Document:

<PAGE>

                                                                       EXECUTION

             STRUCTURED ASSET SECURITIES CORPORATION, as Depositor,

                 AURORA LOAN SERVICES INC., as Master Servicer,

                                       and

                   U.S. BANK NATIONAL ASSOCIATION, as Trustee

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

                                 TRUST AGREEMENT

                           Dated as of August 1, 2001

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

                     STRUCTURED ASSET SECURITIES CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 2001-12

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                                TABLE OF CONTENTS

<TABLE>
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<S>                                                                                                           <C>
Article I DEFINITIONS............................................................................................ 9

   Section 1.01.        Definitions.............................................................................. 9
   Section 1.02.        Calculations Respecting Mortgage Loans...................................................43

Article II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES........................................................43

   Section 2.01.        Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans.....................43
   Section 2.02.        Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund..............46
   Section 2.03.        Representations and Warranties of the Depositor..........................................48
   Section 2.04.        Discovery of Breach......................................................................49
   Section 2.05.        Repurchase, Purchase or Substitution of Mortgage Loans...................................50
   Section 2.06.        Grant Clause.............................................................................51

Article III THE CERTIFICATES.....................................................................................52

   Section 3.01.        The Certificates.........................................................................52
   Section 3.02.        Registration.............................................................................54
   Section 3.03.        Transfer and Exchange of Certificates....................................................54
   Section 3.04.        Cancellation of Certificates.............................................................59
   Section 3.05.        Replacement of Certificates..............................................................60
   Section 3.06.        Persons Deemed Owners....................................................................60
   Section 3.07.        Temporary Certificates...................................................................60
   Section 3.08.        Appointment of Paying Agent..............................................................61
   Section 3.09.        Book-Entry Certificates..................................................................61

Article IV ADMINISTRATION OF THE TRUST FUND......................................................................62

   Section 4.01.        Collection Account.......................................................................62
   Section 4.02.        Application of Funds in the Collection Account...........................................64
   Section 4.03.        Reports to Certificateholders............................................................66
   Section 4.04.        Certificate Account......................................................................69

Article V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES...............................................................70

   Section 5.01.        Distributions Generally..................................................................70
   Section 5.02.        Distributions from the Certificate Account...............................................70
   Section 5.03.        Allocation of Realized Losses............................................................73
   Section 5.04.        Advances by Master Servicer and Trustee..................................................76
   Section 5.05.        Compensating Interest Payments...........................................................77

Article VI CONCERNING THE TRUSTEE; EVENTS OF DEFAULT.............................................................77

   Section 6.01.        Duties of Trustee........................................................................77
   Section 6.02.        Certain Matters Affecting the Trustee....................................................79
   Section 6.03.        Trustee Not Liable for Certificates......................................................80
   Section 6.04.        Trustee May Own Certificates.............................................................80

                                        i
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   Section 6.05.        Eligibility Requirements for Trustee.....................................................81
   Section 6.06.        Resignation and Removal of Trustee.......................................................81
   Section 6.07.        Successor Trustee........................................................................82
   Section 6.08.        Merger or Consolidation of Trustee.......................................................82
   Section 6.09.        Appointment of Co-Trustee, Separate Trustee or Custodian.................................83
   Section 6.10.        Authenticating Agents....................................................................84
   Section 6.11.        Indemnification of Trustee...............................................................85
   Section 6.12.        Fees and Expenses of Trustee.............................................................85
   Section 6.13.        Collection of Monies.....................................................................86
   Section 6.14.        Events of Default; Trustee To Act; Appointment of Successor..............................86
   Section 6.15.        Additional Remedies of Trustee Upon Event of Default.....................................90
   Section 6.16.        Waiver of Defaults.......................................................................90
   Section 6.17.        Notification to Holders..................................................................90
   Section 6.18.        Directions by Certificateholders and Duties of Trustee During Event of Default...........91
   Section 6.19.        Action Upon Certain Failures of the Master Servicer and Upon Event of Default............91
   Section 6.20.        Preparation of Tax Returns and Other Reports.............................................91

Article VII PURCHASE AND TERMINATION OF THE TRUST FUND...........................................................92

   Section 7.01.        Termination of Trust Fund Upon Repurchase or Liquidation of All Mortgage Loans...........92
   Section 7.02.        Procedure Upon Termination of Trust Fund.................................................93
   Section 7.03.        Additional Requirements under the REMIC Provisions.......................................94

Article VIII RIGHTS OF CERTIFICATEHOLDERS........................................................................94

   Section 8.01.        Limitation on Rights of Holders..........................................................94
   Section 8.02.        Access to List of Holders................................................................95
   Section 8.03.        Acts of Holders of Certificates..........................................................96

Article IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER.................................97

   Section 9.01.        Duties of the Master Servicer............................................................97
   Section 9.02.        Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy..97
   Section 9.03.        Master Servicer's Financial Statements and Related Information...........................97
   Section 9.04.        Power to Act; Procedures.................................................................98
   Section 9.05.        Servicing Agreements Between the Master Servicer and Servicers..........................100
   Section 9.06.        Collection of Taxes, Assessments and Similar Items......................................100
   Section 9.07.        Termination of Servicing Agreements; Successor Servicers................................101
   Section 9.08.        Master Servicer Liable for Enforcement..................................................101
   Section 9.09.        No Contractual Relationship Between Servicers and Trustee or Depositor..................101
   Section 9.10.        Assumption of Servicing Agreement by Trustee............................................102
   Section 9.11.        Due-On-Sale Clauses; Assumption Agreements..............................................102
   Section 9.12.        Release of Mortgage Files...............................................................103

                                       ii

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   Section 9.13.        Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee....104
   Section 9.14.        Representations and Warranties of the Master Servicer...................................105
   Section 9.15.        Closing Certificate and Opinion.........................................................107
   Section 9.16.        Standard Hazard and Flood Insurance Policies............................................107
   Section 9.17.        Presentment of Claims and Collection of Proceeds........................................108
   Section 9.18.        Maintenance of the Primary Mortgage Insurance Policies..................................108
   Section 9.19.        Trustee To Retain Possession of Certain Insurance Policies and Documents................109
   Section 9.20.        Realization Upon Defaulted Mortgage Loans...............................................109
   Section 9.21         Compensation to the Master Servicer.....................................................110
   Section 9.22.        REO Property............................................................................110
   Section 9.23.        [Reserved]..............................................................................111
   Section 9.24.        Reports to the Trustee..................................................................111
   Section 9.25.        Annual Officer's Certificate as to Compliance...........................................111
   Section 9.26.        Annual Independent Accountants' Servicing Report........................................112
   Section 9.27.        Merger or Consolidation.................................................................112
   Section 9.28.        Resignation of Master Servicer..........................................................113
   Section 9.29.        Assignment or Delegation of Duties by the Master Servicer...............................113
   Section 9.30.        Limitation on Liability of the Master Servicer and Others...............................113
   Section 9.31.        Indemnification; Third-Party Claims.....................................................114

Article X REMIC ADMINISTRATION..................................................................................114

   Section 10.01.       REMIC Administration....................................................................114
   Section 10.02.       Prohibited Transactions and Activities..................................................116
   Section 10.03.       Indemnification with Respect to Certain Taxes and Loss of REMIC Status..................117
   Section 10.04.       REO Property............................................................................117

Article XI MISCELLANEOUS PROVISIONS.............................................................................118

   Section 11.01.       Binding Nature of Agreement; Assignment.................................................118
   Section 11.02.       Entire Agreement........................................................................118
   Section 11.03.       Amendment...............................................................................118
   Section 11.04.       Voting Rights...........................................................................119
   Section 11.05.       Provision of Information................................................................120
   Section 11.06.       Governing Law...........................................................................120
   Section 11.07.       Notices.................................................................................120
   Section 11.08.       Severability of Provisions..............................................................121
   Section 11.09.       Indulgences; No Waivers.................................................................121
   Section 11.10.       Headings Not To Affect Interpretation...................................................121
   Section 11.11.       Benefits of Agreement...................................................................121
   Section 11.12.       Special Notices to the Rating Agencies..................................................121
   Section 11.13.       Counterparts............................................................................122
   Section 11.14.       Transfer of Servicing...................................................................122
   Section 11.15.       Limitations on Actions; No Proceedings..................................................124

                                      iii

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                                   ATTACHMENTS

Exhibit A     Forms of Certificates
Exhibit B-1   Form of Initial Certification
Exhibit B-2   Form of Interim Certification
Exhibit B-3   Form of Final Certification
Exhibit B-4   Form of Endorsement
Exhibit C     Request for Release of Documents and Receipt
Exhibit D-l   Form of Residual Certificate Transfer Affidavit (Transferee)
Exhibit D-2   Form of Residual Certificate Transfer Affidavit (Transferor)
Exhibit E     Servicing Agreements
Exhibit F     Form of Rule 144A Transfer Certificate
Exhibit G     Form of Purchaser's Letter for Institutional Accredited Investors
Exhibit H     Form of ERISA Transfer Affidavit
Exhibit I     Monthly Remittance Advice
Exhibit J     Monthly Electronic Data Transmission
Exhibit K     Custodial Agreements
Exhibit L     Senior Principal Priorities
Exhibit M     Scheduled Balances Tables
Exhibit N-1   Form of Transfer Certificate for Transfer from Restricted Global
              Security to Regulation S Global Security pursuant to Section
              3.03(h)(B)
Exhibit N-2   Form of Transfer Certificate for Transfer from Regulation S Global
              Security to Restricted Global Security pursuant to Section
              3.03(h)(C)

Mortgage Loan Schedules
-----------------------

Schedule A    All Mortgage Loans (by Mortgage Pool)
Schedule B    Mortgage Loans with Retained Interest
</TABLE>

                                       iv

<PAGE>

         This TRUST AGREEMENT, dated as of August 1, 2001 (the "Agreement"), is
by and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as
depositor (the "Depositor"), AURORA LOAN SERVICES INC., as master servicer (the
"Master Servicer"), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as trustee (the "Trustee").

                              PRELIMINARY STATEMENT

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

         As provided herein, the Trustee shall elect that the Trust Fund be
treated for federal income tax purposes as comprising two real estate mortgage
investment conduits (each a "REMIC" or, in the alternative, the Lower Tier REMIC
and the Upper Tier REMIC, respectively). Each Certificate, other than the Class
R Certificate, represents ownership of one or more regular interests in the
Upper Tier REMIC for purposes of the REMIC Provisions. The Class R Certificate
represents ownership of the sole class of residual interest in the Lower Tier
REMIC and the Upper Tier REMIC for purposes of the REMIC Provisions. The Upper
Tier REMIC shall hold as assets the several classes of uncertificated Lower Tier
Interests, other than the Class LT-R Interest, set out below. Each such Lower
Tier Interest, other than the Class LT-R Interest, is hereby designated as a
regular interest in the Lower Tier REMIC. The Lower Tier REMIC shall hold as
assets all property of the Trust Fund.

LOWER TIER REMIC

         The following table specifies the Class designation, interest rate, and
principal amount for each class of Lower Tier Interests.

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                                        Initial Class
                                          Principal        Corresponding Class
Lower Tier Class       Lower Tier       (or Notional)       of Certificates or
   Designation       Interest Rate          Amount              Components
----------------     -------------          ------              ----------

LT1-A1                   6.75%         $54,738,000.00           Class 1-A1
(1)                                                             Class 1-A3
LT1-A2                   6.75%         $30,000,000.00           Class 1-A2
(2)                                                             Class 1-A3
LT1-A4                   6.75%        $200,000,000.00           Class 1-A4
(3)                                                             Class 1-A3
LT1-A5                   6.75%         $10,000,000.00           Class 1-A5
LT1-A6                   6.75%         $10,000,000.00           Class 1-A6
LT1-A7                   6.75%        $ 24,025,000.00           Class 1-A7
LT1-AP                   0.00%            $184,824.00           Class 1-AP
LT1-AX                    (4)               (4)                 Class 1-AX
LTA-1AR                  6.75%                $100.00           Class R
LT2-A1                   7.25%         $70,600,000.00           Class 2-A1
(5)                                                             Class 2-A4
(6)                                                             Class 2-A9(2)
LT2-A2                   7.25%         $35,771,000.00           Class 2-A2
(7)                                                             Class 2-A4
(8)                                                             Class 2-A9(2)
LT2-A3                   7.25%         $15,200,000.00           Class 2-A3
(9)                                                             Class 2-A4
(10)                                                            Class 2-A9(2)
LT2-A5                   7.25%         $33,550,000.00           Class 2-A%
(11)                                                            Class 2-A9(1)
LT2-A6                   7.25%         $20,000,000.00           Class 2-A6
(12)                                                            Class 2-A9(1)
LT2-A7                   7.25%         $50,000,000.00           Class 2-A7
(13)                                                            Class 2-A9(1)
LT2-A8                   7.25%         $10,000,000.00           Class 2-A8
(14)                                                            Class 2-A9(1)
LT2-A10                  7.25%          $7,900,000.00           Class 2-A10
LT2-A11                  7.25%          $2,326,000.00           Class 2-A11
LT2-A12                  7.25%          $1,000,000.00           Class 2-A12
LT2-A13                  7.25%            $375,000.00           Class 2-A13
LT2-A14                  7.25%          $8,532,000.00           Class 2-A9(3)
LT2-A15                  7.25%         $47,300,000.00           Class 2-A9(4)
LT2-AP                   0.00%          $6,172,678.00           Class 2-A9(5)
LT2-AX                   (15)              (15)                 Class 2-AX
LT3-A1                   6.75%         $17,898,000.00           Class 3-A1
(16)                                                            Class 3-A2
LT3-A3                   6.75%         $15,000,000.00           Class 3-A3

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(17)                                                            Class 3-A2
LT3-A4                   6.75%          $4,900,000.00           Class 3-A4
LT3-A5                   6.75%          $1,013,000.00           Class 3-A5
LT3-AX                   (18)               (18)                Class 3-AX
LT1-B1                   6.75%          $7,750,000.00           Class B1(1-3)(1)
LT1-B2                   6.75%          $2,583,000.00           Class B2(1-3)(1)
LT1-B3                   6.75%          $2,066,000.00           Class B3(1)
LT1-B4                   6.75%          $1,205,000.00           Class B4(1)
LT1-B5                   6.75%               $861,000           Class B5(1)
LT1-B6                   6.75%          $1,035,600.12           Class B6(1)
LT2-B1                   7.25%          $5,933,000.00           Class B1(2)
LT2-B2                   7.25%          $2,084,000.00           Class B2(2)
LT2-B3                   7.25%          $1,764,000.00           Class B3(2)
LT2-B4                   7.25%            $641,000.00           Class B4(2)
LT2-B5                   7.25%            $801,000.00           Class B5(2)
LT2-B6                   7.25%            $805,555.32           Class B6(2)
LT3-B1                   6.75%          $1,040,000.00           Class B1(1-3)(3)
LT3-B2                   6.75%            $520,000.00           Class B2(1-3)(3)
LT3-B3                   6.75%            $457,000.00           Class B3(3)
LT3-B4                   6.75%            $332,000.00           Class B4(3)
LT3-B5                   6.75%            $228,000.00           Class B5(3)
LT3-B6                   6.75%            $232,923.16           Class B6(3)
LT-R                     (19)               (19)                Class R

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

(1)    The Class 1-A3 Certificates are entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT1-A1
       Interest. Specifically, for each Accrual Period, the Class 1-A3
       Certificates are entitled to interest accruals on the Class LT1-A1
       Interest at a per annum rate of 1.75%.

(2)    The Class 1-A3 Certificates are entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT1-A2
       Interest. Specifically, for each Accrual Period, the Class 1-A3
       Certificates are entitled to interest accruals on the Class LT1-A2
       Interest at a per annum rate of 1.95%.

(3)    The Class 1-A3 Certificates are entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT1-A4
       Interest. Specifically, for each Accrual Period, the Class 1-A3
       Certificates are entitled to interest accruals on the Class LT1-A4
       Interest at a per annum rate of 0.95%.

(4)    The LT1-AX Interest is an interest only interest and does not have a
       principal balance. The Class LT1-AX Interest is entitled to receive on
       each Distribution Date a specified portion of the interest payable on the
       Pool 1-AX Loans. Specifically, for each Accrual Period, the Class LT1-AX
       Interest is entitled to interest accruals on the Pool 1-AX Loans at a per
       annum rate equal to the weighted average of the Net Mortgage Rates on the
       Pool 1-AX Loans minus 6.75%.

(5)    The Class 2-A4 Certificates are entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A1
       Interest. Specifically, for each Accrual

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       Period, the Class 2-A4 Certificates are entitled to interest accruals on
       the Class LT2-A1 Interest at a per annum rate of 0.95%.

(6)    The Class 2-A9(2) Component is entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A1
       Interest. Specifically, for each Accrual Period, the Class 2-A9(2)
       Component is entitled to interest accruals on the Class LT2-A1 Interest
       at a per annum rate of 0.55%.

(7)    The Class 2-A4 Certificates are entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A2
       Interest. Specifically, for each Accrual Period, the Class 2-A4
       Certificates are entitled to interest accruals on the Class LT2-A2
       Interest at a per annum rate of 0.40%.

(8)    The Class 2-A9(2) Component is entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A2
       Interest. Specifically, for each Accrual Period, the Class 2-A9(2)
       Component is entitled to interest accruals on the Class LT2-A2 Interest
       at a per annum rate of 0.50%.

(9)    The Class 2-A4 Certificates are entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A3
       Interest. Specifically, for each Accrual Period, the Class 2-A4
       Certificates are entitled to interest accruals on the Class LT2-A3
       Interest at a per annum rate of 0.55%.

(10)   The Class 2-A9(2) Component is entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A3
       Interest. Specifically, for each Accrual Period, the Class 2-A9(2)
       Component is entitled to interest accruals on the Class LT2-A3 Interest
       at a per annum rate of 0.20%.

(11)   The Class 2-A9(1) Component is entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A5
       Interest. Specifically, for each Accrual Period, the Class 2-A9(1)
       Component is entitled to interest accruals on the Class LT2-A5 Interest
       at a per annum rate of 1.25%.

(12)   The Class 2-A9(2) Component is entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A6
       Interest. Specifically, for each Accrual Period, the Class 2-A9(2)
       Component is entitled to interest accruals on the Class LT2-A6 Interest
       at a per annum rate of 0.75%.

(13)   The Class 2-A9(2) Component is entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A7
       Interest. Specifically, for each Accrual Period, the Class 2-A9(2)
       Component is entitled to interest accruals on the Class LT2-A7 Interest
       at a per annum rate of 0.90%.

(14)   The Class 2-A9(2) Component is entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT2-A8
       Interest. Specifically, for each Accrual Period, the Class 2-A9(2)
       Component is entitled to interest accruals on the Class LT2-A8 Interest
       at a per annum rate of 0.75%.

(15)   The LT2-AX Interest is an interest only interest and does not have a
       principal balance. The Class LT2-AX Interest is entitled to receive on
       each Distribution Date a specified portion of the interest payable on the
       Pool 2-AX Loans. Specifically, for each Accrual Period, the Class LT2-AX
       Interest is entitled to interest accruals on the Pool 2-AX Loans at a per

                                       4
<PAGE>

       annum rate equal to the weighted average of the Net Mortgage Rates on the
       Pool 2-AX Loans minus 7.25%.

(16)   The Class 3-A2 Certificates are entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT3-A1
       Interest. Specifically, for each Accrual Period, the Class 3-A2
       Certificates are entitled to interest accruals on the Class LT3-A1
       Interest at a per annum rate of 0.40%.

(17)   The Class 3-A2 Certificates are entitled to receive on each Distribution
       Date a specified portion of the interest payable on the Class LT3-A3
       Interest. Specifically, for each Accrual Period, the Class 3-A2
       Certificates are entitled to interest accruals on the Class LT3-A3
       Interest at a per annum rate of 0.30%.

(18)   The LT3-AX Interest is an interest only interest and does not have a
       principal balance. The Class LT3-AX Interest is entitled to receive on
       each Distribution Date a specified portion of the interest payable on the
       Pool 3-AX Loans. Specifically, for each Accrual Period, the Class LT3-AX
       Interest is entitled to interest accruals on the Pool 3-AX Loans at a per
       annum rate equal to the weighted average of the Net Mortgage Rates on the
       Pool 3-AX Loans minus 6.75%.

(19)   The Class LTR Interest is the sole Class of residual interest in the
       Lower Tier REMIC. It does not have an interest rate or a principal
       balance.

         On each Distribution Date, the Available Distribution Amounts for Pool
1, Pool 2 and Pool 3 shall be distributed with respect to the Lower Tier
Interests in the same manner that such amounts are distributed on the
Corresponding Classes of Certificates or Components.

         On each Distribution Date, Realized Losses, Relief Act Reductions, and
Net Prepayment Interest Shortfalls shall be allocated among the Lower Tier
Interests in the same manner that such items are allocated among the
corresponding classes of Certificates or Components.

UPPER TIER REMIC

     The following table specifies the Class designation, Certificate Interest
Rate, initial Class Principal (or Notional) Amount and minimum denomination (by
dollar amount or Percentage Interest) for each Class of Certificates (each of
which, other than the Class R Certificate, represents ownership of one or more
regular interests in the Upper Tier REMIC) constituting the interests in the
Trust Fund created hereunder.

                                       5
<PAGE>

                                            Inital Class             Minimum
                                             Principal            Denomination
                        Certificate        (or Notional)         or Percentage
Class Designation      Interest Rate           Amount               Interest
-----------------      -------------          --------              --------

Class 1-A1                  5.00%          $54,738,000.00              25,000
Class 1-A2                  4.80            30,000,000.00              25,000
Class 1-A3                  6.75                    (3)             1,000,000
Class 1-A4                  5.80           200,000,000.00              25,000
Class 1-A5                  6.75            10,000,000.00              25,000
Class 1-A6                  6.75            10,000,000.00              25,000
Class 1-A7                  6.75            24,025,000.00              25,000
Class 1-AP                  0.00               184,824.00                100%
Class 1-AX                  6.75                    (4)             1,000,000
Class 2-A1                  5.75            70,600,000.00              25,000
Class 2-A2                  6.35            35,771,000.00              25,000
Class 2-A3                  6.50            15,200,000.00              25,000
Class 2-A4                  7.25                    (5)             1,000,000
Class 2-A5                  6.00            33,550,000.00              25,000
Class 2-A6                  6.50            20,000,000.00              25,000
Class 2-A7                  6.35            50,000,000.00              25,000
Class 2-A8                  6.50            10,000,000.00              25,000
Class 2-A9                  (1)                     (1)                25,000
Class 2-A10                 7.25             7,900,000.00              25,000
Class 2-A11                 7.25             2,326,000.00              25,000
Class 2-A12                 7.25             1,000,000.00              25,000
Class 2-A13                 7.25               375,000.00           1,000,000
Class 2-AX                  7.25                    (6)                  100%
Class 3-A1                  6.35            17,898,000.00              25,000
Class 3-A2                  6.75                    (7)                  100%
Class 3-A3                  6.45            15,000,000.00              25,000
Class 3-A4                  6.75             4,900,000.00              25,000
Class 3-A5                  6.75             1,013,000.00              25,000
Class 3-AX                  6.75                    (8)                  100%
Class B1(1-3)               6.75             8,790,000.00             100,000
Class B1(2)                 7.25             5,933,000.00             100,000
Class B2(1-3)               6.75             3,103,000.00             100,000
Class B2(2)                 7.25             2,084,000.00             100,000
Class B3                     (2)             4,287,000.00             100,000
Class B4                     (2)             2,178,000.00             250,000
Class B5                     (2)             1,890,000.00             250,000
Class B6                     (2)             2,074,078.60             250,000
Class R                     6.75                   100.00                 100

                                       6
<PAGE>

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

(1)   The Class 2-A9 Certificates are comprised of five components and each
      Component, other than the 2-A9(5) Component, which is a Principal Only
      Component, has a Component Interest Rate of 7.25%. The initial Component
      Principal Amounts or Component Notional Amounts are as follows:

         o  The Component Notional Amount of the 2-A9(1) Component for any
            Distribution Date will be equal to the sum of (A) the product of (1)
            17.2413793103% and (2) the Class Principal Amount of the Class 2-A5
            Certificates immediately before that Distribution Date, (B) the
            product of (1) 10.3448275862% and (2) the Class Principal Amount of
            the Class 2-A6 Certificates immediately before that Distribution
            Date, (C) the product of (1) 12.4137931034% and (2) the Class
            Principal Amount of the Class 2-A7 Certificates immediately before
            that Distribution Date and (D) the product of (1) 10.3448275862% and
            (2) the Class Principal Amount of the Class 2-A8 Certificates
            immediately before that Distribution Date. The initial Component
            Notional Amount of the 2-A9(1) Component is approximately
            $15,094,827.59.

         o  The Component Notional Amount of the 2-A9(2) Component for any
            Distribution Date will be equal to the sum of (A) the product of (1)
            7.5862068966% and (2) the Class Principal Amount of the Class 2-A1
            Certificates immediately before that Distribution Date, (B) the
            product of (1) 6.8965517241% and (2) the Class Principal Amount of
            the Class 2-A2 Certificates immediately before that Distribution
            Date and (C) the product of (1) 2.7586206897% and (2) the Class
            Principal Amount of the Class 2-A3 Certificates immediately before
            that Distribution Date. The initial Component Notional Amount of the
            2-A9(2) Component is approximately $8,242,137.93.

         o  The 2-A9(3) Component has an initial Component Principal Amount of
            $8,532,000.00;

         o  The 2-A9(4) Component has an initial Component Principal Amount of
            $47,300,000.00; and

         o  The 2-A9(5) Component has an initial Component Principal Amount of
            $6,172,678.00;

(2)   The Certificate Interest Rate with respect to any Distribution Date for
      the Class B3, Class B4, Class B5 and Class B6 Certificates will equal the
      weighted average of the Component Interest Rates for such Distribution
      Date for the Components of the applicable Class, weighted on the basis of
      the Component Principal Amount of each Component immediately prior to
      such date.

(3)   The Class Notional Amount of the Class 1-A3 Certificates for any
      Distribution Date will be equal to the sum of (A) product of (1)
      25.9259259259% and (2) the Class Principal Amount of the Class 1-A1
      Certificates immediately before that Distribution Date, (B) the product
      of (1) 28.8888888889% and (2) the Class Principal Amount of the Class
      1-A2 Certificates immediately before that Distribution Date and (C) the
      product of (1) 14.0740740741% and (2) the Class Principal Amount of the
      Class 1-A4 Certificates

                                       7
<PAGE>

      immediately before that Distribution Date. The initial Class Notional
      Amount of the Class 1-A2 Certificates is approximately $51,006,148.15.

(4)   The Class Notional Amount of the Class 1-AX Certificates for any
      Distribution Date shall equal the product of (1) a fraction, the
      numerator of which is the weighted average of the Net Mortgage Rates on
      the Pool 1-AX Loans minus 6.75% and the denominator of which is (b)
      6.75%, and (2) the total Scheduled Principal Balance of the Pool 1-AX
      Loans as of the first day of the related Accrual Period.

(5)   The Class Notional Amount of the Class 2-A4 Certificates for any
      Distribution Date will be equal to the sum of (A) the product of (1)
      13.1034482759% and (2) the Class Principal Amount of the Class 2-A1
      Certificates immediately before that Distribution Date, (B) the product
      of (1) 5.5172413793% and (2) the Class Principal Amount of the Class 2-A2
      Certificates immediately before that Distribution Date and (C) the
      product of (1) 7.5862068966% and (2) the Class Principal Amount of the
      Class 2-A3 Certificates immediately before that Distribution Date. The
      initial Class Notional Amount of the Class 2-A4 Certificates is
      approximately $12,377,710.34.

(6)   The Class Notional Amount of the Class 2-AX Certificates for any
      Distribution Date shall equal the product of (1) a fraction, the
      numerator of which is the weighted average of the Net Mortgage Rates on
      the Pool 2-AX Loans minus 7.25% and the denominator of which is (b)
      7.25%, and (2) the total Scheduled Principal Balance of the Pool 2-AX
      Loans as of the first day of the related Accrual Period.

(7)   The Class Notional Amount of the Class 3-A2 Certificates for any
      Distribution Date will be equal to the sum of (A) product of (1)
      approximately 5.9259259259% and (2) the Class Principal Amount of the
      Class 3-A1 Certificates immediately before that Distribution Date and (B)
      the product of (1) 4.4444444444% and (2) the Class Principal Amount of
      the Class 3-A3 Certificates immediately before that Distribution Date.
      The initial Class Notional Amount of the Class 3-A2 Certificates is
      approximately $1,727,288.89.

(8)   The Class Notional Amount of the Class 3-AX Certificates for any
      Distribution Date shall equal the product of (1) a fraction, the
      numerator of which is the weighted average of the Net Mortgage Rates on
      the Pool 3-AX Loans minus 6.75% and the denominator of which is (b)
      6.75%, and (2) the total Scheduled Principal Balance of the Pool 3-AX
      Loans as of the first day of the related Accrual Period.

     As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $706,824,680.60.

Each of Pool 1, Pool 2 and Pool 3 shall constitute a separate and distinct
sub-trust. Each Certificate or Component relating to a particular Mortgage Pool,
as indicated by numerical designation, shall be entitled to distributions solely
from amounts received on or in respect of Mortgage Loans in such Mortgage Pool,
except to the extent (if any) specifically provided under the terms of this
Agreement.

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

                                       8
<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.     Definitions.

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

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

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

         Accretion Termination Date: With respect to the 2-A9(4) Component, the
earlier of (x) the Credit Support Depletion Date with respect to Group 2 and (y)
the first Distribution Date on which the Class Principal Amounts of the Class
2-A7, Class 2-A8 and Class 2-A11 Certificates have been reduced to zero; with
respect to the Class 2-A10 Certificates, the earlier of (x) the Credit Support
Depletion Date with respect to Group 2 and (y) the first Distribution Date on
which the Class Principal Amounts of the Class 2-A7 and Class 2-A8 Certificates
and the Component Principal Amount of the 2-A9(4) Component have been reduced to
zero; and with respect to the Class 2-A11 Certificates, the earlier of (x) the
Credit Support Depletion Date with respect to Group 2 and (y) the first
Distribution Date on which the Class Principal Amounts of the Class 2-A7, Class
2-A8 and Class 2-A10 Certificates and the Component Principal Amount of the
2-A9(4) Component have been reduced to zero.

         Accrual Amount: As to any Class of Accrual Certificates or Accrual
Components and each Distribution Date through the applicable Accretion
Termination Date, the sum of (x) any amount of Accrued Certificate Interest
allocable to such Class or Component pursuant to Section 5.02(a)(i) on such
Distribution Date and (y) any Interest Shortfall allocable to such Class or
Component pursuant to Section 5.02(a)(ii) on such Distribution Date. As to any
Class of Accrual Certificates or Accrual Components and each Distribution Date
after the applicable Accretion Termination Date, zero.

         Accrual Certificate:  Any Class 2-A10 or Class 2-A11 Certificate.

         Accrual Component:  The 2-A9(4) Component.

         Accrual Period: With respect to any Distribution Date and any Class of
Certificates or any Class of Lower Tier Interests, the calendar month
immediately preceding the month in which the related Distribution Date occurs.

                                       9
<PAGE>

         Accrued Certificate Interest: As to any Class of Certificates (other
than any Principal Only Certificates and the Class 2-A9, Class B1(1-3), Class
B2(1-3), Class B3, Class B4, Class B5 and Class B6 Certificates) and any
Component (other than any Principal Only Component) and any Distribution Date,
the product of the Certificate Interest Rate for such Class of Certificates (or
the Component Interest Rate for such Component) and the Class Principal Amount
(or Class Notional Amount) of such Class of Certificates (or the Component
Principal Amount or Component Notional Amount of such Component) immediately
preceding such Distribution Date, as reduced by such Class' or Component's share
of the interest portion of (i) any Excess Losses for the related Mortgage Pool
for such Distribution Date and (ii) any Relief Act Reduction for the related
Mortgage Pool for such Distribution Date, in each case allocable among the
related Non-AP Senior Certificates and Components, and the Subordinate
Components (and, in the case of Pool 2, the Class B1(2) and Class B2(2)
Certificates) pro rata based on the Accrued Certificate Interest otherwise
distributable on such Certificates and Components, without regard to any
reduction pursuant to clause (i) or (ii) above, for that Distribution Date. As
to any Class of Component Certificates, or any Distribution Date, the sum of
Accrued Certificate Interest on each Component of such Class for such date.
Interest shall accrue on the basis of a 360-day year comprising twelve 30-day
months.

         Act:  As defined in Section 3.03(c).

         Additional Collateral:  None.

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

         Affiliate: With respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.
For the purposes of this definition, "control" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

         Aggregate Master Servicing Compensation: As to any Distribution Date,
all income and gain realized from the investment of funds in the Collection
Account during the period from and including the Deposit Date in the calendar
month immediately preceding the month in which such Distribution Date occurs, to
but excluding the Deposit Date relating to such Distribution Date.

         Aggregate Principal Balance: The aggregate of the Scheduled Principal
Balances for all Mortgage Loans at any date of determination.

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

                                       10
<PAGE>

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

         AP Percentage: As to any Discount Mortgage Loan in Pool 1 or Pool 2 the
percentage equivalent of a fraction, the numerator of which is the applicable
Designated Rate minus the Net Mortgage Rate of such Discount Mortgage Loan and
the denominator of which is the applicable Designated Rate. As to any
Non-Discount Mortgage Loan in Pool 1 or Pool 2, 0.00%.

         AP Principal Distribution Amount: For any Distribution Date and for
each of Pool 1 or Pool 2, the sum of the following amounts:

              (i) the applicable AP Percentage of the principal portion of each
         Scheduled Payment (without giving effect to any Debt Service Reduction
         occurring prior to the Bankruptcy Coverage Termination Date) on each
         Mortgage Loan in the related Mortgage Pool due during the related Due
         Period;

              (ii) the applicable AP Percentage of each of the following
         amounts: (1) each Principal Prepayment collected on a Mortgage Loan in
         the related Mortgage Pool during the applicable Prepayment Period, (2)
         each other unscheduled collection, including Insurance Proceeds and Net
         Liquidation Proceeds (other than with respect to any Mortgage Loan in
         the related Mortgage Pool that was finally liquidated during the
         applicable Prepayment Period), representing or allocable to recoveries
         of principal of such Mortgage Loan in the related Mortgage Pool
         received during the applicable Prepayment Period and (3) the principal
         portion of all proceeds of the purchase of any Mortgage Loan in the
         related Mortgage Pool (or, in the case of a permitted substitution,
         amounts representing a principal adjustment) actually received by the
         Trustee with respect to the applicable Prepayment Period;

              (iii) with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan in the related Mortgage Pool that was
         finally liquidated during the related Prepayment Period, the applicable
         AP Percentage of the related net Liquidation Proceeds allocable to
         principal; and

              (iv) any amounts described in clauses (i) through (iii) for any
         previous Distribution Date that remain unpaid.

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

         Assignment of Mortgage: An assignment of the Mortgage, notice of
transfer or equivalent instrument, in recordable form, sufficient under the laws
of the jurisdiction wherein the related Mortgaged Property is located to reflect
the sale of the Mortgage to the Trustee, which assignment, notice of transfer or
equivalent instrument may be in the form of one or more blanket assignments
covering the Mortgage Loans secured by Mortgaged Properties located in the same
jurisdiction, if permitted by law; provided, however, that the Trustee shall not
be responsible for determining whether any such assignment is in recordable
form.

                                       11
<PAGE>

         Aurora: Aurora Loan Services Inc. or its successor in interest, in its
capacity as a Servicer.

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

         Authorized Officer: Any Person who may execute an Officer's Certificate
on behalf of the Depositor.

         Available Distribution Amount: As to each Mortgage Pool and on any
Distribution Date, the sum of the following amounts:

              (i) the total amount of all cash received by the Master Servicer
         through the Remittance Date applicable to each Servicer and deposited
         by the Master Servicer by the Deposit Date for such Distribution Date
         on the Mortgage Loans of such Mortgage Pool (including proceeds of any
         Insurance Policy and any other credit support relating to such Mortgage
         Loans and including recoveries through liquidation of any REO
         Property), plus all Advances made by the Master Servicer or any
         Servicer (or the Trustee, in its capacity as successor Master Servicer)
         for such Distribution Date, any Compensating Interest Payment for such
         date and Mortgage Pool and any amounts paid by any Servicer in respect
         of Prepayment Interest Shortfalls in respect of the related Mortgage
         Loans for such date, and any proceeds of any purchase of a related
         Mortgage Loan but not including:

                   (A) all amounts distributed pursuant to Section 5.02 on prior
              Distribution Dates;

                   (B) all Scheduled Payments of principal and interest
              collected but due on a date subsequent to the related Due Period;

                   (C) all Principal Prepayments received or identified by the
              applicable Servicer after the applicable Prepayment Period
              (together with any interest payments received with such
              prepayments to the extent that they represent the payment of
              interest accrued on the related Mortgage Loans for the period
              subsequent to the applicable Prepayment Period);

                   (D) any other unscheduled collection, including Net
              Liquidation Proceeds and Insurance Proceeds, received by the
              Master Servicer after the applicable Prepayment Period;

                   (E) all fees and amounts due or reimbursable to the Master
              Servicer, the Trustee, a Custodian or any Servicer pursuant to the
              terms of this Agreement, a Custodial Agreement or the applicable
              Servicing Agreement;

                   (F) any Prepayment Penalty Amounts;

                   (G) any Prepayment Interest Excess; and

                                       12
<PAGE>

                   (H) such portion of each payment in respect of interest
              representing Retained Interest; and

              (ii) any other payment made by the Master Servicer, any Servicer,
         the Seller, the Depositor, or any other Person with respect to such
         Distribution Date (including the Purchase Price with respect to any
         Mortgage Loan purchased by the Seller, the Depositor or any other
         Person).

         Balloon Mortgage Loan:  None.

         Balloon Payment:  Not applicable.

         Bankruptcy: As to any Person, the making of an assignment for the
benefit of creditors, the filing of a voluntary petition in bankruptcy,
adjudication as a bankrupt or insolvent, the entry of an order for relief in a
bankruptcy or insolvency proceeding, the seeking of reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief, or
seeking, consenting to or acquiescing in the appointment of a trustee, receiver
or liquidator, dissolution, or termination, as the case may be, of such Person
pursuant to the provisions of either the United States Bankruptcy Code of 1986,
as amended, or any other similar state laws.

         Bankruptcy Coverage Termination Date: As to each Mortgage Pool, the
Distribution Date on which the related Bankruptcy Loss Limit has been reduced to
zero (or less than zero).

         Bankruptcy Loss Limit: As of the Cut-off Date $100,000, with respect to
Pool 1; $100,000, with respect to Pool 2; and $100,000, with respect to Pool 3,
which amounts shall be reduced from time to time by the amount of Bankruptcy
Losses with respect to Mortgage Loans in the related Mortgage Pool that are
allocated to the Certificates.

         Bankruptcy Losses: With respect to the Mortgage Loans, losses that are
incurred as a result of Deficient Valuations and any reduction, in a bankruptcy
proceeding, of the amount of the Scheduled Payment on a Mortgage Loan other than
as a result of a Deficient Valuation.

         Benefit Plan Opinion: An Opinion of Counsel satisfactory to the Trustee
to the effect that any proposed transfer will not (i) cause the assets of the
Trust Fund to be regarded as plan assets for purposes of the Plan Asset
Regulations or (ii) give rise to any fiduciary duty on the part of the Depositor
or the Trustee.

         Blanket Mortgage:  The mortgage or mortgages encumbering a Cooperative
Property.

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

                                       13
<PAGE>

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

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

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

         Certificate Group: The Group 1 Certificates, the Group 2 Certificates
or the Group 3 Certificates, as applicable.

         Certificate Interest Rate: With respect to each Class of Certificates
(other than the Principal Only Certificates), the applicable per annum rate
specified or determined as provided in the Preliminary Statement hereto.

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

         Certificate Principal Amount: With respect to the Class B1(2) and Class
B2(2) Certificates and any Senior Certificate other than a Class 2-A9
Certificate or a Notional Certificate, at the time of determination, the maximum
specified dollar amount of principal to which the Holder thereof is then
entitled hereunder, such amount being equal to the initial principal amount set
forth on the face of such Certificate (plus, in the case of any Negative
Amortization Certificate, any Deferred Interest allocated thereto on previous
Distribution Dates, and plus, in the case of any Accrual Certificate, its
Percentage Interest of any related Accrual Amount for each previous Distribution
Date), less the amount of all principal distributions previously made with
respect to such Certificate and all Realized Losses allocated to such
Certificate, and, in the case of the Class B1(2) and Class B2(2) Certificates,
any Class Writedown Amount previously allocated to that Class. With respect to
any Class 2-A9 Certificate, at the time of determination, the sum of the
Component Principal Amounts of the related Components (other than the Notional
Components). With respect to any Class B1(1-3), Class B2(1-3), Class B3, Class
B4, Class B5 and Class B6 Certificate, at the time of determination, the sum of
the Component Principal Amounts of the related Components. For purposes of
Article V hereof, unless specifically provided to the contrary, Certificate
Principal Amounts and Component Principal Amounts shall be determined as of the
close of business of the immediately preceding Distribution Date, after giving
effect to all distributions made on such date. Notional Certificates are issued
without Certificate Principal Amounts.

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

                                       14
<PAGE>

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

         Class: All Certificates bearing the same class designation, and, in the
case of each Lower Tier REMIC, all Lower Tier Interests bearing the same
designation.

         Class AP Certificate:  Any Class 1-AP Certificate.

         Class AP Deferred Amount: With respect to any Distribution Date on or
prior to the Credit Support Depletion Date and, with respect to each Class of
Class AP Certificates, (i) the aggregate of the applicable AP Percentage of the
principal portion of each Realized Loss (other than any Excess Loss) for such
Distribution Date on a Discount Mortgage Loan in the related Mortgage Pool; and
(ii) all such amounts previously allocated thereto and not distributed to such
Class as a Class AP Deferred Amount.

         Class B Certificate: Any Class B1(1-3), Class B1(2), Class B2(1-3),
Class B2(2), Class B3, Class B4, Class B5 or Class B6 Certificate.

         Class LT1-R Interest: The sole residual interest in the Pool 1 Lower
Tier REMIC.

         Class LT2-R Interest: The sole residual interest in the Pool 2 Lower
Tier REMIC.

         Class Notional Amount: With respect to each Class of Notional
Certificates, the applicable class notional amount calculated as provided in the
Preliminary Statement hereto.

         Class Percentage: With respect to each Subordinate Component and the
Class B1(2) and Class B2(2) Certificates for each Distribution Date, the
percentage obtained by dividing the Component Principal Amount or Class
Principal Amount of such Component or Class immediately prior to such
Distribution Date by the Non-AP Pool Balance of the Mortgage Loans in the
related Mortgage Pool, immediately prior to such date.

         Class Principal Amount: With respect to each Class of Certificates
other than any Class of Notional Certificates, the aggregate of the Certificate
Principal Amounts of all Certificates of such Class at the date of
determination. With respect to each Class of Notional Certificates, zero.

         Class Writedown Amount: With respect to any Distribution Date on and
after the Component Principal Amounts of the Class B3(2), B4(2), B5(2) and B6(2)
Components has been reduced to zero and the Class B1(2) and Class B2(2)
Certificates, the amount by which (i) the sum of the aggregate Certificate
Principal Amount of the related Senior Certificates, the Class B1(2) and the
Class B2(2) Certificates (after giving effect to distributions of principal and
allocation of Realized Losses on such date) exceeds (ii) the aggregate Scheduled
Principal Balance of the Mortgage Loans in Pool 2 for such Distribution Date.

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

                                       15
<PAGE>

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

         Clearstream: Clearstream Banking, societe anonyme, and any successor
thereto.

         Closing Date:  August 30, 2001.

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

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

         Compensating Interest Payment: With respect to each Mortgage Pool and
any Distribution Date, an amount equal to the excess of (x) the aggregate of any
Prepayment Interest Shortfalls with respect to such Mortgage Pool and such
Distribution Date over (y) the aggregate of any amounts required to be paid by
the applicable Servicer in respect of such shortfalls but not paid; provided
that such amount, to the extent payable by the Master Servicer, shall not exceed
the Aggregate Master Servicing Compensation that would be payable to the Master
Servicer in respect of such Mortgage Pool and such Distribution Date without
giving effect to any Compensating Interest Payment.

         Component: Each of the components having the designations, initial
Component Principal Amounts or initial Component Notional Amounts, as
applicable, and Component Interest Rates as follows:

                                       16

<PAGE>

                             Initial Component
                              Principal Amount
     Component                 or Component                     Component
    Designation               Notional Amount                 Interest Rate
    -----------               ---------------                 -------------
      2-A9(1)                   $15,094,827                        7.25%
      2-A9(2)                     8,242,137                        7.25
      2-A9(3)                     8,532,000                        7.25
      2-A9(4)                    47,300,000                        7.25
      2-A9(5)                     6,172,678                        0.00
       B1(1-3)(1)                 7,750,000                        6.75
       B1(1-3)(3)                 1,040,000                        6.75
       B2(1-3)(1)                 2,583,000                        6.75
       B2(1-3)(3)                   520,000                        6.75
       B3(1)                      2,066,000                        6.75
       B3(2)                      1,764,000                        7.25
       B3(3)                        457,000                        6.75%
       B4(1)                      1,205,000                        6.75
       B4(2)                        641,000                        7.25
       B4(3)                        332,000                        6.75
       B5(1)                        861,000                        6.75
       B5(2)                        801,000                        7.25
       B5(3)                        228,000                        6.75
       B6(1)                      1,035,600                        6.75
       B6(2)                        805,555                        7.25
       B6(3)                        232,923                        6.75

         Component AP Deferred Amount: With respect to any Distribution Date on
or prior to the Credit Support Depletion Date and the 2-A9(5) Component, (i) the
aggregate of the applicable AP Percentage of the principal portion of each
Realized Loss (other than any Excess Loss) for such Distribution Date on a
Discount Mortgage Loan in Pool 2; and (ii) all such amounts previously allocated
thereto and not distributed as a Component AP Deferred Amount.

         Component Certificate: Any Class 2-A9, Class B1(1-3), Class B2(1-3),
Class B3, Class B4, Class B5 or Class B6 Certificate.

         Component Interest Rate: With respect to each Component, the rate per
annum set forth opposite such Component's designation in the definition of
Component.

         Component Notional Amount: With respect to each of the 2-A9(1) and the
2-A9(2) Component, the amount described in the Preliminary Statement hereto.

         Component Principal Amount: With respect to each Component other than
the 2-A9(1) Component and the 2-A9(2) Components as of any Distribution Date,
the initial Component Principal Amount of such Component (as described in the
definition of "Component" above) as of the Closing Date as (a) reduced by (i)
all amounts previously distributed on that Component in respect of principal and
the principal portion of any Realized Losses previously allocated to that

                                       17
<PAGE>

Component and (ii) any Component Writedown Amount allocated to such Component,
and, in the case of any Accrual Component, as increased by the amount of any
Accrual Amount for such Component on previous Distribution Dates.

         Component Writedown Amount: As to any Distribution Date and any
Component, the amount by which the sum of the aggregate Certificate Principal
Amount of the related Senior Certificates, the Class B1(2) and Class B2(2)
Certificates (in the case of Certificate Group 2) and the aggregate Component
Principal Amount of the related Components (after giving effect to distributions
of principal and allocation of Realized Losses on such date) exceeds the
aggregate Scheduled Principal Balance of the Mortgage Loans in the related
Mortgage Pool for such Distribution Date.

         Control:  The meaning specified in Section 8-106 of the UCC.

         Conventional Loan: A Mortgage Loan that is not insured by the United
States Federal Housing Administration or guaranteed by the United States
Veterans Administration.

         Converted Mortgage Loan:  None.

         Convertible Mortgage Loan:  None.

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

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

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

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

         Cooperative Shares:  Shares issued by a Cooperative Corporation.

                                       18
<PAGE>

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

         Corporate Trust Office: The principal corporate trust office of the
Trustee at which, at any particular time, its corporate trust business shall be
administered, which office at the date hereof is located at 180 East Fifth
Street, St. Paul, Minnesota 55101, Attention: Structured Finance, SASCO 2001-12.

         Corresponding Class: With respect to any class of Lower Tier Interests,
the Class of Certificates or Component so designated in the Preliminary
Statement hereto. With respect to any Class of Certificates or Component, the
class or classes of Lower Tier Interests so designated in the Preliminary
Statement hereto.

         Corresponding Component: With respect to any class of Lower Tier
Interests, the Component so designated in the Preliminary Statement hereto. With
respect to any Component, the class or classes of Lower Tier Interests so
designated in the Preliminary Statement hereto.

         Credit Score: With respect to any Mortgage Loan, a numerical assessment
of default risk with respect to the Mortgagor under such Mortgage Loan,
determined on the basis of a methodology developed by Fair, Isaac & Co., Inc.

         Credit Support Depletion Date: With respect to Group 1, Group 2 and
Group 3, the Distribution Date on which, giving effect to all distributions on
such date, the sum of the aggregate Component Principal Amounts and Class
Principal Amounts, as applicable, of the Subordinate Components and Subordinate
Certificates in a Certificate Group has been reduced to zero.

         Credit Support Percentage: As to the Class B1(2) or Class B2(2)
Certificates or any Subordinate Component and any Distribution Date, the sum of
the Class Percentages of each Class or Component of lower in priority in such
Certificate Group (without giving effect to distributions on such date).

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

         Custodian: Each custodian appointed by the Trustee pursuant to a
Custodial Agreement, and any successor thereto.

         Cut-off Date:  August 1, 2001.

         Cut-off Date Aggregate Principal Balance: With respect to the Mortgage
Loans in the Trust Fund on the Closing Date, the Aggregate Principal Balance for
all such Mortgage Loans as of the Cut-off Date.

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

                                       19
<PAGE>

         Deferred Interest: With respect to any Class of Negative Amortization
Certificates and any Distribution Date, the lesser of (x) the applicable
Interest Distribution Amount for such date (without giving effect to any
Deferred Interest) and (y) the aggregate Mortgage Loan Negative Amortization, if
any, for the related Due Period.

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

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

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

         Deposit Date: With respect to each Distribution Date, the date that is
two Business Days immediately preceding such Distribution Date.

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

         Designated Rate: With respect to Pool 1, 6.75% per annum, with respect
to Pool 2, 7.25% per annum, and with respect to Pool 3, 6.75% per annum.

         Determination Date: With respect to each Distribution Date, the day of
the latest Remittance Date immediately preceding such Distribution Date.

         Discount Mortgage Loan: With respect to Pool 1, any Mortgage Loan with
a Net Mortgage Rate less than 6.75% per annum; and with respect to Pool 2, any
Mortgage Loan with a Net Mortgage Rate less than 7.25% per annum.

         Disqualified Organization: Either (i) the United States, (ii) any state
or political subdivision thereof, (iii) any foreign government, (iv) any
international organization, (v) any agency or instrumentality of any of the
foregoing, (vi) any tax-exempt organization (other than a cooperative described
in section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of
the Code unless such organization is subject to the tax imposed by section 511
of the Code, (vii) any organization described in section 1381(a)(2)(C) of the
Code, (viii) any "electing large partnership" described in section 775 of the
Code, or (ix) any other entity designated as a Disqualified Organization by
relevant legislation amending the REMIC Provisions and in effect at or proposed
to be effective as of the time of the determination. In addition, a corporation
will not be treated as an instrumentality of the United States or of any state
or political subdivision thereof if all of its activities are subject to tax
and, with the exception of the Federal Home Loan Mortgage Corporation, a
majority of its board of directors is not selected by such governmental unit.

                                       20
<PAGE>

         Distribution Date: The 25th day of each month, or, if such 25th day is
not a Business Day, the next succeeding Business Day commencing in September
2001.

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

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

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

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

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

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

                  (iii) repurchase agreements collateralized by Direct
         Obligations or securities guaranteed by GNMA, FNMA or FHLMC with any
         registered broker/dealer subject to

                                       21
<PAGE>

         Securities Investors' Protection Corporation jurisdiction or any
         commercial bank insured by the FDIC, if such broker/dealer or bank has
         an uninsured, unsecured and unguaranteed obligation rated by each
         Rating Agency in its highest short-term rating category;

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

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

                  (vi) a Qualified GIC;

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

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

                                       22
<PAGE>

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

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

         ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that meets the requirements of an
Underwriter's Exemption.

         ERISA-Restricted Certificate: Any Class R, Class B4, Class B5 or Class
B6 Certificate; any Certificate with a rating below the lowest applicable rating
permitted under the Underwriter's Exemption.

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

         Euroclear: Morgan Guaranty Trust Company of New York, Brussels office,
as operator of the Euroclear System.

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

         Excess Loss: Any Bankruptcy Loss, or portion thereof, in excess of the
then-applicable Bankruptcy Loss Limit, any Fraud Loss, or portion thereof, in
excess of the then-applicable Fraud Loss Limit, and any Special Hazard Loss, or
portion thereof, in excess of the then-applicable Special Hazard Loss Limit.

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

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

         Final Scheduled Distribution Date:  September 25, 2031.

         Financial Asset: The meaning specified in Section 8-102(a)(9) of the
UCC.

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

         Fitch:  Fitch, Inc., or any successor in interest.

                                       23
<PAGE>

         FNMA: The Federal National Mortgage Association, a federally chartered
and privately owned corporation organized and existing under the Federal
National Mortgage Association Charter Act, or any successor thereto.

         Fraud Loss: Any Realized Loss on a Liquidated Mortgage Loan sustained
by reason of a default arising from fraud, dishonesty or misrepresentation in
connection with the related Mortgage Loan, as reported by the applicable
Servicer to the Master Servicer.

         Fraud Loss Limit: With respect to any Distribution Date (x) prior to
the first anniversary of the Cut-off Date, $3,445,000, with respect to Pool 1;
$3,208,000, with respect to Pool 2; and $833,000, with respect to Pool 3, less
the aggregate of Fraud Losses with respect to Mortgage Loans in the related
Mortgage Pool since the Cut-off Date, and (y) in the case of Pool 1 and Pool 2,
(i) on the first and second anniversaries of the Cut-off Date, an amount equal
to (1) the lesser of (A) such Fraud Loss Limit as of the most recent anniversary
of the Cut-off Date and (B) 1% of the aggregate principal balance of the
Mortgage Loans in the related Mortgage Pool as of the most recent anniversary of
the Cut-off Date and (ii) on the third and fourth anniversaries of the Cut-off
Date, an amount equal to the lesser of (A) such Fraud Loss Limit as of the most
recent anniversary of the Cut-off Date and (B) 0.50% of the aggregate principal
balance of the Mortgage Loans in the related Mortgage Pool as of the most recent
anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses since the
most recent anniversary of the Cut-off Date; and, in the case of Pool 3, from
the first to the fourth anniversary of the Cut-off Date, an amount equal to (1)
the lesser of (A) the applicable Fraud Loss Limit as of the most recent
anniversary of the Cut-off Date and (B) 1% of the aggregate principal balance of
all Mortgage Loans in the related Mortgage Pool as of the most recent
anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses since the
most recent anniversary of the Cut-off Date. On or after the fifth anniversary
of the Cut-off Date, the Fraud Loss Limit for each Mortgage Pool shall be zero.

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

         GNMA: The Government National Mortgage Association, a wholly owned
corporate instrumentality of the United States within HUD.

         Group 1:  All of the Group 1 Certificates.

         Group 1 Certificate: Any Class 1-A1, Class 1-A2, Class 1-A3, Class
1-A4, Class 1-A5, Class 1-A6, Class 1-A7, Class 1-AP, Class 1-AX or Class R
Certificate and the B1(1-3)(1), B2(1-3)(1), B3(1), B4(1), B5(1) and B6(1)
Components.

         Group 2:  All of the Group 2 Certificates.

         Group 2 Certificate: Any Class 2-A1, Class 2-A2, Class 2-A3, Class
2-A4, Class 2-A5, Class 2-A6, Class 2-A7, Class 2-A8, Class 2-A9, Class 2-A10,
Class 2-A11, Class 2-A12, Class A-13, Class 2-AX, Class B1(2) or Class B2(2)
Certificate and the B3(2), B4(2), B5(2) and B6(2) Components.

         Group 3:  All of the Group 3 Certificates.

                                       24
<PAGE>

         Group 3 Certificate: Any Class 3-A1, Class 3-A2, Class 3-A3, Class
3-A4, Class 3-A5 or Class 3-AX Certificate and the B1(1-3)(3), B2(1-3)(3),
B3(3), B4(3), B5(3) and B6(3) Components.

         Group Subordinate Amount: With respect to any Mortgage Pool and any
Distribution Date, the amount, if any, by which the Non-AP Pool Balance of such
Mortgage Pool for the immediately preceding Distribution Date exceeds the sum of
the aggregate of the Certificate Principal Amounts of the Non-AP Senior
Certificates and Components of the related Certificate Group immediately prior
to the related Distribution Date.

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

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

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

         Initial LIBOR Rate:  Not applicable.

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

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

                                       25
<PAGE>

         Interest Distribution Amount:  Not applicable.

         Interest Shortfall: With respect to any Class of Certificates (other
than a Principal Only Certificate) and any Distribution Date, any Accrued
Certificate Interest not distributed (or added to principal) with respect to any
previous Distribution Date, other than any Net Prepayment Interest Shortfalls.

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

         Latest Possible Maturity Date: The Distribution Date in September 2033.

         Lehman Capital: Lehman Capital, A Division of Lehman Brothers Holdings
Inc., or any successor in interest.

         LIBOR:  Not applicable.

         LIBOR Certificate:  None.

         LIBOR Component:  None.

         LIBOR Determination Date:  Not applicable.

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

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

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

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

         London Business Day: Any day on which banks are open for dealing in
foreign currency and exchange in London, England and New York City.

         Lower Tier Interest: Any one of the classes of lower tier interests
described in the Preliminary Statement hereto.

                                       26
<PAGE>

         Lower Tier Interest Rate: As to each Lower Tier Interest, the
applicable interest rate, if any, as described in the Preliminary Statement
hereto.

         Lower Tier REMIC: One of the two separate REMICs as described in the
Preliminary Statement hereto.

         Maintenance: With respect to any Cooperative Unit, the rent or fee paid
by the Mortgagor to the Cooperative Corporation pursuant to the Proprietary
Lease.

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

         Master Servicing Fee: As to any Distribution Date, all income and gain
realized from the investment of funds in the Collection Account during the
period from and including the Deposit Date in the calendar month immediately
preceding the month in which such Distribution Date occurs, to but excluding the
Deposit Date relating to such Distribution Date.

         Master Servicing Fee Rate:  Not applicable.

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

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

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

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

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

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

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

         Mortgage Loan Sale Agreement: The agreement, dated as of August 1,
2001, for the sale of the Mortgage Loans by Lehman Capital to the Depositor.

                                       27
<PAGE>

         Mortgage Loan Schedule: The schedule attached hereto as Schedule A,
which shall identify each Mortgage Loan and designate, among other data fields,
the applicable Mortgage Pool in which such Mortgage Loan is included, the
Servicer of such Mortgage Loan and the Retained Interest, if any, applicable to
such Mortgage Loan, as such schedule may be amended from time to time to reflect
the addition of Mortgage Loans to, or the deletion of Mortgage Loans from, the
Trust Fund.

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

         Mortgage Pool:  Any of Pool 1, Pool 2 or Pool 3.

         Mortgage Rate: As to any Mortgage Loan, the per annum rate at which
interest accrues on such Mortgage Loan.

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

         Mortgagor:  The obligor on a Mortgage Note.

         Negative Amortization Certificate:  None.

         Net Liquidation Proceeds: With respect to any Liquidated Mortgage Loan,
the related Liquidation Proceeds net of unreimbursed expenses incurred in
connection with liquidation or foreclosure and unreimbursed Advances, Servicing
Advances, Servicing Fees and Retained Interest, if any, received and retained in
connection with the liquidation of such Mortgage Loan.

         Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage Rate
thereof reduced by the sum of the applicable Servicing Fee Rate, the applicable
Retained Interest Rate, if any, and, if applicable, the premium rate on any
lender provided mortgage insurance.

         Net Prepayment Interest Shortfall: With respect to each Mortgage Pool
and any Distribution Date, the excess, if any, of any Prepayment Interest
Shortfalls with respect to the Mortgage Loans in such Mortgage Pool for such
date over the sum of any amounts paid by the applicable Servicer with respect to
such shortfalls and any amount that is required to be paid by the Master
Servicer in respect of such shortfalls pursuant to this Agreement.

         Non-AP Percentage: As to any Discount Mortgage Loan in Pool 1 or Pool
2, the percentage equivalent of the fraction, the numerator of which is the Net
Mortgage Rate of such Discount Mortgage Loan and the denominator of which is the
applicable Designated Rate. As to any Non-Discount Mortgage Loan, 100%.

         Non-AP Pool Balance: As to Pool 1 and Pool 2 and any Distribution Date,
the sum of the applicable Non-AP Percentage of the Scheduled Principal Balance
of each Mortgage Loan

                                       28
<PAGE>

included in such Mortgage Pool. As to Pool 3, the aggregate Scheduled Principal
Balance of each Mortgage Loan in Pool 3.

         Non-AP Senior Certificate: Any Senior Certificate other than a Class AP
Certificate.

         Non-Book-Entry Certificate: Any Certificate other than a Book-Entry
Certificate.

         Non-Discount Mortgage Loan: With respect to Pool 1, any Mortgage Loan
with a Net Mortgage Rate equal to or greater than 6.75% per annum and, with
respect to Pool 2, any Mortgage Loan with a Net Mortgage Rate equal to or
greater than 7.25% per annum.

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

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

         Non-U.S. Person: Any person other than (i) a citizen or resident of the
United States; (ii) a corporation (or entity treated as a corporation for tax
purposes) created or organized in the United States or under the laws of the
United States or of any state thereof, including, for this purpose, the District
of Columbia; (iii) a partnership (or entity treated as a partnership for tax
purposes) organized in the United States or under the laws of the United States
or of any state thereof, including, for this purpose, the District of Columbia
(unless provided otherwise by future Treasury regulations); (iv) an estate whose
income is includible in gross income for United States income tax purposes
regardless of its source; or (v) a trust, if a court within the United States is
able to exercise primary supervision over the administration of the trust and
one or more U.S. Persons have authority to control all substantial decisions of
the trust. Notwithstanding the last clause of the preceding sentence, to the
extent provided in Treasury regulations, certain trusts in existence on August
20, 1996, and treated as U.S. Persons prior to such date, may elect to continue
to be U.S. Persons.

         Notional Amount: With respect to any Notional Certificate and any
Distribution Date, such Certificate's Percentage Interest of the Class Notional
Amount of such Class of Certificates for such Distribution Date.

         Notional Certificate: Any Class 1-A3, Class 1-AX, Class 2-A4, Class
2-AX, Class 3-A2 or Class 3-AX Certificate.

         Notional Component:  Each of the 2-A9(1) and the 2-A9(2) Components.

         Offering Document: The private placement memorandum dated August 29,
2001 relating to the Class B4, Class B5 and Class B6 Certificates, or the
Prospectus.

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

         Opinion of Counsel: A written opinion of counsel, reasonably acceptable
in form and substance to the Trustee, and who may be in-house or outside counsel
to the Depositor, the Master Servicer or the applicable Servicer but which must
be Independent outside counsel with

                                       29
<PAGE>

respect to any such opinion of counsel concerning the transfer of any Residual
Certificate or concerning certain matters with respect to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or the taxation,
or the federal income tax status, of each REMIC. For purpose of Section
2.01(c)(i), the Opinion of Counsel referred to therein may take the form of a
memorandum of law or other acceptable assurance.

         Original Credit Support Percentage: With respect to each of the Class
B1(2) and Class B2(2) Certificates and each Subordinate Component, the Credit
Support Percentage for such Class or Subordinate Component on the Closing Date.

         Original Group Subordinate Amount: As to any Mortgage Pool, the Group
Subordinate Amount for such Mortgage Pool on the Closing Date.

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

         PAC Amount: For each PAC Class or PAC Component, and as to each
Distribution Date, the amount set forth for such Class or Component and date in
the Scheduled Balances Table.

         PAC Certificate:  Any Class 2-A1, Class 2-A2 or Class 2-A3 Certificate.

         PAC Component:  The 2-A9(3) Component.

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

         Percentage Interest: With respect to any Certificate and the related
Class, such Certificate's percentage interest in the undivided beneficial
ownership interest in the Trust Fund evidenced by all Certificates of the same
Class as such Certificate. With respect to any Certificate other than a Notional
Certificate, the Percentage Interest evidenced thereby shall equal the initial
Certificate Principal Amount thereof divided by the initial Class Principal
Amount of all Certificates of the same Class. With respect to any Notional
Certificate, the Percentage Interest evidenced thereby shall be as specified on
the face thereof.

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

         Placement Agent:  Lehman Brothers Inc.

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

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

                                       30
<PAGE>

         Pool 1 Mortgage Loan:  Any Mortgage Loan in Pool 1.

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

         Pool 2 Mortgage Loan:  Any Mortgage Loan in Pool 2.

         Pool 3: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 3.

         Pool 3 Mortgage Loan:  Any Mortgage Loan in Pool 3.

         Prepayment Interest Excess: With respect to any Distribution Date and
any Principal Prepayment in full received on the Mortgage Loans serviced by
Aurora from the first day through the sixteenth day of the month during which
such Distribution Date occurs, all amounts paid in respect of interest at the
applicable Net Mortgage Rate on such Principal Prepayment.

         Prepayment Interest Shortfall: With respect to any Distribution Date
and (x) any Principal Prepayment in part and, with respect to Mortgage Loans
serviced by Servicers other than Aurora, any Principal Prepayment in full and
(y) any Principal Prepayment in full with respect to Mortgage Loans serviced by
Aurora received on or after the seventeenth day of the month immediately
preceding the month of such Distribution Date, but on or before the last day of
the month immediately preceding the month of such Distribution Date, the
difference between (i) one full month's interest at the applicable Mortgage Rate
(giving effect to any applicable Relief Act Reduction), as reduced by the
applicable Servicing Fee Rate, the Master Servicing Fee Rate and the applicable
Retained Interest Rate, if any, on the outstanding principal balance of such
Mortgage Loan immediately prior to such prepayment and (ii) the amount of
interest actually received with respect to such Mortgage Loan in connection with
such Principal Prepayment.

         Prepayment Penalty Amounts: With respect to any Distribution Date, all
premiums or charges paid by the obligors under the Mortgage Notes due to
Principal Prepayments collected by the applicable Servicer during the
immediately preceding Prepayment Period.

         Prepayment Period: With respect to Mortgage Loans serviced by Servicers
other than Aurora, with respect to any Distribution Date and any Principal
Prepayment in part and, any Principal Prepayment in full, the calendar month
immediately preceding the month in which such Distribution Date occurs. With
respect to any Distribution Date and a Principal Prepayment in full (including
any liquidation) with respect to Mortgage Loans serviced by Aurora, the period
from the seventeenth day of the month immediately preceding the month of such
Distribution Date to the sixteenth day of the month of such Distribution Date.
With respect to any Distribution Date and any Principal Prepayment in part (with
respect to Mortgage Loans serviced by Aurora), the period from the second day of
the month immediately preceding the month of such Distribution Date to the first
day of the month of such Distribution Date.

         Primary Mortgage Insurance Policy: Mortgage guaranty insurance, if any,
on an individual Mortgage Loan, as evidenced by a policy or certificate.

                                       31
<PAGE>

         Principal Amount Schedules:  Not applicable.

         Principal Only Certificate:  Any Class 1-AP Certificate.

         Principal Only Component:  The 2-A9(5) Component.

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

         Proceeding: Any suit in equity, action at law or other judicial or
administrative proceeding.

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

         Prospectus: The prospectus supplement dated August 29, 2001, together
with the accompanying prospectus dated July 27, 2001, relating to each Class of
Certificates other than the Class B4, Class B5 and Class B6 Certificates.

         Purchase Price: With respect to the repurchase of a Mortgage Loan
pursuant to this Agreement, an amount equal to the sum of (a) 100% of the unpaid
principal balance of such Mortgage Loan, (b) accrued interest thereon at the
Mortgage Rate, from the date as to which interest was last paid to (but not
including) the Due Date immediately preceding the related Distribution Date and
(c) any unreimbursed Servicing Advances with respect to such Mortgage Loan. The
Master Servicer or the applicable Servicer (or the Trustee, if applicable) shall
be reimbursed from the Purchase Price for any Mortgage Loan or related REO
Property for any Advances made with respect to such Mortgage Loan that are
reimbursable to the Master Servicer, such Servicer or the Trustee under this
Agreement or the related Servicing Agreement, as well as any unreimbursed
Servicing Advances and accrued and unpaid Master Servicing Fees or Servicing
Fees, as applicable.

         QIB:  As defined in Section 3.03(c).

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

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

                                       32
<PAGE>

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

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

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

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

         Qualified Insurer: An insurance company duly qualified as such under
the laws of the states in which the related Mortgaged Properties are located,
duly authorized and licensed in such states to transact the applicable insurance
business and to write the insurance provided and whose claims paying ability is
rated by each Rating Agency in its highest rating category or whose selection as
an insurer will not adversely affect the rating of the Certificates.

         Qualifying Substitute Mortgage Loan: In the case of a Mortgage Loan
substituted for a Deleted Mortgage Loan, a Mortgage Loan that, on the date of
substitution, (i) has a Scheduled Principal Balance (together with that of any
other mortgage loan substituted for the same Deleted Mortgage Loan) as of the
Due Date in the month in which such substitution occurs not in excess of the
Scheduled Principal Balance of the related Deleted Mortgage Loan, provided,
however, that, to the extent that the Scheduled Principal Balance of such
Mortgage Loan is less than the Scheduled Principal Balance of the related
Deleted Mortgage Loan, then such differential in principal amount, together with
interest thereon at the applicable Mortgage Rate net of the Master Servicing Fee
and the applicable Servicing Fee from the date as to which interest was last
paid through the end of the Due Period in which such substitution occurs, shall
be paid by the party effecting such substitution to the Trustee for deposit into
the Certificate Account, and shall be treated as a Principal Prepayment
hereunder; (ii) has a Net Mortgage Rate not lower than the Net Mortgage Rate of
the related Deleted Mortgage Loan and will be a Discount Mortgage Loan if the
Deleted Mortgage Loan was a Discount Mortgage Loan or a Non-Discount Mortgage
Loan if the Deleted Mortgage Loan was a Non-Discount Mortgage Loan; (iii) has a
remaining stated term to maturity not longer than, and not more than one year
shorter than, the remaining term to stated maturity of the related Deleted
Mortgage Loan; (iv) (A) has a Loan-to-Value Ratio as of the date of such
substitution of not greater than 80%, provided, however, that if the related
Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the
Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80% but
shall not be greater than the Loan-to-Value Ratio of the related Deleted
Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not
increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool
by more than 5%; (v) will comply with all of the representations and warranties
relating to Mortgage Loans set forth herein, as of the date as of which such

                                       33
<PAGE>

substitution occurs; (vi) is not a Cooperative Loan unless the related Deleted
Mortgage Loan was a Cooperative Loan; (vii) if applicable, has the same index as
and a margin not less than that of the related Deleted Mortgage Loan; (viii) has
not been delinquent for a period of more than 30 days more than once in the
twelve months immediately preceding such date of substitution; (ix) is covered
by a Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is
so covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than
80%; and (x) has a Credit Score not greater than 20 points lower than the Credit
Score of the related Deleted Mortgage Loan, provided, however, that if the
Deleted Mortgage Loan does not have a Credit Score, then such substitute
Mortgage Loan shall have a Credit Score equal to or greater than 700. In the
event that either one mortgage loan is substituted for more than one Deleted
Mortgage Loan or more than one mortgage loan is substituted for one or more
Deleted Mortgage Loans, then (a) the Scheduled Principal Balance referred to in
clause (i) above shall be determined such that the aggregate Scheduled Principal
Balance of all such substitute Mortgage Loans shall not exceed the aggregate
Scheduled Principal Balance of all Deleted Mortgage Loans and (b) each of (1)
the rate referred to in clause (ii) above, (2) the remaining term to stated
maturity referred to in clause (iii) above, (3) the Loan-to-Value Ratio referred
to in clause (iv) above and (4) the Credit Score referred to in clause (x) above
shall be determined on a weighted average basis, provided that the final
scheduled maturity date of any Qualifying Substitute Mortgage Loan shall not
exceed the Final Scheduled Distribution Date of any Class of Certificates.
Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted
Mortgage Loan pursuant to this Agreement, the party effecting such substitution
shall certify such qualification in writing to the Trustee.

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

         Realized Loss: (a) with respect to each Liquidated Mortgage Loan, an
amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the
date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate from
the date as to which interest was last paid up to the last day of the month of
such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that
are reimbursable to the Master Servicer or the applicable Servicer with respect
to such Mortgage Loan (other than Advances of principal and interest) including
expenses of liquidation and (b) with respect to each Mortgage Loan that has
become the subject of a Deficient Valuation, the difference between the unpaid
principal balance of such Mortgage Loan immediately prior to such Deficient
Valuation and the unpaid principal balance of such Mortgage Loan as reduced by
the Deficient Valuation. In determining whether a Realized Loss on a Liquidated
Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds
shall be allocated, first, to payment of expenses related to such Liquidated
Mortgage Loan (including payment of any Retained Interest), then to accrued
unpaid interest and finally to reduce the principal balance of the Mortgage
Loan.

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

         Record Date: With respect to any Distribution Date and each Class of
Certificates, the close of business on the last Business Day of the month
immediately preceding the month in which such Distribution Date occurs.

                                       34
<PAGE>

         Redemption Certificate:  None.

         Reference Banks:  Not applicable.

         Regulation S: Regulation S promulgated under the Act or any successor
provision thereto, in each case as the same may be amended from time to time;
and all references to any rule, section or subsection of, or definition or term
contained in, Regulation S means such rule, section, subsection, definition or
term, as the case may be, or any successor thereto, in each case as the same may
be amended from time to time.

         Regulation S Global Security: The meaning specified in Section 3.01(c).

         Reimbursement Amount:  Not applicable.

         Relevant UCC: The Uniform Commercial Code as in effect in the
applicable jurisdiction.

         Relief Act Reduction: With respect to any Mortgage Loan as to which
there has been a reduction in the amount of interest collectible thereon as a
result of application of the Solders' and Sailors' Civil Relief Act of 1940, as
amended, any amount by which interest collectible on such Mortgage Loan for the
Due Date in the related Due Period is less than interest accrued thereon for the
applicable one-month period at the Mortgage Rate without giving effect to such
reduction.

         REMIC: Each of the Lower Tier REMIC and the Upper Tier REMIC, as
described in the Preliminary Statement hereto.

         REMIC Provisions: The provisions of the federal income tax law relating
to real estate mortgage investment conduits, which appear at sections 860A
through 86OG of Subchapter M of Chapter 1 of the Code, and related provisions,
and regulations, including proposed regulations and rulings, and administrative
pronouncements promulgated thereunder, as the foregoing may be in effect from
time to time.

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

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

         Reserve Interest Rate:  Not applicable.

         Residual Certificate:  Any Class R Certificate.

         Responsible Officer: When used with respect to the Trustee, any Vice
President, Assistant Vice President, the Secretary, any assistant secretary, any
Trust Officer, the Treasurer,

                                       35
<PAGE>

or any assistant treasurer, working in its corporate trust department and having
direct responsibility for the administration of this Agreement.

         Restricted Certificate: Any Class B4, Class B5 or Class B6 Certificate
(but excluding any Regulation S Global Security).

         Restricted Global Security:  The meaning specified in Section 3.01(c).

         Retained Interest: Interest in respect of each Retained Interest
Mortgage Loan, retained in each case by the Retained Interest Holder at the
Retained Interest Rate.

         Retained Interest Holder: Lehman Brothers Holdings Inc. or any
successor in interest by assignment or otherwise.

         Retained Interest Mortgage Loan: Each Mortgage Loan listed on Schedule
B hereto.

         Retained Interest Rate: With respect to each Retained Interest Mortgage
Loan, a per annum interest rate equal to the excess, if any, of the Mortgage
Rate of such Retained Interest Mortgage Loan over the applicable Trust Rate.

         Rounding Account:  Not applicable.

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

         Scheduled Balances Tables: The tables attached as Exhibit M hereto that
set forth the PAC Amounts for the PAC Certificates and PAC Component and the TAC
I, TAC II, TAC III and TAC IV Amounts for the TAC Certificates and the TAC
Component.

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

         Scheduled Principal Balance: With respect to (i) any Mortgage Loan as
of any Distribution Date, the principal balance of such Mortgage Loan at the
close of business on the Cut-off Date, after giving effect to principal payments
due on or before the Cut-off Date, whether or not received, less an amount equal
to principal payments due after the Cut-off Date and on or before the Due Date
in the related Due Period, whether or not received from the Mortgagor or
advanced by the applicable Servicer or the Master Servicer, and all amounts
allocable to unscheduled principal payments (including Principal Prepayments,
Net Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each
case to the extent identified

                                       36
<PAGE>

and applied prior to or during the applicable Prepayment Period) and (ii) any
REO Property as of any Distribution Date, the Scheduled Principal Balance of the
related Mortgage Loan on the Due Date immediately preceding the date of
acquisition of such REO Property by or on behalf of the Trustee (reduced by any
amount applied as a reduction of principal on the Mortgage Loan). With respect
to any Mortgage Loan as of the Cut-off Date, as specified in the Mortgage Loan
Schedule.

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

         Security Entitlement: The meaning specified in Section 8-102(a)(17) of
the UCC.

         Seller: Lehman Capital, A Division of Lehman Brothers Holdings Inc., or
any successor in interest.

         Senior Certificate: Any Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4,
Class 1-A5, Class 1-A6, Class 1-A7, Class 1-AP, Class 1-AX, Class 2-A1, Class
2-A2, Class 2-A3, Class 2-A4, Class 2-A5, Class 2-A6, Class 2-A7, Class 2-A8,
Class 2-A9, Class 2-A10, Class 2-A11, Class 2-A12, Class 2-A13, Class 2-AX,
Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5, Class 3-AX or Class
R Certificate.

         Senior Percentage: With respect to each Mortgage Pool and any
Distribution Date, the percentage equivalent of a fraction, the numerator of
which is the aggregate of the Class Principal Amounts (or Component Principal
Amounts) of each Class of Senior Certificates (other than any Notional
Certificate and the Class 1-AP Certificates) and Components (other than any
Notional Component or the 2-A9(5) Component) immediately prior to that date and
the denominator of which is the related Non-AP Pool Balance (or, in the case of
Pool 3, the aggregate Scheduled Principal Balance of the Mortgage Loans in Pool
3) for the immediately preceding Distribution Date.

         Senior Prepayment Percentage: With respect to each Mortgage Pool and
any Distribution Date occurring during the five years beginning on the first
Distribution Date, 100%. With respect to each Mortgage Pool and for any
Distribution Date occurring on or after the fifth anniversary of the first
Distribution Date, the related Senior Percentage plus the following percentage
of the related Subordinate Percentage for such Distribution Date: for any
Distribution Date in the first year thereafter, 70%; for any Distribution Date
in the second year thereafter, 60%; for any Distribution Date in the third year
thereafter, 40%; for any Distribution Date in the fourth year thereafter, 20%;
and for any subsequent Distribution Date, 0%; provided, however, that if on any
of the foregoing Distribution Dates the Senior Percentage for a Mortgage Pool
exceeds the initial Senior Percentage for such Mortgage Pool, the Senior
Prepayment Percentage for such Mortgage Pool for such Distribution Date shall
once again equal 100%.

         Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage for any Mortgage Pool below the level in effect for the most recent
prior period set forth in the paragraph above shall be effective on any
Distribution Date if, as of the first Distribution Date as to which

                                       37
<PAGE>

any such decrease applies, (i) the average outstanding principal balance on such
Distribution Date and for the preceding five Distribution Dates of all Mortgage
Loans in such Mortgage Pool that were delinquent 60 days or more (including for
this purpose any Mortgage Loans in foreclosure and the Scheduled Payments that
would have been due on Mortgage Loans with respect to which the related
Mortgaged Property has been acquired by the Trust Fund if the related Mortgage
Loan had remained in existence) is greater than or equal to 50% of the
applicable Group Subordinate Amount immediately prior to such Distribution Date
or (ii) cumulative Realized Losses with respect to the Mortgage Loans in such
Mortgage Pool exceed (a) with respect to the Distribution Date on the fifth
anniversary of the first Distribution Date, 30% of the related Original Group
Subordinate Amount, (b) with respect to the Distribution Date on the sixth
anniversary of the first Distribution Date, 35% of the related Original Group
Subordinate Amount, (c) with respect to the Distribution Date on the seventh
anniversary of the first Distribution Date, 40% of the related Original Group
Subordinate Amount, (d) with respect to the Distribution Date on the eighth
anniversary of the first Distribution Date, 45% of the related Original Group
Subordinate Amount, and (e) with respect to the Distribution Date on the ninth
anniversary of the first Distribution Date or thereafter, 50% of the related
Original Group Subordinate Amount. After the Class Principal Amount of each
Class of Senior Certificates (and the Component Principal Amount of the related
Components) in any Certificate Group has been reduced to zero, the Senior
Prepayment Percentage for the related Mortgage Pool shall be 0%.

         Senior Principal Distribution Amount: For each Certificate Group and
any Distribution Date, the sum of the following amounts:

                  (i) the product of (a) the related Senior Percentage for such
         date and (b) the principal portion (multiplied, in the case of a
         Mortgage Loan in Pool 1 or Pool 2, by the applicable Non-AP Percentage)
         of each Scheduled Payment (without giving effect to any Debt Service
         Reduction occurring prior to the Bankruptcy Coverage Termination Date),
         on each Mortgage Loan in the related Mortgage Pool due during the
         related Due Period;

                  (ii) the product of (a) the related Senior Prepayment
         Percentage for such date and (b) each of the following amounts
         (multiplied, in the case of a Mortgage Loan in Pool 1 or Pool 2, by the
         applicable Non-AP Percentage): (1) each Principal Prepayment on the
         Mortgage Loans in the related Mortgage Pool collected during the
         related Prepayment Period, (2) each other unscheduled collection,
         including Insurance Proceeds and Net Liquidation Proceeds (other than
         with respect to any Mortgage Loan in the related Mortgage Pool that was
         finally liquidated during the related Prepayment Period) representing
         or allocable to recoveries of principal received during the related
         Prepayment Period, and (3) the principal portion of all proceeds of the
         purchase of any Mortgage Loan in the related Mortgage Pool (or, in the
         case of a permitted substitution, amounts representing a principal
         adjustment) actually received by the Trustee during the related
         Prepayment Period;

                  (iii) with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan in the related Mortgage Pool that was
         finally liquidated during the related Prepayment Period, the lesser of
         (a) the related net Liquidation Proceeds allocable to principal
         (multiplied, in the case of a Mortgage Loan in Pool 1 or Pool 2, by the
         applicable Non-AP Percentage) and (b) the product of the related Senior
         Prepayment

                                       38
<PAGE>

         Percentage for such date and the Scheduled Principal Balance
         (multiplied, in the case of a Mortgage Loan in Pool 1 or Pool 2, by the
         applicable Non-AP Percentage) of such related Mortgage Loan at the time
         of liquidation; and

                  (iv) any amounts described in clauses (i) through (iii) for
         any previous Distribution Date that remain unpaid.

If on any Distribution Date the Class Principal Amount of each Class of Senior
Certificates (other than any Class AP Certificates) in any Certificate Group has
been reduced to zero, the Senior Principal Distribution Amount for such
Certificate Group for such date (following such reduction) and each subsequent
Distribution Date shall be zero.

         Senior Principal Priorities: The priorities for distribution of
principal to the Senior Certificates as set forth in Exhibit L.

         Servicer: Any Servicer that has entered into any of the Servicing
Agreements attached as Exhibit E hereto, or any successor in interest.
Initially, the Servicers are Aurora Loan Services Inc., Commercial Federal
Mortgage Corporation, North American Mortgage Company, Suntrust Mortgage, Inc.,
Waterfield Mortgage Company, Inc., Countrywide Home Loans, Inc. and National
City Mortgage Co.

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

         Servicing Agreement: Each Servicing Agreement between a Servicer and
the Seller, dated as of August 1, 2001, attached hereto in Exhibit E, and any
other servicing agreement entered into between a successor servicer and the
Seller or the Trustee pursuant to the terms hereof.

         Servicing Fee: The Servicing Fee specified in the applicable Servicing
Agreement.

         Servicing Fee Rate: With respect to a Servicer, as specified in the
applicable Servicing Agreement.

         Servicing Officer: Any officer of the Master Servicer involved in or
responsible for the administration and servicing or master servicing of the
Mortgage Loans whose name appears on a list of servicing officers furnished by
the Master Servicer to the Trustee, as such list may from time to time be
amended.

         Special Hazard Loss: With respect to the Mortgage Loans, (x) any
Realized Loss arising out of any direct physical loss or damage to a Mortgaged
Property which is caused by or results from any cause, exclusive of any loss
covered by a hazard policy or a flood insurance policy required to be maintained
in respect of such Mortgaged Property and any loss caused by or resulting from
(i) normal wear and tear, (ii) conversion or other dishonest act on the part of
the Trustee, the Master Servicer, any Servicer or any of their agents or
employees, or (iii) errors in design, faulty workmanship or faulty materials,
unless the collapse of the property or a part

                                       39
<PAGE>

thereof ensues, or (y) any Realized Loss arising from or related to the presence
or suspected presence of hazardous wastes, or hazardous substances on a
Mortgaged Property unless such loss is covered by a hazard policy or flood
insurance policy required to be maintained in respect of such Mortgaged
Property, in any case, as reported by any Servicer to the Master Servicer.

         Special Hazard Loss Limit: As of the Cut-off Date, $8,000,000, with
respect to Pool 1; $5,100,000, with respect to Pool 2; and $1,526,000, with
respect to Pool 3, which amounts shall be reduced from time to time to an amount
equal on any Distribution Date to the lesser of (a) the greatest of (i) 1% of
the aggregate of the Scheduled Principal Balances of the Mortgage Loans in the
related Mortgage Pool; (ii) twice the Scheduled Principal Balance of the
Mortgage Loan in the related Mortgage Pool having the highest Scheduled
Principal Balance, and (iii) the aggregate Scheduled Principal Balances of the
Mortgage Loans in the related Mortgage Pool secured by Mortgaged Properties
located in the single California postal zip code area having the highest
aggregate Scheduled Principal Balance of Mortgage Loans in the related Mortgage
Pool of any such postal zip code area and (b) the applicable Special Hazard Loss
Limit as of the Closing Date less the amount, if any, of Special Hazard Losses
incurred with respect to Mortgage Loans in the related Mortgage Pool since the
Closing Date.

         Specified Rating:  Not applicable.

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

         Subordinate Certificate:  Any Class B Certificate.

         Subordinate Allocation Percentage: With respect to any Distribution
Date and the Class B1(2) and Class B2(2) Certificates and each Subordinate
Component for each Distribution Date, the percentage obtained by dividing the
Class Principal Amount of such Class (or the Component Principal Amount of such
Component) immediately prior to such Distribution Date by the Group Subordinate
Amount of the related Mortgage Pool.

         Subordinate Component: Each of the B1(1-3)(1), B1(1-3)(3), B2(1-3)(1),
B2(1-3)(3), B3(1), B3(2), B3(3), B4(1), B4(2), B4(3), B5(1), B5(2), B5(3),
B6(1), B6(2) and B6(3) Components.

         Subordinate Percentage: With respect to each Mortgage Pool and any
Distribution Date, the difference between 100% and the related Senior Percentage
for such Distribution Date.

         Subordinate Prepayment Percentage: With respect to each Mortgage Pool
and any Distribution Date, the difference between 100% and the related Senior
Prepayment Percentage for such Distribution Date.

         Subordinate Principal Distribution Amount: For each Certificate Group
and any Distribution Date, the sum of the following:

                  (i) the product of (a) the related Subordinate Percentage for
         such date and (2) the principal portion (multiplied, in the case of
         Pool 1 and Pool 2, by the related Non-AP Percentage) of each Scheduled
         Payment (without giving effect to any Debt Service

                                       40
<PAGE>

         Reduction occurring prior to the applicable Bankruptcy Coverage
         Termination Date) on each Mortgage Loan in the related Mortgage Pool
         due during the related Due Period;

                  (ii) the product of (a) the related Subordinate Prepayment
         Percentage for such date and (b) each of the following amounts
         (multiplied, in the case of Pool 1 and Pool 2, by the related Non-AP
         Percentage): (1) each Principal Prepayment on the Mortgage Loans in the
         related Mortgage Pool collected during the related Prepayment Period,
         (2) each other unscheduled collection, including Insurance Proceeds and
         Net Liquidation Proceeds (other than with respect to any Mortgage Loan
         in the related Mortgage Pool that was finally liquidated during the
         related Prepayment Period) representing or allocable to recoveries of
         principal received during the related Prepayment Period, and (3) the
         principal portion of all proceeds of the purchase of any Mortgage Loan
         in the related Mortgage Pool (or, in the case of a permitted
         substitution, amounts representing a principal adjustment) actually
         received by the Trustee during the related Prepayment Period;

                  (iii) with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan in the related Mortgage Pool that was
         finally liquidated during the related Prepayment Period, the related
         net Liquidation Proceeds allocable to principal (multiplied, in the
         case of Pool 1 and Pool 2, by the related Non-AP Percentage) less any
         related amount paid pursuant to subsection (iii) of the definition of
         Senior Principal Distribution Amount for the related Certificate Group;
         and

                  (iv) any amounts described in clauses (i) through (iii) for
         any previous Distribution Date that remain unpaid;

         TAC Certificate: Any Class 2-A5, Class 2-A6, Class 2-A7 or Class 2-A8
Certificate.

         TAC Component:  The 2-A9(4) Component.

         TAC I Amount: For the TAC Classes, and as to each Distribution Date,
the amount set forth for such date under "TAC I Schedule" in the Scheduled
Balances Tables.

         TAC II Amount: For the TAC Component, and as to each Distribution Date,
the amount set forth for such Component and date under the "TAC II Schedule" in
the Scheduled Balances Tables.

         TAC III Amount: For the TAC Classes, and as to each Distribution Date,
the amount set forth for such date under the "TAC III Schedule" in the Scheduled
Balances Tables.

         TAC IV Amount: For the TAC Component, and as to each Distribution Date,
the amount set forth for such Component and date under the "TAC IV Schedule" in
the Scheduled Balances Tables.

         Tax Matters Person: The "tax matters person" as specified in the REMIC
Provisions.

         Termination Price:  As defined in Section 7.01 hereof.

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<PAGE>

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

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

         Transferor: Each seller of Mortgage Loans to Lehman Capital pursuant to
a Transfer Agreement.

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

         Trust Rate: With respect to each Mortgage Loan, a per annum rate equal
to the sum of (i) the applicable Designated Rate for the related Mortgage Pool,
(ii) the related Servicing Fee Rate and (iii) any applicable mortgage insurance
premium rate for such Mortgage Loan.

         Trustee: U.S. Bank National Association, not in its individual capacity
but solely as Trustee, or any successor in interest, or if any successor trustee
or any co-trustee shall be appointed as herein provided, then such successor
trustee and such co-trustee, as the case may be.

         Trustee Fee:  Not applicable.

         Trustee Fee Rate:  Not applicable.

         UCC:  The Uniform Commercial Code as adopted in the State of New York.

         Underwriter's Exemption: Prohibited Transaction Exemption 2000-58, 65
Fed. Reg. 67765 (2000), as amended (or any successor thereto), or any
substantially similar administrative exemption granted by the U.S. Department of
Labor.

         Upper Tier REMIC: One of the two separate REMICs as described in the
Preliminary Statement hereto.

         Voting Interests: The portion of the voting rights of all the
Certificates that is allocated to any Certificate for purposes of the voting
provisions of this Agreement. At all times during the term of this Agreement
until the Class Notional Amount of each Class of Notional Certificates has been
reduced to zero, 95% of all Voting Interests shall be allocated to the
Certificates other than the Notional Certificates and 5% of all Voting Interests
shall be allocated to the Notional Certificates. After the Class Notional Amount
of each Class of Notional Certificates has been reduced to zero, 100% of all
Voting Interests shall be allocated to the remaining Classes of Certificates.
Voting Interests allocated to the Notional Certificates shall be allocated among
the Classes of such Certificates (and among the Certificates of each such Class)
in proportion to their Class Notional Amounts (or Notional Amounts). Voting
Interests shall be allocated among the

                                       42
<PAGE>

other Classes of Certificates (and among the Certificates of each such Class) in
proportion to their Class Principal Amounts (or Certificate Principal Amounts).

Section 1.02. Calculations Respecting Mortgage Loans. Calculations required to
be made pursuant to this Agreement with respect to any Mortgage Loan in the
Trust Fund shall be made based upon current information as to the terms of the
Mortgage Loans and reports of payments received from the Mortgagor on such
Mortgage Loans and payments to be made to the Trustee as supplied to the Trustee
by the Master Servicer. The Trustee shall not be required to recompute, verify
or recalculate the information supplied to it by the Master Servicer.

                                   ARTICLE II

                              DECLARATION OF TRUST;
                            ISSUANCE OF CERTIFICATES

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

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

         Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby assign to the Trustee all of its rights and interest under
the Mortgage Loan Sale Agreement (other than any right to receive Retained
Interest), including all rights of the Seller under the Servicing Agreements to
the extent assigned under the Mortgage Loan Sale Agreement. The Trustee hereby
accepts such assignment, and shall be entitled to exercise all rights of the
Depositor under the Mortgage Loan Sale Agreement as if, for such purpose, it
were

                                       43
<PAGE>

the Depositor. The foregoing sale, transfer, assignment, set-over, deposit and
conveyance does not and is not intended to result in creation or assumption by
the Trustee of any obligation of the Depositor, the Seller, or any other Person
in connection with the Mortgage Loans or any other agreement or instrument
relating thereto except as specifically set forth herein.

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

              (i) with respect to each Mortgage Loan, the original Mortgage Note
         endorsed without recourse in proper form to the order of the Trustee,
         as shown in Exhibit B-4, or in blank (in each case, with all necessary
         intervening endorsements as applicable);

              (ii) the original of any guarantee executed in connection with the
         Mortgage Note, assigned to the Trustee;

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

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

              (v) with respect to each Non-MERS Mortgage Loan other than a
         Cooperative Loan, the original Assignment of Mortgage for each Mortgage
         Loan;

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<PAGE>

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

              (vii) the original Primary Mortgage Insurance Policy or
         certificate, if private mortgage guaranty insurance is required;

              (viii) with respect to each Mortgage Loan other than a Cooperative
         Loan, the original mortgagee title insurance policy or attorney's
         opinion of title and abstract of title;

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

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

              (xi) in connection with any pledge of Additional Collateral, the
         original additional collateral agreement or security agreement executed
         in connection therewith, assigned to the Trustee; and

              (xii) with respect to any manufactured housing contract, any
         related manufactured housing sales contract, installment loan agreement
         or participation interest.

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

         (c) (i) Assignments of Mortgage with respect to each Non-MERS Mortgage
Loan other than a Cooperative Loan shall be recorded; provided, however, that
such Assignments need not be recorded if, in the Opinion of Counsel (which must
be from Independent counsel) (which Opinion of Counsel may be in the form of a
memorandum of law) acceptable to the Trustee and the Rating Agencies, recording
in such states is not required to protect the Trustee's interest in the related
Non-MERS Mortgage Loans. Subject to the preceding sentence, as soon as
practicable after the Closing Date (but in no event more than 3 months
thereafter except to the extent delays are caused by the applicable recording
office), the Trustee, at the expense of the Depositor and with the cooperation
of the applicable Servicer, shall cause to be properly recorded by such Servicer
in each public recording office where the related Mortgages are recorded each
Assignment of Mortgage referred to in subsection (b)(v) above with respect to a

                                       45
<PAGE>

Non-MERS Mortgage Loan. With respect to each Cooperative Loan, the Trustee, at
the expense of the Depositor and with the cooperation of the applicable
Servicer, shall cause such Servicer to take such actions as are necessary under
applicable law, in accordance with advice of counsel, in order to perfect the
interest of the Trustee in the related Mortgaged Property.

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

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

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

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

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

         (b) Within 45 days after the Closing Date, the applicable Custodian
will, on behalf of the Trustee and for the benefit of Holders of the
Certificates, review each Mortgage File to ascertain that all required documents
set forth in Section 2.01 have been received and appear on their face to contain
the requisite signatures by or on behalf of the respective parties thereto, and
shall deliver to the Trustee, the Depositor and the Master Servicer an Interim
Certification in the form annexed hereto as Exhibit B-2 (or in the form annexed
to the applicable Custodial Agreement as Exhibit B-2, as applicable) to the
effect that, as to each Mortgage Loan listed in the Mortgage

                                       46
<PAGE>

Loan Schedule (other than any Mortgage Loan prepaid in full or any Mortgage Loan
specifically identified in such certification as not covered by such
certification), (i) all of the applicable documents specified in Section 2.01(b)
are in its possession and (ii) such documents have been reviewed by it and
appear to relate to such Mortgage Loan. The Trustee, or the applicable Custodian
on behalf of the Trustee, shall make sure that the documents are executed and
endorsed, but shall be under no duty or obligation to inspect, review or examine
any such documents, instruments, certificates or other papers to determine that
the same are valid, binding, legally effective, properly endorsed, genuine,
enforceable or appropriate for the represented purpose or that they have
actually been recorded or are in recordable form or that they are other than
what they purport to be on their face. Neither the Trustee nor any Custodian
shall have any responsibility for verifying the genuineness or the legal
effectiveness of or authority for any signatures of or on behalf of any party or
endorser.

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

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

                                       47
<PAGE>

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

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

         Section 2.03. Representations and Warranties of the Depositor.

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

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

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

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

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

              (v) there are no actions, suits or proceedings pending or, to the
         knowledge of the Depositor, threatened or likely to be asserted against
         or affecting the Depositor, before or by any court, administrative
         agency, arbitrator or governmental body (A) with respect to any of the
         transactions contemplated by this Agreement or (B) with respect to

                                       48
<PAGE>

         any other matter which in the judgment of the Depositor will be
         determined adversely to the Depositor and will if determined adversely
         to the Depositor materially and adversely affect it or its business,
         assets, operations or condition, financial or otherwise, or adversely
         affect its ability to perform its obligations under this Agreement; and

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

         (b) The representations and warranties of each Transferor with respect
to the related Mortgage Loans in the applicable Transfer Agreement, which have
been assigned to the Trustee hereunder, were made as of the date specified in
the applicable Transfer Agreement (or underlying agreement, if such Transfer
Agreement is in the form of an assignment of a prior agreement). To the extent
that any fact, condition or event with respect to a Mortgage Loan constitutes a
breach of both (i) a representation or warranty of the applicable Transferor
under the applicable Transfer Agreement and (ii) a representation or warranty of
Lehman Capital under the Mortgage Loan Sale Agreement, the only right or remedy
of the Trustee or of any Certificateholder shall be the Trustee's right to
enforce the obligations of the applicable Transferor under any applicable
representation or warranty made by it. The Trustee acknowledges that Lehman
Capital shall have no obligation or liability with respect to any breach of a
representation or warranty made by it with respect to the Mortgage Loans if the
fact, condition or event constituting such breach also constitutes a breach of a
representation or warranty made by the applicable Transferor in the applicable
Transfer Agreement, without regard to whether such Transferor fulfills its
contractual obligations in respect of such representation or warranty. The
Trustee further acknowledges that the Depositor shall have no obligation or
liability with respect to any breach of any representation or warranty with
respect to the Mortgage Loans (except as set forth in Section 2.03(a)(vi)) under
any circumstances.

         Section 2.04. Discovery of Breach.

         It is understood and agreed that the representations and warranties (i)
set forth in Section 2.03, (ii) of Lehman Capital set forth in the Mortgage Loan
Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii)
of each Transferor, assigned by Lehman Capital to

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<PAGE>

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

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

         (a) With respect to any Mortgage Loan repurchased by the Depositor
pursuant to this Agreement, by Lehman Capital pursuant to the Mortgage Loan Sale
Agreement or by any Transferor pursuant to the applicable Transfer Agreement,
the principal portion of the funds received by the Trustee in respect of such
repurchase of a Mortgage Loan will be considered a Principal Prepayment and
shall be deposited in the Collection Account. The Trustee, upon receipt of the
full amount of the Purchase Price for a Deleted Mortgage Loan, or upon receipt
of the Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a
Deleted Mortgage Loan (and any applicable Substitution Amount), shall release or
cause to be released and reassign to the Depositor, Lehman Capital or the
applicable Transferor, as applicable, the related Mortgage File for the Deleted
Mortgage Loan and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, representation or warranty, as shall
be necessary to vest in such party or its designee or assignee title to any
Deleted Mortgage Loan released pursuant hereto, free and clear of all security
interests, liens and other encumbrances created by this Agreement, which
instruments shall be prepared by the Trustee (or its custodian), and the Trustee
shall have no further responsibility with respect to the Mortgage File relating
to such Deleted Mortgage Loan. The Seller indemnifies and holds the Trust Fund,
the Trustee, the Depositor and each Certificateholder harmless against any and
all taxes, claims, loses, penalties, fines, forfeitures, reasonable legal fees
and related costs, judgment, and nay other costs, fees and expenses that the
Trust Fund, the Trustee, the Depositor and any Certificateholder may sustain in
connection with any actions of the Seller relating to a repurchase of a Mortgage
Loan other than in compliance with the terms of the is Section 2.05 and the
Mortgage Loan Sale and Assignment

                                       50
<PAGE>

Agreement, to the extent that any such action causes (i) any federal or state
tax to be imposed on the Trust Fund, including without limitation, any federal
tax imposed on "prohibited transactions" under Section 860G(d)(1) of the Code,
or (ii) the REMIC to fail to qualify as a REMIC at any time that any Certificate
is outstanding.

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

         (c) Notwithstanding any other provision of this Agreement, the right to
substitute Mortgage Loans pursuant to this Article II shall be subject to the
additional limitations that no substitution of a Qualifying Substitute Mortgage
Loan for a Deleted Mortgage Loan shall be made unless the Trustee has received
an Opinion of Counsel (at the expense of the party seeking to make the
substitution) that, under current law, such substitution will not (A) affect
adversely the status of any REMIC established hereunder as a REMIC, or of the
related "regular interests" as "regular interests" in any such REMIC, or (B)
cause any such REMIC to engage in a "prohibited transaction" or prohibited
contribution pursuant to the REMIC Provisions.

         Section 2.06. Grant Clause.

         (a) It is intended that the conveyance of the Depositor's right, title
and interest in and to property constituting the Trust Fund pursuant to this
Agreement shall constitute, and shall be construed as, a sale of such property
and not a grant of a security interest to secure a loan. However, if such
conveyance is deemed to be in respect of a loan, it is intended that: (i) the
rights and obligations of the parties shall be established pursuant to the terms
of this Agreement; (ii) the Depositor hereby grants to the Trustee for the
benefit of the Holders of the Certificates a first priority security interest in
all of the Depositor's right, title and interest in, to and under, whether now
owned or hereafter acquired, the Trust Fund and all proceeds of any and all
property constituting the Trust Fund to secure payment of the Certificates; and
(iii) this Agreement shall constitute a security agreement under applicable law.
If such conveyance is deemed to be in respect of a loan and the Trust created by
this Agreement terminates prior to the satisfaction of the claims of any Person
holding any Certificate, the security interest created

                                       51
<PAGE>

hereby shall continue in full force and effect and the Trustee shall be deemed
to be the collateral agent for the benefit of such Person, and all proceeds
shall be distributed as herein provided.

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

                                  ARTICLE III

                                THE CERTIFICATES

         Section 3.01. The Certificates.

         (a) The Certificates shall be issuable in registered form only and
shall be securities governed by Article 8 of the New York Uniform Commercial
Code. The Book-Entry Certificates will be evidenced by one or more certificates,
beneficial ownership of which will be held in the dollar denominations in
Certificate Principal Amount or Notional Principal Amount, as applicable, or in
the Percentage Interests, specified herein. Each Class of Book-Entry
Certificates shall be issued in the minimum denominations in Certificate
Principal Amount (or Notional Amount) or Percentage Interest specified in the
Preliminary Statement hereto and in integral multiples of $1 or 5% (in the case
of Certificates issued in Percentage Interests) in excess thereof. Each Class of
Non-Book Entry Certificates other than the Residual Certificate

                                       52
<PAGE>

shall be issued in definitive, fully registered form in the minimum
denominations in Certificate Principal Amount (or Notional Amount) specified in
the Preliminary Statement hereto and in integral multiples of $1 in excess
thereof. The Residual Certificate shall be issued as a single Certificate and
maintained in definitive, fully registered form in a minimum denomination equal
to 100% of the Percentage Interest of such Class. The Certificates may be issued
in the form of typewritten certificates. One Certificate of each Class of
Certificates other than any Class of Residual Certificates may be issued in any
denomination in excess of the minimum denomination.

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

         (c) The Class B4, Class B5 or Class B6 Certificates offered and sold in
reliance on the exemption from registration under Rule 144A shall be issued
initially in the form of one or more permanent global Certificates in
definitive, fully registered form without interest coupons with the applicable
legends set forth in Exhibit A added to the forms of such Certificates (each, a
"Restricted Global Security"), which shall be deposited on behalf of the
subscribers for such Certificates represented thereby with the Trustee, as
custodian for DTC and registered in the name of a nominee of DTC, duly executed
and authenticated by the Trustee as hereinafter provided. The aggregate
principal amounts of the Restricted Global Securities may from time to time be
increased or decreased by adjustments made on the records of the Trustee or DTC
or its nominee, as the case may be, as hereinafter provided.

         (d) The Class B4, Class B5 or Class B6 Certificates sold in offshore
transactions in reliance on Regulation S shall be issued initially in the form
of one or more permanent global Certificates in definitive, fully registered
form without interest coupons with the applicable legends set forth in Exhibit A
hereto added to the forms of such Certificates (each, a "Regulation S Global
Security"), which shall be deposited on behalf of the subscribers for such
Certificates represented thereby with the Trustee, as custodian for DTC and
registered in the name of a nominee of DTC, duly executed and authenticated by
the Trustee as hereinafter provided. The aggregate principal amounts of the
Regulation S Global Securities may from time to time be increased or decreased
by adjustments made on the records of the Trustee or DTC or its nominee, as the
case may be, as hereinafter provided.

                                       53
<PAGE>

         The Class B4, Class B5, or Class B6 Certificates sold to an "accredited
investor" under Rule 501(a)(1), (2), (3) or (7) under the Act shall be issued
initially in the form of one or more Definitive Certificates.

         Section 3.02. Registration.

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

         Section 3.03. Transfer and Exchange of Certificates.

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

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

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<PAGE>

authenticate, date and deliver the Certificates which the Certificateholder
making the exchange is entitled to receive.

         (c) By acceptance of a Restricted Certificate or a Regulation S Global
Security, whether upon original issuance or subsequent transfer, each Holder of
such a Certificate acknowledges the restrictions on the transfer of such
Certificate set forth thereon and agrees that it will transfer such a
Certificate only as provided herein. In addition, each Holder of a Regulation S
Global Security shall be deemed to have represented and warranted to the
Trustee, the Certificate Registrar and any of their respective successors that:
(i) such Person is not a U.S. person within the meaning of Regulation S and was,
at the time the buy order was originated, outside the United States and (ii)
such Person understands that such Certificates have not been registered under
the Securities Act of 1933, as amended (the "Act"), and that (x) until the
expiration of the 40-day distribution compliance period (within the meaning of
Regulation S), no offer, sale, pledge or other transfer of such Certificates or
any interest therein shall be made in the United States or to or for the account
or benefit of a U.S. person (each as defined in Regulation S), (y) if in the
future it decides to offer, resell, pledge or otherwise transfer such
Certificates, such Certificates may be offered, resold, pledged or otherwise
transferred only (A) to a person which the seller reasonably believes is a
"qualified institutional buyer" (a "QIB") as defined in Rule 144A under the Act,
that is purchasing such Certificates for its own account or for the account of a
qualified institutional buyer to which notice is given that the transfer is
being made in reliance on Rule 144A or (B) in an offshore transaction (as
defined in Regulation S) in compliance with the provisions of Regulation S, in
each case in compliance with the requirements of this Agreement; and it will
notify such transferee of the transfer restrictions specified in this Section.

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

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

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

         (d) (i) No transfer of an ERISA-Restricted Certificate in the form of a
Definitive Certificate shall be made to any Person unless the Trustee has
received (A) a certificate substantially in the form of Exhibit H (or Exhibit
D-1 in the case of the Class R Certificate) hereto from such transferee or (B)
an Opinion of Counsel satisfactory to the Trustee and the Depositor to the
effect that the purchase and holding of such a Certificate will not constitute
or result in the assets of the Trust Fund being deemed to be "plan assets"
subject to the prohibited transactions provisions of ERISA or Section 4975 of
the Code and will not subject the Trustee or the Depositor to any obligation in
addition to those undertaken in the Agreement; provided,

                                       55
<PAGE>

however, that the Trustee will not require such certificate or opinion in the
event that, as a result of a change of law or otherwise, counsel satisfactory to
the Trustee has rendered an opinion to the effect that the purchase and holding
of an ERISA-Restricted Certificate by a Plan or a Person that is purchasing or
holding such a Certificate with the assets of a Plan will not constitute or
result in a prohibited transaction under ERISA or Section 4975 of the Code. Each
Transferee of an ERISA-Restricted Certificate that is a Book-Entry Certificate
shall be deemed to have made the representations set forth in Exhibit H. The
preparation and delivery of the certificate and opinions referred to above shall
not be an expense of the Trust Fund, the Trustee or the Depositor.
Notwithstanding the foregoing, no opinion or certificate shall be required for
the initial issuance of the ERISA-Restricted Certificates. The Trustee shall
have no obligation to monitor transfers of Book-Entry Certificates that are
ERISA-Restricted Certificates and shall have no liability for transfers of such
Certificates in violation of the transfer restrictions.

         Notwithstanding anything to the contrary herein, any purported transfer
of an ERISA-Restricted Certificate to or on behalf of an employee benefit plan
subject to Section 406 of ERISA or a plan subject to Section 4975 of the Code
without the delivery to the Trustee and the Master Servicer of an Opinion of
Counsel satisfactory to the Trustee as described above shall be void and of no
effect; provided that the restriction set forth in this sentence shall not be
applicable if there has been delivered to the Trustee an Opinion of Counsel
meeting the requirements of clause (B) of the first sentence of this paragraph.
The Trustee shall be under no liability to any Person for any registration of
transfer of any ERISA-Restricted Certificate that is in fact not permitted by
this Section 3.03(d) or for making any payments due on such Certificate to the
Holder thereof or taking any other action with respect to such Holder under the
provisions of this Agreement so long as the transfer was registered by the
Trustee in accordance with the foregoing requirements. The Trustee shall be
entitled, but not obligated, to recover from any Holder of any ERISA-Restricted
Certificate that was in fact an employee benefit plan subject to Section 406 of
ERISA or a plan subject to Section 4975 of the Code or a person acting on behalf
of any such plan at the time it became a Holder or, at such subsequent time as
it became such a plan or Person acting on behalf of such a plan, all payments
made on such ERISA-Restricted Certificate at and after either such time. Any
such payments so recovered by the Trustee shall be paid and delivered by the
Trustee to the last preceding holder of such Certificate that is not such a plan
or Person acting on behalf of a plan.

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

         (f) Notwithstanding anything to the contrary contained herein, no
Residual Certificate may be owned, pledged or transferred, directly or
indirectly, by or to (i) a Disqualified Organization or (ii) an individual,
corporation or partnership or other person unless such person is (A) not a
Non-U.S. Person or (B) is a Non-U.S. Person that holds a Residual Certificate in
connection with the conduct of a trade or business within the United States and
has furnished the

                                       56
<PAGE>

transferor and the Trustee with an effective Internal Revenue Service Form 4224
or successor form at the time and in the manner required by the Code (any such
person who is not covered by clause (A) or (B) above is referred to herein as a
"Non-permitted Foreign Holder").

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

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

                                       57
<PAGE>

such Holder under the provisions of this Agreement so long as the transfer was
registered upon receipt of the affidavit described in the preceding paragraph of
this Section 3.03(f).

         (g) Each Holder of a Residual Certificate, by such Holder's acceptance
thereof, shall be deemed for all purposes to have consented to the provisions of
this section.

         (h) Notwithstanding any provision to the contrary herein, so long as a
Global Security representing either of the Class B4, Class B5 or Class B6
Certificates remains outstanding and is held by or on behalf of DTC, transfers
of a Global Security representing any such Certificates, in whole or in part,
shall only be made in accordance with Section 3.01 and this Section 3.03(h).

                      (A) Subject to clauses (B) and (C) of this Section
              3.03(h), transfers of a Global Security representing either of the
              Class B4, Class B5 or Class B6 Certificates shall be limited to
              transfers of such Global Security, in whole or in part, to
              nominees of DTC or to a successor of DTC or such successor's
              nominee.

                      (B) Restricted Global Security to Regulation S Global
              Security. If a holder of a beneficial interest in a Restricted
              Global Security deposited with or on behalf of DTC wishes at any
              time to exchange its interest in such Restricted Global Security
              for an interest in a Regulation S Global Security, or to transfer
              its interest in such Restricted Global Security to a Person who
              wishes to take delivery thereof in the form of an interest in a
              Regulation S Global Security, such holder, provided such holder is
              not a U.S. person, may, subject to the rules and procedures of
              DTC, exchange or cause the exchange of such interest for an
              equivalent beneficial interest in the Regulation S Global
              Security. Upon receipt by the Trustee, as Certificate Registrar,
              of (I) instructions from DTC directing the Trustee, as Certificate
              Registrar, to be credited a beneficial interest in a Regulation S
              Global Security in an amount equal to the beneficial interest in
              such Restricted Global Security to be exchanged but not less than
              the minimum denomination applicable to such holder's Certificates
              held through a Regulation S Global Security, (II) a written order
              given in accordance with DTC's procedures containing information
              regarding the participant account of DTC and, in the case of a
              transfer pursuant to and in accordance with Regulation S, the
              Euroclear or Clearstream account to be credited with such increase
              and (III) a certificate in the form of Exhibit N-1 hereto given by
              the holder of such beneficial interest stating that the exchange
              or transfer of such interest has been made in compliance with the
              transfer restrictions applicable to the Global Securities,
              including that the holder is not a U.S. person, and pursuant to
              and in accordance with Regulation S, the Trustee, as Certificate
              Registrar, shall reduce the principal amount of the Restricted
              Global Security and increase the principal amount of the
              Regulation S Global Security by the aggregate principal amount of
              the beneficial interest in the Restricted Global Security to be
              exchanged, and shall instruct Euroclear or Clearstream, as
              applicable, concurrently with such reduction, to credit or cause
              to be credited to the account of the Person specified in such
              instructions a beneficial interest in the Regulation S Global
              Security equal to the reduction in the principal amount of the
              Restricted Global Security.

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<PAGE>

                      (C) Regulation S Global Security to Restricted Global
              Security. If a holder of a beneficial interest in a Regulation S
              Global Security deposited with or on behalf of DTC wishes at any
              time to transfer its interest in such Regulation S Global Security
              to a Person who wishes to take delivery thereof in the form of an
              interest in a Restricted Global Security, such holder may, subject
              to the rules and procedures DTC, exchange or cause the exchange of
              such interest for an equivalent beneficial interest in a
              Restricted Global Security. Upon receipt by the Trustee, as
              Certificate Registrar, of (I) instructions from DTC directing the
              Trustee, as Certificate Registrar, to cause to be credited a
              beneficial interest in a Restricted Global Security in an amount
              equal to the beneficial interest in such Regulation S Global
              Security to be exchanged but not less than the minimum
              denomination applicable to such holder's Certificates held through
              a Restricted Global Security, to be exchanged, such instructions
              to contain information regarding the participant account with DTC
              to be credited with such increase, and (II) a certificate in the
              form of Exhibit N-2 hereto given by the holder of such beneficial
              interest and stating, among other things, that the Person
              transferring such interest in such Regulation S Global Security
              reasonably believes that the Person acquiring such interest in a
              Restricted Global Security is a QIB, is obtaining such beneficial
              interest in a transaction meeting the requirements of Rule 144A
              and in accordance with any applicable securities laws of any State
              of the United States or any other jurisdiction, then the Trustee,
              as Certificate Registrar, will reduce the principal amount of the
              Regulation S Global Security and increase the principal amount of
              the Restricted Global Security by the aggregate principal amount
              of the beneficial interest in the Regulation S Global Security to
              be transferred and the Trustee, as Certificate Registrar, shall
              instruct DTC, concurrently with such reduction, to credit or cause
              to be credited to the account of the Person specified in such
              instructions a beneficial interest in the Restricted Global
              Security equal to the reduction in the principal amount of the
              Regulation S Global Security.

                      (D) Other Exchanges. In the event that a Global Security
              is exchanged for Certificates in definitive registered form
              without interest coupons, pursuant to Section 3.09(c) hereof, such
              Certificates may be exchanged for one another only in accordance
              with such procedures as are substantially consistent with the
              provisions above (including certification requirements intended to
              insure that such transfers comply with Rule 144A, comply with Rule
              501(a)(1), (2), (3) or (7) or are to non-U.S. persons in
              compliance with Regulation S under the Act, as the case may be),
              and as may be from time to time adopted by the Trustee.

                      (E) Restrictions on U.S. Transfers. Transfers of interests
              in the Regulation S Global Security to U.S. persons (as defined in
              Regulation S) shall be limited to transfers made pursuant to the
              provisions of Section 3.03(h)(C).

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         Section 3.04. Cancellation of Certificates.

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

         Section 3.05. Replacement of Certificates.

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

         Section 3.06. Persons Deemed Owners.

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

         Section 3.07. Temporary Certificates.

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

         (b) If temporary Certificates are issued, the Depositor will cause
definitive Certificates to be prepared without unreasonable delay. After the
preparation of definitive Certificates, the temporary Certificates shall be
exchangeable for definitive Certificates upon surrender of the temporary
Certificates at the office or agency of the Trustee without charge to the
Holder. Upon surrender for cancellation of any one or more temporary
Certificates, the Trustee shall execute

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and authenticate and deliver in exchange therefor a like aggregate Certificate
Principal Amount of definitive Certificates of the same Class in the authorized
denominations. Until so exchanged, the temporary Certificates shall in all
respects be entitled to the same benefits under this Agreement as definitive
Certificates of the same Class.

         Section 3.08. Appointment of Paying Agent.

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

         Section 3.09. Book-Entry Certificates.

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

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

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

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

              (iv) the rights of Certificate Owners shall be exercised only
         through the Clearing Agency and the Clearing Agency Participants and
         shall be limited to those established by law and agreements between
         such Certificate Owners and the Clearing

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         Agency and/or the Clearing Agency Participants. Unless and until
         Definitive Certificates are issued pursuant to Section 3.09(c), the
         initial Clearing Agency will make book-entry transfers among the
         Clearing Agency Participants and receive and transmit distributions of
         principal of and interest on the Book-Entry Certificates to such
         Clearing Agency Participants.

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

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

                                   ARTICLE IV

                        ADMINISTRATION OF THE TRUST FUND

         Section 4.01. Collection Account.

         (a) On the Closing Date, the Master Servicer shall open and shall
thereafter maintain a segregated account held in trust (the "Collection
Account"), entitled "Aurora Loan Services Inc., as Master Servicer, in trust for
the benefit of the Holders of Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2001-12." The Collection Account shall relate
solely to the Certificates issued by the Trust Fund hereunder, and funds in such
Collection Account shall not be commingled with any other monies.

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         (b) The Collection Account shall be an Eligible Account. If an existing
Collection Account ceases to be an Eligible Account, the Master Servicer shall
establish a new Collection Account that is an Eligible Account within 30 days
and transfer all funds on deposit in such existing Collection Account into such
new Collection Account.

         (c) The Master Servicer shall give to the Trustee prior written notice
of the name and address of the depository institution at which the Collection
Account is maintained and the account number of such Collection Account. No
later than 3:00 p.m. on each Deposit Date, the entire amount on deposit in the
Collection Account (subject to permitted withdrawals set forth in Section 4.02),
excluding such amounts not included in the Available Distribution Amount for
such Distribution Date pursuant to clauses (A) through (H) of paragraph (1) of
the definition thereof, shall be remitted to the Trustee for deposit into the
Certificate Account by wire transfer in immediately available funds. The Master
Servicer, at its option, may choose to make daily remittances from the
Collection Account to the Trustee for deposit into the Certificate Account.

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

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

              (ii) all payments on account of interest on the Mortgage Loans
         (other than payments due prior to the Cut-off Date), net of the
         applicable Servicing Fee and Master Servicing Fee with respect to each
         such Mortgage Loan, but only to the extent of the amount permitted to
         be withdrawn or withheld from the Collection Account in accordance with
         Sections 5.04 and 9.21;

              (iii) any unscheduled payment or other recovery with respect to a
         Mortgage Loan not otherwise specified in this paragraph (d), including
         all Net Liquidation Proceeds with respect to the Mortgage Loans and REO
         Property, and all amounts received in connection with the operation of
         any REO Property, net of any unpaid Servicing Fees and Master Servicing
         Fees with respect to such Mortgage Loans, but only to the extent of the
         amount permitted to be withdrawn or withheld from the Collection
         Account in accordance with Sections 5.04 and 9.21; provided that if the
         applicable Servicer is also the Retained Interest Holder with respect
         to any Mortgage Loan, payments on account of interest on the Mortgage
         Loans as to which such Servicer is the Retained Interest Holder may
         also be made net of the related Retained Interest with respect to each
         such Mortgage Loan.

              (iv) all Insurance Proceeds;

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

              (vi) all proceeds of any Mortgage Loan purchased by any Person.

         (e) Funds in the Collection Account may be invested in Eligible
Investments (selected by and at the written direction of the Master Servicer)
which shall mature not later than the earlier of (a) the Deposit Date (except
that if such Eligible Investment is an obligation of the Trustee or the Paying
Agent, if other than the Trustee, and such Collection Account is maintained with
the Trustee or the Paying Agent, if other than the Trustee, then such Eligible
Investment shall mature not later than such applicable Distribution Date) or (b)
the day on which the funds in such Collection Account are required to be
remitted to the Trustee for deposit into the Certificate Account, and any such
Eligible Investment shall not be sold or disposed of prior to its maturity. All
such Eligible Investments shall be made in the name of the Trustee (in its
capacity as such) or its nominee. All income and gain realized from any such
investment shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time, subject to Section 5.05, and shall
not be part of the Trust Fund. The amount of any losses incurred in respect of
any such investments shall be deposited in such Collection Account by the Master
Servicer out of its own funds, without any right of reimbursement therefor,
immediately as realized. The foregoing requirements for deposit in the
Collection Account are exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments of interest on funds in the
Collection Account and payments in the nature of late payment charges or
assumption fees need not be deposited by the Master Servicer in the Collection
Account and may be retained by the Master Servicer or the applicable Servicer as
additional servicing compensation. If the Master Servicer deposits in the
Collection Account any amount not required to be deposited therein, it may at
any time withdraw such amount from such Collection Account. In the event the
Master Servicer does not provide written direction to the Trustee pursuant to
this Section, all funds on deposit in the Collection Account shall remain
uninvested.

         Section 4.02. Application of Funds in the Collection Account.

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

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

              (ii) to reimburse itself or any Servicer for any Servicing
         Advances made by it or by such Servicer that it determines in good
         faith will not be recoverable from amounts

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         representing late recoveries of payments of principal or interest
         respecting the particular Mortgage Loan as to which such Servicing
         Advance was made or from Liquidation Proceeds or Insurance Proceeds
         with respect to such Mortgage Loan, it being understood, in the case of
         any such reimbursement, that such Master Servicer's or Servicer's right
         thereto shall be prior to the rights of the Certificateholders;

              (iii) to reimburse itself or any Servicer from Liquidation
         Proceeds for Liquidation Expenses and for amounts expended by it
         pursuant to Sections 9.20 and 9.22(a) or the applicable Servicing
         Agreement in good faith in connection with the restoration of damaged
         property and, to the extent that Liquidation Proceeds after such
         reimbursement exceed the unpaid principal balance of the related
         Mortgage Loan, together with accrued and unpaid interest thereon at the
         applicable Mortgage Rate less the applicable Servicing Fee and the
         Master Servicing Fee for such Mortgage Loan to the Due Date next
         succeeding the date of its receipt of such Liquidation Proceeds, to pay
         to itself out of such excess the amount of any unpaid assumption fees,
         late payment charges or other Mortgagor charges on the related Mortgage
         Loan and to retain any excess remaining thereafter as additional
         servicing compensation, it being understood, in the case of any such
         reimbursement or payment, that such Master Servicer's or Servicer's
         right thereto shall be prior to the rights of the Certificateholders;
         (iv) to reimburse itself or any Servicer for expenses incurred by and
         recoverable by or reimbursable to it or such Servicer pursuant to
         Section 9.04, 9.06, 9.16 or 9.22(a) or pursuant to the applicable
         Servicing Agreement, and to reimburse itself for any expenses
         reimbursable to it pursuant to Section 10.01(c);

              (v) to pay to the applicable Person, with respect to each Mortgage
         Loan or REO Property acquired in respect thereof that has been
         repurchased by such Person pursuant to this Agreement, all amounts
         received thereon and not distributed on the date on which the related
         repurchase was effected;

              (vi) subject to Section 5.04, to pay to itself income earned on
         the investment of funds deposited in the Collection Account;

              (vii) to make payments to the Trustee for deposit into the
         Certificate Account in the amounts and in the manner provided for in
         Section 4.04;

              (viii) to make distributions of any Retained Interest to the
         Retained Interest Holder on each Distribution Date (other than any
         Retained Interest not deposited into the Collection Account in
         accordance with Section 4.01(d)(iii));

              (ix) to make payment to itself, the Trustee and others pursuant to
         any provision of this Agreement;

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

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

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

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

         If provided in the related Servicing Agreement, each Servicer shall be
entitled to retain as additional servicing compensation any Prepayment Penalty
Amounts or Prepayment Interest Excess.

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

         Section 4.03. Reports to Certificateholders.

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

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

              (ii) the aggregate amount of the distribution to be made on such
         Distribution Date to the Holders of each Class of Certificates, other
         than any Class of Principal Only Certificates, allocable to interest,
         including any Accrual Amount added to the Class Principal Amount of any
         Class of Accrual Certificates;

              (iii) the amount, if any, of any distribution to the Holders of a
         Residual Certificate;

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<PAGE>

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

              (v) the Aggregate Principal Balance of the Mortgage Loans and the
         Non-AP Pool Balance of each Mortgage Pool for such Distribution Date,
         after giving effect to payments allocated to principal reported under
         clause (i) above;

              (vi) the Class Principal Amount (or Class Notional Amount) of each
         Class of Certificates, to the extent applicable, and the Component
         Principal Amount of each Component, as of such Distribution Date after
         giving effect to payments allocated to principal reported under clause
         (i) above (and to the addition of any Accrual Amount in the case of any
         Class of Accrual Certificates), separately identifying any reduction of
         any of the foregoing Certificate Principal Amounts or Component
         Principal Amounts due to Realized Losses:

              (vii) any Realized Losses realized with respect to the Mortgage
         Loans (x) in the applicable Prepayment Period and (y) in the aggregate
         since the Cut-off Date, stating separately the amount of Special Hazard
         Losses, Fraud Losses and Bankruptcy Losses and the aggregate amount of
         such Realized Losses, and the remaining Special Hazard Loss Amount,
         Fraud Loss Amount and Bankruptcy Loss Amount;

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

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

              (x) the deemed principal balance of each REO Property as of the
         close of business on the last Business Day of the calendar month
         immediately preceding the month in which such Distribution Date occurs;

              (xi) with respect to any Mortgage Loan that became an REO Property
         during the preceding calendar month, the principal balance of such
         Mortgage Loan and the number of such Mortgage Loans as of the close of
         business on the last Business Day of the calendar month immediately
         preceding the month in which such Distribution Date occurs;

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

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<PAGE>

              (xiii) the aggregate outstanding Interest Shortfalls and Net
         Prepayment Interest Shortfalls, if any, for each Class of Certificates,
         after giving effect to the distribution made on such Distribution Date;

              (xiv) the Certificate Interest Rate applicable to such
         Distribution Date with respect to each Class of Certificates;

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

              (xvi) any other "loan-level" information for any Mortgage Loans
         that are delinquent three or more months and any REO Property held by
         the Trust that is reported by the Master Servicer to the Trustee.

         In the case of information furnished pursuant to subclauses (i), (ii)
and (vii) above, the amounts shall be expressed as a dollar amount per $1,000 of
original principal amount of Certificates.

         The foregoing information and reports shall be prepared and determined
by the Trustee based solely on Mortgage Loan data provided to the Trustee by the
Master Servicer (in a format agreed to by the Trustee and the Master Servicer)
no later than 12:00 p.m. (noon) New York City time, four Business Days prior to
the Distribution Date. In preparing or furnishing the Mortgage Loan data to the
Trustee, the Master Servicer shall be entitled to rely conclusively on the
accuracy of the information or data regarding the Mortgage Loans and the related
REO Property that has been provided to the Master Servicer by each Servicer, and
the Master Servicer shall not be obligated to verify, recompute, reconcile or
recalculate any such information or data. The Trustee shall be entitled to
conclusively rely on the Mortgage Loan data provided by the Master Servicer and
shall have no liability for any errors in such Mortgage Loan data.

         On each Distribution Date, the Trustee shall also deliver or cause to
be delivered by first class mail to the Depositor a copy of the above-described
written report, to the following address: Mortgage Finance Group, Lehman
Brothers Inc., Three World Financial Center, 200 Vesey Street, New York, New
York, 10285, Attention: Stanley P. Labanowski, or to such other address as the
Depositor may designate.

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

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reimbursed by such Certificateholder for such Master Servicer's actual expenses
incurred in providing such reports and access.

         (c) Within 90 days, or such shorter period as may be required by
statute or regulation, after the end of each calendar year, the Trustee shall
make available to each Person who at any time during the calendar year was a
Certificateholder of record, and make available to Certificate Owners
(identified as such by the Clearing Agency) in accordance with applicable
regulations, a report summarizing the items provided to Certificateholders
pursuant to Section 4.03(a) on an annual basis as may be required to enable such
Holders to prepare their federal income tax returns. Such information shall
include the amount of original issue discount accrued on each Class of
Certificates and information regarding the expenses of the Trust Fund. The
Master Servicer shall provide the Trustee with such information as is necessary
for the Trustee to prepare such reports.

         Section 4.04. Certificate Account.

         (a) The Trustee shall establish and maintain in its name, as trustee, a
trust account (the "Certificate Account"), to be held in trust for the benefit
of the Certificateholders until disbursed pursuant to the terms of this
Agreement. The Certificate Account shall be an Eligible Account. If the existing
Certificate Account ceases to be an Eligible Account, the Trustee shall
establish a new Certificate Account that is an Eligible Account within 20
Business Days and transfer all funds on deposit in such existing Certificate
Account into such new Certificate Account. The Certificate Account shall relate
solely to the Certificates issued hereunder and funds in the Certificate Account
shall be held separate and apart from and shall not be commingled with any other
monies including, without limitation, other monies of the Trustee held under
this Agreement.

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

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

              (ii) to pay itself any investment income earned with respect to
         funds in the Certificate Account invested in Eligible Investments as
         set forth in subsection (c) below, and to make payments to itself prior
         to making distributions pursuant to Section 5.02 for any expenses or
         other indemnification owing to the Trustee and others pursuant to any
         provision of this Agreement;

              (iii) to make distributions to the Certificateholders pursuant to
         Article V; and

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

         (c) The Trustee may invest, or cause to be invested, funds held in the
Certificate Account, which funds, if invested, shall be invested in Eligible
Investments (which may be obligations of the Trustee described in paragraph
(viii) of the definition thereof). All such

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

                                   ARTICLE V

                    DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

         Section 5.01. Distributions Generally.

         (a) Subject to Section 7.01 respecting the final distribution on the
Certificates, on each Distribution Date the Trustee or the Paying Agent shall
make distributions in accordance with this Article V. Such distributions shall
be made by check mailed to each Certificateholder's address as it appears on the
Certificate Register of the Certificate Registrar (which shall initially be the
Trustee) or, upon written request made to the Trustee at least three Business
Days prior to the related Distribution Date to any Certificateholder owning an
aggregate initial Certificate Principal Amount of at least $2,500,000, or, in
the case of the Notional Certificates and Principal Only Certificates, a
Percentage Interest of more than 25%, by wire transfer in immediately available
funds to an account specified in the request and at the expense of such
Certificateholder; provided, however, that the final distribution in respect of
any Certificate shall be made only upon presentation and surrender of such
Certificate at the Corporate Trust Office. Wire transfers will be made at the
expense of the Holder requesting such wire transfer by deducting a wire transfer
fee from the related distribution. Notwithstanding such final payment of
principal of any of the Certificates, each Residual Certificate will remain
outstanding until the termination of each REMIC and the payment in full of all
other amounts due with respect to the Residual Certificate and at such time such
final payment in retirement of the Residual Certificate will be made only upon
presentation and surrender of such Certificate at the Corporate Trust Office of
the Trustee or at the office of its designated presenting agent in New York
City. If any payment required to be made on the Certificates is to be made on a
day that is not a Business Day, then such payment will be made on the next
succeeding Business Day.

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

         Section 5.02. Distributions from the Certificate Account.

         (a) On each Distribution Date, the Trustee (or the Paying Agent on
behalf of the Trustee) shall withdraw from the Certificate Account the Available
Distribution Amount with respect to each Mortgage Pool, and shall distribute
such amount to the Holders of record of each Class of Certificates, in the
following order of priority:

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              (i) from the Available Distribution Amount for each Mortgage Pool,
         to each Class of Senior Certificates and each Component of any Class of
         Senior Certificates, in each case of the related Certificate Group,
         other than any related Principal-Only Certificates or Principal-Only
         Component, the Accrued Certificate Interest thereon for such
         Distribution Date, as reduced, in each case, by such Class's or
         Component's allocable share of any Net Prepayment Interest Shortfalls
         for the related Mortgage Pool for such Distribution Date, as described
         herein); provided, however, that any shortfall in available amounts for
         each Mortgage Pool shall be allocated among the Classes of Senior
         Certificates or Components of the related Certificate Group in
         proportion to the amount of Accrued Certificate Interest (as so
         reduced) that would otherwise be distributable thereon; and provided
         further, that any Accrued Certificate Interest allocable to a Class of
         Accrual Certificates or an Accrual Component shall not be distributable
         thereto until the Distribution Date immediately following the related
         Accretion Termination Date but instead shall be distributable as
         provided in Section 5.02(e).

              (ii) from the Available Distribution Amount for each Mortgage
         Pool, to each Class of Senior Certificates and each Component of any
         Class of Senior Certificates, in each case, of the related Certificate
         Group, other than any related Principal-Only Certificates or
         Principal-Only Component, any related Interest Shortfall for such
         Distribution Date; provided, however, that any shortfall in available
         amounts for each Mortgage Pool shall be allocated among the Classes of
         Senior Certificates or Components of the related Certificate Group in
         proportion to the amount of such interest (as so reduced) that would
         otherwise be distributable thereon; and provided further, that any
         Interest Shortfall for any Accrual Certificates or Accrual Component
         shall not be distributable thereto until the Distribution Date
         immediately following the related Accretion Termination Date but
         instead shall be distributable as provided in Section 5.02(e).

              (iii) from the remaining Available Distribution Amount for each
         Mortgage Pool to the Senior Certificates or Components of any Class of
         Senior Certificates of each Certificate Group, other than any related
         Notional Certificates or Notional Components, as set forth in the
         Senior Principal Priorities attached as Exhibit L hereto, without
         regard to references to the word "approximately."

              (iv) concurrently, to the Class 1-AP Certificates and the 2-A9(5)
         Component, to the extent of the remaining Available Distribution Amount
         for the related Mortgage Pool, the Class AP Deferred Amount and the
         Component AP Deferred Amount, respectively, for such Distribution Date;
         provided however, that distributions pursuant to this priority shall
         not exceed the Subordinate Principal Distribution Amount for the
         related Mortgage Pool for such Distribution Date, and shall not reduce
         the Class Principal Amount or Component Principal Amount of the Class
         1-AP Certificates and the 2-A9(5) Component, respectively;

              (v) to the extent of the remaining Available Distribution Amounts
         for each Mortgage Pool, to the related Subordinate Components and the
         Class B1(2) and Class B2(2) Certificates, concurrently, as follows:

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                      (A) to the extent of the remaining Available Distribution
              Amount for Pool 1 to the B1(1-3)(1), B2(1-3)(1), B3(1), B4(1),
              B5(1) and B6(1) Components, in that order, of the following
              amounts, in the following order of priority: (x) Accrued
              Certificate Interest thereon (as reduced by any Net Prepayment
              Interest Shortfalls for the related Mortgage Pool allocated to
              that Component on that Distribution Date), (y) any outstanding
              Interest Shortfalls previously allocated to that Component, and
              (z) such Component's Subordinate Allocation Percentage of the
              Subordinate Principal Distribution Amount for Pool 1 for that
              Distribution Date, except as provided below, in reduction of the
              Component Principal Amounts thereof;

                      (B) to the extent of the remaining Available Distribution
              Amount for Pool 2, to the Class B1(2) and Class B2(2) Certificates
              and B3(2), B4(2), B5(2) and B6(2) Components, in that order, of
              the following amounts, in the following order of priority: (x)
              Accrued Certificate Interest thereon (as reduced by any Net
              Prepayment Interest Shortfalls for the related Mortgage Pool
              allocated to that Component or Class on that Distribution Date),
              (y) any outstanding Interest Shortfalls previously allocated to
              that Component or Class, and (z) that Component's or Class'
              Subordinate Allocation Percentage of the Subordinate Principal
              Distribution Amount for Pool 2 for that Distribution Date, except
              as provided below, in reduction of the Component Principal Amounts
              or Class Principal Amounts thereof; and

                      (C) to the extent of the remaining Available Distribution
              Amount for Pool 3, to the B1(1-3)(3), B2(1-3)(3), B3(3), B4(3),
              B5(3) and B6(3) Components, in that order, of the following
              amounts, in the following order of priority: (x) Accrued
              Certificate Interest thereon (as reduced by any Net Prepayment
              Interest Shortfalls for the related Mortgage Pool allocated to
              that Component on that Distribution Date), (y) any outstanding
              Interest Shortfalls previously allocated to that Component, and
              (z) such Component's Subordinate Allocation Percentage of the
              Subordinate Principal Distribution Amount for Pool 3 for that
              Distribution Date, except as provided below, in reduction of the
              Component Principal Amounts thereof.

         (b) If on any Distribution Date, the sum of the aggregate Component
Principal Amounts of the Subordinate Components (and Class Principal Amounts of
the Class B1(2) and Class B2(2) Certificates, in the case of Pool 2), in a
Certificate Group has been reduced to zero, the Available Distribution Amount
with respect to the related Mortgage Pool remaining after distribution of
interest to the related Senior Certificates on such date will be distributed
among the Senior Certificates in such Certificate Group remaining outstanding,
in proportion to their respective Certificate Principal Amounts, until the
Certificate Principal Amounts thereof have been reduced to zero, regardless of
the priorities and allocations set forth in Section 5.02(a)(iii).

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         (c) (i) With respect to each Subordinate Component (other than the
B6(1), B6(2) and B6(3) Components) and the Class B1(2) and Class B2(2)
Certificates, if on any Distribution Date the Credit Support Percentage for that
Class or Component is less than that Class's or Component's Original Credit
Support Percentage, then notwithstanding anything to the contrary in Section
5.02(a), no distributions in respect of clauses (ii) and (iii) of the definition
of Subordinate Principal Distribution Amount for the related Mortgage Pool will
be made to any related Class or Subordinate Component of lower priority.

         Any amount not distributed in respect of any Class or Subordinate
Component on any Distribution Date pursuant to the immediately preceding
paragraph shall be allocated among the remaining Classes and Subordinate
Components having the same parenthetical designation (or including the same
designation) as such Class or Subordinate Component in proportion to their
respective Class Principal Amounts or Component Principal Amounts, as
applicable.

         (d) On each Distribution Date, the Trustee shall distribute to the
Holder of the Class R Certificate any amounts remaining in the Upper Tier REMIC
for such Distribution Date after application of all amounts described in
paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph
(d) shall not reduce the Class Principal Amount of the Class R Certificate.

         (e) On each Distribution Date, the combined Accrual Amount for such
date shall be distributed in reduction of the Class Principal Amounts (or
Component Notional Amounts) of the specified Classes and Components in
accordance with priorities (3), (b), (i), (A), (2) (s), in Exhibit L, and an
equal amount will be added to the Class Principal Amount or Component Principal
Amount of the Class 2-A10 and Class 2-A11 Certificates and the 2-A9(4)
Component.

         Section 5.03. Allocation of Realized Losses.

         (a) On any Distribution Date, (x) the applicable AP Percentage of the
principal portion of each Realized Loss (other than any Excess Loss) in respect
of a Mortgage Loan in Pool 1 and Pool 3 will be allocated to the related Class
of Principal Only Certificates or Principal Only Components until the Class
Principal Amount or Component Principal Amount thereof has been reduced to zero;
and (y) the applicable Non-AP Percentage (or, in the case of Pool 3, 100%) of
the principal portion of each Realized Loss (other than any Excess Loss) in
respect of a Mortgage Loan in each Mortgage Pool shall be allocated in the
following order of priority:

                           first, to the related Component of the Class B6
                  Certificates, until the Component Principal Amount thereof has
                  been reduced to zero;

                           second, to the related Component of the Class B5
                  Certificates, until the Component Principal Amount thereof has
                  been reduced to zero;

                           third, to the related Component of the Class B4
                  Certificates, until the Component Principal Amount thereof has
                  been reduced to zero;

                           fourth, to the related Component of the Class B3
                  Certificates, until the Component Principal Amount thereof has
                  been reduced to zero;

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<PAGE>

                           fifth, in the case of Realized Losses from (i) Pool
                  1, to the B2(1-3)(1) and the B1(1-3)(1) Component, in that
                  order, until the Component Principal Amount of each such
                  Component has been reduced to zero, (ii) Pool 2, to the Class
                  B-2(2) and Class B1(2) Certificates, in that order, until the
                  Class Principal Amount of each such Class has been reduced to
                  zero, and (iii) Pool 3, to the B2(1-3)(3) and the B1(1-3)(3)
                  Components, in that order until the Component Principal Amount
                  of each such Component has been reduced to zero; and

                           sixth, to the Classes of Senior Certificates or
                  Components (other than the related Principal Only Certificates
                  or Principal Only Components) of the related Certificate
                  Group, pro rata, in accordance with their Class Principal
                  Amounts or Component Principal Amounts; provided, however,
                  that (i) all losses that would otherwise be allocable to the
                  Class 2-A9 Certificates will be allocated instead to the Class
                  2-A12 Certificates, until the Class Principal Amount thereof
                  has been reduced to zero; (ii) all losses that would otherwise
                  be allocable to the Class 2-A8 Certificates will be allocated
                  instead to the Class 2-A13 Certificates, until the Class
                  Principal Amount thereof has been reduced to zero; and (iii)
                  all losses that would otherwise be allocable to the Class 3-A3
                  Certificates will be allocated instead to the Class 3-A5
                  Certificates until the Class Principal Amount thereof has been
                  reduced to zero; and provided, further, that any such loss
                  allocated to any Class of Accrual Certificates (or any Accrual
                  Component) shall be allocated (subject to Section 5.03(c)) on
                  the basis of the lesser of (x) the Class Principal Amount (or
                  Component Principal Amount) thereof immediately prior to the
                  applicable Distribution Date and (y) the Class Principal
                  Amount (or Component Principal Amount) thereof on the Closing
                  Date (as reduced by any Realized Losses previously allocated
                  thereto).

         (b) With respect to any Distribution Date, (i) the applicable Non-AP
Percentage of the principal portion of any Excess Loss (other than a Debt
Service Reduction) in respect of a Mortgage Loan in Pool 1 shall be allocated,
pro rata, to the Non-AP Senior Certificates of Certificate Group 1 based on the
respective Class Principal Amounts thereof, and to the B1(1-3)(1), B2(1-3)(1),
B3(1), B4(1), B5(1) and B6(1) Components on the basis of the Component Principal
Balances thereof; (ii) the applicable Non-AP Percentage of the principal portion
of any Excess Loss (other than a Debt Service Reduction) in respect of a
Mortgage Loan in Pool 2 shall be allocated, pro rata, to the Non-AP Senior
Certificates of Certificate Group 2 and the Class B1(2) and Class B2(2)
Certificates based on the respective Class Principal Amounts thereof, and to the
B3(2), B4(2), B5(2) and B6(2) Components on the basis of their Component
Principal Balances; and (iii) the principal portion of any Excess Loss (other
than a Debt Service Reduction) in respect of a Mortgage Loan in Pool 3 shall be
allocated, pro rata, to the Non-AP Senior Certificates of Certificate Group 3
based on the respective Class Principal Amounts thereof, and to the B1(1-3)(3),
B2(1-3)(3), B3(3), B4(3), B5(3) and B6(3) Components on the basis of their
Component Principal Balances; provided, that any such loss allocated to any
Class of Accrual Certificates (and any Accrual Component) shall be allocated
(subject to Section 5.03(c)) on the basis of the lesser of (x) the Class
Principal Amount (or Component Principal Amount) thereof immediately prior to
the applicable Distribution Date and (y) the Class Principal Amount (or
Component Principal Amount) thereof on the Closing Date (as reduced by

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any Realized Losses previously allocated thereto) and provided further that (i)
any such loss in respect of a Mortgage Loan in Pool 2 that would otherwise be
allocable to the Class 2-A9 Certificates will be allocated instead to the Class
2-A12 Certificates, until the Class Principal Amount thereof has been reduced to
zero; (ii) any such loss in respect of a Mortgage Loan in Pool 2 that would
otherwise be allocable to the Class 2-A8 Certificates will be allocated instead
to the Class 2-A13 Certificates, until the Class Principal Amount thereof has
been reduced to zero; and (iii) any such loss in respect of a Mortgage Loan in
Pool 3 that would otherwise be allocable to the Class 3-A3 Certificates will be
allocated instead to the Class 3-A5 Certificates until the Class Principal
Amount thereof has been reduced to zero.

         The applicable AP Percentage of the principal portion of any Excess
Loss (other than a Debt Service Reduction) on a Mortgage Loan in Pool 1 or Pool
2 for any Distribution Date shall be allocated to the related Class of Class AP
Certificates (or, in the case of Pool 2, the 2-A9(5) Component).

         (c) Any Realized Losses allocated to a Class of Certificates pursuant
to Section 5.03(a) or (b) shall be allocated among the Certificates of such
Class in proportion to their respective Certificate Principal Amounts. In
addition, any Realized Losses allocated to any Class of Component Certificates
on a Distribution Date shall be allocated in reduction of the Component
Principal Amounts of the related Components (other than any Notional Component)
in proportion to their respective Component Principal Amounts immediately prior
to such Distribution Date. Any allocation of Realized Losses pursuant to this
paragraph (c) shall be accomplished by reducing the Certificate Principal Amount
(or, in the case of any Component, the Component Principal Amount) of the
related Certificates (or Components) on the related Distribution Date in
accordance with Section 5.03(d).

         (d) Realized Losses allocated in accordance with this Section 5.03
shall be allocated on the Distribution Date in the month following the month in
which such loss was incurred and, in the case of the principal portion thereof,
after giving effect to distributions made on such Distribution Date, except that
the aggregate amount of Realized Losses to be allocated to the Principal Only
Certificates on such Distribution Date will be taken into account in determining
distributions in respect of any related Class AP Deferred Amount for such date.

         (e) On each Distribution Date, any Component Writedown Amount for such
date shall effect a corresponding reduction in the Component Principal Amount of
the lowest ranking related Component, and any Class Writedown Amount for such
date shall effect a corresponding reduction in the Class Principal Amount of,
first, the Class B2(2) Certificates, until the Class Principal Amount thereof
has been reduced to zero and, second, to the Class B1(2) Certificates, until the
Class Principal Amount thereof has been reduced to zero. In each case, such
reductions shall occur on such Distribution Date after giving effect to
distributions made on such Distribution Date.

         (f) In the event that there is a recovery of an amount in respect of
principal of a Mortgage Loan, which amount had previously been allocated as a
Realized Loss to one or more Classes or Components of Certificates, each
outstanding Class or Component to which any portion of such Realized Loss had
previously been allocated shall be entitled to receive, on the Distribution Date
in the month following the month in which such recovery is received, its pro

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rata share (based on the Class Principal Amount thereof) of such recovery, up to
the amount of the portion of such Realized Loss previously allocated to such
Class or Component. In the event that the total amount of such recovery exceeds
the amount of Realized Loss allocated to the outstanding Classes or Components
in accordance with the preceding provisions, each outstanding Class of
Certificates or Component shall be entitled to receive its pro rata share of the
amount of such excess, up to the amount of any unrecovered Realized Loss
previously allocated to such Class or Component. Any such recovery allocated to
a Class of Certificates shall not further reduce the Certificate Principal
Amount or Component Principal Amount of such Certificate. Any such amounts not
otherwise allocated to any Class of Certificates pursuant to this subsection
shall be treated as Principal Prepayments for purposes of this Agreement.

         Section 5.04. Advances by Master Servicer and Trustee.

         (a) Advances shall be made in respect of each Deposit Date as provided
herein. If, on any Determination Date, the Master Servicer determines that any
Scheduled Payments due during the related Due Period (other than Balloon
Payments) have not been received, the Master Servicer shall, or shall cause the
applicable Servicer to, advance such amount, less an amount, if any, to be set
forth in an Officer's Certificate to be delivered to the Trustee on such
Determination Date, which if advanced the Master Servicer or such Servicer has
determined would not be recoverable from amounts received with respect to such
Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds
or otherwise. If the Master Servicer determines that an Advance is required, it
shall on the Deposit Date immediately following such Determination Date either
(i) remit to the Trustee from its own funds (or funds advanced by the applicable
Servicer) for deposit in the Certificate Account immediately available funds in
an amount equal to such Advance, (ii) cause to be made an appropriate entry in
the records of the Collection Account that funds in such account being held for
future distribution or withdrawal have been, as permitted by this Section 5.04,
used by the Master Servicer to make such Advance, and remit such immediately
available funds to the Trustee for deposit in the Certificate Account or (iii)
make Advances in the form of any combination of clauses (i) and (ii) aggregating
the amount of such Advance. Any funds being held in the Collection Account for
future distribution to Certificateholders and so used shall be replaced by the
Master Servicer from its own funds by remittance to the Trustee for deposit in
the Certificate Account on or before any future Deposit Date to the extent that
funds in the Certificate Account on such Deposit Date shall be less than
payments to Certificateholders required to be made on the related Distribution
Date. The Master Servicer and each Servicer shall be entitled to be reimbursed
from the Collection Account for all Advances made by it as provided in Section
4.02.

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

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respect to such Mortgage Loan, including late payments, Liquidation Proceeds,
Insurance Proceeds, or otherwise. The Trustee shall be entitled to be reimbursed
from the Certificate Account for Advances made by it pursuant to this Section
5.04 as if it were the Master Servicer.

         Section 5.05. Compensating Interest Payments.

         The amount of the Aggregate Master Servicing Compensation payable to
the Master Servicer in respect of any Distribution Date shall be reduced by the
amount of any Compensating Interest Payment for such Distribution Date, but only
to the extent such Compensating Interest Payment is not actually made by the
applicable Servicer on the applicable Remittance Date. Such amount shall not be
treated as an Advance and shall not be reimbursable to the Master Servicer.

                                   ARTICLE VI

                    CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

         Section 6.01. Duties of Trustee.

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

         (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any such resolution,
certificate, statement, opinion, report, document, order or other instrument
furnished to the Trustee pursuant to this Agreement, and shall not be required
to recalculate or verify any numerical information furnished to the Trustee
pursuant to this Agreement.

         (c) The Trustee shall not have any liability arising out of or in
connection with this Agreement, except for its negligence or willful misconduct.
No provision of this Agreement shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act or its
own willful misconduct; provided, however, that:

              (i) The Trustee shall not be personally liable with respect to any
         action taken, suffered or omitted to be taken by it in good faith in
         accordance with the consent or direction of Holders of Certificates as
         provided in Section 6.19 hereof;

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<PAGE>

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

              (iii) No provision of this Agreement shall require the Trustee to
         expend or risk its own funds or otherwise incur any financial liability
         in the performance of any of its duties hereunder, or in the exercise
         of any of its rights or powers, if it shall have reasonable grounds for
         believing that repayment of such funds or adequate indemnity against
         such risk or liability is not reasonably assured to it, and none of the
         provisions contained in this Agreement shall in any event require the
         Trustee to perform, or be responsible for the manner of performance of,
         any of the obligations of the Master Servicer under this Agreement
         except during such time, if any, as the Trustee shall be the successor
         to, and be vested with the rights, duties, powers and privileges of,
         the Master Servicer in accordance with the terms of this Agreement.

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

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

         (f) Subject to Section 4.04, the Trustee shall not be held liable by
reason of any insufficiency in any account (including without limitation the
Collection Account) held by or on behalf of the Trustee resulting from any
investment loss on any Eligible Investment included therein (except to the
extent that the Trustee is the obligor and has defaulted thereon).

         (g) Except as otherwise provided herein, the Trustee shall have no duty
(A) to see to any recording, filing, or depositing of this Agreement or any
agreement referred to herein or any financing statement or continuation
statement evidencing a security interest, or to see to the maintenance of any
such recording or filing or depositing or to any re-recording, re-filing or
re-depositing of any thereof, (B) to see to any insurance, (C) to see to the
payment or discharge of any tax, assessment, or other governmental charge or any
lien or encumbrance of any kind owing with respect to, assessed or levied
against, any part of the Trust Fund other than from funds

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available in the Collection Account or the Certificate Account, or (D) to
confirm or verify the contents of any reports or certificates of the Master
Servicer delivered to the Trustee pursuant to this Agreement believed by the
Trustee to be genuine and to have been signed or presented by the proper party
or parties.

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

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

         Section 6.02. Certain Matters Affecting the Trustee.

         Except as otherwise provided in Section 6.01:

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

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

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

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

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

              (vi) The Trustee shall be under no obligation to exercise any of
         the trusts or powers vested in it by this Agreement or to institute,
         conduct or defend any litigation hereunder or in relation hereto, in
         each case at the request, order or direction of any of the
         Certificateholders pursuant to the provisions of this Agreement, unless
         such Certificateholders shall have offered to the Trustee reasonable
         security or indemnity against the costs, expenses and liabilities which
         may be incurred therein or thereby;

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

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

         Section 6.03. Trustee Not Liable for Certificates.

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

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         Section 6.04. Trustee May Own Certificates.

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

         Section 6.05. Eligibility Requirements for Trustee.

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

         Section 6.06. Resignation and Removal of Trustee.

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

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

         (c) The Holders of more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates may at any time upon 30
days' written notice to the Trustee and to the Depositor remove the Trustee by
such written instrument, signed by such

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Holders or their attorney-in-fact duly authorized, one copy of which instrument
shall be delivered to the Depositor, one copy to the Trustee so removed and one
copy to the Master Servicer; the Depositor shall thereupon use its best efforts
to appoint a mutually acceptable successor trustee in accordance with this
Section.

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

         Section 6.07. Successor Trustee.

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

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

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

         Section 6.08. Merger or Consolidation of Trustee.

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

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

         (a) Notwithstanding any other provisions hereof, at any time, the
Trustee, the Depositor or the Certificateholders evidencing more than 50% of the
Class Principal Amount (or Class Notional Amount) of each Class of Certificates
shall each have the power from time to time to appoint one or more Persons to
act either as co-trustees jointly with the Trustee, or as separate trustees, or
as custodians, for the purpose of holding title to, foreclosing or otherwise
taking action with respect to any Mortgage Loan outside the state where the
Trustee has its principal place of business where such separate trustee or
co-trustee is necessary or advisable (or the Trustee has been advised by the
Master Servicer that such separate trustee or co-trustee is necessary or
advisable) under the laws of any state in which a property securing a Mortgage
Loan is located or for the purpose of otherwise conforming to any legal
requirement, restriction or condition in any state in which a property securing
a Mortgage Loan is located or in any state in which any portion of the Trust
Fund is located. The separate Trustees, co-trustees, or custodians so appointed
shall be trustees or custodians for the benefit of all the Certificateholders
and shall have such powers, rights and remedies as shall be specified in the
instrument of appointment; provided, however, that no such appointment shall, or
shall be deemed to, constitute the appointee an agent of the Trustee. The
obligation of the Trustee to make Advances pursuant to Section 5.04 and 6.14
hereof shall not be affected or assigned by the appointment of a co-trustee.

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

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

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

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

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

         (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each

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of them. Every instrument appointing any separate trustee, co-trustee or
custodian shall refer to this Agreement and the conditions of this Article VI.
Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its
instrument of appointment, either jointly with the Trustee or separately, as may
be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.

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

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

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

         (g) The Trustee shall pay the reasonable compensation of the
co-trustees to the extent, and in accordance with the standards, specified in
Section 6.12 hereof (which compensation shall not reduce any compensation
payable to the Trustee under such Section).

         Section 6.10. Authenticating Agents.

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

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

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

         Section 6.11. Indemnification of Trustee.

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

              (i) with respect to any such claim, the Trustee shall have given
         the Depositor, the Master Servicer and the Holders written notice
         thereof promptly after the Trustee shall have knowledge thereof;
         provided that failure to so notify shall not relieve the Trust Fund of
         the obligation to indemnify the Trustee;

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

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

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

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         Section 6.12. Fees and Expenses of Trustee.

         The Trustee shall be entitled to (i) receive, and is authorized to pay
to itself the amount of income or gain earned from the investment of funds in
the Certificate Account and (ii) reimbursement of all reasonable expenses,
disbursements and advancements incurred or made by the Trustee in accordance
with this Agreement (including fees and expenses of its counsel and all persons
not regularly in its employment), except any such expenses arising from its
negligence, bad faith or willful misconduct. The Custodian shall be compensated
as separately agreed with the Master Servicers and the Depositor

         Section 6.13. Collection of Monies.

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

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

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

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

              (ii) Any failure on the part of the Master Servicer duly to
         observe or perform in any material respect any other of the covenants
         or agreements on the part of such Master Servicer contained in this
         Agreement which continues unremedied for a period of 30 days (or 15
         days, in the case of a failure to maintain any Insurance Policy
         required to be maintained pursuant to this Agreement) after the date on
         which written notice of such failure, requiring the same to be
         remedied, shall have been given to such Master Servicer by the Trustee,
         or to such Master Servicer and the Trustee by the Holders of not less
         than 25% of the Class Principal Amount (or Class Notional Amount) of
         each Class of Certificates affected thereby; or

              (iii) A decree or order of a court or agency or supervisory
         authority having jurisdiction for the appointment of a conservator or
         receiver or liquidator in any insolvency, readjustment of debt,
         marshalling of assets and liabilities or similar proceedings, or for
         the winding-up or liquidation of its affairs, shall have been entered
         against the Master Servicer, and such decree or order shall have
         remained in force

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         undischarged or unstayed for a period of 60 days or any Rating Agency
         reduces or withdraws or threatens to reduce or withdraw the rating of
         the Certificates because of the financial condition or loan servicing
         capability of such Master Servicer; or

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

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

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

              (vii) If a representation or warranty set forth in Section 9.14
         hereof shall prove to be incorrect as of the time made in any respect
         that materially and adversely affects the interests of the
         Certificateholders, and the circumstance or condition in respect of
         which such representation or warranty was incorrect shall not have been
         eliminated or cured within 60 days after the date on which written
         notice of such incorrect representation or warranty shall have been
         given to the Master Servicer by the Trustee, or to the Master Servicer
         and the Trustee by the Holders of not less than 25% of the Aggregate
         Certificate Principal Amount of each Class of Certificates; or

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

              (ix) Any Servicer at any time is not either an FNMA- or FHLMC-
         approved Seller/Servicer, and the Master Servicer has not terminated
         the rights and obligations of such Servicer under the applicable
         Servicing Agreement and replaced such Servicer with an FNMA- or
         FHLMC-approved servicer within 30 days of the absence of such approval;
         or

              (x) Any failure of the Master Servicer to remit to the Trustee any
         payment required to be made to the Trustee for the benefit of
         Certificateholders under the terms of this Agreement, including any
         Advance, on any Deposit Date.

         If an Event of Default described in clauses (i) through (ix) of this
Section 6.14 shall occur, then, in each and every case, subject to applicable
law, so long as any such Event of

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

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

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

         Within 90 days of the time the Master Servicer receives a notice of
termination from the Trustee pursuant to Section 6.14(a) or the Trustee receives
the resignation of the Master Servicer evidenced by an Opinion of Counsel
pursuant to Section 9.28, the Trustee, unless another master servicer shall have
been appointed, shall be the successor in all respects to the Master Servicer in
its capacity as such under this Agreement and the transactions set forth or
provided for herein

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<PAGE>

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

         (b) Notwithstanding the above, the Trustee may, if it shall be
unwilling to continue to so act, or shall, if it is unable to so act, appoint,
or petition a court of competent jurisdiction to appoint, any established
housing and home finance institution servicer, master servicer, servicing or
mortgage servicing institution having a net worth of not less than $15,000,000
and meeting such other standards for a successor master servicer as are set
forth in this Agreement, as the successor to such Master Servicer in the
assumption of all of the responsibilities, duties or liabilities of a master
servicer, like the Master Servicer. Any entity designated by the Trustee as a
successor master servicer may be an Affiliate of the Trustee; provided, however,
that, unless such Affiliate meets the net worth requirements and other standards
set forth herein for a successor master servicer, the Trustee, in its individual
capacity shall agree, at the time of such designation, to be and remain liable
to the Trust Fund for such Affiliate's actions and omissions in performing its
duties hereunder. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out of
payments on Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted to the
Master Servicer hereunder. The Trustee and such successor shall take such
actions, consistent with this Agreement, as shall be necessary to effectuate any
such succession and may make other arrangements with respect to the servicing to
be conducted hereunder which are not inconsistent herewith. The Master Servicer
shall cooperate with the Trustee and any successor master servicer in effecting
the termination of the Master Servicer's responsibilities and rights hereunder
including, without limitation, notifying Mortgagors of the assignment of the
master servicing functions and providing the Trustee and successor master
servicer, as applicable, all documents and records in electronic or other form
reasonably requested by it to enable it to assume the Master Servicer's
functions hereunder and the transfer to the Trustee or such successor master
servicer, as applicable, all amounts which

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shall at the time be or should have been deposited by the Master Servicer in the
Collection Account and any other account or fund maintained with respect to the
Certificates or thereafter be received with respect to the Mortgage Loans.
Neither the Trustee nor any other successor master servicer shall be deemed to
be in default hereunder by reason of any failure to make, or any delay in
making, any distribution hereunder or any portion thereof caused by (i) the
failure of the Master Servicer to deliver, or any delay in delivering, cash,
documents or records to it, (ii) the failure of the Master Servicer to cooperate
as required by this Agreement, (iii) the failure of the Master Servicer to
deliver the Mortgage Loan data to the Trustee as required by this Agreement or
(iv) restrictions imposed by any regulatory authority having jurisdiction over
the Master Servicer.

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

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

         Section 6.16. Waiver of Defaults.

         35% or more of the Aggregate Voting Interests of Certificateholders may
waive any default or Event of Default by the Master Servicer in the performance
of its obligations hereunder, except that a default in the making of any
required deposit to the Certificate Account that would result in a failure of
the Trustee to make any required payment of principal of or interest on the
Certificates may only be waived with the consent of 100% of the affected
Certificateholders. Upon any such waiver of a past default, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent thereon
except to the extent expressly so waived.

         Section 6.17. Notification to Holders.

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

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

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

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

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

         Section 6.20. Preparation of Tax Returns and Other Reports.

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

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Trustee for any liability of or assessment against the Trustee, as applicable,
resulting from any error in any of such tax or information returns directly
resulting from errors in the information provided by such Master Servicer.

         (b) The Trustee shall prepare and file with the Internal Revenue
Service ("IRS"), on behalf of each of the Lower Tier REMIC and the Upper Tier
REMIC, an application on IRS Form SS-4. The Trustee, upon receipt from the IRS
of the Notice of Taxpayer Identification Number Assigned for each REMIC, shall
promptly forward copies of such notices to the Master Servicer, the Trustee and
the Depositor. The Trustee will file an IRS Form 8811.

(c) The Depositor shall prepare or cause to be prepared the initial current
report on Form 8-K. Thereafter, within 15 days after each Distribution Date, the
Trustee shall, in accordance with industry standards, file with the Securities
and Exchange Commission (the "Commission") via the Electronic Data Gathering and
Retrieval System (EDGAR), a Form 8-K with a copy of the statement to the
Certificateholders for such Distribution Date as an exhibit thereto. Prior to
January 30, 2002, the Trustee shall, in accordance with industry standards, file
a Form 15 Suspension Notification with respect to the Trust Fund, if applicable.
Prior to April 30, 2002, the Trustee shall file a Form 10-K, in substance
conforming to industry standards, with respect to the Trust Fund. The Depositor
hereby grants to the Trustee a limited power of attorney to execute and file
each such document on behalf of the Depositor. Such power of attorney shall
continue until either the earlier of (i) receipt by the Trustee from the
Depositor of written termination of such power of attorney and (ii) the
termination of the Trust Fund. The Depositor agrees to promptly furnish to the
Trustee, from time to time upon request, such further information, reports, and
financial statements within its control related to this Agreement and the
Mortgage Loans as the Trustee reasonably deems appropriate to prepare and file
all necessary reports with the Commission. The Trustee shall have no
responsibility to file any items other than those specified in this section.

                                  ARTICLE VII

                            PURCHASE AND TERMINATION
                                OF THE TRUST FUND

         Section 7.01. Termination of Trust Fund Upon Repurchase or Liquidation
of All Mortgage Loans.

         (a) The respective obligations and responsibilities of the Trustee and
the Master Servicer created hereby (other than the obligation of the Trustee to
make payments to Certificateholders as set forth in Section 7.02, the obligation
of the Master Servicer to make a final remittance to the Trustee for deposit
into the Certificate Account pursuant to Section 4.01 and the obligations of the
Master Servicer to the Trustee pursuant to Sections 9.10 and 9.14), shall
terminate on the earlier of (i) the final payment or other liquidation of the
last Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the sale of all remaining property held by the Trust Fund in
accordance with Section 7.01(b) or Section 7.01(c); provided, however, that in
no event shall the Trust Fund created hereby continue beyond the expiration of
21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late Ambassador of the United States to the Court of St. James's,
living on the date hereof. Any

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termination of the Trust Fund shall be carried out in such a manner so that the
termination of each REMIC included therein shall qualify as a "qualified
liquidation" under the REMIC Provisions.

         (b) On any Distribution Date occurring after the date on which the
aggregate Scheduled Principal Balance of the Mortgage Loans is less than 5% of
the Cut-off Date Aggregate Principal Balance, the Master Servicer may, upon 15
Business Days prior written direction to the Trustee cause (i) the Trustee to
sell (or arrange for the sale of) the assets of the Trust Fund and (ii) the
Trust Fund to adopt a plan of complete liquidation pursuant to Section
7.03(a)(i) hereof to sell all of its property. The property of the Trust Fund
shall be sold at a price (the "Termination Price") equal to: (i) 100% of the
unpaid principal balance of each Mortgage Loan on the day of such purchase plus
interest accrued thereon at the applicable Mortgage Rate with respect to any
Mortgage Loan to the Due Date in the Due Period immediately preceding the
related Distribution Date to the date of such repurchase, (ii) the fair market
value of any REO Property and any other property held by any REMIC, such fair
market value to be determined by an appraiser or appraisers appointed by the
Master Servicer with the consent of the Trustee and (iii) any unreimbursed
Servicing Advances with respect to each Mortgage Loan.

         Section 7.02. Procedure Upon Termination of Trust Fund.

         (a) Notice of any termination pursuant to the provisions of Section
7.01, specifying the Distribution Date upon which the final distribution shall
be made, shall be given promptly by the Trustee by first class mail to
Certificateholders mailed (x) no later than five Business Days after the Trustee
has received notice from the Master Servicer of its intent to exercise its right
to cause the termination of the Trust Fund pursuant to Section 7.01(b) or (y)
upon the final payment or other liquidation of the last Mortgage Loan or REO
Property in the Trust Fund. Such notice shall specify (A) the Distribution Date
upon which final distribution on the Certificates of all amounts required to be
distributed to Certificateholders pursuant to Section 5.02 will be made upon
presentation and surrender of the Certificates at the Corporate Trust Office,
and (B) that the Record Date otherwise applicable to such Distribution Date is
not applicable, distribution being made only upon presentation and surrender of
the Certificates at the office or agency of the Trustee therein specified. The
Trustee shall give such notice to the Master Servicer and the Certificate
Registrar at the time such notice is given to Holders of the Certificates. Upon
any such termination, the duties of the Certificate Registrar with respect to
the Certificates shall terminate and the Trustee shall terminate, or request the
Master Servicer to terminate, the Collection Account it maintains, the
Certificate Account and any other account or fund maintained with respect to the
Certificates, subject to the Trustee's obligation hereunder to hold all amounts
payable to Certificateholders in trust without interest pending such payment.

         (b) In the event that all of the Holders do not surrender their
Certificates for cancellation within three months after the time specified in
the above-mentioned written notice, the Trustee shall give a second written
notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
one year after the second notice any Certificates shall not have been
surrendered for cancellation, the Trustee may take appropriate steps to contact
the remaining Certificateholders concerning surrender of such Certificates, and
the cost thereof shall be paid out of the amounts distributable to such Holders.
If within two years after the second notice any Certificates shall not have been

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surrendered for cancellation, the Trustee shall, subject to applicable state law
relating to escheatment, hold all amounts distributable to such Holders for the
benefit of such Holders. No interest shall accrue on any amount held by the
Trustee and not distributed to a Certificateholder due to such
Certificateholder's failure to surrender its Certificate(s) for payment of the
final distribution thereon in accordance with this Section.

         (c) Any reasonable expenses incurred by the Trustee in connection with
any termination or liquidation of the Trust Fund shall be reimbursed from
proceeds received from the liquidation of the Trust Fund.

         Section 7.03. Additional Requirements under the REMIC Provisions.

         (a) Any termination of the Trust Fund shall be effected in accordance
with the following additional requirements, unless the Trustee seeks (at the
request of the Master Servicer), and subsequently receives, an Opinion of
Counsel (at the expense of the Master Servicer), addressed to the Trustee to the
effect that the failure of the Trust Fund to comply with the requirements of
this Section 7.03 will not (i) result in the imposition of taxes on any REMIC
under the REMIC Provisions or (ii) cause any REMIC established hereunder to fail
to qualify as a REMIC at any time that any Certificates are outstanding:

              (i) The Trustee shall sell all of the assets of the Trust Fund for
         cash and, within 90 days of such sale, shall distribute the proceeds of
         such sale to the Certificateholders in complete liquidation of the
         Trust Fund, the Lower Tier REMIC and the Upper Tier REMIC; and

              (ii) The Trustee shall attach a statement to the final Federal
         income tax return for each of the Lower Tier REMIC and the Upper Tier
         REMIC stating that pursuant to Treasury Regulation ss. 1.860F-1, the
         first day of the 90-day liquidation period for each such REMIC was the
         date on which the Trustee sold the assets of the Trust Fund.

         (b) By its acceptance of a Residual Certificate, each Holder thereof
hereby (i) authorizes the Trustee to take the action described in paragraph (a)
above and (ii) agrees to take such other action as may be necessary to
facilitate liquidation of each REMIC created under this Agreement, which
authorization shall be binding upon all successor Residual Certificateholders.

                                  ARTICLE VIII

                          RIGHTS OF CERTIFICATEHOLDERS

         Section 8.01. Limitation on Rights of Holders.

         (a) The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or this Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
take any action or proceeding in any court for a partition or winding up of this
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them. Except as otherwise expressly provided herein, no
Certificateholder, solely by virtue of its status as a Certificateholder, shall
have any right to vote or in any manner otherwise

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control the Master Servicer or the operation and management of the Trust Fund,
or the obligations of the parties hereto, nor shall anything herein set forth,
or contained in the terms of the Certificates, be construed so as to constitute
the Certificateholders from time to time as partners or members of an
association, nor shall any Certificateholder be under any liability to any third
person by reason of any action taken by the parties to this Agreement pursuant
to any provision hereof.

         (b) No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of an Event
of Default and of the continuance thereof, as hereinbefore provided, and unless
also the Holders of Certificates evidencing not less than 25% of the Class
Principal Amount (or Class Notional Amount) of Certificates of each Class shall
have made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the cost, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for sixty
days after its receipt of such notice, request and offer of indemnity, shall
have neglected or refused to institute any such action, suit or proceeding and
no direction inconsistent with such written request has been given such Trustee
during such sixty-day period by such Certificateholders; it being understood and
intended, and being expressly covenanted by each Certificateholder with every
other Certificateholder and the Trustee, that no one or more Holders of
Certificates shall have any right in any manner whatever by virtue or by
availing of any provision of this Agreement to affect, disturb or prejudice the
rights of the Holders of any other of such Certificates, or to obtain or seek to
obtain priority over or preference to any other such Holder, or to enforce any
right under this Agreement, except in the manner herein provided and for the
benefit of all Certificateholders. For the protection and enforcement of the
provisions of this Section, each and every Certificateholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.

         Section 8.02. Access to List of Holders.

         (a) If the Trustee is not acting as Certificate Registrar, the
Certificate Registrar will furnish or cause to be furnished to the Trustee,
within fifteen days after receipt by the Certificate Registrar of a request by
the Trustee in writing, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Certificateholders of each Class as
of the most recent Record Date.

         (b) If three or more Holders or Certificate Owners (hereinafter
referred to as "Applicants") apply in writing to the Trustee, and such
application states that the Applicants desire to communicate with other Holders
with respect to their rights under this Agreement or under the Certificates and
is accompanied by a copy of the communication which such Applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt of
such application, afford such Applicants reasonable access during the normal
business hours of the Trustee to the most recent list of Certificateholders held
by the Trustee or shall, as an alternative, send, at the Applicants' expense,
the written communication proffered by the Applicants to all Certificateholders
at their addresses as they appear in the Certificate Register.

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<PAGE>

         (c) Every Holder or Certificate Owner, if the Holder is a Clearing
Agency, by receiving and holding a Certificate, agrees with the Depositor, the
Master Servicer, the Certificate Registrar and the Trustee that neither the
Depositor, the Master Servicer, the Certificate Registrar nor the Trustee shall
be held accountable by reason of the disclosure of any such information as to
the names and addresses of the Certificateholders hereunder, regardless of the
source from which such information was derived.

         Section 8.03. Acts of Holders of Certificates.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders or Certificate Owner, if the Holder is a Clearing Agency, may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where expressly required herein, to the Master Servicer. Such instrument or
instruments (as the action embodies therein and evidenced thereby) are herein
sometimes referred to as an "Act" of the Holders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing
appointing any such agents shall be sufficient for any purpose of this Agreement
and conclusive in favor of the Trustee and Master Servicer, if made in the
manner provided in this Section. Each of the Trustee and Master Servicer shall
promptly notify the other of receipt of any such instrument by it, and shall
promptly forward a copy of such instrument to the other.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by the certificate of any notary public or other officer authorized
by law to take acknowledgments or deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Whenever
such execution is by an officer of a corporation or a member of a partnership on
behalf of such corporation or partnership, such certificate or affidavit shall
also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the individual
executing the same, may also be proved in any other manner which the Trustee
deems sufficient.

         (c) The ownership of Certificates (whether or not such Certificates
shall be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee) shall be proved by the
Certificate Register, and neither the Trustee, the Master Servicer, nor the
Depositor shall be affected by any notice to the contrary.

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Certificate shall bind every future
Holder of the same Certificate and the Holder of every Certificate issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof,
in respect of anything done, omitted or suffered to be done by the Trustee or
the Master Servicer in reliance thereon, whether or not notation of such action
is made upon such Certificate.

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                                   ARTICLE IX

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                             BY THE MASTER SERVICER

         Section 9.01. Duties of the Master Servicer.

         The Certificateholders, by their purchase and acceptance of the
Certificates, appoint Aurora Loan Services Inc., as Master Servicer. For and on
behalf of the Depositor, the Trustee and the Certificateholders, the Master
Servicer shall master service the Mortgage Loans in accordance with the
provisions of this Agreement and the provisions of the applicable Servicing
Agreement.

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

         (a) The Master Servicer, at its expense, shall maintain in effect a
Fidelity Bond and an Errors and Omissions Insurance Policy, affording coverage
with respect to all directors, officers, employees and other Persons acting on
such Master Servicer's behalf, and covering errors and omissions in the
performance of the Master Servicer's obligations hereunder. The Errors and
Omissions Insurance Policy and the Fidelity Bond shall be in such form and
amount that would meet the requirements of FNMA or FHLMC if it were the
purchaser of the Mortgage Loans. The Master Servicer shall (i) require each
Servicer to maintain an Errors and Omissions Insurance Policy and a Fidelity
Bond in accordance with the provisions of the applicable Servicing Agreement,
(ii) cause each Servicer to provide to the Master Servicer certificates
evidencing that such policy and bond is in effect and to furnish to the Master
Servicer any notice of cancellation, non-renewal or modification of the policy
or bond received by it, as and to the extent provided in the applicable
Servicing Agreement, and (iii) furnish copies of the certificates and notices
referred to in clause (ii) to the Trustee upon its request. The Fidelity Bond
and Errors and Omissions Insurance Policy may be obtained and maintained in
blanket form.

         (b) The Master Servicer shall promptly report to the Trustee any
material changes that may occur in the Master Servicer Fidelity Bond or the
Master Servicer Errors and Omissions Insurance Policy and shall furnish to the
Trustee, on request, certificates evidencing that such bond and insurance policy
are in full force and effect. The Master Servicer shall promptly report to the
Trustee all cases of embezzlement or fraud, if such events involve funds
relating to the Mortgage Loans. The total losses, regardless of whether claims
are filed with the applicable insurer or surety, shall be disclosed in such
reports together with the amount of such losses covered by insurance. If a bond
or insurance claim report is filed with any of such bonding companies or
insurers, the Master Servicer shall promptly furnish a copy of such report to
the Trustee. Any amounts relating to the Mortgage Loans collected by the Master
Servicer under any such bond or policy shall be promptly remitted by the Master
Servicer to the Trustee for deposit into the Certificate Account. Any amounts
relating to the Mortgage Loans collected by any Servicer under any such bond or
policy shall be remitted to the Master Servicer to the extent provided in the
applicable Servicing Agreement.

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

         For each year this Agreement is in effect, the Master Servicer shall
submit to the Trustee, each Rating Agency and the Depositor a copy of its annual
unaudited financial statements on or prior to August 31 of each year. Such
financial statements shall include a balance sheet, income statement, statement
of retained earnings, statement of additional paid-in capital, statement of
changes in financial position and all related notes and schedules and shall be
in comparative form, certified by a nationally recognized firm of Independent
Accountants to the effect that such statements were examined and prepared in
accordance with generally accepted accounting principles applied on a basis
consistent with that of the preceding year.

         Section 9.04. Power to Act; Procedures.

         (a) The Master Servicer shall master service the Mortgage Loans and
shall have full power and authority, subject to the REMIC Provisions and the
provisions of Article X hereof, and each Servicer shall have full power and
authority (to the extent provided in the applicable Servicing Agreement) to do
any and all things that it may deem necessary or desirable in connection with
the servicing and administration of the Mortgage Loans, including but not
limited to the power and authority (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages, (iii) to
collect any Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan, in each case, in accordance with the provisions of
this Agreement and applicable Servicing Agreement, as applicable; provided that
the Master Servicer shall not take, or knowingly permit any Servicer to take,
any action that is inconsistent with or prejudices the interests of the Trust
Fund or the Certificateholders in any Mortgage Loan or the rights and interests
of the Depositor, the Trustee and the Certificateholders under this Agreement.
The Master Servicer further is authorized and empowered by the Trustee, on
behalf of the Certificateholders and the Trustee, in its own name or in the name
of any Servicer, when the Master Servicer or a Servicer, as the case may be,
believes it is appropriate in its best judgment to register any Mortgage Loan
with MERS, or cause the removal from the registration of any Mortgage Loan on
the MERS system, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording of
a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns. The Master Servicer shall represent and protect the
interests of the Trust Fund in the same manner as it protects its own interests
in mortgage loans in its own portfolio in any claim, proceeding or litigation
regarding a Mortgage Loan and shall not make or knowingly permit any Servicer to
make any modification, waiver or amendment of any term of any Mortgage Loan that
would cause the Trust Fund to fail to qualify as a REMIC or result in the
imposition of any tax under Section 860F(a) or Section 860G(d) of the Code.
Without limiting the generality of the foregoing, the Master Servicer in its own
name or in the name of a Servicer, and each Servicer, to the extent such
authority is delegated to such Servicer by the Master Servicer under the
applicable Servicing Agreement, is hereby authorized and empowered by the
Trustee when the Master Servicer or applicable Servicer, as the case may be,
believes it appropriate in its best judgment and in accordance with Accepted
Servicing Practices and the applicable Servicing Agreement, to execute and
deliver, on behalf of itself and the Certificateholders, the Trustee or any of
them, any

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and all instruments of satisfaction or cancellation, or of partial or full
release or discharge and all other comparable instruments, with respect to the
Mortgage Loans and with respect to the Mortgaged Properties. The Trustee shall
execute, upon request, any powers of attorney furnished to it by the Master
Servicer empowering the Master Servicer or any Servicer to execute and deliver
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and to foreclose upon or otherwise liquidate Mortgaged Property, and
to appeal, prosecute or defend in any court action relating to the Mortgage
Loans or the Mortgaged Property, in accordance with the applicable Servicing
Agreement and this Agreement, and the Trustee shall execute and deliver such
other documents, as the Master Servicer may request, necessary or appropriate to
enable the Master Servicer to master service and administer the Mortgage Loans
and carry out its duties hereunder, in each case in accordance with Accepted
Servicing Practices (and the Trustee shall have no liability for misuse of any
such powers of attorney by the Master Servicer or any Servicer). If the Master
Servicer or the Trustee has been advised that it is likely that the laws of the
state in which action is to be taken prohibit such action if taken in the name
of the Trustee or that the Trustee would be adversely affected under the "doing
business" or tax laws of such state if such action is taken in its name, then
upon request of the Trustee, the Master Servicer shall join with the Trustee in
the appointment of a co-trustee pursuant to Section 6.09 hereof. In the
performance of its duties hereunder, the Master Servicer shall be an independent
contractor and shall not, except in those instances where it is taking action in
the name of the Trustee, be deemed to be the agent of the Trustee.

         (b) In master servicing and administering the Mortgage Loans, the
Master Servicer shall employ procedures, and shall cause each Servicer to employ
procedures (including, but not limited to, collection procedures), consistent
with the applicable Servicing Agreement. Consistent with the foregoing, the
Master Servicer may, and may permit any Servicer to, in its discretion (i) waive
any late payment charge or any prepayment charge or penalty interest in
connection with the prepayment of a Mortgage Loan and (ii) extend the due dates
for payments due on a Mortgage Note for a period not greater than 120 days;
provided, however, that the maturity of any Mortgage Loan shall not be extended
past the date on which the final payment is due on the latest maturing Mortgage
Loan as of the Cut-off Date. In the event of any extension described in clause
(ii) above, the Master Servicer shall make or cause to be made Advances on the
related Mortgage Loan in accordance with the provisions of Section 5.04 on the
basis of the amortization schedule of such Mortgage Loan without modification
thereof by reason of such extension. Notwithstanding anything to the contrary in
this Agreement, the Master Servicer shall not, unless default by the related
Mortgagor is, in the reasonable judgment of the Master Servicer or the related
Servicer, imminent, make or knowingly permit such Servicer to make any
modification, waiver or amendment of any material term of any Mortgage Loan
(including but not limited to the interest rate, the principal balance, the
amortization schedule, or any other term affecting the amount or timing of
payments on the Mortgage Loan or the collateral therefor) unless the Master
Servicer or the related Servicer shall have provided or caused to be provided to
the Trustee an Opinion of Counsel (at the expense of the party seeking the
modification) in writing to the effect that such modification, waiver or
amendment would not be treated as giving rise to a new debt instrument for
federal income tax purposes and would not adversely affect the status of the
REMIC.

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         Section 9.05. Servicing Agreements Between the Master Servicer and
Servicers; Enforcement of Servicers' Obligations.

         (a) Each Servicing Agreement requires the applicable Servicer to
service the Mortgage Loans in accordance with the provisions thereof. References
in this Agreement to actions taken or to be taken by the Master Servicer include
such actions taken or to be taken by a Servicer pursuant to a Servicing
Agreement. Any fees, costs and expenses and other amounts payable to such
Servicers shall be deducted from amounts remitted to the Master Servicer by the
applicable Servicer and shall not be an obligation of the Trust, the Trustee or
the Master Servicer.

         (b) The Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall enforce the obligations of each Servicer under the
related Servicing Agreement, and shall use its reasonable best efforts to
enforce the obligations of each Servicer under the related Servicing Agreement
and shall, upon its obtaining actual knowledge of the failure of a Servicer to
perform its obligations in accordance with the related Servicing Agreement, to
the extent that the non-performance of any such obligations would have a
material adverse effect on a Mortgage Loan, the Trust Fund or
Certificateholders, terminate the rights and obligations of such Servicer
thereunder to the extent and in the manner permitted by the related Servicing
Agreement and either act as servicer of the related Mortgage Loans or enter into
a Servicing Agreement with a successor Servicer. Such enforcement, including,
without limitation, the legal prosecution of claims, termination of Servicing
Agreements and the pursuit of other appropriate remedies, shall be in such form
and carried out to such an extent and at such time as the Master Servicer, in
its good faith business judgment, would require were it the owner of the related
Mortgage Loans. The Master Servicer shall pay the costs of such enforcement at
its own expense, and shall be reimbursed therefor initially only (i) from a
general recovery resulting from such enforcement only to the extent, if any,
that such recovery exceeds all amounts due in respect of the related Mortgage
Loans or (ii) from a specific recovery of costs, expenses or attorneys' fees
against the party against whom such enforcement is directed, and then, to the
extent that such amounts are insufficient to reimburse the Master Servicer for
the costs of such enforcement, (iii) from the Collection Account.

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

         (a) To the extent provided in the applicable Servicing Agreement, the
Master Servicer shall cause each Servicer to establish and maintain one or more
custodial accounts at a depository institution (which may be a depository
institution with which the Master Servicer or any Servicer establishes accounts
in the ordinary course of its servicing activities), the accounts of which are
insured to the maximum extent permitted by the FDIC (each, an "Escrow Account")
and shall deposit therein any collections of amounts received with respect to
amounts due for taxes, assessments, water rates, Standard Hazard Insurance
Policy premiums or any comparable items for the account of the Mortgagors.
Withdrawals from any Escrow Account may be made (to the extent amounts have been
escrowed for such purpose) only in accordance with the applicable Servicing
Agreement. Each Servicer shall be entitled to all investment income not required
to be paid to Mortgagors on any Escrow Account maintained by such Servicer. The
Master Servicer shall make (or cause to be made) to the extent provided in the
applicable Servicing Agreement advances to the extent necessary in order to
effect timely payment of taxes, water rates, assessments, Standard Hazard
Insurance Policy premiums or comparable items in

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connection with the related Mortgage Loan (to the extent that the Mortgagor is
required, but fails, to pay such items), provided that it has determined that
the funds so advanced are recoverable from escrow payments, reimbursement
pursuant to Section 4.02(v) or otherwise.

         (b) Costs incurred by the Master Servicer or by Servicers in effecting
the timely payment of taxes and assessments on the properties subject to the
Mortgage Loans may be added to the amount owing under the related Mortgage Note
where the terms of the Mortgage Note so permit; provided, however, that the
addition of any such cost shall not be taken into account for purposes of
calculating the distributions to be made to Certificateholders. Such costs, to
the extent that they are unanticipated, extraordinary costs, and not ordinary or
routine costs shall be recoverable by the Master Servicer pursuant to Section
4.02(v).

         Section 9.07. Termination of Servicing Agreements; Successor Servicers.

         (a) The Master Servicer shall be entitled to terminate the rights and
obligations of any Servicer under the applicable Servicing Agreement in
accordance with the terms and conditions of such Servicing Agreement and without
any limitation by virtue of this Agreement; provided, however, that in the event
of termination of any Servicing Agreement by the Master Servicer or the related
Servicer, the Master Servicer shall either act as Servicer of the related
Mortgage Loans, or enter into a Servicing Agreement with a successor Servicer.

         (b) If the Master Servicer acts as Servicer, it will not assume
liability for the representations and warranties of the Servicer, if any, that
it replaces. The Master Servicer shall use reasonable efforts to have the
successor Servicer assume liability for the representations and warranties made
by the terminated Servicer in respect of the related Mortgage Loans, and in the
event of any such assumption by the successor Servicer, the Trustee or the
Master Servicer, as applicable, may, in the exercise of its business judgment,
release the terminated Servicer from liability for such representations and
warranties.

         Section 9.08. Master Servicer Liable for Enforcement.

         Notwithstanding any Servicing Agreement, the Master Servicer shall
remain obligated and liable to the Trustee and the Certificateholders in
accordance with the provisions of this Agreement, to the extent of its
obligations hereunder, without diminution of such obligation or liability by
virtue of such Servicing Agreements or arrangements. The Master Servicer shall
use commercially reasonable efforts to ensure that the Mortgage Loans are
serviced in accordance with the provisions of this Agreement and shall use
commercially reasonable efforts to enforce the provisions of each Servicing
Agreement for the benefit of the Certificateholders. The Master Servicer shall
be entitled to enter into any agreement with the Servicers for indemnification
of the Master Servicer and nothing contained in this Agreement shall be deemed
to limit or modify such indemnification. Except as expressly set forth herein,
the Master Servicer shall have no liability for the acts or omissions of any
Servicer in the performance by such Servicer of its obligations under the
related Servicing Agreement.

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         Section 9.09. No Contractual Relationship Between Servicers and Trustee
or Depositor.

         Any Servicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Servicer in
its capacity as such and not as an originator shall be deemed to be between such
Servicer, the Seller and the Master Servicer, and, except to the extent
expressly provided therein, the Trustee and the Depositor shall not be deemed
parties thereto and shall have no claims, rights, obligations, duties or
liabilities with respect to such Servicer except as set forth in Section 9.10
hereof.

         Section 9.10. Assumption of Servicing Agreement by Trustee.

         (a) In the event the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of any Event of Default under this
Agreement), the Trustee shall, in accordance with Section 6.14, thereupon assume
all of the rights and obligations of such Master Servicer hereunder and enforce
the rights under each Servicing Agreement entered into with respect to the
Mortgage Loans. The Trustee, its designee or any successor master servicer
appointed by the Trustee shall be deemed to have assumed all of the Master
Servicer's interest herein and therein to the same extent as if such Servicing
Agreement had been assigned to the assuming party, except that the Master
Servicer shall not thereby be relieved of any liability or obligations of the
Master Servicer under such Servicing Agreement accruing prior to its replacement
as Master Servicer, and shall be liable to the Trustee, and hereby agrees to
indemnify and hold harmless the Trustee from and against all costs, damages,
expenses and liabilities (including reasonable attorneys' fees) incurred by the
Trustee as a result of such liability or obligations of the Master Servicer and
in connection with the Trustee's assumption (but not its performance, except to
the extent that costs or liability of the Trustee are created or increased as a
result of negligent or wrongful acts or omissions of the Master Servicer prior
to its replacement as Master Servicer) of the Master Servicer's obligations,
duties or responsibilities thereunder; provided that the Master Servicer shall
not indemnify or hold harmless the Trustee against negligent or willful
misconduct of the Trustee.

         (b) The Master Servicer that has been terminated shall, upon request of
the Trustee but at the expense of such Master Servicer, deliver to the assuming
party all documents and records relating to each Servicing Agreement and the
related Mortgage Loans and an accounting of amounts collected and held by it and
otherwise use its best efforts to effect the orderly and efficient transfer of
each Servicing Agreement to the assuming party.

         Section 9.11. "Due-on-Sale" Clauses; Assumption Agreements.

         (a) To the extent provided in the applicable Servicing Agreement, to
the extent Mortgage Loans contain enforceable due-on-sale clauses, and to the
extent that the Master Servicer has knowledge of the conveyance of a Mortgaged
Property, the Master Servicer shall use its reasonable best efforts to cause the
Servicers to enforce such clauses in accordance with the applicable Servicing
Agreement. If applicable law prohibits the enforcement of a due-on-sale clause
or such clause is otherwise not enforced in accordance with the applicable
Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the
original Mortgagor may be released from liability in accordance with the
applicable Servicing Agreement.

         (b) The Master Servicer or the related Servicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for the granting of an
easement thereon in favor of another

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Person or any alteration or demolition of the related Mortgaged Property if it
has determined, exercising its good faith business judgment in the same manner
as it would if it were the owner of the related Mortgage Loan, that the security
for, and the timely and full collectability of, such Mortgage Loan would not be
materially adversely affected thereby. Any fee collected by the Master Servicer
or the related Servicer for processing such a request will be retained by the
Master Servicer or such Servicer as additional servicing compensation.

         Section 9.12. Release of Mortgage Files.

         (a) Upon (i) becoming aware of the payment in full of any Mortgage
Loan, (ii) the receipt by the Master Servicer of a notification that payment in
full has been or will be escrowed in a manner customary for such purposes, or
(iii) in the case of a Mortgage Loan as to which the related Mortgaged Property
is located in California, receipt by the Master Servicer of notification from
the Servicer that the Servicer reasonably expects that payment in full will be
received promptly, the Master Servicer will, or will cause the applicable
Servicer to, promptly notify the Trustee (or the applicable Custodian) by a
certification (which certification shall include a statement to the effect that
all amounts received or to be received in connection with such payment that are
required to be deposited in the Collection Account maintained by the Master
Servicer pursuant to Section 4.01 have been or will be so deposited) of a
Servicing Officer and shall request the Trustee or the applicable Custodian, to
deliver to the applicable Servicer the related Mortgage File. In lieu of sending
a hard copy certification of a Servicing Officer, the Master Servicer may, or
may cause the Servicer to, deliver the request for release in a mutually
agreeable electronic format. To the extent that such a request, on its face,
originates from a Servicing Officer, no signature shall be required. Upon
receipt of such certification and request, the Trustee or the applicable
Custodian, shall promptly release the related Mortgage File to the applicable
Servicer and neither the Trustee nor the Custodian shall have any further
responsibility with regard to such Mortgage File. The Master Servicer is
authorized, and each Servicer, to the extent such authority is delegated to such
Servicer by the Master Servicer under the applicable Servicing Agreement, is
authorized, to give, as agent for the Trustee, as the mortgagee under the
Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
assignment of mortgage without recourse) regarding the Mortgaged Property
subject to the Mortgage, which instrument of satisfaction or assignment, as the
case may be, shall be delivered to the Person or Persons entitled thereto
against receipt therefor of such payment, it being understood and agreed that no
expenses incurred in connection with such instrument of satisfaction or
assignment, as the case may be, shall be chargeable to the Collection Account.

         (b) From time to time and as appropriate for the servicing or
foreclosure of, or other legal proceedings relating to, any Mortgage Loan and in
accordance with Accepted Servicing Practices and the applicable Servicing
Agreement, the Trustee shall execute such pleadings, request for trustee's sale
or other documents as shall be prepared and furnished to the Trustee by the
Master Servicer, or by a Servicer (in form reasonably acceptable to the Trustee)
and as are necessary to the prosecution of any such proceedings. The Trustee or
the Custodian, shall, upon request of the Master Servicer, or of a Servicer, and
delivery to the Trustee or the applicable Custodian, of a trust receipt signed
by a Servicing Officer substantially in the form annexed hereto as Exhibit C or
in the form annexed to the applicable Custodial Agreement as Exhibit C, release
the related Mortgage File held in its possession or control to the Master
Servicer (or the

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applicable Servicer). Such trust receipt shall obligate the Master Servicer or
applicable Servicer to return the Mortgage File to the Trustee or Custodian, as
applicable, when the need therefor by the Master Servicer or applicable Servicer
no longer exists unless (i) the Mortgage Loan shall be liquidated, in which
case, upon receipt of a certificate of a Servicing Officer similar to that
herein above specified, the trust receipt shall be released by the Trustee or
the Custodian, as applicable, to the Master Servicer (or the applicable
Servicer) or (ii) the Mortgage File has been delivered directly or through a
Servicer to an attorney, or to a public trustee or other public official as
required by law, for purposes of initiating or pursuing legal action or other
proceedings for the foreclosure of the Mortgaged Property either judicially or
non-judicially, and the Master Servicer has delivered directly or through a
Servicer to the Trustee a certificate of a Servicing Officer certifying as to
the name and address of the Person to which such Mortgage File or such document
was delivered and the purpose or purposes of such delivery.

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

         (a) The Master Servicer shall transmit, or cause the applicable
Servicer to transmit, to the Trustee such documents and instruments coming into
the possession of the Master Servicer or such Servicer from time to time as are
required by the terms hereof to be delivered to the Trustee. Any funds received
by the Master Servicer or by a Servicer in respect of any Mortgage Loan or which
otherwise are collected by the Master Servicer or by a Servicer as Liquidation
Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall be held for
the benefit of the Trustee and the Certificateholders subject to the Master
Servicer's right to retain or withdraw from the Collection Account the Master
Servicing Fee and other amounts provided in this Agreement, and to the right of
each Servicer to retain its Servicing Fee and other amounts as provided in the
applicable Servicing Agreement. The Master Servicer shall, and shall (to the
extent provided in the applicable Servicing Agreement) cause each Servicer to,
provide access to information and documentation regarding the Mortgage Loans to
the Trustee, its agents and accountants at any time upon reasonable request and
during normal business hours, and to Certificateholders that are savings and
loan associations, banks or insurance companies, the Office of Thrift
Supervision, the FDIC and the supervisory agents and examiners of such Office
and Corporation or examiners of any other federal or state banking or insurance
regulatory authority if so required by applicable regulations of the Office of
Thrift Supervision or other regulatory authority, such access to be afforded
without charge but only upon reasonable request in writing and during normal
business hours at the offices of the Master Servicer designated by it. In
fulfilling such a request the Master Servicer shall not be responsible for
determining the sufficiency of such information.

         (b) All Mortgage Files and funds collected or held by, or under the
control of, the Master Servicer, or any Servicer, in respect of any Mortgage
Loans, whether from the collection of principal and interest payments or from
Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
Servicer, or by such Servicer, for and on behalf of the Trustee and the
Certificateholders and shall be and remain the sole and exclusive property of
the Trustee; provided, however, that the Master Servicer and each Servicer shall
be entitled to setoff against, and deduct from, any such funds any amounts that
are properly due and payable to the Master

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Servicer or such Servicer under this Agreement or the applicable Servicing
Agreement and shall be authorized to remit such funds to the Trustee in
accordance with this Agreement.

         (c) The Master Servicer hereby acknowledges that concurrently with the
execution of this Agreement, the Trustee shall own or, to the extent that a
court of competent jurisdiction shall deem the conveyance of the Mortgage Loans
from the Seller to the Depositor not to constitute a sale, the Trustee shall
have a security interest in the Mortgage Loans and in all Mortgage Files
representing such Mortgage Loans and in all funds now or hereafter held by, or
under the control of, a Servicer or the Master Servicer that are collected by
such Servicer or the Master Servicer in connection with the Mortgage Loans,
whether as scheduled installments of principal and interest or as full or
partial prepayments of principal or interest or as Liquidation Proceeds or
Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
proceeds of proceeds (but excluding any fee or other amounts to which such
Servicer is entitled under the applicable Servicing Agreement, or the Master
Servicer or the Depositor is entitled to hereunder); and the Master Servicer
agrees that so long as the Mortgage Loans are assigned to and held by the
Trustee, all documents or instruments constituting part of the Mortgage Files,
and such funds relating to the Mortgage Loans which come into the possession or
custody of, or which are subject to the control of, the Master Servicer or any
Servicer shall be held by the Master Servicer or such Servicer for and on behalf
of the Trustee as the Trustee's agent and bailee for purposes of perfecting the
Trustee's security interest therein as provided by the applicable Uniform
Commercial Code or other laws.

         (d) The Master Servicer agrees that it shall not, and shall not
authorize any Servicer to, create, incur or subject any Mortgage Loans, or any
funds that are deposited in any custodial account, Escrow Account or the
Collection Account, or any funds that otherwise are or may become due or payable
to the Trustee, to any claim, lien, security interest, judgment, levy, writ of
attachment or other encumbrance, nor assert by legal action or otherwise any
claim or right of setoff against any Mortgage Loan or any funds collected on, or
in connection with, a Mortgage Loan.

         Section 9.14. Representations and Warranties of the Master Servicer.

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

              (i) it is validly existing and in good standing under the
         jurisdiction of its formation, and as Master Servicer has full power
         and authority to transact any and all business contemplated by this
         Agreement and to execute, deliver and comply with its obligations under
         the terms of this Agreement, the execution, delivery and performance of
         which have been duly authorized by all necessary corporate action on
         the part of the Master Servicer;

              (ii) the execution and delivery of this Agreement by the Master
         Servicer and its performance and compliance with the terms of this
         Agreement will not (A) violate the Master Servicer's charter or bylaws,
         (B) violate any law or regulation or any administrative decree or order
         to which it is subject or (C) constitute a default (or an event which,
         with notice or lapse of time, or both, would constitute a default)
         under, or

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<PAGE>

         result in the breach of, any material contract, agreement or other
         instrument to which the Master Servicer is a party or by which it is
         bound or to which any of its assets are subject, which violation,
         default or breach would materially and adversely affect the Master
         Servicer's ability to perform its obligations under this Agreement;

              (iii) this Agreement constitutes, assuming due authorization,
         execution and delivery hereof by the other respective parties hereto, a
         legal, valid and binding obligation of the Master Servicer, enforceable
         against it in accordance with the terms hereof, except as such
         enforcement may be limited by bankruptcy, insolvency, reorganization,
         moratorium and other laws affecting the enforcement of creditors'
         rights in general, and by general equity principles (regardless of
         whether such enforcement is considered in a proceeding in equity or at
         law);

              (iv) the Master Servicer is not in default with respect to any
         order or decree of any court or any order or regulation of any federal,
         state, municipal or governmental agency to the extent that any such
         default would materially and adversely affect its performance
         hereunder;

              (v) the Master Servicer is not a party to or bound by any
         agreement or instrument or subject to any charter provision, bylaw or
         any other corporate restriction or any judgment, order, writ,
         injunction, decree, law or regulation that may materially and adversely
         affect its ability as Master Servicer to perform its obligations under
         this Agreement or that requires the consent of any third person to the
         execution of this Agreement or the performance by the Master Servicer
         of its obligations under this Agreement;

              (vi) no litigation is pending or, to the best of the Master
         Servicer's knowledge, threatened against the Master Servicer which
         would prohibit its entering into this Agreement or performing its
         obligations under this Agreement;

              (vii) the Master Servicer, or an affiliate thereof the primary
         business of which is the servicing of conventional residential mortgage
         loans, is an FNMA- and FHLMC approved seller/servicer;

              (viii) no consent, approval, authorization or order of any court
         or governmental agency or body is required for the execution, delivery
         and performance by the Master Servicer of or compliance by the Master
         Servicer with this Agreement or the consummation of the transactions
         contemplated by this Agreement, except for such consents, approvals,
         authorizations and orders (if any) as have been obtained;

              (ix) the consummation of the transactions contemplated by this
         Agreement are in the ordinary course of business of the Master
         Servicer; and

              (x) the Master Servicer has obtained an Errors and Omissions
         Insurance Policy and a Fidelity Bond in accordance with Section 9.02,
         each of which is in full force and effect, and each of which provides
         at least such coverage as is required hereunder.

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         (b) It is understood and agreed that the representations and warranties
set forth in this Section 9.14 shall survive the execution and delivery of this
Agreement. The Master Servicer shall indemnify the Depositor and the Trustee and
hold them harmless against any loss, damages, penalties, fines, forfeitures,
legal fees and related costs, judgments, and other costs and expenses resulting
from any claim, demand, defense or assertion based on or grounded upon, or
resulting from, a breach of the Master Servicer's representations and warranties
contained in Section 9.14(a). Notwithstanding anything in this Agreement to the
contrary, the Master Servicer shall not be liable for special, indirect or
consequential losses or damages of any kind whatsoever (including, but not
limited to, lost profits). It is understood and agreed that the enforcement of
the obligation of the Master Servicer set forth in this Section to indemnify the
Depositor and the Trustee as provided in this Section constitutes the sole
remedy (other than as set forth in Section 6.14) of the Depositor and the
Trustee respecting a breach of the foregoing representations and warranties.
Such indemnification shall survive any termination of the Master Servicer as
Master Servicer hereunder, and any termination of this Agreement.

         Any cause of action against the Master Servicer relating to or arising
out of the breach of any representations and warranties made in this Section
shall accrue upon discovery of such breach by either the Depositor, the Master
Servicer or the Trustee or notice thereof by any one of such parties to the
other parties.

(c) It is understood and agreed that the representations and warranties of the
Depositor set forth in Sections 2.03(a) through (f) shall survive the execution
and delivery of this Agreement. The Depositor shall indemnify the Master
Servicer and hold it harmless against any loss, damages, penalties, fines,
forfeitures, legal fees and related costs, judgments, and other costs and
expenses resulting from any claim, demand, defense or assertion based on or
grounded upon, or resulting from, a breach of the Depositor's representations
and warranties contained in Sections 2.03(a) through (f) hereof. It is
understood and agreed that the enforcement of the obligation of the Depositor
set forth in this Section to indemnify the Master Servicer as provided in this
Section constitutes the sole remedy of the Master Servicer respecting a breach
by the Depositor of the representations and warranties in Sections 2.03(a)
through (f) hereof.

         Any cause of action against the Depositor relating to or arising out of
the breach of the representations and warranties made in Sections 2.03(a)
through (f) hereof shall accrue upon discovery of such breach by either the
Depositor or the Master Servicer or notice thereof by any one of such parties to
the other parties.

         Section 9.15. Closing Certificate and Opinion.

         On or before the Closing Date, the Master Servicer shall cause to be
delivered to the Depositor and Lehman Brothers Inc. an Opinion of Counsel, dated
the Closing Date, in form and substance reasonably satisfactory to the Depositor
and Lehman Brothers Inc., as to the due authorization, execution and delivery of
this Agreement by the Master Servicer and the enforceability thereof.

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         Section 9.16. Standard Hazard and Flood Insurance Policies.

         For each Mortgage Loan (other than a Cooperative Loan), the Master
Servicer shall maintain, or cause to be maintained by each Servicer, standard
fire and casualty insurance and, where applicable, flood insurance, all in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. It is understood and agreed that such insurance shall
be with insurers meeting the eligibility requirements set forth in the
applicable Servicing Agreement and that no earthquake or other additional
insurance is to be required of any Mortgagor or to be maintained on property
acquired in respect of a defaulted loan, other than pursuant to such applicable
laws and regulations as shall at any time be in force and as shall require such
additional insurance.

         Pursuant to Section 4.01, any amounts collected by the Master Servicer,
or by any Servicer, under any insurance policies maintained pursuant to this
Section 9.16 (other than amounts to be applied to the restoration or repair of
the property subject to the related Mortgage or released to the Mortgagor in
accordance with the Master Servicer's or the Servicer's normal servicing
procedures and Accepted Servicing Practices) shall be deposited into the
Collection Account, subject to withdrawal pursuant to Section 4.02. Any cost
incurred by the Master Servicer or any Servicer in maintaining any such
insurance if the Mortgagor defaults in its obligation to do so shall be added to
the amount owing under the Mortgage Loan where the terms of the Mortgage Loan so
permit; provided, however, that the addition of any such cost shall not be taken
into account for purposes of calculating the distributions to be made to
Certificateholders and shall be recoverable by the Master Servicer or such
Servicer pursuant to Section 4.02(v).

         Section 9.17. Presentment of Claims and Collection of Proceeds.

         The Master Servicer shall, or shall cause each Servicer (to the extent
provided in the applicable Servicing Agreement) to, prepare and present on
behalf of the Trustee and the Certificateholders all claims under the Insurance
Policies with respect to the Mortgage Loans, and take such actions (including
the negotiation, settlement, compromise or enforcement of the insured's claim)
as shall be necessary to realize recovery under such policies. Any proceeds
disbursed to the Master Servicer (or disbursed to a Servicer and remitted to the
Master Servicer) in respect of such policies or bonds shall be promptly
deposited in the Collection Account upon receipt, except that any amounts
realized that are to be applied to the repair or restoration of the related
Mortgaged Property or released to the Mortgagor in accordance with the Master
Servicer's or the Servicer's normal servicing procedures need not be so
deposited (or remitted).

         Section 9.18. Maintenance of the Primary Mortgage Insurance Policies.

         (a) The Master Servicer shall not take, or knowingly permit any
Servicer (consistent with the applicable Servicing Agreement) to take, any
action that would result in non-coverage under any applicable Primary Mortgage
Insurance Policy of any loss which, but for the actions of such Master Servicer
or Servicer, would have been covered thereunder. To the extent that coverage is
available, the Master Servicer shall use its best reasonable efforts to keep in
force and effect, or to cause each Servicer to keep in force and effect (to the
extent that the Mortgage Loan requires the Mortgagor to maintain such
insurance), primary mortgage insurance applicable to each Mortgage Loan in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. The Master Servicer shall not, and shall not permit
any Servicer to,

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cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in
effect at the date of the initial issuance of the Certificates and is required
to be kept in force hereunder except as required by applicable law or in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable.

         (b) The Master Servicer agrees to present, or to cause each Servicer to
present, on behalf of the Trustee and the Certificateholders, claims to the
insurer under any Primary Mortgage Insurance Policies and, in this regard, to
take such reasonable action as shall be necessary to permit recovery under any
Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
Pursuant to Section 4.01, any amounts collected by the Master Servicer or any
Servicer under any Primary Mortgage Insurance Policies shall be deposited in the
Collection Account, subject to withdrawal pursuant to Section 4.02.

         Section 9.19. Trustee To Retain Possession of Certain Insurance
Policies and Documents.

         The Trustee (or its custodian, if any, as directed by the Trustee),
shall retain possession and custody of the originals of the Primary Mortgage
Insurance Policies or certificate of insurance if applicable and any
certificates of renewal as to the foregoing as may be issued from time to time
as contemplated by this Agreement. Until all amounts distributable in respect of
the Certificates have been distributed in full and the Master Servicer otherwise
has fulfilled its obligations under this Agreement, the Trustee (or its
custodian, if any, as directed by the Trustee) shall also retain possession and
custody of each Mortgage File in accordance with and subject to the terms and
conditions of this Agreement. The Master Servicer shall promptly deliver or
cause to be delivered to the Trustee (or its custodian, if any, as directed by
the Trustee), upon the execution or receipt thereof the originals of the Primary
Mortgage Insurance Policies and any certificates of renewal thereof, and such
other documents or instruments that constitute portions of the Mortgage File
that come into the possession of the Master Servicer from time to time.

         Section 9.20. Realization Upon Defaulted Mortgage Loans.

         The Master Servicer shall use its reasonable best efforts to, or to
cause each Servicer to, foreclose upon, repossess or otherwise comparably
convert the ownership of Mortgaged Properties securing such of the Mortgage
Loans as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments, all in
accordance with the applicable Servicing Agreement. Alternatively, the Master
Servicer may take, or authorize any Servicer to take, other actions in respect
of a defaulted Mortgage Loan, which may include (i) accepting a short sale (a
payoff of the Mortgage Loan for an amount less than the total amount
contractually owed in order to facilitate a sale of the Mortgaged Property by
the Mortgagor) or permitting a short refinancing (a payoff of the Mortgage Loan
for an amount less than the total amount contractually owed in order to
facilitate refinancing transactions by the Mortgagor not involving a sale of the
Mortgaged Property), (ii) arranging for a repayment plan or (iii) agreeing to a
modification in accordance with Section 9.04. In connection with such
foreclosure or other conversion or action, the Master Servicer shall, consistent
with Section 9.18, follow such practices and procedures as it shall reasonably
determine to be in the best interests of the Trust Fund and the
Certificateholders and which shall be consistent with its customary practices in
performing its general mortgage servicing activities;

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provided that the Master Servicer shall not be liable in any respect hereunder
if the Master Servicer is acting in connection with any such foreclosure or
other conversion or action in a manner that is consistent with the provisions of
this Agreement. Neither the Master Servicer, nor any Servicer, shall be required
to expend its own funds or incur other reimbursable charges in connection with
any foreclosure, or attempted foreclosure which is not completed, or toward the
correction of any default on a related senior mortgage loan, or towards the
restoration of any property unless it shall determine (i) that such restoration
and/or foreclosure will increase the proceeds of liquidation of the Mortgage
Loan to the Certificateholders after reimbursement to itself for such expenses
or charges and (ii) that such expenses and charges will be recoverable to it
through Liquidation Proceeds or Insurance Proceeds (as provided in Section
4.02).

         Section 9.21. Compensation to the Master Servicer.. The Master Servicer
shall be entitled to withdraw from the Collection Account it maintains the
Master Servicing Fee in respect of each Liquidated Mortgage Loan to the extent
of such Liquidation Proceeds or other recoveries, to the extent permitted by
Section 4.02(vi). Servicing compensation in the form of assumption fees, if any,
late payment charges, as collected, if any, or otherwise (including any
Prepayment Penalty Amount) shall be retained by the Master Servicer (or the
applicable Servicer) and shall not be deposited in the Collection Account. If
the Master Servicer does not retain or withdraw the Master Servicing Fee from
the Collection Account as provided herein, the Master Servicer shall be entitled
to direct the Trustee to pay the Master Servicing Fee to such Master Servicer by
withdrawal from the Certificate Account. The Master Servicer shall be required
to pay all expenses incurred by it in connection with its activities hereunder
and shall not be entitled to reimbursement therefor except as provided in this
Agreement. Pursuant to Section 4.01(e), all income and gain realized from any
investment of funds in the Collection Account shall be for the benefit of the
Master Servicer as additional compensation. The provisions of this Section 9.21
are subject to the provisions of Section 6.14(b).

         Section 9.22. REO Property.

         (a) In the event the Trust Fund acquires ownership of any REO Property
in respect of any Mortgage Loan, the deed or certificate of sale shall be issued
to the Trustee, or to its nominee, on behalf of the Certificateholders. The
Master Servicer shall use its reasonable best efforts to sell, or, to the extent
provided in the applicable Servicing Agreement, cause the applicable Servicer to
sell, any REO Property as expeditiously as possible and in accordance with the
provisions of this Agreement and the related Servicing Agreement, as applicable,
but in all events within the time period, and subject to the conditions set
forth in Article X hereof. Pursuant to its efforts to sell such REO Property,
the Master Servicer shall protect and conserve, or cause the applicable Servicer
to protect and conserve, such REO Property in the manner and to such extent
required by the applicable Servicing Agreement, subject to Article X hereof.

         (b) The Master Servicer shall deposit or cause to be deposited all
funds collected and received by it, or recovered from any Servicer, in
connection with the operation of any REO Property in the Collection Account.

         (c) The Master Servicer and the applicable Servicer, upon the final
disposition of any REO Property, shall be entitled to reimbursement for any
related unreimbursed Advances as well as any unpaid Master Servicing Fees or
Servicing Fees from Liquidation Proceeds received in

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connection with the final disposition of such REO Property; provided, that any
such unreimbursed Advances as well as any unpaid Master Servicing Fees or
Servicing Fees may be reimbursed or paid, as the case may be, prior to final
disposition, out of any net rental income or other net amounts derived from such
REO Property.

         (d) The Liquidation Proceeds from the final disposition of the REO
Property, net of any payment to the Master Servicer and the applicable Servicer
as provided above, shall be deposited in the Collection Account on or prior to
the Determination Date in the month following receipt thereof (and the Master
Servicer shall provide prompt written notice to the Trustee upon such deposit)
and be remitted by wire transfer in immediately available funds to the Trustee
for deposit into the Certificate Account on the next succeeding Deposit Date.

         Section 9.23. [Reserved]

         Section 9.24. Reports to the Trustee.

         (a) Not later than 30 days after each Distribution Date, the Master
Servicer shall forward to the Trustee a statement, deemed to have been certified
by a Servicing Officer, setting forth the status of the Collection Account
maintained by the Master Servicer as of the close of business on the related
Distribution Date, indicating that all distributions required by this Agreement
to be made by the Master Servicer have been made (or if any required
distribution has not been made by the Master Servicer, specifying the nature and
status thereof) and showing, for the period covered by such statement, the
aggregate of deposits into and withdrawals from the Collection Account
maintained by the Master Servicer. Copies of such statement shall be provided by
the Master Servicer to the Depositor, Attention: Contract Finance, and, upon
request, any Certificateholders (or by the Trustee at the Master Servicer's
expense if the Master Servicer shall fail to provide such copies (unless (i) the
Master Servicer shall have failed to provide the Trustee with such statement or
(ii) the Trustee shall be unaware of the Master Servicer's failure to provide
such statement)).

         (b) Not later than two Business Days following each Distribution Date,
the Master Servicer shall deliver to the Person designated by the Depositor, in
a format consistent with other electronic loan level reporting supplied by the
Master Servicer in connection with similar transactions, "loan level"
information with respect to the Mortgage Loans as of the related Determination
Date, to the extent that such information has been provided to the Master
Servicer by the Servicers or by the Depositor.

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

         (a) The Master Servicer shall deliver to the Trustee and the Rating
Agencies on or before August 31 of each year, commencing on August 31, 2002, an
Officer's Certificate, certifying that with respect to the period ending on the
immediately preceding December 31; (i) such Servicing Officer has reviewed the
activities of such Master Servicer during the preceding calendar year or portion
thereof and its performance under this Agreement; (ii) to the best of such
Servicing Officer's knowledge, based on such review, such Master Servicer has
performed and fulfilled its duties, responsibilities and obligations under this
Agreement in all material respects throughout such year, or, if there has been a
default in the fulfillment of any such duties, responsibilities or

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obligations, specifying each such default known to such Servicing Officer and
the nature and status thereof, (iii) nothing has come to the attention of such
Servicing Officer to lead such Servicing Officer to believe that any Servicer
has failed to perform any of its duties, responsibilities and obligations under
its Servicing Agreement in all material respects throughout such year, or, if
there has been a material default in the performance or fulfillment of any such
duties, responsibilities or obligations, specifying each such default known to
such Servicing Officer and the nature and status thereof, and (iv) the Master
Servicer has received from each Servicer such Servicer's annual certificate of
compliance and a copy of such Servicer's annual audit report, in each case to
the extent required under the applicable Servicing Agreement, or, if any such
certificate or report has not been received by the Master Servicer, the Master
Servicer is using its best reasonable efforts to obtain such certificate or
report.

         (b) Copies of such statements shall be provided to any
Certificateholder upon request, by the Master Servicer or by the Trustee at the
Master Servicer's expense if the Master Servicer failed to provide such copies
(unless (i) the Master Servicer shall have failed to provide the Trustee with
such statement or (ii) the Trustee shall be unaware of the Master Servicer's
failure to provide such statement).

         Section 9.26. Annual Independent Accountants' Servicing Report.

         (a) If the Master Servicer has, during the course of any fiscal year,
directly serviced any of the Mortgage Loans, then the Master Servicer at its
expense shall cause a nationally recognized firm of independent certified public
accountants to furnish a statement to the Trustee, the Rating Agencies and the
Depositor on or before August 31 of each year, commencing on August 31, 2002, to
the effect that, with respect to the most recently ended fiscal year, such firm
has examined certain records and documents relating to the Master Servicer's
performance of its servicing obligations under this Agreement and pooling and
servicing and trust agreements in material respects similar to this Agreement
and to each other and that, on the basis of such examination conducted
substantially in compliance with the audit program for mortgages serviced for
FHLMC or the Uniform Single Attestation Program for Mortgage Bankers, such firm
is of the opinion that the Master Servicer's activities have been conducted in
compliance with this Agreement, or that such examination has disclosed no
material items of noncompliance except for (i) such exceptions as such firm
believes to be immaterial, (ii) such other exceptions as are set forth in such
statement and (iii) such exceptions that the Uniform Single Attestation Program
for Mortgage Bankers or the Audit Program for Mortgages Serviced by FHLMC
requires it to report. Copies of such statements shall be provided to any
Certificateholder upon request by the Master Servicer, or by the Trustee at the
expense of the Master Servicer if the Master Servicer shall fail to provide such
copies. If such report discloses exceptions that are material, the Master
Servicer shall advise the Trustee whether such exceptions have been or are
susceptible of cure, and will take prompt action to do so.

         Section 9.27. Merger or Consolidation.

         Any Person into which the Master Servicer may be merged or
consolidated, or any Person resulting from any merger, conversion, other change
in form or consolidation to which the Master Servicer shall be a party, or any
Person succeeding to the business of the Master Servicer, shall be the successor
to the Master Servicer hereunder, without the execution or filing

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of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided, however, that the
successor or resulting Person to the Master Servicer shall be a Person that
shall be qualified and approved to service mortgage loans for FNMA or FHLMC and
shall have a net worth of not less than $15,000,000.

         Section 9.28. Resignation of Master Servicer.

         Except as otherwise provided in Sections 9.27 and 9.29 hereof, the
Master Servicer shall not resign from the obligations and duties hereby imposed
on it unless it or the Trustee determines that the Master Servicer's duties
hereunder are no longer permissible under applicable law or are in material
conflict by reason of applicable law with any other activities carried on by it
and cannot be cured. Any such determination permitting the resignation of the
Master Servicer shall be evidenced by an Opinion of Counsel that shall be
Independent to such effect delivered to the Trustee. No such resignation shall
become effective until the Trustee shall have assumed, or a successor master
servicer shall have been appointed by the Trustee and until such successor shall
have assumed, the Master Servicer's responsibilities and obligations under this
Agreement. Notice of such resignation shall be given promptly by the Master
Servicer to the Depositor.

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

         Except as expressly provided herein, the Master Servicer shall not
assign or transfer any of its rights, benefits or privileges hereunder to any
other Person, or delegate to or subcontract with, or authorize or appoint any
other Person to perform any of the duties, covenants or obligations to be
performed by the Master Servicer hereunder; provided, however, that the Master
Servicer shall have the right without the prior written consent of the Trustee,
the Depositor or the Rating Agencies to delegate or assign to or subcontract
with or authorize or appoint an Affiliate of the Master Servicer to perform and
carry out any duties, covenants or obligations to be performed and carried out
by the Master Servicer hereunder. In no case, however, shall any such
delegation, subcontracting or assignment to an Affiliate of the Master Servicer
relieve the Master Servicer of any liability hereunder. Notice of such permitted
assignment shall be given promptly by the Master Servicer to the Depositor and
the Trustee. If, pursuant to any provision hereof, the duties of the Master
Servicer are transferred to a successor master servicer, the entire amount of
the Master Servicing Fees and other compensation payable to the Master Servicer
pursuant hereto, including amounts payable to or permitted to be retained or
withdrawn by the Master Servicer pursuant to Section 9.21 hereof, shall
thereafter be payable to such successor master servicer.

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

         Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Trustee or the Certificateholders for any action taken or for refraining from
the taking of any action in good faith pursuant to this Agreement, or for errors
in judgment; provided, however, that this provision shall not protect the Master
Servicer or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in its
performance of its duties or by reason of reckless disregard for its obligations
and duties under this Agreement. The Master Servicer and

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any director, officer, employee or agent of the Master Servicer shall be
entitled to indemnification by the Trust Fund and will be held harmless against
any loss, liability or expense incurred in connection with any legal action
relating to this Agreement or the Certificates other than any loss, liability or
expense incurred by reason of willful misfeasance, bad faith or negligence in
the performance of his or its duties hereunder or by reason of reckless
disregard of his or its obligations and duties hereunder. The Master Servicer
and any director, officer, employee or agent of the Master Servicer may rely in
good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. The Master
Servicer shall be under no obligation to appear in, prosecute or defend any
legal action that is not incidental to its duties to master service the Mortgage
Loans in accordance with this Agreement and that in its opinion may involve it
in any expenses or liability; provided, however, that the Master Servicer may in
its sole discretion undertake any such action that it may deem necessary or
desirable in respect to this Agreement and the rights and duties of the parties
hereto and the interests of the Certificateholders hereunder. In such event, the
legal expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust Fund and the Master
Servicer shall be entitled to be reimbursed therefor out of the Collection
Account it maintains as provided by Section 4.02.

         Section 9.31. Indemnification; Third-Party Claims.

         The Master Servicer agrees to indemnify the Depositor and the Trustee,
and hold them harmless against any and all claims, losses, penalties, fines,
forfeitures, legal fees and related costs, judgments, and any other costs,
liability, fees and expenses that the Depositor and the Trustee may sustain as a
result of the failure of the Master Servicer to perform its duties and master
service the Mortgage Loans in compliance with the terms of this Agreement. The
Depositor and the Trustee shall immediately notify the Master Servicer if a
claim is made by a third party with respect to this Agreement or the Mortgage
Loans entitling the Depositor or the Trustee to indemnification hereunder,
whereupon the Master Servicer shall assume the defense of any such claim and pay
all expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it or
them in respect of such claim.

                                   ARTICLE X

                              REMIC ADMINISTRATION

         Section 10.01. REMIC Administration.

         (a) As set forth in the Preliminary Statement hereto, the Trustee shall
elect REMIC status in accordance with the REMIC Provisions with respect to each
of the Lower Tier REMIC and the Upper Tier REMIC. The Trustee shall make such
elections on Forms 1066 or other appropriate federal tax or information return
for the taxable year ending on the last day of the calendar year in which the
Certificates are issued. For the purposes of such elections, each of the Lower
Tier Interests, other than the Class LT-R Interest, is hereby designated as a
regular interest in the Lower Tier REMIC, and each Certificate, other than the
Class R Certificate, is hereby designated as a regular interest in the Upper
Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual
interest in the Lower Tier REMIC. The Class R

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Certificate evidences ownership of the Class LT-R Interest and is also hereby
designated as the sole residual interest in the Upper Tier REMIC.

         (b) The Closing Date is hereby designated as the "Startup Day" of each
REMIC within the meaning of section 86OG(a)(9) of the Code. The latest possible
maturity date for purposes of Treasury Regulation 1.86OG-1(a)(4) will be the
Latest Possible Maturity Date.

         (c) The Trustee shall pay any and all tax related expenses (not
including taxes) of each REMIC, including but not limited to any professional
fees or expenses related to audits or any administrative or judicial proceedings
with respect to such REMIC that involve the Internal Revenue Service or state
tax authorities, but only to the extent that (i) such expenses are ordinary or
routine expenses, including expenses of a routine audit but not expenses of
litigation (except as described in (ii)); or (ii) such expenses or liabilities
(including taxes and penalties) are attributable to the negligence or willful
misconduct of the Trustee in fulfilling its duties hereunder (including its
duties as tax return preparer). The Trustee shall be entitled to reimbursement
of expenses to the extent provided in clause (i) above from the Certificate
Account.

         (d) The Trustee shall prepare, sign and file, all of each REMIC's
federal and state tax and information returns as such REMIC's direct
representative. The expenses of preparing and filing such returns shall be borne
by the Trustee. If any Disqualified Organization acquires any Ownership Interest
in a Residual Certificate, then the Trustee will upon request provide to the
Internal Revenue Service, and to the persons specified in Sections 860E(e)(3)
and (6) of the Code, such information as required in Section 860D(a)(6)(B) of
the code needed to compute the tax imposed under Section 860E(e) of the Code on
transfers of residual interests to disqualified organizations. The Trustee shall
be entitled to additional compensation from such person for the cost of
providing such information.

         (e) The Trustee shall perform on behalf of each REMIC all reporting and
other tax compliance duties that are the responsibility of such REMIC under the
Code, the REMIC Provisions, or other compliance guidance issued by the Internal
Revenue Service or any state or local taxing authority. Among its other duties,
if required by the Code, the REMIC Provisions, or other such guidance, the
Trustee shall provide (i) to the Treasury or other governmental authority such
information as is necessary for the application of any tax relating to the
transfer of a Residual Certificate to any disqualified person or organization
and (ii) to the Certificateholders such information or reports as are required
by the Code or REMIC Provisions.

         (f) The Trustee, the Master Servicer and the Holders of Certificates
shall take any action or cause the REMIC to take any action necessary to create
or maintain the status of such REMIC as a REMIC under the REMIC Provisions and
shall assist each other as necessary to create or maintain such status. Neither
the Trustee, the Master Servicer nor the Holder of any Residual Certificate
shall take any action, cause the REMIC to take any action or fail to take (or
fail to cause to be taken) any action that, under the REMIC Provisions, if taken
or not taken, as the case may be, could (i) endanger the status of such REMIC as
a REMIC or (ii) result in the imposition of a tax upon such REMIC (including but
not limited to the tax on prohibited transactions as defined in Code Section
860F(a)(2) and the tax on prohibited contributions set forth on Section 860G(d)
of the Code) (either such event, an "Adverse REMIC Event") unless the Trustee
and the

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Master Servicer have received an Opinion of Counsel (at the expense of the party
seeking to take such action) to the effect that the contemplated action will not
endanger such status or result in the imposition of such a tax. In addition,
prior to taking any action with respect to the REMIC or the assets therein, or
causing such REMIC to take any action, which is not expressly permitted under
the terms of this Agreement any Holder of a Residual Certificate will consult
with the Trustee and the Master Servicer, or their respective designees, in
writing, with respect to whether such action could cause an Adverse REMIC Event
to occur with respect to such REMIC, and no such Person shall take any such
action or cause such REMIC to take any such action as to which the Trustee or
the Master Servicer has advised it in writing that an Adverse REMIC Event could
occur.

         (g) Each Holder of a Residual Certificate shall pay when due any and
all taxes imposed on the related REMIC by federal or state governmental
authorities. To the extent that such Trust taxes are not paid by a Residual
Certificateholder, the Trustee shall pay any remaining REMIC taxes out of
current or future amounts otherwise distributable to the Holder of the Residual
Certificate in such REMIC or, if no such amounts are available, out of other
amounts held in the Collection Account, and shall reduce amounts otherwise
payable to holders of regular interests in such REMIC, as the case may be.

         (h) The Trustee shall, for federal income tax purposes, maintain books
and records with respect to each REMIC on a calendar year and on an accrual
basis.

         (i) No additional contributions of assets shall be made to any REMIC,
except as expressly provided in this Agreement with respect to eligible
substitute mortgage loans.

         (j) Neither the Trustee nor the Master Servicer shall enter into any
arrangement by which any REMIC will receive a fee or other compensation for
services.

         (k) Upon the request of any Rating Agency, the Trustee shall deliver to
such Rating Agency an Officer's Certificate stating the Trustee's compliance
with the provisions of this Section 10.01 applicable to it.

         Section 10.02. Prohibited Transactions and Activities.

         Neither the Depositor, the Master Servicer nor the Trustee shall sell,
dispose of, or substitute for any of the Mortgage Loans, except in a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of each REMIC pursuant to Article VII of this
Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a
repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor
acquire any assets for any REMIC, nor sell or dispose of any investments in the
Certificate Account for gain, nor accept any contributions to the REMIC after
the Closing Date, unless it has received an Opinion of Counsel (at the expense
of the party causing such sale, disposition, or substitution) that such
disposition, acquisition, substitution, or acceptance will not (a) affect
adversely the status of such REMIC as a REMIC or of the Certificates other than
the Residual Certificates as the regular interests therein, (b) affect the
distribution of interest or principal on the Certificates, (c) result in the
encumbrance of the assets transferred or assigned to the Trust Fund (except
pursuant to the provisions of this Agreement) or (d) cause such REMIC to be

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subject to a tax on prohibited transactions or prohibited contributions pursuant
to the REMIC Provisions.

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

         In the event that a REMIC fails to qualify as a REMIC, loses its status
as a REMIC, or incurs federal, state or local taxes as a result of a prohibited
transaction or prohibited contribution under the REMIC Provisions due to the
negligent performance by the Trustee of its duties and obligations set forth
herein, the Trustee shall indemnify the Holder of the Residual Certificate
against any and all losses, claims, damages, liabilities or expenses ("Losses")
resulting from such negligence; provided, however, that the Trustee shall not be
liable for any such Losses attributable to the action or inaction of the Master
Servicer, the Depositor, or the Holder of such Residual Certificate, as
applicable, nor for any such Losses resulting from misinformation provided by
the Holder of such Residual Certificate on which the Trustee has relied. The
foregoing shall not be deemed to limit or restrict the rights and remedies of
the Holder of such Residual Certificate now or hereafter existing at law or in
equity. Notwithstanding the foregoing, however, in no event shall the Trustee
have any liability (1) for any action or omission that is taken in accordance
with and in compliance with the express terms of, or which is expressly
permitted by the terms of, this Agreement, (2) for any Losses other than arising
out of a negligent performance by the Trustee of its duties and obligations set
forth herein, and (3) for any special or consequential damages to
Certificateholders (in addition to payment of principal and interest on the
Certificates).

         Section 10.04. REO Property.

         (a) Notwithstanding any other provision of this Agreement, the Master
Servicer, acting on behalf of the Trustee hereunder, shall not (except to the
extent provided in the applicable Servicing Agreement) permit any Servicer to,
rent, lease, or otherwise earn income on behalf of any REMIC with respect to any
REO Property which might cause such REO Property to fail to qualify as
"foreclosure" property within the meaning of section 860G(a)(8) of the Code or
result in the receipt by any REMIC of any "income from non-permitted assets"
within the meaning of section 860F(a)(2) of the Code or any "net income from
foreclosure property" which is subject to tax under the REMIC Provisions unless
the Master Servicer has advised, or has caused the applicable Servicer to
advise, the Trustee in writing to the effect that, under the REMIC Provisions,
such action would not adversely affect the status of the REMIC as a REMIC and
any income generated for such REMIC by the REO Property would not result in the
imposition of a tax upon such REMIC.

         (b) The Master Servicer shall make, or shall cause the applicable
Servicer to make, reasonable efforts to sell any REO Property for its fair
market value. In any event, however, the Master Servicer shall, or shall cause
the applicable Servicer to, dispose of any REO Property within three years from
the end of the calendar year of its acquisition by the Trust Fund unless the
Trustee has received a grant of extension from the Internal Revenue Service to
the effect that, under the REMIC Provisions and any relevant proposed
legislation and under applicable state law, the REMIC may hold REO Property for
a longer period without adversely affecting the REMIC status of such REMIC or
causing the imposition of a Federal or state tax upon such

                                      117
<PAGE>

REMIC. If the Trustee has received such an extension, then (a) the Trustee shall
provide a copy of such extension to the Master Servicer and (b) the Trustee, or
the Master Servicer, acting on its behalf hereunder, shall, or shall cause the
applicable Servicer to, continue to attempt to sell the REO Property for its
fair market value for such period longer than three years as such extension
permits (the "Extended Period"). If the Trustee has not received such an
extension and the Trustee, or the Master Servicer acting on behalf of the
Trustee hereunder, or the applicable Servicer is unable to sell the REO Property
within 33 months after its acquisition by the Trust Fund or if the Trustee has
received such an extension, and the Trustee, or the Master Servicer acting on
behalf of the Trustee hereunder, is unable to sell the REO Property within the
period ending three months before the close of the Extended Period, the Master
Servicer shall, or shall cause the applicable Servicer to, before the end of the
three year period or the Extended Period, as applicable, (i) purchase such REO
Property at a price equal to the REO Property's fair market value or (ii)
auction the REO Property to the highest bidder (which may be the Master
Servicer) in an auction reasonably designed to produce a fair price prior to the
expiration of the three-year period or the Extended Period, as the case may be.

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

         Section 11.01. Binding Nature of Agreement; Assignment.

         This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

         Section 11.02. Entire Agreement.

          This Agreement contains the entire agreement and understanding among
the parties hereto with respect to the subject matter hereof, and supersedes all
prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter hereof. The express terms hereof control and
supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof.

         Section 11.03. Amendment.

         (a) This Agreement may be amended from time to time by the Depositor,
the Master Servicer and the Trustee, without notice to or the consent of any of
the Holders, (i) to cure any ambiguity, (ii) to cause the provisions herein to
conform to or be consistent with or in furtherance of the statements made with
respect to the Certificates, the Trust Fund or this Agreement in any Offering
Document; or to correct or supplement any provision herein which may be
inconsistent with any other provisions herein, (iii) to make any other
provisions with respect to matters or questions arising under this Agreement or
(iv) to add, delete, or amend any provisions to the extent necessary or
desirable to comply with any requirements imposed by the Code and the REMIC
Provisions. No such amendment effected pursuant to the preceding sentence shall,
as evidenced by an Opinion of Counsel, adversely affect the status of any REMIC
created pursuant to this Agreement, nor shall such amendment effected pursuant
to clause (iii) of

                                      118
<PAGE>

such sentence adversely affect in any material respect the interests of any
Holder. Prior to entering into any amendment without the consent of Holders
pursuant to this paragraph, the Trustee may require an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that such
amendment is permitted under this paragraph. Any such amendment shall be deemed
not to adversely affect in any material respect any Holder, if the Trustee
receives written confirmation from each Rating Agency that such amendment will
not cause such Rating Agency to reduce, qualify or withdraw the then current
rating assigned to the Certificates (and any Opinion of Counsel requested by the
Trustee in connection with any such amendment may rely expressly on such
confirmation as the basis therefor).

         (b) This Agreement may also be amended from time to time by the
Depositor, the Master Servicer and the Trustee with the consent of the Holders
of not less than 66-2/3% of the Class Principal Amount (or Percentage Interest)
of each Class of Certificates affected thereby for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Holders;
provided, however, that no such amendment shall be made unless the Trustee
receives an Opinion of Counsel, at the expense of the party requesting the
change, that such change will not adversely affect the status of the REMIC as a
REMIC or cause a tax to be imposed on such REMIC; and provided further, that no
such amendment may (i) reduce in any manner the amount of, or delay the timing
of, payments received on Mortgage Loans which are required to be distributed on
any Certificate, without the consent of the Holder of such Certificate or (ii)
reduce the aforesaid percentages of Class Principal Amount (or Percentage
Interest) of Certificates of each Class, the Holders of which are required to
consent to any such amendment without the consent of the Holders of 100% of the
Class Principal Amount (or Class Notional Amount) of each Class of Certificates
affected thereby. For purposes of this paragraph, references to "Holder" or
"Holders" shall be deemed to include, in the case of any Class of Book-Entry
Certificates, the related Certificate Owners.

         (c) Promptly after the execution of any such amendment, the Trustee
shall furnish written notification of the substance of such amendment to each
Holder, the Depositor and to the Rating Agencies.

         (d) It shall not be necessary for the consent of Holders under this
Section 11.03 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Holders shall be subject to such reasonable regulations as
the Trustee may prescribe.

         (e) Notwithstanding anything to the contrary in any Servicing
Agreement, the Trustee shall not consent to any amendment of any Servicing
Agreement except pursuant to the standards provided in this Section with respect
to amendment of this Agreement.

         Section 11.04. Voting Rights.

         (a) Except to the extent that the consent of all affected
Certificateholders is required pursuant to this Agreement, with respect to any
provision of this Agreement requiring the consent of Certificateholders
representing specified percentages of aggregate outstanding

                                      119
<PAGE>

Certificate Principal Amount (or Notional Amount), Certificates owned by the
Depositor, the Master Servicer, the Trustee or any Servicer or Affiliates
thereof are not to be counted so long as such Certificates are owned by the
Depositor, the Master Servicer, the Trustee or any Servicer or Affiliates
thereof.

         Section 11.05. Provision of Information.

         (a) For so long as any of the Certificates of any Series or Class are
"restricted securities" within the meaning of Rule 144(a)(3) under the Act, each
of the Depositor and the Trustee agree to cooperate with each other to provide
to any Certificateholders and to any prospective purchaser of Certificates
designated by such Certificateholder, upon the request of such Certificateholder
or prospective purchaser, any information required to be provided to such holder
or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
under the Act. Any reasonable, out-of-pocket expenses incurred by the Trustee in
providing such information shall be reimbursed by the Depositor.

         (b) The Trustee will provide to any person to whom a Prospectus was
delivered, upon the request of such person specifying the document or documents
requested, (i) a copy (excluding exhibits) of any report on Form 8-K or Form
10-K filed with the Securities and Exchange Commission pursuant to Section
6.20(c) and (ii) a copy of any other document incorporated by reference in the
Prospectus. Any reasonable out-of-pocket expenses incurred by the Trustee in
providing copies of such documents shall be reimbursed by the Depositor.

         (c) On each Distribution Date, the Trustee shall deliver or cause to be
delivered by first class mail to the Depositor, Attention: Contract Finance, a
copy of the report delivered to Certificateholders pursuant to Section 4.03.

         Section 11.06. Governing Law.

         THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO
CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

         Section 11.07. Notices.

         All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given when delivered to such party at the
relevant address, facsimile number or electronic mail address set forth below
(or at such other address, facsimile number or electronic mail address as such
party may designate from time to time by written notice in accordance with this
Section 11.07): (a) in the case of the Depositor, Structured Asset Securities
Corporation, 200 Vesey Street, 12th Floor, New York, New York 10285, Attention:
Mark Zusy, (b) in the case of the Trustee, 180 East Fifth Street, St. Paul,
Minnesota 55101, Attention: Structured Finance, SASCO 2001-12, telecopy number
(651) 244-1797, and (c) in the case of the Master Servicer, Aurora Loan Services
Inc., 2530 South Parker Road, Suite 601, Aurora, Colorado 80014; Attention:
Master Servicing, or as to each party such other address as may

                                      120
<PAGE>

hereafter be furnished by such party to the other parties in writing. Any notice
required or permitted to be mailed to a Holder 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
Holder receives such notice.

         Section 11.08. Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

         Section 11.09. Indulgences; No Waivers.

         Neither the failure nor any delay on the part of a party to exercise
any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed
by the party asserted to have granted such waiver.

         Section 11.10. Headings Not To Affect Interpretation.

         The headings contained in this Agreement are for convenience of
reference only, and they shall not be used in the interpretation hereof.

         Section 11.11. Benefits of Agreement.

         Nothing in this Agreement or in the Certificates, express or implied,
shall give to any Person, other than the parties to this Agreement and their
successors hereunder and the Holders of the Certificates, any benefit or any
legal or equitable right, power, remedy or claim under this Agreement, except to
the extent specified in Sections 11.14 and 11.15.

         Section 11.12. Special Notices to the Rating Agencies.

         (a) The Depositor shall give prompt notice to the Rating Agencies of
the occurrence of any of the following events of which it has notice:

              (i) any amendment to this Agreement pursuant to Section 11.03;

              (ii) any Assignment by the Master Servicer of its rights hereunder
         or delegation of its duties hereunder;

              (iii) the occurrence of any Event of Default described in Section
         6.14;

                                      121
<PAGE>

              (iv) any notice of termination given to the Master Servicer
         pursuant to Section 6.14 and any resignation of the Master Servicer
         hereunder;

              (v) the appointment of any successor to any Master Servicer
         pursuant to Section 6.14; and

              (vi) the making of a final payment pursuant to Section 7.02.

         (b) All notices to the Rating Agencies provided for this Section shall
be in writing and sent by first class mail, telecopy or overnight courier, as
follows:

         If to Moody's, to:

         Moody's Investor Service
         99 Church Street
         New York, New York  10007
         Attention:  Residential Mortgage Surveillance

         If to S&P, to:

         Standard & Poor's Ratings Services
         55 Water Street, 41st Floor
         New York, New York  10041
         Attention: Residential Mortgage Surveillance

         (c) The Trustee shall provide or make available to the Rating Agencies
reports prepared pursuant to Section 4.03. In addition, the Trustee shall, at
the expense of the Trust Fund, make available to each Rating Agency such
information as such Rating Agency may reasonably request regarding the
Certificates or the Trust Fund, to the extent that such information is
reasonably available to the Trustee.

         Section 11.13. Counterparts.

         This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, and all of which together shall
constitute one and the same instrument.

         Section 11.14. Transfer of Servicing.

         The Seller agrees that it shall provide written notice to the Trustee
and the Master Servicer thirty days prior to any transfer or assignment by the
Seller of its rights under any Servicing Agreement or of the servicing
thereunder or delegation of its rights or duties thereunder or any portion
thereof to any Person other than the initial Servicer under such Servicing
Agreement ; provided that the Seller shall not be required to provide prior
notice of any transfer of servicing that occurs within three months following
the Closing Date to an entity that is a Servicer on the Closing Date. In
addition, the ability of the Seller to transfer or assign its rights and
delegate its duties under a Servicing Agreement or to transfer the servicing
thereunder to a successor servicer shall be subject to the following conditions:

                                      122
<PAGE>

              (i) Such successor servicer must be qualified to service loans for
         FNMA or FHLMC;

              (ii) Such successor servicer must satisfy the seller/servicer
         eligibility standards in the applicable Servicing Agreement, exclusive
         of any experience in mortgage loan origination, and must be reasonably
         acceptable to the Master Servicer, whose approval shall not be
         unreasonably withheld;

              (iii) Such successor servicer must execute and deliver to the
         Trustee and the Master Servicer an agreement, in form and substance
         reasonably satisfactory to the Trustee and the Master Servicer, that
         contains an assumption by such successor servicer of the due and
         punctual performance and observance of each covenant and condition to
         be performed and observed by the applicable Servicer under the
         applicable Servicing Agreement or, in the case of a transfer of
         servicing to a party that is already a Servicer pursuant to this
         Agreement, an agreement to add the related Mortgage Loans to the
         Servicing Agreement already in effect with such Servicer;

              (iv) If the successor servicer is not a Servicer of Mortgage Loans
         at the time of such transfer, there must be delivered to the Trustee a
         letter from each Rating Agency to the effect that such transfer of
         servicing will not result in a qualification, withdrawal or downgrade
         of the then-current rating of any of the Certificates;

              (v) The Seller shall, at its cost and expense, take such steps, or
         cause the terminated Servicer to take such steps, as may be necessary
         or appropriate to effectuate and evidence the transfer of the servicing
         of the Mortgage Loans to such successor servicer, including, but not
         limited to, the following: (A) to the extent required by the terms of
         the Mortgage Loans and by applicable federal and state laws and
         regulations, the Seller shall cause the prior Servicer to timely mail
         to each obligor under a Mortgage Loan any required notices or
         disclosures describing the transfer of servicing of the Mortgage Loans
         to the successor servicer; (B) prior to the effective date of such
         transfer of servicing, the Seller shall cause the prior Servicer to
         transmit to any related insurer notification of such transfer of
         servicing; (C) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to deliver to the
         successor servicer all Mortgage Loan Documents and any related records
         or materials; (D) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to transfer to the
         successor servicer, or, if such transfer occurs after a Remittance Date
         but before the next succeeding Deposit Date, to the Master Servicer,
         all funds held by the applicable Servicer in respect of the Mortgage
         Loans; (E) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to, after the
         effective date of the transfer of servicing to the successor servicer,
         continue to forward to such successor servicer, within one Business Day
         of receipt, the amount of any payments or other recoveries received by
         the prior Servicer, and to notify the successor servicer of the source
         and proper application of each such payment or recovery; and (F) the
         Seller shall cause the prior Servicer to, after the effective date of
         transfer of servicing to the successor servicer, continue to cooperate
         with the successor servicer to facilitate such transfer in such manner
         and to such extent as the successor servicer may reasonably request.

                                      123
<PAGE>

         Section 11.15. Limitations on Actions; No Proceedings.

         (a) Other than pursuant to this Agreement, or in connection with or
incidental to the provisions or purposes of this Agreement, the trust created
hereunder shall not (i) issue debt or otherwise borrow money, (ii) merge or
consolidate with any other entity or transfer all or substantially all of its
assets to any other entity, or (iii) otherwise engage in any activity or
exercise any power not provided for in this Agreement.

         (b) Notwithstanding any prior termination of this Agreement, the
Trustee, the Master Servicer and the Depositor shall not, prior to the date
which is one year and one day after the termination of this Agreement,
acquiesce, petition or otherwise invoke or cause any Person to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against the Depositor or the Trust Fund 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 Depositor or the Trust Fund or any substantial part of their respective
property, or ordering the winding up or liquidation of the affairs of the
Depositor or the Trust Fund.

                                      124
<PAGE>

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

                               STRUCTURED ASSET SECURITIES
                               CORPORATION, as Depositor

                               By: /s/ Ellen V. Kiernan
                                  -------------------------------------------
                                  Name: Ellen V. Kiernan
                                  Title: Vice President

                               U.S. BANK NATIONAL ASSOCIATION,
                               as Trustee

                               By: /s/ S. Christopherson
                                  --------------------------------------------
                                   Name: S. Christopherson
                                   Title: Vice President

                               AURORA LOAN SERVICES INC., as Master
                               Servicer

                               By: /s/ E. Todd Whittemore
                                  -------------------------------------------
                                   Name: E. Todd Whittemore
                                   Title: Exec. Vice President

Solely for purposes of
Sections 2.06 and 11.14,
accepted and agreed to by:

LEHMAN CAPITAL, A DIVISION OF
LEHMAN BROTHERS HOLDINGS INC.

By:  /s/ Joseph J. Kelly
   -----------------------------
     Name: Joseph J. Kelly
     Title: Authorized Signatory

<PAGE>

                                    EXHIBIT A
                                    ---------

                              FORMS OF CERTIFICATES

<PAGE>

                                   EXHIBIT B-1
                                   -----------

                          FORM OF INITIAL CERTIFICATION

                                                             ------------------
                                                                    Date

U.S. Bank National Association
180 East Fifth Street
St. Paul, Minnesota 55101

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

         Re: Trust Agreement (the "Trust Agreement"), dated as of August 1, 2001
             among Structured Asset Securities Corporation, as Depositor, U.S.
             Bank National Association, as Trustee, and Aurora Loan Services
             Inc., as Master Servicer, with respect to Structured Asset
             Securities Corporation Mortgage Pass-Through Certificates, Series
             2001-12

Ladies and Gentlemen:

         In accordance with Section 2.02(a) of the Trust Agreement, subject to
review of the contents thereof, the undersigned, as Custodian on behalf of the
Trustee, hereby certifies that it (or its custodian) has received the documents
listed in Section 2.01(b) of the Trust Agreement for each Mortgage File
pertaining to each Mortgage Loan listed on Schedule A, to the Trust Agreement,
subject to any exceptions noted on Schedule I hereto.

         Capitalized words and phrases used herein and not otherwise defined
herein shall have the respective meanings assigned to them in the Trust
Agreement. This Certificate is subject in all respects to the terms of Section
2.02 of the Trust Agreement and the Trust Agreement sections cross-referenced
therein.

                                   [Custodian], on behalf of
                                   U.S. BANK NATIONAL ASSOCIATION,
                                   as Trustee

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

<PAGE>

                                   EXHIBIT B-2
                                   -----------

                          FORM OF INTERIM CERTIFICATION

                                                                ------------
                                                                    Date
U.S. Bank National Association
180 East Fifth Street
St. Paul, Minnesota 55101

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

         Re: Trust Agreement (the "Trust Agreement"), dated as of August 1, 2001
             among Structured Asset Securities Corporation, as Depositor, U.S.
             Bank National Association, as Trustee, and Aurora Loan Services
             Inc., as Master Servicer, with respect to Structured Asset
             Securities Corporation Mortgage Pass-Through Certificates, Series
             2001-12

Ladies and Gentlemen:

         In accordance with Section 2.02(b) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
received the applicable documents listed in Section 2.01(b) of the Trust
Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on
Schedule I hereto, it has reviewed the documents identified above and has
determined that each such document appears regular on its face and appears to
relate to the Mortgage Loan identified in such document.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement including, but not limited
to, Section 2.02(b).

                                    [Custodian], on behalf of
                                    U.S. BANK NATIONAL ASSOCIATION,
                                    as Trustee

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

<PAGE>

                                   EXHIBIT B-3
                                   -----------

                           FORM OF FINAL CERTIFICATION

                                                                   ------------
                                                                       Date
U.S. Bank National Association
180 East Fifth Street
St. Paul, Minnesota 55101

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

         Re: Trust Agreement (the "Trust Agreement"), dated as of August 1, 2001
             among Structured Asset Securities Corporation, as Depositor, U.S.
             Bank National Association, as Trustee, and Aurora Loan Services
             Inc., as Master Servicer, with respect to Structured Asset
             Securities Corporation Mortgage Pass-Through Certificates, Series
             2001-12

Ladies and Gentlemen:

         In accordance with Section 2.02(d) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
received the applicable documents listed in Section 2.01(b) of the Trust
Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed on
Schedule I hereto, it has reviewed the documents listed above and has determined
that each such document appears to be complete and, based on an examination of
such documents, the information set forth in the Mortgage Loan Schedule is
correct.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement.

                                       [Custodian], on behalf of
                                       U.S. BANK NATIONAL ASSOCIATION,
                                       as Trustee

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

<PAGE>

                                   EXHIBIT B-4
                                   -----------

                               FORM OF ENDORSEMENT

         Pay to the order of U.S. Bank National Association, as trustee (the
"Trustee") under the Trust Agreement dated as of August 1, 2001, among
Structured Asset Securities Corporation, as Depositor, the Trustee and the
Master Servicer relating to Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2001-12, without recourse.

                                        --------------------------------------
                                              [current signatory on note]

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

<PAGE>

                                    EXHIBIT C
                                    ---------

                  REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT

                                                                ---------------
                                                                      Date

[Addressed to Trustee
or, if applicable, custodian]

         In connection with the administration of the mortgages held by you as
Trustee under a certain Trust Agreement dated as of August 1, 2001 among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer, and you, as Trustee (the "Trust Agreement"), the
undersigned Master Servicer hereby requests a release of the Mortgage File held
by you as Trustee with respect to the following described Mortgage Loan for the
reason indicated below.

         Mortgagor's Name:

         Address:

         Loan No.:

         Reason for requesting file:

         1. Mortgage Loan paid in full. (The Master Servicer hereby certifies
that all amounts received in connection with the loan have been or will be
credited to the Collection Account or the Certificate Account (whichever is
applicable) pursuant to the Trust Agreement.)

         2. The Mortgage Loan is being foreclosed.

         3. Mortgage Loan substituted. (The Master Servicer hereby certifies
that a Qualifying Substitute Mortgage Loan has been assigned and delivered to
you along with the related Mortgage File pursuant to the Trust Agreement.)

         4. Mortgage Loan repurchased. (The Master Servicer hereby certifies
that the Purchase Price has been credited to the Collection Account or the
Certificate Account (whichever is applicable) pursuant to the Trust Agreement.)

         5. Other. (Describe)

         6. California Mortgage Loan expected to be paid in full.

         The undersigned acknowledges that the above Mortgage File will be held
by the undersigned in accordance with the provisions of the Trust Agreement and
will be returned to

<PAGE>

you within ten (10) days of our receipt of the Mortgage File, except if the
Mortgage Loan has been paid in full, or repurchased or substituted for a
Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
retained by us permanently) and except if the Mortgage Loan is being foreclosed
or is a California Mortgage Loan specified in #6 above (in which case the
Mortgage File will be returned when no longer required by us for such purpose).

         Capitalized terms used herein shall have the meanings ascribed to them
in the Trust Agreement.

                                     -------------------------------------
                                          [Name of Master Servicer]

                                     By:
                                        ----------------------------------
                                          Name:
                                          Title: Servicing Officer

                                      C-2

<PAGE>

                                   EXHIBIT D-1
                                   -----------

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

STATE OF       )
               ) ss.:
COUNTY OF      )

                  [NAME OF OFFICER], _________________ being first duly sworn,
deposes and says:

         1. That he [she] is [title of officer] ________________________ of
[name of Purchaser] _________________________________________ (the "Purchaser"),
a _______________________ [description of type of entity] duly organized and
existing under the laws of the [State of __________] [United States], on behalf
of which he [she] makes this affidavit.

         2. That the Purchaser's Taxpayer Identification Number is
______________.

         3. That the Purchaser is not a "disqualified organization" within the
meaning of Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
(the "Code") and will not be a "disqualified organization" as of
__________________ [date of transfer], and that the Purchaser is not acquiring a
Residual Certificate (as defined in the Agreement) for the account of, or as
agent (including a broker, nominee, or other middleman) for, any person or
entity from which it has not received an affidavit substantially in the form of
this affidavit. For these purposes, a "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (other than an instrumentality if all of its activities are
subject to tax and a majority of its board of directors is not selected by such
governmental entity), any cooperative organization furnishing electric energy or
providing telephone service to persons in rural areas as described in Code
Section 1381(a)(2)(C), any "electing large partnership" within the meaning of
Section 775 of the Code, or any organization (other than a farmers' cooperative
described in Code Section 521) that is exempt from federal income tax unless
such organization is subject to the tax on unrelated business income imposed by
Code Section 511.

         4. That the Purchaser either (x) is not, and on __________________
[date of transfer] will not be, an employee benefit plan subject to Section 406
or Section 407 of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or Section 4975 of the Code, the trustee of any such plan or
a person acting on behalf of any such plan or investing the assets of any such
plan to acquire a Residual Certificate; (y) is an insurance company that is
purchasing the Certificate with funds contained in an "insurance company general
account" as defined in Section V(e) of Prohibited Transaction Class Exemption
("PTCE") 95-60 and the purchase and holding of the Certificate are covered under
Section I and III of PTCE 95-60; or (z) herewith delivers to the Trustee and
shall deliver to the Depositor an opinion of counsel (a "Benefit Plan Opinion")
satisfactory to the Trustee and the Depositor, and upon which the Trustee and
the Depositor shall be entitled to rely, to the effect that the purchase or
holding of

<PAGE>

such Residual Certificate by the Investor will not result in the assets of the
Trust Fund being deemed to be plan assets and subject to the prohibited
transaction provisions of ERISA or the Code and will not subject the Trustee or
the Depositor to any obligation in addition to those undertaken by such entities
in the Trust Agreement, which opinion of counsel shall not be an expense of the
Trustee or the Depositor.

         5. That the Purchaser hereby acknowledges that under the terms of the
Trust Agreement (the "Agreement") among Structured Asset Securities Corporation,
U.S. Bank National Association, as Trustee and Aurora Loan Services Inc., as
Master Servicer, dated as of August 1, 2001, no transfer of a Residual
Certificate shall be permitted to be made to any person unless the Depositor and
the Trustee have received a certificate from such transferee containing the
representations in paragraphs 3, 4 and 5 hereof.

         6. That the Purchaser does not hold REMIC residual securities as
nominee to facilitate the clearance and settlement of such securities through
electronic book-entry changes in accounts of participating organizations (such
entity, a "Book-Entry Nominee").

         7. That the Purchaser does not have the intention to impede the
assessment or collection of any federal, state or local taxes legally required
to be paid with respect to such Residual Certificate, and that the Purchaser has
provided financial statements or other financial information requested by the
transferor in connection with the transfer of the Residual Certificate in order
to permit the transferor to assess the financial capability of the Purchaser to
pay such taxes.

         8. That the Purchaser will not transfer a Residual Certificate to any
person or entity (i) as to which the Purchaser has actual knowledge that the
requirements set forth in paragraph 3, paragraph 6 or paragraph 10 hereof are
not satisfied or that the Purchaser has reason to believe does not satisfy the
requirements set forth in paragraph 7 hereof, and (ii) without obtaining from
the prospective Purchaser an affidavit substantially in this form and providing
to the Trustee a written statement substantially in the form of Exhibit G to the
Agreement.

         9. That the Purchaser understands that, as the holder of a Residual
Certificate, the Purchaser may incur tax liabilities in excess of any cash flows
generated by the interest and that it intends to pay taxes associated with
holding such Residual Certificate as they become due.

         10. That the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S.
Person that holds a Residual Certificate in connection with the conduct of a
trade or business within the United States and has furnished the transferor and
the Trustee with an effective Internal Revenue Service Form W-8 ECI (Certificate
of Foreign Person's Claim for exception From Withholding on Income Effectively
Connected with the Conduct of a Trade or Business in the United States) or
successor form at the time and in the manner required by the Code. "Non-U.S.
Person" means any person other than (i) a citizen or resident of the United
States; (ii) a corporation (or entity treated as a corporation for tax purposes)
created or organized in the United States or under the laws of the United States
or of any state thereof, including, for this purpose, the District of Columbia;
(iii) a partnership (or entity treated as a partnership for tax purposes)
organized in the United States or under the laws of the United States or of any
state thereof, including, for this purpose, the District of Columbia (unless
provided otherwise by future Treasury regulations);

                                      D-2

<PAGE>

(iv) an estate whose income is includible in gross income for United States
income tax purposes regardless of its source; (v) a trust, if a court within the
United States is able to exercise primary supervision over the administration of
the trust and one or more U.S. Persons have authority to control all substantial
decisions of the trust; (vi) and, to the extent provided in Treasury
regulations, certain trusts in existence prior to August 20, 1996 that are
treated as United States persons prior to such date and elect to continue to be
treated as United States persons.

         11. That the Purchaser agrees to such amendments of the Trust Agreement
as may be required to further effectuate the restrictions on transfer of any
Residual Certificate to such a "disqualified organization," an agent thereof, a
Book-Entry Nominee, or a person that does not satisfy the requirements of
paragraph 7 and paragraph 10 hereof.

         12. That the Purchaser consents to the designation of the Trustee as
its agent to act as "tax matters person" of the Trust Fund pursuant to the Trust
Agreement.

                                      D-3

<PAGE>

         IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[title of officer] this _____ day of __________, 20__.

                                      --------------------------------------
                                           [name of Purchaser]

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

                  Personally appeared before me the above-named [name of
officer] ________________, known or proved to me to be the same person who
executed the foregoing instrument and to be the [title of officer]
_________________ of the Purchaser, and acknowledged to me that he [she]
executed the same as his [her] free act and deed and the free act and deed of
the Purchaser.

                  Subscribed and sworn before me this _____ day of __________,
20__.

NOTARY PUBLIC

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

COUNTY OF
         ------------------------

STATE OF
        -------------------------

My commission expires the _____ day of __________, 20__.

                                      D-4

<PAGE>

                                   EXHIBIT D-2
                                   -----------

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

                                                          ------------------
                                                                 Date

             Re:  Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2001-12

                  _______________________ (the "Transferor") has reviewed the
attached affidavit of _____________________________ (the "Transferee"), and has
no actual knowledge that such affidavit is not true and has no reason to believe
that the information contained in paragraph 7 thereof is not true, and has no
reason to believe that the Transferee has the intention to impede the assessment
or collection of any federal, state or local taxes legally required to be paid
with respect to a Residual Certificate. In addition, the Transferor has
conducted a reasonable investigation at the time of the transfer and found that
the Transferee had historically paid its debts as they came due and found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due.

                                      Very truly yours,

                                      -------------------------------
                                      Name:
                                      Title:

<PAGE>

                                    EXHIBIT E
                                    ---------

                              SERVICING AGREEMENTS

<PAGE>

                                    EXHIBIT F
                                    ---------

                     FORM OF RULE 144A TRANSFER CERTIFICATE

         Re:  Structured Asset Securities Corporation Mortgage Pass-Through
              Certificates, Series 2001-12
              -------------------------------------------------------------

                  Reference is hereby made to the Trust Agreement dated as of
August 1, 2001 (the "Trust Agreement") among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer and
U.S. Bank National Association, as Trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the Trust Agreement.

                  This letter relates to $_________ initial Certificate
Principal Amount of Class Certificates which are held in the form of Definitive
Certificates registered in the name of (the "Transferor"). The Transferor has
requested a transfer of such Definitive Certificates for Definitive Certificates
of such Class registered in the name of [insert name of transferee].

                  In connection with such request, and in respect of such
Certificates, the Transferor hereby certifies that such Certificates are being
transferred in accordance with (i) the transfer restrictions set forth in the
Trust Agreement and the Certificates and (ii) Rule 144A under the Securities Act
to a purchaser that the Transferor reasonably believes is a "qualified
institutional buyer" within the meaning of Rule 144A purchasing for its own
account or for the account of a "qualified institutional buyer", which purchaser
is aware that the sale to it is being made in reliance upon Rule 144A, in a
transaction meeting the requirements of Rule 144A and in accordance with any
applicable securities laws of any state of the United States or any other
applicable jurisdiction.

                  This certificate and the statements contained herein are made
for your benefit and the benefit of the Placement Agent and the Depositor.

                                       ----------------------------------------
                                            [Name of Transferor]

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

Dated: __________________, ________

<PAGE>

                                    EXHIBIT G
                                    ---------

                         FORM OF PURCHASER'S LETTER FOR
                        INSTITUTIONAL ACCREDITED INVESTOR

                                                            ------------------
                                                                   Date

Dear Sirs:

         In connection with our proposed purchase of $______________ principal
amount of Mortgage Pass-Through Certificates, Series 2001-12 (the "Privately
Offered Certificates") of Structured Asset Securities Corporation (the
"Depositor") which are held in the form of Definitive Certificates, we confirm
that:

(1)      We understand that the Privately Offered Certificates have not been,
         and will not be, registered under the Securities Act of 1933, as
         amended (the "Securities Act"), and may not be sold except as permitted
         in the following sentence. We agree, on our own behalf and on behalf of
         any accounts for which we are acting as hereinafter stated, that if we
         should sell any Privately Offered Certificates within two years of the
         later of the date of original issuance of the Privately Offered
         Certificates or the last day on which such Privately Offered
         Certificates are owned by the Depositor or any affiliate of the
         Depositor (which includes the Placement Agent) we will do so only (A)
         to the Depositor, (B) to "qualified institutional buyers" (within the
         meaning of Rule 144A under the Securities Act) in accordance with Rule
         144A under the Securities Act ("QIBs"), (C) pursuant to the exemption
         from registration provided by Rule 144 under the Securities Act, or (D)
         to an institutional "accredited investor" within the meaning of Rule
         501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act
         that is not a QIB (an "Institutional Accredited Investor") which, prior
         to such transfer, delivers to the Trustee under the Trust Agreement
         dated as of August 1, 2001 among the Depositor, U.S. Bank National
         Association, as Trustee (the "Trustee") and Aurora Loan Services Inc.,
         as Master Servicer, a signed letter in the form of this letter; and we
         further agree, in the capacities stated above, to provide to any person
         purchasing any of the Privately Offered Certificates from us a notice
         advising such purchaser that resales of the Privately Offered
         Certificates are restricted as stated herein.

(2)      We understand that, in connection with any proposed resale of any
         Privately Offered Certificates to an Institutional Accredited Investor,
         we will be required to furnish to the Trustee and the Depositor a
         certification from such transferee in the form hereof to confirm that
         the proposed sale is being made pursuant to an exemption from, or in a
         transaction not subject to, the registration requirements of the
         Securities Act. We further understand that the Privately Offered
         Certificates purchased by us will bear a legend to the foregoing
         effect.

<PAGE>

(3)      We are acquiring the Privately Offered Certificates for investment
         purposes and not with a view to, or for offer or sale in connection
         with, any distribution in violation of the Securities Act. We have such
         knowledge and experience in financial and business matters as to be
         capable of evaluating the merits and risks of our investment in the
         Privately Offered Certificates, and we and any account for which we are
         acting are each able to bear the economic risk of such investment.

(4)      We are an Institutional Accredited Investor and we are acquiring the
         Privately Offered Certificates purchased by us for our own account or
         for one or more accounts (each of which is an Institutional Accredited
         Investor) as to each of which we exercise sole investment discretion.

(5)      We have received such information as we deem necessary in order to make
         our investment decision.

(6)      If we are acquiring ERISA-Restricted Certificates, we understand that
         in accordance with ERISA, the Code and the Exemption, no Plan and no
         person acting on behalf of such a Plan may acquire such Certificate
         except in accordance with Section 3.03(d) of the Trust Agreement.

         Terms used in this letter which are not otherwise defined herein have
the respective meanings assigned thereto in the Trust Agreement.

                                      G-2

<PAGE>

         You and the Depositor are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect
to the matters covered hereby.

                                             Very truly yours,

                                             ----------------------------------
                                                  [Purchaser]

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

                                      G-3

<PAGE>

                                    EXHIBIT H
                                    ---------

                       [FORM OF ERISA TRANSFER AFFIDAVIT]

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

                  The undersigned, being first duly sworn, deposes and says as
follows:

                  1. The undersigned is the ______________________ of (the
"Investor"), a [corporation duly organized] and existing under the laws of
__________, on behalf of which he makes this affidavit.

                  2. The Investor either (x) is not, and on ___________ [date of
transfer] will not be, an employee benefit plan subject to Section 406 or
Section 407 of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as amended (the
"Code"), the trustee of any such plan or a person acting on behalf of any such
plan or investing the assets of any such plan; (y) if the Certificate has been
the subject of an ERISA-Qualifying Underwriting, is an insurance company that is
purchasing the Certificate with funds contained in an "insurance company general
account" as defined in Section V(e) of Prohibited Transaction Class Exemption
("PTCE") 95-60 and the purchase and holding of the Certificate are covered under
Section I and III of PTCE 95-60; or (z) herewith delivers to the Trustee and
shall deliver to the Depositor an opinion of counsel (a "Benefit Plan Opinion")
satisfactory to the Trustee and the Depositor, and upon which the Trustee and
the Depositor shall be entitled to rely, to the effect that the purchase or
holding of such Certificate by the Investor will not result in the assets of the
Trust Fund being deemed to be plan assets and subject to the prohibited
transaction provisions of ERISA or the Code and will not subject the Trustee or
the Depositor to any obligation in addition to those undertaken by such entities
in the Trust Agreement, which opinion of counsel shall not be an expense of the
Trustee or the Depositor.

                  3. The Investor hereby acknowledges that under the terms of
the Trust Agreement (the "Agreement") among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, and
U.S. Bank National Association, as Trustee, dated as of August 1, 2001, no
transfer of the ERISA-Restricted Certificates shall be permitted to be made to
any person unless the Depositor and Trustee have received a certificate from
such transferee in the form hereof.

<PAGE>

                  IN WITNESS WHEREOF, the Investor has caused this instrument to
be executed on its behalf, pursuant to proper authority, by its duly authorized
officer, duly attested, this ____ day of _______________, 20__.

                                  ----------------------------------------
                                       [Investor]

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

ATTEST:

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

STATE OF             )
                     ) ss.:
COUNTY OF            )

                  Personally appeared before me the above-named
___________________, known or proved to me to be the same person who executed
the foregoing instrument and to be the _________________ of the Investor, and
acknowledged that he executed the same as his free act and deed and the free act
and deed of the Investor.

                  Subscribed and sworn before me this _____ day of ___________
20___.

                                           ----------------------------------
                                           NOTARY PUBLIC

                                           My commission expires the
                                           ____ day of __________, 20__.

                                      H-2

<PAGE>

                                    EXHIBIT I
                                    ---------

                            MONTHLY REMITTANCE ADVICE

<PAGE>

                                    EXHIBIT J
                                    ---------

                      MONTHLY ELECTRONIC DATA TRANSMISSION

<PAGE>

                                    EXHIBIT K
                                    ---------

                              CUSTODIAL AGREEMENTS

<PAGE>

                                    EXHIBIT L
                                    ---------

                             Distribution Priorities
                      [excerpt from Prospectus Supplement]

                                      L-1

<PAGE>

                                    EXHIBIT M
                                    ---------

                            SCHEDULED BALANCES TABLES

                                      M-1

<PAGE>

                                   EXHIBIT N-1

                          FORM OF TRANSFER CERTIFICATE
                  FOR TRANSFER FROM RESTRICTED GLOBAL SECURITY
                         TO REGULATION S GLOBAL SECURITY
                       (Transfers pursuant toss.3.03(h)(B)
                                of the Agreement)
      --------------------------------------------------------------------

                  Re: Structured Asset Securities Corporation Mortgage Loan
                      Trust Mortgage Pass-Through Certificates, Series 2001-12

         Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer, U.S. Bank National Association, as Trustee, dated as
of August 1, 2001. Capitalized terms used but not defined herein shall have the
meanings given to them in the Agreement.

         This letter relates to U.S. $ aggregate principal amount of Securities
which are held in the form of a Restricted Global Security with DTC in the name
of [name of transferor] (the "Transferor") to effect the transfer of the
Securities in exchange for an equivalent beneficial interest in a Regulation S
Global Security.

         In connection with such request, the Transferor does hereby certify
that such transfer has been effected in accordance with the transfer
restrictions set forth in the Agreement and the Securities and in accordance
with Rule 904 of Regulation S, and that:

                  a.  the offer of the Securities was not made to a person in
                      the United States;

                  b.  at the time the buy order was originated, the transferee
                      was outside the United States or the Transferor and any
                      person acting on its behalf reasonably believed that the
                      transferee was outside the United States;

                  c.  no directed selling efforts have been made in
                      contravention of the requirements of Rule 903 or 904 of
                      Regulation S, as applicable;

                  d.  the transaction is not part of a plan or scheme to evade
                      the registration requirements of the United States
                      Securities Act of 1933, as amended; and

                  e.  the transferee is not a U.S. person (as defined in
                      Regulation S).

         You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or

                                      N-1

<PAGE>

official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

                                        -----------------------------------
                                        [Name of Transferor]

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

Date:                   ,
     -------------------  ------

                                     N-1-2

<PAGE>

                                   EXHIBIT N-2

                    FORM OF TRANSFER CERTIFICATE FOR TRANSFER
                        FROM REGULATION S GLOBAL SECURITY
                          TO RESTRICTED GLOBAL SECURITY
                       (Transfers pursuant toss.3.03(h)(C)
                                of the Agreement)
      ---------------------------------------------------------------------

         Re:  Structured Asset Securities Corporation Mortgage Pass-Through
              Certificates, Series 2001-12

         Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer, U.S. Bank National Association, as Trustee, dated as
of August 1, 2001. Capitalized terms used but not defined herein shall have the
meanings given to them in the Agreement.

         This letter relates to U.S. $ aggregate principal amount of Securities
which are held in the form of a Regulations S Global Security in the name of
[name of transferor] (the "Transferor") to effect the transfer of the Securities
in exchange for an equivalent beneficial interest in a Restricted Global
Security.

         In connection with such request, and in respect of such Securities, the
Transferor does hereby certify that such Securities are being transferred in
accordance with (i) the transfer restrictions set forth in the Agreement and the
Securities and (ii) Rule 144A under the United States Securities Act of 1933, as
amended, to a transferee that the Transferor reasonably believes is purchasing
the Securities for its own account or an account with respect to which the
transferee exercises sole investment discretion, the transferee and any such
account is a qualified institutional buyer within the meaning of Rule 144A, in a
transaction meeting the requirements of Rule 144A and in accordance with any
applicable securities laws of any state of the United States or any other
jurisdiction.

                                                     --------------------------
                                                     [Name of Transferor]

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

Date:                  ,
     ------------------  ------

                                      N-3

<PAGE>

                                   SCHEDULE A
                                   ----------

                               ALL MORTGAGE LOANS

                               (by Mortgage Pool)

                                    Sch A-1

<PAGE>

                                   SCHEDULE B
                                   ----------

                      MORTGAGE LOANS WITH RETAINED INTEREST<PAGE>   1
                                FIRST AMENDMENT
                                       TO
                                CREDIT AGREEMENT

         THIS FIRST AMENDMENT TO LOAN AGREEMENT ("First Amendment") is made and
entered into as of this 15th day of June, 2001 by and between INTEGRITY
INCORPORATED, a Delaware corporation ("Borrower"), and LASALLE BANK NATIONAL
ASSOCIATION (the "Lender").

                                  WITNESSETH:

         WHEREAS, pursuant to that certain Credit Agreement, dated as of April
25, 2001, by and between the Borrower and Lender, (the "Credit Agreement"),
Lender established in favor of Borrower (i) a line of credit in the amount of
$6,000,000, (ii) a Term Loan A Facility in the amount of $11,000,000; and (iii)
a Term Loan B Facility in the amount of $3,000,000; and

         WHEREAS, the Lender has agreed to the modification of certain
provisions contained in the Credit Agreement upon the terms and conditions
hereafter set forth.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements set forth herein and for other good and valuable
consideration, the mutuality, receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agrees as follows:

         1.  Definitions. All capitalized terms not otherwise defined herein
shall have the meanings given to such terms in the Credit Agreement.

         2.  Amendments to Credit Agreement. The Credit Agreement is hereby
amended as follows:

                  (a)  Section 1.1.3 of the Credit Agreement is hereby deleted
in its entirety and is hereby replaced with the following:

                           "1.1.3 Use of Proceeds. The funds advanced under this
Line of Credit Facility shall be used exclusively for (i) general working
capital requirements, (ii) the financing of Permitted Acquisitions in
accordance with Section 5.7 and (iii) the financing of the start up of a
publishing division of Borrower in accordance with Section 5.8; provided,
however, such funds shall not be used, directly or indirectly, in any fashion
for the benefit of Celebration or Integrity Music."

                  (b)  Subpart (c) of Section 1.2.2 of the Credit Agreement is
hereby deleted in its entirety and is hereby replaced with the following:

                           "(c)  an aggregate amount not to exceed $1,500,000
may be used for Permitted Acquisitions in accordance with Section 5.7 and/or
for the start up of a publishing division of Borrower in accordance with
Section 5.8;"

<PAGE>   2
         3.       Conditions to Effectiveness. This First Amendment shall
become effective as of June _____, 2001, when and only when the Lender shall
have received (i) this First Amendment duly executed by the Borrower, (ii)
payment of all outstanding legal fees and costs of Lender, including those
incurred in connection with this First Amendment, and (iii) such other
certificates, instruments, documents, agreements and opinions of counsel as may
be required by Lender or its counsel, each of which shall be in form and
substance satisfactory to Lender and its counsel.

         4.       Representations and Warranties. The Borrower hereby
represents and warrants as follows:

                  (a)      This First Amendment and the Credit Agreement, as
amended hereby, have been duly authorized and constitute legal, valid and
binding obligations of the Borrower and are enforceable against the Borrower in
accordance with their respective terms.

                  (b)      Upon the effectiveness of this First Amendment, the
Borrower hereby reaffirms all covenants, representations and warranties made in
the Credit Agreement and agrees that all such covenants, representations and
warranties shall be deemed to have been remade as of the effective date of this
First Amendment.

                  (c)      No Event of Default or Default has occurred and is
continuing or would exist after giving effect to this First Amendment.

                  (d)      The Borrower has no defense, counterclaim or offset
with respect to the Credit Agreement or any of the other Loan Documents.

         5.       Effect on the Credit Agreement.

                  (a)      Upon the effectiveness of this First Amendment, each
reference in the Credit Agreement to "this Agreement," "hereunder," "hereof,"
"herein" or words of like import shall mean and be reference to the Credit
Agreement as amended hereby.

                  (b)      Except as specifically amended herein, the Credit
Agreement, the Loan Documents, and all other documents, instruments and
agreements executed and/or delivered in connection therewith, shall remain in
full force and effect, and are hereby ratified and confirmed.

                  (c)      The execution, delivery and effectiveness of this
First Amendment shall not operate as a waiver of any right, power or remedy of
Lender, nor constitute a waiver of any provision of the Credit Agreement, the
Loan Documents, or any other documents, instruments or agreements executed
and/or delivered under or in connection therewith.

         6.       Governing Law. This First Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns and shall be governed by the construed in accordance with the laws of
the State of Illinois.

                                       2
<PAGE>   3

         7.       Headings. Section headings in this First Amendment are
included herein for convenience of reference only and shall not constitute a
part of this First Amendment for any other purpose.

         8.       Counterparts. This First Amendment may be executed by the
parties hereto in one or more counterparts, each of which taken together shall
be deemed to constitute one and the same instrument.

                  IN WITNESS WHEREOF, this First Amendment has been duly
executed as of the day and year first written above.

                                       INTEGRITY INCORPORATED

                                       By: /s/ Donald S. Ellington
                                       -----------------------------------------
                                       Name:  Donald S. Ellington
                                       Title: CFO

                                       LASALLE BANK NATIONAL ASSOCIATION

                                       By: /s/ Andrew K. Dawson
                                       -----------------------------------------
                                       Name:  Andrew K. Dawson
                                       Title: First Vice President

                                       3

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