Document:

<PAGE>
                                                                   EXHIBIT 10.5

                      R.J. REYNOLDS TOBACCO HOLDINGS, INC.
                         1999 LONG TERM INCENTIVE PLAN
                        --------------------------------

                           RESTRICTED STOCK AGREEMENT
                        -------------------------------

                          DATE OF GRANT: JULY 26, 2002

                              W I T N E S S E T H:

         1.       Grant of Restricted Stock. Pursuant to the provisions of the
1999 Long Term Incentive Plan (the "Plan"), R.J. Reynolds Tobacco Holdings,
Inc. (the "Company") on the above date has granted, and this Restricted Stock
Agreement (this "Agreement") evidences the grant to

                    [FIRST_NAME] [LAST_NAME] (THE "GRANTEE")

subject to the terms and conditions which follow and the terms and conditions
of the Plan, of a total of

                              [REST_STOCK] SHARES

of Common Stock of the Company ("Common Stock"). A copy of the Plan is attached
and made a part of this Agreement with the same effect as if set forth in the
Agreement itself. All capitalized terms used in this Agreement below shall have
the meaning set forth in the Plan, unless otherwise indicated.

         2.       Receipt and Delivery of Stock. The Grantee waives receipt from
the Company of a certificate or certificates representing the shares of Common
Stock granted hereunder, registered in the Grantee's name and bearing a legend
evidencing the restrictions imposed on such shares of Common Stock by this
Agreement. The Grantee acknowledges and agrees that the Company shall retain
custody of such certificate or certificates until the restrictions imposed by
Section 3 of this Agreement on the shares of Common Stock granted hereunder
lapse. The Grantee acknowledges and agrees that, alternatively, the shares of
Common Stock granted hereunder may be maintained in book-entry form with
instructions from the Company to the Company's transfer agent that such shares
shall remain restricted until the restrictions imposed by Section 3 of this
Agreement on such shares lapse.

         3.       Restrictions on Transfer of Stock. The shares of Common Stock
granted hereunder may not be sold, tendered, assigned, transferred, pledged or
otherwise encumbered prior to the earliest of:

<PAGE>

                  (a)      the later of July 26, 2005 or the date the Annual
                           Incentive Award Plan ("AIAP") score for 2004 is
                           determined (the "Normal Vesting Date"), for 100% of
                           the shares;

                  (b)      the date of the Grantee's death, for 100% of the
                           shares;

                  (c)      the date of the Grantee's Permanent Disability (as
                           defined in the Company's Long Term Disability Plan),
                           for 100% of the shares;

                  (d)      the date of the Grantee's Retirement (as defined in
                           this Section 3); or

                  (e)      the date of a Change of Control (as defined in the
                           Plan), for 100% of the shares.

         For purposes of this Agreement, the term "Retirement" shall mean
retirement at age 65 or over, or early retirement at age 55 or over with the
approval of the Chief Executive Officer of the Company, which approval
specifically states the number or percentage of shares (rounded to the nearest
whole number of shares) with respect to which the restrictions referred to in
this Section 3 will lapse.

         In the event of the Grantee's involuntary Termination of Employment
without Cause (as such terms are defined in Section 5 of this Agreement), the
restrictions imposed by this Section 3 will lapse with respect to that number
of shares of Common Stock (rounded to the nearest whole number of shares) which
is equal to the product of (i) the total number of shares of Common Stock
granted to the Grantee under this Agreement and (ii) a fraction, the numerator
of which is the number of whole or partial months between the Date of Grant and
date of the Grantee's Termination of Employment, and the denominator of which
is 36.

         At the time the restrictions imposed by this Section 3 shall lapse,
the appropriate number of shares of Common Stock shall be delivered to the
Grantee without a restrictive legend on any Common Stock certificate, or, if
such shares are held in book-entry form, the Company's transfer agent shall be
instructed to remove the restrictions on such shares.

         4.       Forfeiture of Stock; Grant of Additional Stock. (a) For the
shares of Common Stock granted hereunder to vest, the Company must pay to its
stockholders a dividend of at least $0.95 per share in each fiscal quarter
during the period commencing on the Date of Grant and ending on December 31,
2004 (the "Threshold Requirement"), unless the Company's Board of Directors
specifically approves the nonforfeiture of such shares upon the declaration of
a quarterly dividend of less than $0.95 per share. In the event the Company
fails to pay to its stockholders a dividend of at least $0.95 per

                                       2
<PAGE>

share in any fiscal quarter during the period from the Date of Grant and ending
on December 31, 2004, and the Company's Board of Directors does not approve the
nonforfeiture of the shares of Common Stock granted hereunder, the Grantee
shall forfeit all right, title and interest in and to the shares of Common
Stock still subject to the restrictions set forth in Section 3 of this
Agreement and to any dividends to be paid thereafter on such shares.

         (b) On the Normal Vesting Date, if the Threshold Requirement is met or
otherwise waived by the Company's Board of Directors, the original number of
shares of Common Stock granted to the Grantee under this Agreement and still
subject to the restrictions set forth in Section 3 of this Agreement (the
"Original Number"), shall be multiplied by the average of the total weighted
AIAP scores for the financial and market share components of the AIAP for each
of 2002, 2003 and 2004 resulting in a "Revised Number." If the Revised Number
is greater than the Original Number, the Company shall issue an additional
number of shares of Common Stock to the Grantee equal to the difference between
the Revised Number and the Original Number (rounded to the nearest whole number
of shares) as soon as practicable after the Normal Vesting Date. If the Revised
Number is less than the Original Number, the Grantee immediately shall forfeit
all right, title and interest in and to that number of shares of Common Stock
equal to the difference between the Original Number and the Revised Number
(rounded to the nearest whole number of shares) and to any dividends to be paid
thereafter on such shares.

         (c) Upon the Grantee's voluntary Termination of Employment or
Termination of Employment for Cause (as such terms are defined in Section 5 of
this Agreement), the Grantee shall forfeit all right, title and interest in and
to the shares of Common Stock still subject to the restrictions set forth in
Section 3 of this Agreement and to any dividends to be paid thereafter on such
shares.

         (d) Any shares of Common Stock granted hereunder and subsequently
forfeited shall revert to the Company and shall not become transferable by the
Grantee or anyone claiming through the Grantee. The Compensation Committee of
the Company's Board of Directors (the "Compensation Committee") or its agent
shall act promptly to record forfeitures pursuant to this Section 4 on the
stock transfer books of the Company.

         5.       Termination of Employment. (a) For purposes of this Agreement,
the term "Termination of Employment" shall mean termination from active
employment with the Company or a subsidiary of the Company; it does not mean
the termination of pay and benefits at the end of a period of salary
continuation (or other form of severance pay or pay in lieu of salary).

         (b) For purposes of this Agreement, if the Grantee has an employment
or severance agreement, employment shall be deemed to have been terminated for
"Cause" only as such term is defined in the employment or severance agreement.
For purposes of this Agreement, if the Grantee does not have an employment or
severance agreement

                                       3
<PAGE>

that defines the term "Cause," the Grantee's employment shall be deemed to have
been terminated for "Cause" if the Termination of Employment results from the
Grantee's: (i) criminal conduct; (ii) deliberate and continual refusal to
perform employment duties on substantially a full time basis; (iii) deliberate
and continual refusal to act in accordance with any specific lawful
instructions of an authorized officer or employee more senior than the Grantee;
or (iv) deliberate misconduct which could be materially damaging to the Company
or any of its business operations without a reasonable good faith belief by the
Grantee that such conduct was in the best interests of the Company. A
Termination of Employment shall not be deemed for Cause hereunder unless the
senior human resources executive of the Company shall confirm that any such
Termination of Employment is for Cause. Any voluntary Termination of Employment
by the Grantee in anticipation of an involuntary Termination of Employment for
Cause shall be deemed to be a Termination of Employment for Cause.

         6.       Dividends. If the Grantee is a stockholder of record on any
applicable record date, the Grantee shall receive any dividends on the shares
of Common Stock granted hereunder when paid regardless of whether the
restrictions imposed by Section 3 of this Agreement have lapsed.

         7.       Voting. If the Grantee is a stockholder of record on any
applicable record date, the Grantee shall have the right to vote the shares of
Common Stock granted hereunder regardless of whether the restrictions imposed
by Section 3 of this Agreement have lapsed.

         8.       No Right to Employment. The execution and delivery of this
Agreement and the granting of shares of Common Stock hereunder shall not
constitute or be evidence of any agreement or understanding, express or
implied, on the part of the Company or its subsidiaries to employ the Grantee
for any specific period or in any particular capacity and shall not prevent the
Company or its subsidiaries from terminating the Grantee's employment at any
time with or without Cause.

         9.       Registration. The shares of Common Stock granted hereunder may
be offered and sold by the Grantee only if such shares are registered for
resale under the Securities Act of 1933 (the "1933 Act"), as amended, or if an
exemption from registration under such Act is available. The Company has no
obligation to effect such registration. By executing this Agreement, the
Grantee (a) agrees not to offer or sell the shares of Common Stock granted
hereunder unless and until such shares are registered for resale under the 1933
Act or an exemption from registration is available, (b) represents that the
Grantee accepts such shares of Common Stock for his own account for investment
and not with a view to, or for sale in connection with, the distribution of any
part thereof and (c) agrees that the Grantee or the Grantee's beneficiary, on
request, will be obligated to repeat these representations in writing prior to
any future delivery of such shares of Common Stock.

         10.      Change in Common Stock or Corporate Structure. In the event of
any stock

                                       4
<PAGE>

split, spin-off, stock dividend, extraordinary cash dividend, stock combination
or reclassification, recapitalization or merger, change in control, or similar
event, the Compensation Committee shall make an appropriate adjustment to the
number or kind of shares or other consideration covered by this Agreement and
to the level of dividends required under Section 4(a) of this Agreement, and
such other revisions to this Agreement as it deems are equitably required. Any
adjustment or revision made by the Compensation Committee shall be final and
binding on the Grantee, the Company and all other interested persons; provided,
however, that the Compensation Committee may not make any such adjustments or
revisions that are adverse to the Grantee without the Grantee's written
consent.

         11.      Application of Laws. The granting of shares of Common Stock
hereunder shall be subject to all applicable laws, rules and regulations and to
such approvals of any governmental agencies as may be required.

         12.      Taxes. Any taxes required by federal, state or local laws to
be withheld by the Company on the Date of Grant or the delivery of unrestricted
shares of Common Stock hereunder shall be paid to the Company by the Grantee by
the time such taxes are required to be paid or deposited by the Company. The
Grantee hereby authorizes the conversion to cash by the Company of a sufficient
number of shares of Common Stock to satisfy the withholding prior to the
delivery of unrestricted shares of Common Stock.

         13.      Notices. Any notices required to be given hereunder to the
Company shall be addressed to The Secretary, R.J. Reynolds Tobacco Holdings,
Inc., Post Office Box 2866, Winston-Salem, NC 27102-2866, and any notice
required to be given hereunder to the Grantee shall be sent to the Grantee's
address as shown on the records of the Company.

         14.      Administration and Interpretation. In consideration of the
grant, the Grantee specifically agrees that the Compensation Committee shall
have the exclusive power to interpret the Plan and this Agreement and to adopt
such rules for the administration, interpretation and application of the Plan
and Agreement as are consistent therewith and to interpret or revoke any such
rules. All actions taken and all interpretations and determinations made by the
Compensation Committee shall be final, conclusive, and binding upon the
Grantee, the Company and all other interested persons. No member of the
Compensation Committee shall be personally liable for any action, determination
or interpretation made in good faith with respect to the Plan or the Agreement.
The Compensation Committee may delegate its interpretive authority to an
officer or officers of the Company.

         15.      Amendment. This Agreement is subject to the Plan, a copy of
which is attached. The Board of Directors may amend the Plan and the
Compensation Committee may amend this Agreement at any time and in any way,
except that any amendment of the Plan or this Agreement that would impair the
Grantee's rights under this Agreement may not be made without the Grantee's
written consent.

                                       5
<PAGE>

         16.      GOVERNING LAW. THE LAWS OF THE STATE OF DELAWARE SHALL GOVERN
THE INTERPRETATION, VALIDITY AND PERFORMANCE OF THE TERMS OF THIS AGREEMENT,
REGARDLESS OF THE LAW THAT MIGHT BE APPLIED UNDER PRINCIPLES OF CONFLICTS OF
LAWS.

         IN WITNESS WHEREOF, the Company, by its duly authorized officer, and
the Grantee have executed this agreement as of the Date of Grant first above
written.

                                      R.J. REYNOLDS TOBACCO HOLDINGS, INC.

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

------------------------
Grantee

Grantee's Taxpayer Identification Number:

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

Grantee's Home Address:

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

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

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

                                       6<PAGE>
                                                                    EXHIBIT 10.1

CONTACTS
--------------------------------------------------------------------------------

            Administrator:           Kumar X. Khambhaita
            Direct Phone No:         (714) 247-6327
            Address:                 Deutsche Bank
                                     1761 E. St. Andrew Place
                                     Santa Ana, CA 92705

            Web Site:                http://www-apps.gis.deutsche-bank.com/invr
            Factor Information:      (800) 735-7777
            Main Phone No:           (714) 247-6000

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

<TABLE>
ISSUANCE INFORMATION
--------------------------------------------------------------------------------------------------------------
<S>                               <C>                                    <C>                    <C>
          Seller:                 Redwood Trust                          Cut-Off Date:          April 1, 2002
          Certificate Insurer:                                           Closing Date:          April 26, 2002
          Servicer(s):            Cendant Mortgage Corporation           First Payment Date:    May 20, 2002
                                  Morgan Stanley Dean Witter

          Underwriter(s):         Greenwich Capital Markets, Inc.        Distribution Date:     June 19, 2002
                                  Bear, Stearns & Co. Inc.               Record Date:           June 18, 2002
                                                                                                May 31, 2002

--------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            SEQUOIA MORTGAGE TRUST 6
                          COLLATERALIZED MORTGAGE BONDS
               BOND PAYMENT REPORT FOR JUNE 19, 2002 DISTRIBUTION

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
------------------------------------------------------------------------------------------------------------------------------
                                      Prior                                                                        Current
         Class      Original        Principal                                    Total      Realized  Deferred    Principal
 Class   Type      Face Value        Balance        Interest      Principal   Distribution   Losses   Interest     Balance
------------------------------------------------------------------------------------------------------------------------------
                                       (1)             (2)          (3)       (4)=(2)+(3)      (5)       (6)     (7)=(1)-(3)-
                                                                                                                   (5)+(6)
------------------------------------------------------------------------------------------------------------------------------
<S>      <C>     <C>              <C>             <C>           <C>           <C>           <C>       <C>       <C>
 LT-A            496,378,000.00   490,778,066.36  1,335,345.99  4,577,579.19  5,912,925.18      -         -    486,200,487.17
 LT-A2                   100.00                -             -             -             -      -                           -
 LT-X                    100.00                -             -             -             -      -         -                 -
LT-B-1             5,915,000.00     5,915,000.00     16,093.98                   16,093.98      -         -      5,915,000.00
LT-B-2             5,143,000.00     5,143,000.00     13,993.46                   13,993.46      -         -      5,143,000.00
------------------------------------------------------------------------------------------------------------------------------
LT-B-3             2,315,000.00     2,315,000.00      6,298.83             -      6,298.83      -         -      2,315,000.00
LT-B-4             1,534,000.00     1,534,000.00      4,173.82             -      4,173.82      -         -      1,534,000.00
LT-B-5             1,028,000.00     1,028,000.00      2,797.06             -      2,797.06      -         -      1,028,000.00
LT-B-6             2,068,996.83     2,068,996.83      5,629.48             -      5,629.48      -         -      2,068,996.83
 LT-R                         -                -             -             -             -      -         -                 -
------------------------------------------------------------------------------------------------------------------------------
 Total           514,382,196.83   508,782,063.19  1,384,332.62  4,577,579.19  5,961,911.81      -         -    504,204,484.00
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail                 Current Period Factor Information per $1,000 of Original Face
------------------------------------------------------------------------------------------------------------------------------
                                               Orig. Principal     Prior                                           Current
          Period    Period                     (with Notional)   Principal                            Total       Principal
 Class   Starting   Ending    Method    Cusip      Balance        Balance     Interest  Principal  Distribution    Balance
------------------------------------------------------------------------------------------------------------------------------
                                                                    (1)         (2)        (3)     (4)=(2)+(3)        (5)
------------------------------------------------------------------------------------------------------------------------------
<S>      <C>        <C>      <C>        <C>    <C>              <C>           <C>       <C>        <C>           <C>
 LT-A                        A-30/360           496,378,000.00    988.718409  2.690180   9.221962   11.912142      979.496447
 LT-A2                       A-30/360                   100.00             -         -          -           -               -
 LT-X                        A-30/360                   100.00             -         -          -           -               -
LT-B-1                       A-30/360             5,915,000.00  1,000.000000  2.720876          -    2.720876    1,000.000000
LT-B-2                       A-30/360             5,143,000.00  1,000.000000  2.720875          -    2.720875    1,000.000000
------------------------------------------------------------------------------------------------------------------------------
LT-B-3                       A-30/360             2,315,000.00  1,000.000000  2.720877          -    2.720877    1,000.000000
LT-B-4                       A-30/360             1,534,000.00  1,000.000000  2.720874          -    2.720874    1,000.000000
LT-B-5                       A-30/360             1,028,000.00  1,000.000000  2.720875          -    2.720875    1,000.000000
LT-B-6                       A-30/360             2,068,996.83  1,000.000000  2.720874          -    2.720874    1,000.000000
 LT-R                        A-30/360                        -             -         -          -           -               -
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     Current
            Original                    Unscheduled   Scheduled      Total          Total     Realized  Deferred    Principal
 Class     Face Value      Interest      Principal    Principal    Principal    Distribution   Losses   Interest     Balance
--------------------------------------------------------------------------------------------------------------------------------
              (1)            (2)            (3)          (4)      (5)=(3)+(4)    (6)=(2)+(5)    (7)        (8)    (9)=(1)-(5)-
                                                                                                                    (7)+(8)
--------------------------------------------------------------------------------------------------------------------------------
<S>      <C>             <C>           <C>            <C>        <C>            <C>           <C>       <C>      <C>
 LT-A    496,378,000.00  2,694,756.10  10,177,512.83      -      10,177,512.83  12,872,268.93    -          -    486,200,487.17
 LT-A2           100.00          0.27         100.00      -             100.00         100.27    -          -                 -
 LT-X            100.00             -         100.00      -             100.00         100.00    -          -                 -
LT-B-1     5,915,000.00     32,293.14              -      -                  -      32,293.14    -          -      5,915,000.00
LT-B-2     5,143,000.00     28,078.38              -      -                  -      28,078.38    -          -      5,143,000.00
LT-B-3     2,315,000.00     12,638.82              -      -                  -      12,638.82    -          -      2,315,000.00
LT-B-4     1,534,000.00      8,374.92              -      -                  -       8,374.92    -          -      1,534,000.00
LT-B-5     1,028,000.00      5,612.40              -      -                  -       5,612.40    -          -      1,028,000.00
LT-B-6     2,068,996.83     11,295.76              -      -                  -      11,295.76    -          -      2,068,996.83
 LT-R                 -             -              -      -                  -              -    -          -                 -
--------------------------------------------------------------------------------------------------------------------------------
 Total   514,382,196.83  2,793,049.79  10,177,712.83      -      10,177,712.83  12,970,762.62    -          -    504,204,484.00
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Interest Detail
---------------------------------------------------------------------------------------------------------------------------------
             Pass-    Prior Principal                    Non-      Prior    Unscheduled                   Paid or      Current
            Through   (with Notional)    Accrued      Supported    Unpaid     Interest       Optimal      Deferred      Unpaid
 Class       Rate         Balance        Interest    Interest SF  Interest   Adjustment     Interest      Interest     Interest
---------------------------------------------------------------------------------------------------------------------------------
                                           (1)            (2)       (3)         (4)         (5)=(1)-        (6)       (7)=(5)-(6)
                                                                                           (2)+(3)+(4)
---------------------------------------------------------------------------------------------------------------------------------
<S>         <C>       <C>              <C>           <C>          <C>       <C>          <C>            <C>           <C>
 LT-A       3.26505%  490,778,066.36   1,335,345.99        -         -           -        1,335,345.99  1,335,345.99           -
 LT-A2      3.26505%               -              -        -         -           -                   -             -           -
 LT-X                              -              -        -         -           -                   -             -           -
LT-B-1      3.26505%    5,915,000.00      16,093.98        -         -           -           16,093.98     16,093.98           -
LT-B-2      3.26505%    5,143,000.00      13,993.46        -         -           -           13,993.46     13,993.46           -
---------------------------------------------------------------------------------------------------------------------------------
LT-B-3      3.26505%    2,315,000.00       6,298.83        -         -           -            6,298.83      6,298.83           -
LT-B-4      3.26505%    1,534,000.00       4,173.82        -         -           -            4,173.82      4,173.82           -
LT-B-5      3.26505%    1,028,000.00       2,797.06        -         -           -            2,797.06      2,797.06           -
LT-B-6      3.26505%    2,068,996.83       5,629.48        -         -           -            5,629.48      5,629.48           -
 LT-R                              -              -        -         -           -                   -             -           -
---------------------------------------------------------------------------------------------------------------------------------
 Total                508,782,063.19   1,384,332.62        -         -           -        1,384,332.62  1,384,332.62           -
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
-------------------------------------------------------------------------------------------------------------------------------
                                      Prior                                                                        Current
          Class     Original        Principal                                    Total      Realized  Deferred    Principal
Class     Type     Face Value        Balance        Interest     Principal    Distribution   Losses   Interest     Balance
-------------------------------------------------------------------------------------------------------------------------------
                                        (1)           (2)           (3)        (4)=(2)+(3)    (5)        (6)     (7)=(1)-(3)-
                                                                                                                   (5)+(6)
-------------------------------------------------------------------------------------------------------------------------------
<S>       <C>    <C>              <C>             <C>           <C>           <C>           <C>       <C>       <C>
  A        FLT   496,378,000.00   490,778,066.36    883,400.52  4,577,579.19   5,460,979.71    -          -     486,200,487.17
  X       CSTR           100.00                -    460,025.55             -     460,025.55    -          -                  -
 A-R        R            100.00                -             -             -              -    -          -                  -
 B-1       SUB     5,915,000.00     5,915,000.00     12,520.08             -      12,520.08    -          -       5,915,000.00
 B-2       SUB     5,143,000.00     5,143,000.00     10,886.02             -      10,886.02    -          -       5,143,000.00
-------------------------------------------------------------------------------------------------------------------------------
 B-3       SUB     2,315,000.00     2,315,000.00      4,900.08             -       4,900.08    -          -       2,315,000.00
 B-4       SUB     1,534,000.00     1,534,000.00      4,173.82             -       4,173.82    -          -       1,534,000.00
 B-5       SUB     1,028,000.00     1,028,000.00      2,797.06             -       2,797.06    -          -       1,028,000.00
 B-6       SUB     2,068,996.00     2,068,996.00      5,629.48             -       5,629.48    -          -       2,068,996.00
-------------------------------------------------------------------------------------------------------------------------------
Total            514,382,196.00   508,782,062.36  1,384,332.61  4,577,579.19   5,961,911.80    -          -     504,204,483.17
-------------------------------------------------------------------------------------------------------------------------------
Definitive Bond Record Date: 5/31/02
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail               Current Period Factor Information per $1,000 of Original Face
----------------------------------------------------------------------------------------------------------------------------------
                                             Orig. Principal     Prior                                                  Current
         Period   Period                     (with Notional)   Principal                                  Total        Principal
Class   Starting  Ending   Method    Cusip      Balance        Balance        Interest     Principal   Distribution     Balance
----------------------------------------------------------------------------------------------------------------------------------
                                                                 (1)            (2)          (3)       (4)=(2)+(3)         (5)
----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>      <C>      <C>      <C>       <C>             <C>          <C>              <C>       <C>              <C>
  A     05/20/02 06/18/02 A-30/360 81743XAA7 496,378,000.00    988.718409         1.779693 9.221962         11.001655   979.496447
  X                       A-30/360 SQ0201UPX         100.00             - 4,600,255.500000        -  4,600,255.500000            -
 A-R                      A-30/360 81743XAC3         100.00             -                -        -                 -            -
 B-1    05/20/02 06/18/02 A-30/360 81743XAB5   5,915,000.00  1,000.000000         2.116666        -          2.116666 1,000.000000
 B-2    05/20/02 06/18/02 A-30/360 81743XAD1   5,143,000.00  1,000.000000         2.116667        -          2.116667 1,000.000000
----------------------------------------------------------------------------------------------------------------------------------
 B-3    05/20/02 06/18/02 A-30/360 81743XAE9   2,315,000.00  1,000.000000         2.116665        -          2.116665 1,000.000000
 B-4                      A-30/360 SQ0201UB4   1,534,000.00  1,000.000000         2.720874        -          2.720874 1,000.000000
 B-5                      A-30/360 SQ0201UB5   1,028,000.00  1,000.000000         2.720875        -          2.720875 1,000.000000
 B-6                      A-30/360 SQ0201UB6   2,068,996.00  1,000.000000         2.720875        -          2.720875 1,000.000000
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     Current
           Original                    Unscheduled   Scheduled      Total          Total      Realized  Deferred    Principal
Class     Face Value      Interest      Principal    Principal    Principal    Distribution    Losses   Interest     Balance
---------------------------------------------------------------------------------------------------------------------------------
              (1)           (2)            (3)         (4)       (5)=(3)+(4)    (6)=(2)+(5)      (7)       (8)     (9)=(1)-(5)-
                                                                                                                      (7)+(8)
---------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>           <C>            <C>        <C>            <C>            <C>       <C>       <C>
  A     496,378,000.00  1,574,744.77  10,177,512.83     -       10,177,512.83  11,752,257.60      -          -    486,200,487.17
  X             100.00  1,142,843.20         100.00     -              100.00   1,142,943.20      -          -                 -
 A-R            100.00          0.27         100.00     -              100.00         100.27      -          -                 -
 B-1      5,915,000.00     22,194.39              -     -                   -      22,194.39      -          -      5,915,000.00
 B-2      5,143,000.00     19,297.68              -     -                   -      19,297.68      -          -      5,143,000.00
 B-3      2,315,000.00      8,686.39              -     -                   -       8,686.39      -          -      2,315,000.00
 B-4      1,534,000.00      8,374.92              -     -                   -       8,374.92      -          -      1,534,000.00
 B-5      1,028,000.00      5,612.40              -     -                   -       5,612.40      -          -      1,028,000.00
 B-6      2,068,996.00     11,295.75              -     -                   -      11,295.75      -          -      2,068,996.00
---------------------------------------------------------------------------------------------------------------------------------
Total   514,382,196.00  2,793,049.77  10,177,712.83     -       10,177,712.83  12,970,762.60      -          -    504,204,483.17
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
-------------------------------------------------------------------------------------------------------------------------------
          Pass-    Prior Principal                   Non-       Prior    Unscheduled                    Paid or      Current
         Through   (with Notional)     Accrued    Supported     Unpaid     Interest        Optimal      Deferred      Unpaid
Class     Rate        Balance          Interest   Interest SF  Interest   Adjustments     Interest      Interest     Interest
-------------------------------------------------------------------------------------------------------------------------------
                                         (1)          (2)         (3)         (4)         (5)=(1)-          (6)     (7)=(5)-(6)
                                                                                         (2)+(3)+(4)
-------------------------------------------------------------------------------------------------------------------------------
<S>      <C>       <C>              <C>           <C>          <C>       <C>           <C>            <C>           <C>
  A      2.16000%  490,778,066.36     883,400.52       -           -           -         883,400.52     883,400.52           -
  X      1.09497%               -     460,025.55       -           -           -         460,025.55     460,025.55           -
 A-R     3.26505%               -              -       -           -           -                  -              -           -
 B-1     2.54000%    5,915,000.00      12,520.08       -           -           -          12,520.08      12,520.08           -
 B-2     2.54000%    5,143,000.00      10,886.02                               -          10,886.02      10,886.02           -
-------------------------------------------------------------------------------------------------------------------------------
 B-3     2.54000%    2,315,000.00       4,900.08       -           -           -           4,900.08       4,900.08           -
 B-4     3.26505%    1,534,000.00       4,173.82       -           -           -           4,173.82       4,173.82           -
 B-5     3.26505%    1,028,000.00       2,797.06       -           -           -           2,797.06       2,797.06           -
 B-6     3.26505%    2,068,996.00       5,629.48       -           -           -           5,629.48       5,629.48           -
-------------------------------------------------------------------------------------------------------------------------------
Total              508,782,062.36   1,384,332.61       -           -           -       1,384,332.61   1,384,332.61           -
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>
--------------------------------------------------------------------------------
                            COLLECTION ACCOUNT REPORT
--------------------------------------------------------------------------------

<TABLE>
<Caption>
SUMMARY                                                                   TOTAL
--------------------------------------------------------------------------------
<S>                                                                <C>
     Principal Collections                                         4,577,579.19
     Principal Withdrawals                                                 0.00
     Principal Other Accounts                                              0.00
     TOTAL PRINCIPAL                                               4,577,579.19

     Interest Collected                                            1,411,105.24
     Interest Withdrawals                                                  0.00
     Interest Other Accounts                                               0.00
     Fees                                                            (26,772.62)
     TOTAL INTEREST                                                1,384,332.62

     TOTAL AVAILABLE TO CERTIFICATEHOLDERS                         5,961,911.81
--------------------------------------------------------------------------------

PRINCIPAL - COLLECTIONS                                                   TOTAL
--------------------------------------------------------------------------------

     Scheduled Principal                                                   0.00
     Curtailments                                                    507,772.80
     Prepayments In Full                                           4,069,806.39
     Repurchased Principal Amounts                                         0.00
     Substitution Principal Amount                                         0.00
     Liquidations                                                          0.00
     Insurance Principal                                                   0.00
     Other Principal                                                       0.00
     Total Realized Loss Of Principal                                      0.00

     TOTAL PRINCIPAL COLLECTED                                     4,577,579.19
--------------------------------------------------------------------------------

PRINCIPAL - WITHDRAWALS                                                   TOTAL
--------------------------------------------------------------------------------
                         SPACE INTENTIONALLY LEFT BLANK

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

PRINCIPAL - OTHER ACCOUNTS                                                TOTAL
--------------------------------------------------------------------------------

     Amounts remaining in Pre-Funding Account                              0.00
--------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<Caption>
INTEREST - COLLECTIONS                                                    TOTAL
--------------------------------------------------------------------------------
<S>                                                                <C>
     Scheduled Interest                                            1,546,034.84
     Repurchased Interest                                                  0.00
     Substitution Interest Amount                                          0.00
     Liquidation Interest                                                  0.00
     Insurance Interest                                                    0.00
     Other Interest                                                        0.00

     Delinquent Interest                                           1,306,122.19)
     Interest Advanced                                             1,171,192.59
     Prepayment Interest Shortfalls                                   (5,044.84)
     Compensating Interest                                             5,044.84
     Civil Relief Act Shortfalls                                           0.00

     TOTAL INTEREST COLLECTED                                      1,411,105.24
--------------------------------------------------------------------------------

INTEREST - WITHDRAWALS                                                    TOTAL
--------------------------------------------------------------------------------

     Current Nonrecoverable Advances                                       0.00

     TOTAL INTEREST WITHDRAWALS                                            0.00
--------------------------------------------------------------------------------

INTEREST - OTHER ACCOUNTS                                                 TOTAL
--------------------------------------------------------------------------------

     Basis Risk Shortfall                                                  0.00
     Basis Risk Reserve Fund Interest Earnings                             0.00

     TOTAL INTEREST OTHER ACCOUNTS                                         0.00
--------------------------------------------------------------------------------

INTEREST - FEES                                                           TOTAL
--------------------------------------------------------------------------------

     Current Servicing Fees                                           25,076.68
     Trustee Fee                                                       1,695.94

     TOTAL FEES                                                       26,772.62
--------------------------------------------------------------------------------
</TABLE>

<PAGE>
--------------------------------------------------------------------------------
                            CREDIT ENHANCEMENT REPORT
--------------------------------------------------------------------------------

<TABLE>
<Caption>

ACCOUNTS                                                                  TOTAL
--------------------------------------------------------------------------------
<S>                                                                 <C>
     BASIS RISK RESERVE FUND

     Beginning Balance                                                10,000.00
     Basis Risk Deposit                                                    0.00
     Basis Risk Shortfall paid                                             0.00
     Investment Earnings distributed to the Class X Bondholder             0.00
     Ending Balance                                                   10,000.00
--------------------------------------------------------------------------------

INSURANCE                                                                 TOTAL
--------------------------------------------------------------------------------
                         SPACE INTENTIONALLY LEFT BLANK

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

STRUCTURAL FEATURES                                                       TOTAL
--------------------------------------------------------------------------------

     Pro Rata Senior Percentage                                      96.461354%
     Senior Percentage                                              100.000000%
     Subordinate Percentage                                           0.000000%
     Senior Prepayment Percentage                                   100.000000%
     Subordinate Percentage                                           0.000000%
--------------------------------------------------------------------------------
</TABLE>

<PAGE>
--------------------------------------------------------------------------------
                                COLLATERAL REPORT
--------------------------------------------------------------------------------

<TABLE>
<Caption>

COLLATERAL                                                                TOTAL
--------------------------------------------------------------------------------
<S>                                                              <C>
          Loan Count:
     ORIGINAL                                                              1254
     Prior                                                                1,249
     Prefunding                                                               -
     Scheduled Paid Offs                                                      -
     Full Voluntary Prepayments                                             (10)
     Repurchases                                                              -
     Liquidations                                                             -
     ---------------------------------------------------------------------------
     Current
                                                                          1,239

     PRINCIPAL BALANCE:
     Original                                                    514,382,196.83
     Prior                                                       508,782,063.19
     Prefunding                                                               -
     Scheduled Principal                                                      -
     Partial and Full Voluntary Prepayments                       (4,577,579.19)
     Repurchases                                                              -
     Liquidations                                                             -
     ---------------------------------------------------------------------------
     Current                                                     504,204,484.00
--------------------------------------------------------------------------------

PREFUNDING                                                                TOTAL
--------------------------------------------------------------------------------
                         SPACE INTENTIONALLY LEFT BLANK

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

CHARACTERISTICS                                                           TOTAL
--------------------------------------------------------------------------------

     Weighted Average Coupon Original                                 3.667751%
     Weighted Average Coupon Prior                                    3.667751%
     Weighted Average Coupon Current                                  3.646437%
     ---------------------------------------------------------------------------
     Weighted Average Months to Maturity Original                           297
     Weighted Average Months to Maturity Prior                              297
     Weighted Average Months to Maturity Current                            296
     ---------------------------------------------------------------------------
     Weighted Avg Remaining Amortization Term Original                      296
     Weighted Avg Remaining Amortization Term Prior                         296
     Weighted Avg Remaining Amortization Term Current                       295
     ---------------------------------------------------------------------------
     Weighted Average Seasoning Original                                   3.66
     Weighted Average Seasoning Prior                                      3.66
     Weighted Average Seasoning Current                                    4.66
--------------------------------------------------------------------------------
</TABLE>

Note:  Original information refers to deal issue.

<PAGE>

<TABLE>
<Caption>

ARM CHARACTERISTICS                                                       TOTAL
--------------------------------------------------------------------------------
<S>                                                               <C>
     Weighted Average Margin Original                                    1.652%
     Weighted Average Margin Prior                                       1.652%
     Weighted Average Margin Current                                     1.651%
     ---------------------------------------------------------------------------
     Weighted Average Max Rate Original                                 12.000%
     Weighted Average Max Rate Prior                                    12.000%
     Weighted Average Max Rate Current                                  12.000%
     ---------------------------------------------------------------------------
     Weighted Average Min Rate Original                                  1.652%
     Weighted Average Min Rate Prior                                     1.652%
     Weighted Average Min Rate Current                                   1.651%
     ---------------------------------------------------------------------------
     Weighted Average Cap Up Original                                    0.000%
     Weighted Average Cap Up Prior                                       0.000%
     Weighted Average Cap Up Current                                     0.000%
     ---------------------------------------------------------------------------
     Weighted Average Cap Down Original                                  0.000%
     Weighted Average Cap Down Prior                                     0.000%
     Weighted Average Cap Down Current                                   0.000%
--------------------------------------------------------------------------------
Note:  Original information refers to deal issue.

SERVICING FEES / ADVANCES                                                 TOTAL
--------------------------------------------------------------------------------

     Current Servicing Fees                                           25,076.68
     Delinquent Servicing Fees                                       134,929.60
     TOTAL SERVICING FEES                                            160,006.28

     Total Servicing Fees                                            160,006.28
     Compensating Interest                                            (5,044.84)
     Delinquent Servicing Fees                                      (134,929.60)
     COLLECTED SERVICING FEES                                         20,031.84

     Prepayment Interest Shortfall                                     5,044.84

     Total Advanced Interest                                       1,171,192.59

     Current Nonrecoverable Advances                                       0.00
--------------------------------------------------------------------------------

ADDITIONAL COLLATERAL INFORMATION                                         TOTAL
--------------------------------------------------------------------------------

     Mortgage Loans which adjust based on One-Month LIBOR                  0.00
     Mortgage Loans which adjust based on Six-Month LIBOR                  0.00

     Special Hazard Loss Coverage Amount                           5,800,000.00
     Current Special Hazard Losses                                         0.00
     Cumulative Special Hazard Losses                                      0.00
     Bankruptcy Loss Coverage Amount                                 100,000.00
     Current Bankruptcy Losses                                             0.00
     Cumulative Bankruptcy Losses                                          0.00
     Fraud Loss Coverage Amount                                   15,431,466.00
     Current Fraud Losses                                                  0.00
     Cumulative Fraud Losses                                               0.00
--------------------------------------------------------------------------------
</TABLE>

<PAGE>
--------------------------------------------------------------------------------
                           DELINQUENCY REPORT - TOTAL
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                      CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS             TOTAL
-----------------------------------------------------------------------------------------------------------------
<S>               <C>                 <C>          <C>              <C>            <C>               <C>
DELINQUENT        Balance                          439,963.48               -               -        439,963.48
                  % Balance                              0.09%           0.00%           0.00%             0.09%
                  # Loans                                   1               -               -                 1
                  % # Loans                              0.08%           0.00%           0.00%             0.08%
-----------------------------------------------------------------------------------------------------------------
FORECLOSURE       Balance                   -               -               -               -                 -
                  % Balance              0.00%           0.00%           0.00%           0.00%             0.00%
                  # Loans                   -               -               -               -                 -
                  % # Loans              0.00%           0.00%           0.00%           0.00%             0.00%
-----------------------------------------------------------------------------------------------------------------
BANKRUPTCY        Balance                   -               -               -               -                 -
                  % Balance              0.00%           0.00%           0.00%           0.00%             0.00%
                  # Loans                   -               -               -               -                 -
                  % # Loans              0.00%           0.00%           0.00%           0.00%             0.00%
-----------------------------------------------------------------------------------------------------------------
REO               Balance                   -               -               -               -                 -
                  % Balance              0.00%           0.00%           0.00%           0.00%             0.00%
                  # Loans                   -               -               -               -                 -
                  % # Loans              0.00%           0.00%           0.00%           0.00%             0.00%
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------
TOTAL             Balance                   -       439,963.48              -               -        439,963.48
                  % Balance              0.00%           0.09%           0.00%           0.00%             0.09%
                  # Loans                   -               1               -               -                 1
                  % # Loans              0.00%           0.08%           0.00%           0.00%             0.08%
-----------------------------------------------------------------------------------------------------------------
</TABLE>

Note:  Current = 0-29 days, 1 Payment = 30-59 days, 2 Payments = 60-89 days,
       3+ Payments = 90+

<PAGE>

--------------------------------------------------------------------------------
     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                             LOAN GROUP
------------------------------------------------------------------------------------------------------
<S>                                                 <C>
Total Loan Count = 0                                Loan Group 1 = MSDW Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
------------------------------------------------------------------------------------------------------
</TABLE>
REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
Loan Number      Original      Stated                    Current      State &
     &          Principal    Principal      Paid to       Note         LTV at      Original    Origination
Loan Group       Balance      Balance        Date         Rate      Origination      Term          Date
------------------------------------------------------------------------------------------------------------
<S>             <C>          <C>            <C>          <C>        <C>             <C>         <C>

                         SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME
                     FORECLOSURE DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                             LOAN GROUP
--------------------------------------------------------------------------------
<S>                                                 <C>
Total Loan Count = 0                                Loan Group 1 = MSDW Group
Total Original Principal Balance = 000.00
Total Current Balance = 000.00

--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
Loan Number      Original      Stated                    Current      State &
     &          Principal    Principal      Paid to       Note         LTV at      Original    Origination
Loan Group       Balance      Balance        Date         Rate      Origination      Term          Date
------------------------------------------------------------------------------------------------------------
<S>             <C>          <C>            <C>          <C>        <C>             <C>         <C>

                                      SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS
--------------------------------------------------------------------------------

<TABLE>
VOLUNTARY PREPAYMENTS                                                     TOTAL
--------------------------------------------------------------------------------
<S>                                                               <C>
     CURRENT
     Number of Paid in Full Loans                                            10
     Number of Repurchased Loans                                              -
     ---------------------------------------------------------------------------
     Total Number of Loans Prepaid in Full                                   10

     Paid in Full Balance                                          4,069,806.39
     Repurchased Loans Balance                                                -
     Curtailments Amount                                             507,772.80
     ---------------------------------------------------------------------------
     Total Prepayment Amount                                       4,577,579.19

     CUMULATIVE
     Number of Paid in Full Loans                                            15
     Number of Repurchased Loans                                              -
     ---------------------------------------------------------------------------
     Total Number of Loans Prepaid in Full                                   15

     Paid in Full Balance                                          8,222,816.27
     Repurchased Loans Balance                                                -
     Curtailments Amount                                           1,954,896.56
     ---------------------------------------------------------------------------
     Total Prepayment Amount                                      10,177,712.83

                         SPACE INTENTIONALLY LEFT BLANK

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

VOLUNTARY PREPAYMENT RATES                                                TOTAL
--------------------------------------------------------------------------------

     SMM                                                                  0.90%
     3 Months Avg SMM
     12 Months Avg SMM
     Avg SMM Since Cut-off                                                0.99%

     CPR                                                                 10.28%
     3 Months Avg CPR
     12 Months Avg CPR
     Avg CPR Since Cut-off                                               11.30%

     PSA                                                               1102.79%
     3 Months Avg  PSA Approximation
     12 Months Avg PSA Approximation
     Avg PSA Since Cut-off Approximation                               1358.15%
--------------------------------------------------------------------------------
</TABLE>

<PAGE>

PREPAYMENT CALCULATION METHODOLOGY
--------------------------------------------------------------------------------

     Single Monthly Mortality (SMM): (Voluntary partial and full prepayments +
     Repurchases)/(Beg Principal Balance - Sched Principal)

     Conditional Prepayment Rate (CPR): 1-((1-SMM)(carat)12)

     PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))

     Average SMM over period between nth month and mth month (AvgSMMn,m):
     [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)](carat)(1/months in period n,m)

     Average CPR over period between the nth month and mth month (AvgCPRn,m):
     1-((1-AvgSMMn,m)(carat)12)

     Average PSA Approximation over period between the nth month and mth month:
     AvgCPRn,m/(0.02*Avg WASn,m))

     Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number
     of months in the period n,m)

     Weighted Average Seasoning (WAS)

     Note: Prepayment rates are calculated since deal issue date and include
           partial and full voluntary prepayments and repurchases. Dates
           correspond to distribution dates.
--------------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------------
 PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

SUMMARY                                                LOAN GROUP
------------------------------------------------       -------------------------

Total Loan Count = 10                                  Loan Group 1 = MSDW Group
Total Original Principal Balance = 4,086,862.00
Total Prepayment Amount = 4,069,806.39
------------------------------------------------       -------------------------

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
  Loan Number               Original                               Current     State &      Type Prepayment
       &          Loan     Principal    Prepayment    Prepayment    Note        LTV at             &           Origination
  Loan Group     Status     Balance       Amount         Date       Rate     Origination     Original Term        Date
--------------------------------------------------------------------------------------------------------------------------
<S>              <C>       <C>          <C>           <C>          <C>       <C>            <C>                <C>
  390441085 1              684,400.00   684,285.56    May-30-02    4.000%     NJ - 79.67%    Paid Off - 300     Oct-19-01
  390441694 1              550,000.00   549,980.00    May-10-02    4.500%     FL - 75.86%    Paid Off - 300     Oct-22-01
  390441719 1              231,712.00   231,712.00    May-15-02    4.250%     IL - 53.89%    Paid Off - 300     Oct-19-01
  390441743 1              647,000.00   641,293.83    May-23-02    4.000%     GA - 77.95%    Paid Off - 300     Oct-24-01
  390444260 1              900,000.00   900,000.00    May-16-02    4.250%     MI - 76.60%    Paid Off - 300     Dec-31-01
  390444583 1               92,750.00    92,750.00    May-22-02    3.625%     MD - 70.00%    Paid Off - 300     Nov-13-01
  390445927 1              219,000.00   219,000.00    May-30-02    3.625%     CT - 99.55%    Paid Off - 300     Jan-15-02
  390445958 1               90,000.00    78,785.00    May-28-02    3.625%     ME - 93.75%    Paid Off - 300     Jan-14-02
  390446317 1              400,000.00   400,000.00    May-23-02    3.500%     MI - 52.22%    Paid Off - 300     Feb-21-02
  390448257 1              272,000.00   272,000.00    May-30-02    3.625%     FL - 80.00%    Paid Off - 300     Jan-30-02
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                        REALIZED LOSS REPORT - COLLATERAL
--------------------------------------------------------------------------------

<TABLE>
COLLATERAL REALIZED LOSSES                                                TOTAL
--------------------------------------------------------------------------------
<S>                                                                       <C>
     CURRENT
     Number of Loans Liquidated                                               -
     Collateral Realized Loss/(Gain) Amount                                   -
     Net Liquidation Proceeds                                                 -

     CUMULATIVE
     Number of Loans Liquidated                                               -
     Collateral Realized Loss/(Gain) Amount                                   -
     Net Liquidation Proceeds                                                 -

     Note: Collateral realized losses may include adjustments to loans
           liquidated in prior periods.

                         SPACE INTENTIONALLY LEFT BLANK

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

DEFAULT SPEEDS                                                            TOTAL
--------------------------------------------------------------------------------

     MDR                                                                  0.00%
     3 Months Avg MDR
     12 Months Avg MDR
     Avg MDR Since Cut-off                                                0.00%

     CDR                                                                  0.00%
     3 Months Avg CDR
     12 Months Avg CDR
     Avg CDR Since Cut-off                                                0.00%

     SDA                                                                  0.00%
     3 Months Avg  SDA Approximation
     12 Months Avg SDA Approximation
     Avg SDA Since Cut-off Approximation                                  0.00%

     Loss Severity Approximation for Current Period
     3 Months Avg Loss Severity Approximation
     12 Months Avg Loss Severity Approximation
     Avg  Loss Severity Approximation Since Cut-off
--------------------------------------------------------------------------------
</TABLE>

<PAGE>

COLLATERAL REALIZED LOSS  CALCULATION METHODOLOGY
--------------------------------------------------------------------------------

     Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated
     Loans)/(Total Beg Principal Balance)

     Conditional Default Rate (CDR): 1-((1-MDR)(carat)12)

     SDA Standard Default Assumption:
     CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))

     Average MDR over period between nth month and mth month (AvgMDRn,m):
     [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)](carat)(1/months in period n,m)

     Average CDR over period between the nth month and mth month (AvgCDRn,m):
     1-((1-AvgMDRn,m)(carat)12)

     Average SDA Approximation over period between the nth month and mth month:

     AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg
     WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

     Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the
     period n,m)

     Loss Severity Approximation for current period: sum(Realized Loss
     Amount)/sum(Beg Principal Balance of Liquidated Loans)

     Average Loss Severity Approximation over period between nth month and mth
     month: Avg(Loss Severityn,m)

     Note: Default rates are calculated since deal issue date and include
           realized gains and additional realized losses and gains from prior
           periods.
           Dates correspond to distribution dates.
--------------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------------
  REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

SUMMARY                                                LOAN GROUP
---------------------------------------------          -------------------------
Total Loan Count = 0                                   Loan Group 1 = MSDW Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
  Loan Number               Original      Prior                    Current     State &
       &          Loan     Principal    Principal      Realized     Note        LTV at         Original        Origination
  Loan Group     Status     Balance      Balance     Loss/(Gain)    Rate     Origination         Term              Date
--------------------------------------------------------------------------------------------------------------------------
<S>              <C>       <C>          <C>           <C>          <C>       <C>            <C>                <C>
                                          SPACE INTENTIONALLY LEFT BLANK

--------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT
--------------------------------------------------------------------------------

<TABLE>
<Caption>
TRIGGER EVENTS                                                            TOTAL
--------------------------------------------------------------------------------
<S>                                                                       <C>
                         SPACE INTENTIONALLY LEFT BLANK

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

ADJUSTABLE RATE CERTIFICATE INFORMATION                                   TOTAL
--------------------------------------------------------------------------------
                         SPACE INTENTIONALLY LEFT BLANK

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

ADDITIONAL INFORMATION                                                    TOTAL
--------------------------------------------------------------------------------

     Basis Risk Shortfall
     Class A                                                               0.00
     Class B-1                                                             0.00
     Class B-2                                                             0.00
     Class B-3                                                             0.00
     Unpaid Basis Risk Shortfall
     Class A                                                               0.00
     Class B-1                                                             0.00
     Class B-2                                                             0.00
     Class B-3                                                             0.00
--------------------------------------------------------------------------------
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]