest rate equal to the Net Rate.

     Class LTA-1B Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTA-2A Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTA-2B Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTA-2C Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

                                      -13-
<PAGE>
     Class LTA-2D Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTB-1 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTB-2 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTB-3 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTM-1 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTM-2 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTM-3 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTM-4 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTM-5 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTM-6 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/2 of the initial principal
balance of its Related Certificate and an interest rate equal to the Net Rate.

     Class LTR Interest: The sole class of "residual interest" in the Lower Tier
REMIC.

     Class LTX Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to the excess of (i) the aggregate
Cut-off Date Principal Balance of the Mortgage Loans over (ii) the aggregate
initial principal balance of the Lower Tier REMIC Marker Classes and an interest
rate equal to the Net Rate.

     Class M Certificates: Any of the Class M-1, Class M-2, Class M-3, Class
M-4, Class M-5 and Class M-6 Certificates.

                                      -14-
<PAGE>
     Class M-1 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that
have been applied to the reduction of the Certificate Principal Balance of the
Class M-1 Certificates.

     Class M-1 Certificate: Any Certificate designated as a "Class M-1
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-1 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-1 Certificates.

     Class M-1 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-1 Pass-Through Rate on
the Class M-1 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or Class M-1 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class M-1 Certificates.

     Class M-1 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-1 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-1 Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-1 Pass-Through Rate for the related Accrual Period.

     Class M-1 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.480% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.720% per annum.

     Class M-1 Pass-Through Rate: For the first Distribution Date, 4.150% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-1 Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class M-1 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance has been
reduced to zero and a Stepdown Trigger Event exists, or as long as a Stepdown
Trigger Event does not exist, the excess of (1) the sum of (A) the Class A
Certificate Principal Balance (after taking into account distributions of the
Class A Principal Distribution Amount on such Distribution Date) and (B) the
Class M-1 Certificate Principal Balance immediately prior to such Distribution
Date over (2) the lesser of (A) 76.90% of the Stated Principal Balances of the
Mortgage Loans as of the end of the immediately preceding Due Period and (B) the
excess of the Stated Principal Balances for the Mortgage Loans as of the end of
the immediately preceding Due Period over the Minimum Required
Overcollateralization Amount. Notwithstanding the foregoing, (I) on any
Distribution Date prior to the Stepdown Date on which the Certificate Principal
Balance of each Class of Class A Certificates has been reduced to zero, the
Class M-1 Principal Distribution Amount will equal the lesser of (x) the
outstanding Certificate Principal Balance of the Class M-1 Certificates and (y)
100% of the Principal Distribution Amount remaining after any distributions on
such Class A Certificates and (II) in no event will the Class M-1 Principal
Distribution Amount with respect to any Distribution Date exceed the Class M-1
Certificate Principal Balance.

     Class M-1 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-1 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-1 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the

                                      -15-
<PAGE>
Certificate Principal Balance of such Class M-1 Certificates pursuant to the
last sentence of the definition of "Certificate Principal Balance."

     Class M-2 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that
have been applied to the reduction of the Certificate Principal Balance of the
Class M-2 Certificates.

     Class M-2 Certificate: Any Certificate designated as a "Class M-2
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-2 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-2 Certificates.

     Class M-2 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-2 Pass-Through Rate on
the Class M-2 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or Class M-2 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class M-2 Certificates.

     Class M-2 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-2 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-2 Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-2 Pass-Through Rate for the related Accrual Period.

     Class M-2 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.580% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.870% per annum.

     Class M-2 Pass-Through Rate: For the first Distribution Date, 4.250% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-2 Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class M-2 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance and the
Class M-1 Certificate Principal Balance have been reduced to zero and a Stepdown
Trigger Event exists, or as long as a Stepdown Trigger Event does not exist, the
excess of (1) the sum of (A) the Class A Certificate Principal Balance (after
taking into account distributions of the Class A Principal Distribution Amount
on such Distribution Date), (B) the Class M-1 Certificate Principal Balance
(after taking into account distributions of the Class M-1 Principal Distribution
Amount on such Distribution Date) and (C) the Class M-2 Certificate Principal
Balance immediately prior to such Distribution Date over (2) the lesser of (A)
83.70% of the Stated Principal Balances of the Mortgage Loans as of the end of
the immediately preceding Due Period and (B) the excess of the Stated Principal
Balances of the Mortgage Loans as of the end of the immediately preceding Due
Period over the Minimum Required Overcollateralization Amount. Notwithstanding
the foregoing, (I) on any Distribution Date prior to the Stepdown Date on which
the Certificate Principal Balance of each Class of Class A Certificates and the
Class M-1 Certificates has been reduced to zero, the Class M-2 Principal
Distribution Amount will equal the lesser of (x) the outstanding Certificate
Principal Balance of the Class M-2 Certificates and (y) 100% of the Principal
Distribution Amount remaining after any distributions on such Class A and Class
M-1 Certificates and (II) in no event will the Class M-2 Principal Distribution
Amount with respect to any Distribution Date exceed the Class M-2 Certificate
Principal Balance.

                                      -16-
<PAGE>
     Class M-2 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-2 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-2 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-2 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class M-3 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that
have been applied to the reduction of the Certificate Principal Balance of the
Class M-3 Certificates.

     Class M-3 Certificate: Any Certificate designated as a "Class M-3
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-3 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-3 Certificates.

     Class M-3 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-3 Pass-Through Rate on
the Class M-3 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or Class M-3 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class M-3 Certificates.

     Class M-3 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-3 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-3 Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-3 Pass-Through Rate for the related Accrual Period.

     Class M-3 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.630% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.945% per annum.

     Class M-3 Pass-Through Rate: For the first Distribution Date, 4.300% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-3 Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class M-3 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, Class
M-1 Certificate Principal Balance and Class M-2 Certificate Principal Balance
have been reduced to zero and a Stepdown Trigger Event exists, or as long as a
Stepdown Trigger Event does not exist, the excess of (1) the sum of (A) the
Class A Certificate Principal Balance (after taking into account distributions
of the Class A Principal Distribution Amount on such Distribution Date), (B) the
Class M-1 Certificate Principal Balance (after taking into account distributions
of the Class M-1 Principal Distribution Amount on such Distribution Date), (C)
the Class M-2 Certificate Principal Balance (after taking into account
distributions of the Class M-2 Principal Distribution Amount on such
Distribution Date) and (D) the Class M-3 Certificate Principal Balance
immediately prior to such Distribution Date over (2) the lesser of (A) 85.50% of
the Stated Principal Balances of the Mortgage Loans as of the end of the
immediately preceding Due Period and (B) the excess of the Stated Principal
Balances for the Mortgage Loans as of the end of the immediately preceding Due
Period over the Minimum Required Overcollateralization Amount. Notwithstanding
the foregoing, (I) on any Distribution Date prior to the Stepdown Date on which
the Certificate Principal Balance of each Class of

                                      -17-
<PAGE>
Class A Certificates, the Class M-1 Certificates and the Class M-2 Certificates
has been reduced to zero, the Class M-3 Principal Distribution Amount will equal
the lesser of (x) the outstanding Certificate Principal Balance of the Class M-3
Certificates and (y) 100% of the Principal Distribution Amount remaining after
any distributions on such Class A, Class M-1 and Class M-2 Certificates and (II)
in no event will the Class M-3 Principal Distribution Amount with respect to any
Distribution Date exceed the Class M-3 Certificate Principal Balance.

     Class M-3 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-3 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-3 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-3 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class M-4 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that
have been applied to the reduction of the Certificate Principal Balance of the
Class M-4 Certificates.

     Class M-4 Certificate: Any Certificate designated as a "Class M-4
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-4 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-4 Certificates.

     Class M-4 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-4 Pass-Through Rate on
the Class M-4 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or Class M-4 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class M-4 Certificates.

     Class M-4 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-4 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-4 Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-4 Pass-Through Rate for the related Accrual Period.

     Class M-4 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.680% per annum and, as of any
Distribution Date after the Optional Termination Date, 1.020% per annum.

     Class M-4 Pass-Through Rate: For the first Distribution Date, 4.350% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-4 Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class M-4 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, Class
M-1 Certificate Principal Balance and Class M-2 Certificate Principal Balance
and the Class M-3 Certificate Principal Balance have been reduced to zero and a
Stepdown Trigger Event exists, or as long as a Stepdown Trigger Event does not
exist, the excess of (1) the sum of (A) the Class A Certificate Principal
Balance (after taking into account distributions of the Class A Principal
Distribution Amount on such Distribution Date), (B) the Class M-1 Certificate
Principal Balance (after taking into account distributions of the Class M-1
Principal Distribution Amount on such

                                      -18-
<PAGE>
Distribution Date), (C) the Class M-2 Certificate Principal Balance (after
taking into account distributions of the Class M-2 Principal Distribution Amount
on such Distribution Date), (D) the Class M-3 Certificate Principal Balance
(after taking into account distributions of the Class M-3 Principal Distribution
Amount on such Distribution Date and (E) the Class M-4 Certificate Principal
Balance immediately prior to such Distribution Date over (2) the lesser of (A)
89.20% of the Stated Principal Balances of the Mortgage Loans as of the end of
the immediately preceding Due Period and (B) the excess of the Stated Principal
Balances for the Mortgage Loans as of the end of the immediately preceding Due
Period over the Minimum Required Overcollateralization Amount. Notwithstanding
the foregoing, (I) on any Distribution Date prior to the Stepdown Date on which
the Certificate Principal Balance of each Class of Class A Certificates, the
Class M-1 Certificates, the Class M-2 Certificates, and the Class M-3
Certificates have been reduced to zero, the Class M-4 Principal Distribution
Amount will equal the lesser of (x) the outstanding Certificate Principal
Balance of the Class M-4 Certificates and (y) 100% of the Principal Distribution
Amount remaining after any distributions on such Class A, Class M-1, Class M-2,
and Class M-3 Certificates and (II) in no event will the Class M-4 Principal
Distribution Amount with respect to any Distribution Date exceed the Class M-4
Certificate Principal Balance.

     Class M-4 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-4 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-4 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-4 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class M-5 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that
have been applied to the reduction of the Certificate Principal Balance of the
Class M-5 Certificates.

     Class M-5 Certificate: Any Certificate designated as a "Class M-5
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-5 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-5 Certificates.

     Class M-5 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-5 Pass-Through Rate on
the Class M-5 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or Class M-5 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class M-5 Certificates.

     Class M-5 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-5 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-5 Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-5 Pass-Through Rate for the related Accrual Period.

     Class M-5 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 1.150% per annum and, as of any
Distribution Date after the Optional Termination Date, 1.725% per annum.

     Class M-5 Pass-Through Rate: For the first Distribution Date, 4.820% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-5 Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

                                      -19-
<PAGE>
     Class M-5 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, Class
M-1 Certificate Principal Balance and Class M-2 Certificate Principal Balance,
the Class M-3 Certificate Principal Balance and the Class M-4 Certificate
Principal Balance have been reduced to zero and a Stepdown Trigger Event exists,
or as long as a Stepdown Trigger Event does not exist, the excess of (1) the sum
of (A) the Class A Certificate Principal Balance (after taking into account
distributions of the Class A Principal Distribution Amount on such Distribution
Date), (B) the Class M-1 Certificate Principal Balance (after taking into
account distributions of the Class M-1 Principal Distribution Amount on such
Distribution Date), (C) the Class M-2 Certificate Principal Balance (after
taking into account distributions of the Class M-2 Principal Distribution Amount
on such Distribution Date), (D) the Class M-3 Certificate Principal Balance
(after taking into account distributions of the Class M-3 Principal Distribution
Amount on such Distribution Date, (E) the Class M-4 Certificate Principal
Balance (after taking into account distributions of the Class M-4 Principal
Distribution Amount on such Distribution Date) and (F) the Class M-5 Certificate
Principal Balance immediately prior to such Distribution Date over (2) the
lesser of (A) 91.60% of the Stated Principal Balances of the Mortgage Loans as
of the end of the immediately preceding Due Period and (B) the excess of the
Stated Principal Balances for the Mortgage Loans as of the end of the
immediately preceding Due Period over the Minimum Required Overcollateralization
Amount. Notwithstanding the foregoing, (I) on any Distribution Date prior to the
Stepdown Date on which the Certificate Principal Balance of each Class of Class
A Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the
Class M-3 Certificates and the Class M-4 Certificates have been reduced to zero,
the Class M-5 Principal Distribution Amount will equal the lesser of (x) the
outstanding Certificate Principal Balance of the Class M-5 Certificates and (y)
100% of the Principal Distribution Amount remaining after any distributions on
such Class A, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates and
(II) in no event will the Class M-5 Principal Distribution Amount with respect
to any Distribution Date exceed the Class M-5 Certificate Principal Balance.

     Class M-5 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-5 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-5 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-5 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class M-6 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans that
have been applied to the reduction of the Certificate Principal Balance of the
Class M-6 Certificates.

     Class M-6 Certificate: Any Certificate designated as a "Class M-6
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-6 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-6 Certificates.

     Class M-6 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-6 Pass-Through Rate on
the Class M-6 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Current
Interest or Class M-6 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Non-Supported Interest
Shortfall allocated on such Distribution Date to the Class M-6 Certificates.

     Class M-6 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-6 Current Interest with respect to
prior Distribution Dates over (B) the amount

                                      -20-
<PAGE>
actually distributed to the Class M-6 Certificates with respect to interest on
such prior Distribution Dates and (2) interest on such excess (to the extent
permitted by applicable law) at the Class M-6 Pass-Through Rate for the related
Accrual Period.

     Class M-6 Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 1.350% per annum and, as of any
Distribution Date after the Optional Termination Date, 2.025% per annum.

     Class M-6 Pass-Through Rate: For the first Distribution Date, 5.020% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-6 Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Class M-6 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, Class
M-1 Certificate Principal Balance and Class M-2 Certificate Principal Balance,
the Class M-3 Certificate Principal Balance, the Class M-4 Certificate Principal
Balance and the Class M-5 Certificate Principal Balance have been reduced to
zero and a Stepdown Trigger Event exists, or as long as a Stepdown Trigger Event
does not exist, the excess of (1) the sum of (A) the Class A Certificate
Principal Balance (after taking into account distributions of the Class A
Principal Distribution Amount on such Distribution Date), (B) the Class M-1
Certificate Principal Balance (after taking into account distributions of the
Class M-1 Principal Distribution Amount on such Distribution Date), (C) the
Class M-2 Certificate Principal Balance (after taking into account distributions
of the Class M-2 Principal Distribution Amount on such Distribution Date), (D)
the Class M-3 Certificate Principal Balance (after taking into account
distributions of the Class M-3 Principal Distribution Amount on such
Distribution Date, (E) the Class M-4 Certificate Principal Balance (after taking
into account distributions of the Class M-4 Principal Distribution Amount on
such Distribution Date), (F) the Class M-5 Certificate Principal Balance (after
taking into account distributions of the Class M-5 Principal Distribution Amount
on such Distribution Date) and (G) the Class M-6 Certificate Principal Balance
immediately prior to such Distribution Date over (2) the lesser of (A) 93.10% of
the Stated Principal Balances of the Mortgage Loans as of the end of the
immediately preceding Due Period and (B) the excess of the Stated Principal
Balances for the Mortgage Loans as of the end of the immediately preceding Due
Period over the Minimum Required Overcollateralization Amount. Notwithstanding
the foregoing, (I) on any Distribution Date prior to the Stepdown Date on which
the Certificate Principal Balance of each Class of Class A Certificates, the
Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates,
the Class M-4 Certificates and the Class M-5 Certificates have been reduced to
zero, the Class M-6 Principal Distribution Amount will equal the lesser of (x)
the outstanding Certificate Principal Balance of the Class M-6 Certificates and
(y) 100% of the Principal Distribution Amount remaining after any distributions
on such Class A, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5
Certificates and (II) in no event will the Class M-6 Principal Distribution
Amount with respect to any Distribution Date exceed the Class M-6 Certificate
Principal Balance.

     Class M-6 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-6 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-6 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-6 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class P Certificate: Any Certificate designated as a Class P Certificate on
the face thereof, executed by the Trustee and authenticated by the Trustee in
substantially the form set forth in Exhibit A, representing the right to
distributions as set forth herein.

                                      -21-
<PAGE>
     Class R Certificate: The Class R Certificate executed by the Trustee and
authenticated by the Trustee in substantially the form set forth in Exhibit A.

     Class R Certificate Principal Balance: As of any date of determination, the
aggregate Certificate Principal Balance of the Class R Certificate.

     Class R Current Interest: As of any Distribution Date, the interest accrued
during the related Accrual Period at the Class R Pass-Through Rate on the Class
R Certificate Principal Balance as of such Distribution Date plus the portion of
any previous distributions on such Class in respect of Current Interest or a
Class R Interest Carry Forward Amount that is recovered as a voidable preference
by a trustee in bankruptcy, less any Non-Supported Interest Shortfall allocated
on such Distribution Date to the Class R Certificate.

     Class R Interest Carry Forward Amount: As of any Distribution Date, the sum
of (1) the excess of (A) the Class R Current Interest with respect to prior
Distribution Dates over (B) the amount actually distributed to the Class R
Certificate with respect to interest on such prior Distribution Dates and (2)
interest on such excess (to the extent permitted by applicable law) at the Class
R Pass-Through Rate for the related Accrual Period.

     Class R Margin: As of any Distribution Date up to and including the
Optional Termination Date for the Certificates, 0.270% per annum and, as of any
Distribution Date after the Optional Termination Date, 0.540% per annum.

     Class R Pass-Through Rate: For the first Distribution Date, 3.940% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class R Margin, (2) the Available Funds Cap and (3) the Maximum Rate
Cap for such Distribution Date.

     Closing Date: August 31, 2005.

     Code: The Internal Revenue Code of 1986, including any successor or
amendatory provisions.

     Collection Account: The separate Eligible Account created and initially
maintained by the Servicer pursuant to Section 3.05(d) in the name of the
Trustee for the benefit of the Certificateholders and designated "Wilshire
Credit Corporation, as servicer for Wells Fargo Bank, N.A., as Trustee, in trust
for registered holders of Merrill Lynch Mortgage Investors Trust, Mortgage Loan
Asset-Backed Certificates, Series 2005-FM1". Funds in the Collection Account
shall be held in trust for the Certificateholders for the uses and purposes set
forth in this Agreement.

     Combined Loan-to-Value Ratio: For any Mortgage Loan in a second lien
position, the fraction, expressed as a percentage, the numerator of which is the
sum of (1) the original principal balance of the related Mortgage Loan and (2)
any outstanding principal balances of Mortgage Loans the liens on which are
senior to the lien on such related Mortgage Loan (such sum calculated at the
date of origination of such related Mortgage Loan) and the denominator of which
is the lesser of (A) the Appraised Value of the related Mortgaged Property and
(B) the sales price of the related Mortgaged Property at time of origination.

     Compensating Interest: With respect to any Mortgage Loan and any
Distribution Date, an amount equal to the portion of any Prepayment Interest
Shortfalls required to be deposited in the Collection Account by the Servicer
pursuant to Section 4.02 hereof.

     Condemnation Proceeds: All awards or settlements in respect of a Mortgaged
Property, whether permanent or temporary, partial or entire, by exercise of the
power of eminent domain or condemnation,

                                      -22-
<PAGE>
to the extent not required to be released either to a Mortgagor in accordance
with the terms of the related mortgage loan documents or to the holder of a
senior lien on the Mortgaged Property.

     Corresponding Certificates: With respect to the Class LTA-1A Interest, the
Class A-1A and Class R Certificates. With respect to the Class LTA-1B Interest,
the Class A-1B Certificates. With respect to the Class LTA-2A Interest, the
Class A-2A Certificates. With respect to the Class LTA-2B Interest, the Class
A-2B Certificates. With respect to the Class LTA-2C Interest, the Class A-2C
Certificates. With respect to the Class LTA-2D Interest, the Class A-2D
Certificates. With respect to the Class LTM-1 Interest, the Class M-1
Certificates. With respect to the Class LTM-2 Interest, the Class M-2
Certificates. With respect to the Class LTM-3 Interest, the Class M-3
Certificates. With respect to the Class LTM-4 Interest, the Class M-4
Certificates. With respect to the Class LTM-5 Interest, the Class M-5
Certificates. With respect to the Class LTM-6 Interest, the Class M-6
Certificates. With respect to the Class LTB-1 Interest, the Class B-1
Certificates. With respect to the Class LTB-2 Interest, the Class B-2
Certificates. With respect to the Class LTB-3 Interest, the Class B-3
Certificates.

     Current Interest: Any of the Class A Current Interest, the Class R Current
Interest, the Class M-1 Current Interest, the Class M-2 Current Interest, the
Class M-3 Current Interest, the Class M-4 Current Interest, the Class M-5
Current Interest, the Class M-6 Current Interest,  the Class B-1 Current
Interest, the Class B-2 Current Interest and the Class B-3 Current Interest.

     Cut-off Date: August 1, 2005.

     Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof as of the close of business on the calendar day
immediately preceding the Cut-off Date after application of all payments of
principal due on or prior to the Cut-off Date, whether or not received, and all
Principal Prepayments received prior to the Cut-off Date, but without giving
effect to any installments of principal received in respect of Due Dates on and
after the Cut-off Date.

     Definitive Certificates: As defined in Section 5.06.

     Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by a
Replacement Mortgage Loan.

     Delinquent: A Mortgage Loan is "delinquent" if any payment due thereon is
not made pursuant to the terms of such Mortgage Loan by the close of business on
the day such payment is scheduled to be due. A Mortgage Loan is "30 days
delinquent" if such payment has not been received by the close of business on
the corresponding day of the month immediately succeeding the month in which
such payment was due, or, if there is no such corresponding day (e.g., as when a
30-day month follows a 31-day month in which a payment was due on the 31st day
of such month), then on the last day of such immediately succeeding month. With
respect to any Mortgage Loan due on any day other than the first day of the
month, such Mortgage Loan shall be deemed to be due on the first day of the
immediately succeeding month. Similarly for "60 days delinquent," "90 days
delinquent" and so on.

     Denomination: With respect to each Certificate, the amount set forth on the
face thereof as the "Initial Principal Balance of this Certificate."

     Depositor: Merrill Lynch Mortgage Investors, Inc., a Delaware corporation,
or any successor in interest.

     Depository: The initial Depository shall be The Depository Trust Company
("DTC"), the nominee of which is Cede & Co., or any other organization
registered as a "clearing agency" pursuant to Section 17A of the Securities
Exchange Act of 1934, as amended. The Depository shall initially be the

                                      -23-
<PAGE>
registered Holder of the Book-Entry Certificates. The Depository shall at all
times be a "clearing corporation" as defined in Section 8-102(3) of the Uniform
Commercial Code of the State of New York.

     Depository Agreement: With respect to Classes of Book-Entry Certificates,
the agreement between the Trustee and the initial Depository.

     Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.

     Designated Transaction: A transaction in which the assets underlying the
Certificates consist of single-family residential, multi-family residential,
home equity, manufactured housing and/or commercial mortgage obligations that
are secured by single-family residential, multi-family residential, commercial
real property or leasehold interests therein.

     Determination Date: With respect to any Distribution Date, the 15th day of
the month of such Distribution Date or, if such 15th day is not a Business Day,
the immediately preceding Business Day.

     Disqualified Organization: (1) the United States, any state or political
subdivision thereof, any foreign government, any international organization, or
any agency or instrumentality of any of the foregoing, (2) any organization
(other than a cooperative described in Section 521 of the Code) which is exempt
from tax under Chapter 1 of Subtitle A of the Code unless such organization is
subject to the tax imposed by Section 511 of the Code and (3) any organization
described in Section 1381(a)(2)(C) of the Code.

     Distribution Date: The 25th day of each calendar month after the initial
issuance of the Certificates, or if such 25th day is not a Business Day, the
next succeeding Business Day, commencing in September 2005.

     Due Date: With respect to any Distribution Date and any Mortgage Loan, the
day during the related Due Period on which a Scheduled Payment is due.

     Due Period: With respect to any Distribution Date, the period beginning on
the second day of the calendar month preceding the calendar month in which such
Distribution Date occurs and ending on the first day of the month in which such
Distribution Date occurs.

     Eligible Account: An account that is (i) maintained with a depository
institution the long-term unsecured debt obligations of which are rated by each
Rating Agency in one of its two highest rating categories, or (ii) maintained
with the corporate trust department of a bank which (A) has a rating of at least
Baa3 or P-3 by Moody's and (B) is either the Depositor or the corporate trust
department of a national bank or banking corporation which has a rating of at
least A-1 by S&P or F1 by Fitch, or (iii) an account or accounts the deposits in
which are fully insured by the FDIC, or (iv) an account or accounts, acceptable
to each Rating Agency without reduction or withdrawal of the rating of any Class
of Certificates, as evidenced in writing, by a depository institution in which
such accounts are insured by the FDIC (to the limit established by the FDIC),
the uninsured deposits in which accounts are otherwise secured such that, as
evidenced by an Opinion of Counsel delivered to and acceptable to the Trustee
and each Rating Agency, the Certificateholders have a claim with respect to the
funds in such account and a perfected first security interest against any
collateral (which shall be limited to Permitted Investments) securing such funds
that is superior to claims of any other depositors or creditors of the
depository institution with which such account is maintained, or (v) maintained
at an eligible institution whose commercial paper, short-term debt or other
short-term deposits are rated at least A-1+ by S&P and F-1+ by Fitch, or (vi)
maintained with a federal or state chartered depository institution the deposits
in which

                                      -24-
<PAGE>
are insured by the FDIC to the applicable limits and the short-term unsecured
debt obligations of which (or, in the case of a depository institution that is a
subsidiary of a holding company, the short-term unsecured debt obligations of
such holding company) are rated A-1 by S&P or Prime-1 by Moody's at the time any
deposits are held on deposit therein, or (vii) otherwise acceptable to each
Rating Agency, as evidenced by a letter from each Rating Agency to the Trustee.

     ERISA: The Employee Retirement Income Security Act of 1974, including any
successor or amendatory provisions.

     ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that would satisfy the requirements of
Prohibited Transaction Exemption 90-29, Exemption Application No. D-8012, 55
Fed. Reg. 21459 (1990), as amended, granted to the Underwriter by the United
States Department of Labor (or any other applicable underwriter's exemption
granted by the United States Department of Labor), except, in relevant part, for
the requirement that the certificates have received a rating at the time of
acquisition that is in one of the three (or four, in the case of a "designated
transaction") highest generic rating categories by at least one of the Rating
Agencies.

     ERISA Restricted Certificates: The Class C Certificates, Class P
Certificates, and Class R Certificate and any other Certificate, unless the
acquisition and holding of such other Certificate is covered by and exempt under
any applicable underwriter's exemption granted by the United States Department
of Labor.

     Event of Default: As defined in Section 7.01 hereof.

     Excess Interest: On any Distribution Date, for the Class A, Class M and
Class B Certificates, the excess, if any, of (1) the amount of interest such
Class of Certificates is entitled to receive on such Distribution Date at its
Pass-Through Rate over (2) the amount of interest such Class of Certificates
would have been entitled to receive on such Distribution Date had the
Pass-Through Rate for such Class been the REMIC Pass-Through Rate.

     Excess Proceeds: With respect to any Liquidated Loan, any Liquidation
Proceeds that are in excess of the sum of (1) the unpaid principal balance of
such Liquidated Loan as of the date of such liquidation plus (2) interest at the
Mortgage Rate from the Due Date as to which interest was last paid or advanced
to Certificateholders (and not reimbursed to the Servicer) up to the Due Date in
the month in which such Liquidation Proceeds are required to be distributed on
the unpaid principal balance of such Liquidated Loan outstanding during each Due
Period as to which such interest was not paid or advanced.

     Exchange Act: The Securities Exchange Act of 1934, as amended.

     Extra Principal Distribution Amount: With respect to any Distribution Date,
(1) prior to the Stepdown Date, the excess of (A) the sum of (i) the Aggregate
Certificate Principal Balance immediately preceding such Distribution Date
reduced by the Principal Funds with respect to such Distribution Date and (ii)
$4,509,535 over (B) the Pool Stated Principal Balance of the Mortgage Loans as
of such Distribution Date and (2) on and after the Stepdown Date, (A) the sum of
(x) the Aggregate Certificate Principal Balance immediately preceding such
Distribution Date, reduced by the Principal Funds with respect to such
Distribution Date and (y) the greater of (a) the sum of 1.00% of the Pool Stated
Principal Balance of the Mortgage Loans and (b) the Minimum Required
Overcollateralization Amount less (B) the Pool Stated Principal Balance of the
Mortgage Loans as of such Distribution Date; provided, however, that if on any
Distribution Date a Stepdown Trigger Event is in effect, the Extra Principal
Distribution Amount will not be reduced to the applicable percentage of the
then-current Pool Stated Principal Balance of the Mortgage Loans (and will
remain fixed at the applicable percentage of the aggregate Stated

                                      -25-
<PAGE>
Principal Balance of the Mortgage Loans as of the Due Date immediately prior to
the Stepdown Trigger Event) until the next Distribution Date on which the
Stepdown Trigger Event is not in effect.

     Fannie Mae: A federally chartered and privately owned corporation organized
and existing under the Federal National Mortgage Association Charter Act, or any
successor thereto.

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

     Fitch: Fitch, Inc., or any successor in interest.

     Fixed Rate Mortgage Loan: A Mortgage Loan identified in the Mortgage Loan
Schedule as having a Mortgage Rate which is fixed.

     Floating Rate Certificate Carryover: With respect to a Distribution Date,
in the event that the Pass-Through Rate for a class of the Class A, Class M or
Class B Certificates is based upon the Available Funds Cap, the excess of (1)
the amount of interest that such class would have been entitled to receive on
such Distribution Date had the Pass-Through Rate for that class not been
calculated based on the Available Funds Cap, up to but not exceeding the greater
of (a) the Maximum Rate Cap or (b) the sum of (i) the Available Funds Cap and
(ii) the product of (A) a fraction, the numerator of which is 360 and the
denominator of which is the actual number of days in the related Accrual Period
and (B) the quotient obtained by dividing (I) an amount equal to the proceeds,
if any, payable under the Cap Contract with respect to such Distribution Date by
(II) the aggregate Certificate Principal Balance of each of the Classes of
Certificates to which the Cap Contract relates for such Distribution Date over
(2) the amount of interest such class was entitled to receive on such
Distribution Date based on the Available Funds Cap together with (A) the unpaid
portion of any such excess from prior Distribution Dates (and interest accrued
thereon at the then applicable Pass-Through Rate for such class, without giving
effect to the Available Funds Cap) and (B) any amount previously distributed
with respect to Floating Rate Certificate Carryover for such class that is
recovered as a voidable preference by a trustee in bankruptcy.

     Freddie Mac: A corporate instrumentality of the United States created and
existing under Title III of the Emergency Home Finance Act of 1970, as amended,
or any successor thereto.

     Fremont: Fremont Investment & Loan, or its successor in interest.

     Grantor Trusts: The grantor trusts described in Section 2.07 hereof.

     Gross Margin: The percentage set forth in the related Mortgage Note for
each of the Adjustable Rate Mortgage Loans which is to be added to the
applicable index for use in determining the Mortgage Rate on each Adjustment
Date and which is set forth in the Mortgage Loan Schedule for each Adjustable
Rate Mortgage Loan.

     Group One: The portion of the Mortgage Pool identified as "Group One" in
the Prospectus Supplement.

     Group One Mortgage Loan: Any Mortgage Loan identified in the Group One
Mortgage Loan Schedule attached hereto as Exhibit B-2.

     Group One Principal Distribution Amount: As of any Distribution Date, the
amount equal to the lesser of (1) the sum of the respective Certificate
Principal Balances of the Class A-1 and Class R Certificates and (2) the product
of (x) the Group One Principal Distribution Percentage and (y) the Class A
Principal Distribution Amount; provided, however, that (A) with respect to the
Distribution Date on which the Certificate Principal Balance of each Class of
the Class A-2 Certificates is initially reduced to

                                      -26-
<PAGE>
zero (so long as the Class A-1 and Class R Certificates are outstanding), the
excess of (i) the Group Two Principal Distribution Percentage of the Class A
Principal Distribution Amount over (ii) the amount necessary to reduce the
Certificate Principal Balance of each of the Class A-2 Certificates to zero will
be added to the Group One Principal Distribution Amount and (B) with respect to
any Distribution Date thereafter, the Group One Principal Distribution Amount
shall equal the Class A Principal Distribution Amount.

     Group One Principal Distribution Percentage: With respect to any
Distribution Date, a fraction expressed as a percentage, the numerator of which
is the amount of Principal Funds with respect to such Distribution Date received
with respect to Group One Mortgage Loans, and the denominator of which is the
amount of all Principal Funds with respect to such Distribution Date received on
all the Mortgage Loans.

     Group Two: The portion of the Mortgage Pool identified as "Group Two" in
the Prospectus Supplement.

     Group Two Mortgage Loan: Any Mortgage Loan identified in the Group Two
Mortgage Loan Schedule attached hereto as Exhibit B-3.

     Group Two Principal Distribution Amount: As of any Distribution Date, the
amount equal to the lesser of (1) the sum of the Certificate Principal Balance
of the Class A-2 Certificates and (2) the product of (x) the Group Two Principal
Distribution Percentage and (y) the Class A Principal Distribution Amount;
provided, however, that (A) with respect to the Distribution Date on which the
Certificate Principal Balance of the Class A-1 and Class R Certificates is
initially reduced to zero (so long as any of the Class A-2 Certificates is
outstanding), the excess of (i) the Group One Principal Distribution Percentage
of the Class A Principal Distribution Amount over (ii) the amount necessary to
reduce the Certificate Principal Balances of the Class A-1 Certificates to zero
will be added to the Group Two Principal Distribution Amount and (B) with
respect to any Distribution Date thereafter, the Group Two Principal
Distribution Amount shall equal the Class A Principal Distribution Amount.

     Group Two Principal Distribution Percentage: With respect to any
Distribution Date, a fraction expressed as a percentage, the numerator of which
is the amount of Principal Funds with respect to such Distribution Date received
with respect to Group Two Mortgage Loans, and the denominator of which is the
amount of all Principal Funds with respect to such Distribution Date received on
all the Mortgage Loans.

     Indenture: An indenture relating to the issuance of NIM Notes.

     Initial Adjustment Date: As to any Adjustable Rate Mortgage Loan, the first
Adjustment Date following the origination of such Mortgage Loan.

     Initial Certificate Principal Balance: With respect to any Class A, Class
M, Class B or Class C or Certificate, the Certificate Principal Balance of such
Certificate or any predecessor Certificate on the Closing Date as set forth in
Section 5.01 hereof.

     Initial Mortgage Rate: As to each Mortgage Loan, the Mortgage Rate in
effect prior to the Initial Adjustment Date.

     Initial Optional Termination Date: The Distribution Date on which the
aggregate Stated Principal Balance of the Mortgage Loans is equal to or less
than 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of
the Cut-off Date.

                                      -27-
<PAGE>
     Insurance Policy: With respect to any Mortgage Loan included in the Trust
Fund, any insurance policy, including all riders and endorsements thereto in
effect with respect to such Mortgage Loan, including any replacement policy or
policies for any insurance policies, including, without limitation, the MI
Policies.

     Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans pursuant
to any Insurance Policy or any other insurance policy covering a Mortgage Loan,
to the extent such proceeds are payable to the mortgagee under the Mortgage, the
Servicer or the Trustee under the deed of trust and are not applied to the
restoration of the related Mortgaged Property or released to the Mortgagor in
accordance with the procedures that the Servicer would follow in servicing
mortgage loans held for its own account, in each case other than any amount
included in such Insurance Proceeds in respect of Insured Expenses.

     Insured Expenses: Expenses covered by an Insurance Policy or any other
insurance policy with respect to the Mortgage Loans.

     Interest Carry Forward Amount: Any of the Class A-1A Interest Carry Forward
Amount, the Class A-1B Interest Carry Forward Amount, the Class A-2A Interest
Carry Forward Amount, the Class A-2B Interest Carry Forward Amount, the Class
A-2C Interest Carry Forward Amount, the Class A-2D Interest Carry Forward
Amount, the Class R Interest Carry Forward Amount, the Class M-1 Interest Carry
Forward Amount, the Class M-2 Interest Carry Forward Amount, the Class M-3
Interest Carry Forward Amount, the Class M-4 Interest Carry Forward Amount, the
Class M-5 Interest Carry Forward Amount, the Class M-6 Interest Carry Forward
Amount, the Class B-1 Interest Carry Forward Amount, the Class B-2 Interest
Carry Forward Amount, the Class B-3 Interest Carry Forward Amount or the Class C
Interest Carry Forward Amount, as the case may be.

     Interest Determination Date: With respect to the Certificates, the second
LIBOR Business Day preceding the commencement of such Accrual Period.

     Interest Funds: With respect to any Distribution Date, the sum, without
duplication, of (1) all scheduled interest due during the related Due Period and
received before the related Servicer Remittance Date or advanced on or before
the related Servicer Remittance Date less the Servicing Fee, (2) all Advances
relating to interest with respect to the Mortgage Loans, (3) all Compensating
Interest with respect to the Mortgage Loans, (4) Liquidation Proceeds with
respect to the Mortgage Loans (to the extent such Liquidation Proceeds relate to
interest) collected during the related Prepayment Period, (5) all proceeds of
any purchase pursuant to Section 2.02 or 2.03 during the related Prepayment
Period or pursuant to Section 9.01 not later than the related Determination Date
(to the extent that such proceeds relate to interest) less the Servicing Fee and
(6) all Prepayment Charges received with respect to the Mortgage Loans during
the related Prepayment Period, less (A) all Non-Recoverable Advances relating to
interest and (B) other amounts reimbursable to the Servicer and the Trustee
pursuant to this Agreement.

     Latest Possible Maturity Date: The latest maturity date for any Mortgage
Loan in the Trust Fund plus one year.

     LIBOR Business Day: Any day on which banks in the City of London, England
and New York City, U.S.A. are open and conducting transactions in foreign
currency and exchange.

     Liquidated Loan: With respect to any Distribution Date, a defaulted
Mortgage Loan that either (a) has been liquidated through deed-in-lieu of
foreclosure, foreclosure sale, trustee's sale or other realization as provided
by applicable law governing the real property subject to the related Mortgage
and any security agreements and as to which the Servicer has certified (in
accordance with Section 3.12) in the related Prepayment Period that it has
received all amounts it expects to receive in connection with such liquidation
or (b) is not a first lien Mortgage Loan and is delinquent 180 days or longer,
the Servicer

                                      -28-
<PAGE>
has certified in a certificate of an officer of the Servicer delivered to the
Depositor and the Trustee that it does not believe that there is a reasonable
likelihood that any further net proceeds will be received or recovered with
respect to such Mortgage Loan.

     Liquidation Proceeds: Amounts, including Condemnation Proceeds and
Insurance Proceeds, received in connection with the partial or complete
liquidation of Mortgage Loans, whether through trustee's sale, foreclosure sale,
sale by the Servicer pursuant to this Agreement or otherwise or amounts received
in connection with any condemnation or partial release of a Mortgaged Property
and any other proceeds received in connection with an REO Property, less the sum
of related unreimbursed Advances, Servicing Fees, Servicing Advances and any
other expenses related to such Mortgage Loan.

     Losses: Any losses, claims, damages, liabilities or expenses collectively.

     Lower Tier REMIC: As described in the Preliminary Statement and Section
2.07.

     Lower Tier REMIC Interests: Each of the Class LTA-1A Interest, the Class
LTA-1B Interest, the Class LTA-2A Interest, the Class LTA-2B Interest, the Class
LTA-2C Interest, the Class LTA-2D Interest, the Class LTM-1 Interest, the Class
LTM-2 Interest, the Class LTM-3 Interest, the Class LTM-4 Interest, the Class
LTM-5 Interest, the Class LTM-6 Interest, the Class LTB-1 Interest, the Class
LTB-2 Interest, the Class LTB-3 Interest, the Class LTX Interest and the Class
LTR Interest.

     Lower Tier REMIC Marker Classes: Each of the classes of Lower Tier REMIC
Regular Interests other than the Class LTX Interest.

     Lower Tier REMIC Regular Interests: Each of the Lower Tier REMIC Interests
other than the Class LTR Interest.

     Maximum Mortgage Rate: With respect to each Adjustable Rate Mortgage Loan,
the maximum rate of interest set forth as such in the related Mortgage Note and
with respect to each Fixed Rate Mortgage Loan, the rate of interest set forth in
the related Mortgage Note.

     Maximum Rate Cap: With respect to any Distribution Date, the per annum rate
equal to 12 times the quotient of (x) the aggregate scheduled interest that
would have been due on the Mortgage Loans during the related Due Period had the
Adjustable Rate Mortgage Loans provided for interest at their maximum lifetime
Net Mortgage Rates and the Fixed Rate Mortgage Loans provided for interest at
their Net Mortgage Rates, divided by (y) the aggregate Stated Principal Balance
of the Mortgage Loans as of the preceding Distribution Date (or in the case of
the first Distribution Date, as of the Cut-off Date) multiplied by 30 and
divided by the actual number of days in the related Accrual Period.

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

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

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

     MI Insurer Fee: The amount payable to the MI Insurer on each Distribution
Date, which amount shall equal one-twelfth of the product of (i) the MI Insurer
Fee Rate and (ii) the Stated Principal Balance of the applicable MI Mortgage
Loan (or the related REO Property) as of the first day of the related Due
Period.

                                      -29-
<PAGE>
     MI Insurer Fee Rate: With respect to each MI Mortgage Loan, the rate
specified for such MI Mortgage Loan on the schedule attached to the MI Policy,
plus a rate computed so that the MI Insurer Fee would make the MI Insurer whole
for any taxes imposed on the MI Insurer by the States of Kentucky or West
Virginia with respect to MI Mortgage Loans located in such States.

     MI Insurer: Radian Guaranty Inc., or its successor in interest.

     MI Mortgage Loans: The list of Mortgage Loans insured by the MI Insurers
attached hereto as Exhibit B-4.

     MI Policy: The Radian primary private mortgage Insurance Policy No. 57466
and the related Mortgage Guaranty Commitment Certificate reference ID# 05-993094
and all endorsements thereto, dated August 31, 2005, which is attached hereto as
Exhibit J-2.

     Minimum Mortgage Rate: With respect to each Adjustable Rate Mortgage Loan,
the minimum rate of interest set forth as such in the related Mortgage Note.

     Minimum Required Overcollateralization Amount: An amount equal to the
product of (x) 0.50% and (y) the Stated Principal Balance of the Mortgage Loans
as of the Cut-off Date.

     MIN: The loan number for any MERS Loan.

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

     Monthly Statement: The statement delivered to the Certificateholders
pursuant to Section 4.05.

     Moody's: Moody's Investors Service, Inc. or any successor in interest.

     Mortgage: With respect to a Mortgage Loan, the mortgage, deed of trust or
other instrument creating a second lien or a second priority ownership interest
in an estate in fee simple in real property securing a Mortgage Note.

     Mortgage File: The mortgage documents listed in Section 2.01 hereof
pertaining to a particular Mortgage Loan and any additional documents delivered
to the Trustee to be added to the Mortgage File pursuant to this Agreement.

     Mortgage Group: Either of Group One or Group Two.

     Mortgage Loans: Such of the mortgage loans transferred and assigned to the
Trustee pursuant to the provisions hereof as from time to time are held as a
part of the Trust Fund (including any REO Property), the mortgage loans so held
being identified in the Mortgage Loan Schedule, notwithstanding foreclosure or
other acquisition of title of the related Mortgaged Property. Any mortgage loan
that was intended by the parties hereto to be transferred to the Trust Fund as
indicated by such Mortgage Loan Schedule which is in fact not so transferred for
any reason shall continue to be a Mortgage Loan hereunder until the Purchase
Price with respect thereto has been paid to the Trust Fund.

     Mortgage Loan Schedule: The lists of Mortgage Loans (as from time to time
amended by the Trustee to reflect the deletion of Deleted Mortgage Loans and the
addition of Replacement Mortgage Loans pursuant to the provisions of this
Agreement) transferred to the Trustee as part of the Trust Fund and from time to
time subject to this Agreement, attached hereto as Exhibits B-1, B-2 and B-3,
setting forth the following information with respect to each Mortgage Loan:

                                      -30-
<PAGE>
          (i)  the loan number;

          (ii) borrower name and address;

          (iii) the unpaid principal balance of the Mortgage Loans;

          (iv) the Initial Mortgage Rate;

          (v)  the original maturity date and the months remaining before
               maturity date;

          (vi) the original principal balance;

          (vii) the Cut-off Date Principal Balance;

          (viii) the first payment due date of the Mortgage Loan;

          (ix) the Loan-to-Value Ratio at origination with respect to a first
               lien Mortgage Loan, or the Combined Loan-to-Value Ratio with
               respect to a second lien Mortgage Loan;

          (x)  a code indicating whether the residential dwelling at the time of
               origination was represented to be owner-occupied;

          (xi) a code indicating the property type;

          (xii) with respect to each Adjustable Rate Mortgage Loan;

               (A)  the frequency of each Adjustment Date;

               (B)  the next Adjustment Date;

               (C)  the Maximum Mortgage Rate;

               (D)  the Minimum Mortgage Rate;

               (E)  the Mortgage Rate as of the Cut-off Date;

               (F)  the related Periodic Rate Cap;

               (G)  the Gross Margin;

          (xiii) location of the related Mortgaged Property;

          (xiv) a code indicating whether a Prepayment Charge is applicable and,
               if so,

               (A)  the period during which such Prepayment Charge is in effect;

               (B)  the amount of such Prepayment Charge;

               (C)  any limitations or other conditions on the enforceability of
                    such Prepayment Charge; and

                                      -31-
<PAGE>
               (D)  any other information pertaining to the Prepayment Charge
                    specified in the related Mortgage Note;

          (xv) the Credit Score and date obtained;

          (xvi) a code indicating whether such loan is a MI Mortgage Loan;

          (xvii) the MI Insurer Fee Rate; and

          (xviii) the coverage percentage under the MI Policy.

     Mortgage Note: The original executed note or other evidence of indebtedness
evidencing the indebtedness of a Mortgagor under a Mortgage Loan and all
amendments, modifications and attachments thereto.

     Mortgage Pool: The aggregate of the Mortgage Loans identified in the
Mortgage Loan Schedule set out on Exhibit B-1.

     Mortgaged Property: The underlying property securing a Mortgage Loan.

     Mortgage Rate: The annual rate of interest borne by a Mortgage Note from
time to time.

     Mortgagor: The obligor on a Mortgage Note.

     Net Mortgage Rate: As to each Mortgage Loan, and at any time, the per annum
rate equal to the then current Mortgage Rate less (1) the Servicing Fee Rate and
(2) the MI Insurer Rate, if applicable.

     Net Rate: With respect to any Distribution Date, the product of (x) the
weighted average Net Mortgage Rate for the Mortgage Loans calculated based on
the respective Net Mortgage Rates and the Stated Principal Balances of such
Mortgage Loans as of the preceding Distribution Date (or, in the case of the
first Distribution Date, as of the Cut-off Date) and (y) a fraction, the
numerator of which is 30 and the denominator of which is the actual number of
days in the related Accrual Period.

     NIM Notes: The notes to be issued pursuant to the Indenture.

     Non-Recoverable Advance: Any portion of an Advance previously made or
proposed to be made by the Servicer that, in the good faith judgment of the
Servicer, will not or, in the case of a current delinquency, would not, be
ultimately recoverable by the Servicer from the related Mortgagor, related
Liquidation Proceeds or otherwise related to the Mortgage Loans.

     Non-Recoverable Servicing Advance: Any portion of a Servicing Advance
previously made or proposed to be made by the Servicer that, in the good faith
judgment of the Servicer, will not or, in the case of a current Servicing
Advance, would not, be ultimately recoverable by the Servicer from the related
Mortgagor, related Liquidation Proceeds or otherwise related to the Mortgage
Loans.

     Non-Supported Interest Shortfall: As defined in Section 4.02.

     Offered Certificates: The Class A-1A, Class A-1B, Class A-2A, Class A-2B,
Class A-2C, Class A-2D, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
Class M-6, Class B-1, Class B-2, Class B-3 and Class R Certificates.

                                      -32-
<PAGE>
     Officer's Certificate: A certificate (1) signed by the Chairman of the
Board, the Vice Chairman of the Board, the President, a vice president (however
denominated), an Assistant Vice President, the Treasurer, the Secretary, or one
of the assistant treasurers or assistant secretaries of the Depositor, the
Servicer or the Trustee (or any other officer customarily performing functions
similar to those performed by any of the above designated officers and also to
whom, with respect to a particular matter, such matter is referred because of
such officer's knowledge of and familiarity with a particular subject) or (2),
if provided for in this Agreement, signed by a Servicing Officer, as the case
may be, and delivered to the Depositor, the Servicer or the Trustee, as the case
may be, as required by this Agreement.

     One-Month LIBOR: With respect to any Accrual Period, the rate determined by
the Trustee on the related Interest Determination Date on the basis of (a) the
offered rates for one-month United States dollar deposits, as such rates appear
on Telerate page 3750, as of 11:00 a.m. (London time) on such Interest
Determination Date or (b) if such rate does not appear on Telerate Page 3750 as
of 11:00 a.m. (London time), the offered rates of the Reference Banks for
one-month United States dollar deposits, as such rates appear on the Reuters
Screen LIBO Page, as of 11:00 a.m. (London time) on such Interest Determination
Date. If One-Month LIBOR is determined pursuant to clause (b) above, on each
Interest Determination Date, One-Month LIBOR for the related Accrual Period will
be established by the Trustee as follows:

          (i)  If on such Interest Determination Date two or more Reference
               Banks provide such offered quotations, One-Month LIBOR for the
               related Accrual Period shall be the arithmetic mean of such
               offered quotations (rounded upwards if necessary to the nearest
               whole multiple of 0.03125%).

          (ii) If on such Interest Determination Date fewer than two Reference
               Banks provide such offered quotations, One-Month LIBOR for the
               related Accrual Period shall be the higher of (i) One-Month LIBOR
               as determined on the previous Interest Determination Date and
               (ii) the Reserve Interest Rate.

     Opinion of Counsel: A written opinion of counsel, who may be counsel for
the Depositor or the Servicer, reasonably acceptable to each addressee of such
opinion; provided, however, that with respect to Section 6.04 or 10.01, or the
interpretation or application of the REMIC Provisions, such counsel must (1) in
fact be independent of the Depositor or the Servicer, (2) not have any direct
financial interest in the Depositor or the Servicer or in any affiliate of
either and (3) not be connected with the Depositor or the Servicer as an
officer, employee, promoter, underwriter, trustee, partner, director or person
performing similar functions.

     Optional Termination: The termination of the Trust Fund hereunder pursuant
to clause (a) of Section 9.01 hereof.

     Optional Termination Amount: The repurchase price received by the Trustee
in connection with any repurchase of all of the Mortgage Loans pursuant to
Section 9.01.

     Optional Termination Price: On any date after the Initial Optional
Termination Date, an amount equal to the sum of (A) the aggregate Stated
Principal Balance of each Mortgage Loan (other than any Mortgage Loan that has
become an REO Property) as of the Distribution Date on which the proceeds of the
Optional Termination are distributed to the Certificateholders, plus accrued
interest thereon at the applicable Mortgage Rate as of the Due Date preceding
the Distribution Date on which the proceeds of the Optional Termination are
distributed to Certificateholders and the fair market value of any REO Property,
plus accrued interest thereon as of the Distribution Date on which the proceeds
of the Optional Termination are distributed to Certificateholders, (B) any
unreimbursed out-of-pocket costs and expenses

                                      -33-
<PAGE>
owed to the Trustee (including any amounts incurred by the Trustee in connection
with conducting the Auction) or the Servicer and any unpaid or unreimbursed
Servicing Fees, Advances and Servicing Advances and (C) any unreimbursed costs,
penalties and/or damages incurred by the Trust Fund in connection with any
violation relating to any of the Mortgage Loans of any predatory or abusive
lending law.

     OTS: The Office of Thrift Supervision.

     Outstanding: With respect to the Certificates as of any date of
determination, all Certificates theretofore executed and authenticated under
this Agreement except: (1) Certificates theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; and (2) Certificates in exchange for
which or in lieu of which other Certificates have been executed by the Trustee
and delivered by the Trustee pursuant to this Agreement.

     Outstanding Mortgage Loan: As of any Distribution Date, a Mortgage Loan
with a Stated Principal Balance greater than zero that was not the subject of a
Principal Prepayment in full, and that did not become a Liquidated Loan, prior
to the end of the related Due Period.

     Overcollateralization Amount: As of any date of determination, the excess
of (1) the Stated Principal Balance of the Mortgage Loans over (2) the
Certificate Principal Balance of the Certificates (other than the Class P
Certificates and the Class C Certificates).

     Ownership Interest: As to any Certificate, any ownership interest in such
Certificate including any interest in such Certificate as the Holder thereof and
any other interest therein, whether direct or indirect, legal or beneficial.

     Pass-Through Rate: With respect to any Class of Certificates, the
corresponding Pass-Through Rate for such Class of Certificates.

     Percentage Interest: With respect to:

          (i)  any Class, the percentage interest in the undivided beneficial
               ownership interest evidenced by such Class which shall be equal
               to the Certificate Principal Balance of such Class divided by the
               aggregate Certificate Principal Balance of all Classes; and

          (ii) any Certificate, the Percentage Interest evidenced thereby of the
               related Class shall equal the percentage obtained by dividing the
               Denomination of such Certificate by the aggregate of the
               Denominations of all Certificates of such Class; except that in
               the case of any Class P Certificates, the Percentage Interest
               with respect to such Certificate shown on the face of such
               Certificate.

     Periodic Rate Cap: As to each Adjustable Rate Mortgage Loan and the related
Mortgage Note, the provision therein that limits permissible increases and
decreases in the Mortgage Rate on any Adjustment Date.

     Permitted Activities: The primary activities of the trust created pursuant
to this Agreement which shall be:

          (i)  holding Mortgage Loans transferred from the Depositor and other
               assets of the Trust Fund, including the Cap Contract and any
               credit enhancement and passive

                                      -34-
<PAGE>
               derivative financial instruments that pertain to beneficial
               interests issued or sold to parties other than the Depositor, its
               Affiliates, or its agents;

          (ii) issuing Certificates and other interests in the assets of the
               Trust Fund;

          (iii) receiving collections on the Mortgage Loans and making payments
               on such Certificates and interests in accordance with the terms
               of this Agreement; and

          (iv) engaging in other activities that are necessary or incidental to
               accomplish these limited purposes, which activities cannot be
               contrary to the status of the Trust Fund as a qualified special
               purpose entity under existing accounting literature.

     Permitted Investments: At any time, any one or more of the following
obligations and securities:

          (i)  obligations of the United States or any agency thereof, provided
               such obligations are backed by the full faith and credit of the
               United States;

          (ii) general obligations of or obligations guaranteed by any state of
               the United States or the District of Columbia receiving the
               highest long-term debt rating of each Rating Agency rating the
               Certificates;

          (iii) commercial or finance company paper, other than commercial or
               finance company paper issued by the Depositor, the Trustee or any
               of its Affiliates, which is then receiving the highest commercial
               or finance company paper rating of each such Rating Agency;

          (iv) certificates of deposit, demand or time deposits, or bankers'
               acceptances (other than banker's acceptances issued by the
               Trustee or any of its Affiliates) issued by any depository
               institution or trust company incorporated under the laws of the
               United States or of any state thereof and subject to supervision
               and examination by federal and/or state banking authorities,
               provided that the commercial paper and/or long term unsecured
               debt obligations of such depository institution or trust company
               are then rated one of the two highest long-term and the highest
               short-term ratings of each such Rating Agency for such
               securities;

          (v)  demand or time deposits or certificates of deposit issued by any
               bank or trust company or savings institution to the extent that
               such deposits are fully insured by the FDIC;

          (vi) guaranteed reinvestment agreements issued by any bank, insurance
               company or other corporation rated in the two highest long-term
               or the highest short-term ratings of each Rating Agency
               containing, at the time of the issuance of such agreements, such
               terms and conditions as will not result in the downgrading or
               withdrawal of the rating then assigned to the Certificates by any
               such Rating Agency as evidenced by a letter from each Rating
               Agency;

          (vii) repurchase obligations with respect to any security described in
               clauses (i) and (ii) above, in either case entered into with a
               depository institution or trust company (acting as principal)
               described in clause (v) above;

                                      -35-
<PAGE>
          (viii) securities (other than stripped bonds, stripped coupons or
               instruments sold at a purchase price in excess of 115% of the
               face amount thereof) bearing interest or sold at a discount
               issued by any corporation, other than the Trustee or any of its
               Affiliates, incorporated under the laws of the United States or
               any state thereof which, at the time of such investment, have one
               of the two highest long term ratings of each Rating Agency;

          (ix) interests in any money market fund (including those managed or
               advised by the Trustee or its affiliates) which at the date of
               acquisition of the interests in such fund and throughout the time
               such interests are held in such fund has the highest applicable
               long term rating by each Rating Agency rating such fund, if so
               rated; and

          (x)  short term investment funds sponsored by any trust company or
               national banking association incorporated under the laws of the
               United States or any state thereof, other than the Trustee or any
               of its Affiliates, which on the date of acquisition has been
               rated by each such Rating Agency in their respective highest
               applicable rating category;

provided, that no such instrument shall be a Permitted Investment if such
instrument (i) evidences the right to receive interest only payments with
respect to the obligations underlying such instrument, (ii) is purchased at a
premium or above par or (iii) is purchased at a deep discount; provided,
further, that no such instrument shall be a Permitted Investment (A) if such
instrument evidences principal and interest payments derived from obligations
underlying such instrument and the interest payments with respect to such
instrument provide a yield to maturity of greater than 120% of the yield to
maturity at par of such underlying obligations, or (B) if it may be redeemed at
a price below the purchase price (the foregoing clause (B) not to apply to
investments in units of money market funds pursuant to clause (ix) above); and
provided, further, (I) that no amount beneficially owned by any REMIC
(including, without limitation, any amounts collected by the Servicer but not
yet deposited in the Collection Account) may be invested in investments (other
than money market funds) treated as equity interests for Federal income tax
purposes, unless the Servicer shall receive an Opinion of Counsel, at the
expense of the party requesting that such investment be made, to the effect that
such investment will not adversely affect the status of the any REMIC provided
for herein as a REMIC under the Code or result in imposition of a tax on the
Trust Fund or any REMIC provided for herein and (II) each such investment must
be a "permitted investment" within the meaning of Section 860G(a)(5) of the
Code. Permitted Investments that are subject to prepayment or call may not be
purchased at a price in excess of par.

     Permitted Transferee: Any Person other than (i) the United States, any
State or political subdivision thereof, or any agency or instrumentality of any
of the foregoing, (ii) a foreign government, International Organization or any
agency or instrumentality of either of the foregoing, (iii) an organization
(except certain farmers' cooperatives described in Section 521 of the Code) that
is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
by Section 511 of the Code on unrelated business taxable income) on any excess
inclusions (as defined in Section 860E(c)(1) of the Code) with respect to a
Class R Certificate, (iv) rural electric and telephone cooperatives described in
Section 1381(a)(2)(C) of the Code, and (v) a Person that is not a citizen or
resident of the United States, a corporation or partnership (or other entity
treated as a corporation or partnership for United States federal income tax
purposes) created or organized in or under the laws of the United States or any
State thereof or the District of Columbia or an estate whose income from sources
without the United States is includable in gross income for United States
federal income tax purposes regardless of its connection with the conduct of a
trade or business within the United States, or a trust if a court within the
United States is able to exercise primary supervision over the administration of
the trust and one or more United States persons

                                      -36-
<PAGE>
have authority to control all substantial decisions of the trust, unless, in the
case of this clause (v), such Person has furnished the transferor and the
Trustee with a duly completed Internal Revenue Service Form W-8ECI or applicable
successor form. The terms "United States," "State" and "International
Organization" shall have the meanings set forth in Section 7701 of the Code. A
corporation will not be treated as an instrumentality of the United States or of
any State thereof for these purposes if all of its activities are subject to tax
and, with the exception of the Federal Home Loan Mortgage Corporation, a
majority of its board of directors is not selected by such government unit.

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

     Pool Stated Principal Balance: As to any Distribution Date, the aggregate
of the Stated Principal Balances, as of such Distribution Date, of the Mortgage
Loans that were Outstanding Mortgage Loans as of such date.

     Prepayment Assumption: A rate or rates of prepayment, as described in the
Prospectus Supplement in the definition of "Modeling Assumptions," relating to
the Offered Certificates.

     Prepayment Charges: Any prepayment premium or charge payable by a Mortgagor
in connection with any Principal Prepayment on a Mortgage Loan pursuant to the
terms of the related Mortgage Note or Mortgage, as applicable.

     Prepayment Interest Excess: With respect to any Servicer Remittance Date,
for each Mortgage Loan that was the subject of a Principal Prepayment in full
during the portion of the related Prepayment Period occurring between the first
day of the calendar month in which such Servicer Remittance Date occurs and the
last day of the related Prepayment Period, an amount equal to interest (to the
extent received) at the applicable Net Mortgage Rate on the amount of such
Principal Prepayment for the number of days commencing on the first day of the
calendar month in which such Servicer Remittance Date occurs and ending on the
date on which such Principal Prepayment is so applied.

     Prepayment Interest Shortfall: With respect to any Distribution Date, for
each Mortgage Loan that was the subject of a Principal Prepayment in full (other
than a Principal Prepayment in full resulting from the purchase of a Mortgage
Loan pursuant to Section 2.02, 2.03 or 9.01 hereof and other than a Principal
Prepayment in full on a Mortgage Loan received during the period from and
including the first day to and including the 14th day of the month of such
Distribution Date), the amount, if any, by which (i) one month's interest at the
applicable Net Mortgage Rate on the Stated Principal Balance of such Mortgage
Loan as of the preceding Distribution Date exceeds (ii) the amount of interest
paid or collected in connection with such Principal Prepayment.

     Prepayment Period: As to any Distribution Date, the period beginning with
the 15th day of the calendar month preceding the month in which such
Distribution Date occurs (or in the case of the first Distribution Date,
beginning with the Cut-off Date) and ending on the 14th day of the month in
which such Distribution Date occurs.

     Principal Distribution Amount: With respect to each Distribution Date, the
sum of (i) the Principal Funds for such Distribution Date and (ii) any Extra
Principal Distribution Amount for such Distribution Date.

     Principal Funds: With respect to the Mortgage Loans and any Distribution
Date, the sum, without duplication, of (1) the scheduled principal due during
the related Due Period and received before the related Servicer Remittance Date
or advanced on or before the related Servicer Remittance Date, (2)

                                      -37-
<PAGE>
prepayments collected in the related Prepayment Period, (3) the Stated Principal
Balance of each Mortgage Loan that was purchased by the Depositor or the
Servicer during the related Prepayment Period or, in the case of a purchase
pursuant to Section 9.01, on the Business Day prior to such Distribution Date,
(4) the amount, if any, by which the aggregate unpaid principal balance of any
Replacement Mortgage Loan is less than the aggregate unpaid principal of the
related Deleted Mortgage Loans delivered by the Seller in connection with a
substitution of a Mortgage Loan pursuant to Section 2.03(c), (5) all Liquidation
Proceeds collected during the related Prepayment Period (to the extent such
Liquidation Proceeds relate to principal), (6) all Subsequent Recoveries
received during the related Due Period and (7) all other collections and
recoveries in respect of principal during the related Prepayment Period less (A)
all Non-Recoverable Advances relating to principal with respect to the Mortgage
Loans and (B) other amounts reimbursable to the Servicer and the Trustee
pursuant to this Agreement and allocable to principal.

     Principal Prepayment: Any Mortgagor payment or other recovery of (or
proceeds with respect to) principal on a Mortgage Loan (including Mortgage Loans
purchased or repurchased under Sections 2.02, 2.03, 3.12 and 9.01 hereof) that
is received or recovered in advance of its scheduled Due Date and is not
accompanied by an amount as to interest representing scheduled interest due on
any date or dates in any month or months subsequent to the month of prepayment.
Partial Principal Prepayments shall be applied by the Servicer in accordance
with the terms of the related Mortgage Note.

     Prospectus Supplement: The Prospectus Supplement dated August 29, 2005
relating to the public offering of the Offered Certificates.

     PUD: A Planned Unit Development.

     Purchase Price: With respect to any Mortgage Loan required to be
repurchased by the Seller or the applicable Transferor pursuant to Section 2.02
or 2.03 hereof or purchased by the Servicer pursuant to Section 3.12(c) hereof,
an amount equal to the sum of (i) 100% of the unpaid principal balance of the
Mortgage Loan as of the date of such purchase together with any unreimbursed
Servicing Advances, (ii) accrued interest thereon at the applicable Mortgage
Rate from (a) the date through which interest was last paid by the Mortgagor to
(b) the Due Date in the month in which the Purchase Price is to be distributed
to Certificateholders and (iii) any unreimbursed costs, penalties and/or damages
incurred by the Trust Fund in connection with any violation relating to such
Mortgage Loan of any predatory or abusive lending law.

     Rating Agency: Either of S&P or Moody's. If any such organization or its
successor is no longer in existence, "Rating Agency" shall be a nationally
recognized statistical rating organization, or other comparable Person,
designated by the Depositor, notice of which designation shall be given to the
Trustee. References herein to a given rating category of a Rating Agency shall
mean such rating category without giving effect to any modifiers.

     Realized Loss: With respect to (1) a Liquidated Loan, the amount, if any,
by which the Stated Principal Balance and accrued interest thereon at the Net
Mortgage Rate exceeds the amount actually recovered by the Servicer with respect
thereto (net of reimbursement of Advances and Servicing Advances) at the time
such Mortgage Loan became a Liquidated Loan or (2) with respect to a Mortgage
Loan which is not a Liquidated Loan, any amount of principal that the Mortgagor
is no longer legally required to pay (except for the extinguishment of debt that
results from the exercise of remedies due to default by the Mortgagor).

     Record Date: With respect to any Distribution Date, the close of business
on the last Business Day of the month preceding the month in which the
applicable Distribution Date occurs (or, in the case of the first Distribution
Date, the Closing Date).

                                      -38-
<PAGE>
     Reference Banks: Barclays Bank PLC, JPMorgan Chase Bank, N.A., Citibank,
N.A., Wells Fargo Bank, N.A. and NatWest, N.A.; provided that if any of the
foregoing banks are not suitable to serve as a Reference Bank, then any leading
banks selected by the Trustee which are engaged in transactions in Eurodollar
deposits in the international Eurocurrency market (i) with an established place
of business in London, England and (ii) whose quotations appear on the Reuters
Screen LIBO Page on the relevant Interest Determination Date.

     Regular Certificate: Any one of the Class A, Class M and Class B
Certificates.

     Regulation S: Regulation S promulgated under the Securities Act or any
successor provision thereto, in each case as the same may be amended from time
to time; and all references to any rule, section or subsection of, or definition
or term contained in, Regulation S means such rule, section, subsection,
definition or term, as the case may be, or any successor thereto, in each case
as the same may be amended from time to time.

     Regulation S Global Securities: The Book-Entry Regulation S Global
Securities and the Definitive Regulation S Global Securities.

     Related Certificates: With respect to the Class LTA-1A Interest, the Class
A-1A and Class R Certificates. With respect to the Class LTA-1B Interest, the
Class A-1B Certificates. With respect to the Class LTA-2A Interest, the Class
A-2A Certificates. With respect to the Class LTA-2B Interest, the Class A-2B
Certificates. With respect to the Class LTA-2C Interest, the Class A-2C
Certificates. With respect to the Class LTA-2D Interest, the Class A-2D
Certificates. With respect to the Class LTM-1 Interest, the Class M-1
Certificates. With respect to the Class LTM-2 Interest, the Class M-2
Certificates. With respect to the Class LTM-3 Interest, the Class M-3
Certificates. With respect to the Class LTM-4 Interest, the Class M-4
Certificates. With respect to the Class LTM-5 Interest, the Class M-5
Certificates. With respect to the Class LTM-6 Interest, the Class M-6
Certificates. With respect to the Class LTB-1 Interest, the Class B-1
Certificates. With respect to the Class LTB-2 Interest, the Class B-2
Certificates. With respect to the Class LTB-3 Interest, the Class B-3
Certificates.

     Relief Act: The Servicemembers Civil Relief Act or any similar state or
local law.

     Relief Act Shortfall: With respect to any Distribution Date and any
Mortgage Loan, any reduction in the amount of interest or principal collectible
on such Mortgage Loan for the most recently ended calendar month as a result of
the application of the Relief Act.

     REMIC: A "real estate mortgage investment conduit" within the meaning of
section 860D of the Code. References herein to "the REMICs" or "a REMIC" shall
mean any of (or, as the context requires, all of) the Lower Tier REMIC and the
Upper Tier REMIC.

     REMIC Pass-Through Rate: The Pass-Through Rate for a Class of Related
Certificates calculated by replacing "Available Funds Cap" in such definition
with "Net Rate."

     REMIC Provisions: Provisions of the federal income tax law relating to real
estate mortgage investment conduits, which appear at sections 860A through 860G
of Subchapter M of Chapter 1 of the Code, and related provisions, and proposed,
temporary and final regulations and published rulings, notices and announcements
promulgated thereunder, as the foregoing may be in effect from time to time as
well as provisions of applicable state laws.

     REMIC Regular Interests: (i) any of the rights under any of the
Certificates (other than the Class P Certificates, the Class R Certificate and
the Class C Certificates) other than the rights in interest rate cap contracts
described in Section 2.07 and (ii) the Uncertificated Class C Interest.

                                      -39-
<PAGE>
     Remittance Report: As defined in Section 4.04(j) hereof.

     REO Property: A Mortgaged Property acquired by the Servicer through
foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
Mortgage Loan.

     Replacement Mortgage Loan: A Mortgage Loan substituted by the Depositor for
a Deleted Mortgage Loan, which must, on the date of such substitution, as
confirmed in a Request for Release, substantially in the form of Exhibit I (1)
have a Stated Principal Balance, after deduction of the principal portion of the
Scheduled Payment due in the month of substitution, not in excess of, and not
less than 90% of the Stated Principal Balance of the Deleted Mortgage Loan; (2)
with respect to any Fixed Rate Mortgage Loan, have a Mortgage Rate not less than
or no more than 1% per annum higher than the Mortgage Rate of the Deleted
Mortgage Loan and, with respect to any Adjustable Rate Mortgage Loan: (A) have a
Maximum Mortgage Rate no more than 1% per annum higher or lower than the Maximum
Mortgage Rate of the Deleted Mortgage Loan; (B) have a Minimum Mortgage Rate no
more than 1% per annum higher or lower than the Minimum Mortgage Rate of the
Deleted Mortgage Loan; (C) have the same index and Periodic Rate Cap as that of
the Deleted Mortgage Loan and a Gross Margin not more than 1% per annum higher
or lower than that of the Deleted Mortgage Loan; (D) not permit conversion of
the related Mortgage Rate to a fixed Mortgage Rate and (F) currently be accruing
interest at a rate not more than 1% per annum higher or lower than that of the
Deleted Mortgage Loan; (3) have a similar or higher FICO score or credit grade
than that of the Deleted Mortgage Loan; (4) have a Loan-to-Value Ratio (or
Combined Loan-to-Value Ratio, in the case of the Mortgage Loans in a second lien
position) no higher than that of the Deleted Mortgage Loan; (5) have a remaining
term to maturity no greater than (and not more than one year less than) that of
the Deleted Mortgage Loan; (6) provide for a Prepayment Charge on terms
substantially similar to those of the Prepayment Charge, if any, of the Deleted
Mortgage Loan; (7) have the same lien priority as the Deleted Mortgage Loan; (8)
constitute the same occupancy type as the Deleted Mortgage Loan; and (9) comply
with each representation and warranty set forth in Section 2.03 hereof.

     Request for Release: The Request for Release of Documents submitted by the
Servicer to the Trustee (or its custodian), substantially in the form of Exhibit
I hereto.

     Required Insurance Policy: With respect to any Mortgage Loan, any insurance
policy that is required to be maintained from time to time under this Agreement,
including, without limitation, in the case of the MI Mortgage Loans, the MI
Policy.

     Required Percentage: As of any Distribution Date, the quotient of (1) the
excess of (A) the Stated Principal Balances of the Mortgage Loans as of such
Distribution Date, over (B) the Certificate Principal Balance of the most senior
Class of Certificates outstanding, prior to giving effect to distributions to be
made on such Distribution Date and (2) the Stated Principal Balance of the
Mortgage Loans as of such Distribution Date.

     Reserve Interest Rate: With respect to any Interest Determination Date, the
rate per annum that the Trustee determines to be (1) the arithmetic mean
(rounded upwards if necessary to the nearest whole multiple of 0.03125%) of the
one-month United States dollar lending rates which New York City banks selected
by the Trustee are quoting on the relevant Interest Determination Date to the
principal London offices of leading banks in the London interbank market or (2)
in the event that the Trustee can determine no such arithmetic mean, the lowest
one-month United States dollar lending rate which New York City banks selected
by the Trustee are quoting on such Interest Determination Date to leading
European banks.

     Residual Interest: An interest in the Upper Tier REMIC that is entitled to
all distributions of principal and interest on the Class R Certificate other
than distributions in respect of the Class LTR Interest and distributions to the
extent attributable to an interest rate in excess of the Net Rate.

                                      -40-
<PAGE>
     Responsible Officer: When used with respect to the Trustee or the Servicer,
any officer of the Trustee or the Servicer with direct responsibility for the
administration of this Agreement and also means any other officer to whom, with
respect to a particular matter, such matter is referred because of such
officer's knowledge of and familiarity with the particular subject.

     Reuters Screen LIBO Page: The display designated as page "LIBO" on the
Reuters Monitor Money Rates Service (or such other page as may replace such LIBO
page on that service for the purpose of displaying London interbank offered
rates of major banks.

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

     Sale Agreement: The Mortgage Loan Sale and Assignment Agreement dated as of
August 1, 2005 between the Depositor and the Seller.

     Scheduled Payment: The scheduled monthly payment on a Mortgage Loan due on
any Due Date allocable to principal and/or interest on such Mortgage Loan.

     Section 302 Requirements: Any rules or regulations promulgated pursuant to
the Sarbanes-Oxley Act of 2002 (as such may be amended from time to time).

     Securities Act: The Securities Act of 1933, as amended.

     Seller: Merrill Lynch Mortgage Lending Inc., a Delaware corporation, or its
successors in interest.

     Servicer: Wilshire Credit Corporation, a Nevada corporation, or its
successor in interest.

     Servicer Advance Date: As to any Distribution Date, the related Servicer
Remittance Date.

     Servicer's Assignee: As defined in Section 10.14(a).

     Servicer Remittance Date: With respect to any Distribution Date, the later
of (x) the date that is two Business Days after the 15th day of the month in
which the related Distribution Date occurs and (y) the 18th day (or if such day
is not a Business Day, the next preceding Business Day) of the month in which
such Distribution Date occurs.

     Servicing Advances: All customary, reasonable and necessary "out of pocket"
costs and expenses incurred in the performance by the Servicer of its servicing
obligations hereunder, including, but not limited to, the cost of (1) the
preservation, inspection, restoration and protection of a Mortgaged Property,
including without limitation advances in respect of real estate taxes and
assessments, (2) any collection, enforcement or judicial proceedings, including
without limitation foreclosures, collections and liquidations, (3) the
conservation, management, sale and liquidation of any REO Property (4) executing
and recording instruments of satisfaction, deeds of reconveyance, substitutions
of trustees on deeds of trust or assignments of mortgage to the extent not
otherwise recovered from the related Mortgagors or payable under this Agreement,
(5) correcting errors of prior servicers; tax tracking; title research; flood
certification and lender paid mortgage insurance, (6) obtaining or correcting
any legal documentation required to be included in the Mortgage Files and
reasonably necessary for the Servicer to perform its obligations under this
Agreement and (7) compliance with the obligations under Sections 3.01 and 3.10.

     Servicing Fee: As to each Mortgage Loan and any Distribution Date, an
amount equal to the product of (x) the Servicing Fee Rate and (y) the Stated
Principal Balance of such Mortgage Loan as of

                                      -41-
<PAGE>
the preceding Distribution Date or, in the event of any payment of interest that
accompanies a Principal Prepayment in full made by the Mortgagor, interest at
the Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan as
of the preceding Distribution Date for the period covered by such payment of
interest.

     Servicing Fee Rate: 0.50% per annum.

     Servicing Officer: Any officer of the Servicer involved in, or responsible
for, the administration and servicing of the Mortgage Loans whose name and
facsimile signature appear on a list of servicing officers furnished to the
Trustee by the Servicer on the Closing Date pursuant to this Agreement, as such
lists may from time to time be amended.

     Servicing Transfer Costs: In the event that the Servicer does not reimburse
the Trustee under this Agreement, all costs associated with the transfer of
servicing from the predecessor Servicer, including, without limitation, any
costs or expenses associated with the termination of the predecessor Servicer,
the appointment of a successor servicer, the complete transfer of all servicing
data and the completion, correction or manipulation of such servicing data as
may be required by the Trustee or any successor servicer to correct any errors
or insufficiencies in the servicing data or otherwise to enable the Trustee or
successor servicer to service the Mortgage Loans properly and effectively.

     SFAS 140: Statement of Financial Accounting Standard No. 140, Accounting
for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities dated September 2000, published by the Financial Accounting
Standards Board of the Financial Accounting Foundation.

     Startup Day: As defined in Section 2.07 hereof.

     Stated Principal Balance: With respect to any Mortgage Loan or related REO
Property (1) as of the Cut-off Date, the Cut-off Date Principal Balance thereof,
and (2) as of any Distribution Date, such Cut-off Date Principal Balance, minus
the sum of (A) the principal portion of the Scheduled Payments (x) due with
respect to such Mortgage Loan during each Due Period ending prior to such
Distribution Date and (y) that were received by the Servicer as of the close of
business on the Determination Date related to such Distribution Date or with
respect to which Advances were made on the Servicer Advance Date prior to such
Distribution Date and (B) all Principal Prepayments with respect to such
Mortgage Loan received on or prior to the last day of the related Prepayment
Period, and all Liquidation Proceeds to the extent applied by the Servicer as
recoveries of principal in accordance with Section 3.12 with respect to such
Mortgage Loan, that were received by the Servicer as of the close of business on
the last day of the related Due Period. Notwithstanding the foregoing, the
Stated Principal Balance of a Liquidated Loan shall be deemed to be zero.

     Stepdown Date: The later to occur of (1) the Distribution Date in September
2008 or (2) the first Distribution Date on which (A) the Class A Certificate
Principal Balance (reduced by the Principal Funds with respect to such
Distribution Date) is less than or equal to (B) 37.70% of the Stated Principal
Balances of the Mortgage Loans as of such Distribution Date.

     Stepdown Required Loss Percentage: For any Distribution Date, the
applicable percentage for such Distribution Date set forth in the following
table:

                                      -42-
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION DATE OCCURRING IN   STEPDOWN REQUIRED LOSS PERCENTAGE
------------------------------   ---------------------------------
<S>                              <C>
September 2008 - August 2009     2.25% with respect to September 2008, plus an
                                 additional 1/12th of 0.75% for each month
                                 thereafter

September 2009 - August 2010     3.00% with respect to September 2009, plus an
                                 additional 1/12th of 0.50% for each month
                                 thereafter

September 2010 - August 2011     3.50% with respect to September 2010, plus an
                                 additional 1/12th of 0.25% for each month
                                 thereafter

September 2011 and thereafter    3.75%
</TABLE>

     Stepdown Trigger Event: With respect to the Certificates on or after the
Stepdown Date, a Distribution Date on which (1) the quotient of (A) the
aggregate Stated Principal Balance of all Mortgage Loans which are 60 or more
days Delinquent measured on a rolling three month basis (including, for the
purposes of this calculation, Mortgage Loans in foreclosure and REO Properties)
and (B) the Stated Principal Balance of the Mortgage Loans as of the last day of
the preceding calendar month, equals or exceeds the product of (i) 39.70% and
(ii) the Required Percentage or (2) the quotient (expressed as a percentage) of
(A) the aggregate Realized Losses incurred from the Cut-off Date through the
last day of the calendar month preceding such Distribution Date and (B) the
aggregate principal balance of the Mortgage Loans as of the Cut-off Date exceeds
the Required Loss Percentage.

     Subordinated Certificates: The Class M and Class B Certificates.

     Subsequent Recovery: Any amount received on a Mortgage Loan (net of amounts
reimbursed to the Servicer related to Liquidated Mortgage Loans) subsequent to
such Mortgage Loan being determined to be a Liquidated Mortgage Loan.

     Subservicing Agreement: As defined in Section 3.02(a).

     Substitution Adjustment Amount: The meaning ascribed to such term pursuant
to Section 2.03(c).

     Tax Matters Person: The Person designated as "tax matters person" in the
manner provided under Treasury regulation Section 1.860F-4(d) and Treasury
regulation Section 301.6231(a)(7)-1.

     Transfer: Any direct or indirect transfer or sale of any Ownership Interest
in a Certificate.

     Transfer Agreement: The Master Mortgage Loan Purchase and Interim Servicing
Agreement dated as of January 1, 2004, as amended, between Merrill Lynch
Mortgage Capital Inc., as purchaser and Fremont, as seller and interim servicer,
as supplemented by the Bring Down Letter.

     Transferor: Fremont.

                                      -43-
<PAGE>
     Trust Fund: The corpus of the trust (the "Merrill Lynch Mortgage Investors
Trust, Series 2005-FM1") created hereunder consisting of (i) the Mortgage Loans
and all interest and principal received on or with respect thereto on and after
the Cut-off Date to the extent not applied in computing the Cut-off Date
Principal Balance thereof, exclusive of interest not required to be deposited in
the Collection Account; (ii) the Collection Account and the Certificate Account
and all amounts deposited therein pursuant to the applicable provisions of this
Agreement; (iii) property that secured a Mortgage Loan and has been acquired by
foreclosure, deed in lieu of foreclosure or otherwise; (iv) the mortgagee's
rights under the Insurance Policies with respect to the Mortgage Loans,
including, without limitation, the MI Policy; (v) all proceeds of the
conversion, voluntary or involuntary, of any of the foregoing into cash or other
liquid property; and (vi) the Cap Contract and Cap Contract Account.

     Trustee: Wells Fargo Bank, N.A., a national banking association, not in its
individual capacity, but solely in its capacity as trustee for the benefit of
the Certificateholders under this Agreement, and any successor thereto, and any
corporation or national banking association resulting from or surviving any
consolidation or merger to which it or its successors may be a party and any
successor trustee as may from time to time be serving as successor trustee
hereunder.

     Uncertificated Class C Interest: An uncertificated interest having (i) the
same rights to payments as the Class C Certificates, other than the rights to
payments of amounts with respect to the Cap Contract, and (ii) the rights to the
payments treated as distributed to the Class C Certificates under Section
2.07(d), provided, however, that such interest shall have no obligation to make
any payments treated as paid by the Class C Certificates pursuant to interest
rate cap agreements under Section 2.07(d).

     United States Person: (i) A citizen or resident of the United States, (ii)
a corporation, partnership or other entity treated as a corporation or
partnership for federal income tax purposes organized in or under the laws of
the United States or any state thereof or the District of Columbia (unless, in
the case of a partnership, Treasury regulations provide otherwise), (iii) an
estate the income of which is includible in gross income for United States tax
purposes regardless of its source or (iv) a trust if a court within the United
States is able to exercise primary supervision over the administration of the
trust and one or more United States persons have authority to control all
substantial decisions of the trust. Notwithstanding the preceding sentence, to
the extent provided in Treasury regulations, certain trusts in existence on
August 20, 1996, and treated as United States persons prior to such date, that
elect to continue to be treated as United States persons will also be United
States Persons.

     Unpaid Realized Loss Amount: The Class M-1 Unpaid Realized Loss Amount,
Class M-2 Unpaid Realized Loss Amount, Class M-3 Unpaid Realized Loss Amount,
Class M-4 Unpaid Realized Loss Amount, Class M-5 Unpaid Realized Loss Amount,
Class M-6 Unpaid Realized Loss Amount, Class B-1 Unpaid Realized Loss Amount,
Class B-2 Unpaid Realized Loss Amount, Class B-3 Unpaid Realized Loss Amount and
Class C Unpaid Realized Loss Amount, collectively.

     Upper Tier REMIC: As described in the Preliminary Statement and Section
2.07.

     USAP Report: A report in compliance with the Uniform Single Attestation
Program for Mortgage Bankers delivered in accordance with Section 3.18.

     Voting Rights: The portion of the voting rights of all the Certificates
that is allocated to any of the Certificates for purposes of the voting
provisions hereunder. Voting Rights allocated to each Class of Certificates
shall be allocated as follows: (1) 98% to the Class A, Class M and Class B
Certificates, with the allocation among such Certificates to be in proportion to
the Class Certificate Principal Balance of each Class relative to the Class
Certificate Principal Balance of all other Classes and (2) each Class of the
Class C and Class P will be allocated 1% of the Voting Rights Certificates.
Voting Rights will be

                                      -44-
<PAGE>
allocated among the Certificates of each such Class in accordance with their
respective Percentage Interests.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                         REPRESENTATIONS AND WARRANTIES

          SECTION 2.01. Conveyance of Mortgage Loans.

          The Depositor, concurrently with the execution and delivery hereof,
does hereby sell, transfer, assign, set over and convey to the Trustee without
recourse all the right, title and interest of the Depositor in and to the assets
of the Trust Fund. Such assignment includes all interest and principal received
on or with respect to the Mortgage Loans on or after the Cut-off Date (other
than Scheduled Payments due on the Mortgage Loans on or before the Cut-off
Date).

          The parties hereto agree and understand that it is not intended that
any Mortgage Loan be included in the Trust that is, without limitation, a
"High-Cost Home Loan" as defined by the Home Ownership and Equity Protection Act
of 1994 or any other applicable anti-predatory lending laws, including but not
limited to (i) a "High-Cost Home Loan" as defined in the New Jersey Home
Ownership Act effective November 27, 2003; (ii) a "High-Cost Home Loan" as
defined in the New Mexico Home Loan Protection Act effective January 1, 2004;
(iii) a "High-Cost Home Loan" as defined in the Massachusetts Predatory Home
Loan Practices Act effective November 7, 2004 or (iv) a "High-Cost Home Loan" as
defined by the Indiana High Cost Home Loan Law effective January 1, 2005.

          In connection with such assignment, the Depositor does hereby deliver
to, and deposit with, the Trustee, the following documents or instruments with
respect to each Mortgage Loan:

          (A) The Original Mortgage Note endorsed in blank or, "Pay to the order
     of Wells Fargo Bank, N.A., as trustee, without recourse" together with all
     riders thereto. The Mortgage Note shall include all intervening
     endorsements showing a complete chain of the title from the originator to
     [___________].

          (B) Except as provided below and for each Mortgage Loan that is not a
     MERS Loan, the original recorded Mortgage together with all riders thereto,
     with evidence of recording thereon, or, if the original Mortgage has not
     yet been returned from the recording office, a copy of the original
     Mortgage together with all riders thereto certified to be true copy of the
     original of the Mortgage that has been delivered for recording in the
     appropriate recording office of the jurisdiction in which the Mortgaged
     Property is located and in the case of each MERS Loan, the original
     Mortgage together with all riders thereto, noting the presence of the MIN
     of the Loan and either language indicating that the Mortgage Loan is a MOM
     Loan or if the Mortgage Loan was not a MOM Loan at origination, the
     original Mortgage and the assignment thereof to MERS, with evidence of
     recording indicated thereon, or a copy of the Mortgage certified by the
     public recording office in which such Mortgage has been recorded.

          (C) In the case of each Mortgage Loan that is not a MERS Loan, the
     original Assignment of each Mortgage, endorsed either in blank or, to
     "Wells Fargo Bank, N.A., as trustee"

                                      -45-
<PAGE>
          (D) The original policy of title insurance (or a preliminary title
     report, commitment or binder if the original title insurance policy has not
     been received from the title insurance company).

          (E) Originals of any intervening assignments of the Mortgage, with
     evidence of recording thereon or, if the original intervening assignment
     has not yet been returned from the recording office, a copy of such
     assignment certified to be a true copy of the original of the assignment
     which has been sent for recording in the appropriate jurisdiction in which
     the Mortgaged Property is located.

          (F) Originals of all assumption and modification agreements, if any.

          (G) If in connection with any Mortgage Loan, the Depositor cannot
     deliver the Mortgage, Assignments of Mortgage or assumption, consolidation
     or modification, as the case may be, with evidence of recording thereon, if
     applicable, concurrently with the execution and delivery of this Agreement
     solely because of a delay caused by the public recording office where such
     Mortgage, Assignments of Mortgage or assumption, consolidation or
     modification, as the case may be, has been delivered for recordation, the
     Depositor shall deliver or cause to be delivered to the Trustee written
     notice stating that such Mortgage or assumption, consolidation or
     modification, as the case may be, has been delivered to the appropriate
     public recording office for recordation. Thereafter, the Depositor shall
     deliver or cause to be delivered to the Trustee such Mortgage, Assignments
     of Mortgage or assumption, consolidation or modification, as the case may
     be, with evidence of recording indicated thereon, if applicable, upon
     receipt thereof from the public recording office. To the extent any
     required endorsement is not contained on a Mortgage Note or an Assignment
     of Mortgage, the Depositor shall make or cause such endorsement to be made.

          (H) With respect to any Mortgage Loan, none of the Depositor, the
     Servicer or the Trustee shall be obligated to cause to be recorded the
     Assignment of Mortgage referred to in this Section 2.01. In the event an
     Assignment of Mortgage is not recorded, the Servicer shall have no
     liability for its failure to receive and act on notices related to such
     Assignment of Mortgage.

          The ownership of each Mortgage Note, the Mortgage and the contents of
the related Mortgage File is vested in the Trustee on behalf of the
Certificateholders. Neither the Depositor nor the Servicer shall take any action
inconsistent with such ownership and shall not claim any ownership interest
therein. The Depositor and the Servicer shall respond to any third party
inquiries with respect to ownership of the Mortgage Loans by stating that such
ownership is held by the Trustee on behalf of the Certificateholders. Mortgage
documents relating to the Mortgage Loans not delivered to the Trustee are and
shall be held in trust by the Servicer, for the benefit of the Trustee as the
owner thereof, and the Servicer's possession of the contents of each Mortgage
File so retained is for the sole purpose of servicing the related Mortgage Loan,
and such retention and possession by the Servicer is in a custodial capacity
only. The Depositor agrees to take no action inconsistent with the Trustee's
ownership of the Mortgage Loans, to promptly indicate to all inquiring parties
that the Mortgage Loans have been sold and to claim no ownership interest in the
Mortgage Loans.

          It is the intention of this Agreement that the conveyance of the
Depositor's right, title and interest in and to the Trust Fund pursuant to this
Agreement shall constitute a purchase and sale and not a loan. If a conveyance
of Mortgage Loans from the Seller to the Depositor is characterized as a pledge
and not a sale, then the Depositor shall be deemed to have transferred to the
Trustee all of the Depositor's right, title and interest in, to and under the
obligations of the Seller deemed to be secured by said pledge; and it is the
intention of this Agreement that the Depositor shall also be deemed to have
granted to the

                                      -46-
<PAGE>
Trustee a first priority security interest in all of the Depositor's right,
title, and interest in, to and under the obligations of the Seller to the
Depositor deemed to be secured by said pledge and that the Trustee shall be
deemed to be an independent custodian for purposes of perfection of the security
interest granted to the Depositor. If the conveyance of the Mortgage Loans from
the Depositor to the Trustee is characterized as a pledge, it is the intention
of this Agreement that this Agreement shall constitute a security agreement
under applicable law, and that the Depositor shall be deemed to have granted to
the Trustee a first priority security interest in all of the Depositor's right,
title and interest in, to and under the Mortgage Loans, all payments of
principal of or interest on such Mortgage Loans, all other rights relating to
and payments made in respect of the Trust Fund, and all proceeds of any thereof.
If the trust created by this Agreement terminates prior to the satisfaction of
the claims of any Person in any Certificates, the security interest created
hereby shall continue in full force and effect and the Trustee shall be deemed
to be the collateral agent for the benefit of such Person.

          In addition to the conveyance made in the first paragraph of this
Section 2.01, the Depositor does hereby convey, assign and set over to the
Trustee for the benefit of the Certificateholders its rights and interests under
the Sale Agreement, including the Depositor's right, title and interest in the
representations and warranties contained in the Sale Agreement and the benefit
of the repurchase obligations and the obligation of the Seller contained in the
Sale Agreement to take, at the request of the Depositor or the Trustee, all
action on its part which is reasonably necessary to ensure the enforceability of
a Mortgage Loan. The Trustee hereby accepts such assignment, and shall be
entitled to exercise all rights of the Depositor under the Sale Agreement as if,
for such purpose, it were the Depositor. The foregoing sale, transfer,
assignment, set-over, deposit and conveyance does not and is not intended to
result in creation or assumption by the Trustee of any obligation of the
Depositor, the Seller, or any other Person in connection with the Mortgage Loans
or any other agreement or instrument relating thereto.

          SECTION 2.02. Acceptance by the Trustee of the Mortgage Loans.

          Except as set forth in the Exception Report delivered
contemporaneously herewith (the "Exception Report"), the Trustee acknowledges
receipt of the Mortgage Note for each Mortgage Loan and delivery of a Mortgage
File (but does not acknowledge receipt of all documents required to be included
in such Mortgage File) with respect to each Mortgage Loan and declares that it
holds and will hold such documents and any other documents constituting a part
of the Mortgage Files delivered to it in trust for the use and benefit of all
present and future Certificateholders. The Depositor will cause the Seller to
repurchase any Mortgage Loan to which a material exception was taken in the
Exception Report unless such exception is cured to the satisfaction of the
Trustee within 45 Business Days of the Closing Date.

          The Trustee acknowledges receipt of the Cap Contract (the form of
which is attached hereto), the Transfer Agreement, the Bring Down Letter and the
Sale Agreement.

          The Trustee agrees, for the benefit of Certificateholders, to review
each Mortgage File delivered to it within 60 days after the Closing Date to
ascertain and to certify, within 70 days of the Closing Date, to the Depositor
and the Servicer that all documents required by Section 2.01 have been executed
and received, and that such documents relate to the Mortgage Loans identified in
Exhibit B-1 that have been conveyed to it. If the Trustee finds any document or
documents constituting a part of a Mortgage File to be missing or defective
(that is, mutilated, damaged, defaced or unexecuted) in any material respect,
the Trustee shall promptly (and in any event within no more than five Business
Days) after such finding so notify the Servicer, the Seller and the Depositor.
In addition, the Trustee shall also notify the Servicer, the Seller and the
Depositor if the original Mortgage with evidence of recording thereon with
respect to a Mortgage Loan is not received within 70 days of the Closing Date;
if it has not been received because of a delay caused by the public recording
office where such Mortgage has been

                                      -47-
<PAGE>
delivered for recordation, the Depositor shall deliver or cause to be delivered
to the Trustee written notice stating that such Mortgage has been delivered to
the appropriate public recording office for recordation and thereafter the
Depositor shall deliver or cause to be delivered such Mortgage with evidence of
recording thereon upon receipt thereof from the public recording office. The
Trustee shall request that the Seller correct or cure such omission, defect or
other irregularity, or substitute a Mortgage Loan pursuant to the provisions of
Section 2.03, within 90 days from the date the Seller was notified of such
omission or defect and, if the Seller does not correct or cure such omission or
defect within such period, that the Seller purchase such Mortgage Loan from the
Trust Fund within 90 days from the date the Trustee notified the Seller of such
omission, defect or other irregularity at the Purchase Price of such Mortgage
Loan. The Purchase Price for any Mortgage Loan purchased pursuant to this
Section 2.02 shall be paid to the Servicer and deposited by the Servicer in the
Certificate Account or Collection Account, as appropriate, promptly upon
receipt, and, upon receipt by the Trustee of written notification of such
deposit signed by a Servicing Officer, the Trustee, upon receipt of a Request
for Release, shall promptly release to the Seller the related Mortgage File and
the Trustee shall execute and deliver such instruments of transfer or
assignment, without recourse, as shall be requested by the Seller and necessary
to vest in the Seller or its designee, as the case may be, any Mortgage Loan
released pursuant hereto, and the Trustee shall have no further responsibility
with regard to such Mortgage Loan. It is understood and agreed that the
obligation of the Seller to purchase, cure or substitute any Mortgage Loan as to
which a material defect in or omission of a constituent document exists shall
constitute the sole remedy respecting such defect or omission available to the
Trustee on behalf of Certificateholders. The preceding sentence shall not,
however, limit any remedies available to the Certificateholders, the Depositor
or the Trustee pursuant to the Sale Agreement, the Transfer Agreement and the
Bring-Down Letter. The Trustee shall be under no duty or obligation to inspect,
review and examine such documents, instruments, certificates or other papers to
determine that they are genuine, enforceable, recordable or appropriate to the
represented purpose, or that they have actually been recorded, or that they are
other than what they purport to be on their face. The Servicer and the Trustee
shall keep confidential the name of each Mortgagor except as required by this
Agreement and the Servicer and the Trustee shall not solicit any such Mortgagor
for the purpose of refinancing the related Mortgage Loan; notwithstanding
anything herein to the contrary, the foregoing shall not be construed to
prohibit (i) disclosure of any and all information that is or becomes publicly
known, or information obtained by the Trustee from sources other than the other
parties hereto, (ii) 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 aspects
of the Trustee's business or that of its affiliates, (C) pursuant to any
subpoena, civil investigation demand or similar demand or request of any court,
regulatory authority, arbitrator or arbitration to which Trustee 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 the Trustee having a need to know the same, provided that the
Trustee advises such recipient of the confidential nature of the information
being disclosed, or (iii) any other disclosure authorized by the Depositor.

          Within 70 days of the Closing Date, the Trustee (or its custodian)
shall deliver to the Depositor and the Servicer the Trustee's Certification,
substantially in the form of Exhibit D attached hereto, evidencing the
completeness of the Mortgage Files, with any exceptions noted thereto.

          SECTION 2.03. Representations, Warranties and Covenants of the
Depositor.

          (a) The Depositor hereby represents and warrants to the Servicer and
the Trustee as follows, as of the date hereof:

          (i) The Depositor is duly organized and is validly existing as a
     corporation in good standing under the laws of the State of Delaware and
     has full power and authority (corporate and

                                      -48-
<PAGE>
     other) necessary to own or hold its properties and to conduct its business
     as now conducted by it and to enter into and perform its obligations under
     this Agreement and the Sale Agreement.

          (ii) The Depositor has the full corporate power and authority to
     execute, deliver and perform, and to enter into and consummate the
     transactions contemplated by, this Agreement and the Sale Agreement and has
     duly authorized, by all necessary corporate action on its part, the
     execution, delivery and performance of this Agreement and the Sale
     Agreement; and this Agreement and the Sale Agreement, assuming the due
     authorization, execution and delivery hereof by the other parties hereto,
     constitutes a legal, valid and binding obligation of the Depositor,
     enforceable against the Depositor in accordance with its terms, subject, as
     to enforceability, to (i) bankruptcy, insolvency, reorganization,
     moratorium and other similar laws affecting creditors' rights generally and
     (ii) general principles of equity, regardless of whether enforcement is
     sought in a proceeding in equity or at law.

          (iii) The execution and delivery of this Agreement and the Sale
     Agreement by the Depositor, the consummation of the transactions
     contemplated by this Agreement and the Sale Agreement, and the fulfillment
     of or compliance with the terms hereof are in the ordinary course of
     business of the Depositor and will not (A) result in a material breach of
     any term or provision of the charter or by-laws of the Depositor or (B)
     materially conflict with, result in a violation or acceleration of, or
     result in a material default under, the terms of any other material
     agreement or instrument to which the Depositor is a party or by which it
     may be bound or (C) constitute a material violation of any statute, order
     or regulation applicable to the Depositor of any court, regulatory body,
     administrative agency or governmental body having jurisdiction over the
     Depositor; and the Depositor is not in breach or violation of any material
     indenture or other material agreement or instrument, or in violation of any
     statute, order or regulation of any court, regulatory body, administrative
     agency or governmental body having jurisdiction over it which breach or
     violation may materially impair the Depositor's ability to perform or meet
     any of its obligations under this Agreement.

          (iv) No litigation is pending, or, to the best of the Depositor's
     knowledge, threatened, against the Depositor that would materially and
     adversely affect the execution, delivery or enforceability of this
     Agreement and the Sale Agreement or the ability of the Depositor to perform
     its obligations under this Agreement and the Sale Agreement in accordance
     with the terms hereof.

          (v) No consent, approval, authorization or order of any court or
     governmental agency or body is required for the execution, delivery and
     performance by the Depositor of, or compliance by the Depositor with, this
     Agreement and the Sale Agreement or the consummation of the transactions
     contemplated hereby, or if any such consent, approval, authorization or
     order is required, the Depositor has obtained the same. The Depositor
     hereby represents and warrants to the Trustee with respect to each Mortgage
     Loan as of the Closing Date, and following the transfer of the Mortgage
     Loans to it by the Seller, the Depositor had good title to the Mortgage
     Loans and the Mortgage Notes were subject to no offsets, claims, liens,
     mortgage, pledge, charge, security interest, defenses or counterclaims.

          (b) The representations and warranties of the Transferor with respect
to the Mortgage Loans contained in the Transfer Agreement were made as of the
date of the Transfer Agreement and brought forward to the Closing Date pursuant
to the Bring Down Letter. The representations and warranties of the Transferor
with respect to the Mortgage Loans contained in the Bring Down Letter were made
as of the Closing Date. The representations and warranties of the Seller with
respect to the Mortgage Loans contained in the Sale Agreement were made as of
the Closing Date.

                                      -49-
<PAGE>
To the extent that any fact, condition or event with respect to a Mortgage Loan
constitutes a breach of both (i) a representation or warranty of the Transferor
under the Transfer Agreement and (ii) a representation or warranty of the Seller
under the Sale Agreement, the only right or remedy of the Trustee or of any
Certificateholder shall be the Trustee's right to enforce the obligations of the
Transferor under any applicable representation or warranty made by it. The
Trustee acknowledges that the Seller shall have no obligation or liability with
respect to any breach of a representation or warranty made by it with respect to
the Mortgage Loans if the fact, condition or event constituting such breach also
constitutes a breach of a representation or warranty made by the Transferor in
the Transfer Agreement, without regard to whether the Transferor fulfills its
contractual obligations in respect of such representation or warranty. The
Trustee also acknowledges that the Seller shall have no obligation or liability
with respect to any breach of a representation or warranty made solely by the
Transferor with respect to the Mortgage Loans, without regard to whether the
Transferor fulfills its contractual obligations in respect of such
representation or warranty. The Trustee further acknowledges that the Depositor
shall have no obligation or liability with respect to any breach of any
representation or warranty with respect to the Mortgage Loans (except as set
forth in Section 2.03(a)(v)) under any circumstances.

          In addition to the representations and warranties of the Transferor in
the Transfer Agreement that were brought forward to the Closing Date pursuant to
the Bring Down Letter, with respect to each Mortgage Loan, the Transferor made
certain additional covenants regarding such Mortgage Loan, as set forth in the
Transfer Agreement. With respect to any breach of such additional covenants that
materially and adversely affects the interests of the Certificateholders in such
Mortgage Loan, the Seller shall (1) use reasonable efforts to enforce such
covenant against the Transferor and (2) if the Seller successfully enforces any
obligation of the Transferor to repurchase such Mortgage Loan, the Seller shall
repurchase such Mortgage Loan in accordance with this Section 2.03. If the
Seller does not successfully enforce the obligation, if any, of the Transferor
to repurchase a Mortgage Loan with respect to any breach of any such additional
covenants, the Seller shall have no obligation or right to repurchase or cure
such Mortgage Loan.

          (c) Upon discovery by any of the Depositor, the Servicer or the
Trustee of a breach of any of such representations and warranties that adversely
and materially affects the value of the related Mortgage Loan, Prepayment
Charges or the interests of the Certificateholders, the party discovering such
breach shall give prompt written notice to the other parties. Within 90 days of
the discovery of such breach of any representation or warranty, the Transferor
or the Seller, as applicable, shall either (a) cure such breach in all material
respects, (b) repurchase such Mortgage Loan or any property acquired in respect
thereof from the Trustee at the Purchase Price or (c) within the two year period
following the Closing Date, substitute a Replacement Mortgage Loan for the
affected Mortgage Loan. In the event of discovery of a breach of any
representation and warranty of the Transferor or the Seller, the Trustee's
rights shall be enforced under the Transfer Agreement or the Sale Agreement for
the benefit of Certificateholders. In the event of a breach of the
representations and warranties with respect to the Mortgage Loans set forth in
the Transfer Agreement, the Trustee shall enforce the right of the Trust Fund to
be indemnified for such breach of representation and warranty. In the event that
such breach relates solely to the unenforceability of a Prepayment Charge,
amounts received in respect of such indemnity up to the amount of such
Prepayment Charge shall be distributed pursuant to Section 4.04(b)(i). As
provided in the Sale Agreement, if the Seller substitutes for a Mortgage Loan
for which there is a breach of any representations and warranties in the Sale
Agreement which adversely and materially affects the value of such Mortgage Loan
and such substitute mortgage loan is not a Replacement Mortgage Loan, under the
terms of the Sale Agreement, the Seller will, in exchange for such substitute
Mortgage Loan, (i) provide the applicable Purchase Price for the affected
Mortgage Loan or (ii) within two years of the Closing Date, substitute such
affected Mortgage Loan with a Replacement Mortgage Loan. Any such substitution
shall not be effected prior to the additional delivery to the Trustee of a
Request for Release substantially in the form of Exhibit I and shall not be
effected unless it is within two years of the Startup Day. The Seller

                                      -50-
<PAGE>
indemnifies and holds the Trust Fund, the Trustee, the Depositor, the Servicer
and each Certificateholder harmless against any and all taxes, claims, losses,
penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any other costs, fees and expenses that the Trust Fund, the
Trustee, the Depositor, the Servicer and any Certificateholder may sustain in
connection with any actions of the Seller relating to a repurchase of a Mortgage
Loan other than in compliance with the terms of this Section 2.03 and the Sale
Agreement, to the extent that any such action causes (i) any federal or state
tax to be imposed on the Trust Fund or any REMIC provided for herein, including
without limitation, any federal tax imposed on "prohibited transactions" under
Section 860F(a)(1) of the Code or on "contributions after the startup day" under
Section 860G(d)(1) of the Code, or (ii) any REMIC created hereunder to fail to
qualify as a REMIC at any time that any Certificate is outstanding. In
furtherance of the foregoing, if the Seller is not a member of MERS and
repurchases a Mortgage Loan which is registered on the MERS System, the Seller,
at its own expense and without any right of reimbursement, shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the Mortgage from MERS to the Seller and shall cause such Mortgage to be removed
from registration on the MERS System in accordance with MERS' rules and
regulations.

          With respect to any Mortgage Loan repurchased by the Depositor
pursuant to this Agreement, by the Seller pursuant to the Sale Agreement or by
the Transferor pursuant to the Transfer Agreement, the principal portion of the
funds received by the Servicer in respect of such repurchase of a Mortgage Loan
will be considered a Principal Prepayment and shall be deposited in the
Certificate Account pursuant to Section 3.05 and the Servicer shall notify the
Trustee of its receipt of the same. The Trustee, upon the Servicer's receipt of
the full amount of the Purchase Price for a Deleted Mortgage Loan, or upon
receipt of the Mortgage File for a Replacement Mortgage Loan substituted for a
Deleted Mortgage Loan, shall release or cause to be released and reassign to the
Depositor, the Seller or the Transferor, as applicable, the related Mortgage
File for the Deleted Mortgage Loan and shall execute and deliver such
instruments of transfer or assignment, in each case without recourse,
representation or warranty, as shall be necessary to vest in such party or its
designee or assignee title to any Deleted Mortgage Loan released pursuant
hereto, free and clear of all security interests, liens and other encumbrances
created by this Agreement, which instruments shall be prepared by the Trustee
(or its custodian), and the Trustee shall have no further responsibility with
respect to the Mortgage File relating to such Deleted Mortgage Loan.

          With respect to each Replacement Mortgage Loan to be delivered to the
Trustee (or its custodian) pursuant to the terms of this Article II in exchange
for a Deleted Mortgage Loan: (i) the Seller must deliver to the Trustee (or its
custodian) the Mortgage File for the Replacement Mortgage Loan containing the
documents set forth in Section 2.01 along with a written certification
certifying as to the Mortgage Loan satisfying all requirements under the
definition of Replacement Mortgage Loan and the delivery of such Mortgage File
and containing the granting language set forth in Section 2.01; and (ii) the
Depositor will be deemed to have made, with respect to such Replacement Mortgage
Loan, each of the representations and warranties made by it with respect to the
related Deleted Mortgage Loan. The Trustee (or its custodian) shall review the
Mortgage File with respect to each Replacement Mortgage Loan and certify to the
Depositor that all documents required by Section 2.01 have been executed and
received.

          For any month in which the Seller substitutes one or more Replacement
Mortgage Loans for one or more Deleted Mortgage Loans, the Seller will determine
the amount (if any) by which the aggregate principal balance of all such
Replacement Mortgage Loans as of the date of substitution and the aggregate
Prepayment Charges with respect to such Replacement Mortgage Loans is less than
the aggregate Stated Principal Balance (after application of the principal
portion of the Scheduled Payment due in the month of substitution) and aggregate
Prepayment Charges of all such Deleted Mortgage Loans. An amount equal to the
aggregate of the deficiencies described in the preceding sentence (such amount,

                                      -51-
<PAGE>
the "Substitution Adjustment Amount") plus an amount equal to any unreimbursed
costs, penalties and/or damages incurred by the Trust Fund in connection with
any violation relating to such Deleted Mortgage Loan of any predatory or abusive
lending law shall be remitted by the Seller to the Servicer for deposit into the
Certificate Account by the Seller on the Determination Date for the Distribution
Date relating to the Prepayment Period during which the related Mortgage Loan
became required to be purchased or replaced hereunder.

          Notwithstanding any other provision of this Agreement, the right to
substitute Mortgage Loans pursuant to this Article II shall be subject to the
additional limitations that no substitution of a Replacement Mortgage Loan for a
Deleted Mortgage Loan shall be made unless the Trustee shall have received an
Opinion of Counsel (at the expense of the party seeking to make the
substitution) that, under current law, such substitution will not (A) affect
adversely the status of any REMIC established hereunder as a REMIC, or of the
related "regular interests" as "regular interests" in any such REMIC, or (B)
cause any such REMIC to engage in a "prohibited transaction" or prohibited
contribution pursuant to the REMIC Provisions.

          The Trustee shall amend the Mortgage Loan Schedule to reflect the
removal of such Deleted Mortgage Loan from the terms of this Agreement and the
substitution of the Replacement Mortgage Loan or Replacement Mortgage Loans.
Upon such substitution by the Seller, such Replacement Mortgage Loan or
Replacement Mortgage Loans shall constitute part of the Mortgage Pool and shall
be subject in all respects to the terms of this Agreement and the Sale
Agreement, including all applicable representations and warranties thereof
included in the Sale Agreement as of the date of substitution.

          (d) It is understood and agreed that the representations, warranties
and indemnification (i) set forth in this Section 2.03, (ii) of the Seller and
the Depositor set forth in the Sale Agreement and assigned to the Trustee by the
Depositor hereunder and (iii) of the Transferor, assigned by the Seller to the
Depositor pursuant to the Sale Agreement and assigned to the Trustee by the
Depositor hereunder shall each survive delivery of the Mortgage Files and the
Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue
throughout the term of this Agreement.

          (e) The Depositor shall deliver a copy of the Mortgage Loan Schedule
to the Servicer on the Closing Date.

          SECTION 2.04. Representations and Warranties of the Servicer.

               The Servicer hereby represents and warrants to the Depositor and
the Trustee as follows, as of the date hereof:

               (i) The Servicer is duly organized and is validly existing as a
corporation in good standing under the laws of the State of Nevada and is duly
authorized and qualified to transact any and all business contemplated by this
Agreement to be conducted by the Servicer in any state in which a Mortgaged
Property is located or is otherwise not required under applicable law to effect
such qualification and, in any event, is in compliance with the doing business
laws of any such state, to the extent necessary to ensure its ability to enforce
each Mortgage Loan, to service the Mortgage Loans in accordance with the terms
of this Agreement and to perform any of its other obligations under this
Agreement in accordance with the terms hereof.

               (ii) The Servicer has the corporate power and authority to
service each Mortgage Loan, and to execute, deliver and perform, and to enter
into and consummate the transactions contemplated by this Agreement and has duly
authorized by all necessary corporate action on the part of

                                      -52-
<PAGE>
the Servicer the execution, delivery and performance of this Agreement; and this
Agreement, assuming the due authorization, execution and delivery hereof by the
other parties hereto, constitutes a legal, valid and binding obligation of the
Servicer, enforceable against the Servicer in accordance with its terms, except
that (a) the enforceability hereof may be limited by bankruptcy, insolvency,
moratorium, receivership and other similar laws relating to creditors' rights
generally and (b) the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to equitable defenses and to the
discretion of the court before which any proceeding hereunder may be brought.

               (iii) The execution and delivery of this Agreement by the
Servicer, the servicing of the Mortgage Loans under this Agreement, the
consummation of any other of the transactions contemplated by this Agreement,
and the fulfillment of or compliance with the terms hereof are in the ordinary
course of business of the Servicer and will not (A) result in a material breach
of any term or provision of the charter or by-laws of the Servicer or (B)
materially conflict with, result in a material breach, violation or acceleration
of, or result in a material default under, the terms of any other material
agreement or instrument to which the Servicer is a party or by which it may be
bound, or (C) constitute a material violation of any statute, order or
regulation applicable to the Servicer of any court, regulatory body,
administrative agency or governmental body having jurisdiction over the
Servicer; and the Servicer is not in breach or violation of any material
indenture or other material agreement or instrument, or in violation of any
statute, order or regulation of any court, regulatory body, administrative
agency or governmental body having jurisdiction over it which breach or
violation may materially impair the Servicer's ability to perform or meet any of
its obligations under this Agreement.

               (iv) The Servicer is an approved servicer of mortgage loans for
Fannie Mae and is an approved servicer of mortgage loans for Freddie Mac.

               (v) Except as previously disclosed to the Depositor in the
Prospectus Supplement, no litigation is pending or, to the best of the
Servicer's knowledge, threatened, against the Servicer that would materially and
adversely affect the execution, delivery or enforceability of this Agreement or
the ability of the Servicer to service the Mortgage Loans or to perform any of
its other obligations under this Agreement in accordance with the terms hereof.

               (vi) No consent, approval, authorization or order of any court or
governmental agency or body is required for the execution, delivery and
performance by the Servicer of, or compliance by the Servicer with, this
Agreement or the consummation of the transactions contemplated hereby, or if any
such consent, approval, authorization or order is required, the Servicer has
obtained the same.

               (vii) The Servicer has fully furnished and will fully furnish
(for the period it serviced the Mortgage Loans), in accordance with the Fair
Credit Reporting Act and its implementing regulations, accurate and complete
information (e.g., favorable and unfavorable) on its borrower credit files to
Equifax, Experian and Trans Union Credit Information Company on a monthly basis.

          SECTION 2.05. Substitutions and Repurchases of Mortgage Loans which
     are not "Qualified Mortgages".

          Upon discovery by the Depositor, the Servicer or the Trustee that any
Mortgage Loan does not constitute a "qualified mortgage" within the meaning of
section 860G(a)(3) of the Code, the party discovering such fact shall promptly
(and in any event within 5 Business Days of discovery) give written notice
thereof to the other parties. In connection therewith, the Depositor shall, at
the Depositor's option, either (i) substitute, if the conditions in Section
2.03(c) with respect to substitutions are satisfied, a Replacement Mortgage Loan
for the affected Mortgage Loan, or (ii) repurchase the affected Mortgage

                                      -53-
<PAGE>
Loan within 90 days of such discovery in the same manner as it would a Mortgage
Loan for a breach of representation or warranty contained in Section 2.03. The
Trustee, upon the written direction of the Depositor, shall reconvey to the
Depositor the Mortgage Loan to be released pursuant hereto in the same manner,
and on the same terms and conditions, as it would a Mortgage Loan repurchased
for breach of a representation or warranty contained in Section 2.03.

          SECTION 2.06. Authentication and Delivery of Certificates.

          The Trustee acknowledges the transfer and assignment to it of the
Trust Fund and, concurrently with such transfer and assignment, the Trustee has
caused to be authenticated and delivered to or upon the order of the Depositor,
in exchange for the Mortgage Loans, Certificates duly authenticated by the
Trustee in authorized denominations evidencing ownership of the entire Trust
Fund. The Trustee agrees to hold the Trust Fund and exercise the rights referred
to above for the benefit of all present and future Holders of the Certificates
and to perform its duties set forth in this Agreement in accordance with the
provisions hereof.

          SECTION 2.07. REMIC Elections.

          (a) The Depositor hereby instructs and authorizes the Trustee to make
an appropriate election to treat each of the Upper Tier REMIC and the Lower Tier
REMIC as a REMIC. The Trustee shall sign the returns providing for such
elections and such other tax or information returns which are required to be
signed by the Trustee under applicable law. This Agreement shall be construed so
as to carry out the intention of the parties that each of the Upper Tier REMIC
and the Lower Tier REMIC be treated as a REMIC at all times prior to the date on
which the Trust Fund is terminated.

          (b) The Preliminary Statement sets forth the designations and "latest
possible maturity date" for federal income tax purposes of all interests created
hereby. The "Startup Day" for purposes of the REMIC Provisions shall be the
Closing Date. Each REMIC's fiscal year shall be the calendar year.

          The Lower Tier REMIC shall consist of all of the assets of the Trust
Fund (other than (i) amounts distributable to the Class P Certificates pursuant
to Section 4.04(b)(i) hereof, (ii) the interests issued by the Lower Tier REMIC,
(iii) the grantor trusts described in Section 2.07 hereof and (iv) the Cap
Contract and Cap Contract Account). The Lower Tier REMIC shall issue the Lower
Tier REMIC Regular Interests which shall be designated as regular interests of
such REMIC and shall issue the Class LTR Interest that shall be designated as
the sole class of residual interest in the Lower Tier REMIC. Each of the Lower
Tier REMIC Regular Interests shall have the characteristics set forth in its
definition.

          The assets of the Upper Tier REMIC shall be the Lower Tier REMIC
Regular Interests. The REMIC Regular Interests shall be designated as the
regular interests in the Upper Tier REMIC and the Residual Interest shall be
designated as the sole class of residual interest in the Upper Tier REMIC. For
federal income tax purposes, the pass-through rate on each REMIC Regular
Interest (other than the Uncertificated Class C Interest) and on the sole class
of residual interest in the Upper Tier REMIC shall be subject to a cap equal to
the Net Rate.

          The beneficial ownership of the Class LTR Interest and the Residual
Interest shall be represented by the Class R Certificate. The Class LTR Interest
shall not have a principal balance or bear interest.

          (c) The "tax matters person" with respect to each REMIC for purposes
of the REMIC Provisions shall be the beneficial owner of the Class R
Certificate; provided, however, that the

                                      -54-
<PAGE>
Holder of a Class R Certificate, by its acceptance thereof, irrevocably appoints
the Trustee as its agent and attorney-in-fact to act as "tax matters person"
with respect to each REMIC for purposes of the REMIC Provisions. If there is
more than one beneficial owner of the Class R Certificate, the "tax matters
person" shall be the Person with the greatest percentage interest in the Class R
Certificate and, if there is more than one such Person, shall be determined
under Treasury regulation Section 1.860F-4(d) and Treasury regulation Section
301.6231(a)(7)-1.

          (d) It is intended that the rights of each Class of the Class A, Class
M and Class B Certificates to receive payments in respect of Excess Interest
shall be treated as a right in interest rate cap contracts written by the Class
C Certificateholders in favor of the holders of each Class of the Class A, Class
M and Class B Certificates and such shall be accounted for as property held
separate and apart from the regular interests in the Upper Tier REMIC held by
the holders of the Class A (other than the Class R Certificate), Class M and
Class B Certificates and the residual interest in the Upper Tier REMIC held by
the holder of the Class R Certificate. For information reporting requirements,
the rights of the Class A, Class M and Class B Certificates to receive payments
in respect of Excess Interest shall be assumed to have zero value or a de
minimis value. This provision is intended to satisfy the requirements of
Treasury Regulations Section 1.860G-2(i) for the treatment of property rights
coupled with REMIC interests to be separately respected and shall be interpreted
consistently with such regulation. On each Distribution Date, to the extent that
any of the Class A, Class M and Class B Certificates receive payments in respect
of Excess Interest, such amounts, to the extent not derived from payments on the
Cap Contract, will be treated as distributed by the Upper Tier REMIC to the
Class C Certificates pro rata in payment of the amounts specified in Section
4.04(g) and then paid to the relevant Class of Certificates pursuant to the
related interest rate cap agreement.

          (e) The parties intend that the portion of the Trust Fund consisting
of the Uncertificated Class C Interest, the Cap Contract, the Cap Contract
Account and the obligation of the holders of the Class C Certificates to pay
amounts in respect of Excess Interest to the holders of the Class A, Class M and
Class B Certificates shall be treated as a "grantor trust" under the Code, and
the provisions hereof shall be interpreted consistently with this intention. In
furtherance of such intention, the Trustee shall (i) furnish or cause to be
furnished to the holders of the Class C Certificates information regarding their
allocable share, if any, of the income with respect to such grantor trust, (ii)
file or cause to be filed with the Internal Revenue Service Form 1041 (together
with any necessary attachments) and such other forms as may be applicable and
(iii) comply with such information reporting obligations with respect to
payments from such grantor trust to the holders of Class A, Class M, Class B and
Class C Certificates as may be applicable under the Code.

          (f) The parties intend that the portion of the Trust Fund consisting
of the right to receive payments distributable to the Class P Certificates
pursuant to Section 4.04(b)(i) hereof shall be treated as a "grantor trust"
under the Code, and the provisions hereof shall be interpreted consistently with
this intention. In furtherance of such intention, the Trustee shall (i) furnish
or cause to be furnished to the holders of the Class P Certificates information
regarding their allocable share of the income with respect to such grantor trust
and (ii) file or cause to be filed with the Internal Revenue Service Form 1041
(together with any necessary attachments) and such other forms as may be
applicable.

          (g) [RESERVED]

          (h) All payments of principal and interest at the Net Mortgage Rate on
each of the Mortgage Loans (other than payments distributable to the Class P
Certificates pursuant to Section 4.04(b)(i) hereof) received from the Mortgage
Loans shall be paid to the Lower Tier REMIC Regular Interests until the
principal balance of all such interests have been reduced to zero and any losses
allocated to such interests have been reimbursed. Any excess amounts shall be
distributed to the Class

                                      -55-
<PAGE>
LTR Interest. On each Distribution Date, an amount equal to 50% of the increase
in the Overcollateralization Amount shall be payable as a reduction of the
principal amounts of the Lower Tier REMIC Marker Classes (with such amount
allocated among the Lower Tier REMIC Marker Classes so that each Lower Tier
REMIC Marker Class will have its principal reduced by an amount equal to 50% of
any increase in the Overcollateralization Amount that results in a reduction in
the principal balance of its Related Certificates) and will be accrued and added
to the principal balance of the Class LTX Interest. All payments of scheduled
principal and prepayments of principal on the Mortgage Loans shall be allocated
50% to the Class LTX Interest and 50% to the Lower Tier REMIC Marker Classes
(with principal payments allocated to each of the Lower Tier REMIC Marker
Classes in an amount equal to 50% of the principal amounts distributed to the
Related Certificates in reduction of their principal amounts). Notwithstanding
the preceding sentence, an amount equal to the principal payments that result in
a reduction in the Overcollateralization Amount shall be treated as payable
entirely to the Class LTX Interest. Realized Losses that are allocated to the
Certificates shall be applied to the Lower Tier REMIC Marker Classes and the
Class LTX Interest so that after all distributions have been made on each
Distribution Date (i) the principal balance of each of the Lower Tier REMIC
Marker Classes is equal to 50% of the principal balance of the Related
Certificates and (ii) the principal balance of the Class LTX Interest is equal
to the sum of (x) 50% of the aggregate Stated Principal Balance of the Mortgage
Loans and (y) 50% of the Overcollateralization Amount. Each Lower Tier REMIC
Marker Class shall be entitled to receive an amount equal to 50% of all amounts
distributed to the Related Certificates in respect of unreimbursed amounts of
Realized Losses. The Class LTX Interest shall be entitled to receive all other
amounts distributed to the Certificates in respect of unreimbursed amounts of
Realized Losses.

          If on any Distribution Date the Certificate Principal Balance of any
Class of Certificates is increased pursuant to the last sentence of the
definition of "Certificate Principal Balance", then there shall be an equivalent
increase in the principal amounts of the Lower Tier REMIC Regular Interests,
with such increase allocated (before the making of distributions and the
allocation of losses on the Lower Tier REMIC Regular Interests on such
Distribution Date) among the Lower Tier REMIC Regular Interests so that (i) each
of the Lower Tier Marker Classes has a principal balance equal to 50% of the
principal balance of the Related Certificates, (ii) the Class LTX Interest has a
principal balance equal to the sum of (x) 50% of the aggregate Stated Principal
Balance of the Mortgage Loans and (y) 50% of the Overcollateralization Amount.

          (i) In the event that any REMIC provided for herein fails to qualify
as a REMIC, loses its status as a REMIC or incurs federal, state or local taxes
as a result of a prohibited transaction or prohibited contribution under the
REMIC Provisions due to the negligent performance by the Servicer of its duties
and obligations set forth herein, the Servicer shall indemnify the Trustee and
the Trust Fund against any and all Losses resulting from such negligence;
provided, however, that the Servicer shall not be liable for any such Losses
attributable to the action or inaction of the Trustee, the Depositor or the
Holder of a Class R Certificate, as applicable, nor for any such Losses
resulting from misinformation provided by the Holder of such Class R Certificate
on which the Servicer has relied. The foregoing shall not be deemed to limit or
restrict the rights and remedies of the Holder of such Class R Certificate now
or hereafter existing at law or in equity. Notwithstanding the foregoing,
however, in no event shall the Servicer have any liability (1) for any action or
omission that is taken in accordance with and in compliance with the express
terms of, or which is expressly permitted by the terms of, this Agreement, (2)
for any Losses other than those arising out of a negligent performance by the
Servicer of its duties and obligations set forth herein, and (3) for any special
or consequential damages to Certificateholders (in addition to payment of
principal and interest on the Certificates).

          (j) In the event that any REMIC provided for herein fails to qualify
as a REMIC, loses its status as a REMIC, or incurs federal, state or local taxes
as a result of a prohibited transaction or prohibited contribution under the
REMIC Provisions due to the negligent performance by the Trustee of

                                      -56-
<PAGE>
its duties and obligations set forth herein, the Trustee shall indemnify the
Trust Fund against any and all Losses resulting from such negligence; provided,
however, that the Trustee shall not be liable for any such Losses attributable
to the action or inaction of the Servicer, the Depositor or the Holder of a
Class R Certificate, as applicable, nor for any such Losses resulting from
misinformation provided by the Holder of such Class R Certificate on which the
Trustee has relied. The foregoing shall not be deemed to limit or restrict the
rights and remedies of the Holder of such Class R Certificate now or hereafter
existing at law or in equity. Notwithstanding the foregoing, however, in no
event shall the Trustee have any liability (1) for any action or omission that
is taken in accordance with and in compliance with the express terms of, or
which is expressly permitted by the terms of, this Agreement, (2) for any Losses
other than those arising out of a negligent performance by the Trustee of its
duties and obligations set forth herein, and (3) for any special or
consequential damages to Certificateholders (in addition to payment of principal
and interest on the Certificates).

          SECTION 2.08. [RESERVED]

          SECTION 2.09. Covenants of the Servicer.

          The Servicer hereby covenants to each of the other parties to this
Agreement as follows:

          (a) the Servicer shall comply in the performance of its obligations
under this Agreement with all reasonable rules and requirements of the insurer
under each Required Insurance Policy;

          (b) no written information, certificate of an officer, statement
furnished in writing or written report delivered to the Depositor or the
Trustee, any affiliate of the Depositor or the Trustee and prepared by the
Servicer pursuant to this Agreement will be inaccurate in any material respect,
provided, however, that the Servicer shall not be responsible for inaccurate
information provided to it by third parties.

          SECTION 2.10. [RESERVED]

          SECTION 2.11. Permitted Activities of the Trust.

          The Trust is created for the object and purpose of engaging in the
Permitted Activities. In furtherance of the foregoing, the Trustee is hereby
authorized and directed to execute and deliver on behalf of the Trust, and to
perform the duties and obligations of the Trustee under, the Cap Contract and
any other agreement or instrument related thereto, in each case in such form as
the Depositor shall direct or shall approve, the execution and delivery of any
such agreement by the Depositor to be conclusive evidence of its approval
thereof

          SECTION 2.12. Qualifying Special Purpose Entity.

          For purposes of SFAS 140, the parties hereto intend that the Trust
Fund shall be treated as a "qualifying special purpose entity" as such term is
used in SFAS 140 and any successor rule thereto and its power and authority as
stated in Section 2.11 of this Agreement shall be limited in accordance with
paragraph 35 or SFAS 140.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                                      -57-
<PAGE>
          SECTION 3.01. Servicer to Service Mortgage Loans.

          For and on behalf of the Certificateholders, the Servicer shall
service and administer the Mortgage Loans in accordance with Accepted Servicing
Practices. In connection with such servicing and administration, the Servicer
shall have full power and authority, acting alone and/or through subservicers as
provided in Section 3.02 hereof, to do or cause to be done any and all things
that it may deem necessary or desirable in connection with such servicing and
administration, including but not limited to, the power and authority, subject
to the terms hereof (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages (but only
in the manner provided in this Agreement), (iii) to collect any Insurance
Proceeds and other Liquidation Proceeds and (iv) subject to Section 3.12(a), to
effectuate foreclosure or other conversion of the ownership of the Mortgaged
Property securing any Mortgage Loan; provided that, subject to Section 6.03, the
Servicer shall not take any action that is inconsistent with or prejudices the
interests of the Trust Fund or the Certificateholders in any Mortgage Loan
serviced by it under this Agreement or the rights and interests of the other
parties to this Agreement except as otherwise required by this Agreement or by
law. Notwithstanding anything in this Agreement to the contrary, the Servicer
shall not make or permit any modification, waiver or amendment of any term of
any Mortgage Loan that would cause any of the REMICs provided for herein to fail
to qualify as a REMIC or result in the imposition of any tax under Section
860G(a) or 860G(d) of the Code. The Servicer shall represent and protect the
interest of the Trust Fund in the same manner as it currently protects its own
interest in mortgage loans in its own portfolio in any claim, proceeding or
litigation regarding a Mortgage Loan, but in any case not in any manner that is
a lesser standard than that provided in the first sentence of this Section 3.01.
Without limiting the generality of the foregoing, the Servicer, in its own name
or in the name of the Depositor and the Trustee, is hereby authorized and
empowered by the Depositor and the Trustee, when the Servicer believes it
appropriate in its reasonable judgment, to execute and deliver, on behalf of the
Trustee, the Depositor, the Certificateholders or any of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge, subordinations and all other comparable instruments, with respect to
the Mortgage Loans, and with respect to the Mortgaged Properties held for the
benefit of the Certificateholders. The Servicer shall prepare and deliver to the
Depositor and/or the Trustee such documents requiring execution and delivery by
any or all of them as are necessary or appropriate to enable the Servicer to
service and administer the Mortgage Loans, to the extent that the Servicer is
not permitted to execute and deliver such documents pursuant to the preceding
sentence. Upon receipt of such documents, the Depositor and/or the Trustee shall
execute such documents and deliver them to the Servicer. For purposes of this
Section 3.01, the Trustee hereby grants to the Servicer a limited power of
attorney to execute and file any and all documents necessary to fulfill the
obligations of the Servicer under this Section 3.01.

          The Servicer shall not be required to make any Servicing Advance with
respect to a Mortgage Loan that is 150 days or more delinquent.

          The Servicer shall deliver a list of Servicing Officers to the Trustee
by the Closing Date.

          The Servicer shall deliver to the MI Insurer all reports required by
the MI Insurer that are reasonably available to the Servicer.

          The Servicer will transmit full-file credit reporting data for each
Mortgage Loan pursuant to Fannie Mae Guide Announcement 97-02 and that for each
Mortgage Loan, the Servicer agrees that it shall report one of the following
statuses each month as follows: current, delinquent (30-, 60-, 90-days, etc.),
foreclosed or charged-off.

                                      -58-
<PAGE>
          The Servicer further is authorized and empowered by the Trustee, on
behalf of the Certificateholders and the Trustee, in its own name or in the name
of the Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
believes it is appropriate in its best judgment to register any Mortgage Loan on
the MERS System, or cause the removal from the registration of any Mortgage Loan
on the MERS System, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording of
a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns. Any reasonable expenses incurred in connection with the
actions described in the preceding sentence or as a result of MERS discontinuing
or becoming unable to continue operations in connection with the MERS System,
shall be subject to withdrawal by the Servicer from the Collection Account.

          With respect to any second lien Mortgage Loan, the Servicer may
consent to the refinancing of the prior senior lien relating to such Mortgage
Loan, provided that the following requirements are met:

          (a) the resulting Combined Loan-to-Value Ratio of such Mortgage Loan
is no higher than the Combined Loan-to-Value Ratio prior to such refinancing;
and

          (b) the interest rate for the loan evidencing the refinanced senior
lien is no more than 2.0% higher than the interest rate on the loan evidencing
the existing senior lien immediately prior to the date of such refinancing; and

          (c) the loan evidencing the refinanced senior lien is not subject to
negative amortization.

          SECTION 3.02. Servicing and Subservicing; Enforcement of the
     Obligations of Servicer.

          (a) The Servicer may arrange for the subservicing of any Mortgage Loan
by a subservicer, which may be an affiliate (each, a "subservicer") pursuant to
a subservicing agreement (each, a "Subservicing Agreement") including, at the
Servicer's option, if requested to do so by the Holder of the Class C
Certificate; provided, however, that (i) such subservicing arrangement and the
terms of the related subservicing agreement must provide for the servicing of
such Mortgage Loans in a manner consistent with the servicing arrangements
contemplated hereunder and (ii) that such agreement would not result in a
withdrawal or downgrading by any Rating Agency of the ratings of any
Certificates evidenced by a letter to that effect delivered by each Rating
Agency to the Depositor. Notwithstanding the provisions of any subservicing
agreement, any of the provisions of this Agreement relating to agreements or
arrangements between the Servicer and a subservicer or reference to actions
taken through a subservicer or otherwise, the Servicer shall remain obligated
and liable to the Depositor, the Trustee and the Certificateholders for the
servicing and administration of the Mortgage Loans in accordance with the
provisions of this Agreement without diminution of such obligation or liability
by virtue of such subservicing agreements or arrangements or by virtue of
indemnification from the subservicer and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and administering
the Mortgage Loans. Every subservicing agreement entered into by the Servicer
shall contain a provision giving any successor servicer the option to terminate
such agreement in the event a successor servicer is appointed. All actions of
the each subservicer performed pursuant to the related subservicing agreement
shall be performed as an agent of the Servicer with the same force and effect as
if performed directly by the Servicer. The Servicer shall deliver to the Trustee
copies of all subservicing agreements. The Trustee shall have no obligations,
duties or liabilities with respect to a subservicer,

                                      -59-
<PAGE>
including without limitation, any obligation, duty or liability to monitor such
subservicer or to pay a subservicer's fees and expenses.

          (b) For purposes of this Agreement, the Servicer shall be deemed to
have received any collections, recoveries or payments with respect to the
Mortgage Loans that are received by a subservicer regardless of whether such
payments are remitted by the subservicer to the Servicer.

          SECTION 3.03. Rights of the Depositor and the Trustee in Respect of
     the Servicer.

          Neither the Trustee nor the Depositor shall have any responsibility or
liability for any action or failure to act by the Servicer, and neither of them
is obligated to supervise the performance of the Servicer hereunder or
otherwise.

          SECTION 3.04. Trustee to Act as Servicer.

          Subject to Sections 6.04 and 7.02, in the event that the Servicer
shall for any reason no longer be the Servicer hereunder (including by reason of
an Event of Default), the Trustee or its designee shall, within a period of time
not to exceed ninety (90) days from the date of notice of termination or
resignation, thereupon assume all of the rights and obligations of the Servicer
hereunder arising thereafter (except that the Trustee shall not be (i) liable
for losses of the Servicer pursuant to Section 3.10 hereof or any acts or
omissions of such predecessor Servicer hereunder, (ii) obligated to make
Advances or Servicing Advances if it is prohibited from doing so by applicable
law, (iii) obligated to effectuate repurchases or substitutions of Mortgage
Loans hereunder, including pursuant to Section 2.02 or 2.03 hereof, (iv)
responsible for any expenses of the Servicer pursuant to Section 2.03 or (v)
deemed to have made any representations and warranties hereunder, including
pursuant to Section 2.04 or the first paragraph of Section 6.02 hereof;
provided, however that the Trustee (subject to clause (ii) above) or its
designee, in its capacity as the successor servicer, shall immediately assume
the terminated or resigning Servicer's obligation to make Advances and Servicing
Advances). No such termination or resignation shall affect any obligation of the
Servicer to pay amounts owed under this Agreement and to perform its duties
under this Agreement until its successor assumes all of its rights and
obligations hereunder. If the Servicer shall for any reason no longer be the
Servicer (including by reason of any Event of Default), the Trustee (or any
other successor servicer) may, at its option, succeed to any rights and
obligations of the Servicer under any subservicing agreement in accordance with
the terms thereof; provided, however, that the Trustee (or any other successor
servicer) shall not incur any liability or have any obligations in its capacity
as servicer under a subservicing agreement arising prior to the date of such
succession unless it expressly elects to succeed to the rights and obligations
of the Servicer thereunder; and the Servicer shall not thereby be relieved of
any liability or obligations under the subservicing agreement arising prior to
the date of such succession. To the extent any costs or expenses, including
without limitation Servicing Transfer Costs incurred by the Trustee in
connection with this Section 3.04, are not paid by the Servicer pursuant to this
Agreement within 30 days of the date of the Trustee's invoice thereof, such
amounts shall be payable out of the Certificate Account; provided that if the
Servicer has been terminated by reason of an Event of Default, the terminated
Servicer shall reimburse the Trust Fund for any such expense incurred by the
Trust Fund upon receipt of a reasonably detailed invoice evidencing such
expenses. If the Trustee is unwilling or unable to act as servicer, the Trustee
shall seek to appoint a successor servicer that is eligible in accordance with
the criteria specified this Agreement.

          The Servicer shall, upon request of the Trustee, but at the expense of
the Servicer if the Servicer has been terminated by reason of an Event of
Default, deliver to the assuming party all documents and records relating to
each subservicing agreement and the Mortgage Loans then being

                                      -60-
<PAGE>
serviced and otherwise use its best efforts to effect the orderly and efficient
transfer of the subservicing agreement to the assuming party.

          SECTION 3.05. Collection of Mortgage Loan Payments; Collection
     Account; Certificate Account.

          (a) The Servicer shall make reasonable efforts in accordance with
Accepted Servicing Practices to collect all payments called for under the terms
and provisions of the Mortgage Loans to the extent such procedures shall be
consistent with this Agreement and the terms and provisions of any related
Required Insurance Policy. Consistent with the foregoing, the Servicer may in
its discretion (i) waive any late payment charge or, if applicable, any default
interest charge, or (ii) subject to Section 3.01, extend the due dates for
payments due on a Mortgage Note for a period not greater than 180 days;
provided, however, that any extension pursuant to clause (ii) above shall not
affect the amortization schedule of any Mortgage Loan for purposes of any
computation hereunder, except as provided below. In the event of any such
arrangement pursuant to clause (ii) above, subject to Section 4.01, the Servicer
shall make any Advances on the related Mortgage Loan during the scheduled period
in accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements. Notwithstanding the
foregoing, in the event that any Mortgage Loan is in default or, in the judgment
of the Servicer, such default is reasonably foreseeable, the Servicer,
consistent with the standards set forth in Section 3.01, may also waive, modify
or vary any term of such Mortgage Loan (including modifications that would
change the Mortgage Rate, forgive the payment of principal or interest or extend
the final maturity date of such Mortgage Loan), accept payment from the related
Mortgagor of an amount less than the Stated Principal Balance in final
satisfaction of such Mortgage Loan, or consent to the postponement of strict
compliance with any such term or otherwise grant indulgence to any Mortgagor
(any and all such waivers, modifications, variances, forgiveness of principal or
interest, postponements, or indulgences collectively referred to herein as
"forbearance"), provided, however, that in determining which course of action
permitted by this sentence it shall pursue, the Servicer shall adhere to the
standards of Section 3.01. The Servicer's analysis supporting any forbearance
and the conclusion that any forbearance meets the standards of Section 3.01
shall be reflected in writing in the Mortgage File.

          (b) The Servicer will not waive any Prepayment Charge or portion
thereof unless, (i) the enforceability thereof shall have been limited by
bankruptcy, insolvency, moratorium, receivership or other similar laws relating
to creditors' rights generally or is otherwise prohibited by law, or (ii) the
collectability thereof shall have been limited due to acceleration in connection
with a foreclosure or other involuntary payment, or (iii) the Servicer has not
been provided with information sufficient to enable it to collect the Prepayment
Charge, or (iv) in the Servicer's reasonable judgment as described in Section
3.01 hereof, (x) such waiver relates to a default or a reasonably foreseeable
default and (y) such waiver would maximize recovery of total proceeds taking
into account the value of such Prepayment Charge and related Mortgage Loan, or
(v) the collection of such Prepayment Charge or portion thereof, or of a similar
type of Prepayment Charge, would be considered "predatory" or "illegal" pursuant
to written guidance published by any applicable federal, state or local
regulatory authority having jurisdiction over such matters or has been
challenged by any such authority, or (vi) there is a certificated class action
in which a similar type of prepayment charge is being challenged. Except as
provided in the preceding sentence, in no event will the Servicer waive a
Prepayment Charge in connection with a refinancing of a Mortgage Loan that is
not related to a default or a reasonably foreseeable default. If the Servicer
waives or does not collect all or a portion of a Prepayment Charge relating to a
Principal Prepayment in full or in part due to any action or omission of the
Servicer, other than as provided above, the Servicer shall deposit the amount of
such Prepayment Charge (or such portion thereof as had been waived for deposit)
into the Collection Account for distribution in accordance with the terms of
this Agreement.

                                      -61-
<PAGE>
          (c) The Servicer shall not be required to institute or join in
litigation with respect to collection of any payment (whether under a Mortgage,
Mortgage Note or otherwise or against any public or governmental authority with
respect to a taking or condemnation) if it reasonably believes that enforcing
the provision of the Mortgage or other instrument pursuant to which such payment
is required is prohibited by applicable law.

          (d) The Servicer shall establish and initially maintain, on behalf of
the Certificateholders, the Collection Account. The Servicer shall deposit into
the Collection Account daily, within two Business Days of receipt thereof, in
immediately available funds, the following payments and collections received or
made by it on and after the Cut-Off Date with respect to the Mortgage Loans:

               (i) all payments on account of principal, including Principal
Prepayments, on the Mortgage Loans, other than principal due on the Mortgage
Loans on or prior to the Cut-off Date;

               (ii) all payments on account of interest on the Mortgage Loans
net of the related Servicing Fee permitted under Section 3.15, other than (x)
interest due on the Mortgage Loans on or prior to the Cut-off Date and (y)
Prepayment Interest Excess;

               (iii) all Liquidation Proceeds, other than proceeds to be applied
to the restoration or repair of the Mortgaged Property or released to the
Mortgagor in accordance with the Servicer's normal servicing procedures;

               (iv) all Subsequent Recoveries;

               (v) all Compensating Interest;

               (vi) any amount required to be deposited by the Servicer pursuant
to Section 3.05(g) in connection with any losses on Permitted Investments;

               (vii) any amounts required to be deposited by the Servicer
pursuant to Section 3.10 hereof;

               (viii) all Advances made by the Servicer pursuant to Section
4.01;

               (ix) all Prepayment Charges; and

               (x) any other amounts required to be deposited hereunder.

          The foregoing requirements for remittance by the Servicer into the
Collection Account shall be exclusive, it being understood and agreed that,
without limiting the generality of the foregoing, late payment charges,
insufficient funds charges and payments in the nature of assumption fees (i.e.
fees related to the assumption of a Mortgage Loan upon the purchase of the
related Mortgaged Property and other similar ancillary fees (other than
Prepayment Charges)) if collected, and any Prepayment Interest Excess need not
be remitted by the Servicer. Rather, such fees and charges may be retained by
the Servicer as additional servicing compensation. In the event that the
Servicer shall remit any amount not required to be remitted and not otherwise
subject to withdrawal pursuant to Section 3.08 hereof, it may at any time
withdraw or direct the Trustee, or such other institution maintaining the
Collection Account, to withdraw such amount from the Collection Account, any
provision herein to the contrary notwithstanding. The Servicer shall maintain
adequate records with respect to all withdrawals made pursuant to this Section.
All funds deposited in the Collection Account shall be held in trust for the

                                      -62-
<PAGE>
Certificateholders until withdrawn in accordance with Section 3.08. In no event
shall the Trustee incur liability for withdrawals from the Collection Account at
the direction of the Servicer.

          The Servicer shall give notice to the Trustee of the location of the
Collection Account maintained by it when established and prior to any change
thereof. Not later than twenty days after each Distribution Date, the Servicer
shall forward to the Trustee and the Depositor the most current available bank
statement for the Collection Account. Copies of such statement shall be provided
by the Trustee to any Certificateholder and to any Person identified to the
Trustee as a prospective transferee of a Certificate, upon request at the
expense of the requesting party, provided such statement is delivered by the
Servicer to the Trustee.

          (e) The Trustee shall establish and maintain, on behalf of the
Certificateholders, the Certificate Account. The Trustee shall, promptly upon
receipt, deposit or cause to be deposited in the Certificate Account and retain
therein the following:

               (i) the aggregate amount withdrawn by the Servicer from the
Collection Account and required to be deposited in the Certificate Account;

               (ii) the Purchase Price and any Substitution Adjustment Amount;

               (iii) any amount required to be deposited by the Trustee pursuant
to Section 3.05(g) in connection with any losses on Permitted Investments; and

               (iv) the Optional Termination Amount paid by the winning bidder
at the Auction or by the Servicer pursuant to Section 9.01.

          Any amounts received by the Trustee prior to 1:00 p.m. New York City
time (or such earlier deadline for investment in the Permitted Investments
designated by the Trustee) that are required to be deposited in the Certificate
Account by the Servicer shall be invested in Permitted Investments on the
Business Day on which they were received. The foregoing requirements for
remittance by the Servicer and deposit by the Trustee into the Certificate
Account shall be exclusive. If the Servicer fails to remit any funds due by the
time designated herein, the Servicer shall pay to the Trustee, for its own
account, interest accrued on such funds at the then current prime rate (as
published by Wells Fargo Bank, N.A.) from and including the applicable due date,
to but excluding the day such funds are paid to the Trustee. In the event that
the Servicer shall remit any amount not required to be remitted and not
otherwise subject to withdrawal pursuant to Section 3.08 hereof, it may at any
time cause the Trustee to withdraw such amount from the Certificate Account, any
provision herein to the contrary notwithstanding. All funds deposited in the
Certificate Account shall be held by the Trustee in trust for the
Certificateholders until disbursed in accordance with this Agreement or
withdrawn in accordance with Section 3.08. In no event shall the Trustee incur
liability for withdrawals from the Certificate Account at the direction of the
Servicer. The Trustee shall give notice to the Servicer of the location of the
Certificate Account maintained by it when established and prior to any change
thereof.

          (f) Each institution that maintains the Collection Account or the
Certificate Account shall invest the funds in each such account as directed by
the Servicer or the Trustee, as applicable, in writing, in Permitted
Investments, which shall mature not later than (i) in the case of the Collection
Account the Business Day preceding the related Servicer Remittance Date (except
that if such Permitted Investment is an obligation of the institution that
maintains such Collection Account or is otherwise immediately available, then
such Permitted Investment shall mature not later than the Servicer Remittance
Date) and (ii) in the case of the Certificate Account, the Business Day
immediately preceding the first Distribution Date that follows the date of such
investment (except that if such Permitted Investment is an

                                      -63-
<PAGE>
obligation of the institution that maintains such Certificate Account or is
otherwise immediately available, then such Permitted Investment shall mature not
later than such Distribution Date) and, in each case, shall not be sold or
disposed of prior to its maturity. All such Permitted Investments shall be made
in the name of the Trustee, for the benefit of the Certificateholders. All
income and gain net of any losses realized from amounts on deposit in the
Collection Account shall be for the benefit of the Servicer as servicing
compensation and shall be remitted to it monthly as provided herein. The amount
of any losses incurred in the Collection Account in respect of any such
investments shall be deposited by the Servicer in the Collection Account out of
the Servicer's own funds immediately as realized. All income and gain net of any
losses realized from amounts on deposit in the Certificate Account shall be for
the benefit of the Trustee and shall be remitted to or withdrawn by it monthly
as provided herein. The amount of any losses incurred in the Certificate Account
in respect of any such investments shall be deposited by the Trustee in the
Certificate Account out of the Trustee's own funds immediately as realized.

          SECTION 3.06. Collection of Taxes, Assessments and Similar Items;
     Escrow Accounts.

          To the extent required by the related Mortgage Note, the Servicer
shall establish and maintain one or more accounts (each, an "Escrow Account")
and deposit and retain therein all collections from the Mortgagors (or advances
by the Servicer) for the payment of taxes, assessments, hazard insurance
premiums or comparable items for the account of the Mortgagors. Nothing herein
shall require the Servicer to compel a Mortgagor to establish an Escrow Account
in violation of applicable law.

          Withdrawals of amounts so collected from the Escrow Accounts may be
made only to effect timely payment of taxes, assessments, hazard insurance
premiums, condominium or PUD association dues, or comparable items, to reimburse
the Servicer out of related collections for any payments made pursuant to
Sections 3.01 hereof (with respect to taxes and assessments and insurance
premiums) and 3.10 hereof (with respect to hazard insurance), to refund to any
Mortgagors any sums as may be determined to be overages, to pay interest, if
required by law or the terms of the related Mortgage or Mortgage Note, to
Mortgagors on balances in the Escrow Account or to clear and terminate the
Escrow Account at the termination of this Agreement in accordance with Section
9.01 hereof. The Escrow Accounts shall not be a part of the Trust Fund.

          SECTION 3.07. Access to Certain Documentation and Information
     Regarding the Mortgage Loans.

          Upon reasonable advance notice in writing if required by federal
regulation, the Servicer will provide to each Certificateholder that is a
savings and loan association, bank or insurance company certain reports and
reasonable access to information and documentation regarding the Mortgage Loans
sufficient to permit such Certificateholder to comply with applicable
regulations of the OTS or other regulatory authorities with respect to
investment in the Certificates; provided, that the Servicer shall be entitled to
be reimbursed by each such Certificateholder for actual expenses incurred by the
Servicer in providing such reports and access.

          The Servicer may from time to time provide the Depositor, and any
Person designated by the Depositor, with reports and information regarding the
Mortgage Loans, including without limitation information requested by the
Depositor or an originator of the Mortgage Loans for required institutional risk
control.

          In addition, with respect to each MI Mortgage Loan that is subject to
a modification, the Servicer shall provide the MI Insurer with written notice of
such modification, which shall include the nature of such modification.

                                      -64-
<PAGE>
          SECTION 3.08. Permitted Withdrawals from the Collection Account and
     Certificate Account.

          (a) The Servicer may from time to time, make withdrawals from the
Collection Account for the following purposes:

               (i) to pay to the Servicer (to the extent not previously paid to
or withheld by the Servicer), as servicing compensation in accordance with
Section 3.15, that portion of any payment of interest that equals the Servicing
Fee for the period with respect to which such interest payment was made, and, as
additional servicing compensation, those other amounts set forth in Section
3.15;

               (ii) to reimburse the Servicer for Advances made by it (or to
reimburse the Advance Financing Person for Advances made by it) with respect to
the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii)
being limited to amounts received on particular Mortgage Loan(s) (including, for
this purpose, Liquidation Proceeds) that represent late recoveries of payments
of principal and/or interest on such particular Mortgage Loan(s) in respect of
which any such Advance was made;

               (iii) to reimburse the Servicer for any Non-Recoverable Advance
previously made and any Non-Recoverable Servicing Advances previously made to
the extent that, in the case of Non-Recoverable Servicing Advances,
reimbursement therefor constitutes "unanticipated expenses" within the meaning
of Treasury Regulation Section 1.860G-1(b)(3)(ii);

               (iv) to pay to the Servicer earnings on or investment income with
respect to funds in or credited to the Collection Account;

               (v) to reimburse the Servicer from Insurance Proceeds for Insured
Expenses covered by the related Insurance Policy;

               (vi) to pay any obligations under the MI Policy;

               (vii) to pay to the Servicer any unpaid Servicing Fees and to
reimburse it for any unreimbursed Servicing Advances (to the extent that
reimbursement for Servicing Advances would constitute an "unanticipated expense"
within the meaning of Treasury Regulation Section 1.860-1(b)(3)(ii)), the
Servicer's right to reimbursement of Servicing Advances pursuant to this
subclause (vi) with respect to any Mortgage Loan being limited to amounts
received on particular Mortgage Loan(s)(including, for this purpose, Liquidation
Proceeds and purchase and repurchase proceeds) that represent late recoveries of
the payments for which such advances were made pursuant to Section 3.01 or
Section 3.06;

               (viii) to pay to the Servicer any unpaid Servicing Fees for any
Mortgage Loan upon such Mortgage Loan being charged off and upon termination of
the obligations of the Servicer.

               (ix) to pay to the Depositor or the Servicer, as applicable, with
respect to each Mortgage Loan or property acquired in respect thereof that has
been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts received
thereon and not taken into account in determining the related Stated Principal
Balance of such repurchased Mortgage Loan;

               (x) to reimburse the Servicer or the Depositor for expenses
incurred by either of them in connection with the Mortgage Loans or Certificates
and reimbursable pursuant to

                                      -65-
<PAGE>
Section 3.04, Section 3.25 or Section 6.03 hereof provided that reimbursement
therefor would constitute "unanticipated" expenses within the meaning of
Treasury Regulation Section 1.860G-1(b)(3)(ii);

               (xi) to reimburse the Trustee for enforcement expenses reasonably
incurred in respect of a breach or defect giving rise to the purchase obligation
in Section 2.03 that were incurred in the purchase price of the Mortgage Loans
including any expenses arising out of the enforcement of the purchase
obligation; provided that any such expenses will be reimbursable under this
subclause (xi) only to the that such expenses would constitute "unanticipated
expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)
if paid by one of the REMICs provided for herein;

               (xii) [RESERVED]

               (xiii) to withdraw pursuant to Section 3.05 any amount deposited
in the Collection Account and not required to be deposited therein; and

               (xiv) to clear and terminate the Collection Account upon
termination of this Agreement pursuant to Section 9.01 hereof.

          In addition, no later than 2:00 p.m. Eastern Time on the Servicer
Remittance Date, the Servicer shall cause to be withdrawn from the Collection
Account the Interest Funds and the Principal Funds, to the extent on deposit,
and such amount shall be deposited in the Certificate Account; provided,
however, if the Trustee does not receive such Interest Funds and Principal Funds
by 2:00 p.m. Eastern Time, such Interest Funds and Principal Funds shall be
deposited in the Certificate Account on the next Business Day. In the event such
funds are not deposited by 2:00 p.m. Eastern Time on the Servicer Remittance
Date, the Servicer shall pay, out of its own funds, interest on such amount at a
rate equal to the then current "prime rate" (as published by Wells Fargo Bank,
N.A.) for each date or part thereof until such amount is paid in full.

          The Servicer shall keep and maintain separate accounting, on a
Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Collection Account.

          The Servicer shall provide written notification to the Trustee on or
prior to the next succeeding Servicer Remittance Date upon making any
withdrawals from the Collection Account pursuant to subclauses (iii) and (vii)
above.

          Unless otherwise specified, any amounts reimbursable to the Servicer
or the Trustee from amounts on deposit in the Collection Account or the
Certificate Accounts shall be deemed to come from first, Interest Funds, and
thereafter, Principal Funds for the related Distribution Date.

          (b) The Trustee shall withdraw funds from the Certificate Account for
distribution to the Certificateholders in the manner specified in this Agreement
(and shall withhold from the amounts so withdrawn, the amount of any taxes that
it is authorized to retain pursuant to this Agreement). In addition, prior to
making such distributions to the Certificateholders the Trustee may from time to
time make withdrawals from the Certificate Account for the following purposes:

               (i) to withdraw pursuant to Section 3.05 any amount deposited in
the Certificate Account and not required to be deposited therein;

               (ii) to clear and terminate the Certificate Account upon
termination of the Agreement pursuant to Section 9.01 hereof (after paying all
amounts necessary to the Trustee or the Servicer in connection with any such
termination);

                                      -66-
<PAGE>
               (iii) to reimburse the Trustee for any fees, expenses and
indemnification reimbursable pursuant to this Agreement, including without
limitation Sections 3.04, 6.03, 8.05 and 8.06 hereof;

               (iv) to pay to the Trustee earnings on or investment income with
respect to funds in or credited to the Certificate Account; and

               (v) to pay to the MI Insurer, the MI Insurer Fee.

          SECTION 3.09. [RESERVED]

          SECTION 3.10. Maintenance of Hazard Insurance.

          The Servicer shall cause to be maintained, for each Mortgage Loan
secured by a first lien, fire and hazard insurance with extended coverage in an
amount, to the extent permitted by applicable law, that is at least equal to the
lesser of (i) the replacement value of the improvements that are part of such
Mortgaged Property and (ii) the greater of (a) the outstanding principal balance
of the Mortgage Loan and (b) an amount such that the proceeds of such policy
shall be sufficient to prevent the related Mortgagor and/or mortgagee from
becoming a co-insurer. Each such policy of standard hazard insurance shall
contain, or have an accompanying endorsement that contains, a standard mortgagee
clause. The Servicer shall also cause flood insurance to be maintained on
property acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, to the extent described below. Pursuant to Section 3.05 hereof,
any amounts collected by the Servicer under any such policies (other than the
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
accordance with the Servicer's normal servicing procedures) shall be deposited
in the Collection Account. Any cost incurred by the Servicer in maintaining any
such insurance shall not, for the purpose of calculating monthly distributions
to the Certificateholders or remittances to the Trustee for their benefit, be
added to the principal balance of the Mortgage Loan, notwithstanding that the
terms of the Mortgage Loan so permit. Such costs shall be recoverable by the
Servicer as a Servicing Advance to the extent provided in Section 3.08(a)(vii)
hereof. It is understood and agreed that no earthquake or other additional
insurance is to be required of any Mortgagor or maintained on property acquired
in respect of a Mortgage other than pursuant to such applicable laws and
regulations as shall at any time be in force and as shall require such
additional insurance. If the Mortgaged Property with respect to a Mortgage Loan
secured by a first lien is located at the time of origination of the Mortgage
Loan in a federally designated special flood hazard area and such area is
participating in the national flood insurance program, the Servicer shall cause
flood insurance to be maintained with respect to such Mortgage Loan. Such flood
insurance shall be in an amount equal to the lesser of (i) the original
principal balance of the related Mortgage Loan, (ii) the replacement value of
the improvements that are part of such Mortgaged Property, or (iii) the maximum
amount of such insurance available for the related Mortgaged Property under the
Flood Disaster Protection Act of 1973, as amended.

          In the event that the Servicer shall obtain and maintain a blanket
policy insuring against hazard losses on all of the Mortgage Loans, it shall
conclusively be deemed to have satisfied its obligations as set forth in the
first sentence of this Section 3.10, it being understood and agreed that such
policy may contain a deductible clause on terms substantially equivalent to
those commercially available and maintained by comparable servicers. If such
policy contains a deductible clause, the Servicer shall, in the event that there
shall not have been maintained on the related Mortgaged Property a policy
complying with the first sentence of this Section 3.10, and there shall have
been a loss that would have been covered by such policy, deposit in the
Collection Account the amount not otherwise payable under the blanket policy
because of such deductible clause. In connection with its activities as servicer
of the Mortgage

                                      -67-
<PAGE>
Loans, the Servicer agrees to present, on behalf of itself, the Depositor and
the Trustee for the benefit of the Certificateholders, claims under any such
blanket policy

          SECTION 3.11. Enforcement of Due-On-Sale Clauses; Assumption
     Agreements.

          When a Mortgaged Property has been or is about to be conveyed by the
Mortgagor, the Servicer shall, except as set forth below, to the extent it has
knowledge of such conveyance or prospective conveyance, exercise its rights to
accelerate the maturity of the related Mortgage Loan under any "due-on-sale"
clause contained in the related Mortgage or Mortgage Note; provided, however,
that the Servicer shall not exercise any such right if the "due-on-sale" clause,
in the reasonable belief of the Servicer, is not enforceable under applicable
law; provided, further, that the Servicer shall not take any action in relation
to the enforcement of any "due-on-sale" clause which would adversely affect or
jeopardize coverage under any Required Insurance Policy. An Opinion of Counsel
at the expense of the Servicer (which the expense shall constitute a Servicing
Advance) delivered to the Trustee and the Depositor shall conclusively establish
the reasonableness of the Servicer's belief that any "due-on-sale" clause is not
enforceable under applicable law, but which shall not be required. In such
event, the Servicer shall make reasonable efforts to enter into an assumption
and modification agreement with the Person to whom such property has been or is
about to be conveyed, pursuant to which such Person becomes liable under the
Mortgage Note and, unless prohibited by applicable law or the Mortgage, the
Mortgagor remains liable thereon. If the foregoing is not permitted under
applicable law, the Servicer is authorized to enter into a substitution of
liability agreement with such Person, pursuant to which the original Mortgagor
is released from liability and such Person is substituted as Mortgagor and
becomes liable under the Note. In addition to the foregoing, the Servicer shall
not be required to enforce any "due-on-sale" clause if in the reasonable
judgment of the Servicer, entering into an assumption and modification agreement
with a Person to whom such property shall be conveyed and releasing the original
Mortgagor from liability would be in the best interests of the
Certificateholders. The Mortgage Loan, as assumed, shall conform in all respects
to the requirements, representations and warranties of this Agreement. The
Servicer shall notify the Trustee that any such assumption or substitution
agreement has been completed by forwarding to the Trustee the original copy of
such assumption or substitution agreement (indicating the Mortgage File to which
it relates) which copy shall be added by the Trustee to the related Mortgage
File and which shall, for all purposes, be considered a part of such Mortgage
File to the same extent as all other documents and instruments constituting a
part thereof. The Servicer shall be responsible for recording any such
assumption or substitution agreements. In connection with any such assumption or
substitution agreement, the Monthly Payment on the related Mortgage Loan shall
not be changed but shall remain as in effect immediately prior to the assumption
or substitution, the stated maturity or outstanding principal amount of such
Mortgage Loan shall not be changed nor shall any required monthly payments of
principal or interest be deferred or forgiven. Any fee collected by the Servicer
for consenting to any such conveyance or entering into an assumption or
substitution agreement shall be retained by or paid to the Servicer as
additional servicing compensation.

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

          SECTION 3.12. Realization Upon Defaulted Mortgage Loans; Determination
     of Excess Proceeds; Special Loss Mitigation.

          (a) The Servicer shall use reasonable efforts consistent with the
servicing standard set forth in Section 3.01 to foreclose upon or otherwise
comparably convert the ownership of properties securing such of the Mortgage
Loans as come into and continue in default and as to which no satisfactory

                                      -68-
<PAGE>
arrangements can be made for collection of Delinquent payments. In connection
with such foreclosure or other conversion, the Servicer shall follow such
practices and procedures as it shall deem necessary or advisable and as shall be
normal and usual in its general mortgage servicing activities and the
requirements of the insurer under any Required Insurance Policy; provided,
however, that the Servicer shall not be required to expend its own funds in
connection with the restoration of any property that shall have suffered damage
due to an uninsured cause unless it shall determine (i) that such restoration
will increase the proceeds of liquidation of the Mortgage Loan after
reimbursement to itself of such expenses and (ii) that such expenses will be
recoverable to it through Liquidation Proceeds (respecting which it shall have
priority for purposes of withdrawals from the Collection Account pursuant to
Section 3.08 hereof). The Servicer shall be responsible for all other costs and
expenses incurred by it in any such proceedings; provided, however, that it
shall be entitled to reimbursement thereof from the proceeds of liquidation of
the related Mortgaged Property, as contemplated in Section 3.08 hereof. Any
Mortgage Loan that is charged off may be sold to the majority Certificateholder
of the Class C Certificates, at its option, at its fair market value after the
time period specified in (e) below. If the Servicer has knowledge that a
Mortgaged Property that the Servicer is contemplating acquiring in foreclosure
or by deed-in-lieu of foreclosure is located within a one-mile radius of any
site with environmental or hazardous waste risks known to the Servicer, the
Servicer will, prior to acquiring the Mortgaged Property, consider such risks
and only take action in accordance with Accepted Servicing Practices.

          With respect to any REO Property, the deed or certificate of sale
shall be taken in the name of the Trustee or its nominee. Pursuant to its
efforts to sell such REO Property, the Servicer shall either itself or through
an agent selected by the Servicer protect and conserve such REO Property in the
same manner and to such extent as is customary in the locality where such REO
Property is located and may, incident to its conservation and protection of the
interests of the Certificateholders, rent the same, or any part thereof, as the
Servicer deems to be in the best interest of the Servicer and the
Certificateholders for the period prior to the sale of such REO Property. The
Servicer or an affiliate may receive usual and customary real estate referral
fees for real estate brokers in connection with the listing and disposition of
REO Property. The Servicer shall prepare a statement with respect to each REO
Property that has been rented showing the aggregate rental income received and
all expenses incurred in connection with the management and maintenance of such
REO Property at such times as is necessary to enable the Servicer to comply with
the reporting requirements of the REMIC Provisions. The net monthly rental
income, if any, from such REO Property shall be deposited in the Collection
Account no later than the close of business on each Determination Date. The
Servicer shall perform the tax reporting and withholding related to
foreclosures, abandonments and cancellation of indebtedness income as specified
by Sections 1445, 6050J and 6050P of the Code by preparing and filing such tax
and information returns, as may be required.

          In the event that the Trust Fund acquires any Mortgaged Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Servicer shall dispose of such Mortgaged Property prior to
the expiration of three years from the end of the year of its acquisition by the
Trust Fund or, at the expense of the Trust Fund, obtain, in accordance with
applicable procedures for obtaining an automatic extension of the grace period,
more than 60 days prior to the day on which such three-year period would
otherwise expire, an extension of the three-year grace period, in which case
such property must be disposed of prior to the end of such extension, unless the
Trustee shall have been supplied with an Opinion of Counsel (such Opinion of
Counsel not to be an expense of the Trustee), to the effect that the holding by
the Trust Fund of such Mortgaged Property subsequent to such three-year period
or extension will not result in the imposition of taxes on "prohibited
transactions" of the Trust Fund or any of the REMICs provided for herein as
defined in section 860F of the Code or cause any of the REMICs provided for
herein to fail to qualify as a REMIC at any time that any Certificates are
outstanding, in which case the Trust Fund may continue to hold such Mortgaged
Property (subject to any conditions contained in such Opinion of Counsel).
Notwithstanding any other provision of this

                                      -69-
<PAGE>
Agreement, no Mortgaged Property acquired by the Trust Fund shall be held,
rented (or allowed to continue to be rented) or otherwise used for the
production of income by or on behalf of the Trust Fund in such a manner or
pursuant to any terms that would (i) cause such Mortgaged Property to fail to
qualify as "foreclosure property" within the meaning of section 860G(a)(8) of
the Code or (ii) subject the Trust Fund or any REMIC provided for herein to the
imposition of any federal, state or local income taxes on the income earned from
such Mortgaged under section 860G(c) of the Code or otherwise, unless the
Servicer or the Depositor has agreed to indemnify and hold harmless the Trust
Fund with respect to the imposition of any such taxes.

          The decision of the Servicer to foreclose on a defaulted Mortgage Loan
shall be subject to a determination by the Servicer that the proceeds of such
foreclosure would exceed the costs and expenses of bringing such a proceeding.
The income earned from the management of any Mortgaged Properties acquired
through foreclosure or other judicial proceeding, net of reimbursement to the
Servicer for expenses incurred (including any property or other taxes) in
connection with such management and net of unreimbursed Servicing Fees,
Advances, Servicing Advances and any management fee paid or to be paid with
respect to the management of such Mortgaged Property, shall be applied to the
payment of principal of, and interest on, the related defaulted Mortgage Loans
(with interest accruing as though such Mortgage Loans were still current) and
all such income shall be deemed, for all purposes in this Agreement, to be
payments on account of principal and interest on the related Mortgage Notes and
shall be deposited into the Collection Account. To the extent the income
received during a Prepayment Period is in excess of the amount attributable to
amortizing principal and accrued interest at the related Mortgage Rate on the
related Mortgage Loan, such excess shall be considered to be a partial Principal
Prepayment for all purposes hereof.

          The Liquidation Proceeds from any liquidation of a Mortgage Loan, net
of any payment to the Servicer as provided above, shall be deposited in the
Collection Account on the next succeeding Determination Date following receipt
thereof for distribution on the related Distribution Date.

          The proceeds of any Liquidated Loan, as well as any recovery resulting
from a partial collection of Liquidation Proceeds will be applied as between the
parties in the following order of priority: first, to reimburse the Servicer for
any related Servicing Advances and unpaid Servicing Fees, pursuant to Section
3.08(a)(vi) or this Section 3.12; second, to reimburse the Servicer for any
unreimbursed Advances, pursuant to Section 3.08(a)(ii) or this Section 3.12;
third, to accrued and unpaid interest (to the extent no Advance has been made
for such amount) on the Mortgage Loan, at the Net Mortgage Rate to the Due Date
occurring in the month in which such amounts are required to be distributed;
fourth, as a recovery of principal of the Mortgage Loan; and fifth, to any
Prepayment Charges.

          The proceeds of any net income from an REO Property, will be applied
as between the parties in the following order of priority: first, to reimburse
the Servicer for any related unreimbursed Servicing Advances and Servicing Fees,
pursuant to Section 3.08(a)(vi) or this Section 3.12; second, to reimburse the
Servicer for any unreimbursed Advances, pursuant to Section 3.08(a)(ii) or this
Section 3.12; third, as a recovery of principal; and fourth, to accrued and
unpaid interest (to the extent no Advance has been made for such amount) on the
related REO Property, at the applicable Net Mortgage Rate to the Due Date
occurring in the month in which such amounts are required to be distributed.

          (b) On each Determination Date, the Servicer shall determine the
respective aggregate amounts of Excess Proceeds, if any, that occurred in the
related Prepayment Period.

          (c) The Servicer, in its sole discretion, shall have the right to
elect (by written notice sent to the Trustee) to purchase for its own account
from the Trust Fund any Mortgage Loan that is 91

                                      -70-
<PAGE>
days or more Delinquent at a price equal to the Purchase Price. The Purchase
Price for any Mortgage Loan purchased hereunder shall be delivered to the
Trustee for deposit to the Certificate Account and the Trustee (or its
custodian), upon receipt of such confirmation of deposit and a Request for
Release from the Servicer in the form of Exhibit I hereto, shall release or
cause to be released to the Servicer the related Mortgage File and shall execute
and deliver such instruments of transfer or assignment prepared by the Servicer,
in each case without recourse, as shall be necessary to vest in the Servicer any
Mortgage Loan released pursuant hereto and the Servicer shall succeed to all the
Trustee's right, title and interest in and to such Mortgage Loan and all
security and documents related thereto. Such assignment shall be an assignment
outright and not for security. The Servicer shall thereupon own such Mortgage
Loan, and all security and documents, free of any further obligation to the
Certificateholders with respect thereto.

          (d) With respect to such of the Mortgage Loans as come into and
continue in default, the Servicer will decide, in its reasonable business
judgment, whether to (i) foreclose upon the Mortgaged Properties securing those
Mortgage Loans pursuant to Section 3.12(a), (ii) write off the unpaid principal
balance of the Mortgage Loans as bad debt (provided that the Servicer has
determined that no net recovery is possible through foreclosure proceedings or
other liquidation of the related Mortgaged Property), (iii) take a deed in lieu
of foreclosure, (iv) accept a short sale or short refinance; (v) arrange for a
repayment plan, or (vi) agree to a modification of such Mortgage Loan. As to any
Mortgage Loan that becomes 120 days delinquent, the Servicer will be required to
obtain a broker's price opinion, the cost of which will be reimbursable as a
Servicing Advance. After obtaining the broker's price opinion, the Servicer will
determine, in its reasonable business judgment, whether a net recovery is
possible through foreclosure proceedings or other liquidation of the related
Mortgage Property. If the Servicer determines that no such recovery is possible,
it must charge off the related Mortgage Loan at the time it becomes 180 days
delinquent. Once a Mortgage Loan has been charged off, the Servicer will
discontinue making Advances, the Servicer will not be entitled to Servicing Fees
(except as provided below) with respect to such Mortgage Loan, and the Mortgage
Loan will be treated as a Liquidated Mortgage Loan. If the Servicer determines
that such net recovery is possible through foreclosure proceedings or other
liquidation of the related Mortgaged Property on a Mortgage Loan that becomes
180 days delinquent, the Servicer may continue making Advances, and the Servicer
will be required to notify the Trustee of such decision.

          SECTION 3.13. Trustee to Cooperate; Release of Mortgage Files.

          Upon the payment in full of any Mortgage Loan, or the receipt by the
Servicer of a notification that payment in full will be escrowed in a manner
customary for such purposes, the Servicer will promptly notify the Trustee or
its designee by delivering a Request for Release substantially in the form of
Exhibit I. Upon receipt of a copy of such request, the Trustee or its designee
shall promptly release the related Mortgage File to the Servicer, and the
Servicer is authorized to cause the removal from the registration on the MERS
System of any such Mortgage if applicable, and the Servicer, on behalf of the
Trustee shall execute and deliver the request for reconveyance, deed of
reconveyance or release or satisfaction of mortgage or such instrument releasing
the lien of the Mortgage together with the Mortgage Note with written evidence
of cancellation thereon. Expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Mortgagor to the
extent permitted by law, and otherwise to the Trust Fund to the extent such
expenses constitute "unanticipated expenses" within the meaning of Treasury
Regulations Section 1.860G-(1)(b)(3)(ii). From time to time and as shall be
appropriate for the servicing or foreclosure of any Mortgage Loan, including for
such purpose, collection under any policy of flood insurance, any fidelity bond
or errors or omissions policy, or for the purposes of effecting a partial
release of any Mortgaged Property from the lien of the Mortgage or the making of
any corrections to the Mortgage Note or the Mortgage or any of the other
documents included in the Mortgage File, the Trustee or its designee shall, upon
delivery to the Trustee or its designee of a Request for Release in the form of
Exhibit I signed by a Servicing Officer, release the Mortgage File to

                                      -71-
<PAGE>
the Servicer. Subject to the further limitations set forth below, the Servicer
shall cause the Mortgage File or documents so released to be returned to the
Trustee or its designee when the need therefor by the Servicer no longer exists,
unless the Mortgage Loan is liquidated and the proceeds thereof are deposited in
the Collection Account.

          Each Request for Release may be delivered to the Trustee or its
designee (i) via mail or courier, (ii) via facsimile or (iii) by such other
means, including, without limitation, electronic or computer readable medium, as
the Servicer and the Trustee or its designee shall mutually agree. The Trustee
or its designee shall promptly release the related Mortgage File(s) within five
(5) Business Days of receipt of a properly completed Request for Release
pursuant to clauses (i), (ii) or (iii) above. Receipt of a properly completed
Request for Release shall be authorization to the Trustee or its designee to
release such Mortgage Files, provided the Trustee or its designee has determined
that such Request for Release has been executed, with respect to clauses (i) or
(ii) above, or approved, with respect to clause (iii) above, by an authorized
Servicing Officer of the Servicer, and so long as the Trustee or its designee
complies with its duties and obligations under the agreement. If the Trustee or
its designee is unable to release the Mortgage Files within the period
previously specified, the Trustee or its designee shall immediately notify the
Servicer indicating the reason for such delay. If the Servicer is required to
pay penalties or damages due to the Trustee or its designee's negligent failure
to release the related Mortgage File or the Trustee or its designee's negligent
failure to execute and release documents in a timely manner, the Trustee or its
designee, shall be liable for such penalties or damages respectively caused by
it.

          On each day that the Servicer remits to the Trustee or its designee
Requests for Releases pursuant to clauses (ii) or (iii) above, the Servicer
shall also submit to the Trustee or its designee a summary of the total number
of such Requests for Releases requested on such day by the same method as
described in such clauses (ii) and (iii).

          If the Servicer at any time seeks to initiate a foreclosure proceeding
in respect of any Mortgaged Property as authorized by this Agreement, the
Servicer may deliver or cause to be delivered to the Trustee or its designee,
for signature, as appropriate or on behalf of the Trustee, execute any court
pleadings, requests for trustee's sale or other documents necessary to
effectuate such foreclosure or any legal action brought to obtain judgment
against the Mortgagor on the Mortgage Note or the Mortgage or to obtain a
deficiency judgment or to enforce any other remedies or rights provided by the
Mortgage Note or the Mortgage or otherwise available at law or in equity.
Notwithstanding the foregoing, the Servicer shall cause possession of any
Mortgage File or of the documents therein that shall have been released by the
Trustee or its designee to be returned to the Trustee promptly after possession
thereof shall have been released by the Trustee or its designee unless (i) the
Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the
Mortgage Loan have been deposited in the Collection Account, and the Servicer
shall have delivered to the Trustee or its designee a Request for Release in the
form of Exhibit I or (ii) the Mortgage File or document shall have been
delivered to an attorney or to a public trustee or other public official as
required by law for purposes of initiating or pursuing legal action or other
proceedings for the foreclosure of the Mortgaged Property and the Servicer shall
have delivered to the Trustee or its designee an Officer's Certificate of a
Servicing Officer certifying as to the name and address of the Person to which
the Mortgage File or the documents therein were delivered and the purpose or
purposes of such delivery.

          SECTION 3.14. Documents, Records and Funds in Possession of Servicer
     to be Held for the Trustee.

          All Mortgage Files and funds collected or held by, or under the
control of, the Servicer in respect of any Mortgage Loans, whether from the
collection of principal and interest payments or from Liquidation Proceeds,
including but not limited to, any funds on deposit in the Collection Account,
shall

                                      -72-
<PAGE>
be held by the Servicer for and on behalf of the Trustee and shall be and remain
the sole and exclusive property of the Trust Fund, subject to the applicable
provisions of this Agreement. The Servicer also agrees that it shall not create,
incur or subject any Mortgage File or any funds that are deposited in the
Collection Account, the Certificate Account or in any Escrow Account, or any
funds that otherwise are or may become due or payable to the Trustee for the
benefit of the Certificateholders, to any claim, lien, security interest,
judgment, levy, writ of attachment or other encumbrance, or assert by legal
action or otherwise any claim or right of set off against any Mortgage File or
any funds collected on, or in connection with, a Mortgage Loan, except, however,
that the Servicer shall be entitled to set off against and deduct from any such
funds any amounts that are properly due and payable to the Servicer under this
Agreement.

          SECTION 3.15. Servicing Compensation.

          As compensation for its activities hereunder, the Servicer shall be
entitled to retain or withdraw from the Collection Account out of each payment
of interest on a Mortgage Loan included in the Trust Fund an amount equal to
interest at the applicable Servicing Fee Rate on the Stated Principal Balance of
the related Mortgage Loan as of the immediately preceding Distribution Date.

          Additional servicing compensation in the form of any Excess Proceeds,
late payment fees, assumption fees (i.e. fees related to the assumption of a
Mortgage Loan upon the purchase of the related Mortgaged Property) and similar
fees payable by the Mortgagor, Prepayment Interest Excess, and all income and
gain net of any losses realized from Permitted Investments in the Collection
Account shall be retained by the Servicer to the extent not required to be
deposited in the Collection Account pursuant to Sections 3.05, or 3.12(a)
hereof. The Servicer shall be required to pay all expenses incurred by it in
connection with its servicing activities hereunder and shall not be entitled to
reimbursement therefor except as specifically provided in this Agreement. In no
event shall the Trustee be liable for any Servicing Fee or for any differential
between the Servicing Fee and the amount necessary to induce a successor
servicer to act as successor servicer under this Agreement.

          SECTION 3.16. Access to Certain Documentation.

          The Servicer shall provide to the OTS and the FDIC and to comparable
regulatory authorities supervising Holders of the Certificates and the examiners
and supervisory agents of the OTS, the FDIC and such other authorities, access
to the documentation regarding the Mortgage Loans required by applicable
regulations of the OTS and the FDIC. Such access shall be afforded without
charge, but only upon reasonable and prior written request and during normal
business hours at the offices of the Servicer designated by it provided, that
the Servicer shall be entitled to be reimbursed by each such Certificateholder
for actual expenses incurred by the Servicer in providing such reports and
access. Nothing in this Section shall limit the obligation of the Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Mortgagors and the failure of the Servicer to provide access as provided in this
Section as a result of such obligation shall not constitute a breach of this
Section.

          SECTION 3.17. Annual Statement as to Compliance.

          Pursuant to this Agreement, the Servicer shall deliver to the
Depositor and the Trustee on or before March 15 of each year beginning in 2006,
(or such other date as to which the Depositor gives the Servicer at least 30
days prior notice) in order to remain in compliance with the Section 302
Requirements, an Officer's Certificate stating, as to each signatory thereof,
that (i) a review of the activities of the Servicer during the preceding
calendar year and of performance under this Agreement or a similar agreement has
been made under such officer's supervision, and (ii) to the best of such
officers' knowledge, based on such review, the Servicer has fulfilled all of its
obligations under this Agreement

                                      -73-
<PAGE>
throughout such year, or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to such officers and the
nature and status thereof. The Trustee shall forward a copy of each such
statement received by it to each Rating Agency. Copies of such statement shall
be provided by the Trustee to any Certificateholder upon written request at the
Certificateholder's expense, provided such statement has been delivered by the
Servicer to the Trustee.

          SECTION 3.18. Annual Independent Public Accountants' Servicing
     Statement; Financial Statements.

          On or before March 15 of each year, beginning in 2006 or such other
date in order to remain in compliance with the Section 302 Requirements, the
Servicer at its expense shall cause a nationally recognized firm of independent
public accountants (who may also render other services to the Servicer or any
Affiliate thereof) that is a member of the American Institute of Certified
Public Accountants to furnish a USAP Report to the Trustee and the Depositor.
Copies of the USAP Report shall be provided by the Trustee to any
Certificateholder upon request at the Certificateholder's expense, provided such
report has been delivered by the Servicer to the Trustee.

          SECTION 3.19. [RESERVED]

          SECTION 3.20. Periodic Filings.

          (a) As part of the Form 10-K required to be filed pursuant to the
terms of this Agreement, the Trustee shall include such accountants report as
well as the Officer's Certificate delivered by the Servicer pursuant to Section
3.17 relating to the Servicer's performance of its obligations under this
Agreement and any significant deficiencies relating to the Servicer's compliance
set forth in the report of the Servicer's certified independent accountants
described above.

          (b) The Depositor shall prepare and file the initial report on Form
8-K. The Trustee shall prepare for filing, and execute (other than the Form
10-Ks and the Certification), on behalf of the Trust Fund, and file with the
Securities and Exchange Commission, (i) within 15 days after each Distribution
Date in each month, each Monthly Statement on Form 8-K under the Exchange Act
executed by the Trustee, (ii) on or before March 31 of each year beginning in
2006 or such other date in order to remain in compliance with the Section 302
Requirements, a Form 10-K under the Exchange Act executed by the Depositor,
including any certification (the "Certification") required by the Section 302
Requirements, and (iii) any and all reports, statements and information
respecting the Trust Fund and/or the Certificates required to be filed on behalf
of the Trust Fund under the Exchange Act executed by the Trustee. The
Certification shall be executed by a senior officer of the Depositor. Upon such
filing with the Securities and Exchange Commission, the Trustee shall promptly
deliver to the Depositor a copy of any such executed report, statement or
information. Prior to making any such filings and certifications, the Trustee
shall comply with the provisions set forth in this Section. If permitted by
applicable law and unless the Depositor otherwise directs, the Trustee shall
file a Form 15 under the Exchange Act as soon as it is able to do so. The
Depositor hereby grants to the Trustee a limited power of attorney to execute
(other than the Form 10-Ks and the Certification) and file each such document on
behalf of the Depositor. Such power of attorney shall continue until either the
earlier of (i) receipt by the Trustee from the Depositor of written termination
of such power of attorney and (ii) the termination of the Trust Fund. The
Depositor agrees to promptly furnish to the Trustee, from time to time upon
request, such further information, reports, and financial statements within its
control related to this Agreement and the Mortgage Loans as the Trustee
reasonably deems appropriate to prepare and file all necessary reports with the
Commission. The Trustee shall have no responsibility to file any items other
than those specified in this Section.

                                      -74-
<PAGE>
          (c) The obligations set forth in paragraphs (a) and (b) of this
Section shall only apply with respect to periods for which the Trustee is
obligated to file Form 8-Ks and 10-Ks pursuant to paragraph (b) of this Section.
In the event a Form 15 is properly filed pursuant to paragraph (b) of this
Section, there shall be no further obligations under paragraphs (a) and (b) of
this Section commencing with the fiscal year in which the Form 15 is filed
(other than the obligations in paragraphs (a) and (b) of this Section to be
performed in such fiscal year that related back to the prior fiscal year).

          SECTION 3.21. Annual Certificate by Trustee.

          (a) On or before March 15 of each year (commencing in 2006), an
officer of the Trustee shall execute and deliver an Officer's Certificate,
signed by a Responsible Officer of the Trustee or any officer to whom that
officer reports, to the Depositor for the benefit of the Depositor and its
officers, directors and affiliates, certifying as to the matters described in
the Officer's Certificate attached hereto as Exhibit K.

          (b) The Trustee shall indemnify and hold harmless the Depositor and
its officers, directors, agents and affiliates from and against any losses,
damages, penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments and other costs and expenses arising out of or based upon a breach by
the Trustee or any of its officers, directors, agents or affiliates of its
obligations under this Section 3.21, any material misstatement or omission in
the Officer's Certificate required under this Section or the negligence, bad
faith or willful misconduct of the Trustee in connection therewith. If the
indemnification provided for herein is unavailable or insufficient to hold
harmless the Depositor, then the Trustee agrees that it shall contribute to the
amount paid or payable by the Depositor as a result of the losses, claims,
damages or liabilities of the Depositor in such proportion as is appropriate to
reflect the relative fault of the Trustee on the one hand and of the Depositor
on the other in connection with a breach of the Trustee's obligations under this
Section 3.21, any material misstatement or omission in the Officer's Certificate
required under this Section or the Trustee's negligence, bad faith or willful
misconduct in connection therewith.

          SECTION 3.22. Annual Certificate by Servicer.

          (a) Within 15 days prior to the date on which a Form 10-K is required
to be filed with a Certification by the Depositor, the Servicer shall execute
and deliver an Officer's Certificate in the form of Exhibit L attached hereto,
signed by the senior officer in charge of servicing of the Servicer or any
officer to whom that officer reports, to the Trustee and Depositor for the
benefit of the Trustee and Depositor and their respective officers, directors
and affiliates.

          (b) The Servicer shall indemnify and hold harmless the Trustee and the
Depositor and their respective officers, directors, agents and affiliates from
and against any losses, damages, penalties, fines, forfeitures, reasonable legal
fees and related costs, judgments and other costs and expenses arising out of or
based upon a breach by the Servicer or any of its officers, directors, agents or
affiliates of its obligations under Section 3.17, Section 3.18 and this Section
3.22, any material misstatement or omission in the Officer's Certificate
required under this Section or the negligence, bad faith or willful misconduct
of the Servicer in connection therewith. If the indemnification provided for
herein is unavailable or insufficient to hold harmless the Depositor, then the
Servicer agrees that it shall contribute to the amount paid or payable by the
Trustee and the Depositor as a result of the losses, claims, damages or
liabilities of the Depositor in such proportion as is appropriate to reflect the
relative fault of the Depositor on the one hand and the Servicer on the other in
connection with a breach of the Servicer's obligations under this Section 3.22,
any material misstatement or omission in the Officer's Certificate required
under this Section or the Servicer's negligence, bad faith or willful misconduct
in connection therewith.

                                      -75-
<PAGE>
          SECTION 3.23. Prepayment Charge Reporting Requirements.

          Promptly after each Distribution Date, the Servicer shall provide to
the Depositor and the Trustee the following information with regard to each
Mortgage Loan that has prepaid during the related Prepayment Period:

          (i)  loan number;

          (ii) current Mortgage Rate;

          (iii) current principal balance;

          (iv) original principal balance;

          (v)  Prepayment Charge amount due; and

          (vi) Prepayment Charge amount collected.

          SECTION 3.24. Information to the Trustee.

     Two Business Days after the 15th day of each month, but not later than the
18th day of each month, the Servicer shall furnish to the Trustee a delinquency
report in the form set forth in Exhibit M-1 and a monthly remittance advice in
the form set forth in Exhibit M-2 (or such other form or forms as the Trustee
and the Servicer may from time to time agree) for the period ending on the last
Business Day of the preceding month; provided, however, that in the event the
18th day is not a Business Day, the aforementioned reports shall be furnished by
the Servicer to the Trustee on the next Business Day; and provided, further,
that in the event there are three non-Business Days preceding the 18th day, the
Servicer will (a) furnish to the Trustee, on or before the 18th day of the
month, the aforementioned reports, which will not include information arising
from the related Prepayment Period, and (b) furnish to the Trustee, by 3:00
P.M., Eastern Time, on the next succeeding Business Day after the 18th day, a
cumulative version of the aforementioned reports which includes such information
arising from the related Prepayment Period.

          SECTION 3.25. Indemnification.

          The Servicer shall indemnify the Seller, the Trust Fund, the Trustee,
the Depositor and their officers, directors, employees and agents and hold each
of them harmless against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments,
and any other costs, fees and expenses that any of such parties may sustain in
any way related to the negligence, willful misfeasance or bad faith of the
Servicer in the performance of its duties or by reason of reckless disregard of
its obligations and duties hereunder. The Servicer promptly shall notify the
Seller, the Trustee and the Depositor or any other relevant party if a claim is
made by a third party with respect to such party and this Agreement or the
Mortgage Loans and, if subject to this indemnification obligation, assume (with
the prior written consent of the indemnified party, which consent shall not be
unreasonably withheld or delayed) the defense of any such claim and pay all
expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it or
any of such parties in respect of such claim. The Servicer shall provide the
Depositor and the Trustee with a written report of all expenses and advances
incurred by the Servicer pursuant to this Section 3.25, and the Servicer shall
promptly reimburse itself from the assets of the Trust Fund in the Collection
Account for all amounts advanced by it pursuant to the preceding sentence except
when and to the extent a determination has been made that the claim in any way
relates to the gross negligence, bad faith or willful misconduct of the
Servicer. The provisions of this

                                      -76-
<PAGE>
paragraph shall survive the termination of this Agreement and the payment of the
outstanding Certificates.

          SECTION 3.26. Nonsolicitation.

          For as long as the Servicer services the Mortgage Loans, the Servicer
covenants that it will not, and that it will ensure that its affiliates and
agents will not, directly solicit or provide information for any other party to
solicit for prepayment or refinancing of any of the Mortgage Loans by the
related Mortgagors. It is understood that the promotions undertaken by the
Servicer which are directed to the general public at large, or certain segments
thereof, shall not constitute solicitation as that term is used in this Section
3.26.

          SECTION 3.27. High Cost Mortgage Loans.

          In the event that the Servicer reasonably determines that a Mortgage
Loan may be a "high cost mortgage loan", "high cost home", "covered", "high
cost", "high risk home", "predatory" or similarly classified loan under any
applicable state, federal or local law, the Servicer may notify the Depositor
and Trustee thereof; the Servicer may terminate its servicing thereof; and such
determination shall be deemed to materially and adversely affect the interests
of the Certificateholders in such Mortgage Loan and the Seller will repurchase
the Mortgage Loan within a 30 day period from the date of the notice in the
manner described in Section 2.05.

          SECTION 3.28. MI Policies, Claims Under the MI Policies.

          (a) Notwithstanding anything to the contrary elsewhere in this
Agreement, the Servicer shall not agree to any modification or assumption of a
MI Mortgage Loan or take any other action with respect to an MI Mortgage Loan
that could result in denial of coverage under the MI Policy. The Servicer shall
notify the MI Insurer that the Trustee, on behalf of the Certificateholders, is
the "Insured," as that term is defined in the related MI Policy, of each MI
Mortgage Loan insured by the MI Insurer; provided, that such designation is made
solely for the purpose of entitling the Trust Fund to receive payments for
claims under the MI Policy and the Trustee shall not, except as provided herein,
be deemed to assume the obligations of the "Insured" thereunder. The Servicer
shall, on behalf of the Trustee, prepare and file on a timely basis with the MI
Insurer, with a copy to the Trustee, all claims that may be made under the MI
Policy with respect to the MI Mortgage Loans. Consistent with all rights and
obligations hereunder, the Servicer shall take all actions required under the MI
Policy as a condition to the payment of any such claim. Any amount received from
the MI Insurer with respect to any MI Mortgage Loan shall be deposited by the
Servicer, no later than two Business Days following receipt thereof, into the
Collection Account.

                                   ARTICLE IV

                                  DISTRIBUTIONS

          SECTION 4.01. Advances.

          (a) Subject to the conditions of this Article IV, the Servicer, as
required below, shall make an Advance and deposit such Advance in the Collection
Account. Each such Advance shall be remitted to the Collection Account no later
than 4:00 p.m. Eastern Time on the Servicer Advance Date in immediately
available funds. The Servicer shall be obligated to make any such Advance only
to the extent that such advance would not be a Non-Recoverable Advance. If the
Servicer shall have determined that it has made a Non-Recoverable Advance or
that a proposed Advance or a lesser portion

                                      -77-
<PAGE>
of such Advance would constitute a Non-Recoverable Advance, the Servicer shall
deliver (i) to the Trustee for the benefit of the Certificateholders, funds
constituting the remaining portion of such Advance, if applicable, and (ii) to
the Depositor, each Rating Agency and the Trustee an Officer's Certificate
setting forth the basis for such determination. The Servicer may, in its sole
discretion, make an Advance with respect to the principal portion of the final
Scheduled Payment on a Balloon Loan, but the Servicer is under no obligation to
do so; provided, however, that nothing in this sentence shall affect the
Servicer's obligation under this Section 4.01 to Advance the interest portion of
the final Scheduled Payment with respect to a Balloon Loan as if such Balloon
Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay its
final Scheduled Payment on a Balloon Loan when due, the Servicer shall Advance
(unless it determines in its good faith judgment that such amounts would
constitute a Non-Recoverable Advance) a full month of interest (net of the
Servicing Fee) on the Stated Principal Balance thereof each month until its
Stated Principal Balance is reduced to zero.

          In lieu of making all or a portion of such Advance from its own funds,
the Servicer may (i) cause to be made an appropriate entry in its records
relating to the Collection Account that any amount held for future distribution
has been used by the Servicer in discharge of its obligation to make any such
Advance and (ii) transfer such funds from the Collection Account to the
Certificate Account. In addition, the Servicer shall have the right to reimburse
itself for any such Advance from amounts held from time to time in the
Collection Account to the extent such amounts are not then required to be
distributed. Any funds so applied and transferred pursuant to the previous two
sentences shall be replaced by the Servicer by deposit in the Collection Account
no later than the close of business on the Servicer Advance Date on which such
funds are required to be distributed pursuant to this Agreement. The Servicer
shall be entitled to be reimbursed from the Collection Account for all Advances
of its own funds made pursuant to this Section as provided in Section 3.08. The
obligation to make Advances with respect to any Mortgage Loan shall continue
until the earlier of (i) such Mortgage Loan is paid in full, (ii) the related
Mortgaged Property or related REO Property has been liquidated or until the
purchase or repurchase thereof (or substitution therefor) from the Trust Fund
pursuant to any applicable provision of this Agreement, except as otherwise
provided in this Section 4.01, (iii) the Servicer determines in its good faith
judgment that such amounts would constitute a Non-Recoverable Advance as
provided in the preceding paragraph or (iv) the date on which such Mortgage Loan
becomes 150 days delinquent as set forth below.

          (b) Notwithstanding anything in this Agreement to the contrary
(including, but not limited to, Sections 3.01 and 4.01(a) hereof), no Advance or
Servicing Advance shall be required to be made hereunder by the Servicer if such
Advance or Servicing Advance would, if made, constitute a Non-Recoverable
Advance or a Non-Recoverable Servicing Advance. The determination by the
Servicer that it has made a Non-Recoverable Advance or a Non-Recoverable
Servicing Advance or that any proposed Advance or Servicing Advance, if made,
would constitute a Non-Recoverable Advance or a Non-Recoverable Servicing
Advance, respectively, shall be evidenced by an Officer's Certificate of the
Servicer delivered to the Depositor and the Trustee. In addition, the Servicer
shall not be required to advance any Relief Act Shortfalls.

          (c) Notwithstanding the foregoing, the Servicer shall not be required
to make any Advances for any Mortgage Loan after such Mortgage Loan becomes 150
days delinquent. The Servicer shall identify such delinquent Mortgage Loans in
the Servicer Statement referenced in Section 3.24. In addition, the Servicer
shall provide the Trustee with an Officer's Certificate listing such delinquent
Mortgage Loans and certifying that such loans are 150 days or more delinquent.

          SECTION 4.02. Reduction of Servicing Compensation in Connection with
     Prepayment Interest Shortfalls.

                                      -78-
<PAGE>
          In the event that any Mortgage Loan is the subject of a Prepayment
Interest Shortfall, the Servicer shall, from amounts in respect of the Servicing
Fee for such Distribution Date, deposit into the Collection Account, as a
reduction of the Servicing Fee for such Distribution Date, no later than the
Servicer Advance Date immediately preceding such Distribution Date, an amount up
to the Prepayment Interest Shortfall; provided that the amount so deposited with
respect to any Distribution Date shall be limited to the product of (x) one
twelfth of 0.25% per annum and (y) the aggregate Stated Principal Balance of the
Mortgage Loans. In case of such deposit, the Servicer shall not be entitled to
any recovery or reimbursement from the Depositor, the Trustee, the Trust Fund or
the Certificateholders. With respect to any Distribution Date, to the extent
that the Prepayment Interest Shortfall exceeds Compensating Interest (such
excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest
Shortfall shall reduce the Current Interest with respect to each Class of
Certificates, pro rata based upon the amount of interest each such Class would
otherwise be entitled to receive on such Distribution Date. Notwithstanding the
foregoing, there shall be no reduction of the Servicing Fee in connection with
Prepayment Interest Shortfalls related to the Relief Act and the Servicer shall
not be obligated to pay Compensating Interest with respect to Prepayment
Interest Shortfalls related to the Relief Act.

          SECTION 4.03. Distributions on the REMIC Interests.

          On each Distribution Date, amounts on deposit in the Certificate
Account shall be treated for federal income tax purposes as applied to
distributions on the interests in the Lower Tier REMIC in an amount sufficient
to make the distributions on the respective Certificates on such Distribution
Date in accordance with the provisions of Section 4.04.

          SECTION 4.04. Distributions.

          (a) On each Distribution Date, prior to any distributions to the
Certificateholders, the Trustee shall pay to the MI Insurer, the MI Insurer Fee
for such Distribution Date from Interest Funds then on deposit in the
Certificate Account.

          (b) On each Distribution Date, the Trustee shall make the following
distributions from the Certificate Account of an amount equal to the Interest
Funds in the following order of priority:

               (i) to the Class P Certificates, an amount equal to any
Prepayment Charges collected on the Mortgage Loans during the related Prepayment
Period and all amounts paid by the Servicer or the Seller in respect of
Prepayment Charges pursuant to this Agreement or the Sale Agreement, as
applicable, and all amounts received in respect of any indemnification paid as a
result of a Prepayment Charge being unenforceable in breach of the
representations and warranties set forth in the Sale Agreement for the related
Prepayment Period;

               (ii) to each class of the Class A Certificates, the Current
Interest and any Interest Carry Forward Amount with respect to such Class;
provided, however, if such amount is not sufficient to make a full distribution
of the Current Interest and any Interest Carry Forward Amount with respect to
the Class A Certificates, such amount will be distributed pro rata among each
Class of the Class A Certificates based on the ratio of (x) the Current Interest
and Interest Carry Forward Amount for each class of the Class A Certificates to
(y) the total amount of Current Interest and any Interest Carry Forward Amount
for the Class A Certificates;

               (iii) to the Class M-1 Certificates, the Class M-1 Current
Interest and any Class M-1 Interest Carry Forward Amount;

                                      -79-
<PAGE>
               (iv) to the Class M-2 Certificates, the Class M-2 Current
Interest and any Class M-2 Interest Carry Forward Amount;

               (v) to the Class M-3 Certificates, the Class M-3 Current Interest
and any Class M-3 Interest Carry Forward Amount;

               (vi) to the Class M-4 Certificates, the Class M-4 Current
Interest and any Class M-4 Interest Carry Forward Amount;

               (vii) to the Class M-5 Certificates, the Class M-5 Current
Interest and any Class M-5 Interest Carry Forward Amount;

               (viii) to the Class M-6 Certificates, the Class M-6 Current
Interest and any Class M-6 Interest Carry Forward Amount;

               (ix) to the Class B-1 Certificates, the Class B-1 Current
Interest and any Class B-1 Interest Carry Forward Amount;

               (x) to the Class B-2 Certificates, the Class B-2 Current Interest
and any Class B-2 Interest Carry Forward Amount;

               (xi) to the Class B-3 Certificates, the Class B-3 Current
Interest and any Class B-3 Interest Carry Forward Amount; and

               (xii) any remainder pursuant to Section 4.04(f) hereof.

          On each Distribution Date, subject to the proviso in (ii) above,
Interest Funds received on the Group One Mortgage Loans will be deemed to be
distributed to the Class R, Class A-1A and Class A-1B Certificates and Interest
Funds received on the Group Two Mortgage Loans will be deemed to be distributed
to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, in each
case, until the related Current Interest and Interest Carry Forward Amount of
each such class of Certificates for such Distribution Date has been paid in
full. Thereafter, Interest Funds not required for such distributions are
available to be applied if necessary, to the class or classes of Certificates
that are not related to such group of Mortgage Loans

          (c) [RESERVED]

          (d) On each Distribution Date, the Trustee shall, to the extent of
funds then available, make the following distributions from the Certificate
Account of an amount equal to the Principal Distribution Amount in the following
order of priority, and each such distribution shall be made only after all
distributions pursuant to Section 4.04(b) above shall have been made until such
amount shall have been fully distributed for such Distribution Date:

               (i) to the Class A Certificates, the Class A Principal
Distribution Amount will be distributed as follows:

               (A) the Group One Principal Distribution Amount will be
          distributed as follows: (1) if no Class A-1 Trigger Event has
          occurred, and the aggregate Certificate Principal Balance of the Class
          M, Class B and Class C Certificates has not been reduced to zero, the
          Group One Principal Distribution Amount will be distributed as
          follows: first, to the Class R Certificate until its Certificate
          Principal Balance has been reduced to zero,

                                      -80-
<PAGE>
          and second, pro rata to the Class A-1A and Class A-1B Certificates,
          based on their relative Certificate Principal Balances, until the
          Certificate Principal Balance of each such class has been reduced to
          zero and (2) if a Class A-1 Trigger Event has occurred, or the
          aggregate Certificate Principal Balance of the Class M, Class B and
          Class C Certificates has been reduced to zero, the Group One Principal
          Distribution Amount will be distributed sequentially to the Class R,
          Class A-1A and Class A-1B Certificates, until the Certificate
          Principal Balance of each such class has been reduced to zero; and

               (B) the Group Two Principal Distribution Amount will be
          distributed sequentially to the Class A-2A, Class A-2B, Class A-2C and
          Class A-2D Certificates until the Certificate Principal Balance of
          each such class has been reduced to zero; provided, however, that on
          and after the Distribution Date on which the aggregate Certificate
          Principal Balance of the Class M, Class B and Class C Certificates
          have been reduced to zero, any principal distributions allocated to
          the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates are
          required to be allocated pro rata among such classes of Certificates,
          based on their respective Certificate Principal Balances, until their
          Certificate Principal Balances have been reduced to zero;

               (ii) to the Class M-1 Certificates, the Class M-1 Principal
Distribution Amount;

               (iii) to the Class M-2 Certificates, the Class M-2 Principal
Distribution Amount;

               (iv) to the Class M-3 Certificates, the Class M-3 Principal
Distribution Amount;

               (v) to the Class M-4 Certificates, the Class M-4 Principal
Distribution Amount;

               (vi) to the Class M-5 Certificates, the Class M-5 Principal
Distribution Amount;

               (vii) to the Class M-6 Certificates, the Class M-6 Principal
Distribution Amount;

               (viii) to the Class B-1 Certificates, the Class B-1 Principal
Distribution Amount;

               (ix) to the Class B-2 Certificates, the Class B-2 Principal
Distribution Amount;

               (x) to the Class B-3 Certificates, the Class B-3 Principal
Distribution Amount; and

               (xi) any remainder pursuant to Section 4.04(f) hereof.

          (e) [RESERVED]

          (f) On each Distribution Date, the Trustee shall, to the extent of
funds then available, make the following distributions up to the following
amounts from the Certificate Account of the

                                      -81-
<PAGE>
remainders pursuant to Section 4.04(b)(xii) and (d)(xi) hereof and each such
distribution shall be made only after all distributions pursuant to Sections
4.04(b) and (d) above shall have been made until such remainders shall have been
fully distributed for such Distribution Date:

               (i) for distribution as part of the Principal Distribution
Amount, the Extra Principal Distribution Amount;

               (ii) to the Class M-1 Certificates, the Class M-1 Unpaid Realized
Loss Amount;

               (iii) to the Class M-2 Certificates, the Class M-2 Unpaid
Realized Loss Amount;

               (iv) to the Class M-3 Certificates, the Class M-3 Unpaid Realized
Loss Amount;

               (v) to the Class M-4 Certificates, the Class M-4 Unpaid Realized
Loss Amount

               (vi) to the Class M-5 Certificates, the Class M-5 Unpaid Realized
Loss Amount;

               (vii) to the Class M-6 Certificates, the Class M-6 Unpaid
Realized Loss Amount;

               (viii) to the Class B-1 Certificates, the Class B-1 Unpaid
Realized Loss Amount;

               (ix) to the Class B-2 Certificates, the Class B-2 Unpaid Realized
Loss Amount;

               (x) to the Class B-3 Certificates, the Class B-3 Unpaid Realized
Loss Amount;

               (xi) to the Class A, Class M and Class B Certificates, on a pro
rata basis, based upon outstanding Floating Rate Certificate Carryover for each
such Class, the Floating Rate Certificate Carryover for each Class; and

               (xii) the remainder pursuant to Section 4.04(g) hereof.

          (g) on each Distribution Date, the Trustee shall allocate the
remainders pursuant to Section 4.04(f)(xii) as follows:

               (i) to the Class C Certificates in the following order of
priority, (I) the Class C Current Interest, (II) the Class C Interest Carry
Forward Amount, (III) as principal on the Class C Certificate until the
Certificate Principal Balance of the Class C Certificates has been reduced to
zero and (IV) the Class C Unpaid Realized Loss Amount; and

               (ii) the remainder pursuant to Section 4.04(h) hereof.

          (h) On each Distribution Date, the Trustee shall allocate the
remainder pursuant to Section 4.04(g)(ii) hereof (i) to the Trustee to reimburse
amounts or pay indemnification amounts owing

                                      -82-
<PAGE>
to the Trustee from the Trust Fund pursuant to Section 8.06 and (ii) to the
Class R Certificate and such distributions shall be made only after all
preceding distributions shall have been made until such remainder shall have
been fully distributed.

          (i) On each Distribution Date, after giving effect to distributions on
such Distribution Date, the Trustee shall allocate the Applied Realized Loss
Amount for the Certificates to reduce the Certificate Principal Balances of the
Class C Certificates and the Subordinated Certificates in the following order of
priority:

               (i) to the Class C Certificates, until the Class C Certificate
Principal Balance is reduced to zero;

               (ii) to the Class B-3 Certificates until the Class B-3
Certificate Principal Balance is reduced to zero;

               (iii) to the Class B-2 Certificates until the Class B-2
Certificate Principal Balance is reduced to zero;

               (iv) to the Class B-1 Certificates until the Class B-1
Certificate Principal Balance is reduced to zero;

               (v) to the Class M-6 Certificates until the Class M-6 Principal
Balance is reduced to zero;

               (vi) to the Class M-5 Certificates until the Class M-5 Principal
Balance is reduced to zero;

               (vii) to the Class M-4 Certificates until the Class M-4
Certificate Principal Balance is reduced to zero;

               (viii) to the Class M-3 Certificates until the Class M-3
Certificate Principal Balance is reduced to zero;

               (ix) to the Class M-2 Certificates until the Class M-2
Certificate Principal Balance is reduced to zero; and

               (x) to the Class M-1 Certificates until the Class M-1 Certificate
Principal Balance is reduced to zero.

          (j) Subject to Section 9.02 hereof respecting the final distribution,
on each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either by wire transfer
in immediately available funds to the account of such holder at a bank or other
entity having appropriate facilities therefor, if such Holder has so notified
the Trustee at least five (5) Business Days prior to the related Record Date or,
if not, by check mailed by first class mail to such Certificateholder at the
address of such holder appearing in the Certificate Register. Notwithstanding
the foregoing, but subject to Section 9.02 hereof respecting the final
distribution, distributions with respect to Certificates registered in the name
of a Depository shall be made to such Depository in immediately available funds.

          In accordance with this Agreement, the Servicer shall prepare and
deliver a report (the "Remittance Report") to the Trustee in the form of a
computer readable magnetic tape (or by such other

                                      -83-
<PAGE>
electronic means as the Servicer and the Trustee may agree from time to time)
containing such data and information as to permit the Trustee to prepare the
Monthly Statement to Certificateholders and make the required distributions for
the related Distribution Date. The Trustee will prepare the Monthly Report based
solely upon the information received from the Servicer.

          (k) The Trustee is hereby directed by the Depositor to execute the Cap
Contract on behalf of the Trust Fund in the form presented to it by the
Depositor and shall have no responsibility for the contents, adequacy or
sufficiency of the Cap Contract, including, without limitation, the
representations and warranties contained therein. Any funds payable by the
Trustee under the Cap Contract at closing shall be paid by the Depositor.
Notwithstanding anything to the contrary contained herein or in the Cap
Contract, the Trustee shall not be required to make any payments to the
counterparty under the Cap Contract. Any payments received under the terms of
the Cap Contract will be available to pay the holders of the Offered
Certificates up to the amount of any Floating Rate Certificate Carryover
remaining after the application of Section 4.04(f)(xi) on such Distribution
Date; provided, however, that payments received on the Cap Contract will not be
used to pay any Floating Rate Certificate Carryover that results from a failure
to allocate Applied Realized Loss Amounts to the Class A Certificates. Any
amounts in the Cap Contract Account on any Distribution Date in excess of
amounts required, subject to the restrictions set forth in the preceding
sentence, to pay outstanding Floating Rate Certificate Carryovers on such
Distribution Date will be distributed to the holders of the Class C
Certificates. Payments from the Cap Contract Account in respect of the Floating
Rate Certificate Carryovers shall, subject to the limitations set forth in the
second preceding sentence of this Section 4.04(k), be paid to the Class A, Class
M and Class B Certificates in accordance with the provisions of Section
4.04(f)(xi) hereof.

          For any Distribution Date on which there is a payment under the Cap
Contract based on a notional balance in excess of the aggregate Certificate
Principal Balance of the Offered Certificates, the amount representing such
excess payment, to the extent not otherwise used to pay Floating Rate
Certificate Carryovers, shall not be an asset of the Trust Fund and, instead,
shall be paid into and distributed out of a separate trust created by this
Agreement for the benefit of the Class C Certificates and shall be distributed
to the Class C Certificates.

               (i) On or prior to the Cap Contract Termination Date, amounts, if
any, received by the Trustee for the benefit of the Trust Fund in respect of the
Cap Contract shall be deposited by the Trustee into the Cap Contract Account.
With respect to any Distribution Date on or prior to the Cap Contract
Termination Date, the amount, if any, payable by the Cap Contract Counterparty
under the Cap Contract will equal the product of (i) the excess of (x) One-Month
LIBOR (as determined by the Cap Contract Counterparty and subject to a cap equal
to the rate with respect to such Distribution Date as shown under the heading
"Upper Collar" in the Cap Tables), over (y) the rate with respect to such
Distribution Date as shown under the heading "Lower Collar" in the Cap Tables,
(ii) an amount equal to the Cap Contract Notional Balance and (iii) the number
of days in such Accrual Period, divided by 360.

               (ii) Amounts on deposit in the Cap Contract Account will remain
uninvested pending distribution to Certificateholders.

               (iii) The Cap Contract is scheduled to remain in effect until the
Cap Contract Termination Date and will be subject to early termination only in
limited circumstances. Such circumstances include certain insolvency or
bankruptcy events in relation to the Cap Contract Counterparty (after a grace
period of three Local Business Days, as defined in the Cap Contract, after
notice of such failure is received by the Cap Contract Counterparty) to make a
payment due under the Cap Contract, the failure by the Cap Contract Counterparty
or the Trustee (after a cure period of 20 days after notice of such failure is
received) to perform any other agreement made by it under the Cap Contract, the

                                      -84-
<PAGE>
termination of the Trust Fund and the Cap Contract becoming illegal or subject
to certain kinds of taxation.

          SECTION 4.05. Monthly Statements to Certificateholders.

          (a) Not later than each Distribution Date based solely on information
provided by the Servicer, the Trustee shall prepare and make available on its
website located at www.ctslink.com to each Holder of a Class of Certificates of
the Trust Fund, the Servicer, the Rating Agencies and the Depositor a statement
setting forth for the Certificates:

               (i) the amount of the related distribution to Holders of each
Class allocable to principal, separately identifying (A) the aggregate amount of
any Principal Prepayments included therein, (B) the aggregate of all scheduled
payments of principal included therein, (C) the Extra Principal Distribution
Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;

               (ii) the amount of such distribution to Holders of each Class
allocable to interest, together with any Non-Supported Interest Shortfalls
allocated to each Class;

               (iii) any Interest Carryforward Amount for each Class of the
Offered Certificates;

               (iv) the Class Certificate Principal Balance of each Class after
giving effect (i) to all distributions allocable to principal on such
Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts
for such Distribution Date;

               (v) the Pool Stated Principal Balance for such Distribution Date;

               (vi) the amount of the Servicing Fee paid to or retained by the
Servicer, and any amounts constituting reimbursement or indemnification of the
Servicer;

               (vii) the Pass-Through Rate for each Class of Certificates for
such Distribution Date;

               (viii) the amount of Advances included in the distribution on
such Distribution Date;

               (ix) the cumulative amount of (A) Realized Losses and (B) Applied
Realized Loss Amounts to date, in the aggregate and with respect to Group One
Mortgage Loans and Group Two Mortgage Loans;

               (x) the amount of (A) Realized Losses and (B) Applied Realized
Loss Amounts with respect to such Distribution Date, in the aggregate and with
respect to Group One Mortgage Loans and Group Two Mortgage Loans;

               (xi) the number and aggregate principal amounts of Mortgage Loans
(A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days,
(2) 61 to 90 days, (3) 91 to 120 days, (4) 121 to 150 days, (5) 151 to 180 days
and (6) 181 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60
days, (2) 61 to 90 days, (3) 91 to 120 days, (4) 121 to 150 days, (5) 151 to 180
days and (6) 181 or more days, in each case as of the close of business on the
last day of the calendar month preceding such Distribution Date, in the
aggregate and with respect to Group One Mortgage Loans and Group Two Mortgage
Loans;

                                      -85-
<PAGE>
               (xii) the total number and principal balance of any REO
Properties as of the close of business on the last day of the calendar month
preceding such Distribution Date, in the aggregate and with respect to Group One
Mortgage Loans and Group Two Mortgage Loans;

               (xiii) the aggregate Stated Principal Balance of all Liquidated
Loans as of the preceding Distribution Date, in the aggregate and with respect
to Group One Mortgage Loans and Group Two Mortgage Loans;

               (xiv) whether a Stepdown Trigger Event or Class A-1 Trigger Event
has occurred and is in effect;

               (xv) with respect to each Class of Certificates, any Interest
Carry Forward Amount with respect to such Distribution Date for each such Class,
any Interest Carry Forward Amount paid for each such Class and any remaining
Interest Carry Forward Amount for each such Class;

               (xvi) with respect to each Class of Certificates, any Floating
Rate Certificate Carryover with respect to such Distribution Date for each such
Class, any Floating Rate Certificate Carryover paid for each such Class and any
remaining Floating Rate Certificate Carryover for each such Class;

               (xvii) the number and Stated Principal Balance (as of the
preceding Distribution Date) of any Mortgage Loans which were purchased or
repurchased during the preceding Due Period and since the Cut-off Date;

               (xviii) the number of Mortgage Loans for which Prepayment Charges
were received during the related Prepayment Period and, for each such Mortgage
Loan, the amount of Prepayment Charges received during the related Prepayment
Period and in the aggregate of such amounts for all such Mortgage Loans since
the Cut-off Date;

               (xix) as of each Distribution Date, the amount, if any, to be
deposited in the Certificate Account pursuant to the Cap Contract as described
in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M and
Class B Certificates described in Section 4.04(k) hereof;

               (xx) the amount and purpose of any withdrawal from the Collection
Account pursuant to Section 3.08(a)(v);

               (xxi) the amount of any payments to each Class of Certificates
that are treated as payments received in respect of a REMIC Regular Interest or
REMIC "residual interest" and the amount of any payments to each Class of
Certificates that are not treated as payments received in respect of a REMIC
Regular Interest or REMIC "residual interest";

               (xxii) the amount of the MI Insurer Fee paid to the MI Insurer;

               (xxiii) the number and aggregate Stated Principal Balance of
Mortgage Loans covered by the MI Policy as of the end of the related Due Period;
and

               (xxiv) (A) the amount of any claims paid by the MI Insurer
pursuant to the MI Policy with respect to principal, (B) the amount of any
claims paid by the MI Insurer pursuant to the MI Policy with respect to
interest, and (C) solely to the extent provided by the Servicer, the amount of
any claims made under the MI Policy and the amount of any claims rejected under
the MI Policy, each as of such Distribution Date.

                                      -86-
<PAGE>
          (b) The Trustee will make the Monthly Statement (and, at its option,
any additional files containing the same information in an alternative format)
available each month to Certificateholders, other parties to this Agreement and
any other interested parties via the Trustee's Internet website. The Trustee's
Internet website shall initially be located at "www.ctslink.com". Assistance in
using the website can be obtained by calling the Trustee's customer service desk
at (301) 815-6600. Parties that are unable to use the website are entitled to
have a paper copy mailed to them via first class mail by calling the customer
service desk and indicating such. The Trustee shall have the right to change the
way the monthly statements to Certificateholders are distributed in order to
make such distribution more convenient and/or more accessible to the above
parties and the Trustee shall provide timely and adequate notification to all
above parties regarding any such changes.

          The Trustee shall also be entitled to rely on but shall not be
responsible for the content or accuracy of any information provided by third
parties for purposes of preparing the monthly statement and may affix thereto
any disclaimer it deems appropriate in its reasonable discretion (without
suggesting liability on the part of any other party hereto).

          As a condition to access the Trustee's internet website, the Trustee
may require registration and the acceptance of a disclaimer. The Trustee will
not be liable for the dissemination of information in accordance with this
Agreement.

          (c) Reserved;

          (d) If so requested in writing within a reasonable period of time
after the end of each calendar year, the Trustee shall make available on its
website or cause to be furnished to each Person who at any time during the
calendar year was a Certificateholder of record, a statement containing the
information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05
aggregated for such calendar year or applicable portion thereof during which
such Person was a Certificateholder. Such obligation of the Trustee shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of the
Code as are from time to time in effect.

          (e) Upon filing with the Internal Revenue Service, the Trustee shall
furnish to the Holders of the Class R Certificate the Form 1066 and each Form
1066Q and shall respond promptly to written requests made not more frequently
than quarterly by any Holder of Class R Certificate with respect to the
following matters: The original projected principal and interest cash flows on
the Closing Date on each Class of regular and residual interests created
hereunder and on the Mortgage Loans, based on the Prepayment Assumption;

               (i) The projected remaining principal and interest cash flows as
of the end of any calendar quarter with respect to each Class of regular and
residual interests created hereunder and the Mortgage Loans, based on the
Prepayment Assumption;

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

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

                                      -87-
<PAGE>
               (iv) The treatment of losses realized with respect to the
Mortgage Loans or the regular interests created hereunder, including the timing
and amount of any cancellation of indebtedness income of the REMICs with respect
to such regular interests or bad debt deductions claimed with respect to the
Mortgage Loans;

               (v) The amount and timing of any non-interest expenses of the
REMICs; and

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

          The information pursuant to clauses (i), (ii), (iii) and (iv) above
shall be provided by the Depositor pursuant to Section 8.12.

                                   ARTICLE V

                                THE CERTIFICATES

          SECTION 5.01. The Certificates.

     The Certificates shall be substantially in the forms attached hereto as
exhibits. The Certificates shall be issuable in registered form, in the minimum
dollar denominations, integral dollar multiples in excess thereof (except that
one Certificate of each Class may be issued in a different amount which must be
in excess of the applicable minimum dollar denomination) and aggregate dollar
denominations as set forth in the following table:

<TABLE>
<CAPTION>
           Minimum     Integral Multiples in   Original Certificate
Class   Denomination     Excess of Minimum       Principal Balance
-----   ------------   ---------------------   --------------------
<S>     <C>            <C>                     <C>
A-1A    $25,000.00            $1.00               $295,904,000
A-1B    $25,000.00            $1.00               $ 32,878,000
A-2A    $25,000.00            $1.00               $206,954,000
A-2B    $25,000.00            $1.00               $ 58,200,000
A-2C    $25,000.00            $1.00               $ 95,512,000
A-2D    $25,000.00            $1.00               $ 42,449,000
M-1     $25,000.00            $1.00               $ 65,839,000
M-2     $25,000.00            $1.00               $ 30,664,000
M-3     $25,000.00            $1.00               $  8,117,000
M-4     $25,000.00            $1.00               $ 16,685,000
M-5     $25,000.00            $1.00               $ 10,822,000
M-6     $25,000.00            $1.00               $  6,764,000
B-1     $25,000.00            $1.00               $  8,568,000
B-2     $25,000.00            $1.00               $  4,509,000
B-3     $25,000.00            $1.00               $ 13,527,000
C                 (1)              (1)                     100%
R       $   100.00              N/A               $        100
P                 (2)              (2)                        (2)
</TABLE>

----------
(1)  The Class C Certificates shall not have minimum dollar denominations or
     certificate notional amounts and shall be issued in a minimum percentage
     interest of 25%. The initial Overcollateralization Amount is $4,514,917.87.

                                      -88-
<PAGE>
(2)  The Class P Certificates shall not have minimum dollar denominations or
     Certificate Principal Balances and shall be issued in a minimum percentage
     interest of 25%.

          The Certificates shall be executed by manual or facsimile signature on
behalf of the Trustee by an authorized officer. Certificates bearing the manual
or facsimile signatures of individuals who were, at the time when such
signatures were affixed, authorized to sign on behalf of the Trustee shall bind
the Trust Fund, notwithstanding that such individuals or any of them have ceased
to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of such authentication and
delivery. No Certificate shall be entitled to any benefit under this Agreement,
or be valid for any purpose, unless there appears on such Certificate a
certificate of authentication substantially in the form set forth as attached
hereto executed by the Trustee by manual signature, and such certificate of
authentication upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication. On
the Closing Date, the Trustee shall authenticate the Certificates to be issued
at the written direction of the Depositor, or any Affiliate thereof.

          Section 5.02. Certificate Register; Registration of Transfer and
     Exchange of Certificates.

          (a) The Trustee shall maintain, or cause to be maintained in
accordance with the provisions of Section 5.09 hereof, a Certificate Register
for the Trust Fund in which, subject to the provisions of subsections (b) and
(c) below and to such reasonable regulations as it may prescribe, the Trustee
shall provide for the registration of Certificates and of Transfers and
exchanges of Certificates as herein provided. Upon surrender for registration of
Transfer of any Certificate, the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates
of the same Class and of like aggregate Percentage Interest.

          At the option of a Certificateholder, Certificates may be exchanged
for other Certificates of the same Class in authorized denominations and
evidencing the same aggregate Percentage Interest upon surrender of the
Certificates to be exchanged at the office or agency of the Trustee. Whenever
any Certificates are so surrendered for exchange, the Trustee shall execute,
authenticate and deliver the Certificates that the Certificateholder making the
exchange is entitled to receive. Every Certificate presented or surrendered for
registration of Transfer or exchange shall be accompanied by a written
instrument of Transfer in form satisfactory to the Trustee duly executed by the
holder thereof or his attorney duly authorized in writing.

          No service charge to the Certificateholders shall be made for any
registration of Transfer or exchange of Certificates, but payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any Transfer or exchange of Certificates may be required. All
Certificates surrendered for registration of Transfer or exchange shall be
canceled and subsequently destroyed by a Trustee in accordance with such
Trustee's customary procedures.

          No Transfer of a Class C or Class P Certificate shall be made unless
such Transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under the Securities Act and such state securities
laws. In the event that a Transfer is to be made in reliance upon an exemption
from the Securities Act and such laws, in order to assure compliance with the
Securities Act and such laws, the Certificateholder desiring to effect such
Transfer and such Certificateholder's prospective transferee shall (except with
respect to the initial transfer of a Class C or Class P Certificate by Merrill
Lynch & Co. or, in connection with any transfers of a Class C or Class P
Certificate to the indenture trustee under an Indenture pursuant to which NIM
Notes are issued) each certify to the Trustee in writing the facts

                                      -89-
<PAGE>
surrounding the Transfer in substantially the form set forth in Exhibit F (the
"Transferor Certificate") and (i) deliver a letter in substantially the form of
either Exhibit G (the "Investment Letter") or Exhibit H (the "Rule 144A Letter")
or (ii) there shall be delivered to the Trustee an Opinion of Counsel that such
Transfer may be made pursuant to an exemption from the Securities Act, which
Opinion of Counsel shall not be an expense of the Depositor or the Trustee. The
Depositor shall provide to any Holder of a Class C or Class P Certificate and
any prospective transferee designated by any such Holder, information regarding
the related Certificates and the Mortgage Loans and such other information as
shall be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for Transfer of any such Certificate without registration thereof
under the Securities Act pursuant to the registration exemption provided by Rule
144A. The Trustee shall cooperate with the Depositor in providing the Rule 144A
information referenced in the preceding sentence, including providing to the
Depositor such information in the possession of the Trustee regarding the
Certificates, the Mortgage Loans and other matters regarding the Trust Fund as
the Depositor shall reasonably request to meet its obligation under the
preceding sentence. Each Holder of a Class C or Class P Certificate desiring to
effect such Transfer shall, and does hereby agree to, indemnify the Depositor
and the Trustee against any liability that may result if the Transfer is not so
exempt or is not made in accordance with such federal and state laws.

          By acceptance of a Regulation S Global Security, whether upon original
issuance or subsequent transfer, each Holder of such a Certificate acknowledges
the restrictions on the transfer of such Certificate set forth thereon and
agrees that it will only transfer such a Certificate as provided herein. In
addition, each Holder of a Regulation S Global Security shall be deemed to have
represented and warranted to the Depositor, the Trustee and any of their
respective successors that: (i) such Person is not a "U.S. person" within the
meaning of Regulation S and was, at the time the buy order was originated,
outside the United States and (ii) such Person understands that such
Certificates have not been registered under the Securities Act and that (x)
until the expiration of the 40-day distribution compliance period (within the
meaning of Regulation S), no offer, sale, pledge or other transfer of such
Certificates or any interest therein shall be made in the United States or to or
for the account or benefit of a U.S. person (each as defined in Regulation S),
(y) if in the future it decides to offer, resell, pledge or otherwise transfer
such Certificates, such Certificates may be offered, resold, pledged or
otherwise transferred only (A) to a person which the seller reasonably believes
is a "qualified institutional buyer" (a "QIB") as defined in Rule 144A under the
Securities Act, that is purchasing such Certificates for its own account or for
the account of a qualified institutional buyer to which notice is given that the
transfer is being made in reliance on Rule 144A or (B) in an offshore
transaction (as defined in Regulation S) in compliance with the provisions of
Regulation S, in each case in compliance with the requirements of this
Agreement; and it will notify such transferee of the transfer restrictions
specified in this Section.

          No transfer of an ERISA Restricted Certificate that is a Class R
Certificate may be made to any Person unless the Trustee has received a
representation that such Person is not an employee benefit plan subject to Title
I of ERISA, a plan subject to Section 4975 of the Code or a plan subject to any
state, local, federal, non-U.S. or other law substantively similar to the
foregoing provisions of ERISA or the Code ("Similar Law"), or any Person
directly or indirectly acquiring such Certificate for, on behalf of, or with any
assets of any such plan (collectively, "Plan"). Each Person to whom a Class R
Certificate is to be transferred shall be required or deemed to represent that
it is not a Plan.

          No transfer of an ERISA-Restricted Certificate (other than the Class R
Certificate) shall be made to any Person unless the Trustee has received (A) a
representation that such transferee is not a Plan, or (B) if the Certificate has
been the subject of an ERISA-Qualifying Underwriting, a representation that such
transferee is an insurance company that is acquiring the Certificate with assets
of an "insurance company general account," as defined in Section V(e) of
Prohibited Transaction Class Exemption ("PTCE") 95-60, and the acquisition and
holding of the Certificate are covered and exempt under Sections I and III of
PTCE 95-60, or (C) solely in the case of any such Certificate that is a
Definitive

                                      -90-
<PAGE>
Certificate, an Opinion of Counsel satisfactory to the Trustee, and upon which
the Trustee shall be entitled to rely, to the effect that the acquisition and
holding of such Certificate will not constitute or result in a nonexempt
prohibited transaction under Title I of ERISA or Section 4975 of the Code, or a
violation of Similar Law, and will not subject the Trustee, the Servicer or the
Depositor to any obligation in addition to those expressly undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Trustee, the
Servicer or the Depositor.

          For purposes of the two immediately preceding paragraphs of this
Subsection 5.02(a), other than clause (C) in the immediately preceding
paragraph, the representations as set forth therein shall be deemed to have been
made to the Trustee by the transferee's acceptance of an ERISA Restricted
Certificate (or the acceptance by a Certificate Owner of the beneficial interest
in any Class of ERISA Restricted Certificates). Notwithstanding any other
provision herein to the contrary, any purported transfer of an ERISA Restricted
Certificate to or on behalf of a Plan without the delivery to the Trustee of a
representation or an Opinion of Counsel satisfactory to the Trustee as described
above shall be void and of no effect. The Trustee shall not be under any
liability to any Person for any registration or transfer of any ERISA Restricted
Certificate that is in fact not permitted by this Section 5.02(a), nor shall the
Trustee be under any liability for making any payments due on such Certificate
to the Holder thereof or taking any other action with respect to such Holder
under the provisions of this Agreement so long as the transfer was registered by
the Trustee in accordance with the foregoing requirements. The Trustee shall be
entitled, but not obligated, to recover from any Holder of any ERISA Restricted
Certificate that was in fact a Plan and that held such Certificate in violation
of this Section 5.02(a) all payments made on such ERISA Restricted Certificate
at and after the time it commenced such holding. Any such payments so recovered
shall be paid and delivered to the last preceding Holder of such Certificate
that is not a Plan.

          (b) Each Person who has or who acquires any Ownership Interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions, and
the rights of each Person acquiring any Ownership Interest in a Class R
Certificate are expressly subject to the following provisions:

               (i) Each Person holding or acquiring any Ownership Interest in a
Class R Certificate shall be a Permitted Transferee and shall promptly notify
the Trustee of any change or impending change in its status as a Permitted
Transferee.

               (ii) No Ownership Interest in a Class R Certificate may be
purchased, transferred or sold, directly or indirectly, except in accordance
with the provisions hereof. No Ownership Interest in a Class R Certificate may
be registered on the Closing Date or thereafter transferred, and the Trustee
shall not register the Transfer of any Class R Certificate unless, in addition
to the certificates required to be delivered to the Trustee under subparagraph
(a) above, the Trustee shall have been furnished with an affidavit (a "Transfer
Affidavit") of the initial owner or the proposed transferee in the form attached
hereto as Exhibit E-1 and an affidavit of the proposed transferor in the form
attached hereto as Exhibit E-2. In the absence of a contrary instruction from
the transferor of a Class R Certificate, declaration (11) in Appendix A of the
Transfer Affidavit may be left blank. If the transferor requests by written
notice to the Trustee prior to the date of the proposed transfer that one of the
two other forms of declaration (11) in Appendix A of the Transfer Affidavit be
used, then the requirements of this Section 5.02(b)(ii) shall not have been
satisfied unless the Transfer Affidavit includes such other form of declaration.

               (iii) Each Person holding or acquiring any Ownership Interest in
a Class R Certificate shall agree (A) to obtain a Transfer Affidavit from any
other Person to whom such Person attempts to Transfer its Ownership Interest in
a Class R Certificate, (B) to obtain a Transfer Affidavit from any Person for
whom such Person is acting as nominee, trustee or agent in connection with any

                                      -91-
<PAGE>
Transfer of a Class R Certificate and (C) not to Transfer its Ownership Interest
in a Class R Certificate or to cause the Transfer of an Ownership Interest in a
Class R Certificate to any other Person if it has actual knowledge that such
Person is not a Permitted Transferee. Further, no transfer, sale or other
disposition of any Ownership Interest in a Class R Certificate may be made to a
person who is not a U.S. Person (within the meaning of Section 7701 of the Code)
unless such person furnishes the transferor and the Trustee with a duly
completed and effective Internal Revenue Service Form W-8ECI (or any successor
thereto) and the Trustee consents to such transfer, sale or other disposition in
writing.

               (iv) Any attempted or purported Transfer of any Ownership
Interest in a Class R Certificate in violation of the provisions of this Section
5.02(b) shall be absolutely null and void and shall vest no rights in the
purported Transferee. If any purported transferee shall become a Holder of a
Class R Certificate in violation of the provisions of this Section 5.02(b), then
the last preceding Permitted Transferee shall be restored to all rights as
Holder thereof retroactive to the date of registration of Transfer of such Class
R Certificate. The Trustee shall be under no liability to any Person for any
registration of Transfer of a Class R Certificate that is in fact not permitted
by Section 5.02(a) and this Section 5.02(b) or for making any payments due on
such Certificate to the Holder thereof or taking any other action with respect
to such Holder under the provisions of this Agreement so long as the Transfer
was registered after receipt of the related Transfer Affidavit. The Trustee
shall be entitled but not obligated to recover from any Holder of a Class R
Certificate that was in fact not a Permitted Transferee at the time it became a
Holder or, at such subsequent time as it became other than a Permitted
Transferee, all payments made on such Class R Certificate at and after either
such time. Any such payments so recovered by the Trustee shall be paid and
delivered by the Trustee to the last preceding Permitted Transferee of such
Certificate.

               (v) At the option of the Holder of the Class R Certificate, the
Class LTR Interest and the residual interest in the Upper Tier REMIC may be
severed and represented by separate certificates (with the separate certificate
that represents the Residual Interest also representing all rights of the Class
R Certificate to distributions attributable to a Pass-Through Rate on the Class
R Certificate in excess of the Net Rate); provided, however, that such separate
certification may not occur until the Trustee receive an Opinion of Counsel to
the effect that separate certification in the form and manner proposed would not
result in the imposition of federal tax upon the Trust Fund or any of the REMICs
provided for herein or cause any of the REMICs provided for herein to fail to
qualify as a REMIC; and provided further, that the provisions of Sections
5.02(a) and (b) will apply to each such separate certificate as if the separate
certificate were a Class R Certificate. If, as evidenced by an Opinion of
Counsel, it is necessary to preserve the REMIC status of any of the REMICs
provided for herein, the Class LTR Interest and the Residual Interest in the
Upper Tier REMIC shall be severed and represented by separate certificates (with
the separate certificate that represents the Residual Interest also representing
all rights of the Class R Certificate to distributions attributable to a
Pass-Through Rate on the Class R Certificate in excess of the Net Rate).

          The restrictions on Transfers of a Class R Certificate set forth in
this Section 5.02(b) shall cease to apply (and the applicable portions of the
legend on a Class R Certificate may be deleted) with respect to Transfers
occurring after delivery to the Trustee of an Opinion of Counsel, which Opinion
of Counsel shall not be an expense of the Trustee or the Depositor, to the
effect that the elimination of such restrictions will not cause any of the
REMICs provided for herein to fail to qualify as a REMIC at any time that the
Certificates are outstanding or result in the imposition of any tax on the Trust
Fund, any REMIC provided for herein, a Certificateholder or another Person. Each
Person holding or acquiring any Ownership Interest in a Class R Certificate
hereby consents to any amendment of this Agreement that, based on an Opinion of
Counsel furnished to the Trustee, is reasonably necessary (a) to ensure that the
record ownership of, or any beneficial interest in, a Class R Certificate is not
transferred, directly or indirectly, to a Person that is not a Permitted
Transferee and (b) to provide for a means to compel the

                                      -92-
<PAGE>
Transfer of a Class R Certificate that is held by a Person that is not a
Permitted Transferee to a Holder that is a Permitted Transferee.

          (c) The transferor of the Class R Certificate shall notify the Trustee
in writing upon the transfer of the Class R Certificate.

          (d) The preparation and delivery of all certificates, opinions and
other writings referred to above in this Section 5.02 shall not be an expense of
the Trust Fund, the Depositor or the Trustee.

          SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.

          If (a) any mutilated Certificate is surrendered to the Trustee or the
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Certificate and of the ownership thereof and (b) there is delivered to
the Trustee such security or indemnity as may be required by them to save each
of them harmless, then, in the absence of notice to the Trustee that such
Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
Class, tenor and Percentage Interest. In connection with the issuance of any new
Certificate under this Section 5.03, the Trustee may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of
the Trustee and its counsel) connected therewith. Any replacement Certificate
issued pursuant to this Section 5.03 shall constitute complete and indefeasible
evidence of ownership in the Trust Fund, as if originally issued, whether or not
the lost, stolen or destroyed Certificate shall be found at any time. All
Certificates surrendered to the Trustee under the terms of this Section 5.03
shall be canceled and destroyed by the Trustee in accordance with its standard
procedures without liability on its part.

          SECTION 5.04. Persons Deemed Owners.

          The Trustee and any agent of the Trustee may treat the Person in whose
name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in this Agreement and for all
other purposes whatsoever, and neither the Trustee, nor any agent of the Trustee
shall be affected by any notice to the contrary.

          SECTION 5.05. Access to List of Certificateholders' Names and
     Addresses.

          If three or more Certificateholders (a) request such information in
writing from the Trustee, (b) state that such Certificateholders desire to
communicate with other Certificateholders with respect to their rights under
this Agreement or under the Certificates, and (c) provide a copy of the
communication that such Certificateholders propose to transmit or if the
Depositor shall request such information in writing from the Trustee, then the
Trustee shall, within ten Business Days after the receipt of such request,
provide the Depositor or such Certificateholders at such recipients' expense the
most recent list of the Certificateholders of the Trust Fund held by the
Trustee, if any. The Depositor and every Certificateholder, by receiving and
holding a Certificate, agree that the Trustee shall not be held accountable by
reason of the disclosure of any such information as to the list of the
Certificateholders hereunder, regardless of the source from which such
information was derived.

          SECTION 5.06. Book-Entry Certificates.

          The Regular Certificates, upon original issuance, shall be issued in
the form of one or more typewritten Certificates representing the Book-Entry
Certificates, to be delivered to the Depository

                                      -93-
<PAGE>
by or on behalf of the Depositor. The Class C, Class P and Class R Certificates
shall be Definitive Certificates (as defined below). The Book-Entry Certificates
shall initially be registered on the Certificate Register in the name of the
Depository or its nominee, and no Certificate Owner of a Book-Entry Certificate
will receive a definitive certificate representing such Certificate Owner's
interest in such Certificates, except as provided in Section 5.08. Unless and
until definitive, fully registered Certificates ("Definitive Certificates") have
been issued to the Certificate Owners of the Book-Entry Certificates pursuant to
Section 5.08:

          (a) the provisions of this Section shall be in full force and effect;

          (b) the Depositor and the Trustee may deal with the Depository and the
Depository Participants for all purposes (including the making of distributions)
as the authorized representative of the respective Certificate Owners of the
Book-Entry Certificates;

          (c) registration of the Book-Entry Certificates may not be transferred
by the Trustee except to another Depository;

          (d) the rights of the respective Certificate Owners of the Book-Entry
Certificates shall be exercised only through the Depository and the Depository
Participants and shall be limited to those established by law and agreements
between the Owners of the Book-Entry Certificates and the Depository and/or the
Depository Participants. Pursuant to the Depository Agreement, unless and until
Definitive Certificates are issued pursuant to Section 5.08, the Depository will
make book-entry transfers among the Depository Participants and receive and
transmit distributions of principal and interest on the related Certificates to
such Depository Participants;

          (e) the Depository may collect its usual and customary fees, charges
and expenses from its Depository Participants;

          (f) the Trustee may rely and shall be fully protected in relying upon
information furnished by the Depository with respect to its Depository
Participants; and

          (g) to the extent that the provisions of this Section conflict with
any other provisions of this Agreement, the provisions of this Section shall
control.

          For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of,
Certificateholders evidencing a specified percentage of the aggregate unpaid
principal amount of any Class of Certificates, such direction or consent may be
given by Certificate Owners (acting through the Depository and the Depository
Participants) owning Book-Entry Certificates evidencing the requisite percentage
of principal amount of such Class of Certificates.

          SECTION 5.07. Notices to Depository.

          Whenever any notice or other communication is required to be given to
Certificateholders of the Class with respect to which Book-Entry Certificates
have been issued, unless and until Definitive Certificates shall have been
issued to the related Certificate Owners, the Trustee shall give all such
notices and communications to the Depository.

          SECTION 5.08. Definitive Certificates.

          If, after Book-Entry Certificates have been issued with respect to any
Certificates, (a) the Depository or the Depositor advises the Trustee that the
Depository is no longer willing, qualified or able

                                      -94-
<PAGE>
to discharge properly its responsibilities under the Depository Agreement with
respect to such Certificates and the Trustee or the Depositor is unable to
locate a qualified successor, (b) the Depositor notifies the Trustee and the
Depository of its intent to terminate the book entry system through the
Depository and, upon receipt of notice of such intent from the Depository, the
Certificate Owners of the Book-Entry Certificates agree to initiate such
termination or (c) after the occurrence and continuation of an Event of Default,
Certificate Owners of such Book-Entry Certificates having not less than 51% of
the Voting Rights evidenced by any Class of Book-Entry Certificates advise the
Trustee and the Depository in writing through the Depository Participants that
the continuation of a book-entry system with respect to Certificates of such
Class through the Depository (or its successor) is no longer in the best
interests of the Certificate Owners of such Class, then the Trustee shall notify
all Certificate Owners of such Book-Entry Certificates, through the Depository,
of the occurrence of any such event and of the availability of Definitive
Certificates to Certificate Owners of such Class requesting the same. The
Depositor shall provide the Trustee with an adequate inventory of certificates
to facilitate the issuance and transfer of Definitive Certificates. Upon
surrender to the Trustee of any such Certificates by the Depository, accompanied
by registration instructions from the Depository for registration, the Trustee
shall authenticate and deliver such Definitive Certificates. Neither the
Depositor nor the Trustee shall be liable for any delay in delivery of such
instructions and each may conclusively rely on, and shall be protected in
relying on, such instructions. Upon the issuance of such Definitive
Certificates, all references herein to obligations imposed upon or to be
performed by the Depository shall be deemed to be imposed upon and performed by
the Trustee, to the extent applicable with respect to such Definitive
Certificates and the Trustee shall recognize the Holders of such Definitive
Certificates as Certificateholders hereunder.

          SECTION 5.09. Maintenance of Office or Agency.

          The Trustee will maintain or cause to be maintained at its expense an
office or offices or agency or agencies where Certificates may be surrendered
for registration of transfer or exchange. The Trustee initially designates its
offices at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
Attention: Client Services Manager - Merrill Lynch Mortgage Investors Trust,
Series 2005-FM1 as offices for such purposes. The Trustee will give prompt
written notice to the Certificateholders of any change in such location of any
such office or agency.

          SECTION 5.10. [RESERVED].

                                   ARTICLE VI

                         THE DEPOSITOR AND THE SERVICER

          SECTION 6.01. Respective Liabilities of the Depositor and the
     Servicer.

          The Depositor and the Servicer shall each be liable in accordance
herewith only to the extent of the obligations specifically and respectively
imposed upon and undertaken by them herein.

          SECTION 6.02. Merger or Consolidation of the Depositor and the
     Servicer.

          Except as provided in the next paragraph, the Depositor and the
Servicer will each keep in full effect its existence, rights and franchises as a
corporation or banking association under the laws of the United States or under
the laws of one of the States thereof and will each obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, or any of the Mortgage Loans and to perform
its respective duties under this Agreement.

                                      -95-
<PAGE>
          Any Person into which the Depositor or the Servicer may be merged or
consolidated, or any Person resulting from any merger or consolidation to which
the Depositor or the Servicer shall be a party, or any Person succeeding to the
business of the Depositor or the Servicer, shall be the successor of the
Depositor or the Servicer, as the case may be, hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding (except for the
execution of an assumption agreement where such succession is not effected by
operation of law); provided, however, that the successor or surviving Person to
the Servicer shall be qualified to sell mortgage loans to, and to service
mortgage loans on behalf of, Fannie Mae or Freddie Mac.

          SECTION 6.03. Limitation on Liability of the Depositor, the Servicer
     and Others.

          None of the Depositor, the Servicer nor any of the directors,
officers, employees or agents of the Depositor or the Servicer shall be under
any liability to the Trust Fund or the Certificateholders for any action taken
or for refraining from the taking of any action in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Depositor, the Servicer or any such Person against any
breach of representations or warranties made by it herein or protect the
Depositor, the Servicer or any such Person from any liability that would
otherwise be imposed by reasons of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of reckless disregard of obligations
and duties hereunder. The Depositor or the Servicer and any director, officer,
employee or agent of the Depositor or the Servicer may rely in good faith on any
document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Depositor, the Servicer and any
director, officer, employee or agent of the Depositor or the Servicer shall be
indemnified by the Trust Fund and held harmless against any loss, liability or
expense, incurred in connection with the performance of their duties under this
agreement or incurred in connection with any audit, controversy or judicial
proceeding relating to a governmental taxing authority or any legal action
relating to this Agreement or the Certificates, other than (i) any loss,
liability or expense incurred by reason of willful misfeasance, bad faith or
negligence in the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder or (ii) which does not constitute
an "unanticipated expense" within the meaning of Treasury Regulation Section
1.860G-1(b)(3)(ii). Neither the Depositor nor the Servicer shall be under any
obligation to appear in, prosecute or defend any legal action that is not
incidental to its respective duties hereunder and that in its opinion may
involve it in any expense or liability; provided, however, that either the
Depositor or the Servicer in its discretion may undertake any such action that
it may deem necessary or desirable in respect of this Agreement and the rights
and duties of the parties hereto and the interests of the Trustee and the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action and any liability resulting therefrom shall be expenses, costs and
liabilities of the Trust Fund, and the Depositor and the Servicer shall be
entitled to be reimbursed therefor out of the Collection Account as provided by
Section 3.08 hereof.

          SECTION 6.04. Limitation on Resignation of Servicer.

          The Servicer shall not resign from the obligations and duties hereby
imposed on it except upon determination that its duties hereunder are no longer
permissible under applicable law. Any such determination permitting the
resignation of the Servicer shall be evidenced by an Opinion of Counsel to such
effect delivered to the Trustee. No such resignation shall become effective
until the Trustee or a successor servicer reasonably acceptable to the Trustee
is appointed and has assumed the Servicer's responsibilities, duties,
liabilities and obligations hereunder. Any such resignation shall not relieve
the Servicer of any of the obligations specified in Section 7.01 and 7.02 as
obligations that survive the resignation or termination of the Servicer.

                                      -96-
<PAGE>
          SECTION 6.05. Errors and Omissions Insurance; Fidelity Bonds.

          The Servicer shall, for so long as it acts as servicer under this
Agreement, obtain and maintain in force (a) a policy or policies of insurance
covering errors and omissions in the performance of its obligations as servicer
hereunder, and (b) a fidelity bond in respect of its officers, employees and
agents. Each such policy or policies and bond shall, together, comply with the
requirements from time to time of Fannie Mae or Freddie Mac for Persons
performing servicing for mortgage loans purchased by Fannie Mae or Freddie Mac.
The Servicer shall provide the Trustee, upon request, with copies of such
policies and fidelity bond or a certification from the insurance provider
evidencing such policies and fidelity bond. In the event that any such policy or
bond ceases to be in effect, the Servicer shall use its reasonable commercial
efforts to obtain a comparable replacement policy or bond from an insurer or
issuer meeting the requirements set forth above as of the date of such
replacement.

                                  ARTICLE VII

                        DEFAULT; TERMINATION OF SERVICER

          SECTION 7.01. Events of Default.

          "Event of Default," wherever used herein, means any one of the
following events:

               (i) any failure by the Servicer to deposit in the Collection
Account or the Certificate Account or remit to the Trustee (a) any payment
(excluding Advances) required to be made under the terms of this Agreement,
which failure shall continue unremedied for three Business Days or (b) Advances
required to be made under Section 4.01 hereof, which failure shall continue
unremedied as of 3:00 p.m. New York City Time on the Business Day immediately
prior to the related Distribution Date, or

               (ii) any failure by the Servicer to observe or perform in any
material respect any other of the covenants or agreements on the part of the
Servicer contained in this Agreement or any representation or warranty shall
prove to be untrue, which failure or breach shall continue unremedied for a
period of 60 days after the date on which written notice of such failure shall
have been given to the Servicer by the Trustee or the Depositor; or

               (iii) a decree or order of a court or agency or supervisory
authority having jurisdiction for the appointment of a receiver or liquidator in
any insolvency, readjustment of debt, marshaling of assets and liabilities or
similar proceedings, or for the winding-up or liquidation of its affairs, shall
have been entered against the Servicer and such decree or order shall have
remained in force undischarged or unstayed for a period of 60 consecutive days;
or

               (iv) consent by the Servicer to the appointment of a receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings of or relating to the Servicer or all or
substantially all of the property of the Servicer; or

               (v) admission by a Servicer in writing of its inability to pay
its debts generally as they become due, file a petition to take advantage of, or
commence a voluntary case under, any applicable insolvency or reorganization
statute, make an assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations; or

               (vi) any failure by the Servicer to duly perform, within the
required time period, its obligations under Sections 3.17, 3.18 and 3.22 of this
Agreement, which failure continues

                                      -97-
<PAGE>
unremedied for a period of ten (10) days after the date on which written notice
of such failure, requiring the same to be remedied, shall have been given to the
Servicer by any party to this Agreement.

          If an Event of Default shall occur with respect to the Servicer
pursuant to subsection (i) of this Section 7.01, the Trustee shall by notice in
writing to the Servicer (with a copy to each Rating Agency), terminate all of
the rights and obligations of the Servicer under this Agreement and in and to
the Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder. If an Event of Default shall occur with respect to
the Servicer pursuant to subsection (ii) - (vi) of this Section 7.01, then, and
in each and every such case, so long as such Event of Default shall not have
been remedied within the applicable grace period, the Trustee may, by notice in
writing to the Servicer (with a copy to each Rating Agency), terminate all of
the rights and obligations of the Servicer under this Agreement and in and to
the Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder. On or after the receipt by the Servicer of any such
written notice, all authority and power of the Servicer hereunder, whether with
respect to the Mortgage Loans or otherwise, shall pass to and be vested in the
Trustee. To the extent the Event of Default resulted from the failure of the
Servicer to make a required Advance, the Trustee shall thereupon make any
Advance described in Section 4.01 hereof subject to Section 3.04 hereof. The
Trustee is hereby authorized and empowered to execute and deliver, on behalf of
the Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement or assignment of the Mortgage Loans and
related documents, or otherwise. Unless expressly provided in such written
notice, no such termination shall affect any obligation of the Servicer to pay
amounts owed pursuant to Article VIII. The Servicer agrees to cooperate with the
Trustee in effecting the termination of the Servicer's responsibilities and
rights hereunder, including, without limitation, the transfer to the Trustee of
all cash amounts which shall at the time be credited to the Collection Account,
or thereafter be received with respect to the Mortgage Loans. The Servicer and
the Trustee shall promptly notify the Rating Agencies of the occurrence of an
Event of Default or an event that, with notice, passage of time, other action or
any combination of the foregoing would be an Event of Default, such notice to be
provided in any event within two Business Days of such occurrence.

          Notwithstanding any termination of the activities of the Servicer
hereunder, the Servicer shall be entitled to receive, out of any late collection
of a Scheduled Payment on a Mortgage Loan that was due prior to the notice
terminating the Servicer's rights and obligations as Servicer hereunder and
received after such notice, that portion thereof to which the Servicer would
have been entitled pursuant to Section 3.08(a), and any other amounts payable to
the Servicer hereunder the entitlement to which arose prior to the termination
of its activities hereunder. Notwithstanding anything herein to the contrary,
upon termination of the Servicer hereunder, any liabilities of the Servicer
which accrued prior to such termination shall survive such termination.

          SECTION 7.02. Trustee to Act; Appointment of Successor.

          On and after the time the Servicer receives a notice of termination
pursuant to Section 7.01 hereof, the Trustee shall, to the extent provided in
Section 3.04, be the successor to the Servicer in its capacity as servicer under
this Agreement and the transactions set forth or provided for herein and shall
be subject to all the responsibilities, duties and liabilities relating thereto
placed on the Servicer by the terms and provisions hereof and applicable law
including the obligation to make advances pursuant to Section 4.01. As
compensation therefor, subject to the last paragraph of Section 7.01, the
Trustee shall be entitled to all fees, compensation and reimbursement for costs
and expenses that the Servicer would have been entitled to hereunder if the
Servicer had continued to act hereunder. Notwithstanding the foregoing, if the
Trustee has become the successor to the Servicer in accordance with Section 7.01
hereof, the Trustee may, if it shall be unwilling to so act, or shall, if it is
prohibited by applicable law from making

                                      -98-
<PAGE>
Advances pursuant to Section 4.01 hereof or if it is otherwise unable to so act,
appoint, or petition a court of competent jurisdiction to appoint, any
established mortgage loan servicing institution the appointment of which does
not adversely affect the then current rating of the Certificates by each Rating
Agency as the successor to the Servicer hereunder in the assumption of all or
any part of the responsibilities, duties or liabilities of the Servicer
hereunder. Any successor Servicer shall be an institution that is a Fannie Mae
and Freddie Mac approved seller/servicer in good standing, that has a net worth
of at least $15,000,000, and that is willing to service the Mortgage Loans and
executes and delivers to the Depositor and the Trustee an agreement accepting
such delegation and assignment, that contains an assumption by such Person of
the rights, powers, duties, responsibilities, obligations and liabilities of the
Servicer (other than liabilities of the Servicer under Section 6.03 hereof
incurred prior to termination of the Servicer under Section 7.01), with like
effect as if originally named as a party to this Agreement; and provided further
that each Rating Agency acknowledges that its rating of the Certificates in
effect immediately prior to such assignment and delegation will not be qualified
or reduced as a result of such assignment and delegation. No appointment of a
successor to the Servicer hereunder shall be effective until the Trustee shall
have consented thereto and written notice of such proposed appointment shall
have been provided by the Trustee to each Certificateholder. The Trustee shall
not resign as servicer until a successor servicer has been appointed and has
accepted such appointment. Pending appointment of a successor to the Servicer
hereunder, the Trustee, unless the Trustee is prohibited by law from so acting,
shall, subject to Section 3.04 hereof, act in such capacity as hereinabove
provided. In connection with such appointment and assumption, the Trustee may
make such arrangements for the compensation of such successor out of payments on
Mortgage Loans as it and such successor shall agree; provided, however, that no
such compensation shall be in excess of that permitted the Servicer hereunder.
The Trustee and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. Neither the
Trustee nor any other successor servicer shall be deemed to be in default
hereunder by reason of any failure to make, or any delay in making, any
distribution hereunder or any portion thereof or any failure to perform, or any
delay in performing, any duties or responsibilities hereunder, in either case
caused by the failure of the Servicer to deliver or provide, or any delay in
delivering or providing, any cash, information, documents or records to it.

          Any successor to the Servicer as servicer shall give notice to the
Mortgagors of such change of servicer and shall, during the term of its service
as servicer maintain in force the policy or policies that the Servicer is
required to maintain pursuant to Section 6.05.

          SECTION 7.03. Notification to Certificateholders.

          (a) Upon any termination of or appointment of a successor to the
Servicer, the Trustee shall give prompt written notice thereof to
Certificateholders, the Depositor and to each Rating Agency.

          (b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Certificateholders notice of each such
Event of Default hereunder known to the Trustee, unless such Event of Default
shall have been cured or waived.

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

          SECTION 8.01. Duties of the Trustee.

          The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default that may have occurred, shall undertake to
perform such duties and only such duties as

                                      -99-
<PAGE>
are specifically set forth in this Agreement. In case an Event of Default has
occurred and remains uncured, the Trustee shall exercise such of the rights and
powers vested in it by this Agreement and use the same degree of care and skill
in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs. In case an Event of
Default or other default by the Servicer or the Depositor hereunder shall occur
and be continuing, the Trustee shall, at the written direction of the majority
of the Certificateholders, or may, proceed to protect and enforce its rights and
the rights of the Certificateholders under this Agreement by a suit, action or
proceeding in equity or at law or otherwise, whether for the specific
performance of any covenant or agreement contained in this agreement or in aid
of the execution of any power granted in this Agreement or for the enforcement
of any other legal, equitable or other remedy, as the Trustee, being advised by
counsel and subject to the foregoing, shall deem most effectual to protect and
enforce any of the rights of the Trustee and the Certificateholders.

          The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee that are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform on their face to the requirements of this Agreement. If any such
instrument is found not to conform on its face to the requirements of this
Agreement in a material manner, the Trustee shall notify the person providing
such Agreement of such non-conformance, and if the instrument is not corrected
to the Trustee's satisfaction, the Trustee will provide notice thereof to the
Certificateholders and take such further action as directed by the
Certificateholders.

          No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own misconduct, its negligent failure to perform its obligations
in compliance with this Agreement, or any liability that would be imposed by
reason of its willful misfeasance or bad faith; provided, however, that:

               (i) prior to the occurrence of an Event of Default, and after the
curing of all such Events of Default that may have occurred, the duties and
obligations of the Trustee shall be determined solely by the express provisions
of this Agreement, the Trustee shall not be liable, individually or as Trustee,
except for the performance of such duties and obligations as are specifically
set forth in this Agreement, no implied covenants or obligations shall be read
into this Agreement against the Trustee, and the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Trustee and
conforming to the requirements of this Agreement that it reasonably believed in
good faith to be genuine and to have been duly executed by the proper
authorities respecting any matters arising hereunder;

               (ii) the Trustee shall not, individually or as Trustee, be liable
for an error of judgment made in good faith by a Responsible Officer or
Responsible Officers of the Trustee unless the Trustee was negligent or acted in
bad faith or with willful misfeasance; and

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

          SECTION 8.02. Certain Matters Affecting the Trustee.

          (a) Except as otherwise provided in Section 8.01:

                                     -100-
<PAGE>
               (i) the Trustee may request and conclusively rely upon and shall
be fully protected in acting or refraining from acting upon any resolution,
Officer's Certificate, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent, order,
appraisal, bond or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;

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

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

               (iv) prior to the occurrence of an Event of Default hereunder and
after the curing of all Events of Default that may have occurred, the Trustee
shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless
requested in writing so to do by the Holders of each Class of Certificates
evidencing not less than 25% of the Voting Rights of such Class;

               (v) the Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents,
custodians, accountants, attorneys or independent contractors and the Trustee
will not be responsible for any misconduct or negligence on the part of any
agent, custodian, accountant, attorney or independent contractor appointed with
due care by it hereunder;

               (vi) the Trustee shall not be required to expend its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder if it shall have reasonable grounds for believing that repayment of
such funds or adequate indemnity against such liability is not assured to it;

               (vii) the Trustee shall not be liable, individually or as
Trustee, for any loss on any investment of funds pursuant to this Agreement
(other than as issuer of the investment security);

               (viii) the Trustee shall not be deemed to have knowledge of an
Event of Default until a Responsible Officer of the Trustee shall have received
written notice thereof;

               (ix) the Trustee shall be under no obligation to exercise any of
the trusts or powers vested in it by this Agreement or to make any investigation
of matters arising hereunder or to institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the
Certificateholders, pursuant to the provisions of this Agreement, unless the
Certificateholders shall have offered to the Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred therein or thereby;

               (x) if requested by the Servicer, the Trustee may appoint the
Servicer as the Trustee's attorney-in-fact in order to carry out and perform
certain activities that are necessary or appropriate for the servicing and
administration of the Mortgage Loans pursuant to this Agreement. Such
appointment shall be evidenced by a power of attorney in such form as may be
agreed to by the Trustee and the Servicer. The Trustee shall have no liability
for any action or inaction of the Servicer in connection with such power of
attorney and the Trustee shall be indemnified by the Servicer for all

                                     -101-
<PAGE>
liabilities, costs and expenses incurred by the Trustee in connection with the
Servicer's use or misuse of such powers of attorney; and

               (xi) the Trustee may rely on the sole judgment of the Depositor
in determining whether "Eligible Collateral" (as defined in the Cap Contract)
has been delivered in an amount equal to the "Exposure" (as defined in the Cap
Contract) as contemplated by Section 4(10) of the Cap Contract. The Trustee
shall not be liable, individually or as Trustee, for any action relating to the
determination of whether collateral delivered pursuant to the sentence above
constitutes "Eligible Collateral."

          (b) All rights of action under this Agreement or under any of the
Certificates, enforceable by the Trustee, may be enforced by the Trustee without
the possession of any of the Certificates, or the production thereof at the
trial or other proceeding relating thereto, and any such suit, action or
proceeding instituted by the Trustee shall be brought in its name for the
benefit of all the Holders of the Certificates, subject to the provisions of
this Agreement. The Trustee shall have no duty (A) to record, file or deposit
this Agreement or any agreement referred to herein or any financing statement or
continuation statement evidencing a security interest, or to undertake any
rerecording, refiling or redepositing, as applicable, thereof, (B) to establish
or maintain any insurance or (C) to see to the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance of any kind
owing with respect to, assessed or levied against, any part of the Trust Fund.

          (c) The Trustee is hereby directed to execute and deliver on behalf of
the Trust Fund any letter agreements relating to the MI Policy.

          SECTION 8.03. Trustee Not Liable for Certificates or Mortgage Loans.

          The recitals contained herein shall be taken as the statements of the
Depositor or the Servicer, as the case may be, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representation as to
the validity or sufficiency of this Agreement, of any Mortgage Loan, or of any
related document other than with respect to the execution and authentication of
the Certificates, if the Trustee executed or authorized the Certificates. The
Trustee shall not be accountable for the use or application by the Depositor or
the Servicer of any funds paid to the Depositor or the Servicer in respect of
the Mortgage Loans or deposited in or withdrawn from the Collection Account or
the Certificate Account by the Depositor or the Servicer.

          SECTION 8.04. Trustee May Own Certificates.

          The Trustee in its individual or any other capacity may become the
owner or pledgee of Certificates with the same rights as it would have if it was
not the Trustee.

          SECTION 8.05. Trustee's Fees and Expenses.

          The Trustee shall be entitled to compensation (which shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust) for all services rendered by it in the execution of the trusts
hereby created and in the exercise and performance of any of the powers and
duties hereunder of the Trustee.

          SECTION 8.06. Indemnification and Expenses of Trustee.

          (a) The Trustee and its respective directors, officers, employees and
agents shall be entitled to indemnification from the Trust Fund for any loss,
liability or expense incurred in connection

                                     -102-
<PAGE>
with (i) any audit, controversy or judicial proceeding relating to a
governmental authority or any legal proceeding incurred without negligence or
willful misconduct on their part, arising out of, or in connection with the
acceptance or administration of the trusts created hereunder and (ii) the
performance of their respective duties hereunder, including any applicable fees
and expenses payable hereunder, and the costs and expenses of defending
themselves against any claim in connection with the exercise or performance of
any of their powers or duties hereunder, provided that:

               (i) with respect to any such claim, the Trustee shall have given
the Depositor written notice thereof promptly after the Trustee shall have
knowledge thereof; provided that failure to so notify shall not relieve the
Trust Fund of the obligation to indemnify the Trustee; however, any reasonable
delay by the Trustee to provide written notice to the Depositor and the Holders
promptly after the Trustee shall have obtained knowledge of a claim shall not
relieve the Trust Fund of the obligation to indemnify the Trustee under this
Section 8.06;

               (ii) while maintaining control over its own defense, the Trustee
shall reasonably cooperate and consult with the Depositor in preparing such
defense;

               (iii) notwithstanding anything to the contrary in this Section
8.06, the Trust Fund shall not be liable for settlement of any such claim by the
Trustee entered into without the prior consent of the Depositor, which consent
shall not be unreasonably withheld or delayed; and

               (iv) indemnification therefor would constitute "unanticipated
expenses" within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii).

          The provisions of this Section 8.06 shall survive any termination of
this Agreement and the resignation or removal of the Trustee and shall be
construed to include, but not be limited to any loss, liability or expense under
any environmental law.

          (b) The Trustee shall be entitled to all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
this Agreement (including fees and expenses of its counsel and all persons not
regularly in its employment), except any such expenses, disbursements and
advances that either (i) arise from its negligence, bad faith or willful
misconduct or (ii) do not constitute "unanticipated expenses" within the meaning
of Treasury Regulations Section 1.860G-1(b)(3)(ii).

          (c) The Trustee's right to indemnification and reimbursement shall be
subject to a cap of $300,000 in the aggregate in any calendar year, excluding
(i) any Servicing Transfer Costs and (ii) any costs, damages or expenses
incurred by the Trustee in connection with any "high cost" home loans or any
predatory or abusive lending laws, which amounts shall in no case be subject to
any such limitation; provided, however, that such cap shall apply only if NIM
Notes have been issued and shall cease to apply after the date on which any NIM
Notes are paid in full; provided further, however, that amounts incurred by the
Trustee in excess of such annual limit in any calendar year shall be payable to
the Trustee in succeeding calendar years, subject to such annual limit for each
applicable calendar year. Any amounts reimbursable hereunder not in excess of
this cap may be withdrawn by the Trustee from the Certificate Account at any
time.

          SECTION 8.07. Eligibility Requirements for Trustee.

          The Trustee hereunder shall, at all times, be a corporation or
association organized and doing business under the laws of a state or the United
States of America, authorized under such laws to exercise corporate trust powers
having a combined capital and surplus of at least $50,000,000, subject to

                                     -103-
<PAGE>
supervision or examination by federal or state authority and with a credit
rating that would not cause any of the Rating Agencies to reduce their
respective ratings of any Class of Certificates below the ratings issued on the
Closing Date (or having provided such security from time to time as is
sufficient to avoid such reduction). If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 8.07 the combined capital and surplus of such
corporation or association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.07, the Trustee shall resign immediately in the
manner and with the effect specified in Section 8.08 hereof. The corporation or
national banking association serving as Trustee may have normal banking and
trust relationships with the Depositor and its respective Affiliates; provided,
however, that such corporation cannot be an Affiliate of the Servicer other than
the Trustee in its role as successor to the Servicer.

          SECTION 8.08. Resignation and Removal of Trustee.

          The Trustee may at any time resign and be discharged from the trusts
hereby created by (1) giving written notice of resignation to the Depositor by
mailing notice of resignation by first class mail, postage prepaid, to the
Certificateholders at their addresses appearing on the Certificate Register and
each Rating Agency, not less than 60 days before the date specified in such
notice when, subject to Section 8.09, such resignation is to take effect, and
(2) acceptance of appointment by a successor trustee in accordance with Section
8.09 and meeting the qualifications set forth in Section 8.07. If no successor
trustee shall have been so appointed and have accepted appointment within 30
days after the giving of such notice or resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor
trustee.

          If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.07 hereof and shall fail to resign
after written request thereto by the Depositor or (ii) the Trustee shall become
incapable of acting, or shall be adjudged as bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then the
Depositor may remove the Trustee and shall promptly appoint a successor trustee
by written instrument, in triplicate, one copy of which instrument shall be
delivered to the Trustee, one copy of which shall be delivered to the Servicer
and one copy of which shall be delivered to the successor trustee.

          The Holders evidencing at least 51% of the Voting Rights of all
Classes of Certificates, upon failure of the Trustee to perform its obligations
hereunder, may at any time remove the Trustee and the Depositor shall appoint a
successor trustee by written instrument or instruments, in triplicate, signed by
such Holders or their attorneys-in-fact duly authorized, one complete set of
which instruments shall be delivered by the successor trustee to the Trustee so
removed and one complete set to the successor so appointed. Notice of any
removal of the Trustee shall be given to each Rating Agency by the successor
trustee.

          Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.08 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 8.09 hereof.

          SECTION 8.09. Successor Trustee.

          Any successor trustee appointed as provided in Section 8.08 hereof
shall execute, acknowledge and deliver to the Depositor and to its predecessor
trustee and the Servicer an instrument

                                     -104-
<PAGE>
accepting such appointment hereunder and thereupon the resignation or removal of
the predecessor trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor hereunder, with
the like effect as if originally named as trustee herein.

          No successor trustee shall accept appointment as provided in this
Section 8.09 unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 8.07 hereof and its appointment
shall not adversely affect the then current rating of the Certificates.

          Upon acceptance of appointment by a successor trustee as provided in
this Section 8.09, the Depositor shall mail notice of the succession of such
trustee hereunder to all Holders of Certificates. If the Depositor fails to mail
such notice within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the
expense of the Depositor.

          SECTION 8.10. Merger or Consolidation of Trustee.

          Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided that such corporation shall be eligible under the provisions of Section
8.07 hereof without the execution or filing of any paper or further act on the
part of any of the parties hereto, anything herein to the contrary
notwithstanding (except for the execution of an assumption agreement where such
succession is not effected by operation of law).

          SECTION 8.11. Appointment of Co-Trustee or Separate Trustee.

          Notwithstanding any other provisions of this Agreement, at any time,
for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Fund or property securing any Mortgage Note may at the
time be located, the Servicer and the Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees jointly with
the Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons, in such capacity and for the
benefit of the Certificateholders, such title to the Trust Fund or any part
thereof, whichever is applicable, and, subject to the other provisions of this
Section 8.11, such powers, duties, obligations, rights and trusts as the
Servicer and the Trustee may consider necessary or desirable. Any such
co-trustee or separate trustee shall be compensated by the Trust Fund and
subject to the written approval of the Servicer. The Trustee shall not be liable
for the actions of any co-trustee appointed with due care; provided that the
appointment of a co-trustee shall not relieve the Trustee of its obligations
hereunder. If the Servicer shall not have joined in such appointment within 15
days after the receipt by it of a request to do so, or in the case an Event of
Default shall have occurred and be continuing, the Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as a successor trustee under
Section 8.07 and no notice to Certificateholders of the appointment of any
co-trustee or separate trustee shall be required under Section 8.09.

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

               (i) All rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee and such separate

                                     -105-
<PAGE>
trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Trustee joining in
such act), except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Servicer hereunder), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed
singly by such separate trustee or co-trustee, but solely at the direction of
the Trustee;

               (ii) No trustee hereunder shall be held personally liable by
reason of any act or omission of any other trustee hereunder; and

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

          Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee and a copy thereof given to the
Servicer and the Depositor.

          Any separate trustee or co-trustee may, at any time, constitute the
Trustee its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.

          SECTION 8.12. Tax Matters.

          (a) It is intended that each of the REMICs provided for herein REMIC
shall constitute, and that the affairs of the Trust Fund shall be conducted so
as to allow each such REMIC to qualify as, a "real estate mortgage investment
conduit" as defined in and in accordance with the REMIC Provisions. In
furtherance of such intention, the Trustee covenants and agrees that it shall
act as agent (and the Trustee is hereby appointed to act as agent) on behalf of
each of the REMICs provided for herein and that in such capacity it shall: (a)
prepare and file, or cause to be prepared and filed, in a timely manner, a U.S.
Real Estate Mortgage Investment Conduit Income Tax Return (Form 1066 or any
successor form adopted by the Internal Revenue Service) and prepare and file or
cause to be prepared and filed with the Internal Revenue Service and applicable
state or local tax authorities income tax or information returns for each
taxable year with respect to each of the REMICs provided for herein, containing
such information and at the times and in the manner as may be required by the
Code or state or local tax laws, regulations, or rules, and furnish or cause to
be furnished to Certificateholders the schedules, statements or information at
such times and in such manner as may be required thereby; (b) within thirty days
of the Closing Date, furnish or cause to be furnished to the Internal Revenue
Service, on Forms 8811 or as otherwise may be required by the Code, the name,
title, address, and telephone number of the person that the holders of the
Certificates may contact for tax information relating thereto, together with
such additional information as may be required by such Form, and update such
information at the time or times in the manner required by the Code for each of
the REMICs provided for herein; (c)

                                     -106-
<PAGE>
make or cause to be made elections, on behalf of each of the REMICs provided for
herein to be treated as a REMIC on the federal tax return of such REMICs for
their first taxable years (and, if necessary, under applicable state law); (d)
prepare and forward, or cause to be prepared and forwarded, to the
Certificateholders and to the Internal Revenue Service and, if necessary, state
tax authorities, all information returns and reports as and when required to be
provided to them in accordance with the REMIC Provisions, including without
limitation, the calculation of any original issue discount using the Prepayment
Assumption; (e) provide information necessary for the computation of tax imposed
on the transfer of a Class R Certificate to a Person that is not a Permitted
Transferee, or an agent (including a broker, nominee or other middleman) of a
Person that is not a Permitted Transferee, or a pass through entity in which a
Person that is not a Permitted Transferee is the record holder of an interest
(the reasonable cost of computing and furnishing such information may be charged
to the Person liable for such tax); (f) to the extent that they are under its
control conduct the affairs of each of the REMICs provided for herein at all
times that any Certificates are outstanding so as to maintain the status of each
of the REMICs provided for herein as a REMIC under the REMIC Provisions; (g) not
knowingly or intentionally take any action or omit to take any action that would
cause the termination of the REMIC status of any of the REMICs provided for
herein or result in the imposition of tax upon any such REMIC; (h) pay, from the
sources specified in the last paragraph of this Section 8.12, the amount of any
federal, state and local taxes, including prohibited transaction taxes as
described below, imposed on each of the REMICs provided for herein prior to the
termination of the Trust Fund when and as the same shall be due and payable (but
such obligation shall not prevent the Trustee or any other appropriate Person
from contesting any such tax in appropriate proceedings and shall not prevent
the Trustee from withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings); (i) sign or cause to be signed federal, state
or local income tax or information returns; (j) maintain records relating to
each of the REMICs provided for herein, including but not limited to the income,
expenses, assets and liabilities of each of the REMICs provided for herein, and
the fair market value and adjusted basis of the Trust Fund property determined
at such intervals as may be required by the Code, as may be necessary to prepare
the foregoing returns, schedules, statements or information; and (k) as and when
necessary and appropriate, represent each of the REMICs provided for herein in
any administrative or judicial proceedings relating to an examination or audit
by any governmental taxing authority, request an administrative adjustment as to
any taxable year of any of the REMICs provided for herein, enter into settlement
agreements with any governmental taxing agency, extend any statute of
limitations relating to any tax item of any of the REMICs provided for herein,
and otherwise act on behalf of each of the REMICs provided for herein in
relation to any tax matter involving any of such REMICs or any controversy
involving the Trust Fund.

          In order to enable the Trustee to perform its duties as set forth
herein, the Depositor shall provide, or cause to be provided, to the Trustee
within 10 days after the Closing Date all information or data that the Trustee
requests in writing and determines to be relevant for tax purposes to the
valuations and offering prices of the Certificates, including, without
limitation, the price, yield, prepayment assumption and projected cash flows of
the Certificates and the Mortgage Loans. Thereafter, the Depositor shall provide
to the Trustee promptly upon written request therefor, any such additional
information or data that the Trustee may, from time to time, request in order to
enable the Trustee to perform its duties as set forth herein. The Depositor
hereby agrees to indemnify the Trustee for any losses, liabilities, damages,
claims or expenses of the Trustee arising from any errors or miscalculations of
the Trustee that result from any failure of the Depositor to provide, or to
cause to be provided, accurate information or data to the Trustee on a timely
basis.

          In the event that any tax is imposed on "prohibited transactions" of
any of the REMICs provided for herein as defined in Section 860F(a)(2) of the
Code, on the "net income from foreclosure property" of the any of such REMICs as
defined in Section 860G(c) of the Code, on any contribution to the Trust Fund
after the Startup Day pursuant to Section 860G(d) of the Code, or any other tax
is imposed, if not paid as otherwise provided for herein, such tax shall be paid
by (i) the Trustee, if any such

                                     -107-
<PAGE>
other tax arises out of or results from a breach by the Trustee of any of its
obligations under this Agreement or as a result of the location of the Trustee,
(ii) any party hereto (other than the Trustee) to the extent any such other tax
arises out of or results from a breach by such other party of any of its
obligations under this Agreement or as a result of the location of such other
party or (iii) in all other cases, or in the event that any liable party here
fails to honor its obligations under the preceding clauses (i) or (ii), any such
tax will be paid first with amounts (other than amounts derived by the Trust
Fund from a payment on the Cap Contract) otherwise to be distributed to the
Class R Certificateholders (pro rata) pursuant to Section 4.04, and second with
amounts otherwise to be distributed to all other Certificateholders in the
following order of priority: first, to the Class C Certificates (pro rata),
second to the Class B-3 Certificates (pro rata), third to the Class B-2
Certificates (pro rata), fourth, to the Class B-1 Certificates (pro rata),
fifth, to the Class M-6 Certificates (pro rata), sixth to the Class M-5
Certificates (pro rata), seventh to the Class M-4 Certificates (pro rata),
eighth to the Class M-3 Certificates (pro rata), ninth to the Class M-2
Certificates (pro rata), tenth to the Class M-1 Certificates (pro rata), and
eleventh to the Class A Certificates (pro rata). Notwithstanding anything to the
contrary contained herein, to the extent that such tax is payable by the Class R
Certificate, the Trustee is hereby authorized pursuant to such instruction to
retain on any Distribution Date, from the Holders of the Class R Certificate
(and, if necessary, from the Holders of all other Certificates in the priority
specified in the preceding sentence), funds otherwise distributable to such
Holders in an amount sufficient to pay such tax. The Trustee agrees to promptly
notify in writing the party liable for any such tax of the amount thereof and
the due date for the payment thereof.

          (b) Each of the Depositor and the Trustee agrees not to knowingly or
intentionally take any action or omit to take any action that would cause the
termination of the REMIC status of any of the REMICs provided for herein or
result in the imposition of a tax upon any of the REMICs provided for herein.

                                   ARTICLE IX

                                   TERMINATION

          SECTION 9.01. Termination upon Liquidation or Repurchase of all
Mortgage Loans.

          (a) Subject to Section 9.03, the obligations and responsibilities of
the Depositor, the Servicer and the Trustee created hereby with respect to the
Trust Fund shall terminate upon the earlier of (a) an Optional Termination and
(b) the later of (i) the maturity or other liquidation (or any Advance with
respect thereto) of the last Mortgage Loan remaining in the Trust Fund and the
disposition of all REO Property and (ii) the distribution to Certificateholders
of all amounts required to be distributed to them pursuant to this Agreement, as
applicable. In no event shall the trusts created hereby continue beyond the
earlier of (i) the expiration of 21 years from the death of the last survivor of
the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the Court of St. James's, living on the date hereof and (ii) the Latest
Possible Maturity Date.

          (b) On or before the Determination Date following the Initial Optional
Termination Date, the Trustee shall attempt to terminate the Trust Fund by
conducting an auction of all of the Mortgage Loans and REO Properties via a
solicitation of bids from at least three (3) bidders, each of which shall be a
nationally recognized participant in mortgage finance (the "Auction"). In
addition, the Trustee will also solicit a bid from each Holder of a Class C
Certificate. The Depositor and the Trustee agree to work in good faith to
develop bid procedures in advance of the Initial Optional Termination Date to
govern the operation of the Auction. The Trustee shall be entitled to retain an
investment banking firm and/or other agents in connection with the Auction, the
cost of which shall be included in the Optional

                                     -108-
<PAGE>
Termination Price (unless an Optional Termination does not occur in which case
such costs shall be an expense of the Trust Fund). The Trustee shall accept the
highest bid received at the Auction; provided that the amount of such bid equals
or exceeds the Optional Termination Price. The Trustee shall determine the
Optional Termination Price based upon information provided by (i) the Servicer
with respect to the amounts described in clauses (A) and (B) of the definition
of "Optional Termination Price" (other than Trustee expenses), (ii) the
Depositor with respect to the information described in clause (C) of the
definition of "Optional Termination Price." The Trustee may conclusively rely
upon the information provided to it in accordance with the immediately preceding
sentence and shall not have any liability for the failure of any party to
provide such information.

          If an Optional Termination does not occur as a result of the Auction's
failure to achieve the Optional Termination Price, the Servicer may, on any
Distribution Date following such Auction, at its option, terminate the Trust
Fund by purchasing all of the Mortgage Loans and REO Properties at a price equal
to the Optional Termination Price. In the event that the Auction fails to
achieve the Optional Termination Price, the Servicer may, on the first
Distribution Date following such Auction, at its option, terminate the Trust
Fund by purchasing all of the Mortgage Loans and REO Properties at a price equal
to the Optional Termination Price. In connection with such termination, the
Optional Termination Price shall be delivered to the Trustee no later than the
Business Day immediately preceding the related Distribution Date.
Notwithstanding anything to the contrary herein, the Optional Termination Amount
paid to the Trustee by the winning bidder at the Auction or by the Servicer
shall be deposited by the Trustee directly into the Certificate Account
immediately upon receipt. Upon any termination as a result of an Auction, the
Trustee shall, out of the Optional Termination Amount deposited into the
Certificate Account, (x) reimburse the Trustee for its costs and expenses
necessary to conduct the Auction and any other unreimbursed amounts owing to it
and (y) pay to the Servicer, the aggregate amount of any unreimbursed
out-of-pocket costs and expenses owed to the Servicer and any unpaid or
unreimbursed Servicing Fees, Advances and Servicing Advances.

          (c) Notwithstanding anything to the contrary in clause (b) above, in
the event that the Trustee receives the written opinion of a nationally
recognized participant in mortgage finance acceptable to the Seller that the
Mortgage Loans and REO Properties to be included in the Auction will not be
saleable at a price sufficient to achieve the Optional Termination Price, the
Trustee need not conduct the Auction. In such event, the Servicer shall have the
option to purchase the Mortgage Loans and REO Properties at the Optional
Termination Price as of the Initial Optional Termination Date.

          SECTION 9.02. Final Distribution on the Certificates.

          If on any Determination Date, (i) the Trustee determines that there
are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund
other than the funds in the Collection Account, the Trustee shall send a final
distribution notice promptly to each Certificateholder or (ii) the Trustee
determines that a Class of Certificates shall be retired after a final
distribution on such Class, the Trustee shall notify the Certificateholders
within seven (7) Business Days after such Determination Date that the final
distribution in retirement of such Class of Certificates is scheduled to be made
on the immediately following Distribution Date. Any final distribution made
pursuant to the immediately preceding sentence will be made only upon
presentation and surrender of the Certificates at the office of the Trustee
specified in such notice.

          Notice of any termination of the Trust Fund, specifying the
Distribution Date on which Certificateholders may surrender their Certificates
for payment of the final distribution and cancellation, shall be given promptly
by the Trustee by letter to Certificateholders mailed no later than the last
calendar day of the month immediately preceding the month of such final
distribution (or with respect to an Auction, mailed no later than one Business
Day following completion of such Auction). Any such

                                     -109-
<PAGE>
notice shall specify (a) the Distribution Date upon which final distribution on
the Certificates will be made upon presentation and surrender of Certificates at
the office therein designated, (b) the location of the office or agency at which
such presentation and surrender must be made, and (c) that the Record Date
otherwise applicable to such Distribution Date is not applicable, distributions
being made only upon presentation and surrender of the Certificates at the
office therein specified. The Trustee will give such notice to each Rating
Agency at the time such notice is given to Certificateholders.

          In the event such notice is given, the Servicer shall cause all funds
in the Collection Account to be deposited in the Certificate Account on the
Business Day prior to the applicable Distribution Date in an amount equal to the
final distribution in respect of the Certificates. Upon such final deposit with
respect to the Trust Fund, certification to the Trustee that such required
amount has been deposited in the Trust Fund and the receipt by the Trustee of a
Request for Release therefor, the Trustee (or its custodian) shall promptly
release the Mortgage Files for the Mortgage Loans.

          Upon presentation and surrender of the Certificates, the Trustee shall
cause to be distributed to Certificateholders of each Class the amounts
allocable to such Certificates held in the Certificate Account in the order and
priority set forth in Section 4.04 hereof on the final Distribution Date and in
proportion to their respective Percentage Interests.

          In the event that any affected Certificateholders shall not surrender
Certificates for cancellation within six months after the date specified in the
above mentioned written notice, the Trustee shall give a second written notice
to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
six months after the second notice all the applicable Certificates shall not
have been surrendered for cancellation, the Trustee may take appropriate steps,
or may appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets that remain a part of
the Trust Fund. If within one year after the second notice all Certificates
shall not have been surrendered for cancellation, the Class R Certificateholders
shall be entitled to all unclaimed funds and other assets of the Trust Fund that
remain subject hereto. Upon payment to the Class R Certificateholders of such
funds and assets, the Trustee shall have no further duties or obligations with
respect thereto.

          SECTION 9.03. Additional Termination Requirements.

          (a) In the event the Trustee or the Servicer completes an Optional
Termination as provided in Section 9.01, the Trust Fund shall be terminated in
accordance with the following additional requirements, unless the Trustee has
been supplied with an Opinion of Counsel, at the expense of the Trustee or the
Servicer, as applicable to the effect that the failure of the Trust Fund to
comply with the requirements of this Section 9.03 will not (i) result in the
imposition of taxes on "prohibited transactions" of any of the REMICs provided
for herein as defined in Section 860F of the Code, or (ii) cause any of the
REMICs provided for herein to fail to qualify as a REMIC at any time that any
Certificates are outstanding:

               (i) The Depositor shall establish a 90-day liquidation period and
notify the Trustee thereof, and the Trustee shall in turn specify the first day
of such period in a statement attached to the final tax returns of each of the
REMICs provided for herein pursuant to Treasury Regulation Section 1.860F-1. The
Depositor shall satisfy all the requirements of a qualified liquidation under
Section 860F of the Code and any regulations thereunder, as evidenced by an
Opinion of Counsel obtained at the expense of the Servicer;

                                     -110-
<PAGE>
               (ii) During such 90-day liquidation period, and at or prior to
the time of making the final payment on the Certificates, the Depositor as agent
of the Trustee shall sell all of the assets of the Trust Fund for cash; and

               (iii) At the time of the making of the final payment on the
Certificates, the Trustee shall distribute or credit, or cause to be distributed
or credited, to the Class R Certificateholders all cash on hand (other than cash
retained to meet outstanding claims), and the Trust Fund shall terminate at that
time, whereupon the Trustee shall have no further duties or obligations with
respect to sums distributed or credited to the Class R Certificateholders.

          (b) By their acceptance of the Certificates, the Holders thereof
hereby authorize the Depositor to specify the 90-day liquidation period for the
Trust Fund, which authorization shall be binding upon all successor
Certificateholders.

          (c) The Trustee as agent for each REMIC hereby agrees, upon the
written request of the Depositor, to adopt and sign such a plan of complete
liquidation prepared and delivered to it by Depositor and the receipt of the
Opinion of Counsel referred to in Section 9.03(a) and to take such other action
in connection therewith as may be reasonably requested by the Depositor.

          (d) Notwithstanding any other terms of this Agreement, prior to any
termination of the Trust Fund, the Servicer may prepare a reconciliation of all
Advances and Servicing Advances made by it for which it has not been reimbursed
and a reasonable estimate of all additional Servicing Advances and other costs
for which it would be entitled to be reimbursed if the Trust Fund were not being
terminated, including without limitation, any Servicing Advances and other costs
arising under Section 6.03 (Limitation on Liability of the Depositor, the
Servicer and Others), and the Servicer may recover these Advances, Servicing
Advances and estimated Servicing Advances and other costs from the Collection
Account (to the extent that such recovery of Servicing Advances, estimated
Servicing Advances and other costs constitutes "unanticipated expenses" within
the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)).

          (e) Notwithstanding any other terms of this Agreement, unless the
Servicer previously has notified the Trustee that it has entered into a
servicing agreement for the servicing after the termination date of the Trust
Fund assets, at least 20 days prior to any termination of the Trust Fund, the
Trustee or the Depositor shall notify the Servicer in writing to transfer the
assets of the Trust Fund as of the termination date to the person specified in
the notice, or if such person is not then known, to continue servicing the
assets until the date that is 20 days after the termination date and on the
termination date, the Trustee or the Depositor shall notify the Servicer of the
person to whom the assets should be transferred on that date. In the latter
event the Servicer shall be entitled to recover its servicing fee and any
advances made for the interim servicing period from the collections on the
assets which have been purchased from the Trust and the new owner of the assets,
and the agreements for the new owner to obtain ownership of the assets of the
Trust Fund shall so provide.

                                     -111-
<PAGE>
                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

          SECTION 10.01. Amendment.

          This Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee and without the consent of any of the
Certificateholders to,

               (i) to cure any ambiguity or correct any mistake,

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

               (iii) to add any other provisions with respect to matters or
questions arising under this Agreement, or

               (iv) to modify, alter, amend, add to or rescind any of the terms
or provisions contained in this Agreement, provided, however, that, in the case
of clauses (iii) and (iv), such amendment will not, as evidenced by an Opinion
of Counsel to such effect, adversely affect in any material respect the
interests of any Holder; provided, further, however, that such amendment will be
deemed to not adversely affect in any material respect the interest of any
Holder if the Person requesting such amendment obtains a letter from each Rating
Agency stating that such amendment will not result in a reduction or withdrawal
of its rating of any Class of the Certificates, it being understood and agreed
that any such letter in and of itself will not represent a determination as to
the materiality of any such amendment and will represent a determination only as
to the credit issues affecting any such rating.

          Notwithstanding the foregoing, without the consent of the
Certificateholders, the Depositor, the Servicer and the Trustee may at any time
and from time to time amend this Agreement to modify, eliminate or add to any of
its provisions to such extent as shall be necessary or appropriate to maintain
the qualification of any of the REMICs provided for herein as REMICs under the
Code or to avoid or minimize the risk of the imposition of any tax on the Trust
Fund or any of the REMICs provided for herein pursuant to the Code that would be
a claim against the Trust Fund at any time prior to the final redemption of the
Certificates, provided that the Trustee shall have been provided an Opinion of
Counsel, which opinion shall be an expense of the party requesting such
amendment but in any case shall not be an expense of the Trustee, to the effect
that such action is necessary or appropriate to maintain such qualification or
to avoid or minimize the risk of the imposition of such a tax.

          This Agreement may also be amended from time to time by the Depositor,
the Servicer, the Trustee and the Holders of the Certificates affected thereby
evidencing not less than 66 2/3% of the Voting Rights, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Holders of
Certificates; provided, however, that no such amendment shall (i) reduce in any
manner the amount of, or delay the timing of, payments required to be
distributed on any Certificate without the consent of the Holder of such
Certificate, (ii) adversely affect in any material respect the interests of the
Holders of any Class of Certificates in a manner other than as described in (i),
without the consent of the Holders of Certificates of such Class evidencing 66
2/3% or more of the Voting Rights of such Class or (iii) reduce the aforesaid
percentages of Certificates the Holders of which are required to consent to any
such amendment without the consent of the Holders of all such Certificates then
outstanding.

                                     -112-
<PAGE>
          Notwithstanding any contrary provision of this Agreement, the Trustee
shall not consent to any amendment to this Agreement unless it shall have first
received an Opinion of Counsel, which opinion shall be an expense of the party
requesting such amendment but in any case shall not be an expense of the
Trustee, to the effect that such amendment will not cause the imposition of any
tax on the Trust Fund, any of the REMICs provided for herein or the
Certificateholders or cause any of the REMICs provided for herein to fail to
qualify as a REMIC at any time that any Certificates are outstanding.

          Promptly after the execution of any amendment to this Agreement
requiring the consent of Certificateholders, the Trustee or upon the written
request of the Trustee to the Servicer, the Servicer shall furnish written
notification of the substance of such amendment to each Certificateholder and
each Rating Agency.

          It shall not be necessary for the consent of Certificateholders under
this Section to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe.

          Nothing in this Agreement shall require the Trustee to enter into an
amendment without receiving an Opinion of Counsel, satisfactory to the Trustee
that (i) such amendment is permitted and is not prohibited by this Agreement and
that all requirements for amending this Agreement have been complied with; and
(ii) either (A) the amendment does not adversely affect in any material respect
the interests of any Certificateholder or (B) the conclusion set forth in the
immediately preceding clause (A) is not required to be reached pursuant to this
Section 10.01.

          The Trustee may, but shall not be obligated to, enter into any
supplement, modification or waiver which affects its rights, duties or
obligations hereunder.

          SECTION 10.02. Counterparts.

          This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.

          SECTION 10.03. Governing Law.

          THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND
TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES
THEREOF.

          SECTION 10.04. Intention of Parties.

          It is the express intent of the parties hereto that the conveyance of
the Mortgage Notes, Mortgages, assignments of Mortgages, title insurance
policies and any modifications, extensions and/or assumption agreements and
private mortgage insurance policies relating to the Mortgage Loans by the
Depositor to the Trustee be, and be construed as, an absolute sale thereof to
the Trustee. It is, further, not the intention of the parties that such
conveyance be deemed a pledge thereof by the Depositor to the Trustee. However,
in the event that, notwithstanding the intent of the parties, such assets are
held to be

                                     -113-
<PAGE>
the property of the Depositor, or if for any other reason this Agreement is held
or deemed to create a security interest in such assets, then (i) this Agreement
shall be deemed to be a security agreement within the meaning of the Uniform
Commercial Code of the State of New York and (ii) the conveyance provided for in
this Agreement shall be deemed to be an assignment and a grant by the Depositor
to the Trustee, for the benefit of the Certificateholders, of a security
interest in all of the assets that constitute the Trust Fund, whether now owned
or hereafter acquired.

          The Depositor for the benefit of the Certificateholders shall, to the
extent consistent with this Agreement, take such actions as may be necessary to
ensure that, if this Agreement were deemed to create a security interest in the
assets of the Trust Fund, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of the Agreement. The Depositor shall
arrange for filing any Uniform Commercial Code continuation statements in
connection with any security interest granted or assigned to the Trustee for the
benefit of the Certificateholders.

          SECTION 10.05. Notices.

          (a) The Trustee shall use its best efforts to promptly provide notice
to each Rating Agency with respect to each of the following of which it has
actual knowledge:

               (i) Any material change or amendment to this Agreement;

               (ii) The occurrence of any Event of Default that has not been
cured;

               (iii) The resignation or termination of the Trustee or the
Servicer and the appointment of any successor;

               (iv) The repurchase or substitution of Mortgage Loans pursuant to
Sections 2.02, 2.03 and 3.12;

               (v) The final payment to Certificateholders; and

               (vi) Any change in the location of the Certificate Account.

          (b) The Trustee shall promptly furnish or make available to each
Rating Agency copies of the following:

               (i) Each report to Certificateholders described in Section 4.05;

               (ii) Each annual statement as to compliance described in Section
3.17; and

               (iii) Each annual independent public accountants' servicing
report described in Section 3.18.

          All directions, demands and notices hereunder shall be in writing and
     shall be deemed to have been duly given when delivered to (a) in the case
     of the Depositor, Merrill Lynch Mortgage Investors, Inc. 250 Vesey Street,
     4 World Financial Center, 10th Floor, New York, New York 10080, Attention:
     Asset-Backed Finance; (b) in the case of the Rating Agencies, (i) Standard
     & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc.,
     55 Water Street, New York, New York 10041; and (ii) Moody's Investors
     Service, Inc., 99 Church Street, 4th Floor, New York, New York 10007; (c)
     in the case of the Servicer, Wilshire Credit Corporation, 14523

                                     -114-
<PAGE>
     S.W. Millikan Way, Suite 200, Beaverton, Oregon 97005; (d) in the case of
     the Trustee, Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia,
     Maryland 21045, Attention: Client Services Manager - Merrill Lynch Mortgage
     Investors Trust, Series 2005-FM1; (e) in the case of the MI Insurer, 1601
     Market Street, Philadelphia, Pennsylvania 19103; and in the case of any of
     the foregoing persons, such other addresses as may hereafter be furnished
     by any such persons to the other parties to this Agreement. Notices to
     Certificateholders shall be deemed given when mailed, first class postage
     prepaid, to their respective addresses appearing in the Certificate
     Register.

          SECTION 10.06. Severability of Provisions.

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

          SECTION 10.07. Assignment.

          Notwithstanding anything to the contrary contained herein, except as
provided pursuant to Section 6.02, this Agreement may not be assigned by the
Servicer without the prior written consent of Trustee and the Depositor;
provided, however, the Servicer is hereby authorized to enter into an Advance
Facility under which (l) the Servicer sells, assigns or pledges to an Advancing
Person the Servicer's rights under this Agreement to be reimbursed for any
Advances or Servicing Advances and/or (2) an Advancing Person agrees to fund
some or all Advances or Servicing Advances required to be made by the Servicer
pursuant to this Agreement. No consent of the Trustee, Certificateholders or any
other party is required before the Servicer may enter into an Advance Facility.
Notwithstanding the existence of any Advance Facility under which an Advancing
Person agrees to fund Advances and/or Servicing Advances on the Servicer's
behalf, the Servicer shall remain obligated pursuant to this Agreement to make
Advances and Servicing Advances pursuant to and as required by this Agreement,
and shall not be relieved of such obligations by virtue of such Advance
Facility.

          Reimbursement amounts shall consist solely of amounts in respect of
Advances and/or Servicing Advances made with respect to the Mortgage Loans for
which the Servicer would be permitted to reimburse itself in accordance with
this Agreement, assuming the Servicer had made the related Advance(s) and/or
Servicing Advance(s).

          The Servicer shall maintain and provide to any successor Servicer a
detailed accounting on a loan by loan basis as to amounts advanced by, pledged
or assigned to, and reimbursed to any Advancing Person. The successor Servicer
shall be entitled to rely on any such information provided by the predecessor
Servicer, and the successor Servicer shall not be liable for any errors in such
information.

          An Advancing Person who purchases or receives an assignment or pledge
of the rights to be reimbursed for Advances and/or Servicing Advances, and/or
whose obligations hereunder are limited to the funding of Advances and/or
Servicing Advances shall not be required to meet the criteria for qualification
of a Subservicer set forth in this Agreement.

          The documentation establishing any Advance Facility shall require that
such reimbursement amounts distributed with respect to each Mortgage Loan be
allocated to outstanding unreimbursed Advances or Servicing Advances (as the
case may be) made with respect to that Mortgage Loan on a "first in, first out"
(FIFO) basis. Such documentation shall also require the Servicer to provide

                                     -115-
<PAGE>
to the related Advancing Person or its designee loan by loan information with
respect to each such reimbursement amount distributed to such Advancing Person
or Advance Facility trustee on each Distribution Date, to enable the Advancing
Person or Advance Facility trustee to make the FIFO allocation of each such
reimbursement amount with respect to each Mortgage Loan. The Servicer shall
remain entitled to be reimbursed by the Advancing Person or Advance Facility
trustee for all Advances and Servicing Advances funded by the Servicer to the
extent the related rights to be reimbursed therefor have not been sold, assigned
or pledged to an Advancing Person.

          Any amendment to this Section 10.07 or to any other provision of this
Agreement that may be necessary or appropriate to effect the terms of an Advance
Facility as described generally in this Section 10.07, including amendments to
add provisions relating to a successor Servicer, may be entered into by the
Trustee and the Servicer, without the consent of any Certificateholder
notwithstanding anything to the contrary in this Agreement, upon receipt by the
Trustee of an Opinion of Counsel that such amendment has no material adverse
effect on the Certificateholders or written confirmation from the Rating
Agencies that such amendment will not adversely affect the ratings on the
Certificates. Prior to entering into an Advance Facility, the applicable
Servicer shall notify the lender under such facility in writing that: (a) the
Advances financed by and/or pledged to the lender are obligations owed to the
Servicer on a non recourse basis payable only from the cash flows and proceeds
received under this Agreement for reimbursement of Advances only to the extent
provided herein, and the Trustee and the Trust Fund are not otherwise obligated
or liable to repay any Advances financed by the lender; (b) the Servicer will be
responsible for remitting to the lender the applicable amounts collected by it
as reimbursement for Advances funded by the lender, subject to the restrictions
and priorities created in this Agreement; and (c) the Trustee shall not have any
responsibility to track or monitor the administration of the financing
arrangement between the Servicer and the lender.

          SECTION 10.08. Limitation on Rights of Certificateholders.

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

          No Certificateholder shall have any right to vote (except as provided
herein) or in any manner otherwise control the operation and management of the
Trust Fund, or the obligations of the parties hereto, nor shall anything herein
set forth or contained in the terms of the Certificates be construed so as to
constitute the Certificateholders from time to time as partners or members of an
association; nor shall any Certificateholder be under any liability to any third
party by reason of any action taken by the parties to this Agreement pursuant to
any provision hereof.

          No Certificateholder shall have any right by virtue or by availing
itself of any provisions of this Agreement to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Agreement,
unless such Holder previously shall have given to the Trustee a written notice
of an Event of Default and of the continuance thereof, as hereinbefore provided,
the Holders of Certificates evidencing not less than 25% of the Voting Rights
evidenced by the Certificates shall also have made written request to the
Trustee to institute such action, suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such indemnity satisfactory to
it as it may require against the costs, expenses, and liabilities to be incurred
therein or thereby, and the Trustee, for 60 days after its receipt of such
notice, request and offer of indemnity shall have neglected or refused to
institute any such action, suit or proceeding; it being understood and intended,
and being expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of

                                     -116-
<PAGE>
Certificates shall have any right in any manner whatever by virtue or by
availing itself or themselves of any provisions of this Agreement to affect,
disturb or prejudice the rights of the Holders of any other of the Certificates,
or to obtain or seek to obtain priority over or preference to any other such
Holder or to enforce any right under this Agreement, except in the manner herein
provided and for the common benefit of all Certificateholders. For the
protection and enforcement of the provisions of this Section 10.08, each and
every Certificateholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.

          SECTION 10.09. Inspection and Audit Rights.

          The Servicer agrees that, on reasonable prior notice, it will permit
any representative of the Depositor or the Trustee during the Servicer's normal
business hours, to examine all the books of account, records, reports and other
papers of the Servicer relating to the Mortgage Loans, to make copies and
extracts therefrom, to cause such books to be audited by independent certified
public accountants selected by the Depositor or the Trustee and to discuss its
affairs, finances and accounts relating to the Mortgage Loans with its officers,
employees, agents, counsel and independent public accountants (and by this
provision the Servicer hereby authorizes such accountants to discuss with such
representative such affairs, finances and accounts), all at such reasonable
times and as often as may be reasonably requested. Any out-of-pocket expense
incident to the exercise by the Depositor or the Trustee of any right under this
Section 10.09 shall be borne by the party requesting such inspection (except in
the case of the Trustee in which case such expenses shall be borne by the
requesting Certificateholder(s)); all other such expenses shall be borne by the
Servicer.

          SECTION 10.10. Certificates Nonassessable and Fully Paid.

          It is the intention of the Depositor that Certificateholders shall not
be personally liable for obligations of the Trust Fund, that the interests in
the Trust Fund represented by the Certificates shall be nonassessable for any
reason whatsoever, and that the Certificates, upon due authentication thereof by
the Trustee pursuant to this Agreement, are and shall be deemed fully paid.

          SECTION 10.11. Third Party Rights.

          The MI Insurer shall be deemed a third-party beneficiary of this
Agreement to the same extent as if it were a party hereto, and shall have the
right to enforce the provisions of this Agreement.

                                     -117-
<PAGE>
          IN WITNESS WHEREOF, the Depositor, the Trustee and the Servicer have
caused their names to be signed hereto by their respective officers thereunto
duly authorized as of the day and year first above written.

                                        MERRILL LYNCH MORTGAGE INVESTORS, INC.,
                                           as Depositor

                                        By:
                                            ------------------------------------
                                        Name: Matthew Whalen
                                        Title: President

                                        WELLS FARGO BANK, N.A.,
                                           as Trustee

                                        By:
                                            ------------------------------------
                                        Name: Sandra Whalen
                                        Title: Vice President

                                        WILSHIRE CREDIT CORPORATION,
                                           as Servicer

                                        By:
                                            ------------------------------------
                                        Name: Heidi Peterson
                                        Title: Vice President
<PAGE>
                                    EXHIBIT A

                              FORMS OF CERTIFICATES

                             [INTENTIONALLY OMITTED]

                                       A-1
<PAGE>
                                   EXHIBIT B-1

                     MORTGAGE LOAN SCHEDULE - MORTGAGE POOL

                             [INTENTIONALLY OMITTED]

                                      B-1-1
<PAGE>
                                   EXHIBIT B-2

                MORTGAGE LOAN SCHEDULE - GROUP ONE MORTGAGE LOANS

                             [INTENTIONALLY OMITTED]

                                      B-2-1
<PAGE>
                                   EXHIBIT B-3

                MORTGAGE LOAN SCHEDULE - GROUP TWO MORTGAGE LOANS

                             [INTENTIONALLY OMITTED]

                                      B-3-1
<PAGE>
                                    EXHIBIT C

                                   [RESERVED]

                                       C-1
<PAGE>
                                    EXHIBIT D

                         FORM OF CUSTODIAN CERTIFICATION

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Wilshire Credit Corporation
14523 S.W. Millikan Way,
Suite 200
Beaverton, Oregon 97005

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045

Re:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2005-FM1

Ladies and Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing Agreement
dated as of August 1, 2005 among Merrill Lynch Mortgage Investors, Inc., as
depositor, Wells Fargo Bank, N.A., as trustee and Wilshire Credit Corporation,
as servicer (the "Pooling and Servicing Agreement"), the undersigned, as
custodian, hereby certifies that [, except as set forth in Schedule A hereto,]
as to each Mortgage Loan listed in the Mortgage Loan Schedule attached hereto
(other than any Mortgage Loan paid in full or listed on the attachment hereto)
it has reviewed the Mortgage File and the Mortgage Loan Schedule and has
determined that:

          (i) All documents in the Mortgage File required to be delivered to the
Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement are in
its possession;

          (ii) In connection with each Mortgage Loan or Assignment thereof as to
which documentary evidence of recording was not received on the Closing Date, it
has received evidence of such recording; and

          (iii) Such documents have been reviewed by it and appear regular on
their face and relate to such Mortgage Loan.

          The custodian has made no independent examination of any documents
contained in each Mortgage File beyond confirming (i) that the Mortgage Loan
number, the name of the Mortgagor, the street address (excluding zip code), the
mortgage interest rate at origination, the gross margin (if applicable), the
lifetime rate cap (if applicable), the periodic rate cap (if applicable), the
original principal balance, the first payment due date and the original maturity
date in each Mortgage File conform to the respective Mortgage Loan number and
name listed on the Mortgage Loan Schedule and (ii) the existence in each
Mortgage File of each of the documents listed in subparagraphs (i)(A) through
(G), inclusive, of

                                       D-1
<PAGE>
Section 2.01 in the Agreement. The custodian makes no representations or
warranties as to the validity, legality, recordability, sufficiency,
enforceability or genuineness of any of the documents contained in each Mortgage
Loan or the collectability, insurability, effectiveness or suitability of any
such Mortgage Loan.

          Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-referenced Pooling and Servicing
Agreement.

                                        WELLS FARGO BANK, N.A.,
                                           as Custodian

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

                                       D-2
<PAGE>
                                   EXHIBIT E-1

                    FORM OF TRANSFEREE'S LETTER AND AFFIDAVIT

                                     [DATE]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Corporate Trust Services - Merrill Lynch Mortgage Investors Trust,
           Series 2005-FM1

Ladies and Gentlemen:

          We propose to purchase Merrill Lynch Mortgage Investors Trust,
Mortgage Loan Asset-Backed Certificates, Series 2005-FM1, Class R, described in
the Prospectus Supplement, dated August 29, 2005, and Prospectus, dated August
26, 2005.

          1. We certify that (a) we are not a disqualified organization and (b)
we are not purchasing such Class R Certificate on behalf of a disqualified
organization; for this purpose the term "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (except any entity treated as other than an instrumentality of
the foregoing for purposes of Section 168(h)(2)(D) of the Internal Revenue Code
of 1986, as amended (the "Code")), any organization (other than a cooperative
described in Section 521 of the Code) that is exempt from taxation under the
Code (unless such organization is subject to tax on excess inclusions) and any
organization that is described in Section 1381(a)(2)(C) of the Code. We
understand that any breach by us of this certification may cause us to be liable
for an excise tax imposed upon transfers to disqualified organizations.

          2. We certify that (a) we have historically paid our debts as they
became due, (b) we intend, and believe that we will be able, to continue to pay
our debts as they become due in the future, (c) we understand that, as
beneficial owner of the Class R Certificate, we may incur tax liabilities in
excess of any cash flows generated by the Class R Certificate, and (d) we intend
to pay any taxes associated with holding the Class R Certificate as they become
due and (e) we will not cause income from the Class R Certificate to be
attributable to a foreign permanent establishment or fixed base (within the
meaning of an applicable income tax treaty) of ours or another U.S. taxpayer.

          3. We acknowledge that we will be the beneficial owner of the Class R
Certificate and:(1)

          ____________ The Class R Certificate will be registered in our name.

          The Class R Certificate will be held in the name of our nominee,

          ____________ ______________________, which is not a disqualified
organization.

----------
(1)  Check appropriate box and if necessary fill in the name of the Transferee's
     nominee.

                                      E-1-1
<PAGE>
          4. We certify that we are not an employee benefit plan subject to
Title I of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), a plan subject to Section 4975 of the Code or a plan subject to
federal, state, local, non-U.S. or other law substantively similar to the
foregoing provisions of ERISA or the Code (each, a "Plan"), and are not directly
or indirectly acquiring the Class R Certificate on behalf of or with any assets
of a Plan.

          5. We certify that (i) we are a U.S. person or (ii) we will hold the
Class R Certificate in connection with the conduct of a trade or business within
the United States and have furnished the transferor and the Trustee with a duly
completed and effective Internal Revenue Service Form W-8ECI or successor form
at the time and in the manner required by the Code; for this purpose the term
"U.S. person" means a citizen or resident of the United States, a corporation,
or partnership (unless, in the case of a partnership, Treasury regulations are
adopted that provide otherwise) created or organized in or under the laws of the
United States, any State thereof or the District of Columbia, including an
entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless
of the source of its income, or a trust if a court within the United States is
able to exercise primary supervision over the administration of the trust and
one or more such U.S. persons have the authority to control all substantial
decisions of the trust (or, to the extent provided in applicable Treasury
regulations, certain trusts in existence on August 20, 1996 which are eligible
to elect to be treated as U.S. Persons. We agree that any breach by us of this
certification shall render the transfer of any interest in the Class R
Certificate to us absolutely null and void and shall cause no rights in the
Class R Certificate to vest in us.

          6. We agree that in the event that at some future time we wish to
transfer any interest in the Class R Certificate, we will transfer such interest
in the Class R Certificate only (a) to a transferee that (i) is not a
disqualified organization and is not purchasing such interest in the Class R
Certificate on behalf of a disqualified organization, (ii) is a U.S. person or
will hold the Class R Certificate in connection with the conduct of a trade or
business within the United States and will furnish us and the Trustee with a
duly completed and effective Internal Revenue Service Form W-8ECI or successor
form at the time and in the manner required by the Code and (iii) has delivered
to the Trustee a letter in the form of this letter (including the affidavit
appended hereto) and, we will provide the Trustee a written statement
substantially in the form of Exhibit E-2 to the Pooling and Servicing Agreement.

          7. We hereby designate _______________________ as our fiduciary to act
as the tax matters person for each of the REMICs provided for in the Pooling and
Servicing Agreement.

                                        Very truly yours,
                                        [PURCHASER]

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

Accepted as of __________ __, 200__

MERRILL LYNCH MORTGAGE INVESTORS, INC.

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

                                      E-1-2
<PAGE>
                                   APPENDIX A

                    Affidavit pursuant to (i) Section 860E(e)(4) of the Internal
          Revenue Code of 1986, as amended, and (ii) certain provisions of the
          Pooling and Servicing Agreement

Under penalties of perjury, the undersigned declares that the following is true:

          1.   He or she is an officer of _________________________ (the
               "Transferee"),

          2.   the Transferee's Employer Identification number is __________,

          3.   the Transferee is not a "disqualified organization" (as defined
               below), has no plan or intention of becoming a disqualified
               organization, and is not acquiring any of its interest in the
               Merrill Lynch Mortgage Investors Trust, Mortgage Loan
               Asset-Backed Certificates, Series 2005-FM1, Class R Certificate
               on behalf of a disqualified organization or any other entity,

          4.   unless Merrill Lynch Mortgage Investors, Inc.("MLMI") has
               consented to the transfer to the Transferee by executing the form
               of Consent affixed as Appendix B to the Transferee's Letter to
               which this Certificate is affixed as Appendix A, the Transferee
               is a "U.S. person" (as defined below),

          5.   that no purpose of the transfer is to avoid or impede the
               assessment or collection of tax,

          6.   the Transferee has historically paid its debts as they became
               due,

          7.   the Transferee intends, and believes that it will be able, to
               continue to pay its debts as they become due in the future,

          8.   the Transferee understands that, as beneficial owner of the Class
               R Certificate, it may incur tax liabilities in excess of any cash
               flows generated by the Class R Certificate,

          9.   the Transferee intends to pay any taxes associated with holding
               the Class R Certificate as they become due,

          10.  the Transferee consents to any amendment of the Pooling and
               Servicing Agreement that shall be deemed necessary by MLMI (upon
               advice of counsel) to constitute a reasonable arrangement to
               ensure that the Class R Certificate will not be owned directly or
               indirectly by a disqualified organization, and

          11.  IF BRACKETED, THE FOLLOWING CERTIFICATIONS ARE INAPPLICABLE [the
               transfer is not a direct or indirect transfer of the Class R
               Certificate to a foreign permanent establishment or fixed base
               (within the meaning of an applicable income tax treaty) of the
               Transferee, and as to each of the residual interests represented
               by the Class R Certificate, the present value of the anticipated
               tax liabilities associated with holding such residual interest
               does not exceed the sum of:

                                      E-1-3
<PAGE>
          12.  the present value of any consideration given to the Transferee to
               acquire such residual interest;

          13.  the present value of the expected future distributions on such
               residual interest; and

          14.  the present value of the anticipated tax savings associated with
               holding such residual interest as the related REMIC generates
               losses.

          For purposes of this declaration, (i) the Transferee is assumed to pay
          tax at a rate equal to the highest rate of tax specified in Section
          11(b)(1) of the Code, but the tax rate specified in Section
          55(b)(1)(B) of the Code may be used in lieu of the highest rate
          specified in Section 11(b)(1) of the Code if the Transferee has been
          subject to the alternative minimum tax under Section 55 of the Code in
          the preceding two years and will compute its taxable income in the
          current taxable year using the alternative minimum tax rate, and (ii)
          present values are computed using a discount rate equal to the Federal
          short-term rate prescribed by Section 1274(d) of the Code for the
          month of the transfer and the compounding period used by the
          Transferee;]

[(11) (A) at the time of the transfer, and at the close of each of the
          Transferee's two fiscal years preceding the Transferee's fiscal year
          of transfer, the Transferee's gross assets for financial reporting
          purposes exceed $100 million and its net assets for financial
          reporting purposes exceed $10 million; and

      (B) the Transferee is an eligible corporation as defined in Treasury
          regulations Section 1.860E-1(c)(6)(i) and has agreed in writing that
          any subsequent transfer of the Class R Certificate will be to another
          eligible corporation in a transaction that satisfies Treasury
          regulation Sections 1.860E-1(c)(4)(i), 1.860E-1(c)(4)(ii),
          1.860E-1(c)(4)(iii) and 1.860E-1(c)(5) and such transfer will not be a
          direct or indirect transfer to a foreign permanent establishment
          (within the meaning of an applicable income tax treaty) of a domestic
          corporation.

For purposes of this declaration, the gross and net assets of the Transferee do
not include any obligation of any related person as defined in Treasury
regulation Section 1.860E-1(c)(6)(ii) or any other asset if a principal purpose
for holding or acquiring the other asset is to permit the Transferee to make
this declaration or to satisfy the requirements of Treasury regulation Section
1.860E-1(c)(5)(i).]

(12) The Transferee will not cause income from the Class R Certificate to be
attributable to a foreign permanent establishment or fixed base (within the
meaning of an applicable income tax treaty) of the Transferee or another U.S.
taxpayer.

                                      E-1-4
<PAGE>
For purpose of this affidavit, the term "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (except any entity treated as other than an instrumentality of
the foregoing for purposes of Section 168(h)(2)(D) of the Internal Revenue Code
of 1986, as amended (the "Code")), any organization (other than a cooperative
described in Section 521 of the Code) that is exempt from taxation under the
Code (unless such organization is subject to tax on excess inclusions) and any
organization that is described in Section 1381(a)(2)(C) of the Code and the term
"U.S. Person" means a citizen or resident of the United States, a corporation or
partnership (unless, in the case of a partnership, Treasury regulations are
adopted that provide otherwise) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, including an
entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to Unites States federal income tax regardless
of its source, or a trust if a court within the United States is able to
exercise primary supervision over the administration of such trust, and one or
more such U.S. Persons have the authority to control all substantial decisions
of such trust, (or, to the extent provided in applicable Treasury regulations,
certain trusts in existence on August 20, 1996 which are eligible to elect to be
treated as U.S. Persons).

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

By:
    ------------------------------------

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

     Address of Investor for receipt of distribution:

     Address of Investor for receipt of tax information:

     (Corporate Seal)

     Attest:

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

                                        , Secretary
     -----------------------------------

                                      E-1-5
<PAGE>
Personally appeared before me the above-named ______________, known or proved to
me to be the same person who executed the foregoing instrument and to be the
_______ of the Investor, and acknowledged to me that he executed the same as his
free act and deed and the free act and deed of the Investor.

Subscribed and sworn before me this day of __________,
200_ .

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

County of
          ------------------------------
State of
         -------------------------------
My commission expires the ________ day of ______________

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

Dated:
       --------------------

                                      E-1-6
<PAGE>
                                   EXHIBIT E-2

                         FORM OF TRANSFEROR'S AFFIDAVIT

                                     [DATE]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Corporate Trust Services - Merrill Lynch Mortgage Investors Trust,
           Series 2005-FM1

Re:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2005-FM1

          _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true, and has no reason to believe that the
Transferee has the intention to impede the assessment or collection of any
federal, state or local taxes legally required to be paid with respect to the
Class R Certificate referred to in the attached affidavit. In addition, the
Transferor has conducted a reasonable investigation at the time of the transfer
and found that the Transferee had historically paid its debts as they came due
and found no significant evidence to indicate that the Transferee will not
continue to pay its debts as they become due.

                                        Very truly yours,

                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                      E-2-1
<PAGE>
                                    EXHIBIT F

                         FORM OF TRANSFEROR CERTIFICATE

                                     [DATE]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045

Attention: Corporate Trust Services - Merrill Lynch Mortgage Investors Trust,
           Series 2005-FM1

RE:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2005-FM1

Ladies and Gentlemen:

          In connection with our disposition of the Class [____] Certificate, we
certify that (a) we understand that the Certificates have not been registered
under the Securities Act of 1933, as amended (the "Act"), and are being disposed
by us in a transaction that is exempt from the registration requirements of the
Act and (b) we have not offered or sold any Certificates to, or solicited offers
to buy any Certificates from, any person, or otherwise approached or negotiated
with any person with respect thereto, in a manner that would be deemed, or taken
any other action that would result in, a violation of Section 5 of the Act. All
capitalized terms used herein but not defined herein shall have the meanings
assigned to them in the Pooling and Servicing Agreement dated as of August 1,
2005, among Merrill Lynch Mortgage Investors, Inc., as depositor, Wells Fargo
Bank, N.A., as trustee and Wilshire Credit Corporation, as servicer.

                                        Very truly yours,

                                        ----------------------------------------
                                        Name of Transferor

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

                                       F-1
<PAGE>
                                    EXHIBIT G

                            FORM OF INVESTMENT LETTER
                              (ACCREDITED INVESTOR)

                                     [DATE]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Corporate Trust Services - Merrill Lynch Mortgage Investors Trust,
           Series 2005-FM1

Re:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2005-FM1

Ladies and Gentlemen:

          ______________ (the "Purchaser") intends to purchase from
________________ (the "Transferor") $_______ by original principal balance (the
"Transferred Certificates") of Merrill Lynch Mortgage Investors Trust, Mortgage
Loan Asset-Backed Certificates, Series 2005-FM1, Class [____] (the
"Certificates"), issued pursuant to a Pooling and Servicing Agreement, dated as
of August 1, 2005 (the "Pooling and Servicing Agreement"), among Merrill Lynch
Mortgage Investors, Inc., as depositor (the "Depositor"), Wells Fargo Bank, N.A.
as trustee (the "Trustee") and Wilshire Credit Corporation, as servicer (the
"Servicer"). [THE PURCHASER INTENDS TO REGISTER THE TRANSFERRED CERTIFICATE IN
THE NAME OF ____________________, AS NOMINEE FOR _________________.] All terms
used and not otherwise defined herein shall have the meanings set forth in the
Pooling and Servicing Agreement.

          For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Purchaser certifies, represents and warrants
to, and covenants with, the Depositor and the Trustee that:

          1. The Purchaser understands that (a) the Certificates have not been
registered or qualified under the Securities Act of 1933, as amended (the
"Securities Act"), or the securities laws of any state, (b) neither the
Depositor nor the Trustee is required, and neither of them intends, to so
register or qualify the Certificates, (c) the Certificates cannot be resold
unless (i) they are registered and qualified under the Securities Act and the
applicable state securities laws or (ii) an exemption from registration and
qualification is available and (d) the Pooling and Servicing Agreement contains
restrictions regarding the transfer of the Certificates.

          2. The Certificates will bear a legend to the following effect:

          THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
          1933, AS AMENDED (THE "ACT"), THE INVESTMENT COMPANY ACT OF 1940, AS
          AMENDED (THE "1940 ACT") OR ANY STATE SECURITIES OR "BLUE SKY" LAWS,
          AND MAY NOT, DIRECTLY OR INDIRECTLY, BE SOLD OR OTHERWISE TRANSFERRED,
          OR OFFERED FOR SALE, UNLESS SUCH TRANSFER IS NOT SUBJECT TO
          REGISTRATION UNDER THE ACT, THE 1940 ACT AND ANY APPLICABLE STATE
          SECURITIES LAWS AND SUCH TRANSFER ALSO COMPLIES

                                       G-1
<PAGE>
          WITH THE OTHER PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
          AGREEMENT. NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE
          TRUSTEE SHALL HAVE RECEIVED, IN FORM AND SUBSTANCE SATISFACTORY TO THE
          TRUSTEE (A) AN INVESTMENT LETTER FROM THE PROSPECTIVE INVESTOR; AND
          (B) REPRESENTATIONS FROM THE TRANSFEROR REGARDING THE OFFERING AND
          SALE OF THE CERTIFICATES.

          3. The ERISA Restricted Certificates (other than the Class R
Certificates) will bear a legend to the following effect:

          NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE TRUSTEE HAS
          RECEIVED (A) A REPRESENTATION THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE
          BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
          SECURITY ACT OF 1974, AS AMENDED ("ERISA"), A PLAN SUBJECT TO SECTION
          4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") OR
          A PLAN SUBJECT TO STATE, LOCAL, FEDERAL, NON-U.S. OR OTHER LAW
          SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE
          ("SIMILAR LAW"), AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS
          CERTIFICATE BY, ON BEHALF OF, OR WITH ANY ASSETS OF ANY SUCH PLAN, (B)
          IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING
          UNDERWRITING, A REPRESENTATION THAT SUCH TRANSFEREE IS AN INSURANCE
          COMPANY THAT IS ACQUIRING THE CERTIFICATE WITH ASSETS OF AN "INSURANCE
          COMPANY GENERAL ACCOUNT" AS DEFINED IN SECTION V(E) OF PROHIBITED
          TRANSACTION CLASS EXEMPTION ("PTCE") 95-60 AND THE ACQUISITION AND
          HOLDING OF THE CERTIFICATE ARE COVERED AND EXEMPT UNDER SECTIONS I AND
          III OF PTCE 95-60, OR (C) SOLELY IN THE CASE OF A DEFINITIVE
          CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE, AND
          UPON WHICH THE TRUSTEE SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT
          THE ACQUISITION AND HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE
          TRANSFEREE WILL NOT CONSTITUTE OR RESULT IN A NONEXEMPT PROHIBITED
          TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR A
          VIOLATION OF SIMILAR LAW AND WILL NOT SUBJECT THE TRUSTEE, THE
          SERVICER OR THE DEPOSITOR TO ANY OBLIGATION IN ADDITION TO THOSE
          UNDERTAKEN BY SUCH ENTITIES IN THE POOLING AND SERVICING AGREEMENT,
          WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE
          SERVICER OR THE DEPOSITOR. IF THE CERTIFICATE IS NOT A DEFINITIVE
          CERTIFICATE, THE TRANSFEREE IS DEEMED TO HAVE MADE THE REPRESENTATION
          IN (A) OR (B) ABOVE.

                                       G-2
<PAGE>
          4. The Class R Certificate will bear a legend to the following effect:

          NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE
          PROSPECTIVE TRANSFEREE PROVIDES THE TRUSTEE WITH A REPRESENTATION THAT
          SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF
          THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
          ("ERISA"), A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN
          SUBJECT TO STATE, LOCAL, FEDERAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY
          SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE ("SIMILAR
          LAW"), AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS CERTIFICATE
          BY, ON BEHALF OF, OR WITH ANY ASSETS OF ANY SUCH PLAN.

          5. The Purchaser is acquiring the Transferred Certificates for its own
account [FOR INVESTMENT ONLY]* and not with a view to or for sale or other
transfer in connection with any distribution of the Transferred Certificates in
any manner that would violate the Securities Act or any applicable state
securities laws, subject, nevertheless, to the understanding that disposition of
the Purchaser's property shall at all times be and remain within its control.

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

          7. The Purchaser will not nor has it authorized nor will it authorize
any person to (a) offer, pledge, sell, dispose of or otherwise transfer any
Certificate, any interest in any Certificate or any other similar security to
any person in any manner, (b) solicit any offer to buy or to accept a pledge,
disposition or other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general solicitation by means of general advertising or in any other
manner, or (e) take any other action, that would constitute a distribution of
any Certificate under the Securities Act or the Investment Company Act of 1940,
as amended (the "1940 Act"), that would render the disposition of any
Certificate a violation of Section 5 of the Securities Act or any state
securities law, or that would require registration or qualification pursuant
thereto. Neither the Purchaser nor anyone acting on its behalf has offered the
Certificates for sale or made any general solicitation by means of general
advertising or in any other manner with respect to the Certificates. The
Purchaser will not sell or otherwise transfer any of the Certificates, except in
compliance with the provisions of the Pooling and Servicing Agreement.

          8. The Purchaser of an ERISA Restricted Certificate (other than the
Class R Certificate) (A) is not an employee benefit plan subject to Title I of
ERISA, a plan subject to Section 4975 of the Code, a plan subject to any state,
local, federal, non-U.S. or other law substantively similar to the foregoing
provisions of ERISA or the Code ("Similar Law") and is not directly or
indirectly acquiring such Certificates by, on behalf of, or with any assets of
any such plan, or (B) if the Certificate has been

----------
*    Not required of a broker/dealer purchaser.

                                       G-3
<PAGE>
the subject of an ERISA-Qualifying Underwriting, is an insurance company that is
acquiring the Certificate with assets of an "insurance company general account,"
as defined in Section V(e) of Prohibited Transaction Class Exemption ("PTCE")
95-60, and the acquisition and holding of the Certificate are covered and exempt
under Sections I and III of PTCE 95-60, or (C) solely in the event the
Certificate is a Definitive Certificate, herewith delivers an Opinion of Counsel
satisfactory to the Trustee, and upon which the Trustee shall be entitled to
rely, to the effect that the acquisition and holding of the Certificate will not
constitute or result in a nonexempt prohibited transaction under Title I of
ERISA or Section 4975 of the Code, or a violation of Similar Law, and will not
subject the Trustee, the Servicer or the Depositor to any obligation in addition
to those expressly undertaken in the Pooling and Servicing Agreement, which
Opinion of Counsel shall not be an expense of the Trustee, the Servicer or the
Depositor.

          9. The Purchaser of a Class R Certificate is not an employee benefit
plan subject to Title I of ERISA, a plan subject to Section 4975 of the Code, a
plan subject to any state, local, federal, non-U.S. or other law substantively
similar to the foregoing provisions of ERISA or the Code ("Similar Law"), or a
Person directly or indirectly acquiring such Certificate by, on behalf of, or
with any assets of any such plan.

          10. Prior to the sale or transfer by the Purchaser of any of the
Certificates, the Purchaser will obtain from any subsequent purchaser
substantially the same certifications, representations, warranties and covenants
contained in the foregoing paragraphs and in this letter or a letter
substantially in the form of Exhibit H to the Pooling and Servicing Agreement.

          11. The Purchaser agrees to indemnify the Trustee, the Servicer and
the Depositor against any liability that may result from any misrepresentation
made herein.

                                        Very truly yours,
                                        [PURCHASER]

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

                                       G-4
<PAGE>
                                    EXHIBIT H

                       FORM OF RULE 144A INVESTMENT LETTER
                         (QUALIFIED INSTITUTIONAL BUYER)

                                     [DATE]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Corporate Trust Services - Merrill Lynch Mortgage Investors Trust,
           Series 2005-FM1

Re:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2005-FM1

Ladies and Gentlemen:

          ______________ (the "Purchaser") intends to purchase from
________________ (the "Transferor") $_______ by original principal balance (the
"Transferred Certificates") of Merrill Lynch Mortgage Investors Trust, Mortgage
Loan Asset-Backed Certificates, Series 2005-FM1, Class [____] (the
"Certificates"), issued pursuant to a Pooling and Servicing Agreement, dated as
of August 1, 2005 (the "Pooling and Servicing Agreement"), among Merrill Lynch
Mortgage Investors, Inc., as depositor (the "Depositor"), Wells Fargo Bank, N.A.
as trustee (the "Trustee"), Wilshire Credit Corporation, as servicer (the
"Servicer"). [THE PURCHASER INTENDS TO REGISTER THE TRANSFERRED CERTIFICATE IN
THE NAME OF ____________________, AS NOMINEE FOR _________________.] All terms
used and not otherwise defined herein shall have the meanings set forth in the
Pooling and Servicing Agreement.

          For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Purchaser certifies, represents and warrants
to, and covenants with, the Depositor and the Trustee that:

          In connection with our acquisition of the above Transferred
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction that
is exempt from the registration requirements of the Act and any such laws, (b)
we have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the
Certificates, (c) we have had the opportunity to ask questions of and receive
answers from the Depositor concerning the purchase of the Transferred
Certificates and all matters relating thereto or any additional information
deemed necessary to our decision to purchase the Transferred Certificates,
(d)(A) solely with respect to ERISA Restricted Certificates, we are not an
employee benefit plan subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), a plan subject to Section 4975 of
the Internal Revenue Code of 1986, as amended (the "Code"), a plan subject to
any state, local, federal, non-U.S. or other law substantively similar to the
foregoing provisions of ERISA or the Code ("Similar Law"), or Persons directly
or indirectly acting on behalf of or using any assets of any such plan, or (B)
solely with respect to ERISA Restricted Certificates (other than the Class R

                                       H-1
<PAGE>
Certificates), if the Certificate has been the subject of an ERISA-Qualifying
Underwriting, we are an insurance company that is acquiring the Certificate with
assets of an "insurance company general account," as defined in Section V(e) of
Prohibited Transaction Class Exemption ("PTCE") 95-60, and the acquisition and
holding of the Certificate are covered and exempt under Sections I and III of
PTCE 95-60, or (C) solely in the event the Certificate is an ERISA Restricted
Certificate (other than a Class R Certificate) and also a Definitive
Certificate, we will herewith deliver an Opinion of Counsel satisfactory to the
Trustee, and upon which the Trustee shall be entitled to rely, to the effect
that the acquisition and holding of the Certificate will not constitute or
result in a nonexempt prohibited transaction under Title I of ERISA or Section
4975 of the Code, or a violation of Similar Law, and will not subject the
Trustee, the Servicer or the Depositor to any obligation in addition to those
expressly undertaken in the Pooling and Servicing Agreement, which Opinion of
Counsel shall not be an expense of the Trustee, the Servicer or the Depositor,
(e) we have not, nor has anyone acting on our behalf offered, transferred,
pledged, sold or otherwise disposed of the Certificates, any interest in the
Certificates or any other similar security to, or solicited any offer to buy or
accept a transfer, pledge or other disposition of the Certificates, any interest
in the Certificates or any other similar security from, or otherwise approached
or negotiated with respect to the Certificates, any interest in the Certificates
or any other similar security with, any person in any manner, or made any
general solicitation by means of general advertising or in any other manner, or
taken any other action, that would constitute a distribution of the Certificates
under the Securities Act or that would render the disposition of the
Certificates a violation of Section 5 of the Securities Act or require
registration pursuant thereto, nor will act, nor has authorized or will
authorize any person to act, in such manner with respect to the Certificates,
(f) we are a "qualified institutional buyer" as that term is defined in Rule
144A under the Securities Act and have completed one of the forms of
certification to that effect attached hereto as Annex 1 or Annex 2. We are aware
that the sale of the Transferred Certificates to us is being made in reliance on
Rule 144A. We are acquiring the Transferred Certificates for our own account or
for resale pursuant to Rule 144A and further understand that such Certificates
may be resold, pledged or transferred only (i) to a person reasonably believed
by us, based upon certifications of such purchaser or information we have in our
possession, to be a qualified institutional buyer that purchases for its own
account or for the account of a qualified institutional buyer to whom notice is
given that the resale, pledge or transfer is being made in reliance on Rule
144A, or (ii) pursuant to another exemption from registration under the
Securities Act.

          We agree to indemnify the Trustee, the Servicer and the Depositor
against any liability that may result from any misrepresentation made herein.

                                        Very truly yours,

                                        [PURCHASER]

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

                                       H-2
<PAGE>
                                                                         ANNEX 1

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [FOR TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

          The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

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

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

          _____ Corporation, etc. The Buyer is a corporation (other than a bank,
                savings and loan association or similar institution),
                Massachusetts or similar business trust, partnership, or
                charitable organization described in Section 501(c)(3) of the
                Internal Revenue Code of 1986, as amended.

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

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

          _____ Broker-dealer. The Buyer is a dealer registered pursuant to
                Section 15 of the Securities Exchange Act of 1934, as amended.

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

                                       H-3
<PAGE>
          _____ Insurance Company. The Buyer is an insurance company whose
                primary and predominant business activity is the writing of
                insurance or the reinsuring of risks underwritten by insurance
                companies and which is subject to supervision by the insurance
                commissioner or a similar official or agency of the State,
                territory or the District of Columbia.

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

          _____ ERISA Plan. The Buyer is an employee benefit plan subject to
                Title I of the Employee Retirement Income Security Act of 1974,
                as amended.

          _____ Investment Advisor. The Buyer is an investment advisor
                registered under the Investment Advisors Act of 1940, as
                amended.

          _____ Small Business Investment Company. Buyer is a small business
                investment company licensed by the U.S. Small Business
                Administration under Section 301(c) or (d) of the Small Business
                Investment Act of 1958, as amended.

          _____ Business Development Company. Buyer is a business development
                company as defined in Section 202(a)(22) of the Investment
                Advisors Act of 1940, as amended.

          3. The term "securities" as used for purposes of the calculation of
the dollar amount in paragraph 2 excludes: (i) securities of issuers that are
affiliated with the Buyer, (ii) securities that are part of an unsold allotment
to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
deposit notes and certificates of deposit, (v) loan participations, (vi)
repurchase agreements, (vii) securities owned but subject to a repurchase
agreement and (viii) currency, interest rate and commodity swaps.

          4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934, as
amended.

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

                                       H-4
<PAGE>
          6. Until the date of purchase of the Rule 144A Securities, the Buyer
will notify each of the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice is given,
the Buyer's purchase of the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan as provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                        Date:
                                              ----------------------------------

                                       H-5
<PAGE>
                                                                         ANNEX 2

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [FOR TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

          The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

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

          2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, as
amended and (ii) as marked below, the Buyer alone, or the Buyer's Family of
Investment Companies, owned at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining the amount of securities owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used, except (i) where the Buyer or the Buyer's Family of Investment
Companies reports its securities holdings in its financial statements on the
basis of their market value, and (ii) no current information with respect to the
cost of those securities has been published. If clause (ii) in the preceding
sentence applies, the securities may be valued at market.

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

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

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

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

          5. The Buyer is familiar with Rule 144A and understands that the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates are relying and will continue to

                                       H-6
<PAGE>
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.

          6. Until the date of purchase of the Certificates, the undersigned
will notify the parties listed in the Rule 144A Transferee Certificate to which
this certification relates of any changes in the information and conclusions
herein. Until such notice is given, the Buyer's purchase of the Certificates
will constitute a reaffirmation of this certification by the undersigned as of
the date of such purchase.

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

                                        IF AN ADVISER:

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

                                        Date:
                                              ----------------------------------

                                       H-7
<PAGE>
                                    EXHIBIT I

                           FORM OF REQUEST FOR RELEASE

                                     [DATE]

To: Wells Fargo Bank, N.A.
    1015 10TH Avenue Southeast
    Minneapolis, Minnesota 55414

Re: Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2005-FM1

          In connection with the administration of the Mortgage Loans held by
you, as Trustee, pursuant to the Pooling and Servicing Agreement dated as of
August 1, 2005 among Merrill Lynch Mortgage Investors, Inc., as depositor, Wells
Fargo Bank, N.A., as trustee and Wilshire Credit Corporation, as servicer (the
"Pooling and Servicing Agreement"), we request the release, and hereby
acknowledge receipt, of the Mortgage File for the Mortgage Loan described below,
for the reason indicated.

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reason for Requesting Documents (check one):

_____ 1. Mortgage Paid in Full

_____ 2. Foreclosure

_____ 3. Substitution

_____ 4. Other Liquidation (Repurchases, etc.)

_____ 5. Nonliquidation

_____

Address to which the Trustee should deliver the Mortgage File:

                                        By:
                                            ------------------------------------
                                                     (authorized signer)
                                        Address:
                                                 -------------------------------
                                        Date:
                                              ----------------------------------

                                       I-1
<PAGE>
If box 1 or 2 above is checked, and if all or part of the Mortgage File was
previously released to us, please release to us our previous receipt on file
with you, as well as any additional documents in your possession relating to the
above specified Mortgage Loan.

If box 3, 4, 5 or 6 above is checked, upon our return of all of the above
documents to you as Trustee, please acknowledge your receipt by signing in the
space indicated below, and returning this form.

Please acknowledge the execution of the above request by your signature and date
below:

WELLS FARGO BANK, N.A.,
as Custodian

By:
    ---------------------------------   ----------------------------------------
    Signature                           Date

Documents returned to Custodian:

By:
    ---------------------------------   ----------------------------------------
    Signature                           Date

                                       I-2
<PAGE>
                                    EXHIBIT J

                                   [RESERVED]

                                       J-1
<PAGE>
                                    EXHIBIT K

                    FORM OF OFFICER'S CERTIFICATE OF TRUSTEE

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Re:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2005-FM1

          I, [identify the certifying individual], a [title] of Wells Fargo
Bank, N.A., as Trustee under the Pooling and Servicing Agreement dated as of
August 1, 2005 among Merrill Lynch Mortgage Investors, Inc., as depositor, Wells
Fargo Bank, N.A., as trustee and Wilshire Credit Corporation, as servicer (the
"Agreement"), hereby certify to the Depositor, and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this
certification, that:

1.   I have reviewed the Monthly Statements delivered pursuant to the Agreement
     since the last Officer's Certificate executed pursuant to Section 3.21 of
     the Agreement [or in the case of the first certification, since the Cut-off
     Date] (the "Trustee Information").

2.   Based on my knowledge, the information in the Monthly Statement, taken as a
     whole, does not contain any untrue statement of a material fact or omit to
     state a material fact necessary to make the statements made, in light of
     the circumstances under which such statements were made, not misleading as
     of the date hereof;

3.   Based on my knowledge, the Monthly Statements required to be prepared by
     the Trustee under the Agreement has been prepared and provided in
     accordance with the Agreement; and

4.   I am responsible for reviewing the activities performed by the Trustee
     under the Agreement and the Trustee has, as of the date hereof fulfilled
     its obligations under the Agreement and there are no significant
     deficiencies relating to the Trustee's compliance with the Agreement.

Date:
      -------------------------------
                                        Wells Fargo Bank, N.A.,
                                        as Trustee

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

                                       K-1
<PAGE>
                                    EXHIBIT L

                    FORM OF OFFICER'S CERTIFICATE OF SERVICER

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Corporate Trust Services - Merrill Lynch Mortgage Investors Trust,
           Series 2005-FM1

Re:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2005-FM1

          I, [identify the certifying individual], an authorized representative
of Wilshire Credit Corporation, as servicer under the Pooling and Servicing
Agreement dated as of August 1, 2005 among Merrill Lynch Mortgage Investors,
Inc., as depositor, Wells Fargo Bank, N.A., as trustee and Wilshire Credit
Corporation, as servicer (the "Agreement"), hereby certify to the Trustee and
the Depositor, and each of their respective officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification,
that:

          1. Based on my knowledge, the information in the annual statement of
compliance identified in Section 3.17 of the Agreement, the annual independent
public accountants' report identified in Section 3.18 of the Agreement and all
servicing reports, officer's certificates and other information relating to the
servicing of the Mortgage Loans submitted to the Trustee taken as a whole, does
not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading as of the date of this
certification;

          2. The servicing information required to be provided to the Trustee by
the Servicer under the Agreement has been provided to the Trustee;

          3. I am responsible for reviewing the activities performed by the
Servicer under the Agreement and based upon the review required hereunder, and
except as disclosed in the annual statement of compliance identified in Section
3.17 of the Agreement, the annual independent public accountants' report
identified in Section 3.18 of the Agreement and all servicing reports, officer's
certificates and other information relating to the servicing of the Mortgage
Loans submitted to the Trustee, the Servicer has, as of the date of this
certification, fulfilled its obligations under this Agreement; and

                                       L-1
<PAGE>
          4. I have disclosed to the Trustee all significant deficiencies
relating to the Servicer's compliance with the minimum servicing standards in
accordance with a review conducted in compliance with the Uniform Single
Attestation Program for Mortgage Bankers or similar standard as set forth under
the Agreement.

Date:
      -------------------------------

                                        Wilshire Credit Corporation, as Servicer

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

                                       L-2
<PAGE>
                                   EXHIBIT M-1

                           FORM OF DELINQUENCY REPORT

                  STANDARD FILE LAYOUT - DELINQUENCY REPORTING

<TABLE>
<CAPTION>
                                                                                                     FORMAT
COLUMN/HEADER NAME                                  DESCRIPTION                         DECIMAL      COMMENT
------------------                                  -----------                         -------   ------------
<S>                           <C>                                                       <C>       <C>
SERVICER_LOAN_NBR             A unique number assigned to a loan by the
                              Servicer. This may be different than the LOAN_NBR

LOAN_NBR                      A unique identifier assigned to each loan by the
                              originator.

CLIENT_NBR                    Servicer Client Number

SERV_INVESTOR_NBR             Contains a unique number as assigned by an
                              external servicer to identify a group of loans in
                              their system.

BORROWER_FIRST_NAME           First Name of the Borrower.

BORROWER_LAST_NAME            Last name of the borrower.

PROP_ADDRESS                  Street Name and Number of Property

PROP_STATE                    The state where the property located.

PROP_ZIP                      Zip code where the property is located.

BORR_NEXT_PAY_DUE_DATE        The date that the borrower's next payment is due                    MM/DD/YYYY
                              to the servicer at the end of processing cycle,
                              as reported by Servicer.

LOAN_TYPE                     Loan Type (i.e. FHA, VA, Conv)

BANKRUPTCY_FILED_DATE         The date a particular bankruptcy claim was filed.                   MM/DD/YYYY

BANKRUPTCY_CHAPTER_CODE       The chapter under which the bankruptcy was filed.

BANKRUPTCY_CASE_NBR           The case number assigned by the court to the
                              bankruptcy filing.

POST_PETITION_DUE_DATE        The payment due date once the bankruptcy has been                   MM/DD/YYYY
                              approved by the courts

BANKRUPTCY_DCHRG_DISM_DATE    The Date The Loan Is Removed From Bankruptcy.                       MM/DD/YYYY
                              Either by Dismissal, Discharged and/or a Motion
                              For Relief Was Granted.

LOSS_MIT_APPR_DATE            The Date The Loss Mitigation Was Approved By The                    MM/DD/YYYY
                              Servicer

LOSS_MIT_TYPE                 The Type Of Loss Mitigation Approved For A Loan
                              Such As;

LOSS_MIT_EST_COMP_DATE        The Date The Loss Mitigation /Plan Is Scheduled To                  MM/DD/YYYY
                              End/Close

LOSS_MIT_ACT_COMP_DATE        The Date The Loss Mitigation Is Actually Completed                  MM/DD/YYYY

FRCLSR_APPROVED_DATE          The date DA Admin sends a letter to the servicer                    MM/DD/YYYY
                              with instructions to begin foreclosure
                              proceedings.

ATTORNEY_REFERRAL_DATE        Date File Was Referred To Attorney to Pursue                        MM/DD/YYYY
                              Foreclosure

FIRST_LEGAL_DATE              Notice of 1st legal filed by an Attorney in a                       MM/DD/YYYY
                              Foreclosure Action

FRCLSR_SALE_EXPECTED_DATE     The date by which a foreclosure sale is expected                    MM/DD/YYYY
                              to occur.

FRCLSR_SALE_DATE              The actual date of the foreclosure sale.                            MM/DD/YYYY
</TABLE>

                                      M-1-1
<PAGE>
<TABLE>
<S>                           <C>                                                       <C>       <C>
FRCLSR_SALE_AMT               The amount a property sold for at the foreclosure sale.      2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

EVICTION_START_DATE           The date the servicer initiates eviction of the                     MM/DD/YYYY
                              borrower.

EVICTION_COMPLETED_DATE       The date the court revokes legal possession of the                  MM/DD/YYYY
                              property from the borrower.

LIST_PRICE                    The price at which an REO property is marketed.              2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

LIST_DATE                     The date an REO property is listed at a particular                  MM/DD/YYYY
                              price.

OFFER_AMT                     The dollar value of an offer for an REO property.            2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

OFFER_DATE_TIME               The date an offer is received by DA Admin or by                     MM/DD/YYYY
                              the Servicer.

REO_CLOSING_DATE              The date the REO sale of the property is scheduled                  MM/DD/YYYY
                              to close.

REO_ACTUAL_CLOSING_DATE       Actual Date Of REO Sale                                             MM/DD/YYYY

OCCUPANT_CODE                 Classification of how the property is occupied.

PROP_CONDITION_CODE           A code that indicates the condition of the property.

PROP_INSPECTION_DATE          The date a  property inspection is performed.                       MM/DD/YYYY

APPRAISAL_DATE                The date the appraisal was done.                                    MM/DD/YYYY

CURR_PROP_VAL                 The current "as is" value of the property based on           2
                              brokers price opinion or appraisal.

REPAIRED_PROP_VAL             The amount the property would be worth if repairs            2
                              are completed pursuant to a broker's price opinion
                              or appraisal.

IF APPLICABLE:
DELINQ_STATUS_CODE            FNMA Code Describing Status of Loan

DELINQ_REASON_CODE            The circumstances which caused a borrower to stop
                              paying on a loan. Code indicates the reason why
                              the loan is in default for this cycle.

MI_CLAIM_FILED_DATE           Date Mortgage Insurance Claim Was Filed With                        MM/DD/YYYY
                              Mortgage Insurance Company.

MI_CLAIM_AMT                  Amount of Mortgage Insurance Claim Filed                            No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

MI_CLAIM_PAID_DATE            Date Mortgage Insurance Company Disbursed Claim Payment             MM/DD/YYYY

MI_CLAIM_AMT_PAID             Amount Mortgage Insurance Company Paid On Claim              2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

POOL_CLAIM_FILED_DATE         Date Claim Was Filed With Pool Insurance Company                    MM/DD/YYYY

POOL_CLAIM_AMT                Amount of Claim Filed With Pool Insurance Company            2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

POOL_CLAIM_PAID_DATE          Date Claim Was Settled and The Check Was Issued By                  MM/DD/YYYY
                              The Pool Insurer
</TABLE>

                                      M-1-2
<PAGE>
<TABLE>
<S>                           <C>                                                       <C>       <C>
POOL_CLAIM_AMT_PAID           Amount Paid On Claim By Pool Insurance Company               2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

FHA_PART_A_CLAIM_FILED_DATE   Date FHA Part A Claim Was Filed With HUD                            MM/DD/YYYY

FHA_PART_A_CLAIM_AMT          Amount of FHA Part A Claim Filed                             2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

FHA_PART_A_CLAIM_PAID_DATE    Date HUD Disbursed Part A Claim Payment                             MM/DD/YYYY

FHA_PART_A_CLAIM_PAID_AMT     Amount HUD Paid on Part A Claim                              2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

FHA_PART_B_CLAIM_FILED_DATE   Date FHA Part B Claim Was Filed With HUD                            MM/DD/YYYY

FHA_PART_B_CLAIM_AMT          Amount of FHA Part B Claim Filed                             2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

FHA_PART_B_CLAIM_PAID_DATE    Date HUD Disbursed Part B Claim Payment                             MM/DD/YYYY

FHA_PART_B_CLAIM_PAID_AMT     Amount HUD Paid on Part B Claim                              2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)

VA_CLAIM_FILED_DATE           Date VA Claim Was Filed With the Veterans Admin                     MM/DD/YYYY

VA_CLAIM_PAID_DATE            Date Veterans Admin. Disbursed VA Claim Payment                     MM/DD/YYYY

VA_CLAIM_PAID_AMT             Amount Veterans Admin. Paid on VA Claim                      2      No commas(,)
                                                                                                  or dollar
                                                                                                  signs ($)
</TABLE>

                                      M-1-3
<PAGE>
STANDARD FILE CODES - DELINQUENCY REPORTING

The LOSS MIT TYPE field should show the approved Loss Mitigation Code as
follows:

     -    ASUM- Approved Assumption

     -    BAP- Borrower Assistance Program

     -    CO- Charge Off

     -    DIL- Deed-in-Lieu

     -    FFA- Formal Forbearance Agreement

     -    MOD- Loan Modification

     -    PRE- Pre-Sale

     -    SS- Short Sale

     -    MISC- Anything else approved by the PMI or Pool Insurer

NOTE: Wells Fargo Bank will accept alternative Loss Mitigation Types to those
above, provided that they are consistent with industry standards. If Loss
Mitigation Types other than those above are used, the Servicer must supply Wells
Fargo Bank with a description of each of the Loss Mitigation Types prior to
sending the file.

The OCCUPANT CODE field should show the current status of the property code as
follows:

     -    Mortgagor

     -    Tenant

     -    Unknown

     -    Vacant

The PROPERTY CONDITION field should show the last reported condition of the
property as follows:

     -    Damaged

     -    Excellent

     -    Fair

     -    Gone

     -    Good

     -    Poor

     -    Special Hazard

     -    Unknown

                                      M-1-4
<PAGE>
                                   EXHIBIT M-2

                        FORM OF MONTHLY REMITTANCE ADVICE

STANDARD FILE LAYOUT - SCHEDULED/SCHEDULED

<TABLE>
<CAPTION>
COLUMN NAME                   DESCRIPTION               DECIMAL             FORMAT COMMENT
-----------                   -----------               -------             --------------
<S>               <C>                                   <C>       <C>
LOAN_NBR          Loan Number assigned by investor                Text up to 10 digits

SERVICER
LOAN_NBR          Servicer Loan Number                            Text up to 10 digits

SCHED_PMT_AMT     P&I constant                             2      No commas(,) or dollar signs ($)

NOTE_INT_RATE     Gross Interest Rate                      4      Max length of 6

NET_RATE          Gross Interest Rate less the
                  Service Fee Rate                         4      Max length of 6

SERV_FEE_RATE     Service Fee Rate                         4      Max length of 6

ARM_INDEX_RATE    ARM loan's index Rate used               4      Max length of 6

ACTL_BEG_BAL      Beginning Actual Balance                 2      No commas(,) or dollar signs ($)

ACTL_END_BAL      Ending Actual Balance                    2      No commas(,) or dollar signs ($)

NEXT_DUE_DATE     Borrower's next due date                        MM/DD/YYYY

CURT_AMT_1        Curtailment Amount                       2      No commas(,) or dollar signs ($)

CURT_DATE_1       Due date Curtailment was applied to             MM/DD/YYYY

CURT_ADJ_ AMT_1   Curtailment Interest if applicable       2      No commas(,) or dollar signs ($)

CURT_AMT_2        Curtailment Amount 2                     2      No commas(,) or dollar signs ($)

CURT_DATE_2       Due date Curtailment was applied to             MM/DD/YYYY

CURT_ADJ_ AMT2    Curtailment Interest if applicable       2      No commas(,) or dollar signs ($)

CURT_AMT_3        Curtailment Amount 3                     2      No commas(,) or dollar signs ($)

CURT_DATE_3       Due date Curtailment was applied to             MM/DD/YYYY

CURT_ADJ_AMT3     Curtailment Interest, if applicable      2      No commas(,) or dollar signs ($)

SCHED_BEG_BAL     Beginning Scheduled Balance              2      No commas(,) or dollar signs ($)

SCHED_END_BAL     Ending Scheduled Balance                 2      No commas(,) or dollar signs ($)

SCHED_PRIN_AMT    Scheduled Principal portion of P&I       2      No commas(,) or dollar signs ($)

SCHED_NET_INT     Scheduled Net Interest (less
                  Service Fee) portion of P&I              2      No commas(,) or dollar signs ($)

LIQ_AMT           Liquidation Principal Amt to bring
                  balance to zero                          2      No commas(,) or dollar signs ($)

PIF_DATE          Liquidation Date                                MM/DD/YYYY

ACTION_CODE       Either 60 for liquidation or 65 for
                  Repurchase                                      Max length of 2
</TABLE>

                                      M-2-1
<PAGE>
<TABLE>
<CAPTION>
COLUMN NAME                   DESCRIPTION               DECIMAL             FORMAT COMMENT
-----------                   -----------               -------             --------------
<S>               <C>                                   <C>       <C>
PRIN_ADJ_AMT      Principal Adjustments made to loan,
                  if applicable                            2      No commas(,) or dollar signs ($)

INT_ADJ_AMT       Interest Adjustment made to loan,
                  if applicable                            2      No commas(,) or dollar signs ($)

PREPAYMENT        Prepayment penalty amount, if
PENALTY AMT       applicable                               2      No commas(,) or dollar signs ($)

SOILDER_SAILOR    Soldier and Sailor Adjustment
ADJ AMT           amount, if applicable                    2       No commas(,) or dollar signs ($)

NON ADV LOAN      Non Recoverable Loan Amount, if
AMT               applicable                               2      No commas(,) or dollar signs ($)
</TABLE>

                                      M-2-2
<PAGE>
                                    EXHIBIT N

                              FORM OF CAP CONTRACT
                            [Intentionally Omitted]

                                       N-1
<PAGE>

                                    EXHIBIT O

                            ONE-MONTH LIBOR CAP TABLE

<TABLE>
<CAPTION>
    PERIOD    BEGINNING ACCRUAL   ENDING ACCRUAL  NOTIONAL BALANCE($)  LOWER COLLAR (%)(1)  UPPER COLLAR (%)
------------------------------------------------------------------------------------------------------------
<S>           <C>                 <C>             <C>                  <C>                  <C>
      1                08/31/05       09/25/05      897,392,000.00              6.788            10.240
      2                09/25/05       10/25/05      889,546,369.00              5.614            10.240
      3                10/25/05       11/25/05      879,763,669.00              5.425            10.240
      4                11/25/05       12/25/05      868,053,210.00              5.615            10.240
      5                12/25/05       01/25/06      854,443,636.00              5.426            10.240
      6                01/25/06       02/25/06      838,963,301.00              5.427            10.240
      7                02/25/06       03/25/06      821,667,782.00              6.038            10.240
      8                03/25/06       04/25/06      802,613,274.00              5.429            10.240
      9                04/25/06       05/25/06      782,258,079.00              5.621            10.240
      10               05/25/06       06/25/06      760,704,250.00              5.433            10.240
      11               06/25/06       07/25/06      739,753,220.00              5.625            10.240
      12               07/25/06       08/25/06      719,387,853.00              5.437            10.240
      13               08/25/06       09/25/06      699,591,508.00              5.439            10.240
      14               09/25/06       10/25/06      680,348,021.00              5.632            10.240
      15               10/25/06       11/25/06      661,641,692.00              5.444            10.240
      16               11/25/06       12/25/06      643,457,274.00              5.636            10.240
      17               12/25/06       01/25/07      625,769,697.00              5.448            10.240
      18               01/25/07       02/25/07      608,563,071.00              5.452            10.240
      19               02/25/07       03/25/07      591,836,912.00              6.069            10.240
      20               03/25/07       04/25/07      575,322,325.00              5.459            10.240
      21               04/25/07       05/25/07      547,888,469.00              5.684            10.240
      22               05/25/07       06/25/07      521,907,952.00              7.497            10.240
      23               06/25/07       07/25/07      497,388,813.00              7.742            10.240
      24               07/25/07       08/25/07      474,151,108.00              7.472            10.240
      25               08/25/07       09/25/07      452,273,118.00              7.460            10.240
      26               09/25/07       10/25/07      438,148,583.00              7.712            10.240
      27               10/25/07       11/25/07      424,483,696.00              7.463            10.240
      28               11/25/07       12/25/07      411,262,965.00              8.702            10.240
      29               12/25/07       01/25/08      398,494,804.00              8.404            10.240
      30               01/25/08       02/25/08      386,139,858.00              8.396            10.240
      31               02/25/08       03/25/08      374,184,279.00              8.984            10.240
      32               03/25/08       04/25/08      362,614,674.00              8.378            10.240
      33               04/25/08       05/25/08      351,418,078.00              8.688            10.240
      34               05/25/08       06/25/08      340,582,220.00              9.368            10.240
      35               06/25/08       07/25/08      330,111,043.00              9.675            10.240
      36               07/25/08       08/25/08      319,975,602.00              9.341            10.240
      37               08/25/08       09/25/08      310,164,708.00              9.328            10.240
      38               09/25/08       10/25/08      300,667,546.00              9.633            10.240
      39               10/25/08       11/25/08      291,473,656.00              9.317            10.240
      40               11/25/08       12/25/08      282,573,012.00             10.267            10.240
      41               12/25/08       01/25/09      273,962,860.00              9.910            10.240
      42               01/25/09       02/25/09      265,626,280.00              9.893            10.240
      43               02/25/09       03/25/09      257,554,201.00             10.962            10.240
      44               03/25/09       04/25/09      249,737,863.00              9.859            10.240
      45               04/25/09       05/25/09      242,168,802.00             10.188            10.240
      46               05/25/09       06/25/09      234,838,886.00              9.857            10.240
      47               06/25/09       07/25/09      227,740,411.00             10.177            10.240
      48               07/25/09       08/25/09      220,865,496.00              9.823            10.240
      49               08/25/09       09/25/09      214,206,773.00              9.806            10.240
      50               09/25/09       10/25/09      207,757,124.00             10.125            10.240
</TABLE>

                                      O-1
<PAGE>
<TABLE>
<CAPTION>
    PERIOD    BEGINNING ACCRUAL   ENDING ACCRUAL  NOTIONAL BALANCE($)  LOWER COLLAR (%)(1)  UPPER COLLAR (%)
------------------------------------------------------------------------------------------------------------
<S>           <C>                 <C>             <C>                  <C>                  <C>
      51               10/25/09       11/25/09      201,509,672.00              9.778            10.240
      52               11/25/09       12/25/09      195,457,791.00             10.111            10.240
      53               12/25/09       01/25/10      189,595,152.00              9.760            10.240
      54               01/25/10       02/25/10      183,915,440.00              9.743            10.240
      55               02/25/10       03/25/10      178,412,662.00             10.797            10.240
      56               03/25/10       04/25/10      173,081,031.00              9.711            10.240
      57               04/25/10       05/25/10      167,914,954.00             10.026            10.240
      58               05/25/10       06/25/10      162,908,263.00              9.719            10.240
      59               06/25/10       07/25/10      158,044,684.00             10.034            10.240
      60               07/25/10       08/25/10      153,331,743.00              9.686            10.240
      61               08/25/10       09/25/10      148,764,530.00              9.670            10.240
      62               09/25/10       10/25/10      144,338,301.00              9.984            10.240
      63               10/25/10       11/25/10      140,048,473.00              9.638            10.240
      64               11/25/10       12/25/10      135,890,616.00              9.972            10.240
      65               12/25/10       01/25/11      131,860,780.00              9.626            10.240
      66               01/25/11       02/25/11      127,954,476.00              9.611            10.240
      67               02/25/11       03/25/11      124,167,707.00             10.652            10.240
      68               03/25/11       04/25/11      120,496,611.00              9.581            10.240
      69               04/25/11       05/25/11      116,937,454.00              9.893            10.240
      70               05/25/11       06/25/11      113,486,630.00              9.570            10.240
      71               06/25/11       07/25/11      110,140,870.00              9.883            10.240
      72               07/25/11       08/25/11      106,896,571.00              9.541            10.240
      73               08/25/11       09/25/11      103,750,475.00              9.528            10.240
      74               09/25/11       10/25/11      100,699,435.00              9.840            10.240
      75               10/25/11       11/25/11       97,740,406.00              9.501            10.240
      76               11/25/11       12/25/11       94,870,448.00              9.825            10.240
      77               12/25/11       01/25/12       92,086,818.00              9.487            10.240
      78               01/25/12       02/25/12       89,386,660.00              9.474            10.240
      79               02/25/12       03/25/12       86,767,315.00             10.132            10.240
</TABLE>

----------
(1)   With respect to any Distribution Date, if One-Month LIBOR (as determined
      by the Cap Contract Counterparty and subject to a cap equal to 10.240%)
      exceeds the Lower Collar, the Trust Fund will receive payments pursuant to
      the Cap Contract.

                                      O-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]