Document:

EXHIBIT 4.5

                          FORM OF TRUST AGREEMENT

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                              [            ]

                              TRUST 200[ ]-[ ]

                              TRUST AGREEMENT

                                  between

                        GS MORTGAGE SECURITIES CORP.

                                    and

                                [         ]

                      Dated as of [         ], 200[ ]

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                                     TABLE OF CONTENTS

                                                                                                       Page

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ARTICLE I - DEFINITIONS..................................................................................1
   SECTION 1.1.          Capitalized Terms...............................................................1
   SECTION 1.2.          Other Definitional Provisions...................................................3

ARTICLE II -- ORGANIZATION...............................................................................4
   SECTION 2.1.          Name............................................................................4
   SECTION 2.2.          Office..........................................................................4
   SECTION 2.3.          Purposes and Powers.............................................................4
   SECTION 2.4.          Appointment of Owner Trustee....................................................5
   SECTION 2.5.          Contributions of Trust Estate...................................................5
   SECTION 2.6.          Declaration of Trust............................................................5
   SECTION 2.7.          Title to Trust Property.........................................................5
   SECTION 2.8.          Situs of Trust..................................................................6
   SECTION 2.9.          Representations and Warranties of the Initial Beneficial Holder.................6
   SECTION 2.10.         Representations and Warranties of the Initial Beneficial Holder.................6
   SECTION 2.11.         Federal Income Tax Allocations..................................................7

ARTICLE III -- TRUST CERTIFICATES AND TRANSFER OF INTERESTS..............................................7
   SECTION 3.1.          Initial Ownership...............................................................8
   SECTION 3.2.          The Trust Certificates..........................................................8
   SECTION 3.3.          Authentication of Trust Certificates............................................8
   SECTION 3.4.          Registration of Transfer and Exchange of Trust Certificates.....................8
   SECTION 3.5.          Mutilated, Destroyed, Lost or Stolen Trust Certificates.........................9
   SECTION 3.6.          Persons Deemed Certificateholders...............................................9
   SECTION 3.7.          Access to List of Certificateholders Names and Addresses........................9
   SECTION 3.8.          Maintenance of Office or Agency................................................10
   SECTION 3.9.          Appointment of Paying Agent....................................................10
   SECTION 3.10.         Disposition by the Initial Beneifical Holder...................................11
   SECTION 3.11.         Book-Entry Trust Certificates..................................................11
   SECTION 3.12.         Notices to Clearing Agency.....................................................11
   SECTION 3.13.         Definitive Trust Certificates..................................................12

ARTICLE IV -- ACTIONS BY OWNER TRUSTEE..................................................................12
   SECTION 4.1.          Prior Notice to Owners with Respect to Certain Matters.........................12
   SECTION 4.2.          Action By Certificateholders with Respect to Certain Matters...................13
   SECTION 4.3.          Action By Certificateholders with Respect to Bankruptcy........................13
   SECTION 4.4.          Restrictions on Certificateholders' Power......................................13
   SECTION 4.5.          Majority Control...............................................................13

ARTICLE V -- APPLICATION OF TRUST FUNDS: CERTAIN DUTIES.................................................13
   SECTION 5.1.          Establishment of Certificate Distribution Account..............................13
   SECTION 5.2.          Application of Funds in Certificate Distribution Account.......................14
   SECTION 5.3.          [Reserved].....................................................................
   SECTION 5.4.          Method of Payment..............................................................14
   SECTION 5.5.          No Segregation of Monies; No Interest..........................................15
   SECTION 5.6.          Accounting and Reports to the Noteholders, Certificateholders,
                         the Internal Revenue Service and Others........................................15
   SECTION 5.7.          Signature on Returns; Tax Matters Partner......................................15

ARTICLE VI -- AUTHORITY AND DUTIES OF OWNER TRUSTEE.....................................................15
   SECTION 6.2.          General Authority..............................................................16
   SECTION 6.3.          General Duties.................................................................16
   SECTION 6.4.          Action upon Instruction........................................................16
   SECTION 6.5.          No Duties Except as Specified in this
                         Agreement or in Instructions...................................................17
   SECTION 6.6.          No Action Except under Specified Documents or Instructions.....................17
   SECTION 6.7.          Restrictions...................................................................17

ARTICLE VII -- CONCERNING THE OWNER TRUSTEE.............................................................18
   SECTION 7.1.          Acceptance of Trusts and Duties................................................18
   SECTION 7.2.          Furnishing of Documents........................................................19
   SECTION 7.3.          Representations and Warranties.................................................19
   SECTION 7.4.          Reliance; Advice of Counsel....................................................19
   SECTION 7.5.          Not Acting in Individual Capacity..............................................20
   SECTION 7.6.          Owner Trustee Not Liable for Trust
                         Certificates or Mortgage Loans.................................................20
   SECTION 7.7.          Owner Trustee May Own Trust Certificates and Notes.............................20

ARTICLE VIII -- COMPENSATION OF OWNER TRUSTEE...........................................................21
   SECTION 8.1.          Owner Trustee's Fees and Expenses..............................................21
   SECTION 8.2.          Indemnification................................................................21
   SECTION 8.3.          Payments to the Owner Trustee..................................................21

ARTICLE IX -- TERMINATION OF TRUST AGREEMENT............................................................21
   SECTION 9.1.          Termination of Trust Agreement.................................................21

ARTICLE X -- SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES.....................................22
   SECTION 10.1.         Eligibility Requirements for Owner Trustee.....................................23
   SECTION 10.2.         Resignation or Removal of Owner Trustee........................................23
   SECTION 10.3.         Successor Owner Trustee........................................................23
   SECTION 10.4.         Merger or Consolidation of Owner Trustee.......................................24
   SECTION 10.5.         Appointment of Co-Trustee or Separate Trustee..................................24

ARTICLE XI -- MISCELLANEOUS.............................................................................25
   SECTION 11.1.         Supplements and Amendments.....................................................25
   SECTION 11.2.         No Legal Title to Owner Trust Estate in Certificateholders.....................26
   SECTION 11.3.         Limitations on Rights of Others................................................27
   SECTION 11.4.         Notices........................................................................27
   SECTION 11.5.         Severability...................................................................27
   SECTION 11.6.         Separate Counterparts..........................................................27
   SECTION 11.7.         Successors and Assigns.........................................................27
   SECTION 11.8.         [Reserved].....................................................................29
   SECTION 11.9.         No Petition....................................................................27
   SECTION 11.10.        No Recourse....................................................................28
   SECTION 11.11.        Headings.......................................................................28
   SECTION 11.12.        Governing Law..................................................................28
   SECTION 11.13.        Trust Certificate Transfer Restrictions........................................28
   SECTION 11.14.        Master Servicer................................................................28
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                  TRUST AGREEMENT dated as of [                   ], 200[ ]
between GS Mortgage Securities Corp., a Delaware corporation, as Initial
Beneficial Holder, and [               ], a [                 ], as Owner
Trustee.

                                 ARTICLE I

                                DEFINITIONS

                  SECTION 1.1. Capitalized Terms. For all purposes of this
Agreement, the following terms shall have the meanings set forth below:

                  Agreement means this Trust Agreement, as the same may be
amended and supplemented from time to time.

                  Basic Documents means this Agreement, the Master
Servicing Agreement, the Indenture, the Certificate Depository Agreement,
the Note Depository Agreement and the other documents and certificates
delivered in connection therewith.

                  Benefit Plan has the meaning assigned to such term in
Section 11.13 below.

                  Book-Entry Trust Certificates means a beneficial interest
in the Trust Certificates, ownership and transfers of which shall be made
through book-entries by a Clearing Agency as described in Section 3.10
below.

                  Business Trust Statute means Chapter 38 of Title 12 of
the Delaware Code, 12 Del. Codess.ss.3801 et seq., as the same may be
amended from time to time.

                  Certificate means a certificate evidencing the beneficial
interest of a Certificateholder in the Trust, substantially in the form of
Exhibit A attached hereto.

                  Certificate Depository Agreement means the agreement
among the Trust, the Owner Trustee, the Master Servicer and [ ], as the
initial Clearing Agency, dated as of the Closing Date, relating to the
Trust Certificates, as the same may be amended and supplemented from time
to time.

                  Certificate Distribution Account has the meaning assigned
to such term in Section 5.1 below.

                  Certificate of Trust means the Certificate of Trust in
the form of Exhibit B to be filed for the Trust pursuant to Section 3810(a)
of the Business Trust Statute.

                  Certificate Register and Certificate Registrar means the
register mentioned and the registrar appointed pursuant to Section 3.4
below.

                  Clearing Agency means an organization registered as a
"clearing agency" pursuant to Section 17A of the Exchange Act.

                  Clearing Agency Participant means 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.

                  Code means the Internal Revenue Code of 1986, as amended
from time to time, and Treasury Regulations promulgated thereunder.

                  Corporate Trust Office means, with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee located
at [ ]; or at such other address as the Owner Trustee may designate by
notice to the Certificateholders and the Initial Beneficial Holder, or the
principal corporate trust office of any successor Owner Trustee (the
address of which the successor owner trustee will notify the
Certificateholders and the Initial Beneficial Holder).

                  Definitive Trust Certificates means either or both (as
the context requires) of: (i) Trust Certificates issued in certificated,
fully registered form as provided in Section 3.10 below and (ii) Trust
Certificates issued in certificated, fully registered form as provided in
Section 3.12 below.

                  ERISA has the meaning assigned to such term in Section
11.13 below.

                  Expenses has the meaning assigned to such term in Section
8.2 below.

                  Holder or Certificateholder means the Person in whose
name a Trust Certificate is registered on the Certificate Register.

                  Indemnified Parties has the meaning assigned to such term
in Section 8.2 below.

                  Initial Beneficial Holder or IBH means GS Mortgage
Securities Corp., a Delaware corporation.

                  Master Servicer means [               ] or any successor
master servicer.

                  Master Servicing Agreement means the Master Servicing
Agreement among the Trust, GS Mortgage Securities Corp., as Initial
Beneficial Holder, and [       ], as Master Servicer, dated as of [       ],
200[ ], as the same may be amended and supplemented from time to time.

                  [Note Depository Agreement means the agreement among the
Trust, the Master Servicer and The Depository Trust Company, as the initial
Clearing Agency, dated as of the Closing Date, relating to the Notes, as
the same may be amended or supplemented from time to time.]

                  Owner means each Person who is the beneficial owner of a
Book-Entry Certificate as reflected in the records of the Clearing Agency
or if a Clearing Agency Participant is not the Owner, then as reflected in
records of a Person maintaining an account with such Clearing Agency
(directly or indirectly, in accordance with the rules of such Clearing
Agency).

                  Owner Trust Estate means all right, title and interest of
the Trust in and to the property and rights assigned to the Trust pursuant
to Article II of the Master Servicing Agreement, all funds on deposit from
time to time in the Trust Accounts and the Certificate Distribution Account
and all other property of the Trust from time to time, including any rights
of the Owner Trustee and the Trust pursuant to the Master Servicing
Agreement.

                  Owner Trustee means [ ], a [ ], not in its individual
capacity but solely as owner trustee under this Agreement, and any
successor Owner Trustee hereunder.

                  Paying Agent means any paying agent or co-paying agent
appointed pursuant to Section 3.9 below and shall initially be the Owner
Trustee.

                  Record Date means, with respect to any Distribution Date,
the close of business on the fourteenth day of the calendar month in which
such Distribution Date occurs.

                  Secretary of State means the Secretary of State of the
State of Delaware.

                  Treasury Regulations means regulations, including
proposed or temporary regulations, promulgated under the Code. References
herein to specific provisions of proposed or temporary regulations shall
include analogous provisions of final Treasury Regulations or other
successor Treasury Regulations.

                  Trust means the trust established by this Agreement.

                  Trust Certificate means a Certificate.

                  SECTION 1.2. Other Definitional Provisions.

                  (a) Capitalized terms used herein and not otherwise
defined have the meanings assigned to them in the Master Servicing
Agreement or, if not defined therein, in the Indenture.

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

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

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

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

                                ARTICLE II

                                ORGANIZATION

                  SECTION 2.1. Name. The Trust created hereby shall be
known as "[ ] Trust 200[ ]-[ ]", in which name the Owner Trustee may
conduct the business of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

                  SECTION 2.2. Office. The office of the Trust shall be in
care of the Owner Trustee at the Corporate Trust Office or at such other
address as the Owner Trustee may designate by written notice to the
Certificateholders and the Initial Beneficial Holder.

                  SECTION 2.3. Purposes and Powers.

                  (a) The purpose of the Trust is, and the Trust shall have
the power and authority, to engage in the following activities:

                  (i) to issue the Notes pursuant to the Indenture and the
         Trust Certificates pursuant to this Agreement, and to sell the
         Notes and the Trust Certificates;

                  (ii) with the proceeds of the sale of the Notes and the
         Trust Certificates, to fund the Reserve Account and to pay the
         organizational, start-up and transactional expenses of the Trust
         and to pay the balance to the Initial Beneficial Holder as payment
         of purchase price with respect to the Mortgage Loans;

                  (iii) to assign, grant, transfer, pledge, mortgage and
         convey the Trust Estate pursuant to the Indenture and to hold,
         manage and distribute to the Certificateholders pursuant to the
         terms of the Master Servicing Agreement any portion of the Trust
         Estate released from the Lien of, and remitted to the Trust
         pursuant to, the Indenture;

                  (iv) to enter into and perform its obligations under the
         Basic Documents to which it is a party;

                  (v) to engage in those activities, including entering
         into agreements, that are necessary, suitable or convenient to
         accomplish the foregoing or are incidental thereto or connected
         therewith; and

                  (vi) subject to compliance with the Basic Documents, to
         engage in such other activities as may be required in connection
         with conservation of the Owner Trust Estate and the making of
         distributions to the Certificateholders and the Noteholders. The
         Trust is hereby authorized to engage in the foregoing activities.
         The Trust shall not engage in any activity other than in
         connection with the foregoing or other than as required or
         authorized by the terms of this Agreement or the Basic Documents.

                  SECTION 2.4. Appointment of Owner Trustee. The Initial
Beneficial Holder hereby appoints the Owner Trustee as trustee of the Trust
effective as of the date hereof, to have all the rights, powers and duties
set forth herein.

                  SECTION 2.5. Contributions of Trust Estate. The Initial
Beneficial Holder hereby sells, assigns, transfers, conveys and sets over
to the Owner Trustee, as of the date hereof, the sum of $[ ]. The Owner
Trustee hereby acknowledges receipt in trust from the Initial Beneficial
Holder, as of the date hereof, of the foregoing contribution, which shall
constitute the initial Owner Trust Estate and shall be deposited in the
Certificate Distribution Account. On the Closing Date, the Initial
Beneficial Holder shall sell, assign, transfer, convey and set over to the
Owner Trustee, as of such date, all Initial Beneficial Holder's right,
title and interest in and to the Mortgage Loans by delivery thereof to the
Indenture Trustee pursuant to the Indenture.

                  SECTION 2.6. Declaration of Trust. The Owner Trustee
hereby declares that it will hold the Owner Trust Estate in trust upon and
subject to the conditions set forth herein for the use and benefit of the
Certificateholders, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that the Trust
constitute a business trust under the Business Trust Statute and that this
Agreement constitute the governing instrument of such business trust. It is
the intention of the parties hereto that, solely for income and franchise
tax purposes, the Trust shall be treated as a partnership. The parties
agree that, unless otherwise required by appropriate tax authorities, the
Trust will file or cause to be filed annual or other necessary returns,
reports and other forms consistent with the characterization of the Trust
as a partnership for such tax purposes. Effective as of the date hereof,
the Owner Trustee shall have all rights, powers and duties set forth herein
and to the extent not inconsistent herewith, in the Business Trust Statute
with respect to accomplishing the purposes of the Trust. The Owner Trustee
and the Delaware Trustee shall file the Certificate of Trust with the
Secretary of State of Delaware.

                  SECTION 2.7. Title to Trust Property. Legal title to all
of the Owner Trust Estate shall be vested at all times in the Trust as a
separate legal entity except where applicable law in any jurisdiction
requires title to any part of the Owner Trust Estate to be vested in a
trustee or trustees, in which case title shall be deemed to be vested in
the Owner Trustee, a co-trustee and/or a separate trustee, as the case may
be.

                  SECTION 2.8. [Initial Beneficial Holder] to pay
Organizational Expenses of the Trust. The [Initial Beneficial Holder] shall
pay organizational expenses of the Trust as they may arise or shall, upon
the request of the Owner Trustee, promptly reimburse the Owner Trustee for
any such expenses paid by the Owner Trustee.

                  SECTION 2.9. Situs of Trust. The Trust will be located
and administered in the State of [ ]. All bank accounts maintained by the
Owner Trustee on behalf of the Trust shall be located in the State of
Delaware or the State of [ ]. Payments will be received by the Trust only
in Delaware or [ ], and payments will be made by the Trust only from
Delaware or [ ]. The only office of the Trust will be at the Corporate
Trust Office in [ ]. SECTION 2.10. Representations and Warranties of the
Initial Beneficial Holder. The Initial Beneficial Holder hereby represents
and warrants to the Owner Trustee that:

                  (a) The Initial Beneficial Holder is duly organized and
validly existing as a Delaware corporation with power and authority to own
its properties and to conduct its business as such properties are currently
owned and such business is presently conducted;

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

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

                  SECTION 2.11. Representations and Warranties of the
Holder of the [Initial Beneficial Holder]. The Initial Beneficial Holder,
hereby represents and warrants to the Owner Trustee, as of the Closing
Date, that:

                  (a) It is duly organized and validly existing as a
corporation in good standing under the laws of the State of [ ] , with
corporate power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is
presently conducted;

                  (b) It is duly qualified to do business as a foreign
corporation in good standing, and has obtained all necessary licenses and
approvals in all jurisdictions in which the ownership or lease of property
or the conduct of its business shall require such qualifications;

                  (c) It has the corporate power and authority to execute
and deliver this Agreement and to carry out its terms and the execution,
delivery and performance of this Agreement has been duly authorized by all
necessary corporate action; and

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

                  SECTION 2.12. Federal Income Tax Allocations. Net income
of the Trust for any month as determined for federal income tax purposes
(and each item of income, gain, loss, credit and deduction entering into
the computation thereof) shall be allocated to the extent of available net
income, among the Certificateholders as of the first Record Date following
the end of such month, in proportion to their ownership of principal amount
of Trust Certificates on such date, an amount of net income up to the sum
of:

                  (a) the Certificateholders' Monthly Interest
Distributable Amount for such month;

                  (b) interest on the excess, if any, of the
Certificateholders' Interest Distributable Amount for the preceding
Distribution Date over the amount in respect of interest at the Certificate
Rate that is actually deposited in the Certificate Distribution Account on
such preceding Distribution Date, to the extent permitted by law, at the
Certificate Rate from such preceding Distribution Date through the current
Distribution Date, and

                  (c) the portion of the market discount on the Mortgage
Loans accrued during such month that is allocable to the excess of the
initial aggregate principal amount of the Trust Certificates over their
initial aggregate issue price.

                  Net losses of the Trust, if any, for any month as
determined for federal income tax purposes (and each item of income, gain,
loss, credit and deduction entering into the computation thereof) shall be
allocated among the Certificateholders as of the first Record Date
following the end of such month in proportion to their ownership of
principal amount of Trust Certificates on such Record Date until the
principal balance of the Trust Certificates is reduced to zero. The Initial
Beneficial Holder is authorized to modify the allocations in this paragraph
if necessary or appropriate, in its sole discretion, for the allocations to
fairly reflect the economic income, gain or loss to the Certificateholders,
or as otherwise required by the Code.

                                ARTICLE III

                TRUST CERTIFICATES AND TRANSFER OF INTERESTS

                  SECTION 3.1. Initial Ownership. Upon the formation of the
Trust by the contribution by the Initial Beneficial Holder pursuant to
Section 2.5 and until the issuance of the Trust Certificates, the Initial
Beneficial Holder shall be the sole beneficiary of the Trust.

                  SECTION 3.2. The Trust Certificates. The Trust
Certificates shall be issued in denominations of $1,000 and integral
multiples thereof; provided, however, that one Trust Certificate may be
issued in a denomination other than an integral multiple of $1,000. The
Trust Certificates shall be executed on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee. Trust
Certificates bearing the manual or facsimile signatures of individuals who
were, at the time when such signatures shall have been affixed, authorized
to sign on behalf of the Trust, shall be validly issued and entitled to the
benefit of this Agreement, notwithstanding that such individuals or any of
them shall have ceased to be so authorized prior to the authentication and
delivery of such Trust Certificates or did not hold such offices at the
date of authentication and delivery of such Trust Certificates. A
transferee of a Trust Certificate shall become a Certificateholder, and
shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder, upon due registration of such Trust
Certificate in such transferee's name pursuant to Section 3.4.

                  SECTION 3.3. Authentication of Trust Certificates.
Concurrently with the initial sale of the Mortgage Loans to the Trust
pursuant to the Master Servicing Agreement, the Owner Trustee shall cause
the Trust Certificates in an aggregate principal amount equal to the
initial Certificate Balance to be executed on behalf of the Trust,
authenticated and delivered to or upon the written order of the Initial
Beneficial Holder, signed by its chairman of the board, its president or
any vice president, without further corporate action by the Initial
Beneficial Holder, in authorized denominations. No Trust Certificate shall
entitle its holder to any benefit under this Agreement, or shall be valid
for any purpose, unless there shall appear on such Trust Certificate a
certificate of authentication substantially in the form set forth in
Exhibit A, executed by the Owner Trustee or [ ], as the Owner Trustee's
authenticating agent, by manual signature; such authentication shall
constitute conclusive evidence that such Trust Certificate shall have been
duly authenticated and delivered hereunder. All Trust Certificates shall be
dated the date of their authentication.

                  SECTION 3.4. Registration of Transfer and Exchange of
Trust Certificates. The Certificate Registrar shall keep or cause to be
kept, at the office or agency maintained pursuant to Section 3.8, a
Certificate Register in which, subject to such reasonable regulations as it
may prescribe, the Owner Trustee shall provide for the registration of
Trust Certificates and of transfers and exchanges of Trust Certificates as
herein provided. The Owner Trustee shall be the initial Certificate
Registrar.

                  Upon surrender for registration of transfer of any Trust
Certificate at the office or agency maintained pursuant to Section 3.8, the
Owner Trustee shall execute, authenticate and deliver (or shall cause [ ],
as its authenticating agent, to authenticate and deliver), in the name of
the designated transferee or transferees, one or more new Trust
Certificates in authorized denominations of a like class and aggregate face
amount dated the date of authentication by the Owner Trustee or any
authenticating agent. At the option of a Holder, Trust Certificates may be
exchanged for other Trust Certificates of the same class in authorized
denominations of a like aggregate amount upon surrender of the Trust
Certificates to be exchanged at the office or agency maintained pursuant to
Section 3.8.

                  Every Trust Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the Certificateholder or his
attorney duly authorized in writing, with such signature guaranteed by an
"eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or
participation in the Securities Transfer Agent's Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined
by the Certificate Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act. Each Trust Certificate surrendered
for registration of transfer or exchange shall be canceled and subsequently
disposed of by the Owner Trustee in accordance with its customary practice.

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

                  SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Trust
Certificates. If (a) any mutilated Trust Certificate shall be surrendered
to the Certificate Registrar, or if the Certificate Registrar shall receive
evidence to its satisfaction of the destruction, loss or theft of any Trust
Certificate and (b) there shall be delivered to the Certificate Registrar
and the Owner Trustee such security or indemnity as may be required by them
to save each of them harmless, then in the absence of notice that such
Trust Certificate shall have been acquired by a bona fide purchaser, the
Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or
[ ], as the Owner Trustee's authenticating agent, shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Trust Certificate, a new Trust Certificate of like class, tenor
and denomination. In connection with the issuance of any new Trust
Certificate under this Section 3.5, the Owner Trustee or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith. Any
duplicate Trust Certificate issued pursuant to this Section 3.5 shall
constitute conclusive evidence of an ownership interest in the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Trust
Certificate shall be found at any time.

                  SECTION 3.6. Persons Deemed Certificateholders. Every
person by virtue of becoming a Certificateholder or Owner in accordance
with this Agreement shall be deemed to be bound by the terms of this
Agreement. Prior to due presentation of a Trust Certificate for
registration of transfer, the Owner Trustee or the Certificate Registrar
may treat the Person in whose name any Trust Certificate shall be
registered in the Certificate Register as the Owner of such Trust
Certificate for the purpose of receiving distributions pursuant to Section
5.2 and for all other purposes whatsoever, and neither the Owner Trustee
nor the Certificate Registrar shall be bound by any notice to the contrary.

                  SECTION 3.7. Access to List of Certificateholders' Names
and Addresses. The Owner Trustee shall furnish or cause to be furnished to
the Master Servicer, the Initial Beneficial Holder and the Initial
Beneficial Holder, within [ ] days after receipt by the Owner Trustee of a
request therefor from the Master Servicer, the Initial Beneficial Holder or
the Initial Beneficial Holder in writing, a list, in such form as the
Master Servicer, the Initial Beneficial Holder or the Initial Beneficial
Holder may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. If three or more
Holders of Trust Certificates or one or more Holders of Trust Certificates
evidencing not less than 25% of the Certificate Balance apply in writing to
the Owner Trustee, and such application states that the applicants desire
to communicate with other Certificateholders with respect to their rights
under this Agreement or under the Trust Certificates and such application
is accompanied by a copy of the communication that such applicants propose
to transmit, then the Owner Trustee shall, within five Business Days after
the receipt of such application, afford such applicants access during
normal business hours to the current list of Certificateholders. Each
Holder, by receiving and holding a Trust Certificate, shall be deemed to
have agreed not to hold either the Initial Beneficial Holder or the Owner
Trustee accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

                  SECTION 3.8. Maintenance of Office or Agency. The Owner
Trustee shall maintain in the Borough of Manhattan, The City of New York,
an office or offices or agency or agencies where Trust Certificates may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Owner Trustee in respect of the Trust Certificates
and the Basic Documents may be served. The Owner Trustee initially
designates [ ] as its principal corporate trust office for such purposes.
The Owner Trustee shall give prompt written notice to the Initial
Beneficial Holder and to the Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

                  SECTION 3.9. Appointment of Paying Agent. The Paying
Agent shall make distributions to Certificateholders from the Certificate
Distribution Account pursuant to Section 5.2 and shall report the amounts
of such distributions to the Owner Trustee. Any Paying Agent shall have the
revocable power to withdraw funds from the Certificate Distribution Account
for the purpose of making the distributions referred to above. The Owner
Trustee may revoke such power and remove the Paying Agent if the Owner
Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Agreement in any material
respect. The Paying Agent shall initially be the Owner Trustee, and any
co-paying agent chosen by the Owner Trustee, and acceptable to the Master
Servicer. The Paying Agent shall be permitted to resign upon 30 days'
written notice to the Owner Trustee and the Master Servicer. In the event
that the Owner Trustee shall no longer be the Paying Agent, the Owner
Trustee shall appoint a successor to act as Paying Agent (which shall be a
bank or trust company). The Owner Trustee shall cause such successor Paying
Agent or any additional Paying Agent appointed by the Owner Trustee to
execute and deliver to the Owner Trustee an instrument in which such
successor Paying Agent or additional Paying Agent shall agree with the
Owner Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment
to the Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders. The Paying Agent shall return all unclaimed funds to
the Owner Trustee and upon removal of a Paying Agent such Paying Agent
shall also return all funds in its possession to the Owner Trustee. The
provisions of Sections 7.1, 7.3, 7.4 and 8.1 shall apply to the Owner
Trustee also in its role as Paying Agent, for so long as the Owner Trustee
shall act as Paying Agent and, to the extent applicable, to any other
paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

                  SECTION 3.10. Book-Entry Trust Certificates. The Trust
Certificates, upon original issuance, will be issued in the form of a
typewritten Trust Certificate or Trust Certificates representing Book-Entry
Trust Certificates, to be delivered to The Depository Trust Company, the
initial Clearing Agency, by or on behalf of the Trust. Such Book-Entry
Trust Certificate or Trust Certificates shall initially be registered on
the Certificate Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no beneficial owner (other than the Initial
Beneficial Holder will receive a definitive Trust Certificate representing
such beneficial owner's interest in such Trust Certificate, except as
provided in Section 3.12. Unless and until Definitive Trust Certificates
have been issued to beneficial owners pursuant to Section 3.12:

                  (i) the provisions of this Section 3.10 shall be in full
         force and effect;

                  (ii) the Certificate Registrar and the Owner Trustee
         shall be entitled to deal with the Clearing Agency for all
         purposes of this Agreement relating to the Book-Entry Trust
         Certificates (including the payment of principal of and interest
         on the Book-Entry Trust Certificates and the giving of
         instructions or directions to Owners of Book-Entry Trust
         Certificates) as the sole Holder of Book-Entry Trust Certificates
         and shall have no obligations to the Owners thereof;

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

                  (iv) the rights of the Owners of the Book-Entry Trust
         Certificates shall be exercised only through the Clearing Agency
         and shall be limited to those established by law and agreements
         between such Owners and the Clearing Agency and/or the Clearing
         Agency Participants. Pursuant to the Certificate Depository
         Agreement, unless and until Definitive Trust Certificates are
         issued pursuant to Section 3.12, the initial Clearing Agency will
         make book-entry transfers among the Clearing Agency Participants
         and receive and transmit payments of principal of and interest on
         the Book-Entry Trust Certificates to such Clearing Agency
         Participants; and

                  (v) whenever this Agreement requires or permits actions
         to be taken based upon instructions or directions of Holders of
         Trust Certificates evidencing a specified percentage of the
         Certificate Balance, the Clearing Agency shall be deemed to
         represent such percentage only to the extent that it has received
         instructions to such effect from Owners and/or Clearing Agency
         Participants owning or representing, respectively, such required
         percentage of the beneficial interest in the Book-Entry Trust
         Certificates and has delivered such instructions to the Owner
         Trustee.

                  SECTION 3.11. Notices to Clearing Agency. Whenever a
notice or other communication to the Owners is required under this
Agreement, unless and until Definitive Trust Certificates shall have been
issued to Owners pursuant to Section 3.12, the Owner Trustee shall give all
such notices and communications specified herein to be given to Owners to
the Clearing Agency, and shall have no obligations to the Owners, except to
the Initial Beneficial Holder.

                  SECTION 3.12. Definitive Trust Certificates. If (i) the
Master Servicer advises the Owner Trustee in writing that the Clearing
Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Trust Certificates, and the Master
Servicer is unable to locate a qualified successor, (ii) the Master
Servicer at its option advises the Owner Trustee in writing that it elects
to terminate the book-entry system through the Clearing Agency or (iii)
after the occurrence of an Event of Default, Owners of Certificates
representing beneficial interests aggregating at least a majority of the
Certificate Balance advise the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency is no
longer in the best interest of the Owners of Trust Certificates, then the
Clearing Agency shall notify all Owners and the Owner Trustee of the
occurrence of any such event and of the availability of the Definitive
Trust Certificates to Owners requesting the same. Upon surrender to the
Owner Trustee of the typewritten Trust Certificate or Trust Certificates
representing the Book-Entry Trust Certificates by the Clearing Agency,
accompanied by registration instructions, the Owner Trustee shall execute
and authenticate the Definitive Trust Certificates in accordance with the
instructions of the Clearing Agency. Neither the Certificate Registrar nor
the Owner 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 Trust
Certificates, the Owner Trustee shall recognize the Holders of the
Definitive Trust Certificates as Certificateholders. The Definitive Trust
Certificates shall be printed, lithographed or engraved or may be produced
in any other manner as is reasonably acceptable to the Owner Trustee, as
evidenced by its execution thereof.

                                ARTICLE IV

                          ACTIONS BY OWNER TRUSTEE

                  SECTION 4.1. Prior Notice to Owners with Respect to
Certain Matters. With respect to the following matters, the Owner Trustee
shall not take action unless at least [ ] days before the taking of such
action, the Owner Trustee shall have notified the Certificateholders in
writing of the proposed action and the Certificateholders shall not have
notified the Owner Trustee in writing prior to the [ ] day after such
notice is given that such Certificateholders have withheld consent or
provided alternative direction:

                  (a) the initiation of any material claim or lawsuit by
the Trust except claims or lawsuits brought in connection with the
collection of the Mortgage Loans and the compromise of any material action,
claim or lawsuit brought by or against the Trust (except with respect to
the aforementioned claims or lawsuits for collection of the Mortgage
Loans);

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

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

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

                  (e) the amendment, change or modification of the Master
Servicing Agreement, except to cure any ambiguity or defect or to amend or
supplement any provision in a manner that would not materially adversely
affect the interests of the Certificateholders; or

                  (f) the appointment pursuant to the Indenture of a
successor Trustee or the consent to the assignment by the Note Registrar,
Paying Agent or Trustee or Certificate Registrar of its obligations under
the Indenture or this Agreement, as applicable. The Owner Trustee shall
notify the Certificateholders in writing of any appointment of a successor
Note Registrar, Paying Agent or Certificate Registrar within five Business
Days thereof.

                  SECTION 4.2. Action by Certificateholders with Respect to
Certain Matters. The Owner Trustee shall not have the power, except upon
the direction of the Certificateholders, to (a) remove the Master Servicer
under the Master Servicing Agreement pursuant to Section [ ] thereof or (b)
except as expressly provided in the Basic Documents, sell the Mortgage
Loans after the termination of the Indenture. The Owner Trustee shall take
the actions referred to in the preceding sentence only upon written
instructions signed by the Certificateholders.

                  SECTION 4.3. Action by Certificateholders with Respect to
Bankruptcy. The Owner Trustee shall not have the power to commence a
voluntary proceeding in bankruptcy relating to the Trust without the
unanimous prior approval of all Certificateholders and the delivery to the
Owner Trustee by each such Certificateholder of a certificate certifying
that such Certificateholder reasonably believes that the Trust is
insolvent.

                  SECTION 4.4. Restrictions on Certificateholders' Power.
The Certificateholders shall not direct the Owner Trustee to take or
refrain from taking any action if such action or inaction would be contrary
to any obligation of the Trust or the Owner Trustee under this Agreement or
any of the Basic Documents or would be contrary to Section 2.3 nor shall
the Owner Trustee be obligated to follow any such direction, if given.

                  SECTION 4.5. Majority Control. Except as expressly
provided herein, any action that may be taken by the Certificateholders
under this Agreement may be taken by the Holders of Trust Certificates
evidencing not less than a majority of the Certificate Balance. Except as
expressly provided herein, any written notice of the Certificateholders
delivered pursuant to this Agreement shall be effective if signed by
Holders of Certificates evidencing not less than a majority of the
Certificate Balance at the time of the delivery of such notice.

                                 ARTICLE V

                 APPLICATION OF TRUST FUNDS: CERTAIN DUTIES

                  SECTION 5.1. Establishment of Certificate Distribution
Account. The Owner Trustee, for the benefit of the Certificateholders,
shall establish and maintain in the name of the Trust an Eligible Deposit
Account (the "Certificate Distribution Account"), bearing a designation
clearly indicating that the funds deposited therein are held for the
benefit of the Certificateholders. Except as otherwise provided herein, the
Certificate Distribution Account shall be under the sole dominion and
control of the Owner Trustee for the benefit of the Certificateholders.

                  SECTION 5.2. Application of Funds in Certificate
Distribution Account.

                  (a) On each Distribution Date, the Owner Trustee will,
based on the information contained in the Master Servicer's Certificate
delivered on the related Determination Date pursuant to Section [ ] of the
Master Servicing Agreement, distribute to Certificateholders, to the extent
of the funds available, amounts deposited in the Certificate Distribution
Account pursuant to Section [ ] of the Master Servicing Agreement on such
Distribution Date in the following order of priority:

                  (i) first, to the Certificateholders, on a pro rata
         basis, an amount equal to the Certificateholders' Interest
         Distributable Amount; and

                  (ii) second, to the Certificateholders, on a pro rata
         basis, an amount equal to the Certificateholders' 'Principal
         Distributable Amount.

                  (b) On each Distribution Date, the Owner Trustee shall
send to each Certificateholder the statement provided to the Owner Trustee
by the Master Servicer pursuant to Section [ ] of the Master Servicing
Agreement on such Distribution Date.

                  (c) In the event that any withholding tax is imposed on
the Trust's payment (or allocations of income) to a Certificateholder, such
tax shall reduce the amount otherwise distributable to the
Certificateholder in accordance with this Section 5.2. The Owner Trustee is
hereby authorized and directed to retain from amounts otherwise
distributable to the Certificateholders sufficient funds for the payment of
any tax that is legally owed by the Trust (but such authorization shall not
prevent the Owner Trustee from contesting any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings). The amount of any withholding tax
imposed with respect to a Certificateholder shall be treated as cash
distributed to such Certificateholder at the time it is withheld by the
Trust and remitted to the appropriate taxing authority. If there is a
possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-US Certificateholder), the Owner Trustee
may in it sole discretion withhold such amounts in accordance with this
clause (c). In the event that an Owner wishes to apply for a refund of any
such withholding tax, the Owner Trustee shall reasonably cooperate with
such Certificateholder in making such claim so long as such
Certificateholder agrees to reimburse the Owner Trustee for any
out-of-pocket expenses incurred.

                  SECTION 5.3. Method of Payment. Subject to Section
9.1(c), distributions required to be made to Certificateholders on any
Distribution Date shall be made 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 Certificateholder shall have
provided to the Certificate Registrar appropriate written instructions at
least five Business Days prior to such Distribution Date and such Holder's
Trust Certificates in the aggregate evidence a denomination of not less
than $[ ] or, if not, by check mailed to such Certificateholder at the
address of such holder appearing in the Certificate Register; provided,
however, that, unless Definitive Certificates have been issued pursuant to
Section 3.12, with respect to Trust Certificates registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), distributions will be made by wire transfer in
immediately available funds to the account designated by such nominee.
Notwithstanding the foregoing, the final distribution in respect of any
Trust Certificate (whether on the Final Scheduled Distribution Date or
otherwise) will be payable only upon presentation and surrender of such
Trust Certificate at the office or agency maintained for that purpose by
the Owner Trustee pursuant to Section 3.8.

                  SECTION 5.4. No Segregation of Monies; No Interest.
Subject to Sections 5.1 and 5.2, monies received by the Owner Trustee
hereunder need not be segregated in any manner except to the extent
required by law and may be deposited under such general conditions as may
be prescribed by law, and the Owner Trustee shall not be liable for any
interest thereon.

                  SECTION 5.5. Accounting and Reports to the Noteholders,
Certificateholders, the Internal Revenue Service and Others. Subject to
Sections [ ] and [ ] of the Master Servicing Agreement, the Initial
Beneficial Holder shall (a) maintain (or cause to be maintained) the books
of the Trust on a calendar year basis on the accrual method of accounting,
(b) deliver (or cause to be delivered) to each Certificateholder, as may be
required by the Code and applicable Treasury Regulations, such information
as may be required (including Schedule K-1) to enable each
Certificateholder to prepare its federal and state income tax returns, (c)
file or cause to be filed such tax returns relating to the Trust (including
a partnership information return, Form 1065), and direct the Owner Trustee
to make such elections as may from time to time be required or appropriate
under any applicable state or federal statute or rule or regulation
thereunder so as to maintain the Trust's characterization as a partnership
for federal income tax purposes and (d) collect or cause to be collected
any withholding tax as described in and in accordance with Section 5.2(c)
with respect to income or distributions to Certificateholders. The Owner
Trustee shall make all elections pursuant to this Section as directed by
the Initial Beneficial Holder. The Owner Trustee shall sign all tax
information returns filed pursuant to this Section 5.5 and any other
returns as may be required by law, and in doing so shall rely entirely
upon, and shall have no liability for information provided by, or
calculations provided by, the Initial Beneficial Holder. The Owner Trustee
shall elect under Section 1278 of the Code to include in income currently
any market discount that accrues with respect to the Mortgage Loans. The
Owner Trustee shall not make the election provided under Section 754 of the
Code.

                  SECTION 5.6. Signature on Returns; Tax Matters Partner.
Notwithstanding the provisions of Section 5.5, the Owner Trustee shall sign
on behalf of the Trust the tax returns of the Trust, unless applicable law
requires a Certificateholder or an Owner to sign such documents, in which
case such documents shall be signed by the [Initial Beneficial Holder].

                  (a) The [Initial Beneficial Holder] shall be the "tax
matters partner" of the Trust pursuant to the Code.

                                ARTICLE VI

                   AUTHORITY AND DUTIES OF OWNER TRUSTEE

                  SECTION 6.1. General Authority. The Owner Trustee is
authorized and directed to execute and deliver the Basic Documents to which
the Trust is named as a party and each certificate or other document
attached as an exhibit to or contemplated by the Basic Documents to which
the Trust is named as a party and any amendment thereto, in each case, in
such form as the Initial Beneficial Holder shall approve as evidenced
conclusively by the Owner Trustee's execution thereof, and on behalf of the
Trust, to direct the Trustee to authenticate and deliver [LIST THE CLASSES
OF NOTES AND AGGREGATE CURRENT PRINCIPAL AMOUNT(S)]. In addition to the
foregoing, the Owner Trustee is authorized, but shall not be obligated, to
take all actions required of the Trust pursuant to the Basic Documents. The
Owner Trustee is further authorized from time to time to take such action
as the Master Servicer recommends with respect to the Basic Documents.

                  SECTION 6.2. General Duties. It shall be the duty of the
Owner Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Agreement and the Master
Servicing Agreement and to administer the Trust in the interest of the
Owners, subject to the Basic Documents and in accordance with the
provisions of this Agreement. Notwithstanding the foregoing, the Owner
Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Basic Documents to the extent the Master Servicer
has agreed in the Master Servicing Agreement to perform any act or to
discharge any duty of the Owner Trustee hereunder or under any Basic
Document, and the Owner Trustee shall not be liable for the default or
failure of the Master Servicer to carry out its obligations under the
Master Servicing Agreement.

                  SECTION 6.3. Action Upon Instruction.

                  (a) Subject to Article IV, the Certificateholders may, by
written instruction, direct the Owner Trustee in the management of the
Trust. Such direction may be exercised at any time by written instruction
of the Certificateholders pursuant to Article IV.

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

                  (c) Whenever the Owner Trustee is unable to decide
between alternative courses of action permitted or required by the terms of
this Agreement or any Basic Document, the Owner Trustee shall promptly give
notice (in such form as shall be appropriate under the circumstances) to
the Certificateholders requesting instruction as to the course of action to
be adopted, and to the extent the Owner Trustee acts in good faith in
accordance with any written instruction of the Certificateholders received,
the Owner Trustee shall not be liable on account of such action to any
Person. If the Owner Trustee shall not have received appropriate
instruction within 10 days of such notice (or within such shorter period of
time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or
refrain from taking such action, not inconsistent with this Agreement or
the Basic Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such
action or inaction.

                  (d) In the event that the Owner Trustee is unsure as to
the application of any provision of this Agreement or any Basic Document or
any such provision is ambiguous as to its application, or is, or appears to
be, in conflict with any other applicable provision, or in the event that
this Agreement permits any determination by the Owner Trustee or is silent
or is incomplete as to the course of action that the Owner Trustee is
required to take with respect to a particular set of facts, the Owner
Trustee may give notice (in such form as shall be appropriate under the
circumstances) to the Certificateholders requesting instruction and, to the
extent that the Owner Trustee acts or refrains from acting in good faith in
accordance with any such instruction received, the Owner Trustee shall not
be liable, on account of such action or inaction, to any Person. If the
Owner Trustee shall not have received appropriate instruction within 10
days of such notice (or within such shorter period of time as reasonably
may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from
taking such action, not inconsistent with this Agreement or the Basic
Documents, as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such
action or inaction.

                  SECTION 6.4. No Duties Except as Specified in this
Agreement or in Instructions. The Owner Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record,
sell, dispose of, or otherwise deal with the Owner Trust Estate, or to
otherwise take or refrain from taking any action under, or in connection
with, any document contemplated hereby to which the Owner Trustee is a
party, except as expressly provided by the terms of this Agreement or in
any document or written instruction received by the Owner Trustee pursuant
to Section 6.3; and no implied duties or obligations shall be read into
this Agreement or any Basic Document against the Owner Trustee. The Owner
Trustee shall have no responsibility for filing any financing or
continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted
to it hereunder or to prepare or file any Commission filing for the Trust
or to record this Agreement or any Basic Document. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly
take all action as may be necessary to discharge any Liens on any part of
the Owner Trust Estate that result from actions by, or claims against, the
Owner Trustee that are not related to the ownership or the administration
of the Owner Trust Estate.

                  SECTION 6.5. No Action Except Under Specified Documents
or Instructions. The Owner Trustee shall not manage, control, use, sell,
dispose of or otherwise deal with any part of the Owner Trust Estate except
(i) in accordance with the powers granted to and the authority conferred
upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with
the Basic Documents and (iii) in accordance with any document or
instruction delivered to the Owner Trustee pursuant to Section 6.3.

                  SECTION 6.6. Restrictions. The Owner Trustee shall not
take any action (a) that is inconsistent with the purposes of the Trust set
forth in Section 2.3 or (b) that, to the actual knowledge of the Owner
Trustee, would result in the Trust's becoming taxable as a corporation for
federal income tax purposes. The Certificateholders shall not direct the
Owner Trustee to take action that would violate the provisions of this
Section 6.6.

                                ARTICLE VII

                        CONCERNING THE OWNER TRUSTEE

                  SECTION 7.1. Acceptance of Trusts and Duties. The Owner
Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this
Agreement. The Owner Trustee also agrees to disburse all moneys actually
received by it constituting part of the Owner Trust Estate upon the terms
of the Basic Documents and this Agreement. The Owner Trustee shall not be
answerable or accountable hereunder or under any Basic Document under any
circumstances, except: (i) for its own willful misconduct, bad faith or
negligence or (ii) in the case of the inaccuracy of any representation or
warranty contained in Section 7.3 expressly made by the Owner Trustee. In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

                  (a) the Owner Trustee shall not be liable for any error
of judgment made by a Responsible Officer of the Owner Trustee;

                  (b) the Owner Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in accordance with the
instructions of the Master Servicer or any Certificateholder;

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

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

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

                  (f) the Owner Trustee shall not be liable for the default
or misconduct of the Trustee or the Master Servicer under any of the Basic
Documents or otherwise and the Owner Trustee shall have no obligation or
liability to perform the obligations of the Trust under this Agreement or
the Basic Documents that are required to be performed by the Trustee under
the Indenture or the Master Servicer under the Master Servicing Agreement;
and

                  (g) the Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or
otherwise or in relation to this Agreement or any Basic Document, at the
request, order or direction of any of the Certificateholders, unless such
Certificateholders have offered to the Owner Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred by the Owner Trustee therein or thereby. The right of the Owner
Trustee to perform any discretionary act enumerated in this Agreement or in
any Basic Document shall not be construed as a duty, and the Owner Trustee
shall not be answerable for other than its negligence, bad faith or willful
misconduct in the performance of any such act.

                  SECTION 7.2. Furnishing of Documents. The Owner Trustee
shall furnish to the Certificateholders promptly upon receipt of a written
request therefor, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments
furnished to the Owner Trustee under the Basic Documents.

                  SECTION 7.3. Representations and Warranties. The Owner
Trustee hereby represents and warrants to the Initial Beneficial Holder,
for the benefit of the Certificateholders, that:

                  (a) It is a duly organized and validly existing in good
standing under the laws of the [ ] and having an office within the State of
New York. It has all requisite corporate power and authority to execute,
deliver and perform its obligations under this Agreement;

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

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

                  SECTION 7.4. Reliance; Advice of Counsel.

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

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

                  SECTION 7.5. Not Acting in Individual Capacity. Except as
provided in this Article VII, in accepting the trusts hereby created acts
solely as Owner Trustee hereunder and not in its individual capacity and
all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any Basic Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

                  SECTION 7.6. Owner Trustee not Liable for Trust
Certificates or Mortgage Loans. The recitals contained herein and in the
Trust Certificates (other than the signature and countersignature of the
Owner Trustee on the Trust Certificates) shall be taken as the statements
of the Initial Beneficial Holder and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, of any
Basic Document or of the Trust Certificates (other than the signature and
countersignature of the Owner Trustee on the Trust Certificates) or the
Notes, or of any Mortgage Loan or related documents. The Owner Trustee
shall at no time have any responsibility or liability for or with respect
to the legality, validity and enforceability of any Mortgage Loan, or the
perfection and priority of any security interest created by any Mortgage
Loan in any Mortgaged Property or the maintenance of any such perfection
and priority, or for or with respect to the sufficiency of the Owner Trust
Estate or its ability to generate the payments to be distributed to
Certificateholders under this Agreement or the Noteholders under the
Indenture, including, without limitation: the existence, condition and
ownership of any Mortgaged Property; the existence and enforceability of
any insurance thereon; the existence and contents of any Mortgage Loan on
any computer or other record thereof; the validity of the assignment of any
Mortgage Loan to the Trust or of any intervening assignment; the
completeness of any Mortgage Loan; the performance or enforcement of any
Mortgage Loan; the compliance by the Initial Beneficial Holder or the
Master Servicer with any warranty or representation made under any Basic
Document or in any related document or the accuracy of any such warranty or
representation or any action of the Trustee or the Master Servicer or any
subservicer taken in the name of the Owner Trustee.

                  SECTION 7.7. Owner Trustee May Own Trust Certificates and
Notes. The Owner Trustee in its individual or any other capacity may become
the owner or pledgee of Trust Certificates or Notes and may deal with the
Initial Beneficial Holder, the Trustee and the Master Servicer in banking
transactions with the same rights as it would have if it were not Owner
Trustee.

                               ARTICLE VIII

                       COMPENSATION OF OWNER TRUSTEE

                  SECTION 8.1. Owner Trustee's Fees and Expenses. The Owner
Trustee shall receive as compensation for its services hereunder such fees
as have been separately agreed upon before the date hereof between the
Initial Beneficial Holder and the Owner Trustee, and the Owner Trustee
shall be entitled to be reimbursed by the Initial Beneficial Holder for its
other reasonable expenses hereunder, including the reasonable compensation,
expenses and disbursements of such agents, representatives, experts and
counsel as the Owner Trustee may employ in connection with the exercise and
performance of its rights and its duties hereunder.

                  SECTION 8.2. Indemnification. The Initial Beneficial
Holder shall be liable as primary obligor for, and shall indemnify the
Owner Trustee and its successors, assigns, agents and servants
(collectively, the "Indemnified Parties") from and against, any and all
liabilities, obligations, losses, damages, taxes, claims, actions and
suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature
whatsoever (collectively, "Expenses") which may at any time be imposed on,
incurred by, or asserted against the Owner Trustee or any Indemnified Party
in any way relating to or arising out of this Agreement, the Basic
Documents, the Owner Trust Estate, the administration of the Owner Trust
Estate or the action or inaction of the Owner Trustee hereunder, except
only that the Initial Beneficial Holder shall not be liable for or required
to indemnify the Owner Trustee from and against Expenses arising or
resulting from any of the matters described in the third sentence of
Section 7.1. The indemnities contained in this Section 8.2 shall survive
the resignation or termination of the Owner Trustee or the termination of
this Agreement. In any event of any claim, action or proceeding for which
indemnity will be sought pursuant to this Section 8.2, the Owner Trustee's
choice of legal counsel shall be subject to the approval of the Initial
Beneficial Holder, which approval shall not be unreasonably withheld.

                  SECTION 8.3. Payments to the Owner Trustee. Any amounts
paid to the Owner Trustee pursuant to this Article VIII shall be deemed not
to be a part of the Owner Trust Estate immediately after such payment.

                                ARTICLE IX

                       TERMINATION OF TRUST AGREEMENT

                  SECTION 9.1. Termination of Trust Agreement.

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

                  (b) Except as provided in clause (a), neither the Initial
Beneficial Holder nor any Certificateholder shall be entitled to revoke or
terminate the Trust.

                  (c) Notice of any termination of the Trust, specifying
the Distribution Date upon which the Certificateholders shall surrender
their Trust Certificates to the Paying Agent for payment of the final
distribution and cancellation, shall be given by the Owner Trustee by
letter to Certificateholders mailed within five Business Days of receipt of
notice of such termination from the Master Servicer given pursuant to
Section [ ] of the Master Servicing Agreement, stating: (i) the
Distribution Date upon or with respect to which final payment of the Trust
Certificates shall be made upon presentation and surrender of the Trust
Certificates at the office of the Paying Agent therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made
only upon presentation and surrender of the Trust Certificates at the
office of the Paying Agent therein specified. The Owner Trustee shall give
such notice to the Certificate Registrar (if other than the Owner Trustee)
and the Paying Agent at the time such notice is given to
Certificateholders. Upon presentation and surrender of the Trust
Certificates, the Paying Agent shall cause to be distributed to
Certificateholders amounts distributable on such Distribution Date pursuant
to Section 5.2.

                  In the event that all of the Certificateholders shall not
surrender their Trust Certificates for cancellation within six months after
the date specified in the above mentioned written notice, the Owner Trustee
shall give a second written notice to the remaining Certificateholders to
surrender their Trust Certificates for cancellation and receive the final
distribution with respect thereto. If within one year after the second
notice all the Trust Certificates shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint
an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Trust Certificates, and
the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement. Any funds remaining in the Trust after
exhaustion of such remedies shall be distributed, subject to applicable
escheat laws, by the Owner Trustee to the Initial Beneficial Holder.

                  (d) Any funds remaining in the Trust after funds for
final distribution have been distributed or set aside for distribution
shall be distributed by the Owner Trustee to the Initial Beneficial Holder.

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

                                 ARTICLE X

           SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

                  SECTION 10.1. Eligibility Requirements for Owner Trustee.
The Owner Trustee shall at all times be a corporation authorized to
exercise corporate trust powers; and having a combined capital and surplus
of at least $[ ] and subject to supervision or examination by federal or
state authorities. If such corporation shall publish reports of condition
at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section
10.1, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of this
Section 10.1, the Owner Trustee shall resign immediately in the manner and
with the effect specified in Section 10.2.

                  SECTION 10.2. Resignation or Removal of Owner Trustee.
The Owner Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Master Servicer.
Upon receiving such notice of resignation, the Master Servicer shall
promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning
Owner Trustee and one copy to the successor Owner Trustee. If no successor
Owner Trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee may petition any court of competent jurisdiction
for the appointment of a successor Owner Trustee.

                  If at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of Section 10.1 and shall fail
to resign after written request therefor by the Master Servicer, or if at
any time the Owner Trustee shall be legally unable to act, or shall be
adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of
its property shall be appointed, or any public officer shall take charge or
control of the Owner Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then the Master Servicer
may remove the Owner Trustee. If the Master Servicer shall remove the Owner
Trustee under the authority of the immediately preceding sentence, the
Master Servicer shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered
to the outgoing Owner Trustee so removed and one copy to the successor
Owner Trustee and payment of all fees owed to the outgoing Owner Trustee.

                  Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions
of this Section 10.2 shall not become effective until acceptance of
appointment by the successor Owner Trustee pursuant to Section 10.3 and
payment of all fees and expenses owed to the outgoing Owner Trustee. The
Master Servicer shall provide notice of such resignation or removal of the
Owner Trustee to each of the Rating Agencies.

                  SECTION 10.3. Successor Owner Trustee. Any successor
Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge
and deliver to the Master Servicer and to its predecessor Owner Trustee an
instrument accepting such appointment under this Agreement, and thereupon
the resignation or removal of the predecessor Owner Trustee shall become
effective and such successor Owner Trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor under this Agreement, with like
effect as if originally named as Owner Trustee. The predecessor Owner
Trustee shall upon payment of its fees and expenses deliver to the
successor Owner Trustee all documents and statements and monies held by it
under this Agreement; and the Master Servicer and the predecessor Owner
Trustee shall execute and deliver such instruments and do such other things
as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties
and obligations.

                  No successor Owner Trustee shall accept appointment as
provided in this Section 10.3 unless at the time of such acceptance such
successor Owner Trustee shall be eligible pursuant to Section 10.1.

                  Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section 10.3, the Master Servicer shall mail
notice of the successor of such Owner Trustee to all Certificateholders,
the Trustee, the Noteholders and the Rating Agencies. If the Master
Servicer shall fail to mail such notice within 10 days after acceptance of
appointment by the successor Owner Trustee, the successor Owner Trustee
shall cause such notice to be mailed at the expense of the Master Servicer.

                  SECTION 10.4. Merger or Consolidation of Owner Trustee.
Any corporation into which the Owner 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 Owner Trustee shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Owner Trustee, shall be the successor of
the Owner Trustee hereunder, provided such corporation shall be eligible
pursuant to Section 10.1, without the execution or filing of any instrument
or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding; provided further that the Owner
Trustee shall mail notice of such merger or consolidation to the Rating
Agencies.

                  SECTION 10.5. 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 Owner Trust Estate or any Mortgaged Property may
at the time be located, the Master Servicer and the Owner Trustee acting
jointly shall have the power and shall execute and deliver all instruments
to appoint one or more Persons approved by the Owner Trustee to act as
co-trustee, jointly with the Owner Trustee, or separate trustee or separate
trustees, of all or any part of the Owner Trust Estate, and to vest in such
Person, in such capacity, such title to the Trust, or any part thereof,
and, subject to the other provisions of this Section 10.5, such powers,
duties, obligations, rights and trusts as the Master Servicer and the Owner
Trustee may consider necessary or desirable. If the Master Servicer shall
not have joined in such appointment within 15 days after the receipt by it
of a request so to do, the Owner Trustee alone shall have the power to make
such appointment. No co-trustee or separate trustee under this Agreement
shall be required to meet the terms of eligibility as a successor trustee
pursuant to Section 10.1 and no notice of the appointment of any co-trustee
or separate trustee shall be required pursuant to Section 10.3.

                  Each 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 Owner Trustee shall be conferred upon and
         exercised or performed by the Owner Trustee and such separate
         trustee or co-trustee jointly (it being understood that such
         separate trustee or co-trustee is not authorized to act separately
         without the Owner Trustee joining in such act), except to the
         extent that under any law of any jurisdiction in which any
         particular act or acts are to be performed, the Owner Trustee
         shall be incompetent or unqualified to perform such act or acts,
         in which event such rights, powers, duties and obligations
         (including the holding of title to the Trust or any portion
         thereof in any such jurisdiction) shall be exercised and performed
         singly by such separate trustee or co-trustee, but solely at the
         direction of the Owner Trustee;

                  (ii) no trustee under this Agreement shall be personally
         liable by reason of any act or omission of any other trustee under
         this Agreement; and

                  (iii) the Master Servicer and the Owner Trustee acting
         jointly may at any time accept the resignation of or remove any
         separate trustee or co-trustee.

                  Any notice, request or other writing given to the Owner
Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to
this 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 Owner 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
Owner Trustee. Each such instrument shall be filed with the Owner Trustee
and a copy thereof given to the Master Servicer.

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

                                ARTICLE XI

                               MISCELLANEOUS

                  SECTION 11.1. Supplements and Amendments. This Agreement
may be amended by the Initial Beneficial Holder and the Owner Trustee, with
prior written notice to the Rating Agencies, without the consent of any of
the Noteholders or the Certificateholders, to cure any ambiguity or defect,
to correct or supplement any provisions in this Agreement or for the
purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholders; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any Noteholder or
Certificateholder.

                  This Agreement may also be amended from time to time by
the Initial Beneficial Holder and the Owner Trustee, with prior written
notice to the Rating Agencies, with the consent of the Holders of Notes
evidencing not less than a majority of the Outstanding Amount of the Notes
and, to the extent affected thereby, the consent of the Holders of
Certificates evidencing not less than a majority of the Certificate Balance
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholders; provided,
however, that no such amendment shall (a) increase or reduce in any manner
the amount of, or accelerate or delay the timing of, collections of
payments on Mortgage Loans or distributions that shall be required to be
made for the benefit of the Noteholders or the Certificateholders or (b)
reduce the aforesaid percentage of the Outstanding Amount of the Notes and
the [Current Principal Amount] required to consent to any such amendment,
without the consent of the Holders of all the outstanding Notes and Holders
of all outstanding Certificates.

                  Promptly after the execution of any such amendment or
consent, the Owner Trustee shall furnish written notification of the
substance of such amendment or consent to each Certificateholder, the
Trustee and each of the Rating Agencies.

                  It shall not be necessary for the consent of
Certificateholders, the Noteholders or the Trustee pursuant to this Section
11.1 to approve the particular form of any proposed amendment or consent,
but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of
Certificateholders provided for in this Agreement or in any other Basic
Document) and of evidencing the authorization of the execution thereof by
Certificateholders shall be subject to such reasonable requirements as the
Owner Trustee may prescribe.

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

                  Prior to the execution of any amendment to this Agreement
or the Certificate of Trust, the Owner Trustee shall be entitled to receive
and rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement and that all
conditions precedent to the execution and delivery of such amendment have
been satisfied. The Owner Trustee may, but shall not be obligated to, enter
into any such amendment which affects the Owner Trustee's own rights,
duties or immunities under this Agreement or otherwise.

                  SECTION 11.2. No Legal Title to Owner Trust Estate in
Certificateholders. The Certificateholders shall not have legal title to
any part of the Owner Trust Estate. The Certificateholders shall be
entitled to receive distributions with respect to their undivided ownership
interest therein only in accordance with Articles V and IX. No transfer, by
operation of law or otherwise, of any right, title or interest of the
Certificateholders to and in their ownership interest in the Owner Trust
Estate shall operate to terminate this Agreement or the trusts hereunder or
entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Owner Trust Estate.

                  SECTION 11.3. Limitations on Rights of Others. Except for
Section 2.7, the provisions of this Agreement are solely for the benefit of
the Owner Trustee, the Initial Beneficial Holder, the Certificateholders,
the Master Servicer and, to the extent expressly provided herein, the
Trustee and the Noteholders, and nothing in this Agreement, whether express
or implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Owner Trust Estate or under or in
respect of this Agreement or any covenants, conditions or provisions
contained herein.

                  SECTION 11.4. Notices.

                  (a) Unless otherwise expressly specified or permitted by
the terms hereof, all notices shall be in writing and shall be deemed given
upon receipt personally delivered, delivered by overnight courier or mailed
certified mail, return receipt requested and shall be deemed to have been
duly given upon receipt, if to the Owner Trustee, addressed to [ ]; if to
the Initial Beneficial Holder, addressed to GS Mortgage Securities Corp.,
85 Broad Street, New York, New York 10004, Attention: [ ]; or, as to each
party, at such other address as shall be designated by such party in a
written notice to each other party.

                  (b) Any notice required or permitted to be given to a
Certificateholder shall be given by first-class mail, postage prepaid, at
the address of such Holder as shown in the Certificate Register. Any notice
so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

                  SECTION 11.5. Severability. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other
jurisdiction.

                  SECTION 11.6. Separate Counterparts. This Agreement may
be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument.

                  SECTION 11.7. Successors and Assigns. All covenants and
agreements contained herein shall be binding upon, and inure to the benefit
of, the Initial Beneficial Holder, the Owner Trustee and its successors and
each Certificateholder and its successors and permitted assigns, all as
herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by a Certificateholder shall bind the successors and
assigns of such Certificateholder.

                  SECTION 11.8. No Petition. The Owner Trustee (not in its
individual capacity but solely as Owner Trustee), by entering into this
Agreement, each Certificateholder, by accepting a Trust Certificate, and
the Trustee and each Noteholder by accepting the benefits of this
Agreement, hereby covenants and agrees that they will not at any time
institute against the Initial Beneficial Holder, or join in any institution
against the Initial Beneficial Holder of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or state bankruptcy or similar law in
connection with any obligations relating to the Trust Certificates, the
Notes, this Agreement or any of the Basic Documents.

                  SECTION 11.9. No Recourse. Each Certificateholder by
accepting a Trust Certificate acknowledges that such Certificateholder's
Trust Certificates represent beneficial interests in the Trust only and do
not represent interests in or obligations of the Initial Beneficial Holder,
the Master Servicer, the Owner Trustee, the Trustee or any Affiliate
thereof and no recourse may be had against such parties or their assets,
except as may be expressly set forth or contemplated in this Agreement, the
Trust Certificates or the Basic Documents.

                  SECTION 11.10. Headings. The headings of the various
Articles and Sections herein are for convenience of reference only and
shall not define or limit any of the terms or provisions hereof.

                  SECTION 11.11. Governing Law. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF [DELAWARE] , WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

                  SECTION 11.12. Trust Certificate Transfer Restrictions.
The Trust Certificates may not be acquired by or for the account of (i) an
employee benefit plan (as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA")) that is
subject to the provisions of Title 1 of ERISA, (ii) a plan described in
Section 4975(e) (1) of the Code, or (iii) any entity whose underlying
assets include plan assets by reason of a plan's investment in the entity
(each, a "Benefit Plan"). By accepting and holding a Trust Certificate, the
Holder thereof shall be deemed to have represented and warranted that it is
not a Benefit Plan.

                  SECTION 11.13. Master Servicer. The Master Servicer is
authorized to execute on behalf of the Trust all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of
the Trust to prepare, file or deliver pursuant to the Basic Documents. Upon
written request, the Owner Trustee shall execute and deliver to the Master
Servicer a power of attorney appointing the Master Servicer the Trust's
agent and attorney-in-fact to execute all such documents, reports, filings,
instruments, certificates and opinions.

                          SIGNATURE PAGE TO FOLLOW

                  IN WITNESS WHEREOF, the parties hereto have caused this
Trust Agreement to be duly executed by their respective officers hereunto
duly authorized as of the day and year first above written.

                                           [OWNER TRUSTEE],
                                           Owner Trustee

                                           By: ____________________________
                                               Name:
                                               Title:

                                           GS MORTGAGE SECURITIES CORP.,
                                           Initial Beneficial Holder

                                           By: ____________________________
                                               Name:
                                               Title:

                                                                  EXHIBIT A

NUMBER                                                   $[                 ]
                                                          R-[ ] CUSIP NO. [ ]

SEE REVERSE FOR CERTAIN DEFINITIONS UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN. THE PRINCIPAL OF THIS TRUST CERTIFICATE IS
DISTRIBUTABLE IN INSTALLMENTS AS SET FORTH IN THE TRUST AGREEMENT.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS TRUST CERTIFICATE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. [ ] TRUST 200[
]-[ ] MORTGAGE-BACKED CERTIFICATE evidencing a beneficial ownership
interest in certain distributions of the Trust, as defined below, the
property of which includes a pool of (i) mortgage loans or participations
therein secured by one- to four-family residential properties, (ii) loans
or participations therein secured by multifamily residential properties,
(iii) loans or participations therein secured by security interests or
similar liens on shares in cooperative housing corporations and the related
proprietary leases or occupancy agreements, (iv) conditional sales
contracts and installment sales or loan agreements or participations
therein secured by manufactured housing, (v) mortgage pass-through
securities issued or guaranteed by the Government National Mortgage
Association, the Federal National Mortgage Association, Freddie Mac
(formerly, Federal Home Loan Mortgage Corporation) or other governmental
agencies or government-sponsored agencies or (vi) privately issued
mortgage-backed securities sold to the Trust by [ ] (This Trust Certificate
does not represent an interest in or obligation of [GS Mortgage Securities
Corp.], or any of its Affiliates, except to the extent described below.)
THIS CERTIFIES THAT [ ] is the registered owner of [ ] DOLLARS
nonassessable, fully paid, beneficial ownership interest in certain
distributions of [ ] Trust 200[ ]-[ ] (the "Trust") formed by GS Mortgage
Securities Corp., a Delaware corporation (the "Initial Beneficial Holder").
The Trust Certificates have a Certificate Rate of [ ]% per annum.

               OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Trust Certificates referred to in the within-mentioned
Trust Agreement.

--------------------------------          ------------------------------------
as Owner Trustee                    or    as Owner Trustee

by:                                       by:

                                          Authenticating Agent

                                          by:

The Trust was created pursuant to a Trust Agreement dated as of [ ], 200[ ]
(the "Trust Agreement"), between the Initial Beneficial Holder and [ ], as
owner trustee (the "Owner Trustee"), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to
them in the Trust Agreement.

This Certificate is one of the duly authorized Trust Certificates
designated as Mortgage-Backed Certificates (herein called the "Trust
Certificates"). Also issued under the Indenture dated as of [ ], 200[ ],
between the Trust and [ ], as trustee, are classes of Notes designated as
[LIST THE CLASSES OF NOTES]. This Trust Certificate is issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the holder of this Trust Certificate by virtue of the
acceptance hereof assents and by which such holder is bound. The property
of the Trust includes (i) mortgage loans or participations therein secured
by one- to four-family residential properties, (ii) loans or participations
therein secured by multifamily residential properties, (iii) loans or
participations therein secured by security interests or similar liens on
shares in cooperative housing corporations and the related proprietary
leases or occupancy agreements, (iv) conditional sales contracts and
installment sales or loan agreements or participations therein secured by
manufactured housing, (v) mortgage pass-through securities issued or
guaranteed by the Government National Mortgage Association, the Federal
National Mortgage Association, Freddie Mac (formerly, Federal Home Loan
Mortgage Corporation) or other governmental agencies or
government-sponsored agencies or (vi) privately issued mortgage-backed
securities (collectively, the "Mortgage Loans"), all monies received on the
Mortgage Loans on or after [ ], 200[ ], security interests in the
properties financed thereby, certain bank accounts and the proceeds
thereof, proceeds from claims on certain insurance policies and certain
other rights under the Trust Agreement and the Master Servicing Agreement.

Under the Trust Agreement, there will be distributed on the [ ] day of each
month or, if such [ ] day is not a Business Day, the next Business Day (the
"Distribution Date"), commencing in [ ], 200[ ], to the Person in whose
name this Trust Certificate is registered at the close of business on the [
]th day of such month (the "Record Date") such Certificateholder's
fractional undivided interest in the amount to be distributed to
Certificateholders on such Distribution Date; provided, however, that
principal will be distributed to the Certificateholders on (to the extent
of funds remaining after the Class [ ] Notes have been paid in full) and
after the date on which the Class [ ] Notes have been paid in full. The
holder of this Trust Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Trust Certificate are subordinated
to the rights of the Noteholders as described in the Master Servicing
Agreement, the Indenture and the Trust Agreement, as applicable.

It is the intent of the Initial Beneficial Holder, Master Servicer and
Certificateholders that, for purposes of federal income taxes, the Trust
will be treated as a partnership and the Certificateholders (including the
Initial Beneficial Holder) will be treated as partners in that partnership.
The Initial Beneficial Holder and the other Certificateholders by
acceptance of a Trust Certificate, agree to treat, and to take no action
inconsistent with the treatment of, the Trust Certificates for such tax
purposes as partnership interests in the Trust.

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

Distributions on this Trust Certificate will be made as provided in the
Trust Agreement by the Owner Trustee by wire transfer or check mailed to
the Certificateholder of record in the Trust Certificate Register without
the presentation or surrender of this Trust Certificate or the making of
any notation hereon, except that with respect to Trust Certificates
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by
such nominee. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Trust Certificate
will be made after due notice by the Owner Trustee of the pendency of such
distribution and only upon presentation and surrender of this Trust
Certificate at the office or agency maintained for the purpose by the Owner
Trustee in the [Borough of Manhattan, The City of New York].

Reference is hereby made to the further provisions of this Trust
Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

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

THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

                                       [                    ] TRUST 200[ ]-[ ]

                                       By: ____________________________
                                           as Owner Trustee

Dated: _________________

By: ___________________

                       (Reverse of Trust Certificate)

The Trust Certificates do not represent an obligation of, or an interest
in, the Initial Beneficial Holder, the Master Servicer, the Owner Trustee
or any Affiliates of any of them and no recourse may be had against such
parties or their assets, except as may be expressly set forth or
contemplated herein or in the Trust Agreement, the Indenture or the Basic
Documents. In addition, this Trust Certificate is not guaranteed by any
governmental agency or instrumentality and is limited in right of payment
to certain collections with respect to the Mortgage Loans (and certain
other amounts), all as more specifically set forth herein and in the Master
Servicing Agreement. The Trust Certificates are limited in right of payment
to certain collections and recoveries respecting the Mortgage Loans, all as
more specifically set forth in the Master Servicing Agreement. A copy of
each of the Master Servicing Agreement and the Trust Agreement may be
examined during normal business hours at the principal office of the
Initial Beneficial Holder, and at such other places, if any, designated by
the Initial Beneficial Holder, by any Certificateholder upon written
request.

The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Initial Beneficial Holder and the rights of the Certificateholders under
the Trust Agreement at any time by the Initial Beneficial Holder and the
Owner Trustee with the consent of the holders of the Notes and the Trust
Certificates evidencing not less than a majority of the outstanding Notes
and the [Certificate Balance]. Any such consent by the holder of this Trust
Certificate shall be conclusive and binding on such holder and on all
future holders of this Trust Certificate and of any Trust Certificate
issued upon the transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent is made upon this Trust
Certificate. The Trust Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the holders of any of
the Trust Certificates.

As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Trust Certificate is registerable
in the Certificate Register upon surrender of this Trust Certificate for
registration of transfer at the offices or agencies of the Certificate
Registrar maintained by the Owner Trustee in [the Borough of Manhattan, The
City of New York], accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the holder hereof or such holder's attorney duly authorized in
writing, and thereupon one or more new Trust Certificates in authorized
denominations evidencing the same aggregate interest in the Trust will be
issued to the designated transferee.

The initial Certificate Registrar appointed under the Trust Agreement is
[              ], [                   ], [                         ].

Except for Trust Certificates issued to the Initial Beneficial Holder, the
Trust Certificates are issuable only as registered Trust Certificates
without coupons in denominations of $1,000 or integral multiples thereof;
except as otherwise provided in the Trust Agreement. As provided in the
Trust Agreement and subject to certain limitations therein set forth, Trust
Certificates are exchangeable for new Trust Certificates in authorized
denominations evidencing the same aggregate denomination, as requested by
the holder surrendering the same. No service charge will be made for any
such registration of transfer or exchange, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any
tax or governmental charge payable in connection therewith.

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

The obligations and responsibilities created by the Trust Agreement and the
Trust created thereby shall terminate upon the payment to
Certificateholders of all amounts required to be paid to them pursuant to
the Trust Agreement and the Master Servicing Agreement and the disposition
of all property held as part of the Trust. The Initial Beneficial Holder of
the Mortgage Loans may at its option purchase the corpus of the Trust at a
price specified in the Master Servicing Agreement, and such purchase of the
Mortgage Loans and other property of the Trust will effect early retirement
of the Trust Certificates; however, such right of purchase is exercisable,
subject to certain restrictions, only as of the last day of any Collection
Period as of which the Pool Balance is [ ]% or less of the Original Pool
Balance.

The Trust Certificates may not be acquired by (a) an employee benefit plan
(as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title 1 of ERISA, (b) a plan described in Section 4975(e) (l) of the Code
or (c) any entity whose underlying assets include plan assets by reason of
a plan's investment in the entity (each, a "Benefit Plan"). By accepting
and holding this Trust Certificate, the Holder hereof shall be deemed to
have represented and warranted that it is not a Benefit Plan.

                                 ASSIGNMENT

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
(Please print or type name and address, including postal zip code, of
assignee) the within Trust Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing attorney to transfer said Trust
Certificate on the books of the Trust Certificate Registrar, with full
power of substitution in the premises.

Dated:  ____________________

*

Signature Guaranteed:
-----------------------

*        NOTICE: The signature to this assignment must correspond with the
         name of the registered owner as it appears on the face of the
         within Certificate in every particular, without alteration,
         enlargement or any change whatever. Such signature must be
         guaranteed by an "eligible guarantor institution" meeting the
         requirements of the Certificate Registrar, which requirements
         include membership or participation in STAMP or such other
         "signature guarantee program" as may be determined by the
         Certificate Registrar in addition to, or in substitution for
         STAMP, all in accordance with the Securities Exchange Act of 1934,
         as amended.

                                                                  EXHIBIT B

                                  FORM OF
                          CERTIFICATE OF TRUST OF
                               [        ]
                              TRUST 200[ ]-[ ]

THIS Certificate of Trust of [ ] Trust 200[ ]-[ ] (the "Trust"), dated as
of [ ], 200[ ], is being duly executed and filed by [ ], a [ ], and [ ], a
[ ], as trustees, to form a business trust under the Delaware Business
Trust Act (12 Del. Code, ss.ss. 3801 et seq.).

1.       Name.  The name of the business trust formed hereby is [
                                ] TRUST 200[ ]-[ ].

2.       Delaware Trustee.  The name and business address of the trustee of
         the Trust resident in the State of Delaware is [                ].

3.       This Certificate of Trust will be effective [            ], 200[  ].

IN WITNESS WHEREOF, the undersigned, being the sole trustees of the Trust,
have executed this Certificate of Trust as of the date first above written.

                                        ____________________________,
                                        not in its individual capacity but
                                        solely as owner trustee of the Trust

                                        By:_________________________

                                        Name:_______________________

                                        Title:________________________

                                        not in his individual capacity but
                                        solely as trustee of the TrustEXHIBIT 10.1

                      FORM OF MASTER SERVICING AGREEMENT

                         MASTER SERVICING AGREEMENT

                                   among

                           [ ] TRUST 200[ ]-[ ],
                                  Issuer,

                       GS MORTGAGE SECURITIES CORP.,
                         Initial Beneficial Holder,

                                    and

                                    [ ],

                              Master Servicer

                          Dated as of [ ], 200[ ]

<TABLE>
<CAPTION>

                             TABLE OF CONTENTS

                                                                                                       PAGE

<S>                      <C>                                                                            <C>
ARTICLE I                DEFINITIONS.....................................................................1

   SECTION 1.1.          Definitions.....................................................................1
   SECTION 1.2.          Other Definitional Provisions..................................................18
   SECTION 1.3.          Interest Calculations..........................................................18

ARTICLE II               CONVEYANCE OF MORTGAGE LOANS...................................................19

   SECTION 2.1.          Conveyance of Mortgage Loans...................................................19
   SECTION 2.2.          Acceptance by Trustee..........................................................20
   SECTION 2.3.          Representations And Warranties Of The Initial
                           Beneficial Holder Regarding The Mortgage Loans...............................21
   SECTION 2.4.          Substitution Of Mortgage Loans.................................................21

ARTICLE III              ADMINISTRATION AND SERVICING OF MORTGAGE  LOANS................................22

   SECTION 3.1.          Duties of Master Servicer......................................................22
   SECTION 3.2.          Collection and Allocation of Mortgage Loan Payments............................23
   SECTION 3.3.          Withdrawals from Each Collection Account.......................................24
   SECTION 3.4.          Maintenance of Hazard Insurance; Property Protection Expenses..................25
   SECTION 3.5.          Maintenance of Mortgage Impairment Insurance Policy............................25
   SECTION 3.6.          Fidelity Bond..................................................................26
   SECTION 3.7.          Management and Realization Upon Defaulted Mortgage Loans.......................26
   SECTION 3.8.          Trustee to Cooperate...........................................................27
   SECTION 3.9.          Servicing Fee..................................................................28
   SECTION 3.10.         Master Servicer's Certificate..................................................28
   SECTION 3.11.         Annual Statement as to Compliance; Notice of Default...........................28
   SECTION 3.12.         Annual Independent Certified Public Accountants' Report........................29
   SECTION 3.13.         Access to Certain Documentation and Information Regarding Mortgage Loans.......29
   SECTION 3.14.         Master Servicer Expenses.......................................................29
   SECTION 3.15.         Advances by the Master Servicer................................................30
   SECTION 3.16.         Superior Liens.................................................................30
   SECTION 3.17.         Payment of Taxes, Insurance and Other Charges..................................31
   SECTION 3.18.         Appointment of Sub-Servicer....................................................31

   ARTICLE IV            DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO  CERTIFICATEHOLDERS
                         AND NOTEHOLDERS................................................................31

   SECTION 4.1.          Establishment of Trust Accounts................................................31
   SECTION 4.2.          Application of Collections.....................................................33
   SECTION 4.3.          Additional Deposits............................................................33
   SECTION 4.4.          Distributions..................................................................34
   SECTION 4.5.          Reserve Account................................................................35
   SECTION 4.6.          Statements to Certificateholders and Noteholders...............................35
   SECTION 4.7.          Net Deposits...................................................................36

ARTICLE V                THE INITIAL BENEFICIAL HOLDER..................................................36

   SECTION 5.1.          Representations of Initial Beneficial Holder...................................36
   SECTION 5.2.          Liability of Initial Beneficial Holder; Indemnities............................37
   SECTION 5.3.          Initial Beneficial Holder May Own Certificates or Notes........................38

ARTICLE VI               THE MASTER SERVICER............................................................38

   SECTION 6.1.          Representations of Master Servicer.............................................38
   SECTION 6.2.          Indemnities of Master Servicer.................................................40
   SECTION 6.3.          Merger or Consolidation of, or Assumption of the
                           Obligations of, Master Servicer..............................................40
   SECTION 6.4.          Limitation on Liability of Master Servicer and Others..........................41
   SECTION 6.5.          [                               ] Not to Resign as Master Servicer.............41

ARTICLE VII              DEFAULT........................................................................42

   SECTION 7.1.          Servicer Default...............................................................42
   SECTION 7.2.          Appointment of Successor.......................................................43
   SECTION 7.3.          Payment of Servicing Fee.......................................................44
   SECTION 7.4.          Notification to Noteholders and Certificateholders.............................44
   SECTION 7.5.          Waiver of Past Defaults........................................................44

ARTICLE VIII             TERMINATION....................................................................44

   SECTION 8.1.          Optional Purchase of All Mortgage Loans........................................44

ARTICLE IX               ADMINISTRATIVE DUTIES OF THE MASTER SERVICER...................................45

   SECTION 9.1.          Administrative Duties..........................................................45
   SECTION 9.2.          Records........................................................................48
   SECTION 9.3.          Additional Information to Be Furnished to The Issuer...........................48

ARTICLE X                MISCELLANEOUS PROVISIONS.......................................................48

   SECTION 10.1.         Amendment......................................................................48
   SECTION 10.2.         Protection of Title to Trust...................................................49
   SECTION 10.3.         Notices........................................................................51
   SECTION 10.4.         Assignment.....................................................................51
   SECTION 10.5.         Limitations on Rights of Others................................................51
   SECTION 10.6.         Severability...................................................................51
   SECTION 10.7.         Separate Counterparts..........................................................51
   SECTION 10.8.         Headings.......................................................................51
   SECTION 10.9.         Governing Law..................................................................51
   SECTION 10.10.        Assignment to Trustee..........................................................52
   SECTION 10.11.        Nonpetition Covenant...........................................................52
   SECTION 10.12.        Limitation of Liability of Owner Trustee and Trustee...........................52
   SECTION 10.13.        Independence of the Master Servicer............................................52
   SECTION 10.14.        No Joint Venture...............................................................53

</TABLE>

                  MASTER SERVICING AGREEMENT dated as of  [             ],
200[ ], among [                                   ] TRUST 200[ ]-[ ], a
Delaware business trust (the "Issuer"), and GS MORTGAGE SECURITIES CORP., as
Initial Beneficial Holder (the "Initial Beneficial Holder" or "IBH"), and
[                            ] as Master Servicer (the "Master Servicer").

                  WHEREAS, The Issuer desires to purchase a portfolio of
mortgage loans from the Initial Beneficial Holder; and

                  WHEREAS, the Master Servicer is willing to service such
mortgage loans.

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

                                 ARTICLE I

                                DEFINITIONS

                  SECTION 1.1. Definitions. Whenever used in this
Agreement, the following words and phrases shall have the following
meanings:

                  Aggregate Net Losses means with respect to a Due Period,
the aggregate principal balance of all Mortgage Loans newly designated
during such Due Period as Liquidated Mortgage Loans minus Liquidation
Proceeds collected during such Due Period with respect to all Liquidated
Mortgage Loans.

                  Agreement means this Master Servicing Agreement, as the
same may be amended and supplemented from time to time.

                  Assignment of Mortgage means, with respect to any
Mortgage, an assignment, notice of transfer or equivalent instrument, in
recordable form, sufficient under the laws of the jurisdiction in which the
related Mortgaged Property is located to reflect the sale of the Mortgage
to the Issuer, 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.

                  Available Principal means, with respect to any
Distribution Date, the sum of the following amounts without duplication:
(a) that portion of all collections on the Mortgage Loans allocable to
principal in respect of the preceding Due Period; (b) Liquidation Proceeds
attributable to the principal amount of Mortgage Loans which became
Liquidated Mortgage Loans during the preceding Due Period in accordance
with the Master Servicer's customary servicing procedures; and (c) to the
extent attributable to principal, the Purchase Price of each Mortgage Loan
repurchased by the Initial Beneficial Holder or purchased by the Master
Servicer during the preceding Due Period; provided, however, that in
calculating the Available Principal, all payments and proceeds (including
Liquidation Proceeds) of any Mortgage Loans repurchased by the Initial
Beneficial Holder or purchased by the Master Servicer the Purchase Price of
which has been included in the Available Principal in a prior Due Period
shall be excluded.

                  Basic Documents means this Agreement, the Certificate of
Trust, the Trust Agreement, the Indenture, the Depository Agreements and
other documents and certificates delivered in connection therewith.

                  Business Day means any day other than a Saturday or a
Sunday or a day on which banking institutions in New York, New York or
[Wilmington, Delaware] are authorized or obligated by law, regulation or
executive order to remain closed.

                  Certificate means a Trust Certificate (as defined in the
Trust Agreement).

                  Certificate Balance equals, initially, $[ ] and,
thereafter, equals the initial Certificate Balance, reduced by all amounts
allocable to principal previously distributed to Certificateholders.

                  Certificate Distribution Account has the meaning assigned
to such term in the Trust Agreement.

                  Certificate Rate means [         ]% per annum.

                  Certificateholder has the meaning assigned to such term
in the Trust Agreement.

                  Certificateholders' Distributable Amount means, with
respect to any Distribution Date, the sum of the Certificateholders'
Interest Distributable Amount and the Certificateholders' Principal
Distributable Amount.

                  Certificateholders' Interest Carryover Shortfall means,
with respect to any Distribution Date, the excess of the
Certificateholders' Monthly Interest Distributable Amount for the preceding
Distribution Date and any outstanding Certificateholders' Interest
Carryover Shortfall on such preceding Distribution Date, over the amount in
respect of interest at the Certificate Rate that is actually deposited in
the Certificate Distribution Account on such preceding Distribution Date,
plus interest on such excess, to the extent permitted by law, at the
Certificate Rate from and including such preceding Distribution Date to but
excluding the current Distribution Date.

                  Certificateholders' Interest Distributable Amount means,
with respect to any Distribution Date, the sum of the Certificateholders'
Monthly Interest Distributable Amount for such Distribution Date and the
Certificateholders' Interest Carryover Shortfall for such Distribution
Date.

                  Certificateholders' Monthly Interest Distributable Amount
means, with respect to any Distribution Date, thirty (30) days of interest
(or, in the case of the first Distribution Date, interest accrued from and
including the Closing Date to but excluding such Distribution Date) at the
Certificate Rate on the Certificate Balance on the immediately preceding
Distribution Date, after giving effect to all payments of principal to the
Certificateholders on or prior to such Distribution Date (or, in the case
of the first Distribution Date, the Certificate Balance on the Closing
Date).

                  Certificateholders' Monthly Principal Distributable
Amount means, with respect to any Distribution Date, the
Certificateholders' Percentage of the Principal Distribution Amount or,
with respect to any Distribution Date on or after the Distribution Date on
which the outstanding principal balance of the Class [ ] Notes is reduced
to zero, [ ]% of the Principal Distribution Amount (less any amount
required on the first such Distribution Date to reduce the outstanding
principal balance of the Class [ ] Notes to zero, which shall be deposited
into the Note Distribution Account).

                  Certificateholders' Percentage means 100% minus the
Noteholders' Percentage.

                  Certificateholders' Principal Carryover Shortfall means,
as of the close of any Distribution Date, the excess of the
Certificateholders' Monthly Principal Distributable Amount and any
outstanding Certificateholders' Principal Carryover Shortfall from the
preceding Distribution Date, over the amount in respect of principal that
is actually deposited in the Certificate Distribution Account on such
current Distribution Date.

                  Certificateholders' Principal Distributable Amount means,
with respect to any Distribution Date, the sum of the Certificateholders'
Monthly Principal Distributable Amount for such Distribution Date and the
Certificateholders' Principal Carryover Shortfall as of the close of the
preceding Distribution Date; provided, however, that the
Certificateholders' Principal Distributable Amount shall not exceed the
Certificate Balance. In addition, on the Certificate Final Scheduled
Distribution Date, the principal required to be distributed to
Certificateholders will include the lesser of (a) any payments of principal
due and remaining unpaid on each Mortgage Loan in the Trust as of [ ], 200[
] and (b) the portion of the amount that is necessary (after giving effect
to the other amounts to be deposited in the Certificate Distribution
Account on such Distribution Date and allocable to principal) to reduce the
Certificate Balance to zero, in either case after giving effect to any
required distribution of the Noteholders' Principal Distributable Amount to
the Note Distribution Account. In addition, on any Distribution Date on
which, after giving effect to all distributions to the Master Servicer, the
Noteholders and the Certificateholders on such Distribution Date, (i) the
outstanding principal balance of the Notes is zero and (ii) the amount on
deposit in the Reserve Account is equal to or greater than the Certificate
Balance, Certificateholders' Principal Distributable Amount shall include
an amount equal to such Certificate Balance.

                  Charge-off Rate means, with respect to a Due Period, the
Aggregate Net Losses with respect to the Mortgage Loans expressed, on an
annualized basis, as a percentage of the average of: (x) the Pool Balance
on the last day of the immediately preceding Due Period; and (y) the Pool
Balance on the last day in such Due Period.

                  Civil Relief Act means the Soldiers' and Sailors' Civil
Relief Act of 1940, as amended.

                  Closing Date means [                     ], 200[ ].

                  Collection Account means the account designated as such,
established and maintained pursuant to Section 3.2(c) below.

                  Cut-off Date means [                      ], 200[ ].

                  Cut-off Date Principal Balance means with respect to any
Mortgage Loan, the unpaid principal balance thereof as of the Cut-Off Date
(or as of the applicable date of substitution with respect to an Eligible
Substitute Mortgage Loan pursuant to either Section 2.2 or Section 2.3
below).

                  Debt Service Reduction means with respect to any Mortgage
Loan, a reduction by a court of competent jurisdiction of the Monthly
Payment due on such Mortgage Loan.

                  Defective Mortgage Loan means any Mortgage Loan subject
to repurchase or substitution pursuant to either Section 2.2 or Section 2.3
below.

                  Delinquency Percentage means, with respect to a Due
Period, the ratio of: (a) the outstanding principal balance of all
outstanding Mortgage Loans 60 days or more delinquent (which amount shall
include Mortgage Loans in respect of Mortgaged Properties that have been
repossessed but not yet sold or otherwise liquidated) as of the last day of
such Due Period, determined in accordance with the Master Servicer's normal
practices, divided by (b) the outstanding principal balance of all Mortgage
Loans on the last day of such Due Period.

                  Delivery when used with respect to Trust Account Property
means:

                  (a) with respect to bankers' acceptances, commercial
paper, negotiable certificates of deposit and other obligations that
constitute "instruments" within the meaning of Section 9.105(1)(i) of the
UCC and are susceptible of physical delivery, transfer thereof to the
Trustee or its nominee or custodian by physical delivery to the Trustee or
its nominee or custodian endorsed to, or registered in the name of, the
Trustee or its nominee or custodian or endorsed in blank, and, with respect
to a certificated security (as defined in Section 8-102 of the UCC)
transfer thereof (i) by delivery of such certificated security endorsed to,
or registered in the name of, the Trustee or its nominee or custodian or
endorsed in blank to a financial intermediary (as defined in Section 8-313
of the UCC) and the making by such financial intermediary of entries on its
books and records identifying such certificated securities as belonging to
the Trustee or its nominee or custodian and the sending by such financial
intermediary of a confirmation of the purchase of such certificated
security by the Trustee or its nominee or custodian, or (ii) by delivery
thereof to a "clearing corporation" (as defined in Section 8-102(3) of the
UCC) and the making by such clearing corporation of appropriate entries on
its books reducing the appropriate securities account of the transferor and
increasing the appropriate securities account of a financial intermediary
by the amount of such certificated security, the identification by the
clearing corporation of the certificated securities for the sole and
exclusive account of the financial intermediary, the maintenance of such
certificated securities by such clearing corporation or a "custodian bank"
(as defined in Section 8-102(4) of the UCC) or the nominee of either
subject to the clearing corporation's exclusive control, the sending of a
confirmation by the financial intermediary of the purchase by the Trustee
or its nominee or custodian of such securities and the making by such
financial intermediary of entries on its books and records identifying such
certificated securities as belonging to the Trustee or its nominee or
custodian (all of the foregoing, Physical Property), and, in any event, any
such Physical Property in registered form shall be in the name of the
Trustee or its nominee or custodian; and such additional or alternative
procedures as may hereafter become appropriate to effect the complete
transfer of ownership of any such Trust Account Property to the Trustee or
its nominee or custodian, consistent with changes in applicable law or
regulations or the interpretation thereof;

                  (b) with respect to any securities issued by the U.S.
Treasury, Freddie Mac or Fannie Mae that is a book-entry security held
through the Federal Reserve System pursuant to federal book-entry
regulations, the following procedures, all in accordance with applicable
law, including applicable federal regulations and Articles 8 and 9 of the
UCC: book-entry registration of such Trust Account Property to an
appropriate book-entry account maintained with a Federal Reserve Bank by a
financial intermediary which is also a "depository" pursuant to applicable
federal regulations and issuance by such financial intermediary of a
deposit advice or other written confirmation of such book-entry
registration to the Trustee or its nominee or custodian of the purchase by
the Trustee or its nominee or custodian of such book-entry securities; the
making by such financial intermediary of entries in its books and records
identifying such book-entry security held through the Federal Reserve
System pursuant to federal book-entry regulations as belonging to the
Trustee or its nominee or custodian and indicating that such custodian
holds such Trust Account Property solely as agent for the Trustee or its
nominee or custodian; and such additional or alternative procedures as may
hereafter become appropriate to effect complete transfer of ownership of
any such Trust Account Property to the Trustee or its nominee or custodian,
consistent with changes in applicable law or regulations or the
interpretation thereof; and

                  (c) with respect to any item of Trust Account Property
that is an uncertificated security under Article 8 of the UCC and that is
not governed by clause (b) above, registration on the books and records of
the issuer thereof in the name of the financial intermediary, the sending
of a confirmation by the financial intermediary of the purchase by the
Trustee or its nominee or custodian of such uncertificated security, the
making by such financial intermediary of entries on its books and records
identifying such uncertificated certificates as belonging to the Trustee or
its nominee or custodian.

                  Depository Agreements mean the Certificate Depository
Agreement and the Note Depository Agreement.

                  Determination Date means, with respect to any
Distribution Date, the [   ] Business Day prior to each Distribution Date.

                  Distribution Date means, with respect to each Due Period,
the [ ] day of the following month, or if such day is not a Business Day,
the immediately following Business Day, commencing on [ ], 200[ ].

                  Due Period means a calendar month, except with respect to
the first Due Period, which shall be the period from the Cut-off Date to [
], 200[ ]. Any amount stated "as of the close of business on the last day
of a Due Period" shall give effect to the following calculations as
determined as of the end of the day on such last day: (1) all applications
of collections and (2) all distributions to be made on the immediately
following Distribution Date.

                  Eligible Deposit Account means either (a) a segregated
account with an Eligible Institution or (b) a segregated trust account with
the corporate trust department of a depository institution (other than the
Initial Beneficial Holder or any affiliate of the Initial Beneficial
Holder) organized under the laws of the United States of America or any one
of the states thereof or the District of Columbia (or any domestic branch
of a foreign bank), having corporate trust powers and acting as trustee for
funds deposited in such account, so long as any of the securities of such
depository institution have a credit rating from each Rating Agency in one
of its generic rating categories which signifies investment grade.

                  Eligible Institution means a depository institution
(other than the Initial Beneficial Holder or any affiliate of the Initial
Beneficial Holder) organized under the laws of the United States of America
or any one of the states thereof or the District of Columbia (or any
domestic branch of a foreign bank), which has (i) either a long-term senior
unsecured debt rating of [ ] or a short-term senior unsecured debt or
certificate of deposit rating of [ ] or better by [ ] and (1) a long-term
senior unsecured debt rating of [ ] or better and (2) a short-term senior
unsecured debt rating of [ ] or better by [ ], or any other long-term,
short-term or certificate of deposit rating acceptable to the Rating
Agencies and (ii) whose deposits are insured by the Federal Deposit
Insurance Corporation. If so qualified, the Owner Trustee or the Trustee
may be considered an Eligible Institution.

                  Eligible Investments mean book-entry securities,
negotiable instruments or securities represented by instruments in bearer
or registered form which evidence:

                  (a) direct obligations of, and obligations fully
guaranteed as to timely payment by, the United States of America;

                  (d) demand deposits, time deposits or certificates of
deposit of any depository institution (including the Initial Beneficial
Holder or any Affiliate of the Initial Beneficial Holder) or trust company
incorporated under the laws of the United States of America or any state
thereof or the District of Columbia (or any domestic branch of a foreign
bank) and subject to supervision and examination by federal or state
banking or depository institution authorities (including depository
receipts issued by any such institution or trust company as custodian with
respect to any obligation referred to in clause (a) above or portion of
such obligation for the benefit of the holders of such depository
receipts); provided, however, that at the time of the investment or
contractual commitment to invest therein (which shall be deemed to be made
again each time funds are reinvested following each Distribution Date), the
commercial paper or other short-term senior unsecured debt obligations
(other than such obligations the rating of which is based on the credit of
a Person other than such depository institution or trust company) of such
depository institution or trust company shall have a credit rating from [ ]
of [ ] and from [ ] of [ ];

                  (e) commercial paper (including commercial paper of the
Initial Beneficial Holder or any Affiliate of the Initial Beneficial
Holder) having, at the time of the investment or contractual commitment to
invest therein, a rating from [ ] of [ ] and from [ ] of [ ];

                  (f) investments in money market funds (including funds
for which the Initial Beneficial Holder, the Trustee or the Owner Trustee
or any of their respective Affiliates is investment manager or advisor)
having a rating from [ ] of [ ] and from [ ] of [ ];

                  (g) bankers' acceptances issued by any depository
institution or trust company referred to in clause (b) above;

                  (h) repurchase obligations with respect to any security
that is a direct obligation of, or fully guaranteed by, the United States
of America or any agency or instrumentality thereof the obligations of
which are backed by the full faith and credit of the United States of
America, in either case entered into with a depository institution or trust
company (acting as principal) referred to in clause (b) above; and

                  (i) any other investment which would not cause any Rating
Agency to downgrade or withdraw its then current rating of any class of
Notes or the Certificates.

                  Eligible Substitute Mortgage Loan means a Mortgage Loan
substituted by the Initial Beneficial Holder for a Defective Mortgage Loan
which must, on the date of such substitution, (i) have an outstanding
Principal Balance not in excess of and not more than [ ]% less than the
Principal Balance of the Defective Mortgage Loan; (ii) have a current
Mortgage Rate not less than the Mortgage Rate of the Defective Mortgage
Loan and not more than [ ]% in excess of the Mortgage Rate of such
Defective Mortgage Loan; (iii) have a Mortgage of the same or higher level
of lien priority as the Mortgage relating to the Defective Mortgage Loan at
the time such Mortgage was transferred to the Trust; (iv) have a remaining
term to maturity not more than six months earlier and not later than the
remaining term to maturity of the Defective Mortgage Loan; (v) comply with
each representation and warranty set forth in Section 2.3 (deemed to be
made as of the date of substitution); and (vi) have an original
Loan-to-Value Ratio not greater than that of the Defective Mortgage Loan.

                  Fannie Mae means Federal National Mortgage Association or
any successor thereto.

                  Final Scheduled Distribution Date means with respect to
[List All Classes of Notes] and their Respective Final Scheduled
Distribution Dates.

                  Final Scheduled Maturity Date means [        ], 20[   ].

                  First Lien means, with respect to any Mortgage Loan which
is a second priority lien, the mortgage loan relating to the corresponding
Mortgaged Property having a first priority lien.

                  Foreclosure Profits means, with respect to a Liquidated
Mortgage Loan, the amount, if any, by which (i) the aggregate of the
related Net Liquidation Proceeds exceeds (ii) the related Principal Balance
(plus accrued and unpaid interest thereon at the applicable Mortgage Rate
from the date interest was last paid through the date of receipt of the
final Liquidation Proceeds) of such Liquidated Mortgage Loan immediately
prior to the final recovery of its Liquidation Proceeds.

                  Freddie Mac means Freddie Mac (formerly Federal Home Loan
Mortgage Corporation) or any successor thereto.

                  Indenture means the Indenture dated as of [      ], 200[  ],
between the Issuer and the Trustee, as the same may be amended and
supplemented from time to time.

                  Initial Beneficial Holder or IBH means GS Mortgage
Securities Corp., as the initial beneficial holder of the Mortgage Loans
and seller of the Mortgage Loans to the Trust, and each successor GS
Mortgage Securities Corp. (in the same capacity) to the extent permitted
hereunder.

                  Insolvency Event means, with respect to a specified
Person, (a) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person or any substantial
part of its property in an involuntary case under any applicable federal or
state bankruptcy, insolvency or other similar law now or hereafter in
effect, or appointing a receiver (including any receiver appointed under
the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as
amended), liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or
ordering the winding-up or liquidation of such Person's affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (b) the commencement by such Person of a voluntary
case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or the consent by such Person to
the entry of an order for relief in an involuntary case under any such law,
or the consent by such Person to the appointment of or taking possession by
a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official for such Person or for any substantial part of its
property, or the making by such Person of any general assignment for the
benefit of creditors, or the failure by such Person generally to pay its
debts as such debts become due, or the taking of action by such Person in
furtherance of any of the foregoing.

                  Insurance Proceeds means proceeds paid by any insurer
pursuant to any insurance policy covering a Mortgage Loan, or amounts
required to be paid by the Master Servicer pursuant to Section 3.5, net of
any component thereof (i) covering any expenses incurred by or on behalf of
the Master Servicer in connection with obtaining such proceeds, (ii) that
is applied to the restoration or repair of the related Mortgaged Property,
(iii) released to the Mortgagor in accordance with the Master Servicer's
normal servicing procedures or (iv) required to be paid to any holder of a
mortgage senior to such Mortgage Loan.

                  Interest Distribution Amount means, with respect to any
Distribution Date, the sum of the following amounts without duplication:
(a) that portion of all collections on the Mortgage Loans allocable to
interest in respect of the preceding Due Period; (b) Liquidation Proceeds
attributable to interest on the Mortgage Loans which became Liquidated
Mortgage Loans during the preceding Due Period in accordance with the
Master Servicer's customary servicing procedures; (c) the Purchase Price of
each Mortgage Loan that became a Purchased Mortgage Loan during the
preceding Due Period to the extent attributable to accrued interest on such
Mortgage Loan; (d) Recoveries for such Due Period and (e) Investment
Earnings for such Distribution Date; provided, however, that in calculating
the Interest Distribution Amount, all payments and proceeds (including
Liquidation Proceeds) of any Purchased Mortgage Loans the Purchase Price of
which has been included in the Interest Distribution Amount in a prior Due
Period shall be excluded.

                  Investment Earnings means, with respect to any
Distribution Date, the investment earnings (net of losses and investment
expenses) on amounts on deposit in the Trust Accounts and the Certificate
Distribution Account to be deposited into the Collection Account on such
Distribution Date pursuant to Section 4.1(b).

                  Issuer means [                          ] Trust 200[ ]-[ ].

                  Lien means a security interest, lien, charge, pledge or
encumbrance of any kind, other than tax liens, mechanics' liens and any
liens which attach to the respective Mortgage Loan by operation of law as a
result of any act or omission by the related Mortgagor.

                  Liquidated Mortgage Loan means, as to any Distribution
Date, any Mortgage Loan with respect to which the Master Servicer has
determined, in accordance with the servicing procedures specified herein,
as of the end of the related Due Period that all Liquidation Proceeds which
it expects to recover with respect to the liquidation of the Mortgage Loan
or disposition of the related REO Property have been recovered.

                  Liquidation Proceeds means proceeds (including Insurance
Proceeds) received in connection with the liquidation of any Mortgage Loan
or related REO Property, whether through trustee's sale, foreclosure sale
or otherwise.

                  Loan-to-Value Ratio means the fraction, expressed as a
percentage, the numerator of which is the original principal balance of the
related Mortgage Loan and the denominator of which is the Original Value of
the related Mortgaged Property.

                  Master Servicer means [ ], the Master Servicer of the
Mortgage Loans, and each successor to [ ] (in the same capacity) pursuant
to Section 6.3 or 7.2.

                  Master Servicer's Certificate means an Officers'
Certificate of the Master Servicer delivered pursuant to Section 3.10.

                  Monthly Advance means an advance made by the Master
Servicer pursuant to Section 3.15 hereof.

                  Monthly Payment means the scheduled monthly payment of
principal and/or interest required to be made by a Mortgagor on the related
Mortgage Loan.

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

                  Mortgage File means, with respect to any Mortgage Loan,
collectively, the following documents (and any additional documents
required to be added to the Mortgage File pursuant to this Agreement): (i)
The original Mortgage Note, with all prior and intervening endorsements
showing a complete chain of endorsements from the originator of the
Mortgage Loan to the Person so endorsing the Mortgage Loan to the Trustee,
endorsed by such Person "Pay to the order of, [ ], as Trustee for [ ] Trust
200[ ]-[ ] without recourse" and signed, by facsimile or manual signature,
in the name of the Initial Beneficial Holder by a Responsible Officer; (ii)
any of: (1) the original Mortgage, and related power of attorney, if any,
with evidence of recording thereon, (2) a copy of the Mortgage and related
power of attorney, if any, certified as a true copy of the original
Mortgage or power of attorney by a Responsible Officer of the Initial
Beneficial Holder or by the closing attorney by facsimile or manual
signature, or by an officer of the title insurer or agent of the title
insurer that issued the related title insurance policy if the original has
been transmitted for recording until such time as the original is returned
by the public recording office or (3) a copy of the Mortgage and related
power of attorney, if any, certified by the public recording office; (iii)
the original Assignment of Mortgage in recordable form, to "[ ], as Trustee
for [ ] Trust 200[ ]-[ ]", provided that any such Assignments of Mortgage
may be made by blanket assignments for Mortgage Loans secured by the
Mortgaged Properties in the same county, if permitted by applicable law;
(iv) the original lender's policy of title insurance or a true copy
thereof, or if such original lender's title insurance policy has been lost,
a copy thereof certified by the appropriate title insurer to be true and
complete, or if such lender's title insurance policy has not been issued as
of the Closing Date, a marked up commitment (binder) to issue such policy;
(v) all intervening assignments, if any, showing a complete chain of
assignments from the originator to the Initial Beneficial Holder, including
any recorded warehousing assignments, with evidence of recording thereon,
certified by a Responsible Officer of the Initial Beneficial Holder by
facsimile or manual signature as a true copy of the original of such
intervening assignments; and (vi) originals of all assumption, written
assurance, substitution and modification agreements, if any.

                  Mortgage Loan means a fixed rate mortgage loan identified
in the Mortgage Loan Schedule.

                  Mortgage Loan Schedule means with respect to any date,
the schedule of Mortgage Loans included in the Trust on such date. The
initial schedule of Mortgage Loans as of the Cut-off Date is the schedule
set forth herein as Exhibit A, which schedule sets forth as to each
Mortgage Loan (i) the Cut-Off Date Principal Balance, (ii) the account
number, (iii) the original principal amount, (iv) the Loan-to-Value Ratio
as of the date of the origination of the related Mortgage Loan, (v) the Due
Date, (vi) the Mortgage Rate, (vii) the first date on which a Monthly
Payment is due under the Mortgage Note, (viii) the original stated maturity
date of the Mortgage Note, (ix) the remaining number of months to maturity
as of the Cut-off Date, (x) the state in which the related Mortgaged
Property is situated, (xi) the type of property, and (xii) the lien status.

                  Mortgage Note means the originally executed note or other
evidence of indebtedness evidencing the indebtedness of a Mortgagor under
the related Mortgage Loan.

                  Mortgage Rate means the rate per annum at which interest
accrues with respect to a Mortgage Loan.

                  Mortgaged Property means the land and improvements
securing the indebtedness of a Mortgagor under the related Mortgage Loan.

                  Mortgagor means the obligor or obligors on a Mortgage
Note.

                  Net Liquidation Proceeds means, with respect to any
Liquidated Mortgage Loan, Liquidation Proceeds net of unreimbursed
Servicing Fees, unreimbursed Servicing Advances and Monthly Advances with
respect thereto.

                  Net Rate means, with respect to any Mortgage Loan as to
any day, the Mortgage Rate less the related Servicing Fee Rate.

                  Nonrecoverable Advances means, with respect to any
Mortgage Loan: (i) any Monthly Advance previously made and not reimbursed
pursuant to Section 3.2(c) or 3.3(ii), or (ii) a Servicing Advance or
Monthly Advance proposed to be made in respect of a Mortgage Loan or REO
Property which, in the good faith business judgment of the Master Servicer,
will not or, in the case of a proposed advance, would not be ultimately
recoverable pursuant to Section 3.2(c) or 3.3(ii).

                  Note Distribution Account means the account designated as
such, established and maintained pursuant to Section 4.1.

                  Noteholders' Distributable Amount means, with respect to
any Distribution Date, the sum of the Noteholders' Principal Distributable
Amount and the Noteholders' Interest Distributable Amount.

                  Noteholders' Interest Carryover Shortfall means, with
respect to any Distribution Date, the excess of the Noteholders' Monthly
Interest Distributable Amount for the preceding Distribution Date and any
outstanding Noteholders' Interest Carryover Shortfall on such preceding
Distribution Date, over the amount in respect of interest that is actually
deposited in the Note Distribution Account on such preceding Distribution
Date, plus interest on the amount of interest due but not paid to
Noteholders on the preceding Distribution Date, to the extent permitted by
law, at the respective Interest Rate borne by each class of Notes from such
preceding Distribution Date through the current Distribution Date.

                  Noteholders' Interest Distributable Amount means, with
respect to any Distribution Date, the sum of the Noteholders' Monthly
Interest Distributable Amount for such Distribution Date and the
Noteholders' Interest Carryover Shortfall for such Distribution Date.

                  Noteholders' Monthly Interest Distributable Amount means,
with respect to any Distribution Date, the product of (i)(A) in the case of
the Class [ ] Notes, the product of the Interest Rate for such class and a
fraction, the numerator of which is the number of days elapsed from and
including the prior Distribution Date (or, in the case of the first
Distribution Date, from and including the Closing Date) to but excluding
such Distribution Date and the denominator of which is [ ] and (B) in the
case of each other class of Notes, of the Interest Rate for such class (or,
in the case of the first Distribution Date, the Interest Rate for such
class multiplied by a fraction, the numerator of which is the number of
days elapsed from and including the Closing Date to but excluding such
Distribution Date and the denominator of which is [ ]) and (ii) the
outstanding principal balance of the Notes of such class on the immediately
preceding Distribution Date, after giving effect to all distributions of
principal to Noteholders of such class on such Distribution Date (or, in
the case of the first Distribution Date, on the Closing Date).

                  Noteholders' Monthly Principal Distributable Amount
means, with respect to any Distribution Date, the Noteholders' Percentage
of the Principal Distribution Amount.

                  Noteholders' Percentage means 100% until the point in
time at which [List All Classes of Notes] have been paid in full and zero
thereafter.

                  Noteholders' Principal Carryover Shortfall means, as of
the close of any Distribution Date, the excess of the Noteholders' Monthly
Principal Distributable Amount and any outstanding Noteholders' Principal
Carryover Shortfall from the preceding Distribution Date over the amount in
respect of principal that is actually deposited in the Note Distribution
Account.

                  Noteholders' Principal Distributable Amount means, with
respect to any Distribution Date, the sum of the Noteholder's Monthly
Principal Distributable Amount for such Distribution Date and the
Noteholders' Principal Carryover Shortfall as of the close of the preceding
Distribution Date; provided, however, that the Noteholders' Principal
Distributable Amount shall not exceed the outstanding principal balance of
the Notes. In addition, on the Final Scheduled Distribution Date of each
class of Notes, the principal required to be deposited in the Note
Distribution Account will include the amount necessary (after giving effect
to the other amounts to be deposited in the Note Distribution Account on
such Distribution Date and allocable to principal) to reduce the Current
Principal Amount of such class of Notes to zero.

                  Officers' Certificate means a certificate signed by: (a)
the chairman of the board, the president, the vice chairman of the board,
any executive vice president, any senior vice president or any vice
president and (b) a cashier, assistant cashier, secretary or assistant
secretary of the Initial Beneficial Holder or the Master Servicer, as
appropriate, provided that no one person may sign in a capacity fulfilling
both clause (a) and clause (b).

                  Opinion of Counsel means one or more written opinions of
counsel who may be an employee of or counsel to the Initial Beneficial
Holder or the Master Servicer, which counsel shall be acceptable to the
Trustee, the Owner Trustee or the Rating Agencies, as applicable.

                  Original Pool Balance means the Pool Balance as of the
Cut-off Date which is $[       ].

                  Original Value means the value of the Mortgaged Property
at the time of origination of the related Mortgage Loan, such value being
the lower of the value of such property set forth in an appraisal
acceptable to the originator of the Mortgage Loan or the sales price of
such property at the time of origination or, in the case of a refinancing,
the value of such property set forth in an appraisal acceptable to the
originator.

                  Owner Trust Estate has the meaning assigned to such term
in the Trust Agreement.

                  Owner Trustee means [    ], not in its individual capacity
but solely as Owner Trustee under the Trust Agreement, its successors in
interest or any successor Owner Trustee under the Trust Agreement.

                  Person means any individual, corporation, limited
liability company, estate, partnership, joint venture, association, joint
stock company, trust (including any beneficiary thereof), unincorporated
organization or government or any agency or political subdivision thereof.

                  Physical Property has the meaning assigned to such term
in the definition of Delivery above.

                  Pool Balance as of the close of business on the last day
of a Due Period means the aggregate Principal Balance of the Mortgage Loans
(excluding Purchased Mortgage Loans and Liquidated Mortgage Loans).

                  Primary Mortgage Insurance Policy means the certificate
of primary mortgage insurance relating to a particular Mortgage Loan, or
any replacement policy therefor.

                  Principal Balance means as to any Mortgage Loan other
than a Liquidated Mortgage Loan and any day, the related Cut-Off Date
Principal Balance (or unpaid principal balance as of the date of
substitution), minus all collections credited against the Principal Balance
of any such Mortgage Loan. For purposes of this definition, a Liquidated
Mortgage Loan shall be deemed to have a Principal Balance equal to the
Principal Balance of the related Mortgage Loan immediately prior to the
final recovery of related Liquidation Proceeds and a Principal Balance of
zero thereafter.

                  Principal Distribution Amount means, with respect to any
Distribution Date, the sum of the following amounts, without duplication,
in respect of the preceding Due Period: (a) that portion of all collections
on Mortgage Loans allocable to principal, (b) Liquidation Proceeds
attributable to the principal amount of Mortgage Loans which became
Liquidated Mortgage Loans during such Due Period in accordance with the
Master Servicer's customary servicing procedures, plus the amount of
Realized Losses with respect to such Liquidated Mortgage Loans, (c) to the
extent attributable to principal, the Purchase Price of each Mortgage Loan
that became a Purchased Mortgage Loan during such Due Period and (d) on the
Final Scheduled Distribution Date for the Certificates, any amounts
advanced by the Master Servicer on such Final Scheduled Distribution Date
with respect to principal on the Mortgage Loans; provided, however, that in
calculating the Principal Distribution Amount the following will be
excluded: (i) all payments and proceeds (including Liquidation Proceeds) of
any Purchased Mortgage Loans the Purchase Price of which has been included
in the Principal Distribution Amount in a prior Due Period and (ii)
Recoveries.

                  Purchase Price means as to any Defective Mortgage Loan
repurchased on any date pursuant to Section 2.2 or 2.3, an amount equal to
the sum of (i) the unpaid Principal Balance thereof, (ii) the greater of
(a) all unpaid accrued interest thereon and (b) [ ] days' interest thereon,
computed at the applicable Mortgage Rate and (iii) any unreimbursed
Servicing Advances with respect to such Mortgage Loan; provided, however,
that if at the time of repurchase the Initial Beneficial Holder or an
Affiliate is the Master Servicer, the amount described in clause (ii) shall
be computed at the Net Rate.

                  Purchased Mortgage Loan means a Mortgage Loan repurchased
by the Initial Beneficial Holder pursuant to Section 2.2.

                  Rating Agency means [ ], [ ] or [ ] and/or any other
rating agency requested by the Initial Beneficial Holder or an affiliate
thereof to rate the Notes and/or the Certificates. If no such organization
or successor is any longer in existence, Rating Agency shall be a
nationally recognized statistical rating organization or other comparable
Person designated by the Initial Beneficial Holder, notice of which
designation shall be given to the Trustee, the Owner Trustee and the Master
Servicer.

                  Rating Agency Condition means, with respect to any
action, that each Rating Agency shall have been given [ ] days' prior
notice thereof (or such shorter period as shall be acceptable to the Rating
Agencies) and that neither of the Rating Agencies shall have notified the
Initial Beneficial Holder, the Master Servicer, the Owner Trustee or the
Trustee in writing that such action will, in and of itself, result in a
reduction or withdrawal of the then current rating of any class of Notes,
or the Certificates.

                  Realized Losses means the excess of the Principal Balance
of any Liquidated Mortgage Loan over Liquidation Proceeds to the extent
allocable to principal.

                  Recoveries means, with respect to any Liquidated Mortgage
Loan, monies collected in respect thereof, from whatever source, during any
Due Period following the Due Period in which such Mortgage Loan became a
Liquidated Mortgage Loan, net of the sum of any amounts expended by the
Master Servicer for the account of the Mortgagor and any amounts required
by law to be remitted to the Mortgagor.

                  REO Property means a Mortgaged Property that is acquired
by the Master Servicer on behalf of the Trustee in foreclosure or by
deed-in-lieu of foreclosure.

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

                  Reserve Account means the account designated as such,
established and maintained pursuant to Section 4.1.

                  Reserve Account Initial Deposit means, with respect to
the Closing Date, $[                 ].

                  Reserve Account Transfer Amount means an amount equal to
the lesser of (i) the amount of cash or other immediately available funds
on deposit in the Reserve Account on such Distribution Date (before giving
effect to any withdrawals therefrom relating to such Distribution Date) or
(ii) the amount, if any, by which (x) the sum of the Total Servicing Fee,
the Noteholders' Interest Distributable Amount, the Certificateholders'
Interest Distributable Amount, the Noteholders' Principal Distributable
Amount and the Certificateholders' Principal Distributable Amount for such
Distribution Date exceeds (y) the sum of the Interest Distribution Amount
and the Available Principal for such Distribution Date.

                  Responsible Officer means respect to any entity the
President, any Vice President or officer performing similar functions on
behalf of such entity.

                  Servicer Default means an event specified in Section 7.1.

                  Servicing Advances means all reasonable and customary
"out of pocket" costs and expenses incurred in the performance by the
Master Servicer of its servicing obligations, including, but not limited
to, the cost of (i) the preservation, restoration and protection of the
Mortgaged Property, (ii) any enforcement or judicial proceedings, including
foreclosures, (iii) the management and liquidation of the REO Property,
including reasonable fees paid to any independent contractor in connection
therewith, (iv) compliance with the obligations under Sections 3.4 or 3.7
and (v) in connection with the liquidation of a Mortgage Loan, expenditures
relating to the purchase or maintenance of the First Lien pursuant to
Section 3.16.

                  Servicing Compensation means the Servicing Fee, the
Supplemental Servicing Fee and any other amounts to which the Master
Servicer is entitled pursuant to Section 3.9.

                  Servicing Fee has the meaning specified in Section 3.9.

                  Servicing Fee Rate means a rate of [    ]% per annum.

                  Servicing Officer means any officer of the Master
Servicer or a sub-servicer through which all or part of the Master
Servicer's servicing responsibilities are carried out, involved in, or
responsible for, the administration and servicing of the Mortgage Loans
whose name and specimen signature appear on a list of servicing officers
furnished to the Trustee by the Master Servicer as such list may from time
to time be amended in accordance with the foregoing.

                  Specified Reserve Account Balance means, with respect to
(i) any Distribution Date prior to the Distribution Date on which the
Current Principal Amount of the Class [ ] Notes has been paid in full, $[ ]
and (ii) any Distribution Date on or after the Distribution Date on which
the Current Principal Amount of the Class [ ] Notes has been paid in full,
the greater of (a) [ ]% of the sum of the aggregate outstanding principal
amount of each class of Notes plus the outstanding Certificate Balance on
such Distribution Date (after giving effect to all payments on the Notes
and distributions with respect to the Certificates to be made on such
Distribution Date); or (b) [ ]% of the sum of the aggregate initial
principal of the Notes plus the initial Certificate Balance except that, if
on any Distribution Date (x) the average of the Charge off Rates for the [
] preceding Due Periods exceeds [ ]% or (y) the average of the Delinquency
Percentages for the [ ] preceding Due Periods exceeds [ ]%, then the
Specified Reserve Account Balance shall be an amount equal to [ ]% of the
sum of the aggregate Current Principal Amount of each class of Notes and
the aggregate outstanding Certificate Balance on such Distribution Date
(after giving effect to all payments on the Notes and distributions with
respect to the Certificates to be made on such Distribution Date).

                  Supplemental Servicing Fee means the fee payable to the
Master Servicer for certain services rendered during the respective Due
Period, determined pursuant to and defined in Section 3.9.

                  Total Servicing Fee means with respect to each
Distribution Date the Servicing Fee for the related Due Period and all
accrued and unpaid Servicing Fees for prior Due Periods.

                  Total Distribution Amount means, for each Distribution
Date, the sum of (i) the Interest Distribution Amount, (ii) the Available
Principal and (iii) the Reserve Account Transfer Amount, in each case in
respect of such Distribution Date; provided, however, that if on the Class
[ ] Final Scheduled Distribution Date, the Total Distribution Amount (as
defined above) would be insufficient to pay the Total Servicing Fee,
Noteholders' Interest Distributable Amount, Certificateholders' Interest
Distributable Amount and the Noteholders' Principal Distributable Amount
for such Distribution Date, then the Total Distribution Amount for such
Distribution Date will include, in addition to the Total Distribution
Amount (as defined above), an amount, up to the amount necessary to pay any
such items, of the Interest Distribution Amount and the Available Principal
on deposit (or, if the conditions specified in Section 3.2(c) have been
satisfied, that would have been required to have been deposited but for the
satisfaction of such conditions) in the Collection Account on the
Determination Date relating to such Class A-1 Final Scheduled Distribution
Date which would have constituted the Interest Distribution Amount or
Available Principal, as the case may be, for the Due Period relating to the
succeeding Distribution Date and the Interest Distribution Amount and
Available Principal, as the case may be, for such succeeding Distribution
Date will be reduced accordingly.

                  Transfer Date means, with respect to any Distribution
Date, the Business Day preceding such Distribution Date.

                  Trust means the Issuer.

                  Trust Account Property means the Trust Accounts, all
amounts and investments held from time to time in any Trust Account
(whether in the form of deposit accounts, Physical Property, book-entry
securities, uncertificated securities or otherwise), including the Reserve
Account Initial Deposit, and all proceeds of the foregoing.

                  Trust Accounts has the meaning assigned thereto in
Section 4.1.

                  Trust Agreement means the Trust Agreement dated as of
[      ], 200[ ] between the Initial Beneficial Holder and the Owner Trustee,
as the same may be amended and supplemented from time to time.

                  Trust Officer means, (i) in the case of the Trustee, any
Officer within the Corporate Trust Office of the Trustee, including any
Vice President, Assistant Vice President, Assistant Treasurer, Assistant
Secretary or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer
to whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject and (ii) in the case of the Owner
Trustee, any officer in the corporate trust office of the Owner Trustee
with direct responsibility for the administration of this Agreement or any
of the Basic Documents on behalf of the Owner Trustee.

                  Trustee means the Person acting as Trustee under the
Indenture, its successors in interest and any successor trustee under the
Indenture, or, if at the date of determination instruments acknowledging
satisfaction and discharge of the Indenture with respect to the Notes have
been executed as provided in Section 4.1 of the Indenture, then Trustee
shall mean the Owner Trustee.

                  SECTION 1.2. Other Definitional Provisions.

                  (a) Capitalized terms used herein and not otherwise
defined herein have the meanings assigned to them in the Indenture, or, if
not defined therein, in the Trust Agreement.

                  (b) All terms defined in this Agreement shall have the
defined meanings when used in any instrument governed hereby and in any
certificate or other document made or delivered pursuant hereto unless
otherwise defined therein.

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

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

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

                  SECTION 1.3. Interest Calculations. Unless otherwise
provided in the applicable Mortgage Note, Mortgage or Mortgage File, all
calculations of interest hereunder that are made in respect of the
Principal Balance of a Mortgage Loan or in respect of the Notes or the
Certificates shall be made on the basis of a 360-day year consisting of
twelve 30-day months. The calculation of the Servicing Fee shall be made on
the basis of the actual number of days elapsed and a year assumed to
consist of 365 days.

                                ARTICLE II

                        CONVEYANCE OF MORTGAGE LOANS

                  SECTION 2.1. Conveyance of Mortgage Loans.

                  (a) In consideration of the Issuer's delivery to or upon
the order of the Initial Beneficial Holder on the Closing Date of the net
proceeds from the sale of the Notes and the Certificates and the other
amounts to be distributed from time to time to the Initial Beneficial
Holder in accordance with the terms of this Agreement, the Initial
Beneficial Holder does hereby sell, transfer, assign, set over and
otherwise convey to the Issuer, without recourse (subject to the
obligations herein): (A) all right, title and interest of the Initial
Beneficial Holder in and to the Mortgage Loans, and all moneys received
thereon, on or after the Cut-off Date; (B) all right, title and interest of
the Initial Beneficial Holder in the security interests in the Mortgaged
Properties granted by Mortgagors pursuant to the Mortgage Loans and any
other interest of the Initial Beneficial Holder in the Mortgaged
Properties; (C) the interest of the Initial Beneficial Holder in any
proceeds with respect to the Mortgage Loans from claims on any physical
damage, theft, credit life or disability insurance policies covering
Mortgaged Properties or Mortgagors; (D) all right, title and interest in
all funds on deposit from time to time in the Certificate Distribution
Account, in the Trust Accounts, including the Reserve Account Initial
Deposit, and in all investments and proceeds thereof (including all income
thereon); and (E) the proceeds of any and all of the foregoing. In
connection with such transfer, assignment and conveyance by the Initial
Beneficial Holder, the Initial Beneficial Holder shall deliver to, and
deposit with the Trustee, on or before the Closing Date, the following
documents or instruments with respect to each Mortgage Loan (the "Related
Documents"): (i) the original Mortgage Note, with all prior and intervening
endorsements showing a complete chain of endorsements from the originator
of the Mortgage Loan to the Person so endorsing the Mortgage Loan to the
Trustee, endorsed by such Person "Pay to the order of [ ], as Trustee for [
] 200[ ]-[ ] without recourse" and signed, by facsimile or manual
signature, in the name of the Initial Beneficial Holder by a Responsible
Officer; (ii) any of: (1) the original Mortgage, and related power of
attorney, if any, with evidence of recording thereon, (2) a copy of the
Mortgage and related power of attorney, if any, certified as a true copy of
the original Mortgage or power of attorney by a Responsible Officer of the
Initial Beneficial Holder or by the closing attorney by facsimile or manual
signature, or by an officer of the title insurer or agent of the title
insurer that issued the related title insurance policy if the original has
been transmitted for recording until such time as the original is returned
by the public recording office or (3) a copy of the Mortgage and related
power of attorney, if any, certified by the public recording office; (iii)
the original Assignment of Mortgage in recordable form, to "[ ], as Trustee
for [ ] Trust 200[ ]-[ ] ". Any such Assignments of Mortgage may be made by
blanket assignments for Mortgage Loans secured by the Mortgaged Properties
in the same county, if permitted by applicable law; (iv) the original
lender's policy of title insurance or a true copy thereof, or if such
original lender's title insurance policy has been lost, a copy thereof
certified by the appropriate title insurer to be true and complete, or if
such lender's title insurance policy has not been issued as of the Closing
Date, a marked up commitment (binder) to issue such policy; (v) all
intervening assignments, if any, showing a complete chain of assignments
from the originator to the Initial Beneficial Holder, including any
recorded warehousing assignments, with evidence of recording thereon,
certified by a Responsible Officer of the Initial Beneficial Holder by
facsimile or manual signature as a true copy of the original of such
intervening assignments; and (vi) originals of all assumption, written
assurance, substitution and modification agreements, if any. In instances
where the original recorded Mortgage cannot be delivered by the Initial
Beneficial Holder to the Trustee prior to or concurrently with the
execution and delivery of this Agreement due to a delay in connection with
recording, the Initial Beneficial Holder may in lieu of delivering such
original recorded Mortgage, deliver to the Trustee a copy thereof, provided
that the Initial Beneficial Holder certifies that the original Mortgage has
been delivered to a title insurance company for recordation after receipt
of its policy of title insurance or binder therefor. In all such instances,
the Initial Beneficial Holder will deliver or cause to be delivered the
original recorded Mortgage to the Trustee promptly upon receipt of the
original recorded Mortgage but in no event later than one year after the
Closing Date.

                  (b) The Trustee agrees, for the benefit of the
Noteholders and the Certificateholders, within 90 days after execution and
delivery of this Agreement, to review the Mortgage Files to ascertain that
all required documents set forth in paragraphs (i) -- (v) of Section 2.1(a)
have been executed and received, and that the Mortgage Notes have been
endorsed as set forth in Section 2.1(a), and that such documents relate to
the Mortgage Loans identified on the Mortgage Loan Schedule and in so doing
the Trustee may rely on the purported due execution and genuineness of any
signature thereon. If within such 90-day period the Trustee finds any
document constituting a part of a Mortgage File not to have been executed
or received or to be unrelated to the Mortgage Loans identified in said
Mortgage Loan Schedule or, if in the course of its review, the Trustee
determines that such Mortgage File is otherwise defective in any material
respect, the Trustee shall promptly upon the conclusion of its review
notify the Initial Beneficial Holder, and the Initial Beneficial Holder
shall have a period of 90 days after such notice within which to correct or
cure any such defect.

                  (c) The Trustee shall have no responsibility for
reviewing any Mortgage File except as expressly provided in Section 2.1(b).
Without limiting the effect of the preceding sentence, in reviewing any
Mortgage File pursuant to such subsection, the Trustee shall have no
responsibility for determining whether any document is valid and binding,
whether the text of any assignment or endorsement is in proper or
recordable form (except, if applicable, to determine if the Trustee is the
assignee or endorsee), whether any document has been recorded in accordance
with the requirements of any applicable jurisdiction, or whether a blanket
assignment is permitted in any applicable jurisdiction, but shall only be
required to determine whether a document has been executed, that it appears
to be what it purports to be, and, where applicable, that it purports to be
recorded, but shall not be required to determine whether any Person
executing any document is authorized to do so or whether any signature
thereon is genuine.

                  SECTION 2.2. Acceptance by Trustee. The Trustee hereby
acknowledges, subject to the review and period for delivery provided for in
Section 2.1, its receipt of the Mortgage Files, and declares that the
Trustee holds and will hold such documents and all amounts received by it
thereunder and hereunder in trust, upon the terms herein set forth, for the
use and benefit of all present and future Noteholders and
Certificateholders. If the Initial Beneficial Holder is given notice under
Section 2.1(c) above and if the Initial Beneficial Holder does not correct
or cure such omission or defect within the 90-day period specified in
Section 2.1(c) above, the Initial Beneficial Holder shall substitute one or
more Eligible Substitute Mortgage Loans therefor as provided in Section 2.4
hereof or purchase such Mortgage Loan from the Trustee on the Determination
Date in the month following the month in which such 90-day period expired
at the Purchase Price of such Mortgage Loan. The Purchase Price for the
purchased Mortgage Loan shall be deposited in the Collection Account no
later than the applicable Determination Date or the Business Day preceding
the expiration of such 90-day period, as the case may be, and, upon receipt
by the Trustee of written notification of such deposit signed by an officer
of the Initial Beneficial Holder, the Trustee shall release to the Initial
Beneficial Holder the related Mortgage File and the Trustee shall execute
and deliver such instruments of transfer or assignment, in each case
without recourse, as shall be necessary to vest in the Initial Beneficial
Holder or its designee any Mortgage Loan released pursuant hereto. It is
understood and agreed that the obligation of the Initial Beneficial Holder
to cure, substitute for or purchase any Mortgage Loan as to which a
material defect in or omission of a constituent document exists shall
constitute the sole remedy against the Initial Beneficial Holder respecting
such defect or omission available to the Issuer.

                  SECTION 2.3. Representations and Warranties of the
Initial Beneficial Holder Regarding the Mortgage Loans. The Initial
Beneficial Holder represents and warrants to the Issuer as follows as of
the Closing Date: [Insert representations and warranties regarding the
Mortgage Loans.].

                  SECTION 2.4. Substitution of Mortgage Loans.

                  (a) On a Determination Date within two years following
the Closing Date and which is on or before the date on which the Initial
Beneficial Holder would otherwise be required to repurchase a Mortgage Loan
under Section 2.2 or 2.3, the Initial Beneficial Holder may deliver to the
Trustee one or more Eligible Substitute Mortgage Loans in substitution for
any one or more of the Defective Mortgage Loans which the Initial
Beneficial Holder would otherwise be required to repurchase pursuant to
Section 2.2 or 2.3.

                  (b) The Initial Beneficial Holder shall notify the
Issuer, the Owner Trustee, the Servicer and the Trustee in writing not less
than five Business Days before the related Determination Date which is on
or before the date on which the Initial Beneficial Holder would otherwise
be required to repurchase such Mortgage Loan pursuant to Section 2.2 or 2.3
of its intention to effect a substitution under this Section. On such
Determination Date (the "Substitution Date"), the Initial Beneficial Holder
shall deliver to the Issuer: (1) the Eligible Substitute Mortgage Loans to
be substituted for the Original Mortgage Loans, (2) a list of the Original
Mortgage Loans to be substituted for by such Eligible Substitute Mortgage
Loans, (3) an Officers' Certificate: (A) stating that no failure by the
Servicer described in Section 7.1 shall have occurred and be continuing,
(B) stating that all conditions precedent to such substitution specified in
Section 2.4(a) have been satisfied and attaching as an exhibit a
supplemental Mortgage Loan schedule (the "Supplemental Mortgage Loan
Schedule") setting forth the same type of information as appears on the
Mortgage Loan Schedule and representing as to the accuracy thereof and (C)
confirming that the representations and warranties contained in Section 2.3
are true and correct in all material respects with respect to the
Substitute Mortgage Loans on and as of such Determination Date, provided
that remedies for the inaccuracy of such representations are limited as set
forth in Sections 2.2, 2.3 and this Section 2.4 and (4) a certificate
stating that cash in the amount of the related Substitution Adjustment, if
any, has been deposited to the Collection Account. Upon receipt of the
foregoing, the Issuer shall release such Original Mortgage Loans to the
Initial Beneficial Holder.

                  (c) Concurrently with the satisfaction of the conditions
set forth in Section 2.4(a) and (b) above and the grant of such Eligible
Substitute Mortgage Loans to the Trustee pursuant to Section 2.4(a) above,
Exhibit A to this Agreement shall be deemed to be amended to exclude all
Mortgage Loans being replaced by such Eligible Substitute Mortgage Loans
and to include the information set forth on the Supplemental Mortgage Loan
Schedule with respect to such Eligible Substitute Mortgage Loans, and all
references in this Agreement to Mortgage Loans shall include such Eligible
Substitute Mortgage Loans and be deemed to be made on or after the related
Substitution Date, as the case may be, as to such Eligible Substitute
Mortgage Loans.

                                ARTICLE III

               ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

                  SECTION 3.1. Duties of Master Servicer.

                  (a) The Master Servicer, as agent for the Issuer (to the
extent provided herein) shall supervise, or take such actions as are
necessary to ensure, the servicing and administration of the Mortgage Loans
and any REO Property in accordance with this Agreement and the customary
and usual standards of an institution prudently servicing mortgage loans
for its own account and shall have full authority to do anything it
reasonably deems appropriate in connection with such servicing and
administration. The Master Servicer shall maintain servicing standards
equivalent to those required for approval by Fannie Mae or Freddie Mac. The
Master Servicer may perform its responsibilities relating to servicing
through other agents or independent contractors, but shall not thereby be
released from any of its responsibilities as hereinafter set forth. The
authority of the Master Servicer, in its capacity as Master Servicer, shall
include the power to (i) supervise the filing and collection of insurance
claims and take or cause to be taken such actions on behalf of the insured
person thereunder as shall be reasonably necessary to prevent the denial of
coverage thereunder, and (ii) effectuate foreclosure or other conversion of
the ownership of the Mortgaged Property securing a related Mortgage Loan,
including the employment of attorneys, the institution of legal
proceedings, the collection of deficiency judgments, the acceptance of
compromise proposals, the filing of claims under any Primary Insurance
Policy and any other matter pertaining to a delinquent Mortgage Loan. The
authority of the Master Servicer shall include, in addition, the power to:
(i) execute and deliver customary consents or waivers and other instruments
and documents; (ii) consent to transfers of any related Mortgaged Property
and assumptions of the related Mortgage Notes and Security Instruments (but
only in the manner provided in this Agreement) and (iii) collect any
Insurance Proceeds and Liquidation Proceeds. Without limiting the
generality of the foregoing, the Master Servicer is authorized and
empowered to execute and deliver, on behalf of itself, the Issuer, the
Owner Trustee, the Trustee, the Certificateholders and the Noteholders or
any of them, any and all instruments of satisfaction or cancellation, or
partial or full release or discharge, and all other comparable instruments,
with respect to such Mortgage Loans or to the Mortgaged Properties securing
such Mortgage Loans.

                  (b) Notwithstanding the provisions of Section 3.1(a), the
Master Servicer shall not take any action inconsistent with the interest of
the Noteholders or the Certificateholders in the Mortgage Loans or with the
rights and interests of the Owner Trustee, the Trustee, the Noteholders or
the Certificateholders under this Agreement.

                  (c) The Owner Trustee shall furnish the Master Servicer
with any powers of attorney and other documents in form as provided to it
necessary or appropriate (as certified to the Owner Trustee by the Master
Servicer) to enable the Master Servicer to service and administer the
related Mortgage Loans and REO Property.

                  SECTION 3.2. Collection and Allocation of Mortgage Loan
Payments.

                  (a) The Master Servicer shall make reasonable efforts to
collect all payments called for under the terms and provisions of the
Mortgage Loans as and when the same shall become due and shall follow such
collection procedures as it follows with respect to all mortgage loans in
its servicing portfolio comparable to the Mortgage Loans that it services
for itself or others.

                  (b) Consistent with the terms of this Agreement, the
Master Servicer may waive, modify or vary any term of any Mortgage Loan or
consent to the postponement of strict compliance with any such term or in
any manner grant indulgence to any Mortgagor if in the Master Servicer's
determination such waiver, modification, postponement or indulgence is not
materially adverse to the interests of the Noteholders and the
Certificateholders; provided, however, that the Master Servicer may not
permit any modification with respect to any Mortgage Loan that would change
the Mortgage Rate, defer or forgive the payment of any principal or
interest (unless in connection with the liquidation of the related Mortgage
Loan) or extend the Final Scheduled Maturity Date on the Mortgage Loan. No
costs incurred by the Master Servicer in respect of Servicing Advances
shall for the purposes of distributions to Noteholders or
Certificateholders be added to the amount owing under the related Mortgage
Loan.

                  (c) The Master Servicer, for the benefit of the
Noteholders and the Certificateholders, shall establish and maintain in the
name of the Trustee an Eligible Deposit Account (the "Collection Account"),
bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Noteholders and the Certificateholders. The
Collection Account shall initially be established with the Trustee. The
Master Servicer shall on the Closing Date deposit into the Collection
Account any amounts representing payments on and any collections in respect
of the Mortgage Loans received on or after the Cut-off Date and prior to
the Closing Date, and thereafter shall use its best efforts to deposit
within one Business Day, and shall in any event deposit within [three]
Business Days following receipt thereof the following payments and
collections received or made by it (without duplication) with respect to
the Mortgage Loans: (i) all payments received on and after the Cut-off Date
on account of principal on the Mortgage Loans and all full or partial
prepayments collected after the Cut-off Date; (ii) all payments received on
and after the Cut-off Date on account of interest on the Mortgage Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits; (iv) all
Insurance Proceeds; (v) all Released Mortgaged Property Proceeds; (vi) any
amounts payable in connection with the repurchase of any Mortgage Loan; and
(vii) any amount required to be deposited in the Collection Account
pursuant to Section 3.5, 3.7, 3.15, or 8.1; provided, however, that (x)
with respect to each Due Period, the Master Servicer shall be permitted to
retain from payments in respect of interest on the Mortgage Loans, the
Servicing Fee for such Due Period and (y) the Master Servicer shall be
permitted to retain late collections, including Liquidation Proceeds,
Released Mortgaged Property Proceeds and Insurance Proceeds, to the extent
of any unpaid Servicing Fees, unreimbursed Monthly Advances and/or
Servicing Advances with respect to the related Mortgage Loan. The foregoing
requirements respecting deposits to the Collection Account are exclusive,
it being understood that, without limiting the generality of the foregoing,
the Master Servicer need not deposit in the Collection Account amounts
representing Foreclosure Profits, fees (including annual fees), late
charges or penalties payable by Mortgagors, or amounts received by the
Master Servicer for the accounts of Mortgagors for application towards the
payment of taxes, insurance premiums, assessments and similar items.

                  SECTION 3.3. Withdrawals From Each Collection Account.
The Trustee shall withdraw or cause to be withdrawn funds from the
Collection Account for the following purposes with respect to the Mortgage
Loans: (i) the deposits and distributions required by Section 4.4(d); (ii)
to the extent not retained by the Master Servicer as provided in Section
3.2(c), to reimburse the Master Servicer for any accrued unpaid Servicing
Fees and for unreimbursed Monthly Advances and Servicing Advances. The
Master Servicer's right to reimbursement for unpaid Servicing Fees and
unreimbursed Servicing Advances shall be limited to late collections on the
related Mortgage Loan, including Liquidation Proceeds, Released Mortgaged
Property Proceeds, Insurance Proceeds and such other amounts as may be
collected by the Master Servicer from the related Mortgagor or otherwise
relating to the Mortgage Loan in respect of which such reimbursed amounts
are owed. If a Monthly Advance was made net of the Servicing Fee as
permitted by Section 3.15 hereof, no additional Servicing Fee for the
related Mortgage Loan and Due Period shall be payable. The Master
Servicer's right to reimbursement from such Collection Account for
unreimbursed Monthly Advances shall be limited to late collections of
interest on any Mortgage Loan and to Liquidation Proceeds and Insurance
Proceeds on related Mortgage Loans; (iii) to withdraw any amount received
from a Mortgagor that is recoverable and sought to be recovered as a
voidable preference by a trustee in bankruptcy pursuant to the United
States Bankruptcy Code in accordance with a final, nonappealable order of a
court having competent jurisdiction; (iv) (a) to make investments in
Eligible Investments and (b) to pay to the Master Servicer interest earned
in respect of Eligible Investments or on funds deposited in the Collection
Account; (v) to withdraw any funds deposited in such Collection Account
that were not required to be deposited therein (such as Servicing
Compensation) or were deposited therein in error and to pay such funds to
the appropriate Person; (vi) to pay the Master Servicer Servicing
Compensation pursuant to Section 3.9 hereof to the extent not retained or
paid pursuant to Section 3.2(c); (vii) to withdraw funds necessary for the
conservation and disposition of REO Property pursuant to Section 3.7; and
(viii) to clear and terminate such Collection Account upon the termination
of this Agreement and to pay any amounts remaining therein in accordance
with Section 8.1(b).

                  SECTION 3.4. Maintenance of Hazard Insurance; Property
Protection Expenses. The Master Servicer shall cause to be maintained for
each Mortgage Loan fire and hazard insurance naming the Master Servicer as
loss payee thereunder providing extended coverage in an amount which is at
least equal to the lesser of: (i) the maximum insurable value of the
improvements securing such Mortgage Loan from time to time, (ii) the
combined principal balance owing on such Mortgage Loan and any related
First Lien and (iii) the minimum amount required to compensate for damage
or loss on a replacement cost basis. The Master Servicer shall also
maintain on property acquired upon foreclosure, or by deed in-lieu of
foreclosure, hazard insurance with extended coverage in an amount which is
at least equal to the lesser of: (i) the maximum insurable value from time
to time of the improvements which are a part of such property, (ii) the
combined principal balance owing on such Mortgage Loan and any related
First Lien and (iii) the minimum amount required to compensate for damage
or loss on a replacement cost basis at the time of such foreclosure, fire
and or deed in lieu of foreclosure plus accrued interest and the good-faith
estimate of the Master Servicer of related Servicing Advances to be
incurred in connection therewith. Amounts collected by the Master Servicer
under any such policies shall be deposited in the Collection Account to the
extent called for by Section 3.2. In cases in which any Mortgaged Property
is located in a federally designated flood area, the hazard insurance to be
maintained for the related Mortgage Loan shall include flood insurance to
the extent such flood insurance is available and the Master Servicer has
determined such insurance to be necessary in accordance with accepted
mortgage loan servicing standards for mortgage loans comparable to the
Mortgage Loans. All such flood insurance shall be in amounts equal to the
least of the amount in clause (i) above, clause (ii) above and the maximum
amount of insurance available under the National Flood Insurance Act of
1968, as amended. The Master Servicer shall be under no obligation to
require that any Mortgagor maintain earthquake or other additional
insurance and shall be under no obligation itself to maintain any such
additional insurance on property acquired in respect of a Mortgage Loan,
other than pursuant to such applicable laws and regulations as shall at any
time be in force and as shall require such additional insurance.

                  SECTION 3.5. Maintenance of Mortgage Impairment Insurance
Policy. In the event that the Master Servicer shall obtain and maintain a
blanket policy with an insurer having a General Policy rating of A:VIII or
better in Best's Key Rating Guide insuring against fire and hazards of
extended coverage on all of the Mortgage Loans, then, to the extent such
policy names the Master Servicer as loss payee and provides coverage in an
amount equal to the aggregate unpaid principal balance on the Mortgage
Loans without co-insurance, and otherwise complies with the requirements of
Section 3.4, the Master Servicer shall be deemed conclusively to have
satisfied its obligations with respect to fire and hazard insurance
coverage under Section 3.4, it being understood and agreed that such
blanket policy may contain a deductible clause, in which case the Master
Servicer shall, in the event that there shall not have been maintained on
the related Mortgaged Property a policy complying with Section 3.4, and
there shall have been a loss which would have been covered by such policy,
deposit in the Collection Account the difference, if any, between the
amount that would have been payable under a policy complying with Section
3.4 and the amount paid under such blanket policy. Upon the request of the
Owner Trustee or the Trustee, the Master Servicer shall cause to be
delivered to the Owner Trustee or the Trustee a certified true copy of such
policy. In connection with its activities as administrator and servicer of
the Mortgage Loans, the Master Servicer agrees to prepare and present, on
behalf of itself, the Owner Trustee, the Trustee, the Noteholders and the
Certificateholders, claims under any such policy in a timely fashion in
accordance with the terms of such policy.

                  SECTION 3.6. Fidelity Bond. The Master Servicer shall
maintain with a responsible company, and at its own expense, a blanket
fidelity bond and an errors and omissions insurance policy, in a minimum
amount acceptable to Fannie Mae or Freddie Mac or otherwise in an amount as
is commercially available at a cost that is not generally regarded as
excessive by industry standards, with broad coverage on all officers,
employees or other persons acting in any capacity requiring such persons to
handle funds, money, documents or papers relating to the Mortgage Loans
("Master Servicer Employees"). Any such fidelity bond and errors and
omissions insurance shall protect and insure the Master Servicer against
losses, including losses resulting from forgery, theft, embezzlement,
fraud, errors and omissions and negligent acts of such Master Servicer
Employees. Such fidelity bond shall also protect and insure the Master
Servicer against losses in connection with the release or satisfaction of a
Mortgage Loan without having obtained payment in full of the indebtedness
secured thereby. No provision of this Section 3.6 requiring such fidelity
bond and errors and omissions insurance shall diminish or relieve the
Master Servicer from its duties and obligations as set forth in this
Agreement. Upon the request of the Owner Trustee or the Trustee, the Master
Servicer shall cause to be delivered to the Owner Trustee or the Trustee a
certified true copy of such fidelity bond and insurance policy.

                  SECTION 3.7. Management and Realization Upon Defaulted
Mortgage Loans. On behalf of the Issuer, the Master Servicer shall manage,
conserve, protect and operate each REO Property for the Noteholders and the
Certificateholders solely for the purpose of its prudent and prompt
disposition and sale. The Master Servicer shall, either itself or through
an agent selected by the Master Servicer, manage, conserve, protect and
operate the REO Property in the same manner that it manages, conserves,
protects and operates other foreclosed property for its own account, and in
the same manner that similar property in the same locality as the REO
Property is managed. The Master Servicer shall attempt to sell the same
(and may temporarily rent the same) on such terms and conditions as the
Master Servicer deems to be in the best interests of the Noteholders and
the Certificateholders. The Master Servicer shall cause to be deposited, no
later than [three] Business Days after the receipt thereof, in the
Collection Account, all revenues received with respect to the related REO
Property and shall retain, or cause the Trustee to withdraw therefrom funds
necessary for the proper operation, management and maintenance of the REO
Property and the fees of any managing agent acting on behalf of the Master
Servicer. The disposition of REO Property shall be carried out by the
Master Servicer for cash at such price, and upon such terms and conditions,
as the Master Servicer deems to be in the best interests of the Noteholders
and the Certificateholders and, as soon as practicable thereafter, the
expenses of such sale shall be paid. The cash proceeds of sale of the REO
Property shall be promptly deposited in the Collection Account, net of
Foreclosure Profits and of any related unreimbursed Servicing Advances,
accrued and unpaid Servicing Fees and unreimbursed Monthly Advances payable
to the Master Servicer in accordance with Section 3.3, for distribution to
the Noteholders and the Certificateholders in accordance with Section 4.4
hereof. The Master Servicer shall foreclose upon or otherwise comparably
convert to ownership Mortgaged Properties securing such of the Mortgage
Loans as come into and continue in default when no satisfactory
arrangements can be made for collection of delinquent payments pursuant to
Section 3.2. In the event that title to any Mortgaged Property is acquired
in foreclosure or by deed in lieu of foreclosure, the deed or certificate
of sale shall be issued to the Owner Trustee, or to its nominee on behalf
of the Noteholders and the Certificateholders.

                  SECTION 3.8. Trustee to Cooperate. Upon payment in full
of any Mortgage Loan, the Master Servicer is authorized to execute,
pursuant to the authorization contained in Section 3.1, if the related
Assignment of Mortgage has been recorded as required hereunder, an
instrument of satisfaction regarding the related Mortgage, which instrument
of satisfaction shall be recorded by the Master Servicer if required by
applicable law and be delivered to the Person entitled thereto. It is
understood and agreed that no expenses incurred in connection with such
instrument of satisfaction or transfer shall be reimbursed from amounts
deposited in the Collection Account. If the Trustee is holding the Mortgage
Files, from time to time and as appropriate for the servicing or
foreclosure of any Mortgage Loan, the Trustee shall, upon request of the
Master Servicer and delivery to the Trustee of a Request for Release, in
the form approved by the Trustee signed by a Servicing Officer, release the
related Mortgage File to the Master Servicer, and the Trustee shall execute
such documents, in the forms provided by the Master Servicer, as shall be
necessary to the prosecution of any such proceedings or the taking of other
servicing actions. Such Request for Release shall obligate the Master
Servicer to return the Mortgage File to the Trustee when the need therefor
by the Master Servicer no longer exists unless the Mortgage Loan shall be
liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to that hereinabove specified, the Request for Release
shall be released by the Trustee to the Master Servicer. In order to
facilitate the foreclosure of the Mortgage securing any Mortgage Loan that
is in default following recordation of the related Assignment of Mortgage
in accordance with the provisions hereof, the Trustee shall, if so
requested in writing by the Master Servicer, execute an appropriate
assignment in the form provided to the Trustee by the Master Servicer to
assign such Mortgage Loan for the purpose of collection to the Master
Servicer (any such assignment shall unambiguously indicate that the
assignment is for the purpose of collection only), and upon such
assignment, such assignee for collection will thereupon bring all required
actions in its own name and otherwise enforce the terms of the Mortgage
Loan and deposit or credit the Net Liquidation Proceeds, exclusive of
Foreclosure Profits, received with respect thereto in the Collection
Account. In the event that all delinquent payments due under any such
Mortgage Loan are paid by the Mortgagor and any other defaults are cured
then the assignee for collection shall promptly reassign such Mortgage Loan
to the Trustee and return it to the place where the related Mortgage File
was being maintained.

                  SECTION 3.9. Servicing Fee. The servicing fee for a
Distribution Date shall equal the product of: (a) one-twelfth, (b) the
Servicing Fee Rate and (c) the Pool Balance as of the first day of the
preceding Due Period (the "Servicing Fee"). The Master Servicer shall also
be entitled to all late payment charges and other administrative fees or
similar charges, including without limitation, Foreclosure Profits, allowed
by applicable law with respect to Mortgage Loans, collected (from whatever
source) on the Mortgage Loans (the "Supplemental Servicing Fee"). The
Master Servicer also shall be entitled to and may retain from Collections
the Servicing Fee, as provided herein. The Master Servicer, in its
discretion at its election, may defer receipt of all or any portion of the
Servicing Fee or Supplemental Servicing Fee for any Due Period to and until
a later Due Period for any reason, including in order to avoid a shortfall
in any payments due on any Notes or Certificates. Any such deferred amount
shall be payable to (or may be retained from subsequent collections by) the
Master Servicer on demand.

                  SECTION 3.10. Master Servicer's Certificate. On each
Determination Date, the Master Servicer shall deliver to the Owner Trustee,
the Trustee and the Initial Beneficial Holder, with a copy to the Rating
Agencies, a Master Servicer's Certificate containing all information
necessary to make the distributions pursuant to Sections 4.5 and 4.6 for
the Due Period preceding the date of such Master Servicer's Certificate.
Mortgage Loans to be purchased by the Master Servicer or to be repurchased
by the Initial Beneficial Holder shall be identified by the Master Servicer
by account number with respect to such Mortgage Loan (as specified in
Exhibit A).

                  SECTION 3.11. Annual Statement as to Compliance; Notice
of Default.

                  (a) The Master Servicer shall deliver to the Owner
Trustee and the Trustee, on or before of each year beginning [ ], 200[ ],
an Officers' Certificate, dated as of December 31 of the preceding year,
stating that: (i) a review of the activities of the Master Servicer during
the preceding twelve-month period (or, in the case of the first such
report, during the period from the Closing Date to December 31, 200[ ]) and
of its performance under this Agreement has been made under such officers'
supervision and (ii) to the best of such officers' knowledge, based on such
review, the Master Servicer has fulfilled all its obligations under this
Agreement 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 send a
copy of such certificate and the report referred to in Section 3.10 to the
Rating Agencies. A copy of such certificate and the report referred to in
Section 3.10 may be obtained by any Certificateholder by a request in
writing to the Owner Trustee addressed to the Corporate Trust Office (as
defined in the Trust Agreement) or by any Noteholder by a request in
writing to the Trustee addressed to the Corporate Trust Office. Upon the
telephone request of the Owner Trustee, the Trustee will promptly furnish
the Owner Trustee a list of Noteholders as of the date specified by the
Owner Trustee.

                  (b) The Master Servicer shall deliver to the Owner
Trustee, the Trustee and the Rating Agencies, promptly after having
obtained knowledge thereof, but in no event later than [five] Business Days
thereafter, written notice in an Officers' Certificate of any event which
with the giving of notice or lapse of time, or both, would become a
Servicer Default under Section 7.1(a) or (b).

                  SECTION 3.12. Annual Independent Certified Public
Accountants' Report. The Master Servicer shall cause a firm of independent
certified public accountants, which may also render other services to the
Master Servicer or the Initial Beneficial Holder, to deliver to the Initial
Beneficial Holder, the Owner Trustee and the Trustee on or before of each
year beginning [ ], 200[ ], a letter addressed to the Master Servicer, the
Initial Beneficial Holder, the Owner Trustee and the Trustee and each
Rating Agency, to the effect that such firm has with respect to the Master
Servicer's overall servicing operations examined such operations in
accordance with the requirements of the Uniform Single Audit Program for
Mortgage Bankers during the preceding calendar year (or, in the case of the
first such report, during the period from the Closing Date to December 31,
200[ ]), and stating such firm's conclusions relating thereto. Such report
will also indicate that the firm is independent of the Master Servicer
within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

                  SECTION 3.13. Access to Certain Documentation and
Information Regarding Mortgage Loans. The Master Servicer shall provide to
the Certificateholders and Noteholders access to the Mortgage Files in such
cases where the Certificateholders or Noteholders shall be required by
applicable statutes or regulations to review such documentation as
demonstrated by evidence satisfactory to the Master Servicer in its
reasonable judgment. Access shall be afforded without charge, but only upon
reasonable request and during the normal business hours at the respective
offices of the Master Servicer. Nothing in this Section 3.13 shall affect
the obligation of the Master Servicer to observe any applicable law
prohibiting disclosure of information regarding the Mortgagors and the
failure of the Master Servicer to provide access to information as provided
in this Section 3.13 as a result of such obligation shall not constitute a
breach of this Section 3.13.

                  SECTION 3.14. Master Servicer Expenses. The Master
Servicer shall be required to pay all expenses incurred by it in connection
with its activities hereunder, including fees and disbursements of
independent accountants, taxes imposed on the Master Servicer and expenses
incurred in connection with distributions and reports to Certificateholders
and Noteholders.

                  SECTION 3.15. Advances by the Master Servicer.

                  (a) Not later than the close of business on the [second]
Business Day preceding each Distribution Date, the Master Servicer shall
remit to the Trustee for deposit in the Collection Account an amount, to be
distributed on the related Distribution Date pursuant to Section 4.4(d),
equal to the sum of (a) the interest accrued on each Mortgage Loan at the
Mortgage Rate (or at such lower rate as may be in effect for such Mortgage
Loan pursuant to application of the Civil Relief Act and/or any Debt
Service Reduction) through the related Due Date, but not received as of the
close of business on the Determination Date for such Distribution Date (net
of the Servicing Fee) and (b) with respect to each REO Property which was
acquired during or prior to the related Due Period and as to which a final
disposition did not occur during the related Due Period, an amount equal to
the excess, if any, of interest on the Principal Balance of such REO
Property at the Net Rate for the most recently ended Due Period prior to
the related Determination Date for the related Mortgage Loan over the net
income from the REO Property transferred to the Collection Account for such
Distribution Date pursuant to Section 3.4; such sum being defined herein as
the "Monthly Advance." The Master Servicer may fund all or a portion of the
Monthly Advance with respect to the Mortgage Loans by instructing the
Trustee on such Determination Date to use funds deposited in the Collection
Account which are not part of the Total Distribution Amount for the related
Distribution Date; provided that if such funds are so used the Master
Servicer shall replace such funds on or before any subsequent Determination
Date on which such funds are required to be part of the Total Distribution
Amount.

                  (b) Notwithstanding anything herein to the contrary, no
Servicing Advance or Monthly Advance shall be required to be made hereunder
if the Master Servicer determines that such Servicing Advance or Monthly
Advance would, if made, constitute a Nonrecoverable Advance.

                  SECTION 3.16. Superior Liens. The Master Servicer shall
file (or cause to be filed) of record a request for notice of any action by
a superior lienholder under a First Lien for the protection of the Issuer's
interest, where permitted by local law and whenever applicable state law
does not require that a junior lienholder be named as a party defendant in
foreclosure proceedings in order to foreclose such junior lienholder's
equity of redemption. If the Master Servicer is notified that any superior
lienholder has accelerated or intends to accelerate the obligations secured
by the First Lien, or has declared or intends to declare a default under
the mortgage or the promissory note secured thereby, or has filed or
intends to file an election to have the Mortgaged Property sold or
foreclosed, the Master Servicer shall take, on behalf of the Trust,
whatever actions are necessary to protect the interests of the Noteholders
and the Certificateholders, and/or to preserve the security of the related
Mortgage Loan. The Master Servicer shall advance the necessary funds to
cure the default or reinstate the superior lien, if the Master Servicer
reasonably believes such advance is in the best interests of the
Noteholders and the Certificateholders. The Master Servicer shall not make
such an advance except to the extent that it determines in its reasonable
good faith judgment that the advance would be recoverable from Liquidation
Proceeds on the related Mortgage Loan.

                  SECTION 3.17. Payment of Taxes, Insurance and Other
Charges. With respect to each Mortgage Loan, the Master Servicer shall
maintain accurate records reflecting fire and hazard insurance coverage.
With respect to each Mortgage Loan as to which the Master Servicer
maintains escrow accounts, the Master Servicer shall maintain accurate
records reflecting the status of ground rents, taxes, assessments, water
rates and other charges which are or may become a lien upon the Mortgaged
Property and the status of primary mortgage guaranty insurance premiums, if
any, and fire and hazard insurance coverage and shall obtain, from time to
time, all bills for the payment of such charges (including renewal
premiums) and shall effect payment thereof prior to the applicable penalty
or termination date and at a time appropriate for securing maximum
discounts allowable, employing for such purpose deposits of the Mortgagor
in any escrow account which shall have been estimated and accumulated by
the Master Servicer in amounts sufficient for such purposes, as allowed
under the terms of the Mortgage. To the extent that a Mortgage does not
provide for escrow payments, the Master Servicer shall, if it has received
notice of a default or deficiency, monitor such payments to determine if
they are made by the Mortgagor.

                  SECTION 3.18. Appointment of Sub-Servicer. The Master
Servicer may at any time appoint a sub-servicer to perform all or any
portion of its obligations as Master Servicer hereunder; provided, however,
that the Rating Agency Condition shall have been satisfied in connection
therewith; provided further that the Master Servicer shall remain obligated
and be liable to the Issuer, the Owner Trustee, the Trustee, the
Certificateholders and the Noteholders for the servicing and administering
of the Mortgage Loans in accordance with the provisions hereof without
diminution of such obligation and liability by virtue of the appointment of
such sub-servicer and to the same extent and under the same terms and
conditions as if the Master Servicer alone were servicing and administering
the Mortgage Loans. The fees and expenses of the sub-servicer shall be as
agreed between the Master Servicer and its sub-servicer from time to time
and none of the Issuer, the Owner Trustee, the Trustee, the
Certificateholders or the Noteholders shall have any responsibility
therefor.

                                ARTICLE IV

               DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO
                     CERTIFICATEHOLDERS AND NOTEHOLDERS

                  SECTION 4.1. Establishment of Trust Accounts.

                  (a) (i) The Master Servicer, for the benefit of the
Noteholders, shall establish and maintain in the name of the Trustee an
Eligible Deposit Account (the "Note Distribution Account"), bearing a
designation clearly indicating that the funds deposited therein are held
for the benefit of the Noteholders. The Note Distribution Account shall
initially be established with the Trustee.

                  (ii) The Master Servicer, for the benefit of the
         Noteholders and the Certificateholders, shall establish and
         maintain in the name of the Trustee an Eligible Deposit Account
         (the "Reserve Account"), bearing a designation clearly indicating
         that the funds deposited therein are held for the benefit of the
         Noteholders and the Certificateholders. The Reserve Account shall
         be maintained with the Trustee as long as the Trustee is an
         Eligible Institution.

                  (b) Funds on deposit in the Collection Account, the Note
Distribution Account and the Reserve Account (collectively, the "Trust
Accounts") and the Certificate Distribution Account shall be invested by
the Trustee with respect to Trust Accounts and by the Owner Trustee with
respect to the Certificate Distribution Account (or any custodian with
respect to funds on deposit in any such account) in Eligible Investments
selected in writing by the Master Servicer (pursuant to standing
instructions or otherwise); provided, however, it is understood and agreed
that neither the Trustee nor the Owner Trustee shall be liable for any loss
arising from such investment in Eligible Investments. All such Eligible
Investments shall be held by or on behalf of the Trustee or the Owner
Trustee, as applicable, for the benefit of the Noteholders and the
Certificateholders, the Noteholders or the Certificateholders, as
applicable; provided that on each Distribution Date all interest and other
investment income (net of losses and investment expenses) on funds on
deposit therein shall be deposited into the Collection Account and shall be
deemed to constitute a portion of the Interest Distribution Amount. Other
than as permitted by the Rating Agencies, funds on deposit in the
Collection Account, the Note Distribution Account, the Certificate
Distribution Account and the Reserve Account shall be invested in Eligible
Investments that will mature so that such funds will be available at the
close of business on the Transfer Date preceding the following Distribution
Date. Funds deposited in a Trust Account or the Certificate Distribution
Account on a Transfer Date which immediately precedes a Distribution Date
upon the maturity of any Eligible Investments are not required to be
invested overnight.

                  (c) (i) The Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Trust Accounts
and in all proceeds thereof (including all income thereon) and all such
funds, investments, proceeds and income shall be part of the Owner Trust
Estate. Except as otherwise provided herein, the Trust Accounts shall be
under the sole dominion and control of the Trustee for the benefit of the
Noteholders and the Certificateholders, or the Noteholders, as the case may
be. If, at any time, any of the Trust Accounts or the Certificate
Distribution Account ceases to be an Eligible Deposit Account, the Trustee
(or the Master Servicer on its behalf) or the Owner Trustee, as applicable,
shall within [30] Business Days (or such longer period as to which each
Rating Agency may consent) establish a new Trust Account or a new
Certificate Distribution Account, as applicable, as an Eligible Deposit
Account and shall transfer any cash and/or any investments to such new
Trust Account or a new Certificate Distribution Account, as applicable. In
connection with the foregoing, the Master Servicer agrees that, in the
event that any of the Trust Accounts are not accounts with the Trustee, the
Master Servicer shall notify the Trustee in writing promptly upon any of
such Trust Accounts ceasing to be an Eligible Deposit Account.

                  (ii) With respect to the Trust Account Property, the
         Trustee, and with respect to the Certificate Distribution Account,
         the Owner Trustee, agrees, by its respective acceptance hereof,
         that: (A) any Trust Account Property or any property in the
         Certificate Distribution Account that is held in deposit accounts
         shall be held solely in the Eligible Deposit Accounts subject to
         the penultimate sentence of Section 4.1(c)(i); and, except as
         otherwise provided herein, each such Eligible Deposit Account
         shall be subject to the exclusive custody and control of the
         Trustee with respect to the Trust Accounts and the Owner Trustee
         with respect to the Certificate Distribution Account, and the
         Trustee or the Owner Trustee, as applicable, shall have sole
         signature authority with respect thereto; (B) any Trust Account
         Property that constitutes Physical Property shall be delivered to
         the Trustee in accordance with paragraph (a) of the definition of
         Delivery and shall be held, pending maturity or disposition,
         solely by the Trustee or a securities intermediary (as such term
         is defined in Section 8-102(14) of the UCC) acting solely for the
         Trustee; (C) any Trust Account Property that is a book-entry
         security held through the Federal Reserve System pursuant to
         federal book-entry regulations shall be delivered in accordance
         with paragraph (b) of the definition of Delivery and shall be
         maintained by the Trustee, pending maturity or disposition,
         through continued book-entry registration of such Trust Account
         Property as described in such paragraph; and (D) any Trust Account
         Property that is an "uncertificated security" under Article 8 of
         the UCC and that is not governed by clause (C) above shall be
         delivered to the Trustee in accordance with paragraph (c) of the
         definition of Delivery and shall be maintained by the Trustee,
         pending maturity or disposition, through continued registration of
         the Trustee's (or its nominee's) ownership of such security.

                  (iii) The Master Servicer shall have the power, revocable
         by the Trustee or by the Owner Trustee with the consent of the
         Trustee, to instruct the Trustee to make withdrawals and payments
         from the Trust Accounts for the purpose of permitting the Master
         Servicer or the Owner Trustee to carry out its respective duties
         hereunder or permitting the Trustee to carry out its duties under
         the Indenture.

                  SECTION 4.2. Application of Collections. All collections
for the Due Period shall be applied by the Master Servicer to interest and
then to principal. All Liquidation Proceeds shall be applied to the related
Mortgage Loan in accordance with the Master Servicer's customary servicing
procedures.

                  SECTION 4.3. Additional Deposits. The Master Servicer and
the Initial Beneficial Holder shall deposit or cause to be deposited in the
Collection Account the aggregate Purchase Price with respect to Purchased
Mortgage Loans and the Initial Beneficial Holder shall deposit therein all
amounts to be paid under Section 8.1. The Master Servicer will deposit the
aggregate Purchase Price with respect to Purchased Mortgage Loans within
[five] Business Days after such obligations become due, unless the Master
Servicer shall not be required to make deposits within two Business Days of
receipt pursuant to Section 3.2(c) (in which case such deposit will be made
by the related Transfer Date). All such other deposits shall be made on the
Transfer Date following the end of the related Due Period.

                  SECTION 4.4. Distributions.

                  (a) On each Distribution Date, the Trustee shall cause to
be transferred to the Collection Account, in immediately available funds,
the aggregate prepayments for the related Due Period, pursuant to Section
4.2, and any additional amounts required by Section 4.3, in the amounts set
forth in the Master Servicer's Certificate for such Distribution Date. A
single, net transfer may be made.

                  (b) On each Determination Date, the Master Servicer shall
calculate all amounts required to determine the amounts to be deposited
from the Reserve Account into the Collection Account and from the
Collection Account into the Note Distribution Account and the Certificate
Distribution Account.

                  (c) On or before each Distribution Date, the Master
Servicer shall instruct the Trustee (based on the information contained in
the Master Servicer's Certificate delivered on the related Determination
Date pursuant to Section 3.10) to withdraw from the Reserve Account and
deposit in the Collection Account and the Trustee shall so withdraw and
deposit the Reserve Account Transfer Amount for such Distribution Date.

                  (d) On each Distribution Date, the Master Servicer shall
instruct the Trustee (based on the information contained in the Master
Servicer's Certificate delivered on the related Determination Date pursuant
to Section 3.10) to make, and the Trustee shall make, the following
deposits and distributions from the Collection Account for deposit in the
applicable Account by [ ] [A.M.][P.M.], to the extent of the Total
Distribution Amount, in the following order of priority: (i) to the Master
Servicer, from the Total Distribution Amount, the Total Servicing Fee; (ii)
to the Note Distribution Account, from the Total Distribution Amount
remaining after the application of clause (i), the Noteholders' Interest
Distributable Amount; (iii) to the Owner Trustee for deposit in the
Certificate Distribution Account, from the Total Distribution Amount
remaining after the application of clause (i) and clause (ii), the
Certificateholders' Interest Distributable Amount; (iv) to the Note
Distribution Account, from the Total Distribution Amount remaining after
the application of clauses (i) through (iii), the Noteholders' Principal
Distributable Amount; and (v) to the Owner Trustee for deposit in the
Certificate Distribution Account, from the Total Distribution Amount
remaining after the application of clauses (i) through (iv), the
Certificateholders' Principal Distributable Amount; provided, however, that
following the occurrence of an Event of Default pursuant to Section 5.1(i),
5.1(ii), 5.1(iv) or 5.1(v) of the Indenture or an acceleration of the Notes
pursuant to Section 5.2 of the Indenture, amounts on deposit in the
Collection Account will be deposited in the Note Distribution Account to
the extent necessary to pay accrued and unpaid interest on the Notes and
then, to the extent funds are available therefore, principal on the Notes
until the principal balance of each class of Notes has been reduced to
zero, before any amounts are deposited in the Certificate Distribution
Account. Following the payment in full of the Notes, amounts on deposit in
the Collection Account will be deposited in the Certificate Distribution
Account to the extent necessary to pay accrued and unpaid interest on the
Certificates and then, to the extent funds are available therefore,
principal on the Certificates until the principal balance thereof has been
reduced to zero. In the event that the Collection Account is maintained
with an institution other than the Trustee, the Master Servicer shall
instruct and cause such institution to make all deposits and distributions
pursuant to this Section 4.4(c) on the related Transfer Date.

                  SECTION 4.5. Reserve Account.

                  (a) On the Closing Date, the Initial Beneficial Holder
shall deposit the Reserve Account Initial Deposit into the Reserve Account.

                  (b) If the amount on deposit in the Reserve Account on
any Distribution Date (after giving effect to any withdrawals therefrom on
such Distribution Date) is greater than the Specified Reserve Account
Balance for such Distribution Date, the Master Servicer shall instruct the
Trustee to distribute, and the Trustee shall distribute, the amount of the
excess to the Initial Beneficial Holder. Amounts properly distributed to
the Initial Beneficial Holder pursuant to this Section 4.5(b) shall be
deemed released from the Trust and the security interest therein granted to
the Trustee and the Initial Beneficial Holder shall in no event thereafter
be required to refund any such distributed amounts.

                  SECTION 4.6. Statements to Certificateholders and
Noteholders. On each Determination Date, the Master Servicer shall provide
to the Trustee (with a copy to the Rating Agencies) for the Trustee to
forward to each Noteholder of record, to each Paying Agent, if any, and to
the Owner Trustee for the Owner Trustee to forward to each
Certificateholder of record, a statement setting forth at least the
following information as to the Notes and the Certificates to the extent
applicable: (i) the amount of such distribution allocable to principal of
each class of Notes and to the Certificate Balance of the Certificates;
(ii) the amount of such distribution allocable to interest on or with
respect to each class of Notes and to the Certificates; (iii) the aggregate
outstanding principal balance of each class of the Notes and the
Certificate Balance after giving effect to payments allocated to principal
reported under (i) above; (iv) the amount of the Total Servicing Fee paid
to the Master Servicer with respect to the related Due Period; (v) the
amount of the Monthly Advances payment to be made on the Determination
Date; (vi) the amount of the aggregate Realized Losses, if any, for such
Due Period; (vii) the Reserve Account Transfer Amount, if any, for such
Distribution Date, the average of the Charge-off Rates and the Delinquency
Percentages for the three preceding Due Periods, the Specified Reserve
Account Balance for such Distribution Date, the amount distributed to the
Initial Beneficial Holder from the Reserve Account on such Distribution
Date, and the balance of the Reserve Account (if any) on such Distribution
Date, after giving effect to changes therein on such Distribution Date;
(viii) the Noteholders' Interest Carryover Shortfall, the
Certificateholders' Interest Carryover Shortfall, the Noteholders'
Principal Carryover Shortfall, and the Certificateholders' Principal
Carryover Shortfall; (ix) the amounts which are reimbursable to the Master
Servicer for Reimbursable Amounts and Nonrecoverable Advances; (x) the
amount of Servicing Advances for the preceding Due Period; and (xi) the
aggregate Purchase Price paid by the Initial Beneficial Holder or the
Master Servicer with respect to the related Due Period. Each amount set
forth pursuant to paragraph (i), (ii), (vi) or (xi) above shall be
expressed as a dollar amount per $1,000 of the initial principal balance of
the Notes (or class thereof) or the initial Certificate Balance, as
applicable.

                  SECTION 4.7. Net Deposits. As an administrative
convenience, unless the Master Servicer is required to remit collections
within [three] Business Days of receipt thereof, the Master Servicer will
be permitted to make the deposit of collections on the Mortgage Loans and
Purchase Prices for or with respect to the Due Period net of distributions
to be made to the Master Servicer with respect to the Due Period. However,
the Master Servicer will account to the Owner Trustee, the Trustee, the
Noteholders and the Certificateholders as if all deposits, distributions
and transfers were made individually.

                                 ARTICLE V

                       THE INITIAL BENEFICIAL HOLDER

                  SECTION 5.1. Representations of Initial Beneficial
Holder. The Initial Beneficial Holder makes the following representations
on which the Issuer is deemed to have relied in acquiring the Mortgage
Loans. The representations speak as of the execution and delivery of this
Agreement and shall survive the sale of the Mortgage Loans to the Issuer
and the pledge thereof to the Trustee pursuant to the Indenture.

                  (a) Organization and Good Standing. The Initial
Beneficial Holder is duly organized and validly existing as a corporation
in good standing under the laws of the State of Delaware with the corporate
power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is presently
conducted, and had at all relevant times, and has, the power, authority and
legal right to acquire and own the Mortgage Loans.

                  (b) Due Qualification. The Initial Beneficial Holder is
duly qualified to do business as a foreign corporation in good standing,
and has obtained all necessary licenses and approvals in all jurisdictions
in which the ownership or lease of property or the conduct of its business
shall require such qualifications.

                  (c) Power and Authority of the Initial Beneficial Holder.
The Initial Beneficial Holder has the corporate power and authority to
execute and deliver this Agreement and to perform its obligations under
each of the Basic Documents to which the Initial Beneficial Holder is a
party; the Initial Beneficial Holder has full corporate power and authority
to sell and assign the property to be sold and assigned to and deposited
with the Issuer and the Initial Beneficial Holder has duly authorized such
sale and assignment to the Issuer by all necessary corporate action; and
the execution, delivery and performance of each of the Basic Documents to
which the Initial Beneficial Holder is a party has been duly authorized by
the Initial Beneficial Holder by all necessary corporate action.

                  (d) Binding Obligation. This Agreement and each of the
Basic Documents to which the Initial Beneficial Holder is a party
constitute legal, valid and binding obligations of the Initial Beneficial
Holder, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization
and similar laws now or hereafter in effect relating to creditors' rights
generally and subject to general principles of equity (whether applied in a
proceeding at law or in equity).

                  (e) No Violation. The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do
not result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time or both) a default
under, the certificate of incorporation or by-laws of the Initial
Beneficial Holder, or any material indenture, agreement or other instrument
to which the Initial Beneficial Holder is a party or by which it shall be
bound; or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Basic Documents); or violate any law
or, to the best of its knowledge, any order, rule or regulation applicable
to the Initial Beneficial Holder of any court or of any federal or state
regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Initial Beneficial Holder or
its properties.

                  (f) No Proceedings. There are no proceedings or
investigations pending against the Initial Beneficial Holder or, to its
best knowledge, threatened against the Initial Beneficial Holder, before
any court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Initial Beneficial Holder or
its properties: (i) asserting the invalidity of this Agreement or any of
the Basic Documents, the Notes or the Certificates, (ii) seeking to prevent
the issuance of the Notes or the Certificates or the consummation of any of
the transactions contemplated by this Agreement or any of the Basic
Documents, (iii) seeking any determination or ruling that could reasonably
be expected to have a material and adverse effect on the performance by the
Initial Beneficial Holder of its obligations under, or the validity or
enforceability of the Basic Documents, the Notes or the Certificates or
(iv) seeking to affect adversely the federal or state income tax or ERISA
attributes of the Issuer, the Notes or the Certificates.

                  (g) All Consents. All authorizations, consents, orders or
approvals of or registrations or declarations with any court, regulatory
body, administrative agency or other government instrumentality required to
be obtained, effected or given by the Initial Beneficial Holder in
connection with the execution and delivery by the Initial Beneficial Holder
of this Agreement or any of the Basic Documents to which it is a party and
the performance by the Initial Beneficial Holder of the transactions
contemplated by this Agreement or any of the Basic Documents to which it is
a party, have been duly obtained, effected or given and are in full force
and effect, except where failure to obtain the same would not have a
material adverse effect upon the rights of the Issuer, the Noteholders or
the Certificateholders.

                  SECTION 5.2. Limitation on Liability of Initial
Beneficial Holder and Others. The Initial Beneficial Holder and any
director or officer or employee or agent of the Initial Beneficial Holder
may rely in good faith on the advice of counsel or on any document of any
kind, prima facie properly executed and submitted by any Person respecting
any matters arising under any Basic Document (provided that such reliance
shall not limit in any way the Initial Beneficial Holder's obligations
under Sections 2.2 and 2.5). The Initial Beneficial Holder shall not be
under any obligation to appear in, prosecute or defend any legal action
that shall not be incidental to its obligations under this Agreement, and
that in its opinion may involve it in any expense or liability.

                  SECTION 5.3. Initial Beneficial Holder May Own
Certificates or Notes. The Initial Beneficial Holder and any Affiliate
thereof may in its individual or any other capacity become the owner or
pledgee of Certificates or Notes with the same rights as it would have if
it were not the Initial Beneficial Holder or an Affiliate thereof, except
as expressly provided herein or in any Basic Document.

                                ARTICLE VI

                            THE MASTER SERVICER

                  SECTION 6.1. Representations of Master Servicer. The
Master Servicer makes the following representations on which the Issuer is
deemed to have relied in acquiring the Mortgage Loans. The representations
speak as of the execution and delivery of the Agreement and shall survive
the sale of the Mortgage Loans to the Issuer and the pledge thereof to the
Trustee pursuant to the Indenture.

                  (a) Organization and Good Standing. The Master Servicer
is duly organized and validly existing as a corporation in good standing
under the laws of the State of [ ] with the corporate power and authority
to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted, and had at all
relevant times, and has, the power, authority and legal right to service
the Mortgage Loans.

                  (b) Due Qualification. The Master Servicer is duly
qualified to do business and has obtained all necessary licenses and
approvals in all jurisdictions in which the ownership or lease of property
or the conduct of its business (including the servicing of the Mortgage
Loans as required by this Agreement) shall require such qualifications.

                  (c) Power and Authority of The Master Servicer. The
Master Servicer has the corporate power and authority to execute and
deliver this Agreement and to perform its obligations hereunder, and the
execution, delivery and performance of this Agreement have been duly
authorized by the Master Servicer by all necessary corporate action. All
authorizations, consents, orders or approvals of or registrations or
declarations with any court, regulatory body, administrative agency or
other government instrumentality required to be obtained, effected or given
by the Master Servicer in connection with the execution and delivery by the
Master Servicer of this Agreement or any of the Basic Documents to which it
is a party and the performance by the Master Servicer of the transactions
contemplated by this Agreement or any of the Basic Documents to which it is
a party, have been duly obtained, effected or given and are in full force
and effect, except where failure to obtain the same would not have a
material adverse effect upon the rights of the Initial Beneficial Holder,
the Issuer, the Noteholders or the Certificateholders.

                  (d) Binding Obligation. This Agreement constitutes a
legal, valid and binding obligation of the Master Servicer, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium, fraudulent conveyance, reorganization and similar laws now or
hereafter in effect relating to creditors' rights generally, and subject to
general principles of equity (whether applied in a proceeding of law or in
equity).

                  (e) No Violation. The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do
not result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time or both) a default
under its charter document or by-laws of the Master Servicer, or any
material indenture, agreement or other instrument to which the Master
Servicer is a party or by which it shall be bound; nor result in the
creation or imposition of any Lien upon any of its properties pursuant to
the terms of any such indenture, agreement or other instrument (other than
pursuant to the Basic Documents); or violate any law or, to the best of its
knowledge, any order, rule or regulation applicable to the Master Servicer
of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the
Master Servicer or its properties.

                  (f) No Proceedings. There are no proceedings or
investigations pending against the Master Servicer, or, to its best
knowledge, threatened against the Master Servicer, before any court,
regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Master Servicer or its
properties: (i) asserting the invalidity of this Agreement or any of the
Basic Documents, the Notes or the Certificates, (ii) seeking to prevent the
issuance of the Notes or the Certificates or the consummation of any of the
transactions contemplated by this Agreement or any of the Basic Documents,
(iii) seeking any determination or ruling that could reasonably be expected
to have a material and adverse effect on the performance by the Master
Servicer of its obligations under, or the validity or enforceability of
this Agreement or any of the Basic Documents, the Notes or the Certificates
or (iv) seeking to affect adversely the federal or state income tax or
ERISA attributes of the Issuer, the Notes or the Certificates.

                  (g) No Amendment or Waiver. No provision of any Mortgage
Loan has been waived, altered or modified in any respect, except pursuant
to a document, instrument or writing included in the relevant Mortgage
File, and no such amendment, waiver, alteration or modification causes such
Mortgage Loan not to conform to the other warranties contained in this
Section or those of the Initial Beneficial Holder contained in Section 2.3.

                  SECTION 6.2. Indemnities of Master Servicer. The Master
Servicer shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Master Servicer under this
Agreement. The Master Servicer shall indemnify, defend and hold harmless
the Issuer, the Owner Trustee, the Trustee, the Initial Beneficial Holder,
the Certificateholders and the Noteholders and any of the officers,
directors, employees and agents of the Issuer, the Owner Trustee, the
Trustee or the Initial Beneficial Holder from any and all costs, expenses,
losses, claims, damages and liabilities (including reasonable attorneys'
fees and expenses) to the extent arising out of, or imposed upon any such
Person through, the negligence, willful misfeasance or bad faith of the
Master Servicer in the performance of its obligations and duties under this
Agreement or in the performance of the obligations and duties of any
sub-servicer under any sub-servicing agreement or by reason of the reckless
disregard of its obligations and duties under this Agreement or by reason
of the reckless disregard of the obligations of any sub-servicer under any
sub-servicing agreement, where the final determination that any such cost,
expense, loss, claim, damage or liability arose out of, or was imposed upon
any such Person through, any such negligence, willful misfeasance, bad
faith or recklessness on the part of the Master Servicer or any
sub-servicer, is established by a court of law, by an arbitrator or by way
of settlement agreed to by the Master Servicer. Notwithstanding the
foregoing, if the Master Servicer is rendered unable, in whole or in part,
by virtue of an act of God, act of war, act of domestic or international
terrorism, fires, earthquake or other natural disasters, to satisfy its
obligations under this Agreement, the Master Servicer shall not be deemed
to have breached any such obligation upon the sending of written notice of
such event to the other parties hereto, for so long as the Master Servicer
remains unable to perform such obligation as a result of such event. This
provision shall not be construed to limit the Master Servicer's or any
other party's rights, obligations, liabilities, claims or defenses which
arise as a matter of law or pursuant to any other provision of this
Agreement. The Master Servicer shall indemnify, defend and hold harmless
the Issuer, the Owner Trustee, the Trustee, the Initial Beneficial Holder,
the Certificateholders and the Noteholders or any of the officers,
directors, employees and agents of the Issuer, the Owner Trustee, the
Trustee or the Initial Beneficial Holder from any and all costs, expenses,
losses, claims, damages and liabilities (including reasonable attorneys'
fees and expenses) to the extent arising out of or imposed upon any such
Person as a result of any compensation payable to any sub-servicer
(including any fees payable in connection with the termination of the
servicing activities of such sub-servicer with respect to any Mortgage
Loan) whether pursuant to the terms of any sub-servicing agreement or
otherwise.

                  SECTION 6.3. Merger or Consolidation of, or Assumption of
The Obligations of, Master Servicer. Any Person: (a) into which the Master
Servicer may be merged or consolidated, (b) which may result from any
merger or consolidation to which the Master Servicer shall be a party or
(c) which may succeed to the properties and assets of the Master Servicer,
substantially as a whole, shall be the successor to the Master Servicer
without the execution or filing of any document or any further act by any
of the parties to this Agreement; provided, however, that the Master
Servicer hereby covenants that it will not consummate any of the foregoing
transactions except upon satisfaction of the following: (i) the surviving
Master Servicer (if other than [ ]) executes an agreement of assumption to
perform every obligation of the Master Servicer under this Agreement, (ii)
immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 6.1 shall have been breached and no
Servicer Default, and no event that, after notice or lapse of time, or
both, would become a Servicer Default shall have occurred and be
continuing, (iii) the Master Servicer shall have delivered to the Owner
Trustee and the Trustee an Officers' Certificate and an Opinion of Counsel
each stating that such consolidation, merger or succession and such
agreement of assumption comply with this Section and that all conditions
precedent, if any, provided for in this Agreement relating to such
transaction have been complied with, and that the Rating Agency Condition
shall have been satisfied with respect to such transaction, (iv) the
surviving Master Servicer shall have a consolidated net worth at least
equal to that of the predecessor Master Servicer, and (v) such transaction
will not result in a material adverse federal or state tax consequence to
the Issuer, the Noteholders or the Certificateholders.

                  SECTION 6.4. Limitation on Liability of Master Servicer
and Others. Neither the Master Servicer nor any of its directors, officers,
employees or agents shall be under any liability to the Issuer, the
Noteholders or the Certificateholders, except as provided under this
Agreement, for any action taken or for refraining from the taking of any
action by the Master Servicer or any sub-servicer pursuant to this
Agreement or for errors in judgment; provided, however, that this provision
shall not protect the Master Servicer or any such person against any
liability that would otherwise be imposed by reason of willful misfeasance,
bad faith or negligence in the performance of duties or by reason of
reckless disregard of obligations and duties under this Agreement. The
Master Servicer or any sub-servicer and any of their respective directors,
officers, employees or agents may rely in good faith on any document of any
kind prima facie properly executed and submitted by any Person respecting
any matters arising under this Agreement. Except as provided in this
Agreement the Master Servicer shall not be under any obligation to appear
in, prosecute or defend any legal action that shall be incidental to its
duties to service the Mortgage Loans in accordance with this Agreement, and
that in its opinion may involve it in any expense or liability; provided,
however, that the Master Servicer, may (but shall not be required to)
undertake any reasonable action that it may deem necessary or desirable in
respect of the Basic Documents to protect the interests of the
Certificateholders under this Agreement and the Noteholders under the
Indenture.

                  SECTION 6.5. [ ] Not to Resign as Master Servicer.
Subject to the provisions of Section 6.3, [ ], hereby agrees not to resign
from the obligations and duties hereby imposed on it as Master Servicer
under this Agreement except upon determination that the performance of its
duties hereunder shall no longer be permissible under applicable law or if
such resignation is required by regulatory authorities. Notice of any such
determination permitting the resignation of [ ], as Master Servicer shall
be communicated to the Owner Trustee and the Trustee at the earliest
practicable time (and, if such communication is not in writing, shall be
confirmed in writing at the earliest practicable time) and any such
determination shall be evidenced by an Opinion of Counsel to such effect
delivered to the Owner Trustee and the Trustee concurrently with or
promptly after such notice. No such resignation shall become effective
until the earlier of the Trustee or a successor Master Servicer having
assumed the responsibilities and obligations of the resigning Master
Servicer in accordance with Section 7.2 or the date upon which any
regulatory authority requires such resignation.

                                ARTICLE VII

                                  DEFAULT

                  SECTION 7.1. Servicer Default. If any one of the
following events (a "Servicer Default") shall occur and be continuing: (a)
any failure by the Master Servicer to deliver to the Trustee for deposit in
any of the Trust Accounts or the Certificate Distribution Account any
required payment or to direct the Trustee to make any required
distributions therefrom (other than a Monthly Advance required to be made
from its own funds) that shall continue unremedied for a period of [three]
Business Days after written notice of such failure is received by the
Master Servicer from the Owner Trustee or the Trustee or after discovery of
such failure by an Authorized Officer of the Master Servicer; or (b)
failure by the Master Servicer to make any required Servicing Advance which
failure continues unremedied for a period of [30] days, or failure on the
part of the Master Servicer duly to observe or to perform in any material
respect any other covenants or agreements of the Master Servicer set forth
in this Agreement or any other Basic Document, which failure shall: (i)
materially and adversely affect the rights of either the Certificateholders
or Noteholders and (ii) continue 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: (A) to the Master Servicer by the Owner
Trustee or the Trustee or (B) to the Master Servicer and to the Owner
Trustee and the Trustee by the Holders of Notes evidencing not less than
[66 2/3]% of the Current Principal Amount of the Notes or Holders of
Certificates evidencing not less than [66 2/3]% of the outstanding
Certificate Balance, as applicable (or for such longer period, not in
excess of [30] days, as may be reasonably necessary to remedy such default;
provided that such default is capable of remedy within [30] days and the
Master Servicer delivers an Officers' Certificate to the Owner Trustee and
the Trustee to such effect and to the effect that the Master Servicer has
commenced or will promptly commence, and will diligently pursue, all
reasonable efforts to remedy such default); or (c) any failure of the
Master Servicer to pay any Monthly Advance required to be made from its own
funds pursuant to Section 3.15 that continues unremedied for a period of
one Business Day; or (d) an Insolvency Event occurs with respect to the
Master Servicer or any successor; then, and in each and every case, so long
as the Servicer Default shall not have been remedied, either the Trustee,
or the Holders of Notes evidencing not less than [66 2/3]% of the Current
Principal Amount of the Notes, by notice then given in writing to the
Master Servicer and the Owner Trustee (and to the Trustee if given by the
Noteholders) may terminate all the rights and obligations (other than the
obligations set forth in Section 6.2) of the Master Servicer under this
Agreement. On or after the receipt by the Master Servicer of such written
notice, all authority and power of the Master Servicer under this
Agreement, whether with respect to the Notes, the Certificates or the
Mortgage Loans or otherwise, shall, without further action, pass to and be
vested in the Trustee or such successor Master Servicer as may be appointed
under Section 7.2; and, without limitation, the Trustee and the Owner
Trustee are hereby authorized and empowered to execute and deliver, on
behalf of the predecessor Master Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or
accomplish all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, whether to complete the transfer
and endorsement of the Mortgage Loans and related documents, or otherwise.
The predecessor Master Servicer shall cooperate with the successor Master
Servicer, the Trustee and the Owner Trustee in effecting the termination of
the responsibilities and rights of the predecessor Master Servicer under
this Agreement, including the transfer to the successor Master Servicer for
administration by it of all cash amounts that shall at the time be held by
the predecessor Master Servicer for deposit, or shall thereafter be
received by it with respect to a Mortgage Loan. All reasonable costs and
expenses (including attorneys' fees) incurred in connection with
transferring the Mortgage Files to the successor Master Servicer and
amending this Agreement to reflect such succession as Master Servicer
pursuant to this Section shall be paid by the predecessor Master Servicer
upon presentation of reasonable documentation of such costs and expenses.
Upon receipt of notice of the occurrence of a Servicer Default, the Owner
Trustee shall give notice thereof to the Rating Agencies.

                  SECTION 7.2. Appointment of Successor.

                  (a) Upon the Master Servicer's receipt of notice of
termination, pursuant to Section 7.1 or the Master Servicer's resignation
in accordance with the terms of this Agreement, the predecessor Master
Servicer shall continue to perform its functions as Master Servicer under
this Agreement, in the case of termination, only until the date specified
in such termination notice or, if no such date is specified in a notice of
termination, until receipt of such notice and, in the case of resignation,
until the earlier of: (i) the date [90] days from the delivery to the Owner
Trustee and the Trustee of written notice of such resignation (or written
confirmation of such notice) in accordance with the terms of this Agreement
and (ii) the date upon which the predecessor Master Servicer shall become
unable to act as Master Servicer, as specified in the notice of resignation
and accompanying Opinion of Counsel. In the event of the Master Servicer's
termination hereunder, the Trustee shall appoint a successor Master
Servicer, and the successor Master Servicer shall accept its appointment by
a written assumption in form acceptable to the Owner Trustee and the
Trustee. In the event that a successor Master Servicer has not been
appointed at the time when the predecessor Master Servicer has ceased to
act as Master Servicer in accordance with this Section, the Trustee without
further action shall automatically be appointed the successor Master
Servicer and the Trustee shall be entitled to the Servicing Fee.
Notwithstanding the above, the Trustee shall, if it shall be unwilling or
unable so to act, appoint or petition a court of competent jurisdiction to
appoint, any established institution, having a net worth of not less than
$[250,000,000] and whose regular business shall include the servicing of
Mortgage Loans and REO Property, as the successor to the Master Servicer
under this Agreement.

                  (b) Upon appointment, the successor Master Servicer
(including the Trustee acting as successor Master Servicer) shall be the
successor in all respects to the predecessor Master Servicer and shall be
subject to all the responsibilities, duties and liabilities arising
thereafter relating thereto placed on the predecessor Master Servicer and
shall be entitled to the Servicing Fee and all the rights granted to the
predecessor Master Servicer by the terms and provisions of this Agreement.
No successor Master Servicer shall be liable for any acts or omissions of
any predecessor Master Servicer.

                  (c) The Master Servicer may not resign unless it is
prohibited from serving as such by law or by requirement of any regulatory
authority.

                  SECTION 7.3. Payment of Servicing Fee. If the Master
Servicer shall change, the predecessor Master Servicer shall be entitled to
receive any accrued and unpaid Servicing Fees through the date of the
successor Master Servicer's acceptance hereunder in accordance with Section
3.9.

                  SECTION 7.4. Notification to Noteholders and
Certificateholders. Upon any termination of, or appointment of a successor
to, the Master Servicer pursuant to this Article VII, the Owner Trustee
shall give prompt written notice thereof to Certificateholders and the
Trustee shall give prompt written notice thereof to Noteholders subject to
the Rating Agency Condition.

                  SECTION 7.5. Waiver of Past Defaults. The Holders of
Notes evidencing not less than a majority of the Current Principal Amount
of the Notes (or the Holders (as defined in the Trust Agreement) of
Certificates evidencing not less than a majority of the outstanding
Certificate Balance, as applicable, in the case of any default which does
not adversely affect the Trustee or the Noteholders) may, on behalf of all
Noteholders and Certificateholders, waive in writing any default by the
Master Servicer in the performance of its obligations hereunder and its
consequences, except a default in making any required deposits to or
payments from any of the Trust Accounts in accordance with this Agreement.
Upon any such waiver of a past default, such default shall cease to exist,
and any Servicer Default arising therefrom shall be deemed to have been
remedied for every purpose of this Agreement. No such waiver shall extend
to any subsequent or other default or impair any right consequent thereto.

                               ARTICLE VIII

                                TERMINATION

                  SECTION 8.1. Optional Purchase of All Mortgage Loans.

                  (a) On the last day of any Due Period immediately
preceding a Determination Date as of which the then outstanding Pool
Balance is [10]% or less of the Original Pool Balance, the Initial
Beneficial Holder shall have the option to purchase the Owner Trust Estate,
other than the Trust Accounts and the Certificate Distribution Account. To
exercise such option, the Initial Beneficial Holder shall deposit pursuant
to Section 4.3 in the Collection Account an amount which, when added to the
amounts on deposit in the Collection Account for such Distribution Date,
equals the sum of: (a) the unpaid principal amount of the then outstanding
Class [ ] Notes, plus accrued and unpaid interest thereon, plus (b) the
Certificate Balance plus accrued and unpaid interest thereon. The Class [ ]
Notes and the Certificates will be redeemed concurrently therewith.

                  (b) Upon any sale of the assets of the Trust pursuant to
Section 9.2 of the Trust Agreement, the Master Servicer shall instruct the
Trustee to deposit the proceeds from such sale after all payments and
reserves therefrom (including the expenses of such sale) have been made
(the "Insolvency Proceeds") in the Collection Account. On the Distribution
Date on which the Insolvency Proceeds are deposited in the Collection
Account (or, if such proceeds are not so deposited on a Distribution Date,
on the Distribution Date immediately following such deposit), the Master
Servicer shall instruct the Trustee to make, and the Trustee shall make,
the following deposits and distributions (after the application on such
Distribution Date of the Total Distribution Amount pursuant to Section 4.4)
from the Insolvency Proceeds and any funds remaining on deposit in the
Reserve Account (including the proceeds of any sale of investments
therein): (i) to the Note Distribution Account, any portion of the
Noteholders' Interest Distributable Amount not otherwise deposited into the
Note Distribution Account on such Distribution Date; (ii) to the Note
Distribution Account, the outstanding principal balance of the Notes (after
giving effect to the reduction in the outstanding principal balance of the
Notes to result from the deposits made in the Note Distribution Account on
such Distribution Date); (iii) to the Owner Trustee for deposit in the
Certificate Distribution Account, any portion of the Certificateholders'
Interest Distributable Amount not otherwise deposited into the Certificate
Distribution Account on such Distribution Date; and (iv) to the Owner
Trustee for deposit in the Certificate Distribution Account, the
Certificate Balance and any Certificateholders' Principal Carryover
Shortfall Amount (after giving effect to the reduction in the Certificate
Balance to result from the deposits made in the Certificate Distribution
Account on such Distribution Date). Any Insolvency Proceeds remaining after
the deposits described above shall be paid to the [Initial Beneificial
Holder].

                  (c) Notice of any termination of the Trust shall be given
by the Master Servicer to the Owner Trustee, the Trustee and the Rating
Agencies as soon as practicable after the Master Servicer has received
notice thereof.

                  (d) Following the satisfaction and discharge of the
Indenture and the payment in full of the principal of and interest on the
Notes, the Certificateholders will succeed to the rights of the Noteholders
hereunder and the Owner Trustee will succeed to the rights of, and assume
the obligations of, the Trustee pursuant to this Agreement.

                                ARTICLE IX

                ADMINISTRATIVE DUTIES OF THE MASTER SERVICER

                  SECTION 9.1. Administrative Duties.

                  (a) Duties With Respect to the Indenture and Depository
Agreements. The Master Servicer shall perform all its duties and the duties
of the Issuer under the Depository Agreements. In addition, the Master
Servicer shall consult with the Owner Trustee as the Master Servicer deems
appropriate regarding the duties of the Issuer under the Indenture and the
Depository Agreements. The Master Servicer shall monitor the performance of
the Issuer and shall advise the Owner Trustee when action is necessary to
comply with the Issuer's duties under the Indenture and the Depository
Agreements. The Master Servicer shall prepare for execution by the Issuer
or shall cause the preparation by other appropriate Persons of all such
documents, reports, filings, instruments, certificates and opinions as it
shall be the duty of the Issuer to prepare, file or deliver pursuant to the
Indenture and the Depository Agreements. In furtherance of the foregoing,
the Master Servicer shall take all appropriate action that is the duty of
the Issuer to take pursuant to the Indenture.

                  (b) Duties with Respect to the Issuer.

                  (i) In addition to the duties of the Master Servicer set
         forth in this Agreement or any of the Basic Documents, the Master
         Servicer shall perform such calculations and shall prepare for
         execution by the Issuer or the Owner Trustee or shall cause the
         preparation by other appropriate Persons of all such documents,
         reports, filings, instruments, certificates and opinions as it
         shall be the duty of the Issuer or the Owner Trustee to prepare,
         file or deliver pursuant to this Agreement or any of the Basic
         Documents, and at the request of the Owner Trustee shall take all
         appropriate action that it is the duty of the Issuer to take
         pursuant to this Agreement or any of the Basic Documents. In
         accordance with the directions of the Owner Trustee, the Master
         Servicer shall administer, perform or supervise the performance of
         such other activities in connection with the Collateral (including
         the Basic Documents) as are not covered by any of the foregoing
         provisions and as are expressly requested by the Owner Trustee and
         are reasonably within the capability of the Master Servicer.

                  (ii) Notwithstanding anything in this Agreement or any of
         the Basic Documents to the contrary, the Master Servicer shall be
         responsible for promptly notifying the Owner Trustee in the event
         that any withholding tax is imposed on the Issuer's payments (or
         allocations of income) to an Owner (as defined in the Trust
         Agreement) as contemplated in Section 5.2(c) of the Trust
         Agreement. Any such notice shall specify the amount of any
         withholding tax required to be withheld by the Owner Trustee
         pursuant to such provision.

                  (iii) Notwithstanding anything in this Agreement or the
         Basic Documents to the contrary, the Master Servicer shall be
         responsible for performance of the duties of the Owner Trustee and
         the Initial Beneficial Holder set forth in Sections 5.6(a), (b),
         (c) and (d) of the Trust Agreement with respect to, among other
         things, accounting and reports to Owners (as defined in the Trust
         Agreement); provided, however, that the Owner Trustee shall retain
         responsibility for the distribution of the Schedule K necessary to
         enable each Certificateholder to prepare its federal and state
         income tax returns.

                  (iv) The Master Servicer shall perform the duties of the
         Master Servicer specified in Section 10.2 of the Trust Agreement
         required to be performed in connection with the resignation or
         removal of the Owner Trustee, and any other duties expressly
         required to be performed by the Master Servicer under this
         Agreement or any of the Basic Documents.

                  (v) In carrying out the foregoing duties or any of its
         other obligations under this Agreement, the Master Servicer may
         enter into transactions with or otherwise deal with any of its
         Affiliates; provided, however, that the terms of any such
         transactions or dealings shall be in accordance with any
         directions received from the Issuer and shall be, in the Master
         Servicer's opinion, no less favorable to the Issuer in any
         material respect.

                  (c) Tax Matters. The Master Servicer shall prepare and
file, on behalf of the Initial Beneficial Holder, all tax returns, tax
elections, financial statements and such annual or other reports of the
Issuer as are necessary for preparation of tax reports as provided in
Article V of the Trust Agreement, including without limitation forms 1099
and 1066. All tax returns will be signed by the Initial Beneficial Holder.

                  (d) Non-Ministerial Matters. With respect to matters that
in the reasonable judgment of the Master Servicer are non-ministerial, the
Master Servicer shall not take any action pursuant to this Article IX
unless within a reasonable time before the taking of such action, the
Master Servicer shall have notified the Owner Trustee and the Trustee of
the proposed action and the Owner Trustee and, with respect to items (A),
(B), (C) and (D) below, the Trustee shall not have withheld consent or
provided an alternative direction. For the purpose of the preceding
sentence, "non-ministerial matters" shall include: (A) the amendment of or
any supplement to the Indenture; (B) the initiation of any claim or lawsuit
by the Issuer and the compromise of any action, claim or lawsuit brought by
or against the Issuer (other than in connection with the collection of the
Mortgage Loans); (C) the amendment, change or modification of this
Agreement or any of the Basic Documents; (D) the appointment of successor
Note Registrars, successor Paying Agents and successor Trustees pursuant to
the Indenture or the appointment of successor Master Servicers or the
consent to the assignment by the Note Registrar, Paying Agent or Trustee of
its obligations under the Indenture; and (E) the removal of the Trustee.

                  (e) Exceptions. Notwithstanding anything to the contrary
in this Agreement, except as expressly provided herein or in the other
Basic Documents, the Master Servicer, in its capacity hereunder, shall not
be obligated to, and shall not: (A) make any payments to the Noteholders or
Certificateholders under the Basic Documents, (B) sell the Indenture Trust
Estate pursuant to Section 5.4 of the Indenture, (C) take any other action
that the Issuer directs the Master Servicer not to take on its behalf or
(D) in connection with its duties hereunder, assume any indemnification
obligation of any other Person.

                  SECTION 9.2. Records. The Master Servicer shall maintain
appropriate books of account and records relating to services performed
under this Agreement, which books of account and records shall be
accessible for inspection by the Issuer at any time during normal business
hours.

                  SECTION 9.3. Additional Information to Be Furnished to
the Issuer. The Master Servicer shall furnish to the Issuer from time to
time such additional information regarding the Collateral as the Issuer
shall reasonably request.

                                 ARTICLE X

                          MISCELLANEOUS PROVISIONS

                  SECTION 10.1. Amendment. This Agreement may be amended by
the Initial Beneficial Holder, the Master Servicer and the Owner Trustee,
with the consent of the Trustee (which consent may not be unreasonably
withheld), but without the consent of any of the Noteholders or the
Certificateholders, to cure any ambiguity or defect, to correct or
supplement any provisions in this Agreement or for the purpose of adding
any provisions to or changing in any manner or eliminating any of the
provisions in this Agreement or of modifying in any manner the rights of
the Noteholders or the Certificateholders; provided, however, that such
action shall not, as evidenced by an Opinion of Counsel delivered to the
Owner Trustee and the Trustee, adversely affect in any material respect the
interests of any Noteholder or Certificateholder. This Agreement may also
be amended from time to time by the Initial Beneficial Holder, the Master
Servicer and the Owner Trustee, with the consent of the Trustee, the
consent of the Holders of Notes evidencing not less than [a majority] of
the Current Principal Amount of the Notes and the consent of the Holders
(as defined in the Trust Agreement) of Certificates evidencing not less
than [a majority] of the Certificate Balance for the purpose of adding any
provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of
the Noteholders or the Certificateholders; provided, however, that no such
amendment shall: (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Mortgage
Loans or distributions that shall be required to be made for the benefit of
the Noteholders or the Certificateholders or (b) reduce the aforesaid
percentage of the Current Principal Amount of the Notes and the Certificate
Balance, the Holders of which are required to consent to any such
amendment, without the consent of the Holders of all the outstanding Notes
and the Holders (as defined in the Trust Agreement) of all the outstanding
Certificates of each class affected thereby. Prior to the execution of any
such amendment or consent, the Owner Trustee shall furnish written
notification of the substance of such amendment or consent to the Rating
Agencies. Promptly after the execution of any such amendment or consent,
the Owner Trustee shall furnish written notification of the substance of
such amendment or consent to each Certificateholder and the Trustee. It
shall not be necessary for the consent of Certificateholders or Noteholders
pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall
approve the substance thereof. Prior to the execution of any amendment to
this Agreement, the Owner Trustee and the Trustee shall be entitled to
receive and rely upon an Opinion of Counsel stating that the execution of
such amendment is authorized or permitted by this Agreement and that all
conditions precedent to the execution and delivery of such amendment have
been satisfied and the Opinion of Counsel referred to in Section 10.2(i)(1)
has been delivered. The Owner Trustee and the Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Owner
Trustee's or the Trustee's, as applicable, own rights, duties or immunities
under this Agreement or otherwise.

                  SECTION 10.2. Protection of Title to Trust.

                  (a) The Initial Beneficial Holder shall execute and file
such financing statements and cause to be executed and filed such
continuation statements, all in such manner and in such places as may be
required by law fully to preserve, maintain and protect the interest of the
Issuer and the interests of the Trustee in the Mortgage Loans and in the
proceeds thereof. The Initial Beneficial Holder shall deliver (or cause to
be delivered) to the Owner Trustee and the Trustee file-stamped copies of,
or filing receipts for, any document filed as provided above, as soon as
available following such filing.

                  (b) Neither the Initial Beneficial Holder nor the Master
Servicer shall change its name, identity or corporate structure in any
manner that would, could or might make any financing statement or
continuation statement filed in accordance with Section 10.2(a) above
seriously misleading within the meaning of Section 9-506(1) of the UCC,
unless it shall have given the Owner Trustee and the Trustee at least [30]
days' prior written notice thereof and shall have promptly filed
appropriate amendments to all previously filed financing statements or
continuation statements.

                  (c) [Each of the Initial Beneficial Holder and the Master
Servicer shall have an obligation to give the Owner Trustee and the Trustee
at least [30] days' prior written notice of any relocation of its principal
executive office if, as a result of such relocation, the applicable
provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new
financing statement and shall promptly file any such amendment.] The Master
Servicer shall at all times maintain each office from which it shall
service Mortgage Loans, and its principal executive office, within the
United States of America.

                  (d) The Master Servicer shall maintain accounts and
records as to each Mortgage Loan accurately and in sufficient detail to
permit: (i) the reader thereof to know at any time the status of such
Mortgage Loan, including payments and recoveries made and payments owing
(and the nature of each) and (ii) reconciliation between payments or
recoveries on (or with respect to) each Mortgage Loan and the amounts from
time to time deposited in the Collection Account in respect of such
Mortgage Loan.

                  (e) The Master Servicer shall maintain its computer
systems so that, from and after the time of sale under this Agreement of
the Mortgage Loans, the Master Servicer's master computer records
(including any backup archives) that refer to a Mortgage Loan shall
indicate clearly the interest of the Issuer and the Trustee in such
Mortgage Loan and that such Mortgage Loan is owned by the Issuer and has
been pledged to the Trustee. Indication of the Issuer's and the Trustee's
interest in a Mortgage Loan shall be deleted from or modified on the Master
Servicer's computer systems when, and only when, the related Mortgage Loan
shall have been paid in full or repurchased by the Initial Beneficial
Holder or purchased by the Master Servicer.

                  (f) If at any time the Initial Beneficial Holder or the
Master Servicer shall propose to sell, grant a security interest in or
otherwise transfer any interest in mortgage loans to any prospective
purchaser, lender or other transferee, the Master Servicer shall give to
such prospective purchaser, lender or other transferee computer tapes,
records or printouts (including any restored from backup archives) that, if
they shall refer in any manner whatsoever to any Mortgage Loan, shall
indicate clearly that such Mortgage Loan has been sold and is owned by the
Issuer and has been pledged to the Trustee.

                  (g) The Master Servicer shall permit the Trustee and its
agents at any time during normal business hours to inspect, audit and make
copies of and abstracts from the Master Servicer's records regarding any
Mortgage Loan.

                  (h) Upon request at any time the Owner Trustee or the
Trustee shall have reasonable grounds to believe that such request is
necessary in connection with the performance of its duties under this
Agreement or any of the Basic Documents, the Master Servicer shall furnish
to the Owner Trustee or to the Trustee, within [ ] Business Days, a list of
all Mortgage Loans (by contract number and name of Mortgagor) then held as
part of the Trust, together with a reconciliation of such list to the
Mortgage Loan Schedule and to each of the Master Servicer's Certificates
furnished before such request indicating removal of Mortgage Loans from the
Trust.

                  (i) The Master Servicer shall deliver to the Owner
Trustee and the Trustee: (1) promptly after the execution and delivery of
this Agreement and of each amendment thereto, an Opinion of Counsel either:
(A) stating that, in the opinion of such counsel, all financing statements
and continuation statements have been executed and filed that are necessary
fully to preserve and protect the interest of the Owner Trustee and the
Trustee in the Mortgage Loans, and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given, or
(B) stating that, in the opinion of such counsel, no such action shall be
necessary to preserve and protect such interest; and (2) within [90] days
after the beginning of each calendar year beginning with the first calendar
year beginning more than three months after the Cut-off Date, an Opinion of
Counsel, dated as of a date during such [90]-day period, either: (A)
stating that, in the opinion of such counsel, all financing statements and
continuation statements have been executed and filed that are necessary
fully to preserve and protect the interest of the Owner Trustee and the
Trustee in the Mortgage Loans, and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given, or
(B) stating that, in the opinion of such counsel, no such action shall be
necessary to preserve and protect such interest. Each Opinion of Counsel
referred to in clause (l) or (2) above shall specify any action necessary
(as of the date of such opinion) to be taken in the following year to
preserve and protect such interest.

                  (j) The Initial Beneficial Holder shall, to the extent
required by applicable law, cause the Certificates and the Notes to be
registered with the Commission pursuant to Section 12(b) or Section 12(g)
of the Exchange Act within the time periods specified in such sections.

                  SECTION 10.3. Notices. All demands, notices and
communications upon or to the Initial Beneficial Holder, the Master
Servicer, the Owner Trustee, the Trustee or the Rating Agencies under this
Agreement shall be in writing, personally delivered, sent by overnight
courier or mailed by certified mail, return receipt requested, and shall be
deemed to have been duly given upon receipt: (a) in the case of the Initial
Beneficial Holder to Goldman Sachs Mortgage Company, 85 Broad Street, New
York, New York 10004, Attention: Jay Strauss, Esq., (b) in the case of the
Master Servicer to [    ], Attention: [          ], (c) in the case of the
Issuer or the Owner Trustee, at the Corporate Trust Office (as defined in
the Trust Agreement), (c) in the case of the Trustee, at [         ], (d) in
the case of the Rating Agencies to [        ], Attention: [          ].

                  SECTION 10.4. Assignment. Notwithstanding anything to the
contrary contained herein, except as provided in Sections 5.4 and 6.3 and
as provided in the provisions of this Agreement concerning the resignation
of the Master Servicer, this Agreement may not be assigned by the Initial
Beneficial Holder or the Master Servicer.

                  SECTION 10.5. Limitations on Rights of Others. The
provisions of this Agreement are solely for the benefit of the Initial
Beneficial Holder, the Master Servicer, the Issuer, the Owner Trustee and
for the benefit of the Certificateholders, the Trustee and the Noteholders,
as third-party beneficiaries, and nothing in this Agreement, whether
express or implied, shall be construed to give to any other Person any
legal or equitable right, remedy or claim in the Owner Trust Estate or
under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

                  SECTION 10.6. Severability. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other
jurisdiction.

                  SECTION 10.7. Separate Counterparts. This Agreement may
be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument.

                  SECTION 10.8. Headings. The headings of the various
Articles and Sections herein are for convenience of reference only and
shall not define or limit any of the terms or provisions hereof.

                  SECTION 10.9. Governing Law. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

                  SECTION 10.10. Assignment to Trustee. The Initial
Beneficial Holder hereby acknowledges and consents to any mortgage, pledge,
assignment and grant of a security interest by the Issuer to the Trustee
pursuant to the Indenture for the benefit of the Noteholders of all right,
title and interest of the Issuer in, to and under the Mortgage Loans and/or
the assignment of any or all of the Issuer's rights and obligations
hereunder to the Trustee.

                  SECTION 10.11. Nonpetition Covenant. Notwithstanding any
prior termination of this Agreement, the Master Servicer and the Initial
Beneficial Holder shall not, prior to the date which is one year and one
day after the termination of this Agreement with respect to the Issuer,
acquiesce, petition or otherwise invoke or cause the Issuer to invoke the
process of any court or government authority for the purpose of commencing
or sustaining a case against the Issuer under any federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Issuer or any substantial part of its property, or ordering the winding up
or liquidation of the affairs of the Issuer.

                  SECTION 10.12. Limitation of Liability of Owner Trustee
and Trustee.

                  (a) Notwithstanding anything contained herein to the
contrary, this Agreement has been countersigned by the Owner Trustee not in
its individual capacity but solely in its capacity as Owner Trustee of the
Issuer and in no event shall the Owner Trustee in its individual capacity
or, except as expressly provided in the Trust Agreement, as Owner Trustee
have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer. For all
purposes of this Agreement, in the performance of its duties or obligations
hereunder or in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the
Trust Agreement.

                  (b) Notwithstanding anything contained herein to the
contrary, this Agreement has been accepted by the Trustee not in its
individual capacity but solely as Trustee and in no event shall the Trustee
have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

                  SECTION 10.13. Independence of The Master Servicer. For
all purposes of this Agreement, the Master Servicer shall be an independent
contractor and shall not be subject to the supervision of the Issuer or the
Owner Trustee with respect to the manner in which it accomplishes the
performance of its obligations hereunder. Unless expressly authorized by
the Issuer, the Master Servicer shall have no authority to act for or
represent the Issuer or the Owner Trustee in any way and shall not
otherwise be deemed an agent of the Issuer or the Owner Trustee.

                  SECTION 10.14. No Joint Venture. Nothing contained in
this Agreement: (i) shall constitute the Master Servicer and either of the
Issuer or the Owner Trustee as members of any partnership, joint venture,
association, syndicate, unincorporated business or other separate entity,
(ii) shall be construed to impose any liability as such on any of them or
(iii) shall be deemed to confer on any of them any express, implied or
apparent authority to incur any obligation or liability on behalf of the
others.

                          SIGNATURE PAGE TO FOLLOW

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered by their respective duly
authorized officers as of the day and year first above written.

                                        [           ] TRUST 200[ ]-[ ]

                                        By:  [                ], not
                                        in its individual capacity
                                        but solely as Owner Trustee
                                        on behalf of the Trust

                                        By: _________________________________
                                        Name:
                                        Title:

                                        GS MORTGAGE SECURITIES CORP.,
                                        Initial Beneficial Holder

                                        By: _________________________________
                                        Name:
                                        Title:

                                        [           ], Master Servicer

                                        By: _________________________________
                                        Name:
                                        Title:

Acknowledged and Accepted:
[                     ] , not in its individual
capacity but solely as Trustee,

By: ______________________________
Name:
Title:

Acknowledged and Accepted:
[                        ], not in its individual
capacity but solely as Owner Trustee,

By:_________________________________
Name:
Title:

                                 EXHIBIT A

                           MORTGAGE LOAN SCHEDULE

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