Document:

Exhibit 10.1
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                          CREDIT AND SECURITY AGREEMENT

                                  BY AND AMONG

                               COST-U-LESS, INC.,

                                 CULGUAM, INC.,

                                  CULNEV, INC.,

                                  CULUSVI, INC.

                                       AND

                        WELLS FARGO BUSINESS CREDIT, INC.

                                  APRIL 9, 2003

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<PAGE>

                                TABLE OF CONTENTS

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

         Section 1.1       Definitions............................................................................1
         Section 1.2       Other Definitional Terms; Rules of Interpretation......................................9

Article II AMOUNT AND TERMS OF THE CREDIT FACILITY................................................................9

         Section 2.1       Advances...............................................................................9
         Section 2.2       Procedures for Requesting Advances....................................................10
         Section 2.3       Increased Costs and Capital Adequacy..................................................10
         Section 2.4       Letters of Credit.....................................................................12
         Section 2.5       Special Account.......................................................................12
         Section 2.6       Payment of Amounts Drawn Under Letters of Credit; Obligation of Reimbursement.........12
         Section 2.7       Obligations Absolute..................................................................13
         Section 2.8       Interest; Minimum Interest Charge; Default Interest; Clearance Days;
                           Participations; Usury.................................................................14
         Section 2.9       Fees..................................................................................15
         Section 2.10      Time for Interest Payments; Payment on Non-Banking Days; Computation of
                           Interest and Fees.....................................................................16
         Section 2.11      Collateral Account; Application of Payments...........................................16
         Section 2.12      Voluntary Prepayment; Reduction of the Maximum Line; Termination of the Credit
                           Facility by the Borrower..............................................................17
         Section 2.13      Mandatory Prepayment..................................................................17
         Section 2.14      Advances to Pay Obligations...........................................................17
         Section 2.15      Use of Proceeds.......................................................................18
         Section 2.16      Liability Records.....................................................................18

Article III SECURITY INTEREST; OCCUPANCY; SETOFF.................................................................18

         Section 3.1       Grant of Security Interest............................................................18
         Section 3.2       Notification of Account Debtors and Other Obligors....................................18
         Section 3.3       Assignment of Insurance...............................................................18
         Section 3.4       Occupancy.............................................................................19
         Section 3.5       License...............................................................................19
         Section 3.6       Financing Statement...................................................................19
         Section 3.7       Setoff................................................................................20
         Section 3.8       Collateral............................................................................21

Article IV CONDITIONS OF LENDING.................................................................................21

         Section 4.1       Conditions Precedent to the Initial Advance and Letter of Credit......................21
         Section 4.2       Conditions Precedent to All Advances and Letters of Credit............................23
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Article V REPRESENTATIONS AND WARRANTIES.........................................................................24

         Section 5.1       Existence and Power; Name; Chief Executive Office; Inventory and Equipment
                           Locations; Federal Employer Identification Number and Organizational
                           Identification Number.................................................................24
         Section 5.2       Capitalization........................................................................24
         Section 5.3       Authorization of Borrowing; No Conflict as to Law or Agreements.......................25
         Section 5.4       Legal Agreements......................................................................25
         Section 5.5       Subsidiaries..........................................................................25
         Section 5.6       Financial Condition; No Adverse Change................................................25
         Section 5.7       Litigation............................................................................25
         Section 5.8       Regulation U..........................................................................25
         Section 5.9       Taxes.................................................................................26
         Section 5.10      Titles and Liens......................................................................26
         Section 5.11      Intellectual Property Rights..........................................................26
         Section 5.12      Plans.................................................................................27
         Section 5.13      Default...............................................................................27
         Section 5.14      Environmental Matters.................................................................28
         Section 5.15      Submissions to Lender.................................................................28
         Section 5.16      Financing Statements..................................................................29
         Section 5.17      Rights to Payment.....................................................................29
         Section 5.18      Intercompany Note.....................................................................29

Article VI COVENANTS.............................................................................................29

         Section 6.1       Reporting Requirements................................................................29
         Section 6.2       Financial Covenants...................................................................32
         Section 6.3       Permitted Liens; Financing Statements.................................................33
         Section 6.4       Indebtedness..........................................................................34
         Section 6.5       Guaranties............................................................................34
         Section 6.6       Investments and Subsidiaries..........................................................35
         Section 6.7       Dividends and Distributions...........................................................35
         Section 6.8       Salaries..............................................................................35
         Section 6.9       Books and Records; Inspection and Examination.........................................35
         Section 6.10      Account Verification..................................................................36
         Section 6.11      Compliance with Laws..................................................................36
         Section 6.12      Payment of Taxes and Other Claims.....................................................36
         Section 6.13      Maintenance of Properties.............................................................36
         Section 6.14      Insurance.............................................................................37
         Section 6.15      Washington Warning regarding Insurance on Motor Vehicles..............................37
         Section 6.16      Preservation of Existence.............................................................38
         Section 6.17      Delivery of Instruments, etc..........................................................38
         Section 6.18      Sale or Transfer of Assets; Suspension of Business Operations.........................38
         Section 6.19      Consolidation and Merger; Asset Acquisitions..........................................38
         Section 6.20      Sale and Leaseback....................................................................38
         Section 6.21      Restrictions on Nature of Business....................................................39
         Section 6.22      Accounting............................................................................39
         Section 6.23      Discounts, etc........................................................................39
         Section 6.24      Plans.................................................................................39
         Section 6.25      Place of Business; Name...............................................................39
         Section 6.26      Constituent Documents; S Corporation Status...........................................39
         Section 6.27      Performance by the Lender.............................................................39
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Article VII EVENTS OF DEFAULT, RIGHTS AND REMEDIES...............................................................40

         Section 7.1       Events of Default.....................................................................40
         Section 7.2       Rights and Remedies...................................................................42
         Section 7.3       Certain Notices.......................................................................43

Article VIII MISCELLANEOUS.......................................................................................43

         Section 8.1       No Waiver; Cumulative Remedies; Compliance with Laws..................................43
         Section 8.2       Amendments, Etc.......................................................................43
         Section 8.3       Addresses for Notices; Requests for Accounting........................................43
         Section 8.4       Further Documents.....................................................................44
         Section 8.5       Costs and Expenses....................................................................44
         Section 8.6       Indemnity.............................................................................44
         Section 8.7       Participants..........................................................................45
         Section 8.8       Execution in Counterparts; Telefacsimile Execution....................................45
         Section 8.9       Retention of Borrower's Records.......................................................45
         Section 8.10      Binding Effect; Assignment; Complete Agreement; Exchanging Information;
                           Confidentiality.......................................................................46
         Section 8.11      Severability of Provisions............................................................46
         Section 8.12      Headings..............................................................................46
         Section 8.13      Governing Law; Jurisdiction, Venue; Waiver of Jury Trial..............................47
         Section 8.14      Washington Status of Frauds...........................................................47
         Section 8.15      Joint and Several Liability...........................................................47
</TABLE>

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                          CREDIT AND SECURITY AGREEMENT

                            Dated as of April 9, 2003

      COST-U-LESS, INC., a Washington corporation ("CUL"), CULGUAM, INC., a Guam
corporation ("GUAM"), CULNEV, INC., a Nevada corporation ("NEV"), CULUSVI, INC.,
a U.S. Virgin Islands corporation ("USVI") and WELLS FARGO BUSINESS CREDIT,
INC., a Minnesota corporation (the "Lender"), hereby agree as follows:

                                    Article I

                                   DEFINITIONS

      Section 1.1 Definitions. For all purposes of this Agreement, except as
otherwise expressly provided, the following terms shall have the meanings
assigned to them in this Section or in the Section referenced after such term:

      "Account Reserve" means $100,000 or such higher or lower amount as the
Lender shall designate in its sole discretion.

      "Accounts" means all of the Borrower's accounts, as such term is defined
in the UCC, including each and every right of the Borrower to the payment of
money, whether such right to payment now exists or hereafter arises, whether
such right to payment arises out of a sale, lease or other disposition of goods
or other property, out of a rendering of services, out of a loan, out of the
overpayment of taxes or other liabilities, or otherwise arises under any
contract or agreement, whether such right to payment is created, generated or
earned by the Borrower or by some other person who subsequently transfers such
person's interest to the Borrower, whether such right to payment is or is not
already earned by performance, and howsoever such right to payment may be
evidenced, together with all other rights and interests (including all Liens)
which the Borrower may at any time have by law or agreement against any account
debtor or other obligor obligated to make any such payment or against any
property of such account debtor or other obligor; all including but not limited
to all present and future accounts, contract rights, loans and obligations
receivable, chattel papers, bonds, notes and other debt instruments, tax refunds
and rights to payment in the nature of general intangibles.

      "Advance" has the meaning specified in Section 2.1.

      "Affiliate" or "Affiliates" means any Person controlled by, controlling or
under common control with the Borrower, including any Subsidiary of the
Borrower. For 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.

      "Agreement" means this Credit and Security Agreement.
<PAGE>

      "Availability" means the difference of (i) the Borrowing Base and (ii) the
sum of (A) the outstanding principal balance of the Note and (B) the L/C Amount.

      "Banking Day" means a day on which the Federal Reserve Bank of New York is
open for business.

      "Base Rate" means the rate of interest publicly announced from time to
time by Wells Fargo Bank National Association at its principal office in San
Francisco as its "prime rate", with the understanding that the "prime rate" is
one of Wells Fargo's base rates (not necessarily the lowest of such rates) and
serves as the basis upon which effective rates of interest are calculated for
loans making reference thereto.

      "Book Net Worth" means the aggregate of the common and preferred
shareholders' equity in the Borrower, determined in accordance with GAAP but
excluding any adjustment to the Borrower's fiscal year 2002 retained earnings,
not to exceed $500,000, which is related to super-typhoon Pongsona.

      "Borrower" means, individually or together, CUL, GUAM, NEV and USVI.

      "Borrowing Base" means at any time the lesser of:

      (a)   the Maximum Line; or

      (b)   subject to change from time to time in the Lender's sole discretion,
            the sum of:

            (i) 70% of Eligible Inventory located in the United States, plus

            (ii) the lesser of (A) 60% of Eligible Inventory located in the U.S.
      Virgin Islands and Guam or (B) $3,500,000, less

            (iii) the Account Reserve, less

            (iv) the Rent Reserve.

      "Capital Adequacy Rule" has the meaning specified in Section 2.3(a)(i).

      "Capital Expenditures" means for a period, any expenditure of money during
such period for the lease, purchase or other acquisition of any capital asset,
or for the lease of any other asset whether payable currently or in the future.

      "Change of Control" means the occurrence of the following event: During
any consecutive two-year period, individuals who at the beginning of such period
constituted the board of Directors of CUL (together with any new Directors whose
election to such board of Directors, or whose nomination for election by the
Owners of CUL, was approved by a vote of 66-2/3% of the Directors then still in
office who were either Directors at the beginning of such period or whose
election or nomination for election was previously so approved) cease for any
reason to constitute a majority of the board of Directors of CUL then in office.

                                      -2-
<PAGE>

      "Collateral" means all of the Borrower's Accounts, chattel paper, deposit
accounts (including any deposit account of the Borrower held at a bank in the
U.S. Territory of Guam), documents, Equipment (other than that portion of the
Equipment in which the Borrower may not grant a security interest to the Lender
because the granting of such a security interest (i) would violate applicable
law or (ii) is prohibited by or would constitute a default under any agreement
or document governing such Equipment), General Intangibles, goods, instruments,
Inventory, Investment Property, letter-of-credit rights, letters of credit, all
sums on deposit in any Collateral Account, and any items in any lockbox, each
whether now owned or hereafter acquired; together with (i) all substitutions and
replacements for and products of any of the foregoing; (ii) in the case of all
goods, all accessions; (iii) all accessories, attachments, parts, equipment and
repairs now or hereafter attached or affixed to or used in connection with any
goods; (iv) all warehouse receipts, bills of lading and other documents of title
now or hereafter covering such goods; (v) all collateral subject to the Lien of
any Security Document; (vi) any money, or other assets of the Borrower that now
or hereafter come into the possession, custody, or control of the Lender; (vii)
all sums on deposit in the Special Account; and (viii) proceeds of any and all
of the foregoing.

      "Collateral Account" means the "Lender Account" as defined in the
Collection Account Agreement.

      "Collection Account Agreement" means the Collection Account Agreement by
and among the Borrower, Wells Fargo Bank and the Lender, of even date herewith.

      "Commitment" means the Lender's commitment to make Advances to, and to
cause the Issuer to issue Letters of Credit for the account of, the Borrower
pursuant to Article II.

      "Constituent Documents" means with respect to any Person, as applicable,
such Person's certificate of incorporation, articles of incorporation, by-laws,
certificate of formation, articles of organization, limited liability company
agreement, management agreement, operating agreement, shareholder agreement,
partnership agreement or similar document or agreement governing such Person's
existence, organization or management or concerning disposition of ownership
interests of such Person or voting rights among such Person's owners.

      "Credit Facility" means the credit facility being made available to the
Borrower by the Lender under Article II.

      "Debt" means of a Person as of a given date, all items of indebtedness or
liability which in accordance with GAAP would be included in determining total
liabilities as shown on the liabilities side of a balance sheet for such Person
and shall also include the aggregate payments required to be made by such Person
at any time under any lease that is considered a capitalized lease under GAAP.

      "Default" means an event that, with giving of notice or passage of time or
both, would constitute an Event of Default.

      "Default Period" means any period of time beginning on the day a Default
or Event of Default occurs and ending on the date the Lender notifies the
Borrower that such Default or Event of Default has been cured or waived by the
Lender in writing.

                                      -3-
<PAGE>

      "Default Rate" means an annual interest rate equal to three percent (3%)
over the Floating Rate, which interest rate shall change when and as the
Floating Rate changes.

      "Director" means a director, if the Borrower is a corporation, a governor,
if the Borrower is a limited liability company, or a general partner, if the
Borrower is a partnership.

      "ERISA" means the Employee Retirement Income Security Act of 1974.

      "ERISA Affiliate" means any trade or business (whether or not
incorporated) that is a member of a group which includes the Borrower and which
is treated as a single employer under Section 414 of the IRC.

      "Eligible Inventory" means all Inventory of the Borrower, at the lower of
cost or market value as determined in accordance with GAAP; but excluding any
Inventory having any of the following characteristics:

            (i) Inventory that is: in-transit; located at any warehouse, job
      site or other premises not approved by the Lender in writing; located
      outside of the states, or localities, as applicable, in which the Lender
      has filed financing statements to perfect a first priority security
      interest in such Inventory; covered by any negotiable or non-negotiable
      warehouse receipt, bill of lading or other document of title; on
      consignment from any Person; on consignment to any Person or subject to
      any bailment unless such consignee or bailee has executed an agreement
      with the Lender;

            (ii) Supplies, packaging, parts or sample Inventory;

            (iii) Inventory that is damaged, obsolete, seasonal, slow moving or
      not currently saleable in the normal course of the Borrower's operations;

            (v) Inventory that the Borrower has returned, has attempted to
      return, is in the process of returning or intends to return to the vendor
      thereof;

            (vi) Inventory that is perishable or live;

            (vii) Inventory distributed by the Borrower pursuant to a license
      unless the applicable licensor has agreed in writing to permit the Lender
      to exercise its rights and remedies against such Inventory;

            (viii) Inventory that is subject to a Lien in favor of any Person
      other than the Lender;

            (ix) Inventory consisting of bottles returned for deposits; and

            (x) Inventory otherwise deemed ineligible by the Lender in its sole
      discretion.

      "Environmental Law" means any federal, state, local or other governmental
statute, regulation, law or ordinance dealing with the protection of human
health and the environment.

                                      -4-
<PAGE>

      "Equipment" means all of the Borrower's equipment, as such term is defined
in the UCC, whether now owned or hereafter acquired, including but not limited
to all present and future machinery, vehicles, furniture, fixtures,
manufacturing equipment, shop equipment, office and recordkeeping equipment,
parts, tools, supplies, and including specifically the goods described in any
equipment schedule or list herewith or hereafter furnished to the Lender by the
Borrower.

      "Event of Default" has the meaning specified in Section 7.1.

      "Financial Covenants" means the covenants set forth in Section 6.2.

      "Floating Rate" means, with respect to the Advances, an annual interest
rate equal to the sum of the Base Rate plus one and one half percent (1.50%),
which interest rate shall change when and as the Base Rate changes.

      "Funding Date" has the meaning specified in Section 2.1.

      "GAAP" means generally accepted accounting principles, applied on a basis
consistent with the accounting practices applied in the financial statements
described in Section 5.6.

      "General Intangibles" means all of the Borrower's general intangibles, as
such term is defined in the UCC, whether now owned or hereafter acquired,
including all present and future Intellectual Property Rights, customer or
supplier lists and contracts, manuals, operating instructions, permits,
franchises, the right to use the Borrower's name, and the goodwill of the
Borrower's business.

      "Guarantor(s)" means CUL, any Subsidiary or Person now or hereafter
guarantying the Obligations.

      "Hazardous Substances" means pollutants, contaminants, hazardous
substances, hazardous wastes, petroleum and fractions thereof, and all other
chemicals, wastes, substances and materials listed in, regulated by or
identified in any Environmental Law.

      "IRC" means the Internal Revenue Code of 1986.

      "Infringement" or "Infringing" when used with respect to Intellectual
Property Rights means any infringement or other violation of Intellectual
Property Rights.

      "Intellectual Property Rights" means all actual or prospective rights
arising in connection with any intellectual property or other proprietary
rights, including all rights arising in connection with copyrights, patents,
service marks, trade dress, trade secrets, trademarks, trade names or mask
works.

      "Intercompany Notes" means those certain promissory notes by a Borrower or
Subsidiary in favor of another Borrower or Subsidiary, including that certain
Secured Promissory Note dated as of October 9, 1996 by CULSAMOA, INC. in favor
of NEV in the original principal amount of $1,694,744.35, that certain Secured
Promissory Note dated as of March 10, 1999 by C.U.L. (Curacao) N.V. in favor of
NEV in the original principal amount of $2,250,000, that certain Secured
Promissory Note dated as of October 9, 1996 by USVI in favor of NEV in the
original principal amount of $3,600,554.95, and that certain Secured Promissory
Note dated as of October 9, 1996 by GUAM in favor of NEV in the original
principal amount of $3,256,858.79.

                                      -5-
<PAGE>

      "Inventory" means all of the Borrower's inventory, as such term is defined
in the UCC, whether now owned or hereafter acquired, whether consisting of whole
goods, spare parts or components, supplies or materials, whether acquired, held
or furnished for sale, for lease or under service contracts or for manufacture
or processing, and wherever located.

      "Investment Property" means all of the Borrower's investment property, as
such term is defined in the UCC, whether now owned or hereafter acquired,
including but not limited to all securities, security entitlements, securities
accounts, commodity contracts, commodity accounts, stocks, bonds, mutual fund
shares, money market shares and U.S. Government securities.

      "Issuer" means the issuer of any Letter of Credit.

      "L/C Amount" means the sum of (i) the aggregate face amount of any issued
and outstanding Letters of Credit and (ii) the unpaid amount of the Obligation
of Reimbursement.

      "L/C Application" means an application and agreement for letters of credit
in a form acceptable to the Issuer, the Borrower and the Lender.

      "L/C Rule" has the meaning specified in Section 2.3(a)(ii).

      "Letter of Credit" has the meaning specified in Section 2.4.

      "Licensed Intellectual Property" has the meaning specified in Section
5.11(c).

      "Lien" means any security interest, mortgage, deed of trust, pledge, lien,
charge, encumbrance, title retention agreement or analogous instrument or
device, including the interest of each lessor under any capitalized lease and
the interest of any bondsman under any payment or performance bond, in, of or on
any assets or properties of a Person, whether now owned or hereafter acquired
and whether arising by agreement or operation of law.

      "Loan Documents" means this Agreement, the Note, the Security Documents
and any L/C Application.

      "Material Adverse Effect" means any of the following:

            (i) a material adverse effect on the business, operations, results
      of operations or financial condition of the Borrower or on the prospect of
      repayment of the Obligations;

            (ii) a material adverse effect on the ability of the Borrower to
      perform its obligations under the Loan Documents;

            (iii) a material adverse effect on the ability of the Lender to
      enforce the Obligations or to realize the intended benefits of the
      Security Documents, including a material adverse effect on the validity or
      enforceability of any Loan Document or of any rights against any
      Guarantor, or on the status, existence, perfection, priority (subject to
      Permitted Liens) or enforceability of any Lien securing payment or
      performance of the Obligations; or

                                      -6-
<PAGE>

            (iv) any credible claim against the Borrower or threat of litigation
      made in writing which, if determined adversely to the Borrower, would
      cause the Borrower to be liable to pay an amount exceeding $100,000 or
      would be an event described in clauses (i), (ii) and (iii) above.

      "Maturity Date" means April 9, 2006.

      "Maximum Line" means $6,000,000 unless said amount is reduced pursuant to
Section 2.12, in which event it means such lower amount.

      "Minimum Interest Charge" has the meaning given in Section 2.8(b).

      "Multiemployer Plan" means a multiemployer plan (as defined in Section
4001(a)(3) of ERISA) to which the Borrower or any ERISA Affiliate contributes or
is obligated to contribute.

      "Net Income" means fiscal year-to-date before-tax net income from
continuing operations, including extraordinary losses but excluding
extraordinary gains, as determined in accordance with GAAP.

      "Non-Borrower Subsidiary" means any Subsidiary, except GUAM, NEV and USVI.

      "Note" means the Borrower's Promissory Note, payable to the order of the
Lender in substantially the form of Exhibit A hereto.

      "Obligation of Reimbursement" has the meaning specified in Section 2.6(a).

      "Obligations" means the Note, the Obligation of Reimbursement and each and
every other debt, liability and obligation of every type and description which
the Borrower may now or at any time hereafter owe to the Lender, whether such
debt, liability or obligation now exists or is hereafter created or incurred,
whether it arises in a transaction involving the Lender alone or in a
transaction involving other creditors of the Borrower, and whether it is direct
or indirect, due or to become due, absolute or contingent, primary or secondary,
liquidated or unliquidated, or sole, joint, several or joint and several, and
including all indebtedness of the Borrower arising under any Loan Document or
guaranty between the Borrower and the Lender, whether now in effect or hereafter
entered into.

      "Officer" means with respect to the Borrower, an officer, if the Borrower
is a corporation, a manager of the Borrower, if the Borrower is a limited
liability company, or a partner, if the Borrower is a partnership.

      "Owned Intellectual Property" has the meaning specified in Section
5.11(a).

      "Owner" means with respect to the Borrower, each Person having legal or
beneficial title to an ownership interest in the Borrower or a right to acquire
such an interest.

                                      -7-
<PAGE>

      "Patent and Trademark Security Agreement" means the Patent and Trademark
Security Agreement by CUL in favor of the Lender of even date herewith.

      "Pension Plan" means a pension plan (as defined in Section 3(2) of ERISA)
maintained for employees of the Borrower or any ERISA Affiliate and covered by
Title IV of ERISA.

      "Permitted Lien" has the meaning specified in Section 6.3(a).

      "Permitted Transfers" has the meaning specified in Section 6.18.

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

      "Plan" means an employee benefit plan (as defined in Section 3(3) of
ERISA) maintained for employees of the Borrower or any ERISA Affiliate.

      "Premises" means all premises where the Borrower conducts its business and
has any rights of possession, including the premises legally described in
Exhibit C attached hereto.

      "Related Documents" has the meaning specified in Section 2.7.

      "Related Lender" has the meaning specified in Section 2.3(a)(iii).

      "Rent Reserve" means $26,000 or such higher or lower amount as the Lender
shall designate in its sole discretion.

      "Reportable Event" means a reportable event (as defined in Section 4043 of
ERISA), other than an event for which the 30-day notice requirement under ERISA
has been waived in regulations issued by the Pension Benefit Guaranty
Corporation.

      "Return" has the meaning specified in Section 2.3(a)(iv).

      "Rule Change" has the meaning specified in Section 2.3(a)(v).

      "Security Documents" means this Agreement, the Collection Account
Agreement, the Patent and Trademark Security Agreement and any other document
delivered to the Lender from time to time to secure the Obligations.

      "Security Interest" has the meaning specified in Section 3.1.

      "Special Account" means a specified cash collateral account maintained by
a financial institution acceptable to the Lender in connection with Letters of
Credit, as contemplated by Section 2.5.

      "Subordination Agreement" means the Intercreditor Agreement by and between
the Lender and Banco Popular de Puerto Rico, dated as of April 4, 2003, and
acknowledged by USVI and CUL, the Security Interest Subordination Agreement by
NEV in favor of the Lender, and any other Subordination Agreement accepted by
the Lender from time to time.

                                      -8-
<PAGE>

      "Subsidiary" means any corporation of which more than 50% of the
outstanding shares of capital stock having general voting power under ordinary
circumstances to elect a majority of the board of Directors of such corporation,
irrespective of whether or not at the time stock of any other class or classes
shall have or might have voting power by reason of the happening of any
contingency, is at the time directly or indirectly owned by the Borrower, by the
Borrower and one or more other Subsidiaries, or by one or more other
Subsidiaries.

      "Termination Date" means the earliest of (i) the Maturity Date, (ii) the
date the Borrower terminates the Credit Facility, or (iii) the date the Lender
demands payment of the Obligations after an Event of Default pursuant to Section
7.2.

      "UCC" means the Uniform Commercial Code as in effect in the state
designated in Section 8.13 as the state whose laws shall govern this Agreement,
or in any other state whose laws are held to govern this Agreement or any
portion hereof.

      "Unused Amount" has the meaning specified in Section 2.9(b).

      "Wells Fargo Bank" means Wells Fargo Bank, National Association.

      Section 1.2 Other Definitional Terms; Rules of Interpretation. The words
"hereof", "herein" and "hereunder" and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. All accounting terms not otherwise defined herein
have the meanings assigned to them in accordance with GAAP. All terms defined in
the UCC and not otherwise defined herein have the meanings assigned to them in
the UCC. References to Articles, Sections, subsections, Exhibits, Schedules and
the like, are to Articles, Sections and subsections of, or Exhibits or Schedules
attached to, this Agreement unless otherwise expressly provided. The words
"include", "includes" and "including" shall be deemed to be followed by the
phrase "without limitation". Unless the context in which used herein otherwise
clearly requires, "or" has the inclusive meaning represented by the phrase
"and/or". Defined terms include in the singular number the plural and in the
plural number the singular. Reference to any agreement (including the Loan
Documents), document or instrument means such agreement, document or instrument
as amended or modified and in effect from time to time in accordance with the
terms thereof (and, if applicable, in accordance with the terms hereof and the
other Loan Documents), except where otherwise explicitly provided, and reference
to any promissory note includes any promissory note which is an extension or
renewal thereof or a substitute or replacement therefor. Reference to any law,
rule, regulation, order, decree, requirement, policy, guideline, directive or
interpretation means as amended, modified, codified, replaced or reenacted, in
whole or in part, and in effect on the determination date, including rules and
regulations promulgated thereunder.

                                   Article II

                     AMOUNT AND TERMS OF THE CREDIT FACILITY

      Section 2.1 Advances. The Lender agrees, on the terms and subject to the
conditions herein set forth, to make advances to the Borrower from time to time
from the date all of the conditions set forth in Section 4.1 are satisfied (the
"Funding Date") to the Termination Date (the

                                      -9-
<PAGE>

"Advances"). The Lender shall have no obligation to make an Advance to the
extent the amount of the requested Advance exceeds Availability. The Borrower's
obligation to pay the Advances shall be evidenced by the Note and shall be
secured by the Collateral. Within the limits set forth in this Section 2.1, the
Borrower may borrow, prepay pursuant to Section 2.12 and reborrow.

      Section 2.2 Procedures for Requesting Advances. The Borrower shall comply
with the following procedures in requesting Advances:

      (a) Time for Requests. CUL shall request each Advance not later than 10:00
a.m. Seattle, Washington time, on the Banking Day which, is the date the Advance
is to be made. Each such request shall be effective upon receipt by the Lender,
shall be in writing or by telephone or telecopy transmission, to be confirmed in
writing by CUL if so requested by the Lender, shall be by (i) an Officer of CUL;
or (ii) a person designated as CUL's agent by an Officer of CUL in a writing
delivered to the Lender; or (iii) a person whom the Lender reasonably believes
to be an Officer of CUL or such a designated agent. The Borrower shall repay all
Advances even if the Lender does not receive such confirmation and even if the
person requesting an Advance was not in fact authorized to do so. Any request
for an Advance, whether written or telephonic, shall be deemed to be a
representation by the Borrower that the conditions set forth in Section 4.2 have
been satisfied as of the time of the request.

      (b) Disbursement. Upon fulfillment of the applicable conditions set forth
in Article IV, the Lender shall disburse the proceeds of the requested Advance
by crediting the same to CUL's demand deposit account maintained with Wells
Fargo Bank unless the Lender and CUL shall agree in writing to another manner of
disbursement. The Lender shall use commercially reasonable efforts to make each
such Advance on the Banking Day on which the request for such Advance is made
pursuant to Section 2.2(a).

      Section 2.3 Increased Costs and Capital Adequacy.

      (a) Increased Costs and Capital Adequacy. If the Lender determines at any
time that its Return has been reduced as a result of any Rule Change, the Lender
may so notify the Borrower and require the Borrower, beginning fifteen (15) days
after such notice, to pay it the amount necessary to restore its Return to what
it would have been had there been no Rule Change. For purposes of this Section
2.3:

            (i) "Capital Adequacy Rule" means any law, rule, regulation,
      guideline, directive, requirement or request regarding capital adequacy,
      or the interpretation or administration thereof by any governmental or
      regulatory authority, central bank or comparable agency, whether or not
      having the force of law, that applies to any Related Lender, including
      rules requiring financial institutions to maintain total capital in
      amounts based upon percentages of outstanding loans, binding loan
      commitments and letters of credit.

            (ii) "L/C Rule" means any law, rule, regulation, guideline,
      directive, requirement or request regarding letters of credit, or the
      interpretation or administration thereof by any governmental or regulatory
      authority, central bank or comparable agency, whether or not having the
      force of law, that applies to any Related Lender, including those that
      impose taxes, duties or other similar charges, or mandate reserves,
      special deposits or similar requirements against assets of, deposits with
      or for the account of, or credit extended by any Related Lender, on
      letters of credit.

                                      -10-
<PAGE>

            (iii) "Related Lender" includes (but is not limited to) the Lender,
      any parent of the Lender, any assignee of any interest of the Lender
      hereunder and any participant in the Credit Facility.

            (iv) "Return", for any period, means the percentage determined by
      dividing (i) the sum of interest and ongoing fees earned by the Lender
      under this Agreement during such period, by (ii) the average capital the
      Lender is required to maintain during such period as a result of its being
      a party to this Agreement, as determined by the Lender based upon its
      total capital requirements and a reasonable attribution formula that takes
      account of the Capital Adequacy Rules and L/C Rules then in effect, costs
      of issuing or maintaining any Advance or Letter of Credit and amounts
      received or receivable under this Agreement or the Note with respect to
      any Advance or Letter of Credit. Return may be calculated for each
      calendar quarter and for the shorter period between the end of a calendar
      quarter and the date of termination in whole of this Agreement.

            (v) "Rule Change" means any change in any Capital Adequacy Rule or
      L/C Rule occurring after the date of this Agreement, or any change in the
      interpretation or administration thereof by any governmental or regulatory
      authority, but the term does not include any changes that at the Funding
      Date are scheduled to take place under the existing Capital Adequacy Rules
      or L/C Rules or any increases in the capital that the Lender is required
      to maintain to the extent that the increases are required due to a
      regulatory authority's assessment of that Lender's financial condition.

The initial notice sent by the Lender shall be sent as promptly as practicable
after the Lender learns that its Return has been reduced, shall include a demand
for payment of the amount necessary to restore the Lender's Return for the
quarter in which the notice is sent, and shall state in reasonable detail the
cause for the reduction in its Return and its calculation of the amount of such
reduction. Thereafter, the Lender may send a new notice during each calendar
quarter setting forth the calculation of the reduced Return for that quarter and
including a demand for payment of the amount necessary to restore its Return for
that quarter. The Lender's calculation in any such notice shall be conclusive
and binding absent demonstrable error. The Lender agrees that it will allocate
the aggregate adjustment resulting from a Rule Change among its customers
similarly affected in good faith and in a manner consistent with the Lender's
customary practice.

                                      -11-
<PAGE>

      Section 2.4 Letters of Credit.

      (a) The Lender agrees, on the terms and subject to the conditions herein
set forth, to cause an Issuer to issue, from the Funding Date to the Termination
Date, one or more irrevocable standby or documentary letters of credit (each, a
"Letter of Credit") for CUL's account by guaranteeing payment of CUL's
obligations or being a co-applicant. The Lender shall have no obligation to
cause an Issuer to issue any Letter of Credit if the face amount of the Letter
of Credit to be issued would exceed the lesser of:

            (i) $500,000 less the L/C Amount, or

            (ii) Availability.

Each Letter of Credit, if any, shall be issued pursuant to a separate L/C
Application entered into between CUL and the Lender for the benefit of the
Issuer, completed in a manner satisfactory to the Lender and the Issuer. The
terms and conditions set forth in each such L/C Application shall supplement the
terms and conditions hereof, but if the terms of any such L/C Application and
the terms of this Agreement are inconsistent, the terms hereof shall control.

      (b) No Letter of Credit shall be issued with an expiry date later than the
Termination Date in effect as of the date of issuance and no Letter of Credit
shall be issued for any Borrower's account, other than CUL's account.

      (c) Any request to cause an Issuer to issue a Letter of Credit shall be
deemed to be a representation by the Borrower that the conditions set forth in
Section 4.2 have been satisfied as of the date of the request.

      Section 2.5 Special Account. If the Credit Facility is terminated for any
reason while any Letter of Credit is outstanding, the Borrower shall thereupon
pay the Lender in immediately available funds for deposit in the Special Account
an amount equal to the L/C Amount. The Special Account shall be an interest
bearing account maintained for the Lender by any financial institution
acceptable to the Lender. Any interest earned on amounts deposited in the
Special Account shall be credited to the Special Account. The Lender may apply
amounts on deposit in the Special Account at any time or from time to time to
the Obligations in the Lender's sole discretion. The Borrower may not withdraw
any amounts on deposit in the Special Account as long as the Lender maintains a
security interest therein. The Lender agrees to transfer any balance in the
Special Account to the Borrower when the Lender is required to release its
security interest in the Special Account under applicable law.

      Section 2.6 Payment of Amounts Drawn Under Letters of Credit; Obligation
of Reimbursement. The Borrower acknowledges that the Lender, as co-applicant,
will be liable to the Issuer for reimbursement of any and all draws under
Letters of Credit and for all other amounts required to be paid under the
applicable L/C Application. Accordingly, the Borrower shall pay to the Lender
any and all amounts required to be paid under the applicable L/C Application,
when and as required to be paid thereby, and the amounts designated below, when
and as designated:

                                      -12-
<PAGE>

      (a) The Borrower shall pay to the Lender, on the day a draft is honored
under any Letter of Credit, if such day is a Banking Day, or, if such day is not
a Banking Day, on the first Banking Day following the day a draft is honored
under any Letter of Credit, a sum equal to all amounts drawn under such Letter
of Credit plus any and all reasonable charges and expenses that the Issuer or
the Lender may pay or incur relative to such draw and the applicable L/C
Application, plus interest on all such amounts, charges and expenses as set
forth below (the Borrower's obligation to pay all such amounts is herein
referred to as the "Obligation of Reimbursement").

      (b) Whenever a draft is submitted under a Letter of Credit, the Borrower
authorizes the Lender to make an Advance in the amount of the Obligation of
Reimbursement and to apply the proceeds of such Advance thereto. Such Advance
shall be repayable in accordance with and be treated in all other respects as an
Advance hereunder.

      (c) If a draft is submitted under a Letter of Credit when the Borrower is
unable, because a Default Period exists or for any other reason, to obtain an
Advance to pay the Obligation of Reimbursement, the Borrower shall pay to the
Lender on demand and in immediately available funds, the amount of the
Obligation of Reimbursement together with interest, accrued from the date of the
draft until payment in full at the Default Rate. Notwithstanding the Borrower's
inability to obtain an Advance for any reason, the Lender is irrevocably
authorized, in its sole discretion, to make an Advance in an amount sufficient
to discharge the Obligation of Reimbursement and all accrued but unpaid interest
thereon.

      (d) The Borrower's obligation to pay any Advance made under this Section
2.6, shall be evidenced by the Note and shall bear interest as provided in
Section 2.8.

      Section 2.7 Obligations Absolute. The Borrower's obligations arising under
Section 2.6 shall be absolute, unconditional and irrevocable, and shall be paid
strictly in accordance with the terms of Section 2.6, under all circumstances
whatsoever, including (without limitation) the following circumstances:

      (a) any lack of validity or enforceability of any Letter of Credit or any
other agreement or instrument relating to any Letter of Credit (collectively the
"Related Documents");

      (b) any amendment or waiver of or any consent to departure from all or any
of the Related Documents;

      (c) the existence of any claim, setoff, defense or other right which the
Borrower may have at any time, against any beneficiary or any transferee of any
Letter of Credit (or any persons or entities for whom any such beneficiary or
any such transferee may be acting), or other person or entity, whether in
connection with this Agreement, the transactions contemplated herein or in the
Related Documents or any unrelated transactions;

      (d) any statement or any other document presented under any Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any respect whatsoever;

                                      -13-
<PAGE>

      (e) payment by or on behalf of the Issuer under any Letter of Credit
against presentation of a draft or certificate which does not strictly comply
with the terms of such Letter of Credit; or

      (f) any other circumstance or happening whatsoever, whether or not similar
to any of the foregoing.

      Section 2.8 Interest; Minimum Interest Charge; Default Interest; Clearance
Days; Participations; Usury.

      (a) Interest. Except as set forth in Section 2.8(c) and Section 2.8(f),
the outstanding principal balance of the Note shall bear interest at the
Floating Rate.

      (b) Minimum Interest Charge. Notwithstanding the interest payable pursuant
to Subsection (a), the Borrower shall pay to the Lender interest of not less
than $10,000 per calendar month (the "Minimum Interest Charge") during the term
of this Agreement, and the Borrower shall pay any deficiency between the Minimum
Interest Charge and the amount of interest otherwise calculated under Section
2.8(a) on the first day of each month and on the Termination Date.

      (c) Default Interest Rate. Upon notice to the Borrower from the Lender
from time to time, the principal of the Advances outstanding from time to time
shall bear interest at the Default Rate, effective as of the first day of the
fiscal month during which any Default Period begins through the last day of such
Default Period. The Lender's election to charge the Default Rate shall be in its
sole discretion and shall not be a waiver of any of its rights and remedies. The
Lender's election to charge interest at the Default Rate for less than the
entire period during which the Default Rate may be charged shall not be a waiver
of its right to later charge the Default Rate for the entire such period.

      (d) Clearance Days. Notwithstanding Section 2.11(b)(ii), interest at the
interest rate applicable under this Section 2.8 shall accrue on the amount of
all payments (even if in the form of immediately available federal funds) for
one day for clearance.

      (e) Participations. If any Person shall acquire a participation in the
Advances or the Obligation of Reimbursement, the Borrower shall be obligated to
the Lender to pay the full amount of all interest calculated under this Section
2.8, along with all other fees, charges and other amounts due under this
Agreement, regardless if such Person elects to accept interest with respect to
its participation at a lower rate than that calculated under this Section 2.8,
or otherwise elects to accept less than its prorata share of such fees, charges
and other amounts due under this Agreement.

      (f) Usury. In any event no rate change shall be put into effect which
would result in a rate greater than the highest rate permitted by law.
Notwithstanding anything to the contrary contained in any Loan Document, all
agreements which either now are or which shall become agreements between the
Borrower and the Lender are hereby limited so that in no contingency or event
whatsoever shall the total liability for payments in the nature of interest,
additional interest and other charges exceed the applicable limits imposed by
any applicable usury laws. If any payments in the nature of interest, additional
interest and other charges made under any Loan

                                      -14-
<PAGE>

Document are held to be in excess of the limits imposed by any applicable usury
laws, it is agreed that any such amount held to be in excess shall be considered
payment of principal hereunder, and the indebtedness evidenced hereby shall be
reduced by such amount so that the total liability for payments in the nature of
interest, additional interest and other charges shall not exceed the applicable
limits imposed by any applicable usury laws, in compliance with the desires of
the Borrower and the Lender. This provision shall never be superseded or waived
and shall control every other provision of the Loan Documents and all agreements
between the Borrower and the Lender, or their successors and assigns.

      Section 2.9 Fees.

      (a) Origination Fee. The Borrower shall pay the Lender a fully earned and
non-refundable origination fee of $60,000, due and payable upon the execution of
this Agreement.

      (b) Unused Line Fee. For the purposes of this Section 2.9, "Unused Amount"
means the Maximum Line reduced by outstanding Advances and the L/C Amount. The
Borrower agrees to pay to the Lender an unused line fee at the rate of one
quarter of one percent (0.25%) per annum on the average daily Unused Amount from
the date of this Agreement to and including the Termination Date, due and
payable monthly in arrears on the first day of the month and on the Termination
Date.

      (c) Audit Fees. The Borrower shall pay the Lender, on demand, audit fees
in connection with any audits or inspections conducted by the Lender of any
Collateral or the Borrower's operations or business at the rates established
from time to time by the Lender as its audit fees (which fees are currently $95
per hour per auditor), together with all actual out-of-pocket costs and expenses
incurred in conducting any such audit or inspection. Other than during a Default
Period, the Lender will not charge more than $95 per hour per auditor during the
period from the date hereof to and including the third anniversary of the date
hereof.

      (d) Letter of Credit Fees. With respect to each Letter of Credit, the
Borrower agrees to pay to the Lender a fully earned and non-refundable
origination fee of two percent (2.00%) of the aggregate amount that may then be
drawn on under such Letter of Credit assuming compliance with all conditions for
drawing, which fee shall be due and payable upon the issuance of such Letter of
Credit. The foregoing fee shall be in addition to any and all fees, commissions
and charges of the Issuer with respect to or in connection with such Letter of
Credit.

      (e) Letter of Credit Administrative Fees. The Borrower shall pay to the
Lender, on written demand, the administrative fees charged by the Issuer in
connection with the honoring of drafts under any Letter of Credit, amendments
thereto, transfers thereof and all other activity with respect to the Letters of
Credit at the then - current rates published by the Issuer for such services
rendered on behalf of customers of the Issuer generally.

      (f) Termination and Line Reduction Fees. If the Credit Facility is
terminated (i) by the Lender during a Default Period that begins before a
Maturity Date, (ii) by the Borrower (A) as of a date other than a Maturity Date
or (B) as of a Maturity Date but without the Lender having received written
notice of such termination at least 90 days before such Maturity Date, or

                                      -15-
<PAGE>

if the Borrower reduces the Maximum Line, the Borrower shall pay to the Lender a
fee in an amount equal to a percentage of the Maximum Line (or the reduction of
the Maximum Line, as the case may be) as follows: (A) three percent (3.0%) if
the termination or reduction occurs on or before the first anniversary of the
Funding Date; (B) two percent (2.0%) if the termination or reduction occurs
after the first anniversary of the Funding Date but on or before the second
anniversary of the Funding Date; and (C) one percent (1.0%) if the termination
or reduction occurs after the second anniversary of the Funding Date.

      (g) Waiver of Termination and Prepayment Fees. The Borrower will not be
required to pay the termination fees otherwise due under Section 2.9(f) if such
termination is made because of refinancing by an affiliate of the Lender.

      (h) Other Fees. The Lender may from time to time charge additional fees
for Advances made in excess of the Borrowing Base, for late delivery of reports,
in lieu of imposing interest at the Default Rate, and (during a Default Period)
for other reasons.

      Section 2.10 Time for Interest Payments; Payment on Non-Banking Days;
Computation of Interest and Fees.

      (a) Time For Interest Payments. Interest shall be due and payable in
arrears on the first day of each month and on the Termination Date.

      (b) Payment on Non-Banking Days. Whenever any payment to be made hereunder
shall be stated to be due on a day which is not a Banking Day, such payment may
be made on the next succeeding Banking Day, and such extension of time shall in
such case be included in the computation of interest on the Advances or the fees
hereunder, as the case may be.

      (c) Computation of Interest and Fees. Interest accruing on the outstanding
principal balance of the Advances and fees hereunder outstanding from time to
time shall be computed on the basis of actual number of days elapsed in a year
of 360 days.

      Section 2.11 Collateral Account; Application of Payments.

      (a) Collateral Account.

            (i) The Borrower shall deposit all payments on Accounts and all
      other cash proceeds of Collateral directly into the Collateral Account and
      shall deposit directly into the Collateral Account on a daily basis (by
      wire transfer or other electronic means) all amounts held in any deposit
      account with a depository institution with which the Lender has not
      entered into a Control Agreement. Until so deposited, the Borrower shall
      hold all such payments and cash proceeds in trust for and as the property
      of the Lender and shall not commingle such property with any of its other
      funds or property. All deposits in the Collateral Account shall constitute
      proceeds of Collateral and shall not constitute payment of the
      Obligations.

            (ii) All items deposited in the Collateral Account shall be subject
      to final payment. If any such item is returned uncollected, the Borrower
      will immediately pay the Lender, or, for items deposited in the Collateral
      Account, the bank maintaining such account, the amount of that item, or
      such bank at its discretion may charge any uncollected item to the
      Borrower's commercial account or other account. The Borrower shall be
      liable as an endorser on all items deposited in the Collateral Account,
      whether or not in fact endorsed by the Borrower.

                                      -16-
<PAGE>

      (b) Application of Payments.

            (i) The Borrower may, from time to time, in accordance with the
      Collection Account Agreement, cause funds in the Collateral Account to be
      transferred to the Lender's general account for payment of the
      Obligations. Except as provided in the preceding sentence, amounts
      deposited in the Collateral Account shall not be subject to withdrawal by
      the Borrower, except after full payment and discharge of all Obligations.

            (ii) All payments to the Lender shall be made in immediately
      available funds and shall be applied to the Obligations upon receipt by
      the Lender. Funds received from the Collateral Account shall be deemed to
      be immediately available. The Lender may hold all payments not
      constituting immediately available funds for three (3) additional days
      before applying them to the Obligations.

      Section 2.12 Voluntary Prepayment; Reduction of the Maximum Line;
Termination of the Credit Facility by the Borrower. Except as otherwise provided
herein, the Borrower may prepay the Advances in whole at any time or from time
to time in part. The Borrower may terminate the Credit Facility or reduce the
Maximum Line at any time if it (i) gives the Lender at least 30 days' prior
written notice and (ii) pays the Lender termination, prepayment and Maximum Line
reduction fees in accordance with Section 2.9(f). Any reduction in the Maximum
Line must be in an amount of not less than $1,000,000 or an integral multiple
thereof. If the Borrower reduces the Maximum Line to zero, all Obligations shall
be immediately due and payable. Subject to termination of the Credit Facility
and payment and performance of all Obligations, the Lender shall, at the
Borrower's expense, release or terminate the Security Interest and the Security
Documents to which the Borrower is entitled by law.

      Section 2.13 Mandatory Prepayment. Without notice or demand, if the sum of
the outstanding principal balance of the Advances plus the L/C Amount shall at
any time exceed the Borrowing Base, the Borrower shall (i) first, immediately
prepay the Advances to the extent necessary to eliminate such excess; and (ii)
if prepayment in full of the Advances is insufficient to eliminate such excess,
pay to the Lender in immediately available funds for deposit in the Special
Account an amount equal to the remaining excess. Any payment received by the
Lender under this Section 2.13 or under Section 2.12 may be applied to the
Obligations, in such order and in such amounts as the Lender, in its discretion,
may from time to time determine.

      Section 2.14 Advances to Pay Obligations. Notwithstanding anything in
Section 2.1, the Lender may, in its discretion at any time or from time to time,
without the Borrower's request and even if the conditions set forth in Section
4.2 would not be satisfied, make an Advance in an amount equal to the portion of
the Obligations from time to time due and payable if not paid by the Borrower on
or before the due date thereof, if any.

                                      -17-
<PAGE>

      Section 2.15 Use of Proceeds. The Borrower shall use the proceeds of
Advances and each Letter of Credit for ordinary working capital purposes.

      Section 2.16 Liability Records. The Lender may maintain from time to time,
at its discretion, records as to the Obligations. All entries made on any such
record shall be presumed correct until the Borrower establishes the contrary.
Upon the Lender's demand, the Borrower will admit and certify in writing the
exact principal balance of the Obligations that the Borrower then asserts to be
outstanding. Any billing statement or accounting rendered by the Lender shall be
conclusive and fully binding on the Borrower unless the Borrower gives the
Lender specific written notice of exception within 30 days after receipt.

                                   Article III

                      SECURITY INTEREST; OCCUPANCY; SETOFF

      Section 3.1 Grant of Security Interest. The Borrower hereby pledges,
assigns and grants to the Lender a lien and security interest (collectively
referred to as the "Security Interest") in the Collateral, as security for the
payment and performance of the Obligations. Upon request by the Lender, the
Borrower will grant the Lender a security interest in all commercial tort claims
it may have against any Person.

      Section 3.2 Notification of Account Debtors and Other Obligors. The Lender
may at any time during a Default Period notify any account debtor or other
person obligated to pay the amount due that such right to payment has been
assigned or transferred to the Lender for security and shall be paid directly to
the Lender. The Borrower will join in giving such notice if the Lender so
requests. At any time after the Borrower or the Lender gives such notice to an
account debtor or other obligor, the Lender may, but need not, in the Lender's
name or in the Borrower's name, (a) demand, sue for, collect or receive any
money or property at any time payable or receivable on account of, or securing,
any such right to payment, or grant any extension to, make any compromise or
settlement with or otherwise agree to waive, modify, amend or change the
obligations (including collateral obligations) of any such account debtor or
other obligor; and (b) as the Borrower's agent and attorney-in-fact, notify the
United States Postal Service to change the address for delivery of the
Borrower's mail to any address designated by the Lender, otherwise intercept the
Borrower's mail, and receive, open and dispose of the Borrower's mail, applying
all Collateral as permitted under this Agreement and holding all other mail for
the Borrower's account or forwarding such mail to the Borrower's last known
address.

      Section 3.3 Assignment of Insurance. As additional security for the
payment and performance of the Obligations, the Borrower hereby assigns to the
Lender any and all monies (including proceeds of insurance and refunds of
unearned premiums) due or to become due under, and all other rights of the
Borrower with respect to, any and all policies of insurance now or at any time
hereafter covering the Collateral or any evidence thereof or any business
records or valuable papers pertaining thereto, and, with respect to payment of
such monies in an amount of $50,000 or more per claim, the Borrower hereby
directs the issuer of any such policy to pay all such monies directly to the
Lender. With respect to payment of such monies in an amount less than $50,000
per claim, the Borrower shall deposit all such monies directly into the
Collateral Account, and, until so deposited, the Borrower shall hold all such
monies in trust for and as the property of the Lender and shall not commingle
such monies with any of its other funds or property. With respect to any claim
in an amount of $50,000 or more, at any time, whether or not a Default Period
then exists, the Lender may (but need not), in the Lender's name or in the
Borrower's name, execute and deliver proof of claim, receive all such monies,
endorse checks and other instruments representing payment of such monies, and
adjust, litigate, compromise or release any claim against the issuer of any such
policy.

                                      -18-
<PAGE>

      Section 3.4 Occupancy.

      (a) The Borrower hereby irrevocably grants to the Lender the right to take
exclusive possession of the Premises at any time during a Default Period.

      (b) The Lender may use the Premises only to hold, process, manufacture,
sell, use, store, liquidate, realize upon or otherwise dispose of goods that are
Collateral and for other purposes that the Lender may in good faith deem to be
related or incidental purposes.

      (c) The Lender's right to hold the Premises shall cease and terminate upon
the earlier of (i) payment in full and discharge of all Obligations and
termination of the Credit Facility, and (ii) final sale or disposition of all
goods constituting Collateral and delivery of all such goods to purchasers.

      (d) The Lender shall not be obligated to pay or account for any rent or
other compensation for the possession, occupancy or use of any of the Premises;
provided, however, that if the Lender does pay or account for any rent or other
compensation for the possession, occupancy or use of any of the Premises, the
Borrower shall reimburse the Lender promptly for the full amount thereof. In
addition, the Borrower will pay, or reimburse the Lender for, all taxes, fees,
duties, imposts, charges and expenses at any time incurred by or imposed upon
the Lender by reason of the execution, delivery, existence, recordation,
performance or enforcement of this Agreement or the provisions of this Section
3.4.

      Section 3.5 License. Without limiting the generality of any other Security
Document, the Borrower hereby grants to the Lender a non-exclusive, worldwide
and royalty-free license to use or otherwise exploit all Intellectual Property
Rights of the Borrower for the purpose of: (a) completing the manufacture of any
in-process materials during any Default Period so that such materials become
saleable Inventory, all in accordance with the same quality standards previously
adopted by the Borrower for its own manufacturing and subject to the Borrower's
reasonable exercise of quality control; and (b) selling, leasing or otherwise
disposing of any or all Collateral during any Default Period.

      Section 3.6 Financing Statement. The Borrower authorizes the Lender to
file from time to time where permitted by law, such financing statements against
collateral described as "all personal property" or describing specific items of
collateral including commercial tort claims as the Lender deems necessary or
useful to perfect the Security Interest. All financing statements filed before
the date hereof to perfect the Security Interest were authorized by the Borrower
and are hereby re-authorized. A carbon, photographic or other reproduction of
this Agreement or of any financing statements signed by the Borrower is
sufficient as a financing statement and may

                                      -19-
<PAGE>

be filed as a financing statement in any state to perfect the security interests
granted hereby. For this purpose, the following information is set forth:

                  Name and address of Debtor:

                  Cost-U-Less, Inc.
                  8160 304th Ave. SE
                  Building 3, Suite A
                  Preston, Washington 98050
                  Federal Employer Identification No. 91-1615590
                  Organizational Identification No. 601 502 449

                  CULGUAM, Inc.
                  8160 304th Ave. SE
                  Building 3, Suite A
                  Preston, Washington 98050
                  Federal Employer Identification No. 91-1728200

                  CULNEV, Inc.
                  8160 304th Ave. SE
                  Building 3, Suite A
                  Preston, Washington 98050
                  Federal Employer Identification No. 91-1740956
                  Organizational Identification No. C21139-1996

                  CULUSVI, Inc.
                  8160 304th Ave. SE
                  Building 3, Suite A
                  Preston, Washington 98050
                  Federal Employer Identification No. 91-1728198
                  Organizational Identification No. C-709-96

                  Name and address of Secured Party:

                  Wells Fargo Business Credit, Inc.
                  MAC P6101-144
                  1300 S.W. Fifth Avenue, 14th Floor
                  Portland, Oregon 97201

      Section 3.7 Setoff. The Lender may at any time or from time to time, at
its sole discretion and without demand and without notice to anyone, setoff any
liability owed to the Borrower by the Lender, whether or not due, against any
Obligation, whether or not due. In addition, each other Person holding a
participating interest in any Obligations shall have the right to appropriate or
setoff any deposit or other liability then owed by such Person to the Borrower,
whether or not due, and apply the same to the payment of said participating
interest, as fully as if such Person had lent directly to the Borrower the
amount of such participating interest.

                                      -20-
<PAGE>

      Section 3.8 Collateral. This Agreement does not contemplate a sale of
accounts, contract rights or chattel paper, and, as provided by law, the
Borrower is entitled to any surplus and shall remain liable for any deficiency.
The Lender's duty of care with respect to Collateral in its possession (as
imposed by law) shall be deemed fulfilled if it exercises reasonable care in
physically keeping such Collateral, or in the case of Collateral in the custody
or possession of a bailee or other third person, exercises reasonable care in
the selection of the bailee or other third person, and the Lender need not
otherwise preserve, protect, insure or care for any Collateral. The Lender shall
not be obligated to preserve any rights the Borrower may have against prior
parties, to realize on the Collateral at all or in any particular manner or
order or to apply any cash proceeds of the Collateral in any particular order of
application. The Lender has no obligation to clean-up or otherwise prepare the
Collateral for sale. The Borrower waives any right it may have to require the
Lender to pursue any third person for any of the Obligations.

                                   Article IV

                              CONDITIONS OF LENDING

      Section 4.1 Conditions Precedent to the Initial Advance and Letter of
Credit. The Lender's obligation to make the initial Advance or to cause any
Letters of Credit to be issued shall be subject to the condition precedent that
the Lender shall have received all of the following, each in form and substance
satisfactory to the Lender:

      (a) This Agreement, properly executed by the Borrower.

      (b) The Note, properly executed by the Borrower.

      (c) A true and correct copy of any and all leases pursuant to which the
Borrower is leasing the Premises, together with a landlord's disclaimer and
consent with respect to each such lease.

      (d) A true and correct copy of any and all mortgages pursuant to which the
Borrower has mortgaged the Premises, together with a mortgagee's disclaimer and
consent with respect to each such mortgage.

      (e) A true and correct copy of any and all agreements pursuant to which
the Borrower's property is in the possession of any Person other than the
Borrower, together with, in the case of any goods held by such Person for
resale, (i) a consignee's acknowledgment and waiver of Liens, (ii) UCC financing
statements sufficient to protect the Borrower's and the Lender's interests in
such goods, and (iii) UCC searches showing that no other secured party has filed
a financing statement against such Person and covering property similar to the
Borrower's other than the Borrower, or if there exists any such secured party,
evidence that each such secured party has received notice from the Borrower and
the Lender sufficient to protect the Borrower's and the Lender's interests in
the Borrower's goods from any claim by such secured party.

      (f) An acknowledgment and waiver of Liens from each warehouse in which the
Borrower is storing Inventory.

                                      -21-
<PAGE>

      (g) A true and correct copy of any and all agreements pursuant to which
the Borrower's property is in the possession of any Person other than the
Borrower, together with, (i) an acknowledgment and waiver of Liens from each
subcontractor who has possession of the Borrower's goods from time to time, (ii)
UCC financing statements sufficient to protect the Borrower's and the Lender's
interests in such goods, and (iii) UCC searches showing that no other secured
party has filed a financing statement covering such Person's property other than
the Borrower, or if there exists any such secured party, evidence that each such
secured party has received notice from the Borrower and the Lender sufficient to
protect the Borrower's and the Lender's interests in the Borrower's goods from
any claim by such secured party.

      (h) The Collection Account Agreement, properly executed by the Borrower
and Wells Fargo Bank.

      (i) Control agreements, properly executed by the Borrower and each bank at
which the Borrower maintains deposit accounts.

      (j) The Intercompany Notes, properly endorsed to the Lender.

      (k) The Subordination Agreement, properly executed by Banco Popular de
Puerto Rico and acknowledged by CUL and USVI.

      (l) The Subordination Agreement, properly executed by NEV.

      (m) The Patent and Trademark Security Agreement, properly executed by CUL.

      (n) Current searches of appropriate filing offices showing that (i) no
Liens have been filed and remain in effect against the Borrower except Permitted
Liens or Liens held by Persons who have agreed in writing that upon receipt of
proceeds of the initial Advances, they will satisfy, release or terminate such
Liens in a manner satisfactory to the Lender, and (ii) the Lender has duly filed
all financing statements necessary to perfect the Security Interest, to the
extent the Security Interest is capable of being perfected by filing.

      (o) A certificate of the Borrower's Secretary or Assistant Secretary
certifying that attached to such certificate are (i) the resolutions of the
Borrower's Directors and, if required, Owners, authorizing the execution,
delivery and performance of the Loan Documents, (ii) true, correct and complete
copies of the Borrower's Constituent Documents, and (iii) examples of the
signatures of the Borrower's Officers or agents authorized to execute and
deliver the Loan Documents and other instruments, agreements and certificates,
including Advance requests, on the Borrower's behalf.

      (p) A current certificate issued by the Washington Department of
Licensing, certifying that CUL is in compliance with all applicable
organizational requirements of the State of Washington.

      (q) A current certificate issued by the Territory of Guam, certifying that
GUAM is in compliance with all applicable organizational requirements of the
Territory of GUAM.

                                      -22-
<PAGE>

      (r) A current certificate issued by the Nevada Secretary of State,
certifying that NEV is in compliance with all applicable organizational
requirements of the State of Nevada.

      (s) A current certificate issued by the Office of Lieutenant Governor,
Division of Corporations and Trademarks certifying that USVI is in compliance
with all applicable organizational requirements of the U.S. Virgin Islands.

      (t) Evidence that the Borrower is duly licensed or qualified to transact
business in all jurisdictions where the character of the property owned or
leased or the nature of the business transacted by it makes such licensing or
qualification necessary.

      (u) A certificate of an Officer of the Borrower confirming, in his
personal capacity, the representations and warranties set forth in Article V.

      (v) A support agreement in favor of the Lender, properly executed by each
of J. Jeffrey Meder and Martin P. Moore, each in his personal capacity.

      (w) An opinion of counsel to the Borrower and each Guarantor, addressed to
the Lender.

      (x) A separate guaranty, properly executed by each Guarantor, pursuant to
which each Guarantor unconditionally guarantees the full and prompt payment of
all Obligations.

      (y) Certificates of the insurance required hereunder, with all hazard
insurance containing a lender's loss payable endorsement in the Lender's favor
and with all liability insurance naming the Lender as an additional insured.

      (z) Payment of the fees and commissions due under Section 2.9 through the
date of the initial Advance or Letter of Credit and expenses incurred by the
Lender through such date and required to be paid by the Borrower under Section
8.5, including all legal expenses incurred through the date of this Agreement.

      (aa) Evidence that after making the initial Advance, satisfying all
obligations owed to the Borrower's prior lender, satisfying all trade payables
older than 60 days from invoice date, book overdrafts and closing costs,
Availability shall be not less than $500,000.

      (bb) Such other documents as the Lender in its sole discretion may
require.

      Section 4.2 Conditions Precedent to All Advances and Letters of Credit.
The Lender's obligation to make each Advance and to cause each Letter of Credit
to be issued shall be subject to the further conditions precedent that:

      (a) the representations and warranties contained in Article V are correct
on and as of the date of such Advance or issuance of a Letter of Credit as
though made on and as of such date, except to the extent that such
representations and warranties relate solely to an earlier date; and

      (b) no event has occurred and is continuing, or would result from such
Advance or issuance of a Letter of Credit which constitutes a Default or an
Event of Default.

                                      -23-
<PAGE>

                                    Article V

                         REPRESENTATIONS AND WARRANTIES

      The Borrower represents and warrants to the Lender as follows:

      Section 5.1 Existence and Power; Name; Chief Executive Office; Inventory
and Equipment Locations; Federal Employer Identification Number and
Organizational Identification Number. CUL is a corporation duly organized,
validly existing and in good standing under the laws of the State of Washington
and is duly licensed or qualified to transact business in all jurisdictions
where the character of the property owned or leased or the nature of the
business transacted by it makes such licensing or qualification necessary,
except where the failure to be so licensed or qualified could not reasonably be
expected to have a Material Adverse Effect or could not reasonably be expected
to impair the Lender's ability to liquidate, or to fully realize upon, the
Collateral. GUAM is a corporation duly organized, validly existing and in good
standing under the laws of the Territory of Guam and is duly licensed or
qualified to transact business in all jurisdictions where the character of the
property owned or leased or the nature of the business transacted by it makes
such licensing or qualification necessary, except where the failure to be so
licensed or qualified could not reasonably be expected to have a Material
Adverse Effect or could not reasonably be expected to impair the Lender's
ability to liquidate, or to fully realize upon, the Collateral. NEV is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Nevada and is duly licensed or qualified to transact business in
all jurisdictions where the character of the property owned or leased or the
nature of the business transacted by it makes such licensing or qualification
necessary, except where the failure to be so licensed or qualified could not
reasonably be expected to have a Material Adverse Effect or could not reasonably
be expected to impair the Lender's ability to liquidate, or to fully realize
upon, the Collateral. USVI is a corporation duly organized, validly existing and
in good standing under the laws of the U.S. Virgin Islands and is duly licensed
or qualified to transact business in all jurisdictions where the character of
the property owned or leased or the nature of the business transacted by it
makes such licensing or qualification necessary, except where the failure to be
so licensed or qualified could not reasonably be expected to have a Material
Adverse Effect or could not reasonably be expected to impair the Lender's
ability to liquidate, or to fully realize upon, the Collateral. The Borrower has
all requisite power and authority to conduct its business, to own its properties
and to execute and deliver, and to perform all of its obligations under, the
Loan Documents. During its existence, the Borrower has done business solely
under the names set forth in Schedule 5.1. The Borrower's chief executive office
and principal place of business is located at the address set forth in Schedule
5.1, and all of the Borrower's records relating to its business or the
Collateral are kept at that location. All Inventory and Equipment is located at
that location or at one of the other locations listed in Schedule 5.1. The
Borrower's federal employer identification number and organization
identification number are correctly set forth in Section 3.6.

      Section 5.2 Capitalization. Schedule 5.2 constitutes a correct and
complete list of all Persons holding ownership interests and rights to acquire
ownership interests which if fully exercised would cause such Person to hold
more than five percent (5%) of all ownership interests of CUL on a fully diluted
basis, and an organizational chart showing the ownership structure of all
Subsidiaries of the Borrower. CUL holds all ownership interests and rights to
acquire ownership interests in GUAM, NEV and USVI.

                                      -24-
<PAGE>

      Section 5.3 Authorization of Borrowing; No Conflict as to Law or
Agreements. The execution, delivery and performance by the Borrower of the Loan
Documents and the borrowings from time to time hereunder have been duly
authorized by all necessary corporate action and do not and will not (i) require
any consent or approval of the Borrower's Owners; (ii) require any
authorization, consent or approval by, or registration, declaration or filing
with, or notice to, any governmental department, commission, board, bureau,
agency or instrumentality, domestic or foreign, or any third party, except such
authorization, consent, approval, registration, declaration, filing or notice as
has been obtained, accomplished or given prior to the date hereof; (iii) violate
any provision of any law, rule or regulation (including Regulation X of the
Board of Governors of the Federal Reserve System) or of any order, writ,
injunction or decree presently in effect having applicability to the Borrower or
of the Borrower's Constituent Documents; (iv) result in a breach of or
constitute a default under any indenture or loan or credit agreement or any
other material agreement, lease or instrument to which the Borrower is a party
or by which it or its properties may be bound or affected; or (v) result in, or
require, the creation or imposition of any Lien (other than the Security
Interest) upon or with respect to any of the properties now owned or hereafter
acquired by the Borrower.

      Section 5.4 Legal Agreements. This Agreement constitutes and, upon due
execution by the Borrower, the other Loan Documents will constitute the legal,
valid and binding obligations of the Borrower, enforceable against the Borrower
in accordance with their respective terms.

      Section 5.5 Subsidiaries. Except as set forth in Schedule 5.5 hereto, the
Borrower has no Subsidiaries.

      Section 5.6 Financial Condition; No Adverse Change. The Borrower has
furnished to the Lender its consolidated audited financial statements for its
fiscal year ended December 31, 2001 and unaudited financial statements for the
fiscal-year-to-date period ended December 29, 2002, and those statements fairly
present the Borrower's financial condition on the dates thereof and the results
of its operations and cash flows for the periods then ended and were prepared in
accordance with GAAP. Since the date of the most recent financial statements,
there has been no change in the Borrower's business, properties or condition
(financial or otherwise) which has had a Material Adverse Effect, other than
losses disclosed in the Borrower's financial projections for its fiscal year
2003 previously provided to the Lender.

      Section 5.7 Litigation. Except as set forth in Schedule 5.7 hereto, there
are no actions, suits or proceedings pending or, to the Borrower's knowledge,
threatened against or affecting the Borrower or any of its Affiliates or the
properties of the Borrower or any of its Affiliates before any court or
governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, which, if determined adversely to the Borrower or any of
its Affiliates, would have a Material Adverse Effect.

      Section 5.8 Regulation U. The Borrower is not engaged in the business of
extending credit for the purpose of purchasing or carrying margin stock (within
the meaning of Regulation

                                      -25-
<PAGE>

U of the Board of Governors of the Federal Reserve System), and no part of the
proceeds of any Advance will be used to purchase or carry any margin stock or to
extend credit to others for the purpose of purchasing or carrying any margin
stock.

      Section 5.9 Taxes. Other than as otherwise set forth in this Section 5.9,
the Borrower has paid or caused to be paid to the proper authorities when due
all national, federal, state, provincial, territorial and local taxes required
to be withheld by it. Other than as otherwise set forth in this Section 5.9, the
Borrower has filed all federal, state, provincial, territorial and local tax
returns which to the knowledge of the Officers of the Borrower are required to
be filed, and the Borrower has paid or caused to be paid to the respective
taxing authorities all taxes as shown on said returns or on any assessment
received by it to the extent such taxes have become due. USVI has not paid to
the Territory of the U.S. Virgin Islands withholding taxes on interest payments
on intercompany debt owed by USVI to CUL, which taxes are being contested in
good faith by appropriate proceedings and for which proper reserves satisfactory
to the Lender in its sole discretion have been made.

      Section 5.10 Titles and Liens. The Borrower has good and absolute title to
all Collateral free and clear of all Liens other than Permitted Liens. No
financing statement naming the Borrower as debtor is on file in any office
except to perfect only Permitted Liens.

      Section 5.11 Intellectual Property Rights.

      (a) Owned Intellectual Property. Schedule 5.11 is a complete list of all
patents, applications for patents, trademarks, applications to register
trademarks, service marks, applications to register service marks, mask works,
trade dress and registered copyrights for which the Borrower is the owner of
record (the "Owned Intellectual Property"). Except as disclosed on Schedule
5.11, to the Borrower's best knowledge, (i) the Borrower owns the Owned
Intellectual Property free and clear of all restrictions (including covenants
not to sue a third party), court orders, injunctions, decrees, writs or Liens,
whether by written agreement or otherwise, (ii) no Person other than the
Borrower owns or has been granted any right in the Owned Intellectual Property,
(iii) all Owned Intellectual Property is valid, subsisting and enforceable and
(iv) the Borrower has taken all commercially reasonable action necessary to
maintain and protect the Owned Intellectual Property.

      (b) Agreements with Employees and Contractors. The Borrower has entered
into a legally enforceable agreement with each of its employees and
subcontractors obligating each such Person to assign to the Borrower, without
any additional compensation, any Intellectual Property Rights created,
discovered or invented by such Person in the course of such Person's employment
or engagement with the Borrower (except to the extent prohibited by law), and
further requiring such Person to cooperate with the Borrower, without any
additional compensation, in connection with securing and enforcing any
Intellectual Property Rights therein; provided, however, that the foregoing
shall not apply with respect to employees and subcontractors whose job
descriptions are of the type such that no such assignments are reasonably
foreseeable.

      (c) Intellectual Property Rights Licensed from Others. Schedule 5.11 is a
complete list of all agreements under which the Borrower has licensed
Intellectual Property

                                      -26-
<PAGE>

Rights from another Person ("Licensed Intellectual Property") other than readily
available, non-negotiated licenses of computer software and other intellectual
property used solely for performing accounting, word processing and similar
administrative tasks ("Off-the-shelf Software") and a summary of any ongoing
payments the Borrower is obligated to make with respect thereto. Except as
disclosed on Schedule 5.11 and in written agreements copies of which have been
given to the Lender, the Borrower's licenses to use the Licensed Intellectual
Property are free and clear of all restrictions, Liens, court orders,
injunctions, decrees, or writs, whether by written agreement or otherwise.
Except as disclosed on Schedule 5.11, the Borrower is not obligated or under any
liability whatsoever to make any payments of a material nature by way of
royalties, fees or otherwise to any owner of, licensor of, or other claimant to,
any Intellectual Property Rights.

      (d) Other Intellectual Property Needed for Business. Except for
Off-the-shelf Software and as disclosed on Schedule 5.11, the Owned Intellectual
Property and the Licensed Intellectual Property constitute all Intellectual
Property Rights used or necessary to conduct the Borrower's business as it is
presently conducted or as the Borrower reasonably foresees conducting it.

      (e) Infringement. Except as disclosed on Schedule 5.11, the Borrower has
no knowledge of, and has not received any written claim or notice alleging, any
Infringement of another Person's Intellectual Property Rights (including any
written claim that the Borrower must license or refrain from using the
Intellectual Property Rights of any third party) nor, to the Borrower's
knowledge, is there any threatened claim or any reasonable basis for any such
claim.

      Section 5.12 Plans. Except as disclosed to the Lender in writing prior to
the date hereof, neither the Borrower nor any ERISA Affiliate (i) maintains or
has maintained any Pension Plan, (ii) contributes or has contributed to any
Multiemployer Plan or (iii) provides or has provided post-retirement medical or
insurance benefits with respect to employees or former employees (other than
benefits required under Section 601 of ERISA, Section 4980B of the IRC or
applicable state law). Neither the Borrower nor any ERISA Affiliate has received
any notice or has any knowledge to the effect that it is not in full compliance
with any of the requirements of ERISA, the IRC or applicable state law with
respect to any Plan. No Reportable Event exists in connection with any Pension
Plan. Each Plan which is intended to qualify under the IRC is so qualified, and
no fact or circumstance exists which may have an adverse effect on the Plan's
tax-qualified status. Neither the Borrower nor any ERISA Affiliate has (i) any
accumulated funding deficiency (as defined in Section 302 of ERISA and Section
412 of the IRC) under any Plan, whether or not waived, (ii) any liability under
Section 4201 or 4243 of ERISA for any withdrawal, partial withdrawal,
reorganization or other event under any Multiemployer Plan or (iii) any
liability or knowledge of any facts or circumstances which could result in any
liability to the Pension Benefit Guaranty Corporation, the Internal Revenue
Service, the Department of Labor or any participant in connection with any Plan
(other than routine claims for benefits under the Plan).

      Section 5.13 Default. The Borrower is in compliance with all provisions of
all agreements, instruments, decrees and orders to which it is a party or by
which it or its property is bound or affected, the breach or default of which
could reasonably be expected to have a Material Adverse Effect.

                                      -27-
<PAGE>

      Section 5.14 Environmental Matters.

      (a) To the Borrower's best knowledge, there are not present in, on or
under the Premises any Hazardous Substances in such form or quantity as to
create any material liability or obligation for either the Borrower or the
Lender under the common law of any jurisdiction or under any Environmental Law,
and no Hazardous Substances have ever been stored, buried, spilled, leaked,
discharged, emitted or released in, on or under the Premises in such a way as to
create any such material liability.

      (b) To the Borrower's best knowledge, the Borrower has not disposed of
Hazardous Substances in such a manner as to create any material liability under
any Environmental Law.

      (c) To the Borrower's best knowledge, there are not and there never have
been any requests, claims, notices, investigations, demands, administrative
proceedings, hearings or litigation, relating in any way to the Premises or the
Borrower, alleging material liability under, violation of, or noncompliance with
any Environmental Law or any license, permit or other authorization issued
pursuant thereto. To the Borrower's best knowledge, no such matter is threatened
or impending.

      (d) To the Borrower's best knowledge, the Borrower's businesses are and
have in the past always been conducted in accordance with all Environmental Laws
and all licenses, permits and other authorizations required pursuant to any
Environmental Law and necessary for the lawful and efficient operation of such
businesses are in the Borrower's possession and are in full force and effect. No
permit required under any Environmental Law is scheduled to expire within 12
months and there is no threat that any such permit will be withdrawn,
terminated, limited or materially changed.

      (e) To the Borrower's best knowledge, the Premises are not and never have
been listed on the National Priorities List, the Comprehensive Environmental
Response, Compensation and Liability Information System or any similar federal,
state or local list, schedule, log, inventory or database.

      (f) The Borrower has delivered to Lender all material environmental
assessments, audits, reports, permits, licenses and other documents in
Borrower's or its agents' possession describing or relating in any way to the
Premises or Borrower's businesses.

      Section 5.15 Submissions to Lender. All financial and other information
provided to the Lender by or on behalf of the Borrower in connection with the
Borrower's request for the credit facilities contemplated hereby is (i) true and
correct in all material respects, (ii) does not omit any material fact necessary
to make such information not misleading and, (iii) as to projections, valuations
or proforma financial statements, present a good faith opinion as to such
projections, valuations and proforma condition and results (it being recognized
by the Lender that the projections and forecasts provided by the Borrower in
good faith and based upon reasonable assumptions are not to be viewed as facts
and that actual results during the period or periods covered by any such
projections and forecasts may differ from the projected or forecasted results).

                                      -28-
<PAGE>

      Section 5.16 Financing Statements. The Borrower has authorized, or will
upon the Lender's request promptly authorize, the filing of financing statements
sufficient when filed to perfect the Security Interest and the other security
interests created by the Security Documents. When such financing statements are
filed in the offices noted therein, the Lender will have a valid and perfected
security interest in all Collateral which is capable of being perfected by
filing financing statements.

      Section 5.17 Rights to Payment. Each right to payment and each instrument,
document, chattel paper and other agreement constituting or evidencing
Collateral is (or, in the case of all future Collateral, will be when arising or
issued) the valid, genuine and legally enforceable obligation, subject to no
defense, setoff or counterclaim, of the account debtor or other obligor named
therein or in the Borrower's records pertaining thereto as being obligated to
pay such obligation.

      Section 5.18 Intercompany Note. With respect to the Intercompany Note by
GUAM, as maker, NEV hereby releases and terminates its security interest in the
assets of GUAM.

                                   Article VI

                                    COVENANTS

      So long as the Obligations shall remain unpaid, or the Credit Facility
shall remain outstanding, the Borrower will comply with the following
requirements, unless the Lender shall otherwise consent in writing:

      Section 6.1 Reporting Requirements. The Borrower will deliver, or cause to
be delivered, to the Lender each of the following, which shall be in form and
detail acceptable to the Lender:

      (a) Annual Financial Statements. As soon as available, and in any event
within 90 days after the end of each fiscal year of the Borrower, the Borrower
will deliver, or cause to be delivered, to the Lender, the Borrower's audited
financial statements with the unqualified opinion of independent certified
public accountants selected by the Borrower and acceptable to the Lender, which
annual financial statements shall include the Borrower's balance sheet as at the
end of such fiscal year and the related statements of the Borrower's income,
retained earnings and cash flows for the fiscal year then ended, prepared, if
the Lender so requests, on a consolidating and consolidated basis to include any
Affiliates, all in reasonable detail and prepared in accordance with GAAP,
together with (i) copies of all management letters prepared by such accountants;
(ii) a report signed by such accountants stating that in making the
investigations necessary for said opinion they obtained no knowledge, except as
specifically stated, of any Default or Event of Default and all relevant facts
in reasonable detail to evidence, and the computations as to, whether or not the
Borrower is in compliance with the Financial Covenants; and (iii) a certificate
of the Borrower's chief financial officer stating that such financial statements
have been prepared in accordance with GAAP, fairly represent the Borrower's
financial position and the results of its operations, and whether or not such
Officer has knowledge of the occurrence of any Default or Event of Default and,
if so, stating in reasonable detail the facts with respect thereto.

                                      -29-
<PAGE>

      (b) Monthly Financial Statements. As soon as available and in any event
within 20 days after the end of each month, the Borrower will deliver to the
Lender an unaudited/internal balance sheet and statements of income and retained
earnings of the Borrower as at the end of and for such month and for the year to
date period then ended, prepared on a consolidating and consolidated basis to
include any Affiliates, in reasonable detail and stating in comparative form the
figures for the corresponding date and periods in the previous year, all
prepared in accordance with GAAP, subject to year-end audit adjustments and
without footnotes, and fairly representing the Borrower's financial position and
the results of its operations; and accompanied by a certificate of the
Borrower's chief financial officer or another Officer or Director of the
Borrower, substantially in the form of Exhibit B hereto stating (i) that such
financial statements have been prepared in accordance with GAAP, subject to
year-end audit adjustments and without footnotes, (ii) whether or not such
Officer has knowledge of the occurrence of any Default or Event of Default not
theretofore reported and remedied and, if so, stating in reasonable detail the
facts with respect thereto, and (iii) all relevant facts in reasonable detail to
evidence, and the computations as to, whether or not the Borrower is in
compliance with the Financial Covenants.

      (c) Collateral Reports. Within 15 days after the end of each month or,
during a Default Period more frequently if the Lender so requires, the Borrower
will deliver to the Lender agings of the Borrower's accounts receivable and its
accounts payable as at the end of such month or shorter time period and
cancelled checks evidencing payment of all amounts owed for such month to AMB
Partners II, L.P. and BDC Preston Properties One Limited Partnership.

      (d) Projections. At least 30 days before the beginning of each fiscal year
of the Borrower, the Borrower will deliver to the Lender the projected balance
sheets and income statements for each month of such year, each in reasonable
detail, representing the Borrower's good faith projections and certified by the
Borrower's chief financial officer as being the most accurate projections
available and identical to the projections used by the Borrower for internal
planning purposes, together with a statement of underlying assumptions and such
supporting schedules and information as the Lender may reasonably require.

      (e) Supplemental Reports. Daily, the Borrower will deliver to the Lender
the "daily collateral reports", Inventory reports by location (including
calculations of the Borrower's Inventory and Eligible Inventory) and an
inventory certification report.

      (f) Litigation. Immediately after the commencement thereof, the Borrower
will deliver to the Lender notice in writing of all litigation and of all
proceedings before any governmental or regulatory agency affecting the Borrower
(i) of the type described in Section 5.14(c) or (ii) which seek a monetary
recovery against the Borrower in excess of $100,000.

      (g) Defaults. As promptly as practicable (but in any event not later than
five business days) after an Officer of the Borrower obtains knowledge of the
occurrence of any Default or Event of Default, the Borrower will deliver to the
Lender notice of such occurrence, together with a detailed statement by a
responsible Officer of the Borrower of the steps being taken by the Borrower to
cure the effect thereof.

                                      -30-
<PAGE>

      (h) Plans. As soon as possible, and in any event within 30 days after the
Borrower knows or has reason to know that any Reportable Event with respect to
any Pension Plan has occurred, the Borrower will deliver to the Lender a
statement of the Borrower's chief financial officer setting forth details as to
such Reportable Event and the action which the Borrower proposes to take with
respect thereto, together with a copy of the notice of such Reportable Event to
the Pension Benefit Guaranty Corporation. As soon as possible, and in any event
within 10 days after the Borrower fails to make any quarterly contribution
required with respect to any Pension Plan under Section 412(m) of the IRC, the
Borrower will deliver to the Lender a statement of the Borrower's chief
financial officer setting forth details as to such failure and the action which
the Borrower proposes to take with respect thereto, together with a copy of any
notice of such failure required to be provided to the Pension Benefit Guaranty
Corporation. As soon as possible, and in any event within 10 days after the
Borrower knows or has reason to know that it has or is reasonably expected to
have any liability under Section 4201 or 4243 of ERISA for any withdrawal,
partial withdrawal, reorganization or other event under any Multiemployer Plan,
the Borrower will deliver to the Lender a statement of the Borrower's chief
financial officer setting forth details as to such liability and the action
which the Borrower proposes to take with respect thereto.

      (i) Disputes. Promptly upon knowledge thereof, the Borrower will deliver
to the Lender notice of any disputes or claims by the Borrower's customers
exceeding $5,000 individually or $50,000 in the aggregate during any fiscal
year.

      (j) Officers and Directors. Promptly upon knowledge thereof, the Borrower
will deliver to the Lender notice any change in the persons constituting the
Borrower's Officers and Directors.

      (k) Collateral. Promptly upon knowledge thereof, the Borrower will deliver
to the Lender notice of any loss of or material damage to any Collateral
exceeding $50,000 in the aggregate, or of any substantial adverse change in any
Collateral or the prospect of payment thereof.

      (l) Commercial Tort Claims. Promptly upon knowledge thereof, the Borrower
will deliver to the Lender notice of any commercial tort claims it may bring
against any Person, including the name and address of each defendant, a summary
of the facts, an estimate of the Borrower's damages, copies of any complaint or
demand letter submitted by the Borrower, and such other information as the
Lender may request.

      (m) Intellectual Property.

            (i) The Borrower will give the Lender 30 days prior written notice
      of its intent to acquire material Intellectual Property Rights; except for
      transfers permitted under Section 6.18, the Borrower will give the Lender
      30 days prior written notice of its intent to dispose of material
      Intellectual Property Rights and upon request shall provide the Lender
      with copies of all proposed documents and agreements concerning such
      rights.

                                      -31-
<PAGE>

            (ii) Promptly upon knowledge thereof, the Borrower will deliver to
      the Lender notice of (A) any Infringement of its Intellectual Property
      Rights by others, (B) written claims that the Borrower is Infringing
      another Person's Intellectual Property Rights and (C) any written
      threatened cancellation, termination or material limitation of its
      Intellectual Property Rights.

            (iii) Promptly upon receipt, the Borrower will give the Lender
      copies of all registrations and filings with respect to its Intellectual
      Property Rights.

      (n) Reports to Owners. Promptly upon their distribution, the Borrower will
deliver to the Lender copies of all financial statements, reports and proxy
statements which the Borrower shall have sent to its Owners.

      (o) SEC Filings. Promptly after the sending or filing thereof, the
Borrower will deliver to the Lender copies of all regular and periodic reports
which the Borrower shall file with the Securities and Exchange Commission or any
national securities exchange.

      (p) Tax Returns. As soon as possible, and in any event by not later than
five days after they are due, copies of the state and federal tax returns and
all schedules thereto of the Borrower.

      (q) Violations of Law. Promptly upon knowledge thereof, the Borrower will
deliver to the Lender notice of the Borrower's violation of any law, rule or
regulation, the non-compliance with which could have a Material Adverse Effect
on the Borrower.

      (r) Other Reports. From time to time, with reasonable promptness, the
Borrower will deliver to the Lender any and all receivables schedules, deposit
records, sales journals, collection reports, credit memos, copies of invoices to
account debtors, shipment documents and delivery receipts for goods sold,
equipment schedules, copies of invoices to account debtors, any Guarantor's
local and national tax returns and all schedules thereto and such other
material, reports, records or information as the Lender may request.

      Section 6.2 Financial Covenants.

      (a) Minimum Book Net Worth. The Borrower will maintain, during each period
described below, its consolidated Book Net Worth, determined as at the end of
each month, at an amount not less than the amount set forth opposite such period
(numbers appearing between "< >" are negative):

                        Period                            Minimum Book Net Worth
                        ------                            ----------------------

The month ending March 30, 2003                                $15,777,000
The month ending April 27, 2003                                $15,769,000
The month ending May 25, 2003                                  $15,729,000
The month ending June 29, 2003                                 $15,817,000
The month ending July 27, 2003                                 $15,816,000
The month ending August 24, 2003                               $15,819,000
The month ending September 28, 2003                            $15,969,000
The month ending October 26, 2003                              $15,938,000
The month ending November 23, 2003                             $15,940,000
The month ending December 28, 2003 and as of the end
of each month thereafter                                       $16,333,000

                                      -32-
<PAGE>

      (b) Minimum Net Income. The Borrower will achieve during each period
described below, consolidated minimum Net Income, of not less than the amount
set forth opposite such period (numbers appearing between "< >" are negative):

                        Period                              Minimum Net Income
                        ------                              ------------------

The three months ending March 30, 2003                             $ -0-
The six months ending June 29, 2003                              $100,000
The nine months ending September 28, 2003                        $350,000
The twelve months ending December 28, 2003                       $950,000

      (c) Capital Expenditures. The Borrower will not incur or contract to incur
aggregate Capital Expenditures of more than $1,500,000 during the Borrower's
fiscal year ending December 28, 2003 and zero thereafter until the Borrower and
the Lender agree on Financial Covenants for periods after December 28, 2003.

      (d) New Financial Covenants. On or before December 31, 2003, the Borrower
and the Lender shall agree on the new dollar amount for such covenant levels for
Section 6.2(a), Section 6.2(b) and Section 6.2(c) for periods after such date.
The new Financial Covenants will be based on the Borrower's projections for such
periods and shall be no less stringent than the present Financial Covenants, but
if the Borrower and the Lender do not agree after good faith negotiations, the
Lender may designate the required amounts in its sole discretion and the failure
by the Borrower to maintain the designated amounts shall constitute an Event of
Default.

      Section 6.3 Permitted Liens; Financing Statements.

      (a) The Borrower will not create, incur or suffer to exist any Lien upon
or of any of its assets, now owned or hereafter acquired, to secure any
indebtedness; excluding, however, from the operation of the foregoing, the
following (collectively, "Permitted Liens"):

            (i) in the case of any of the Borrower's property which is not
      Collateral, covenants, restrictions, rights, easements and minor
      irregularities in title which do not materially interfere with the
      Borrower's business or operations as presently conducted;

            (ii) Liens in existence on the date hereof and listed in Schedule
      6.3 hereto, securing indebtedness for borrowed money permitted under
      Section 6.4;

                                      -33-
<PAGE>

            (iii) the Security Interest and Liens created by the Security
      Documents;

            (iv) purchase money Liens relating to the acquisition of machinery
      and equipment of the Borrower not exceeding the lesser of cost or fair
      market value thereof and so long as no Default Period is then in existence
      and none would exist immediately after such acquisition;

            (v) Liens in favor of financial institutions arising in connection
      with the Borrower's deposit accounts held at such institutions; and

            (vi) Liens of materialmen, mechanics, warehousemen, carriers,
      artisans or other similar Liens arising in the ordinary course of the
      Borrower's business or by operation of law, which are not past due or
      which are being contested in good faith by appropriate proceedings and for
      which reserves satisfactory to the Lender in its sole discretion have been
      established.

      (b) The Borrower will not amend any financing statements in favor of the
Lender except as permitted by law. Any authorization by the Lender to any Person
to amend financing statements in favor of the Lender shall be in writing.

      Section 6.4 Indebtedness. The Borrower will not incur, create, assume or
permit to exist any indebtedness or liability on account of deposits or advances
or any indebtedness for borrowed money or letters of credit issued on the
Borrower's behalf, or any other indebtedness or liability evidenced by notes,
bonds, debentures or similar obligations, except:

      (a) indebtedness arising hereunder;

      (b) indebtedness of the Borrower in existence on the date hereof and
listed in Schedule 6.4 hereto;

      (c) indebtedness relating to Permitted Liens;

      (d) indebtedness owed to CUL, GUAM, NEV or USVI; and

      (e) indebtedness to trade creditors incurred in the ordinary course of the
Borrower's business.

      Section 6.5 Guaranties. The Borrower will not assume, guarantee, endorse
or otherwise become directly or contingently liable in connection with any
obligations of any other Person, except:

      (a) the endorsement of negotiable instruments by the Borrower for deposit
or collection or similar transactions in the ordinary course of the Borrower's
business; and

      (b) guaranties, endorsements and other direct or contingent liabilities in
connection with the obligations of other Persons, in existence on the date
hereof and listed in Schedule 6.4 hereto.

                                      -34-
<PAGE>

      Section 6.6 Investments and Subsidiaries. The Borrower will not purchase
or hold beneficially any stock or other securities or evidences of indebtedness
of, make or permit to exist any loans or advances to, or make any investment or
acquire any interest whatsoever in, any other Person (other than another
Borrower), including any partnership or joint venture, except:

      (a) investments in direct obligations of the United States of America or
any agency or instrumentality thereof whose obligations constitute full faith
and credit obligations of the United States of America having a maturity of one
year or less, commercial paper issued by U.S. corporations rated "A-1" or "A-2"
by Standard & Poor's Corporation or "P-1" or "P-2" by Moody's Investors Service
or certificates of deposit or bankers' acceptances having a maturity of one year
or less issued by members of the Federal Reserve System having deposits in
excess of $100,000,000 (which certificates of deposit or bankers' acceptances
are fully insured by the Federal Deposit Insurance Corporation);

      (b) travel advances or loans to the Borrower's Officers and employees not
exceeding at any one time an aggregate of $10,000;

      (c) advances in the form of progress payments, prepaid rent not exceeding
one month or security deposits; and

      (d) current investments in the Subsidiaries (other than another Borrower)
in existence on the date hereof and listed in Schedule 5.5 hereto; provided,
however, that CUL may make non-cash loans or advances to non-Borrower
Subsidiaries.

      Section 6.7 Dividends and Distributions. The Borrower will not declare or
pay any dividends (other than dividends payable solely in stock of CUL) on any
class of its stock or make any payment on account of the purchase, redemption or
other retirement of any shares of such stock or make any distribution in respect
thereof, either directly or indirectly.

      Section 6.8 Salaries. The Borrower will not pay excessive or unreasonable
salaries, bonuses, commissions, consultant fees or other compensation; or
increase the salary, bonus, commissions, consultant fees or other compensation
of any Director, Officer or consultant, or any member of their families, by more
than 10% in any one year, either individually or for all such persons in the
aggregate, or pay any such increase from any source other than profits earned in
the year of payment; provided, however, that, during CUL's fiscal year 2003, CUL
may increase the salary, bonus, commissions, consultant fees or other
compensation by $10,000 in the aggregate for each of Gary Nettles, David Enger
and George Textor.

      Section 6.9 Books and Records; Inspection and Examination. The Borrower
will keep accurate books of record and account for itself pertaining to the
Collateral and pertaining to the Borrower's business and financial condition and
such other matters as the Lender may from time to time request in which true and
complete entries will be made in accordance with GAAP and, upon the Lender's
request, will permit any officer, employee, attorney or accountant for the
Lender to audit, review, make extracts from or copy any and all company and
financial books and records of the Borrower at all times during ordinary
business hours, to send and discuss with account debtors and other obligors
requests for verification of amounts owed to the Borrower, and to discuss the
Borrower's affairs with any of its Directors, Officers, employees or agents.

                                      -35-
<PAGE>

The Borrower hereby irrevocably authorizes all accountants and third parties to
disclose and deliver to Lender, at the Borrower's expense, all financial
information, books and records, work papers, management reports and other
information in their possession regarding the Borrower. The Borrower will permit
the Lender, or its employees, accountants, attorneys or agents, to examine and
inspect any Collateral or any other property of the Borrower at any time during
ordinary business hours.

      Section 6.10 Account Verification. The Lender may at any time and from
time to time send or require the Borrower to send requests for verification of
accounts or notices of assignment to account debtors and other obligors. The
Lender may also at any time and from time to time telephone account debtors and
other obligors to verify accounts.

      Section 6.11 Compliance with Laws.

      (a) The Borrower will (i) comply with the requirements of applicable laws
and regulations, the non-compliance with which would materially and adversely
affect its business or its financial condition and (ii) use and keep the
Collateral, and require that others use and keep the Collateral, only for lawful
purposes, without violation of any federal, state or local law, statute or
ordinance.

      (b) Without limiting the foregoing undertakings, the Borrower specifically
agrees that it will comply with all applicable Environmental Laws and obtain and
comply with all permits, licenses and similar approvals required by any
Environmental Laws, and will not generate, use, transport, treat, store or
dispose of any Hazardous Substances in such a manner as to create any material
liability or obligation under the common law of any jurisdiction or any
Environmental Law.

      Section 6.12 Payment of Taxes and Other Claims. The Borrower will pay or
discharge, when due, (a) all taxes, assessments and governmental charges levied
or imposed upon it or upon its income or profits, upon any properties belonging
to it (including the Collateral) or upon or against the creation, perfection or
continuance of the Security Interest, prior to the date on which penalties
attach thereto, (b) all federal, state and local taxes required to be withheld
by it, and (c) all lawful claims for labor, materials and supplies which, if
unpaid, might by law become a Lien upon any properties of the Borrower;
provided, that the Borrower shall not be required to pay any such tax,
assessment, charge or claim whose amount, applicability or validity is being
contested in good faith by appropriate proceedings and for which proper reserves
have been made. USVI represents and warrants that USVI is currently contesting
in good faith by appropriate proceedings the payment to the Territory of the
U.S. Virgin Islands of withholding taxes on interest payments on intercompany
debt owed by USVI to CUL and that USVI has made proper reserves therefor.

      Section 6.13 Maintenance of Properties.

      (a) The Borrower will keep and maintain the Collateral and all of its
other properties necessary or useful in its business in good condition, repair
and working order (normal wear and tear excepted) and will from time to time
replace or repair any worn, defective or broken parts; provided, however, that
nothing in this Section 6.13 shall prevent the Borrower from

                                      -36-
<PAGE>

discontinuing the operation and maintenance of any of its properties if such
discontinuance is, in the Borrower's judgment, desirable in the conduct of the
Borrower's business and not disadvantageous in any material respect to the
Lender. The Borrower will take all commercially reasonable steps necessary to
protect and maintain its Intellectual Property Rights.

      (b) The Borrower will defend the Collateral against all Liens, claims or
demands of all Persons (other than the Lender) claiming the Collateral or any
interest therein, other than Permitted Liens. The Borrower will keep all
Collateral free and clear of all Liens except Permitted Liens. The Borrower will
take all commercially reasonable steps necessary to prosecute any Person
Infringing its Intellectual Property Rights and to defend itself against any
Person accusing it of Infringing any Person's Intellectual Property Rights.

      (c) CUL will deliver on or before December 31, 2003 either a Landlord
Disclaimer and Consent, in form and substance acceptable to the Lender, in favor
of the Lender from (i) its current landlord at the Preston, Washington location
or (ii) its landlord at its replacement location.

      Section 6.14 Insurance. The Borrower will obtain and at all times maintain
insurance with insurers believed by the Borrower to be responsible and
reputable, in such amounts and against such risks as may from time to time be
required by the Lender, but in all events in such amounts and against such risks
as is usually carried by companies engaged in similar business and owning
similar properties in the same general areas in which the Borrower operates.
Without limiting the generality of the foregoing, the Borrower will at all times
keep all tangible Collateral insured against risks of fire (including so-called
extended coverage), theft, collision (for Collateral consisting of motor
vehicles) and such other risks and in such amounts as the Lender may reasonably
request, with any loss payable to the Lender to the extent of its interest, and
all policies of such insurance shall contain a lender's loss payable endorsement
for the Lender's benefit. All policies of liability insurance required hereunder
shall name the Lender as an additional insured.

      Section 6.15 Washington Warning regarding Insurance on Motor Vehicles.

                                    WARNING:

UNLESS THE BORROWER PROVIDES THE LENDER WITH EVIDENCE OF THE INSURANCE COVERAGE
AS REQUIRED BY THIS AGREEMENT, THE LENDER MAY PURCHASE INSURANCE AT THE EXPENSE
OF THE BORROWER TO PROTECT THE LENDER'S INTEREST. THIS INSURANCE MAY, BUT NEED
NOT, ALSO PROTECT THE BORROWER'S INTEREST. IF THE COLLATERAL BECOMES DAMAGED,
THE COVERAGE THE LENDER PURCHASES MAY NOT PAY ANY CLAIM THE BORROWER MAKES OR
ANY CLAIM MADE AGAINST THE BORROWER. THE BORROWER MAY LATER CANCEL THIS COVERAGE
BY PROVIDING EVIDENCE THAT THE BORROWER HAS OBTAINED PROPER COVERAGE ELSEWHERE.

THE BORROWER IS RESPONSIBLE FOR THE COST OF ANY INSURANCE PURCHASED BY THE
LENDER. THE COST OF THIS INSURANCE MAY BE ADDED TO THE BALANCE OF THE
OBLIGATIONS. IF THE COST IS ADDED TO THE BALANCE OF THE OBLIGATIONS, THE
INTEREST RATE ON THE UNDERLYING LOAN PROVIDED HEREIN WILL APPLY TO THIS ADDED
AMOUNT. THE EFFECTIVE DATE OF COVERAGE MAY BE THE DATE THE PRIOR COVERAGE LAPSED
OR THE DATE THE BORROWER FAILED TO PROVIDE PROOF OF COVERAGE.

                                      -37-
<PAGE>

THE COVERAGE THE LENDER PURCHASES MAY BE CONSIDERABLY MORE EXPENSIVE THAN
INSURANCE THE BORROWER CAN OBTAIN ON ITS OWN AND MAY NOT SATISFY WASHINGTON'S
MANDATORY LIABILITY INSURANCE LAWS.

      Section 6.16 Preservation of Existence. The Borrower will preserve and
maintain its existence and all of its rights, privileges and franchises
necessary or desirable in the normal conduct of its business and shall conduct
its business in an orderly, efficient and regular manner.

      Section 6.17 Delivery of Instruments, etc. Upon request by the Lender, the
Borrower will promptly deliver to the Lender in pledge all instruments,
documents and chattel paper constituting Collateral, duly endorsed or assigned
by the Borrower.

      Section 6.18 Sale or Transfer of Assets; Suspension of Business
Operations. The Borrower will not sell, lease, assign, transfer or otherwise
dispose (collectively, a "Transfer") of (i) the stock of any Subsidiary, (ii)
all or a substantial part of its assets, or (iii) any Collateral or any interest
therein (whether in one transaction or in a series of transactions) to any other
Person other than Permitted Transfers and will not liquidate, dissolve or
suspend business operations. The Borrower will not transfer any part of its
ownership interest in any Intellectual Property Rights and will not permit any
agreement under which it has licensed Licensed Intellectual Property to lapse,
except that the Borrower may transfer such rights or permit such agreements to
lapse if it shall have reasonably determined that the applicable Intellectual
Property Rights are no longer useful in its business. If the Borrower transfers
any Intellectual Property Rights for value, the Borrower will pay over the
proceeds to the Lender for application to the Obligations. The Borrower will not
license any other Person to use any of the Borrower's Intellectual Property
Rights, except that the Borrower may grant licenses in the ordinary course of
its business in connection with sales of Inventory or provision of services to
its customers. As used herein, "Permitted Transfers" means (i) the sale of
Inventory in the ordinary course of the Borrower's business, (ii) Transfers of
worn-out or obsolete Equipment; (iii) Transfers of Equipment between and among
the Borrower; (iv) Transfers by the Borrower to non-Borrower Subsidiaries of
Equipment the book value of which does not exceed $20,000 individually or
$30,000 in the aggregate in any fiscal year of the Borrower, and (v) Transfers
of cash to satisfy the Borrower's trade payables and other obligations, made by
the Borrower in the ordinary course of the Borrower's business and not otherwise
prohibited herein or in any Loan Document.

      Section 6.19 Consolidation and Merger; Asset Acquisitions. The Borrower
will not consolidate with or merge into any Person, or permit any other Person
to merge into it, or acquire (in a transaction analogous in purpose or effect to
a consolidation or merger) all or substantially all the assets of any other
Person.

      Section 6.20 Sale and Leaseback. The Borrower will not enter into any
arrangement, directly or indirectly, with any other Person whereby the Borrower
shall sell or transfer any real or personal property, whether now owned or
hereafter acquired, and then or thereafter rent or lease as lessee such property
or any part thereof or any other property which the Borrower intends to use for
substantially the same purpose or purposes as the property being sold or
transferred.

                                      -38-
<PAGE>

      Section 6.21 Restrictions on Nature of Business. The Borrower will not
engage in any line of business materially different from that presently engaged
in by the Borrower and will not purchase, lease or otherwise acquire assets not
related to its business.

      Section 6.22 Accounting. The Borrower will not adopt any material change
in accounting principles other than as required by GAAP. The Borrower will not
adopt, permit or consent to any change in its fiscal year.

      Section 6.23 Discounts, etc. After notice from the Lender, the Borrower
will not grant any discount, credit or allowance to any customer of the Borrower
or accept any return of goods sold. The Borrower will not at any time modify,
amend, subordinate, cancel or terminate the obligation of any account debtor or
other obligor of the Borrower.

      Section 6.24 Plans. Unless disclosed to the Lender pursuant to Section
5.12, neither the Borrower nor any ERISA Affiliate will (i) adopt, create,
assume or become a party to any Pension Plan, (ii) incur any obligation to
contribute to any Multiemployer Plan, (iii) incur any obligation to provide
post-retirement medical or insurance benefits with respect to employees or
former employees (other than benefits required by law) or (iv) amend any Plan in
a manner that would materially increase its funding obligations.

      Section 6.25 Place of Business; Name. The Borrower will not transfer its
chief executive office or principal place of business, or move, relocate, close
or sell any business location. The Borrower will not permit any tangible
Collateral or any records pertaining to the Collateral to be located in any
state or area in which, in the event of such location, a financing statement
covering such Collateral would be required to be, but has not in fact been,
filed in order to perfect the Security Interest. The Borrower will not change
its name or jurisdiction of organization.

      Section 6.26 Constituent Documents; S Corporation Status. The Borrower
will not amend its Constituent Documents. The Borrower will not become an S
Corporation.

      Section 6.27 Performance by the Lender. If the Borrower at any time fails
to perform or observe any of the foregoing covenants contained in this Article
VI or elsewhere herein, and if such failure shall continue for a period of ten
calendar days after the Lender gives the Borrower written notice thereof (or in
the case of the agreements contained in Section 6.12 and Section 6.14,
immediately upon the occurrence of such failure, without notice or lapse of
time), the Lender may, but need not, perform or observe such covenant on behalf
and in the name, place and stead of the Borrower (or, at the Lender's option, in
the Lender's name) and may, but need not, take any and all other actions which
the Lender may reasonably deem necessary to cure or correct such failure
(including the payment of taxes, the satisfaction of Liens, the performance of
obligations owed to account debtors or other obligors, the procurement and
maintenance of insurance, the execution of assignments, security agreements and
financing statements, and the endorsement of instruments); and the Borrower
shall thereupon pay to the Lender on demand the amount of all monies expended
and all costs and expenses (including reasonable attorneys' fees and legal
expenses) incurred by the Lender in connection with or as a result of the
performance or observance of such agreements or the taking of such action by the
Lender, together with interest thereon from the date expended or incurred at the
Default Rate. To facilitate the

                                      -39-
<PAGE>

Lender's performance or observance of such covenants of the Borrower, the
Borrower hereby irrevocably appoints the Lender, or the Lender's delegate,
acting alone, as the Borrower's attorney in fact (which appointment is coupled
with an interest) with the right (but not the duty) from time to time to create,
prepare, complete, execute, deliver, endorse or file in the name and on behalf
of the Borrower any and all instruments, documents, assignments, security
agreements, financing statements, applications for insurance and other
agreements and writings required to be obtained, executed, delivered or endorsed
by the Borrower under this Section 6.27.

                                   Article VII

                     EVENTS OF DEFAULT, RIGHTS AND REMEDIES

      Section 7.1 Events of Default. "Event of Default", wherever used herein,
means any one of the following events:

      (a) Default in the payment of any Obligations when they become due and
payable;

      (b) Default in the performance, or breach, of any covenant or agreement of
the Borrower contained in this Agreement;

      (c) A Change of Control shall occur;

      (d) The Borrower or any Guarantor shall be or become insolvent (with
respect to the non-Borrower Guarantors, insolvency shall be calculated without
taking into consideration inter-company debt among the Borrower and the
Guarantors), or admit in writing its or his inability to pay its or his debts as
they mature, or make an assignment for the benefit of creditors; or the Borrower
or any Guarantor shall apply for or consent to the appointment of any receiver,
trustee, or similar officer for it or him or for all or any substantial part of
its or his property; or such receiver, trustee or similar officer shall be
appointed without the application or consent of the Borrower or such Guarantor,
as the case may be; or the Borrower or any Guarantor shall institute (by
petition, application, answer, consent or otherwise) any bankruptcy, insolvency,
reorganization, arrangement, readjustment of debt, dissolution, liquidation or
similar proceeding relating to it or him under the laws of any jurisdiction; or
any such proceeding shall be instituted (by petition, application or otherwise)
against the Borrower or any such Guarantor; or any judgment, writ, warrant of
attachment or execution or similar process shall be issued or levied against a
substantial part of the property of the Borrower or any Guarantor;

      (e) A petition shall be filed by or against the Borrower or any Guarantor
under the United States Bankruptcy Code naming the Borrower or such Guarantor as
debtor;

      (f) Any representation or warranty made by the Borrower in this Agreement,
by any Guarantor in any guaranty delivered to the Lender, or by the Borrower (or
any of its Officers) or any Guarantor in any agreement, certificate, instrument
or financial statement or other statement contemplated by or made or delivered
pursuant to or in connection with this Agreement or any such guaranty shall
prove to have been incorrect in any material respect when deemed to be
effective;

                                      -40-
<PAGE>

      (g) The rendering against the Borrower of an arbitration award, final
judgment, decree or order for the payment of money in excess of $100,000 and the
continuance of such arbitration award, judgment, decree or order unsatisfied and
in effect for any period of 30 consecutive days without a stay of execution;

      (h) A default under any bond, debenture, note or other evidence of
indebtedness of the Borrower, evidencing indebtedness of $100,000 or more, owed
to any Person other than the Lender, or under any indenture or other instrument
under which any such evidence of indebtedness has been issued or by which it is
governed, or under any material lease or other contract, and the expiration of
the applicable period of grace, if any, specified in such evidence of
indebtedness, indenture, other instrument, lease or contract;

      (i) Any Reportable Event, which the Lender determines in good faith might
constitute grounds for the termination of any Pension Plan or for the
appointment by the appropriate United States District Court of a trustee to
administer any Pension Plan, shall have occurred and be continuing 30 days after
written notice to such effect shall have been given to the Borrower by the
Lender; or a trustee shall have been appointed by an appropriate United States
District Court to administer any Pension Plan; or the Pension Benefit Guaranty
Corporation shall have instituted proceedings to terminate any Pension Plan or
to appoint a trustee to administer any Pension Plan; or the Borrower or any
ERISA Affiliate shall have filed for a distress termination of any Pension Plan
under Title IV of ERISA; or the Borrower or any ERISA Affiliate shall have
failed to make any quarterly contribution required with respect to any Pension
Plan under Section 412(m) of the IRC, which the Lender determines in good faith
may by itself, or in combination with any such failures that the Lender may
determine are likely to occur in the future, result in the imposition of a Lien
on the Borrower's assets in favor of the Pension Plan; or any withdrawal,
partial withdrawal, reorganization or other event occurs with respect to a
Multiemployer Plan which results or could reasonably be expected to result in a
material liability of the Borrower to the Multiemployer Plan under Title IV of
ERISA;

      (j) An event of default shall occur under any Security Document;

      (k) The Borrower shall liquidate, dissolve, terminate or suspend its
business operations or otherwise fail to operate its business in the ordinary
course, or sell or attempt to sell all or substantially all of its assets,
without the Lender's prior written consent;

      (l) Default in the payment of any amount owed by the Borrower to the
Lender other than any indebtedness arising hereunder;

      (m) Any Guarantor or person signing a support agreement in favor of the
Lender shall repudiate, purport to revoke or fail to perform its obligations
under such guaranty or support agreement in favor of the Lender, any individual
Guarantor shall die or any other Guarantor shall cease to exist;

      (n) Any person who has executed a support agreement in connection with the
Credit Facility shall die, become mentally or physically incapacitated, or cease
to be employed by the Borrower; provided, however, that such occurrence shall
not constitute an Event of Default if within 60 days of such occurrence (i) the
Borrower employs a replacement acceptable to the Lender in its sole discretion
and (ii) such replacement executes a support agreement substantially in the form
of the agreement executed by the person so replaced;

                                      -41-
<PAGE>

      (o) The Borrower shall take or participate in any action which would be
prohibited under the provisions of any Subordination Agreement or make any
payment on the Subordinated Indebtedness (as defined in the applicable
Subordination Agreement) or the indebtedness under the Banco Popular Loan (as
defined in the applicable Subordination Agreement), as the case may be, that any
Person was not entitled to receive under the provisions of such Subordination
Agreement;

      (p) Any event or circumstance with respect to the Borrower shall occur
which causes a material adverse change in the prospect of payment of all or any
part of the Obligations or the performance by the Borrower under the Loan
Documents is impaired or any material adverse change in the business or
financial condition of the Borrower shall occur; or

      (q) Any breach, default or event of default by or attributable to any
Affiliate under any agreement between such Affiliate and the Lender shall occur.

      Section 7.2 Rights and Remedies. During any Default Period, the Lender may
exercise any or all of the following rights and remedies:

      (a) the Lender may, by notice to the Borrower, declare the Commitment to
be terminated, whereupon the same shall forthwith terminate;

      (b) the Lender may, by notice to the Borrower, declare the Obligations to
be forthwith due and payable, whereupon all Obligations shall become and be
forthwith due and payable, without presentment, notice of dishonor, protest or
further notice of any kind, all of which the Borrower hereby expressly waives;

      (c) the Lender may, without notice to the Borrower and without further
action, apply any and all money owing by the Lender to the Borrower to the
payment of the Obligations;

      (d) the Lender may exercise and enforce any and all rights and remedies
available upon default to a secured party under the UCC, including the right to
take possession of Collateral, or any evidence thereof, proceeding without
judicial process or by judicial process (without a prior hearing or notice
thereof, which the Borrower hereby expressly waives) and the right to sell,
lease or otherwise dispose of any or all of the Collateral (with or without
giving any warranties as to the Collateral, title to the Collateral or similar
warranties), and, in connection therewith, the Borrower will on demand assemble
the Collateral and make it available to the Lender at a place to be designated
by the Lender which is reasonably convenient to both parties;

      (e) the Lender may make demand upon the Borrower and, forthwith upon such
demand, the Borrower will pay to the Lender in immediately available funds for
deposit in the Special Account pursuant to Section 2.13 an amount equal to the
aggregate maximum amount available to be drawn under all Letters of Credit then
outstanding, assuming compliance with all conditions for drawing thereunder;

                                      -42-
<PAGE>

      (f) the Lender may direct the Borrower to, and the Borrower shall
immediately, deposit directly all proceeds of the Collateral into a deposit
account designated by the Lender;

      (g) the Lender may exercise and enforce its rights and remedies under the
Loan Documents; and

      (h) the Lender may exercise any other rights and remedies available to it
by law or agreement.

Notwithstanding the foregoing, upon the occurrence of an Event of Default
described in Section 7.1(d) or Section 7.1(e), the Obligations shall be
immediately due and payable automatically without presentment, demand, protest
or notice of any kind. If the Lender sells any of the Collateral on credit, the
Obligations will be reduced only to the extent of payments actually received. If
the purchaser fails to pay for the Collateral, the Lender may resell the
Collateral and shall apply any proceeds actually received to the Obligations.

      Section 7.3 Certain Notices. If notice to the Borrower of any intended
disposition of Collateral or any other intended action is required by law in a
particular instance, such notice shall be deemed commercially reasonable if
given (in the manner specified in Section 8.3) at least ten calendar days before
the date of intended disposition or other action.

                                  Article VIII

                                  MISCELLANEOUS

      Section 8.1 No Waiver; Cumulative Remedies; Compliance with Laws. No
failure or delay by the Lender in exercising any right, power or remedy under
the Loan Documents shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right, power or remedy preclude any other or
further exercise thereof or the exercise of any other right, power or remedy
under the Loan Documents. The remedies provided in the Loan Documents are
cumulative and not exclusive of any remedies provided by law. The Lender may
comply with any applicable state or federal law requirements in connection with
a disposition of the Collateral and such compliance will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral.

      Section 8.2 Amendments, Etc. No amendment, modification, termination or
waiver of any provision of any Loan Document or consent to any departure by the
Borrower therefrom or any release of a Security Interest shall be effective
unless the same shall be in writing and signed by the Lender, and then such
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given. No notice to or demand on the Borrower in any
case shall entitle the Borrower to any other or further notice or demand in
similar or other circumstances.

      Section 8.3 Addresses for Notices; Requests for Accounting. Except as
otherwise expressly provided herein, all notices, requests, demands and other
communications provided for under the Loan Documents shall be in writing and
shall be (a) personally delivered, (b) sent by first class United States mail,
(c) sent by overnight courier of national reputation, or (d) transmitted by
telecopy, in each case addressed or telecopied to the party to whom notice is

                                      -43-
<PAGE>

being given at its address or telecopier number as set forth below next to its
signature or, as to each party, at such other address or telecopier number as
may hereafter be designated by such party in a written notice to the other party
complying as to delivery with the terms of this Section. All such notices,
requests, demands and other communications shall be deemed to have been given on
(a) the date received if personally delivered, (b) when deposited in the mail if
delivered by mail, (c) the date sent if delivered by overnight courier, or (d)
the date of transmission if delivered by telecopy, except that notices or
requests delivered to the Lender pursuant to any of the provisions of Article II
shall not be effective until received by the Lender. All requests under Section
9-210 of the UCC (i) shall be made in a writing signed by a Person authorized
under Section 2.2(a), (ii) shall be personally delivered, sent by registered or
certified mail, return receipt requested, or by overnight courier of national
reputation, (iii) shall be deemed to be sent when received by the Lender and
(iv) shall otherwise comply with the requirements of Section 9-210. The Borrower
requests that the Lender respond to all such requests which on their face appear
to come from an authorized individual and releases the Lender from any liability
for so responding. The Borrower shall pay the Lender an amount which has a
reasonable relationship to the Lender's cost in preparing such response (not to
exceed the maximum amount allowed by law for responding to such requests).

      Section 8.4 Further Documents. The Borrower will from time to time
execute, deliver, endorse and authorize the filing of any and all instruments,
documents, conveyances, assignments, security agreements, financing statements,
control agreements and other agreements and writings that the Lender may
reasonably request in order to secure, protect, perfect or enforce the Security
Interest or the Lender's rights under the Loan Documents (but any failure to
request or assure that the Borrower executes, delivers, endorses or authorizes
the filing of any such item shall not affect or impair the validity, sufficiency
or enforceability of the Loan Documents and the Security Interest, regardless of
whether any such item was or was not executed, delivered or endorsed in a
similar context or on a prior occasion).

      Section 8.5 Costs and Expenses. The Borrower shall pay on demand all costs
and expenses, including reasonable attorneys' fees, incurred by the Lender in
connection with the Obligations, this Agreement, the Loan Documents, any Letter
of Credit and any other document or agreement related hereto or thereto, and the
transactions contemplated hereby, including all such costs, expenses and fees
incurred in connection with the negotiation, preparation, execution, amendment,
administration, performance, collection and enforcement of the Obligations and
all such documents and agreements and the creation, perfection, protection,
satisfaction, foreclosure or enforcement of the Security Interest.

      Section 8.6 Indemnity. In addition to the payment of expenses pursuant to
Section 8.5, the Borrower shall indemnify, defend and hold harmless the Lender,
and any of its participants, parent corporations, subsidiary corporations,
affiliated corporations, successor corporations, and all present and future
officers, directors, employees, attorneys and agents of the foregoing (the
"Indemnitees") from and against any of the following (collectively, "Indemnified
Liabilities"):

            (i) any and all transfer taxes, documentary taxes, assessments or
      charges made by any governmental authority by reason of the execution and
      delivery of the Loan Documents or the making of the Advances (other than
      income tax payable by the Lender);

                                      -44-
<PAGE>

            (ii) any claims, loss or damage to which any Indemnitee may be
      subjected if any representation or warranty contained in Section 5.14
      proves to be incorrect in any respect or as a result of any violation of
      the covenant contained in Section 6.11(b); and

            (iii) any and all other liabilities, losses, damages, penalties,
      judgments, suits, claims, costs and expenses of any kind or nature
      whatsoever (including the reasonable fees and disbursements of counsel) in
      connection with the foregoing and any other investigative, administrative
      or judicial proceedings, whether or not such Indemnitee shall be
      designated a party thereto, which may be imposed on, incurred by or
      asserted against any such Indemnitee, in any manner related to or arising
      out of or in connection with the making of the Advances and the Loan
      Documents or the use or intended use of the proceeds of the Advances, in
      each case so long as such liabilities, losses, damages, penalties,
      judgments, suits, claims, costs and expenses did not arise solely out of
      the Indemnitees' own gross negligence or willful misconduct.

If any investigative, judicial or administrative proceeding arising from any of
the foregoing is brought against any Indemnitee, upon such Indemnitee's request,
the Borrower, or counsel designated by the Borrower and satisfactory to the
Indemnitee, will resist and defend such action, suit or proceeding to the extent
and in the manner directed by the Indemnitee, at the Borrower's sole costs and
expense. Each Indemnitee will use its best efforts to cooperate in the defense
of any such action, suit or proceeding. If the foregoing undertaking to
indemnify, defend and hold harmless may be held to be unenforceable because it
violates any law or public policy, the Borrower shall nevertheless make the
maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law. The Borrower's obligation
under this Section 8.6 shall survive the termination of this Agreement and the
discharge of the Borrower's other obligations hereunder.

      Section 8.7 Participants. The Lender and its participants, if any, are not
partners or joint venturers, and the Lender shall not have any liability or
responsibility for any obligation, act or omission of any of its participants.
All rights and powers specifically conferred upon the Lender may be transferred
or delegated to any of the Lender's participants, successors or assigns.

      Section 8.8 Execution in Counterparts; Telefacsimile Execution. This
Agreement and other Loan Documents may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which counterparts, taken together, shall constitute but
one and the same instrument. Delivery of an executed counterpart of this
Agreement by telefacsimile shall be equally as effective as delivery of an
original executed counterpart of this Agreement. Any party delivering an
executed counterpart of this Agreement by telefacsimile also shall deliver an
original executed counterpart of this Agreement but the failure to deliver an
original executed counterpart shall not affect the validity, enforceability, and
binding effect of this Agreement.

      Section 8.9 Retention of Borrower's Records. The Lender shall have no
obligation to maintain any electronic records or any documents, schedules,
invoices, agings, or other papers delivered to the Lender by the Borrower or in
connection with the Loan Documents for more than four months after receipt by
the Lender.

                                      -45-
<PAGE>

      Section 8.10 Binding Effect; Assignment; Complete Agreement; Exchanging
Information; Confidentiality. The Loan Documents shall be binding upon and inure
to the benefit of the Borrower and the Lender and their respective successors
and assigns, except that the Borrower shall not have the right to assign its
rights thereunder or any interest therein without the Lender's prior written
consent. To the extent permitted by law, the Borrower waives and will not assert
against any assignee any claims, defenses or set-offs which the Borrower could
assert against the Lender. This Agreement shall also bind all Persons who become
a party to this Agreement as a borrower. This Agreement, together with the Loan
Documents, comprises the complete and integrated agreement of the parties on the
subject matter hereof and supersedes all prior agreements, written or oral, on
the subject matter hereof. Without limiting the Lender's right to share
information regarding the Borrower and its Affiliates with the Lender's
participants, accountants, lawyers and other advisors, the Lender, Wells Fargo &
Company, and all direct and indirect subsidiaries of Wells Fargo & Company, may
exchange any and all information they may have in their possession regarding the
Borrower and its Affiliates, and the Borrower waives any right of
confidentiality it may have with respect to such exchange of such information.
The Lender acknowledges that some of the information and documents furnished to
it pursuant to this Agreement may be confidential information of the Borrower
and the Lender agrees that it will, and will cause all of its employees and
agents, including but not limited to accountants, to, exercise the same degree
of care that it exercises with respect to its own proprietary information of the
same types to maintain the confidentiality of any non-public information thereby
received or received pursuant to this Agreement, except that disclosure of such
information may be made (i) to the Lender's participants, accountants, lawyers
and other advisors, Wells Fargo & Company, and all direct and indirect
subsidiaries of Wells Fargo & Company, (ii) as required by law, regulations,
rule or order, subpoena, judicial order or similar order (provided that the
Lender will give the Borrower prior notice of any such disclosure unless such
notice would violate any legal obligations of the Lender), (iii) as may be
required in connection with the examination, audit or similar investigation of
the Lender, (iv) as the Lender may determine in connection with the enforcement
of any remedies hereunder after an Event of Default, (v) if, prior to the
receipt of such information from the Borrower, it was rightfully known to the
Lender, or has been rightfully received by the Lender from other sources,
provided such other sources did not violate any legal or contractual restriction
governing such disclosure, (vi) if, subsequent to the receipt of such
information by the Lender, it is publicly disclosed by the Borrower or is
disclosed by the Borrower to others without a restriction on its use and
disclosure, or it has been rightfully obtained by the Lender from other sources
which the Lender reasonably believes rightfully came to possess it, or (vii) if
such information is publicly known information that is generally employed in the
Borrower's trade, business or industry.

      Section 8.11 Severability of Provisions. Any provision of this Agreement
which is prohibited or unenforceable shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof.

      Section 8.12 Headings. Article, Section and subsection headings in this
Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose.

                                      -46-
<PAGE>

      Section 8.13 Governing Law; Jurisdiction, Venue; Waiver of Jury Trial. The
Loan Documents shall be governed by and construed in accordance with the
substantive laws (other than conflict laws) of the State of Washington. The
parties hereto hereby (i) consent to the personal jurisdiction of the state and
federal courts located in the State of Washington in connection with any
controversy related to this Agreement; (ii) waive any argument that venue in any
such forum is not convenient; (iii) agree that any litigation initiated by the
Lender or the Borrower in connection with this Agreement or the other Loan
Documents may be venued in either the state or federal courts located in King
County, Washington; and (iv) agree that a final judgment in any such suit,
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED
ON OR PERTAINING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT.

      Section 8.14 Washington Status of Frauds. ORAL AGREEMENTS OR ORAL
COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT
OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.

      Section 8.15 Joint and Several Liability. All obligations of CUL, GUAM,
NEV and USVI under this Agreement, the Note, the other Loan Documents and any
other instrument, agreement or document delivered to the Lender by any of CUL,
GUAM, NEV and USVI shall be (a) joint and several and (b) the primary obligation
of each of CUL, GUAM, NEV and USVI. All references to the term "Borrower" herein
shall refer to each of them separately and to all of them jointly and all such
Persons shall be bound both severally and jointly with the others. The
Obligations shall include all debts, liabilities and obligations owed to the
Lender by any Borrower solely or by all of CUL, GUAM, NEV and USVI jointly or
jointly and severally. All property described in the definition of "Collateral"
shall be included as Collateral, whether it is owned jointly by some or all of
CUL, GUAM, NEV and USVI or is owned in whole or in part by one or more of them.
Each of CUL, GUAM, NEV and USVI is responsible for all of the Borrower
obligations under this Agreement, the Note, other Loan Documents and any other
instrument, agreement or document delivered to the Lender by any of CUL, GUAM,
NEV or USVI. Notices from the Lender to any of CUL, GUAM, NEV or USVI shall
constitute notice to all. Directions, instructions, representations, warranties
or covenants made by any of CUL, GUAM, NEV or USVI to the Lender shall be
binding on all of them.

                                      -47-
<PAGE>

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

Cost-U-Less, Inc.                             COST-U-LESS, INC.
8160 304th Ave. SE
Building 3, Suite A                           By: /s/ J. Jeffrey Meder
Preston, Washington 98050                         ------------------------------
Telecopier: (425) 222-0044                        J. Jeffrey Meder
Attention: Martin P. Moore                        Its President
e-mail: mmoore@costuless.com

CULGUAM, Inc.                                 CULGUAM, INC.
8160 304th Ave. SE
Building 3, Suite A                           By: /s/ J. Jeffrey Meder
Preston, Washington 98050                         ------------------------------
Telecopier: (425) 222-0044                        J. Jeffrey Meder
Attention: Martin P. Moore                        Its Director
e-mail: mmoore@costuless.com

CULNEV, Inc.                                  CULNEV, INC.
8160 304th Ave. SE
Building 3, Suite A                           By: /s/ J. Jeffrey Meder
Preston, Washington 98050                         ------------------------------
Telecopier: (425) 222-0044                        J. Jeffrey Meder
Attention: Martin P. Moore                        Its President
e-mail: mmoore@costuless.com

CULUSVI, Inc.                                 CULUSVI, INC.
8160 304th Ave. SE
Building 3, Suite A                           By: /s/ J. Jeffrey Meder
Preston, Washington 98050                         ------------------------------
Telecopier: (425) 222-0044                        J. Jeffrey Meder
Attention: Martin P. Moore                        Its Director
e-mail: mmoore@costuless.com

Wells Fargo Business Credit, Inc.             WELLS FARGO BUSINESS CREDIT, INC.
MAC# P6101-144
1300 SW Fifth Avenue, 14th Floor              By: /s/ Robb L. Jacobs
Portland, OR 97201                                ------------------------------
Telecopier: (503) 886-4312                        Robb Jacobs
Attention: Robb Jacobs                            Its Commercial Banking Officer
e-mail: jacobsro@wellsfargo.com

                                      -48-
<PAGE>

                         Table of Exhibits and Schedules

Exhibit A               Form of Note

Exhibit B               Compliance Certificate

Exhibit C               Premises

Schedule 5.1            Trade Names, Chief Executive Office, Principal Place of
                        Business, and Locations of Collateral

Schedule 5.2            Capitalization and Organizational Chart

Schedule 5.5            Subsidiaries

Schedule 5.7            Litigation

Schedule 5.11           Intellectual Property Disclosures

Schedule 6.3            Permitted Liens

Schedule 6.4            Permitted Indebtedness and Guaranties
<PAGE>

                                      Exhibit A to Credit and Security Agreement

                                      NOTE

$6,000,000                                                   Seattle, Washington
                                                                   April 9, 2003

      For value received, each of the undersigned, COST-U-LESS, INC., a
Washington corporation, CULGUAM, INC., a Guam corporation, CULNEV, INC., a
Nevada corporation and CULUSVI, INC., a U.S. Virgin Islands corporation
(individually and together, the "Borrower"), hereby jointly and severally
promises to pay on the Termination Date under the Credit Agreement (defined
below), to the order of WELLS FARGO BUSINESS CREDIT, INC., a Minnesota
corporation (the "Lender"), at its main office in Seattle, Washington, or at any
other place designated at any time by the holder hereof, in lawful money of the
United States of America and in immediately available funds, the principal sum
of Six Million Dollars ($6,000,000) or, if less, the aggregate unpaid principal
amount of all Advances made by the Lender to the Borrower under the Credit
Agreement (defined below) together with interest on the principal amount
hereunder remaining unpaid from time to time, computed on the basis of the
actual number of days elapsed and a 360-day year, from the date hereof until
this Note is fully paid at the rate from time to time in effect under the Credit
and Security Agreement of even date herewith (the "Credit Agreement") by and
between the Lender and the Borrower. The principal hereof and interest accruing
thereon shall be due and payable as provided in the Credit Agreement. This Note
may be prepaid only in accordance with the Credit Agreement.

      This Note is issued pursuant, and is subject, to the Credit Agreement,
which provides, among other things, for acceleration hereof. This Note is the
Note referred to in the Credit Agreement. This Note is secured, among other
things, pursuant to the Credit Agreement and the Security Documents as therein
defined, and may now or hereafter be secured by one or more other security
agreements, mortgages, deeds of trust, assignments or other instruments or
agreements. The obligations of Cost-U-Less, Inc., CULGUAM, Inc., CULNEV, Inc.
and CULUSVI, Inc. hereunder are joint and several.

      The Borrower shall pay all costs of collection, including reasonable
attorneys' fees and legal expenses if this Note is not paid when due, whether or
not legal proceedings are commenced.

      Presentment or other demand for payment, notice of dishonor and protest
are expressly waived.

             [The remainder of this page intentionally left blank.]

Note                                  A-1-
<PAGE>

      ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO
FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.

                                           COST-U-LESS, INC.

                                           By:
                                               ---------------------------------
                                           Name: J. Jeffrey Meder
                                           Its: President

                                           CULGUAM, INC.

                                           By:
                                               ---------------------------------
                                           Name: J. Jeffrey Meder
                                           Its: Director

                                           CULNEV, INC.

                                           By:
                                               ---------------------------------
                                           Name: J. Jeffrey Meder
                                           Its: President

                                           CULUSVI, INC.

                                           By:
                                               ---------------------------------
                                           Name: J. Jeffrey Meder
                                           Its: Director

Note                                  A-2-
<PAGE>

                                      Exhibit B to Credit and Security Agreement

                             Compliance Certificate

To:       Wells Fargo Business Credit, Inc.
Date:     __________________, 200___
Subject:  Financial Statements

      In accordance with our Credit and Security Agreement dated as of April 9,
2003 (the "Credit Agreement"), attached are the consolidating and consolidated
financial statements of Cost-U-Less, Inc., CULGUAM, Inc., CULNEV, Inc. and
CULUSVI, Inc. (individually and together the "Borrower") as of and for
________________, 200__ (the "Reporting Date") and the year-to-date period then
ended (the "Current Financials"). All terms used in this certificate have the
meanings given in the Credit Agreement.

      I certify that the Current Financials have been prepared in accordance
with GAAP, subject to year-end audit adjustments, and fairly present the
Borrower's financial condition as of the date thereof.

      Events of Default. (Check one):

            The undersigned does not have knowledge of the occurrence of a
            Default or Event of Default under the Credit Agreement except as
            previously reported in writing to the Lender.

      |_|   The undersigned has knowledge of the occurrence of a Default or
            Event of Default under the Credit Agreement not previously reported
            in writing to the Lender and attached hereto is a statement of the
            facts with respect to thereto. The Borrower acknowledges that
            pursuant to Section 2.8(c) of the Credit Agreement, the Lender may
            impose the Default Rate at any time during the resulting Default
            Period.

      Financial Covenants. I further hereby certify as follows:

      1. Minimum Book Net Worth. Pursuant to Section 6.2(a) of the Credit
Agreement, as of the Reporting Date, the Borrower's consolidated Book Net Worth
was $____________ which |_| satisfies |_| does not satisfy the requirement that
such amount be not less than $_____________ on the Reporting Date as set forth
in the table below (numbers appearing between "< >" are negative):

                      Period                              Minimum Book Net Worth
                      ------                              ----------------------

The month ending March 30, 2003                                $15,777,000
The month ending April 27, 2003                                $15,769,000
The month ending May 25, 2003                                  $15,729,000
The month ending June 29, 2003                                 $15,817,000
The month ending July 27, 2003                                 $15,816,000
The month ending August 24, 2003                               $15,819,000
The month ending September 28, 2003                            $15,969,000
The month ending October 26, 2003                              $15,938,000
The month ending November 23, 2003                             $15,940,000
The month ending December 28, 2003 and as of the end
of each month thereafter                                       $16,333,000

Compliance Certificate                B-1
<PAGE>

      2. Minimum Net Income. Pursuant to Section 6.2(b) of the Credit
Agreement, the Borrower's consolidated Net Income for the _______ month period
ending on the Reporting Date, was $____________, which |_| satisfies |_| does
not satisfy the requirement that such amount be not less than $_____________
during such period as set forth in the table below (numbers appearing between "<
>" are negative):

                       Period                                Minimum Net Income
                       ------                                ------------------
The three months ending March 30, 2003                              $ -0-
The six months ending June 29, 2003                               $100,000
The nine months ending September 28, 2003                         $350,000
The twelve months ending December 28, 2003                        $950,000

      3. Capital Expenditures. Pursuant to Section 6.2(c) of the Credit
Agreement, for the year-to-date period ending on the Reporting Date, the
Borrower has expended or contracted to expend during the fiscal year ended
______________, 200___, for Capital Expenditures, $__________________ in the
aggregate, which |_| satisfies |_| does not satisfy the requirement that such
expenditures not exceed $__________ in the aggregate during such year.

      4. Investments and Subsidiaries. As of the Reporting Date, the
Borrower |_| is |_| is not in compliance with Section 6.6(d) of the Credit
Agreement concerning loans and advances to Non-Borrower Subsidiaries.

      5. Salaries. As of the Reporting Date, the Borrower |_| is |_| is
not in compliance with Section 6.8 of the Credit Agreement concerning salaries.

      6. Lease Payments. As of the Reporting Date, the Borrower |_| has
|_| has not paid in full all amounts owed to each of its landlords.

Compliance Certificate                B-2
<PAGE>

      Attached hereto are all relevant facts in reasonable detail to evidence,
and the computations of the financial covenants referred to above. These
computations were made in accordance with GAAP.

                                            COST-U-LESS, INC.

                                            By:
                                                --------------------------------
                                                Its Chief Financial Officer

                                            CULGUAM, INC.

                                            By:
                                                --------------------------------
                                                Its Authorized Agent

                                            CULNEV, INC.

                                            By:
                                                --------------------------------
                                                Its Vice President

                                            CULUSVI, INC.

                                            By:
                                                --------------------------------
                                                Its Authorized Agent

Compliance Certificate                 B-3
<PAGE>

                                      Exhibit C to Credit and Security Agreement

                                    Premises

      The Premises referred to in the Credit and Security Agreement are legally
described as follows:

Corporate Office:

REAL PROPERTY

Beginning on the Easterly margin of the former Burlington Northern (Seattle,
Lake Shore and Eastern) Railway Company right of way, as the same was
established by instrument recorded October 10, 1891 under Recording No. 86431 at
its intersection with the North line of the South 50 feet of the Southeast
Quarter of Section 29, Township 24 North, Range 7 East, W.M., in King County,
Washington;

THENCE South 88(degree)35'57" East along the North line of said South 50 feet
1123.30 feet to the East line of the Southeast Quarter of said Section 29;

THENCE South 01(degree)14'03" West along said East line 50.00 feet to the
section corner common to Sections 28, 29, 32 and 33 of said Township 24 North,
Range 7 East;

THENCE South 03(degree)53'50" East along the East line of the Northeast Quarter
of Section 32 of said Township 24 North, Range 7 East, 555.32 feet to the North
line of a parcel of land conveyed to B.M. Gallagher by Correction Deed filed
under Recording No. 4538652;

THENCE North 88(degree)35'57" West along the North line of said Gallagher deed
209.00 feet;

THENCE South 03(degree)53'50" East along the West line of said Gallagher Deed
209.00 feet;

THENCE South 88(degree)35'57" East along the South line of said Gallagher Deed
209.00 feet to the East line of the Northeast Quarter of said Section 32;

THENCE South 03(degree)53'50" East along said line 2.26 feet to the South line
of the North 23 acres of the Northeast Quarter of the Northeast Quarter of said
Section 32;

THENCE North 88(degree)35'57" West along said South line 1117.21 feet to the
Easterly margin of said former Burlington Northern Railway Company right of way;

THENCE North 02(degree)34'17" East along said former Burlington Northern right
of way 332.04 feet to a point of curvature concave to the West having a radius
of 1307.00 feet;

THENCE Northerly along said curve and former right of way margin through a
central angle of 21(degree)32'11" an arc length of 491.28 feet to the point of
beginning and terminus of this description.

Premises                              C-1
<PAGE>

ACCESS EASEMENT

Together with a non-exclusive easement for ingress and egress over those
portions of the Northeast Quarter of the Northeast Quarter of Section 32,
Township 24 North, Range 7 East, W.M., in King County, Washington, described as
follows:

Commencing at the intersection of the North line of the ingress, egress, and
utilities easement conveyed by O'dell Crittenden under King County Recording No.
8504160805 with the West margin of that certain tract of land which was formerly
the Northern Pacific Railway Company right-of-way as it was conveyed October 10,
1891, by deed filed in Book 130 of Deeds at Page 567, records of King County,
Washington;

THENCE South 88(degree)28'26" East along the Northerly line margin of said
easement 20.00 feet to the West line of the East 30 feet of said former Northern
Pacific Railway Company right-of-way and the true point of beginning for this
description;

THENCE continuing South 88(degree)28'26" East along the Northerly margin of said
easement 56.27 feet;

THENCE North 02(degree)24'l7" East parallel with the Easterly margin of said
former Northern Pacific Railway Company right-of-way 28.85 feet to a point of
tangent curvature concave to the West, having a radius of 75.00 feet;

THENCE Northwesterly along said curve through an arc of 25(degree)58'38" an arc
length of 34.00 feet to a point of reverse curvature with a curve of radius
185.00 feet;

THENCE Northerly along said curve through an arc of 25(degree)58'38", an arc
length of 83.88 feet to the Easterly margin of said former railway right-of-way;

THENCE North 02(degree)24'17" East along said Easterly margin 228.68 feet to a
point of tangent curvature concave to the East having a radius of 180.00 feet;

THENCE Northerly along said curve through an arc of 42(degree) 11'38", an arc
length of 132.56 feet to the Southerly line of the North 23 acres of the
Northeast Quarter of the Northeast Quarter of said Section 32;

THENCE North 88035'57" West along said line 76.66 feet to the West line of the
East 30 feet of said former railway right-of-way,

THENCE South 02(degree)24'17" West along said West line 491.83 feet to the true
point of beginning;

ALSO, over the North 100 feet of the West 20 feet of that portion of the former
Northern Pacific Railway Company right-of-way as it was deeded October 10, 1891,
in Book 130 of Deeds at Page 567, records of King County, Washington, lying
Southerly of the North 23 acres of the Northeast Quarter of the Northeast
Quarter of Section 32, Township 24 North, Range 7 East of the Willamette
Meridian in King County, Washington;

Premises                             C-2
<PAGE>

ALSO, over the West 76.27 feet of the South 30 feet of Lot l and the West 76.27
feet of the North 30 feet of Log 3; all in Short Plat No. 787033, recorded under
receiving No. 8810180798, in the Northeast Quarter of Section 32, Township 24
North, Range 7 East, W.M., in King County, Washington

Guam I:

Space No. A, containing an area of 32,799 square feet, as outlined in Exhibit
A-1, attached hereto. This space is part of the Tonko Reyes, Inc. Commercial
Building, commonly known as the Cost-U-Less Center, fronting Harmon Loop Road,
and is located on Lot No. 5012NEW-1, Dededo, Guam. The premises shall include
the loading docks adjacent to the premises.

Guam II:

Lot Nos. 2146-3-11, 2146-3-12, and 2146-3-13, Municipality of Tamuning, Land
Square 14, Section 2, Guam; and

Lot No. 2145-REM-6NEW-R3, Municipality of Tamuning, Land Square 14, Section 2,
Guam, as depicted on Exhibit B-1 hereto.

Hilo:

All of those certain parcels of land situate at Kukaua 1st, District of South
Hilo, Island and County of Hawaii, State of Hawaii, described as follows:

LOTS 8-B-1, area 30,159 square feet; and 39, area 8,927 square feet, as shown on
Map 8; and 8-A-1, area 49,026 square feet, as shown on Map 6; the maps above
referred to by numbers are filed in the Office of the Assistant Registrar of the
Land Court of the State of Hawaii with Land Court Application No. 1205 (amended)
of Cooke Trust Company, Limited, Trustee under the Will and of the Estate of
Akana Amelia Richardson, deceased;

Being the land(s) described in Transfer Certificate of Title No. 331,846 issued
to JOHN STRATTON TOLMIE, JR. and LINDA ANN TOLMIE, husband and wife, as Tenants
by the Entirety.

Kauai Building Lease:

Lots No. 4 and 9 in Kapaa, Kauai, Hawaii, TMK 4-4-5-5:4 and 4-4-5-5:9,
consisting of approximately 56,256 square feet, and that certain building
constructed thereon containing approximately 22,000 square feet of ground floor
warehouse area.

Kauai Ground Lease:

      Beginning at the northernmost corner of this parcel of land and on the
      northeast corner of Lot 10-D-1, the coordinates of said point of beginning
      referred to Government Survey Triangulation Station "NONOU", being

Premises                              C-3
<PAGE>

      3,619.45 feet North and 11,669.86 feet East, thence running by azimuths
      measured clockwise from true South:

      1.   267(degree) 30'       155.63        feet along Akia Road;

      2.   375(degree) 30'       208.78        feet along Lot H-2-A and Lot F;

      3.   87(degree)  30'       178.43        feet along Lots C, D, and E;

      4.   183(degree) 44'       210.02        feet along Lot 10-D-1 to the
                                               point of beginning and containing
                                               an area of 0.8005 acre, more or
                                               less.

      ALL of that certain parcel of land (being L.P. Grant No. 12,260, being Lot
      10-D-1, situate at Kapaa, District of Puna (Kawaihau), Island and County
      of Kauai, State of Hawaii, and more particularly described as follows:

      Beginning at the northeast corner of this lot, the northwest corner of
      Grant 9931 to the Hawaiian Canneries, Limited, and on the South side of
      20-foot road, the coordinates of said point of beginning referred to
      Government Survey Triangulation Station "NONOU", being 3,619.45 fee North
      and 11,669.86 feet East, as shown on Government Survey Regis. Map 2918 and
      running by azimuths measured clockwise from true South:

      1.   3(degree)   44'       213.90        feet along said Grant 9931;

      2.   88(degree)  25'       127.40        feet along Lot 5-B, Kapaa Rice
                                               and Kula Lots;

      3.   185(degree) 29'       58.35         feet along Lot 1, Kapaa
                                               Agricultural Lot,

      4.   206(degree) 51'       175.35        feet along East side of
                                               old-right-of-way 10 feet wide,
                                               for drainage ditch;

      5.   267(degree) 30'       56.56         feet along South side of 20-foot
                                               road to point of beginning and
                                               containing are area of 21,387
                                               square feet.

Premises                                C-4
<PAGE>

Sonora:

PARCEL 1:

A portion of Government LOT 3 in the Northwest Quarter of Section 6, Township 1
North, Range 15 East, M. D. B. & M., and more particularly described as follows:

BEGINNING at the intersection of the northwesterly right of way line of State
Highway 108 and the westerly boundary of that certain 2.05 acre Parcel 2 deeded
to the Sonora Elementary School in Volume 315 of Official Records at Page 392
and shown in Volume 12 of Record of Surveys at Page 64; thence from a tangent
which bears South 55 degrees 18' 03" West southwesterly along a curve, concave
to the southeast, having a radius of 1740.00 feet, a central angle of 02 degrees
19' 14" and an arc length of 70.47 feet to a brass pin in a 6" X 6" concrete
post; thence South 53 degrees 01' West 899.66 feet, more or less, to the South
boundary of the aforesaid Government LOT 3; thence North 89 degrees 30' West
along the South boundary of said Government LOT 3 about 116 feet to the center
of the Pacific Gas and Electric Company ditch; thence northeasterly along the
center of said water ditch, the following courses: North 56 degrees 14.7" East
26.93 feet to a 1/2 inch steel bar; North 31 degrees 19.3' East 38.36 feet to a
1/2 inch steel bar; North 05 degrees 57.3' East 67.09 feet to a 1/2 inch steel
bar; North 12 degrees 24.6' West 87.25 feet; North 09 degrees 11.1' East 77.43
feet; North 25 degrees 13.6' West 128.79 feet; North 05 degrees 36.5' West
149.10 feet; North 28 degrees 13' East 50.20 feet; North 47 degrees 28.7' East
204.44 feet; North 68 degrees 33.5' East 107.54 feet; South 82 degrees 10.1'
East 128.90 feet to a 1/2 inch steel bar; North 83 degrees 32.7' East 78,60 feet
to a 1/2 inch steel bar; North 71 degrees 04.7' East 110.55 feet to a 1/2 inch
steel bar; North 58 degrees 38.4' East 70.90 feet to a 1/2 inch steel bar; North
38 degrees 30.4' East 87.74 feet; to a 1/2 inch steel bar; North 18 degrees
13.3' East 102.86 feet; North 15 degrees 16.6' West 42.24 feet; North 51 degrees
14.9' East 44.47 feet to a point from which the northwest corner of Section 6
bears North 84 degrees 06' 46" West 2088.77 feet; thence North 82 degrees 45.9'
East along Pacific Gas and Electric Company ditch 41.00 feet to the westerly
boundary of the aforementioned 2.05 acre Parcel 2 shown in Volume 12 of Record
of Surveys at Page 64; thence from a tangent which bears South 21 degrees 01'
30" East, southeasterly along a curve, concave to the southwest, having a radius
of 345.00 feet, a central angle of 06 degrees 31' 01" and an arc length of 39.24
feet thence South 14 degrees '30' 29" East 210.16 feet; thence South 14 degrees
19' 29" East 280.65 feet to the northerly right of way line of State Highway 108
and the point of beginning.

LESS AND EXCEPTING FROM the property just described the following:

BEGINNING at a point on the westerly boundary of that certain 2.05 acre parcel
of land shown as Parcel 2 in Volume 12 of Record of Surveys at Page 64, from
which the northwesterly line of State Highway 108 bears South 17 degrees 24' 12"
East 43.54 feet; thence South 17 degrees 24' 12" East 43.54 feet to the
northwesterly line of State Highway 108; thence from a tangent which bears North
53 degrees 49' 45" East, northeasterly along a curve, concave to the northwest,
having a radius of 60.00 feet, a central angle of 71 degrees 13' 57" and an arc
length of 74.59 feet to the POINT OF BEGINNING.

Premises                              C-5
<PAGE>

PARCEL 2:

A portion of Government LOT 3 in the Northwest Quarter of Section 6, Township 1
North, Range 15 East, M. D. B. & M., and more particularly described as follows:

COMMENCING at the Northwest corner of Section 6, Township 1 North, Range 15
East, M. D. B. & M., County of Tuolumne, State of California; thence South 86
degrees 45' 35" East 2068.63 feet to a 3/4 inch diameter steel bar with brass
tag L.S. 3159 on the westerly boundary of Parcel 2 as shown in Volume 12 of
Record of Surveys at Page 64 in the Office of the Tuolumne County Recorder;
thence from a tangent which bears South 38 degrees .50' 00" East, southeasterly
along a curve, concave to the southwest, having a radius of 345.00 feet, a
central angle of 17 degrees 43' 47" and an arc length of 106.76 feet; thence
South 82 degrees 41' 11" West 41.00 feet to the TRUE POINT OF BEGINNING; thence
southwesterly along the Pacific Gas and Electric Company water ditch the
following courses: South 51 degrees 15' 45" West 44.46 feet; South 15 degrees
16' 43" East 42.23 feet; South 18 degrees 13' 45" West 102.83 feet to a 1/2"
diameter steel bar; South 38 degrees 23' 31" West 87.73 feet to a 1/2" diameter
steel bar; South 58 degrees 36' 49" West 70.87 feet to a 1/2" diameter steel
bar; South 71 degrees 04' 32" West; 110.54 feet to a 1/2" diameter steel bar;
South 83 degrees 34' 23" West 78.61 feet to a 1/2" diameter steel bar; North 82
degrees 12' 13" West 128.84 feet; thence leaving the Pacific Gas and Electric
Company water ditch, North 58 degrees 07' 47" East 566.42 feet to the TRUE POINT
OF BEGINNING.

The basis of bearing in the foregoing description is the California Coordinate
System Grid Zone III. To obtain true bearing add 00 degrees 04' 43" to Grid
Azimuth.

The above described Parcel Number 2 is further shown and designated as Parcel 1
on that certain Parcel Map filed in the Office of the County Recorder of
Tuolumne County, California, on November 1, 1972 in Book 3 of Parcel Maps at
Page 40.

PARCEL 3:

PARCEL A-2 as shown and designated on that certain Parcel Map recorded in the
Office of the County Recorder of Tuolumne County, California on July 27, 1984 in
Volume 20 of Parcel Maps at Pages 88, 89, Tuolumne County Records, being a
portion of PARCEL A of Parcel Maps, 5 at 38, and being a portion of Government
Lot 3 in the NW 1/4 of Section 6, T. 1 N., R. 15 E., M. D. B. & M.

St. Croix:

Plot No. 3A, containing 2.0 U.S. acres, Estate Hogensborg, West End Quarter, St.
Croix, U.S. Virgin Islands as shown on PWD 1883, dated March 25, 1966 revised
August 27, 1992.

St. Thomas:

The property known as Market Square East which is comprised of Parcel No. 1-2
Estate Donoe, No. 2A New Quarter, St. Thomas, U.S. Virgin Islands as shown on
P.W.D. Drawing No. A9-369-T89:

Premises                              C-6
<PAGE>

BOUNDARY DESCRIPTION:

Beginning at a point identified as N 185399.56 E 1030407.07, based on Puerto
Rico/US Virgin Islands Lambert Grid projection and common to parcel 1-2, the
line runs;

N 90 00' W a distance of 182.0' on parcel 1-2 to a point, thence

N 00 00' E a distance of 162.7' on parcel 1-2 to a point, thence

N 90 00' W a distance of 17.0' on parcel 1-2 to a point, thence

N 00 00' E a distance of 52.3' on parcel 1-2 to a point, thence

Northerly an arc distance of 24.8' on a right curve whose radius is 40.0' on
parcel 1-2 to appoint, thence

Easterly an arc distance of 100.0' on a right curve whose radius is 492.6' on
parcel 1-2 to a point, thence

N 85 22' E a distance of 78.6' on parcel 1-2 to a point, thence

S 00 00' E a distance of 75.5' on parcel 1-2 to a point, thence

N 90 00' E a distance of 15.0' on parcel 1-2 to a point, thence

S 00 00' E a distance of 187.2' on parcel 1-2 to the point or origin.

Bearings are correlated to Lambert Grid.

The area is 46,538 sq. ft. / 1.068 acre.

Depot #995:

PARCEL 5 Burroughs:

Lot 8, as said lot is shown on the Map of Tract 2790, City of San Leandro,
Alameda County, California, filed January 19, 1966, in Book 52 of Maps, pages 56
and 57, in the office of the County Recorder of Alameda County.

PARCEL 6:

An easement and right of way over and upon that certain piece or parcel of land
situated in the City of San Leandro, County of Alameda, State of California, and
more particularly described as follows:

Beginning at a point on the southeasterly line of that certain strip of land
described as Parcel No. 3 in Deed dated July 11, 1960, from Title Insurance and
Trust Company, et al. to Southern Pacific Company, recorded August 8, 1960, in
Reel 141, Image 881, Official Records of

Premises                              C-7
<PAGE>

Alameda County, said point being at the southwesterly terminus of that certain
course described in said Parcel No. 3 as south 62(degree)30' west, 1326.13 feet;
thence south 27(degree)30' east, at right angles from said course, 10.83 feet
thence south 62(degree)30' west, parallel with the southwesterly prolongation of
said course, 97.98 feet to a point in said southeasterly line of Parcel No. 3;
thence northeasterly along said southeasterly line, on a curve to the right
having a radius of 448.60 feet, through a central angle of 12(degree)36'55",
tangent to said curve at last mentioned point bears north 49(degree)53'05" east
an arc distance of 98.77 feet to the point of beginning, containing an area of
709 square feet, more or less, for the purpose of, but without obligation by
Grantee to construct, use, maintain, repair and replace thereon, a spur track,
and related railway purposes.

Assessor's parcel no. 077B-0851-03

Premises                              C-8
<PAGE>

                                   Schedule 5.1 to Credit and Security Agreement

        Trade Names, Chief Executive Office, Principal Place of Business,
                           and Locations of Collateral

                                   Trade Names

                                      NONE

               Chief Executive Office/Principal Place of Business

                               8160 304th Ave. SE
                               Building 3, Suite A
                            Preston, Washington 98050

                     Other Inventory and Equipment Locations

                  615 Harmon Loop Road, Dededo, Guam 96929-6534

                       715 Kinoole St., Hilo, Hawaii 96720

                       4525 Akia Road, Kapaa, Hawaii 96746

                265 Chalan San Antonio, Tamuning, Guam 96913-3515

                Ottoville Center, Ottoville, American Samoa 96799

             Corner of Laucala Bay Road and Grantham Road, Suva Fiji

        3 Hogensborg, Frederiksted, St. Croix, U.S. Virgin Islands 00840

 Estate Donoe No. 1-2, Market Square East, St. Thomas, U.S. Virgin Islands 00802

                       Jan Noorduynweg Z/N, Curacao, N.A.

                  #72 Bush Road, Cul De Sac, Sint Maarten, N.A.

                 760 E. Mono Way, Sonora, California 95370-4035

         c/o PFS, 2335 Del Monte St., West Sacramento, California 95691

       c/o Colorado Box Beef, 2305 SE 19th Ave., Port Everglades, FL 33316

    c/o Int'l Warehouse Services, 3400 McIntosh Road, FTZ25, Port Everglades,
                                 Florida 33316

               2055 Burroughs Ave., San Leandro, California 94577

Trade Names                          S-5.1-1
<PAGE>

            124 Victoria Street, Malabar, Sydney, NSW 2036, Australia

  c/o Air & Maritime Agence Ltd., 197 Montgomerie Road, Airport Oaks, Mangere,
                             Auckland, New Zealand

             c/o Owens Coolair, 36 Ascot Road, Mangere, Auckland, NZ

  c/o Onsite Logistics Svcs, Unit 1, 1801 1801 Botany Road, Discovery Cove Bus.
                        Park, Botany Nsw 2019, Australia

          c/o Chevalier Exports, 34 Fremlin Pl., Avondale, Auckland, Nz

    c/o Hellmann Perishable Logistics, Units 4&5, 1801 Botany Road, Discovery
                   Cove Bus. Park, Botany Nsw 2019, Australia

     c/o Hellmann Perishable Logistics, 57-73 Lambeck Drive, Tullamarine Vic
                                   3043, Aus

Trade Names                          S-5.1-2
<PAGE>

                                   Schedule 5.2 to Credit and Security Agreement

                     Capitalization and Organizational Chart

                                       CUL

As of April 9, 2003, the beneficial owners listed below have sole voting and
investment power with respect to the shares shown as beneficially owned:

<TABLE>
<CAPTION>
                                                                                       Outstanding Shares
                                                                                        of Common Stock       Percent of
                             Beneficial Owner(1)                                      Beneficially Owned(2)     Class
                             -------------------                                      ---------------------     -----
<S>                                                                                          <C>                <C>
The Kula Fund(3)................................................................             240,000             6.7%
ASSI, Inc.(3)...................................................................             234,100             6.5
J. Jeffrey Meder(4).............................................................             241,667             6.3
Roy W. Sorensen(5)..............................................................             110,000             3.0
Martin P. Moore(6)..............................................................              89,500             2.4
Gary W. Nettles(7)..............................................................              88,781             2.4
Michael T. Scalzo(8)............................................................              56,525             1.5
William W. Lofgren(9)...........................................................              25,551               *
David A. Enger(10)..............................................................              25,282               *
George C. Textor(11)............................................................              23,332               *
All directors and executive officers as a group (9 persons)(12).................             695,085            16.3%
</TABLE>

----------
*     Less than 1% of the outstanding shares of common stock.
(1)   All beneficial owners can be reached c/o Cost-U-Less, Inc., 8160-304th
      Ave., S.E., Bldg. 3, Ste. A, Preston, Washington 98050
(2)   Beneficial ownership is determined in accordance with rules of the
      Securities and Exchange Commission and includes shares over which the
      indicated beneficial owner exercises voting and/or investment power.
      Shares of common stock subject to options or warrants currently
      exercisable or exercisable within 60 days of March 10, 2003 are deemed
      outstanding for computing the percentage ownership of the person holding
      the options but are not deemed outstanding for computing the percentage
      ownership of any other person.
(3)   Based on the Company's most recent information.
(4)   Includes 221,667 shares subject to options exercisable within 60 days of
      March 10, 2003
(5)   Includes 105,000 shares subject to options exercisable within 60 days of
      March 10, 2003

Capitalization and
Organizational Chart                 S-5.2-1
<PAGE>

(6)   Includes 78,500 shares subject to options exercisable within 60 days of
      March 10, 2003
(7)   Based on the Company's most recent information and publicly filed
      information. Includes 11,807 shares held by the Alyce Christene Gangwish
      Irrevocable Trust of 1995, 33,582 shares held by The Lenz Grandchildren's
      Irrevocable Trust of 2000, 8,855 shares held by the Brittney Elizabeth
      Lenz Irrevocable Trust of 1995, and 8,855 shares held by the Cody Allan
      Lenz Irrevocable Trust of 1995 (for each of which Mr. Nettles acts as
      Co-Trustee), 700 shares held by Guchereau & Nettles SEP and 24,982 shares
      subject to options exercisable within 60 days of March 10, 2003
(8)   Includes 50,510 shares subject to options exercisable within 60 days of
      March 10, 2003
(9)   Represents 25,551 shares subject to options exercisable within 60 days of
      March 10, 2003
(10)  Represents 25,282 shares subject to options exercisable within 60 days of
      March 10, 2003
(11)  Represents 23,332 shares subject to options exercisable within 60 days of
      March 10, 2003
(12)  Includes 576,184 shares subject to options exercisable within 60 days of
      March 10, 2003

               Subsidiaries - ALL 100% OWNED BY Cost-U-Less, Inc.

<TABLE>
<S>          <C>             <C>             <C>                           <C>          <C>         <C>    <C>
                                                      ---------------
                                                      |   CUL INC   |
                                                      |             |
   ----------------------------------------------------------------------------------------------------------------
   |             |               |               |                              |          |          |           |
   |             |               |               |                              |          |          |           |
   |             |               |               |                              |          |          |           |
-------      ---------       --------        ---------                     -----------  --------    -----  ---------------
  NEV          SAMOA           GUAM             USVI                         CURACAO      FIJI        NZ      ST MAARTEN
-------      ---------       --------        ---------                     -----------  --------    -----  ---------------
</TABLE>

Capitalization and
Organizational Chart                 S-5.2-2
<PAGE>

                                   Schedule 5.5 to Credit and Security Agreement

                                  Subsidiaries

                                       CUL

                                  CULNEV, INC.

                                 CULSAMOA, INC.

                                  CULGUAM, INC.

                                  CULUSVI, INC.

                              C.U.L. (Curacao) N.V.

                               CUL (Fiji) Limited

                               CUL (N.Z.) LIMITED

                             CUL (Sint Maarten) N.V.

GUAM, NEV and USVI have no Subsidiaries.

Subsidiaries                         S-5.7-1
<PAGE>

                                   Schedule 5.7 to Credit and Security Agreement

                                   Litigation

CUL is involved from time to time in claims, proceedings and litigation arising
from its business and property ownership. CUL does not believe that any such
claim, proceeding or litigation, either alone or in the aggregate, will have an
Material Adverse Effect.

Subsidiaries                         S-5.7-1
<PAGE>

                                  Schedule 5.11 to Credit and Security Agreement

                        Intellectual Property Disclosures

                 UNITED STATES ISSUED TRADEMARKS, SERVICE MARKS
                         AND COLLECTIVE MEMBERSHIP MARKS

                                  REGISTRATIONS

              Mark                      Registration Number    Registration Date
              ----                      -------------------    -----------------

"COST-U-LESS" - Typed drawing                2,155,940            May 12, 1998

"COST-U-LESS"  - Design plus words,          2,172,111           July 14, 1998
letters and/or numbers

                                  APPLICATIONS

                                      NONE

                           COLLECTIVE MEMBERSHIP MARKS

                                      NONE

                               UNREGISTERED MARKS

                                      NONE

                                    S-5.11-1
<PAGE>

                                   Schedule 6.3 to Credit and Security Agreement

                                 Permitted Liens

<TABLE>
<CAPTION>
    Secured Party              Collateral             Jurisdiction        Filing Date      Filing Number           Borrower
    -------------              ----------             ------------        -----------      -------------           --------
<S>                     <C>                        <C>                     <C>                <C>             <C>
The Woolspin Spice             Equipment              HI Bureau of         05/07/98           98065069        Cost U Less, Inc.
Company dba LION                                       Conveyances
COFFEE

The Woolspin Spice             Equipment              HI Bureau of         05/10/99           99073285        Cost U Less Inc.
Company dba LION                                       Conveyances
COFFEE

Banco Popular de        St. Thomas Building and      Lt. Governor's        11/14/97          C335/1998        Cost U Less*
Puerto*                 all assets of CULUSVI,     Office - St. Thomas
                        Inc. except inventory                                                                 *Banco Popular's
                        and accounts receivable                                                               attorney has
                                                                                                              represented that
                                                                                                              the filing is
                                                                                                              actually a d/b/a
                                                                                                              filing against
                                                                                                              CULUSVI, Inc.

Banco Popular de        St. Thomas Building and      Lt. Governor's        11/14/97          C0334/1998       CULUSVI, Inc.
Puerto                  all assets of CULUSVI,     Office - St. Thomas
                        Inc. except inventory
                        and accounts receivable

CULNEV, Inc.            Inventory, accounts,         Lt. Governor's        01/09/97            66-97          CULUSVI, Inc.
                        contract rights,           Office - St. Thomas
                        general intangibles,
                        instruments, rents,
                        monies, payments and
                        products thereof

CULNEV, Inc.            Inventory, accounts,         Lt. Governor's        01/09/97            67-97          CULUSVI, Inc.
                        contract rights,           Office - St. Thomas
                        general intangibles,
                        instruments, rents,
                        monies, payments and
                        products thereof
</TABLE>

Permitted Liens                      S-6.3-1
<PAGE>

                                   Schedule 6.4 to Credit and Security Agreement

                      Permitted Indebtedness and Guaranties

                                  Indebtedness

<TABLE>
<CAPTION>
                                                 Principal
         Borrower              Secured Party       Amount       Maturity Date    Monthly Payment             Collateral
         --------              -------------     ---------      -------------    ---------------             ----------
<S>                         <C>                  <C>              <C>              <C>              <C>
Cost U Less, Inc.           The Woolspin Spice   $__________      __________       $__________                Equipment
                            Company dba LION
                            COFFEE

Cost U Less, Inc.           The Woolspin Spice   $__________      __________       $__________                Equipment
                            Company dba LION
                            COFFEE

CULUSVI, Inc.               Banco Popular de     $1,390,000       July 2013        $11,111.11       St. Thomas Building and all
                            Puerto Rico                                                             assets of CULUSVI, Inc.
                                                                                                    except inventory and
                                                                                                    accounts receivable
</TABLE>

                                   Guaranties

<TABLE>
<CAPTION>
                                                 Amount and Description of
  Borrower             Primary Obligor             Obligation Guaranteed               Beneficiary of Guaranty
  --------             ---------------           -------------------------             -----------------------
<S>                 <C>                        <C>                                   <C>
    CUL             CULUSVI, INC.              Guarantee of $2,000,000 loan          Banco Popular de Puerto Rico

CUL and USVI        CUL (Sint Maarten) N.V.    Guarantee of $2,000,000 loan          Banco Popular de Puerto Rico

    CUL             CULUSVI, INC.              Guarantee of lease obligation         Market Square East, Inc.
</TABLE>

Permitted Indebtedness               S-6.4-1RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                           DATED AS OF MARCH 1, 2003,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            DATED AS OF MARCH 1, 2003

                       Mortgage Pass-Through Certificates

                                 Series 2003-S4

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                   DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions..........................................................-4-
        Section 1.02  Use of Words and Phrases............................................-18-
        Section 1.03  Determination of LIBOR..............................................-18-

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)
                       ...................................................................-20-
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                       ...................................................................-20-
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company.............................................................-20-
        Section 2.04  Representations and Warranties of Sellers. (See Section 2.04 of the Standard
                      Terms)
                       ...................................................................-22-
        Section 2.05  Execution and Authentication of Certificates........................-22-

                                   ARTICLE III

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account.  (See Section 4.01 of the Standard Terms)
                       ...................................................................-25-
        Section 4.02  Distributions.......................................................-25-
        Section 4.03  Statements to Certificateholders; Statements to Rating Agencies; Exchange
                      Act Reporting.  (See Section 4.03 of the Standard Terms and Exhibit Three
                      attached hereto)
                       ...................................................................-34-
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer. (See Section 4.04 of the Standard Terms)
                       ...................................................................-35-
        Section 4.05  Allocation of Realized Losses.......................................-35-
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      Section 4.06 of the Standard Terms)
                       ...................................................................-36-
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      Standard Terms)
                       ...................................................................-36-
        Section 4.08  [Reserved]
                       ...................................................................-36-
        Section 4.09  Distributions on the Uncertificated REMIC I Regular Interests.......-36-
        Section 4.10  Distributions on the Uncertificated Class A-V REMIC Regular Interests
                       ...................................................................-37-
        Section 4.11  Rounding Account....................................................-37-
        Section 4.10  Principal Distributions on the Insured Certificates.................-37-

                                    ARTICLE V

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                                   ARTICLE VII

                                     DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                   TERMINATION

                                    ARTICLE X

                                REMIC PROVISIONS
        Section 10.01 REMIC Administration.  (See Section 10.01 of the Standard Terms)
                       ...................................................................-45-
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                      Section 10.02 of the  Standard Terms)...............................-45-
        Section 10.03 Designation of REMIC(s).............................................-45-
        Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.........-45-
        Section 10.05 Compliance with Withholding Requirements............................-46-

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

<PAGE>

        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)
                       ...................................................................-47-
        Section 11.02 Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
                      Terms)
                       ...................................................................-47-
        Section 11.03 Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      Standard Terms)
                       ...................................................................-47-
        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)
                       ...................................................................-47-
        Section 11.05 Notices.............................................................-47-
        Section 11.06 Required Notices to Rating Agency and Subservicer.
                       ...................................................................-48-
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)
                       ...................................................................-48-
        Section 11.08 Supplemental Provisions for Resecuritization.  (See Section 11.08 of the
                      Standard Terms)
                       ...................................................................-48-
        Section 11.09 Allocation of Voting Rights.........................................-48-

                                   ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE  INSURER Section
        12.01.Rights of the Certificate Insurer to Exercise Rights of Insured
                      Certificateholders..................................................-58-
        Section 12.02.Claims Upon the Certificate Policy; Certificate Insurance Account...-58-
        Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation..........-59-
        Section 12.04.Notices and Information to the Certificate Insurer..................-60-
        Section 12.05.Trustee to Hold Certificate Policy..................................-60-
        Section 12.06.Ratings.............................................................-60-
        Section 12.07.Third Party Beneficiaries...........................................-60-

</TABLE>

<PAGE>

EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement dated as of March 1, 2003
Exhibit Five:         Certificate Policy of MBIA Insurance Corporation

<PAGE>

        This is a Series  Supplement,  dated as of March 1,  2003  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of March 1, 2003 and attached as Exhibit Four hereto (the "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and  assigns,  the  "Master  Servicer"),   and  BANK  ONE,  NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                              PRELIMINARY STATEMENT

        The  Company   intends  to  sell  Mortgage   Pass-Through   Certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the  Trust  Fund.  As  provided  herein,  the REMIC  Administrator  will make an
election  to  treat  the  entire  segregated  pool of  assets  described  in the
definition  of  REMIC I (as  defined  herein),  and  subject  to this  Agreement
(including  the Mortgage Loans but excluding the Rounding  Account,  the Reserve
Fund and the Initial Monthly Payment Fund), as a real estate mortgage investment
conduit (a "REMIC") for federal income tax purposes and such  segregated pool of
assets will be designated as the "REMIC I." The  Uncertificated  REMIC I Regular
Interests will be "regular  interests" in REMIC I and the Class R-I Certificates
will be the sole class of  "residual  interests"  in REMIC I for purposes of the
REMIC Provisions (as defined herein).  A segregated pool of assets consisting of
the  Uncertificated  REMIC I Regular Interests will be designated as "REMIC II,"
and the REMIC  Administrator  will make a separate  REMIC  election with respect
thereto.  The  Class  A-1  Certificates,   Class  A-2  Certificates,  Class  A-3
Certificates,  Class  A-3A  Certificates,  Class  A-4  Certificates,  Class  A-5
Certificates,   Class  A-6  Certificates,  Class  A-7  Certificates,  Class  A-8
Certificates,  Class A-9  Certificates,  Class  A-10  Certificates,  Class  A-11
Certificates,  Class  A-12  Certificates,  Class  A-13  Certificates,  Class A-P
Certificates,   Class  M-1  Certificates,  Class  M-2  Certificates,  Class  M-3
Certificates,   Class  B-1  Certificates,  Class  B-2  Certificates,  Class  B-3
Certificates and the  Uncertificated  Class A-V REMIC Regular  Interests will be
"regular interests" in REMIC II and the Class R-II Certificates will be the sole
class of "residual interests" therein for purposes of the REMIC Provisions.  The
Class A-V Certificates will represent the entire beneficial  ownership  interest
in the Uncertificated Class A-V REMIC Regular Interests.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  Any  cross-reference  to a section of the Pooling and
Servicing  Agreement,  to the extent the terms of the Standard  Terms and Series
Supplement conflict with respect to that section,  shall be a cross-reference to
the  related  section  of the  Series  Supplement.  All  capitalized  terms  not
otherwise  defined  herein  shall have the  meanings  set forth in the  Standard
Terms. The Pooling and Servicing  Agreement shall be dated as of the date of the
Series Supplement.

        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC I Pass- Through Rate, the initial Uncertificated  Principal
Balance,  and solely for  purposes of  satisfying  Treasury  regulation  Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the

                                       -1-

<PAGE>

Uncertificated  REMIC I Regular Interests.  None of the  Uncertificated  REMIC I
Regular Interests will be certificated.

DESIGNATION       Uncertificated REMIInitial Uncertificated         Latest
                 I Pass-Through Rate   Principal Balance    Possible Maturity(1)

REMIC I Regular Interest T$  122,060,928.13        5.75%         March 25, 2033
REMIC I Regular Interest $    18,181,818.00        8.50%         March 25, 2033
REMIC I Regular Interest $    40,000,000.00        4.50%         March 25, 2033
REMIC I Regular Interest $    74,799,662.00        8.00%         March 25, 2033
REMIC I Regular Interest X$  138,299,238.00    4.5330790651%     March 25, 2033
REMIC I Regular Interest $    16,975,000.00        5.75%         March 25, 2033
REMIC I Regular Interest$Z     2,504,595.10        0.00%         March 25, 2033
        REMIC I                 (2)                 (3)          March 25, 2033
  IO Regular Interests

___________________

(1)  Solely  for  purposes  of  Section   1.860G-1(a)(4)(iii)  of  the  Treasury
regulations,  the Distribution Date immediately  following the maturity date for
the  Mortgage  Loan with the latest  maturity  date has been  designated  as the
"latest possible maturity date" for each REMIC I Regular Interest.

(2)  Calculated in accordance  with the  definition of  "Uncertificated  REMIC I
Pass-Through Rate" herein.

(3) The  Uncertificated  REMIC I IO  Regular  Interests  have no  Uncertificated
Principal Balance.

                                       -2-

<PAGE>

        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.

<TABLE>
<CAPTION>

                              AGGREGATE
                               INITIAL
                             CERTIFICATE
              PASS-THROUGH    PRINCIPAL                                 MATURITY                     MINIMUM
DESIGNATION       RATE         BALANCE             FEATURES1              DATE        FITCH/ S&P  DENOMINATIONS2
<S>     <C>      <C>         <C>                                              <C> <C>                   <C>
Class A-1        4.50%       $20,000,000.00       Senior                March 25, 2033    AAA/AAA       $25,000
Class A-2        5.75%       $20,715,282.00     Senior                  March 25, 2033    AAA/AAA       $25,000
                                            Senior/RetailLottery/
Class A-3        5.50%       $16,975,000.00       Insured               March 25, 2033    AAA/AAA        $1,000
Class A-3A       0.18%       $         0.00  Senior/Interest Only       March 25, 2033    AAA/AAA       $25,000
Class A-4        5.75%       $41,025,000.00     Senior/Lockout          March 25, 2033    AAA/AAA       $25,000
Class A-5        4.50%       $40,000,000.00         Senior              March 25, 2033    AAA/AAA       $25,000
Class A-6    Adjustable Rate $18,181,818.00    Senior/Floater           March 25, 2033    AAA/AAA       $25,000
                                                Senior/Inverse
Class A-7    Adjustable Rate $         0.00  Floater/Interest Only      March 25, 2033    AAA/AAA       $25,000
Class A-8        5.50%       $50,000,000.00        Senior               March 25, 2033    AAA/AAA       $25,000
Class A-9    Adjustable Rate $74,799,662.00    Senior/Floater           March 25, 2033    AAA/AAA       $25,000
Class A-10       3.50%       $50,000,000.00         Senior              March 25, 2033    AAA/AAA       $25,000
                                                Senior/Inverse
Class A-11   Adjustable Rate $         0.00  Floater/Interest Only      March 25, 2033    AAA/AAA       $25,000
Class A-12       5.75%       $50,000,000.00         Senior              March 25, 2033    AAA/AAA       $25,000
Class A-13        4.75       $18,299,238.00        Senior               March 25, 2033    AAA/AAA       $25,000
                                               Senior/Principal
Class A-P        0.00%       $ 2,504,595.00           Only              March 25, 2033    AAA/AAA       $25,000
                                             Senior/Interest Only/
Class A-V    Variable Rate   $         0.00     Variable Strip          March 25, 2033    AAA/AAA         20%
Class R-I        5.75%       $       100.00     Senior/Residua          March 25, 2033    AAA/AAA         20%
Class R-II       5.75%       $       100.00     Senior/Residua          March 25, 2033    AAA/AAA         20%
Class M-1        5.75%       $ 5,366,500.00        Mezzanine            March 25, 2033     NA/AA        $25,000
Class M-2        5.75%       $ 1,857,700.00        Mezzanine            March 25, 2033      NA/A        $250,000

--------

     1    The Class A-1, Class A-2, Class A-3, Class A-3A, Class A-4, Class A-5,
          Class A-6, Class A-7,  Class A-8,  Class A-9, Class A-10,  Class A-11,
          Class A-12,  Class A-13 and Class M  Certificates  shall be Book-Entry
          Certificates.   The  Class  A-P,  Class  A-V,  Class  R  and  Class  B
          Certificates  shall be  delivered  to the holders  thereof in physical
          form.

     2    The  Certificates,  other than the Class A-V and Class R Certificates,
          shall be issuable in minimum dollar  denominations  as indicated above
          (by Certificate  Principal  Balance or Notional Amount, as applicable)
          and integral  multiples of $1 (or $1,000 in the case of the Class A-3,
          Class A-P, Class B-1, Class B-2 and Class B-3  Certificates) in excess
          thereof, except that one Certificate of any of the Class A-P and Class
          B  Certificates  that  contains an uneven  multiple of $1,000 shall be
          issued  in a  denomination  equal  to the sum of the  related  minimum
          denomination  set forth above and such uneven  multiple for such Class
          or the sum of such  denomination  and an integral  multiple of $1,000.
          The Class R Certificates and Class A-V Certificates  shall be issuable
          in minimum  denominations of not less than a 20% Percentage  Interest;
          provided,  however,  that one Class R Certificate  will be issuable to
          Residential  Funding  as "tax  matters  person"  pursuant  to  Section
          10.01(c) and (e) in a minimum  denomination  representing a Percentage
          Interest of not less than 0.01%.

                                                        -3-

<PAGE>

                              AGGREGATE
                               INITIAL
                             CERTIFICATE
              PASS-THROUGH    PRINCIPAL                                 MATURITY                     MINIMUM
DESIGNATION       RATE         BALANCE             FEATURES1              DATE        FITCH/ S&P  DENOMINATIONS2

Class M-3        5.75%       $ 1,444,900.00        Mezzanine            March 25, 2033     NA/BBB       $250,000
Class B-1        5.75%       $   412,900.00       Subordinate           March 25, 2033     NA/BB        $250,000
Class B-2        5.75%       $   619,300.00       Subordinate           March 25, 2033      NA/B        $250,000
Class B-3        5.75%       $   619,246.13       Subordinate           March 25, 2033     NA/NA        $250,000

</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $412,821,341.23.

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

                                   DEFINITIONS

        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Adjustable Rate Certificates: Any one of the Class A-6, Class A-7, Class
A-9 or Class A-11 Certificates.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

               (1) the lesser of (a) the Bankruptcy  Amount calculated as of the
        close of business on the Business  Day  immediately  preceding  the most
        recent anniversary of the Cut-off Date coinciding with or preceding such
        date  of  determination  (or,  if  such  date  of  determination  is  an
        anniversary of the Cut-off Date, the Business Day immediately  preceding
        such  date of  determination)  (for  purposes  of this  definition,  the
        "Relevant Anniversary") and (b) the greater of

                      (A)  the  greater  of  (i)  0.0006  times  the   aggregate
               principal  balance of all the Mortgage Loans in the Mortgage Pool
               as of the Relevant Anniversary (other than Additional  Collateral
               Loans, if any) having a Loan-to-Value  Ratio at origination which
               exceeds 75% and (ii) $100,000; and

                      (B) the greater of (i) the product of (x) an amount  equal
               to the largest  difference in the related Monthly Payment for any
               Non-Primary  Residence Loan remaining in the Mortgage Pool (other
               than Additional  Collateral  Loans, if any) which had an original
               Loan-to-Value  Ratio of 80% or greater  that would  result if the
               Net  Mortgage  Rate  thereof  was equal to the  weighted  average
               (based on the principal  balance of the Mortgage  Loans as of the
               Relevant Anniversary) of the Net

                                       -4-

<PAGE>

               Mortgage   Rates  of  all  Mortgage  Loans  as  of  the  Relevant
               Anniversary  less  1.25%  per  annum,  (y) a number  equal to the
               weighted average  remaining term to maturity,  in months,  of all
               Non-Primary  Residence Loans remaining in the Mortgage Pool as of
               the  Relevant  Anniversary,  and (z) one plus the quotient of the
               number  of all Non-  Primary  Residence  Loans  remaining  in the
               Mortgage Pool divided by the total number of Outstanding Mortgage
               Loans in the Mortgage  Pool as of the Relevant  Anniversary,  and
               (ii) $50,000,

               over

               (2) the aggregate amount of Bankruptcy Losses allocated solely to
        one or more specific  Classes of Certificates in accordance with Section
        4.05 since the Relevant Anniversary.

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

        Certificate:  Any Class A, Class M, Class B or Class R Certificate.

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2003-S4"  and  which  must  be an  Eligible
Account.

        Certificate  Insurance  Account:  The  account  established  pursuant to
Section 12.02(b) of this Series Supplement.

        Certificate  Insurance  Payment:  Any  payment  made by the  Certificate
Insurer with respect to the Insured Certificates under the Certificate Policy.

        Certificate  Insurer:  MBIA  Insurance  Corporation,  a stock  insurance
company  organized and created under the laws of the State of New York,  and any
successors thereto, issuer of the Certificate Policy.

        Certificate Insurer Default:  The existence and continuance of a failure
by the  Certificate  Insurer to make a payment  required  under the  Certificate
Policy in accordance with its terms.

     Certificate  Policy:  The certificate  guaranty  insurance policy No. 40785
issued by the Certificate  Insurer for the benefit of the Holders of the Insured
Certificates,  including any  endorsements  thereto,  attached hereto as Exhibit
Five.

                                       -5-

<PAGE>

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

     (i)  the  Initial  Certificate  Principal  Balance of such  Certificate  as
          specified on the face thereof, plus

     (ii) the sum of (x) the  aggregate  of all amounts  previously  distributed
          with respect to such Certificate (or any predecessor  Certificate) and
          applied to reduce the Certificate  Principal  Balance thereof pursuant
          to  Section  4.02(a)  and  (y)  the  aggregate  of all  reductions  in
          Certificate  Principal  Balance  deemed to have occurred in connection
          with  Realized  Losses  which  were   previously   allocated  to  such
          Certificate (or any predecessor Certificate) pursuant to Section 4.05;
          provided,  however,  that  solely  for  purposes  of  determining  the
          Certificate    Insurer's   rights   as   subrogee   to   the   Insured
          Certificateholders,  the Certificate  Principal Balance of any Insured
          Certificate shall be deemed to not be reduced by any principal amounts
          paid to the Holder thereof from Certificate Insurance Payments, unless
          such amounts have been reimbursed to the Certificate  Insurer pursuant
          to Section 4.02(a)(xvi) or Section 4.02(g);

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates  then outstanding with a Certificate  Principal  Balance greater
than zero (not taking  into  consideration  any  reductions  in the  Certificate
Principal Balance of the Insured  Certificates due to a withdrawal of funds from
the Rounding Account).

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class A-3A,  Class A- 4, Class A-5,  Class A-6, Class A-7, Class A-8, Class A-9,
Class  A-10,  Class  A-11,  Class  A-12,  Class  A-13,  Class  A-P or Class  A-V
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A.

        Class R  Certificate:  Any one of the Class R-I  Certificates  and Class
R-II  Certificates  executed by the Trustee and authenticated by the Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit D
and evidencing an interest designated as a "residual interest" in the each REMIC
for purposes of the REMIC Provisions.

        Closing Date: March 28, 2003.

     Commitment  Letter:  The commitment to issue a financial guaranty insurance
policy,  dated March 27,  2003,  between  the  Underwriter  and the  Certificate
Insurer.

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2003-S4.

                                       -6-

<PAGE>

        Corresponding  Certificated  Interests:  With respect to  Uncertificated
REMIC I Regular  Interest T, the Class A-2,  Class A-4,  Class A-12,  Class M-1,
Class  M-2,  Class  M-3,  Class  B-1,  Class  B-2,  Class B-3 and the Class R-II
Certificates;  with respect to  Uncertificated  REMIC I Regular  Interest U, the
Class  A-6  Certificates  and  Class  A-7  Certificates;  with  respect  to  the
Uncertificated  REMIC I Regular  Interest  V, the Class A-5  Certificates;  with
respect  to the  Uncertificated  REMIC I  Regular  Interest  W,  the  Class  A-9
Certificates  and Class A-11  Certificates;  with respect to the  Uncertificated
REMIC I Regular Interest X, the Class A-1, Class A-8, Class A- 10 and Class A-13
Certificates; with respect to the Uncertificated REMIC I Regular Interest Y, the
Class A-3 Certificates and A-3A Certificates; with respect to the Uncertificated
REMIC I Regular Interest Z, the Class A-P Certificates;  and with respect to the
Uncertificated REMIC I IO Regular Interests, the Class A-V Certificates.

        Cumulative  Insurance  Payments:  As of any time of  determination,  the
aggregate  of  all  Certificate   Insurance  Payments  previously  made  by  the
Certificate  Insurer  under the  Certificate  Policy minus the  aggregate of all
payments  previously  made  to the  Certificate  Insurer  pursuant  to  Sections
4.02(a)(xvi)  of  this  Series   Supplement  as  reimbursement  for  Certificate
Insurance Payments.

        Cut-off Date: March 1, 2003.

        Deceased Holder: A Certificate Owner of an Insured Certificate who was a
natural  person  living  at the  time  such  interest  was  acquired  and  whose
authorized personal representative,  surviving tenant by the entirety, surviving
joint tenant or surviving  tenant in common or other person  empowered to act on
behalf of a deceased  Certificate Owner causes to be furnished to the Depository
Participant evidence of death satisfactory to the Depository Participant and any
tax waivers requested by the Depository Participant.

        Deficiency  Amount:  With respect to the Insured  Certificates and as of
any Distribution Date, an amount equal to:

        (i) any interest shortfall allocated to the Insured Certificates, except
        for (a) any  Prepayment  Interest  Shortfalls  allocated  to the Insured
        Certificates and (b) any interest  shortfalls  caused by the application
        of the Relief Act allocated to the Insured Certificates;

        (ii) the  principal  portion of any  Realized  Losses  allocated  to the
        Insured Certificates; and

        (iii) the Certificate  Principal Balance of the Insured  Certificates to
        the extent unpaid on the Scheduled Final Distribution Date.

        Determination  Date: With respect to any  Distribution  Date, the second
Business Day prior to each Distribution Date.

        Discount Net Mortgage Rate: 5.75% per annum.

                                       -7-

<PAGE>

     Due Period:  With respect to each  Distribution Date and any Mortgage Loan,
the calendar month of such Distribution Date.

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  of this  Series  Supplement),  (iii)  the  Class A-P
Principal   Distribution   Amount   (determined   without   regard  to   Section
4.02(b)(i)(E)  of this  Series  Supplement)  and (iv) the  aggregate  amount  of
Accrued  Certificate   Interest  on  the  Class  M,  Class  B-1  and  Class  B-2
Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date,  an amount  equal to: (X) prior to the third  anniversary  of the  Cut-off
Date, an amount equal to 1.0% of the aggregate  outstanding principal balance of
all of the Mortgage  Loans as of the Cut-off Date minus the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the third to the fifth anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most  recent  anniversary  of the  Cut-off  Date and (b)  0.50% of the
aggregate  outstanding  principal balance of all of the Mortgage Loans as of the
most recent  anniversary  of the Cut-off Date minus (2) the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance  with  Section 4.05 of this Series  Supplement  since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

        Indirect Depository Participant: An institution that is not a Depository
Participant  but clears  through or  maintains  a  custodial  relationship  with
Participants and has access to the Depository's clearing system.

     Individual  Insured  Certificate:  An Insured  Certificate  that  evidences
$1,000 Initial Certificate Principal Balance.

     Individual  Insured  Certificate:  An Insured  Certificate  that  evidences
$1,000 Initial Certificate Principal Balance.

     Initial  Monthly Payment Fund:  $98,137  representing  scheduled  principal
amortization  and  interest  at the Net  Mortgage  Rate during the Due Period in
March 2003, for those Mortgage Loans

                                       -8-

<PAGE>

for which the Trustee will not be entitled to receive such payment in accordance
with the definition of "Trust Fund".  The Initial  Monthly Payment Fund will not
be part of any REMIC.

        Initial  Notional Amount:  With respect to the Class A-3A  Certificates,
$16,975,000.  With  respect  to the Class A-7  Certificates,  $18,181,818.  With
respect to the Class A-11 Certificates,  $74,799,662.  With respect to any Class
A-V  Certificates or Subclass  thereof issued pursuant to Section  5.01(c),  the
aggregate Cut-off Date Principal Balance of the Mortgage Loans  corresponding to
the Uncertificated  Class A-V REMIC Regular Interests  represented by such Class
or Subclass on such date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate Principal Balance of such Class of Subordinate  Certificates divided
by the aggregate  Stated  Principal  Balance of all the Mortgage Loans as of the
Cut-off Date as follows:

        Class M-1: 1.30%                    Class B-1: 0.10%
        Class M-2: 0.45%                    Class B-2: 0.15%
        Class M-3: 0.35%                    Class B-3: 0.15%

        Insurance  Premium:  With respect to any  Distribution  Date,  an amount
equal to 1/12th of the product of (a) the Certificate  Principal  Balance of the
Class A-3 Certificates as of such  Distribution  Date (prior to giving effect to
any  distributions  thereon  on such  Distribution  Date)  and  (b) the  Premium
Percentage (as defined in the Commitment Letter).

        Insured Certificates:  Any one of the Class A-3 Certificates.

     Insured  Payment:  With respect to the Insured  Certificates  (a) as of any
Distribution Date, any Deficiency Amount, and (b) any Preference Amount.

     Interest Only  Certificates:  Any one of the Class A-3A,  Class A-7,  Class
A-11 or Class A-V  Certificates.  The Interest  Only  Certificates  will have no
Certificate Principal Balance.

        Interest Accrual Period:  With respect to any  Certificates  (other than
the Adjustable Rate  Certificates) and any Distribution Date, the calendar month
preceding the month in which such Distribution Date occurs.  With respect to the
Adjustable Rate Certificates, the one-month period commencing on the 25th day of
the month preceding the month in which the  Distribution  Date occurs and ending
on the 24th day of the month in which the Distribution Date occurs.

        LIBOR  Business Day: Any day other than (i) a Saturday or Sunday or (ii)
a day  on  which  banking  institutions  in  London,  England  are  required  or
authorized to by law to be closed.

        LIBOR Rate Adjustment Date: With respect to each  Distribution  Date and
the Adjustable  Rate  Certificates,  the second LIBOR  Business Day  immediately
preceding the commencement of the related Interest Accrual Period on which banks
are open for dealing in foreign currency and exchange in London, England.

                                       -9-

<PAGE>

     Living Owner: A Certificate  Owner of an Insured  Certificate  other than a
Deceased Holder.

        Lockout Certificates: The Class A-4 Certificates.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution  Date in April 2008, 0%. For any Distribution  Date occurring after
the first five years  following  the Closing  Date, a percentage  determined  as
follows:  (i) for any Distribution  Date during the sixth year after the Closing
Date,  30%;  (ii) for any  Distribution  Date during the seventh  year after the
Closing Date, 40%; (iii) for any Distribution  Date during the eighth year after
the Closing  Date,  60%;  (iv) for any  Distribution  Date during the ninth year
after the Closing Date, 80%; and (v) for any Distribution Date thereafter, 100%.

        Maturity  Date:  With respect to each Class of  Certificates,  March 25,
2033, the Distribution Date immediately  following the latest scheduled maturity
date of any Mortgage Loan.

       Mortgage Loan Schedule:  The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended  from time to time to reflect the  addition of
Qualified  Substitute  Mortgage Loans),  which list or lists shall set forth the
following information as to each Mortgage Loan:

       (a)    the Mortgage Loan identifying number ("RFC LOAN #");
       (b)    the maturity of the Mortgage Note ("MATURITY DATE");
       (c)    the Mortgage Rate ("ORIG RATE");
       (d)    the Subservicer pass-through rate ("CURR NET");
       (e)    the Net Mortgage Rate ("NET MTG RT");
       (f)    the Pool Strip Rate ("STRIP");

          (g)  the initial scheduled  monthly payment of principal,  if any, and
               interest ("ORIGINAL P & I");

       (h)    the Cut-off Date  Principal  Balance  ("PRINCIPAL  BAL");  (i) the
              Loan-to-Value Ratio at origination ("LTV");
       (j)    the rate at which the Subservicing Fee accrues ("SUBSERV FEE") and
              at which the Servicing Fee accrues ("MSTR SERV FEE");
       (k)    a code "T," "BT" or "CT" under the column "LN FEATURE," indicating
              that  the  Mortgage  Loan  is  secured  by a  second  or  vacation
              residence; and
       (l)    a code "N" under  the  column  "OCCP  CODE,"  indicating  that the
              Mortgage Loan is secured by a non-owner occupied residence.

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

       Notional Amount:  As of any Distribution  Date, with respect to the Class
A-3A Certificates,  an amount equal to the Certificate  Principal Balance of the
Class A-3 Certificates,  which for federal income tax purposes is the equivalent
to the  Uncertificated  Principal  Balance  of  Uncertificated  REMIC I  Regular
Interest  Y.  As of  any  Distribution  Date,  with  respect  to the  Class  A-7
Certificates,  an amount equal to the Certificate Principal Balance of the Class
A-6  Certificates,  which for federal  income tax purposes is  equivalent to the
Uncertificated  Principal Balance of Uncertificated  REMIC I Regular Interest V.
As of any Distribution Date, with respect to the Class

                                            -10-

<PAGE>

A-11 Certificates,  an amount equal to the Certificate  Principal Balance of the
Class A-9  Certificates,  which for federal income tax purposes is equivalent to
the Uncertificated  Principal Balance of Uncertificated REMIC I Regular Interest
W.. As of any  Distribution  Date, with respect to any Class A-V Certificates or
Subclass  thereof  issued  pursuant to Section  5.01(c),  the  aggregate  Stated
Principal  Balance of the Mortgage  Loans  corresponding  to the  Uncertificated
Class A-V REMIC Regular  Interests  represented  by such Class or Subclass as of
the day immediately  preceding such  Distribution  Date (or, with respect to the
initial Distribution Date, at the close of business on the Cut-off Date).

       Pass-Through  Rate: With respect to the Class A Certificates  (other than
the Adjustable  Rate  Certificates,  Class A-V  Certificates  and Principal Only
Certificates),   Class  M  Certificates,   Class  B  Certificates  and  Class  R
Certificates  and any  Distribution  Date,  the per annum rates set forth in the
Preliminary Statement hereto. With respect to the Class A-6 Certificates and the
initial  Interest  Accrual  Period,  1.7900% per annum,  and as to any  Interest
Accrual Period thereafter,  a per annum rate equal to LIBOR plus 0.45%,  subject
to a maximum rate of 8.50% per annum and a minimum rate of 0.45% per annum. With
respect to the Class A-7  Certificates  and the initial Interest Accrual Period,
6.7100% per annum, and as to any Interest Accrual Period thereafter, a per annum
rate equal to 8.05% minus  LIBOR,  subject to a maximum  rate of 8.05% per annum
and a  minimum  rate  of  0.00%  per  annum.  With  respect  to  the  Class  A-9
Certificates and the initial Interest Accrual Period, 1.73375% per annum, and as
to any Interest Accrual Period thereafter,  a per annum rate equal to LIBOR plus
0.45%,  subject to a maximum rate of 8.00% per annum and a minimum rate of 0.45%
per annum.  With respect to the Class A-11 Certificates and the initial Interest
Accrual  Period,  6.26625%  per annum,  and as to any  Interest  Accrual  Period
thereafter,  a per annum rate equal to 7.55% minus  LIBOR,  subject to a maximum
rate of 7.55% per annum and a minimum  rate of 0.00% per annum.  With respect to
the  Class  A-V  Certificates   (other  than  any  Subclass   thereof)  and  any
Distribution  Date,  a  rate  equal  to the  weighted  average,  expressed  as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close of  business  on the Due Date in the  month  preceding  the  month of such
Distribution  Date).  With respect to the Class A-V Certificates and the initial
Distribution  Date, the  Pass-Through  Rate is equal to 0.0831% per annum.  With
respect to any Subclass of Class A-V Certificates  and any Distribution  Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans  corresponding to the  Uncertificated  REMIC Regular
Interests  represented  by such  Subclass  as of the Due Date in the related Due
Period,  weighted on the basis of the respective  Stated  Principal  Balances of
such Mortgage Loans as of the day immediately  preceding such  Distribution Date
(or with respect to the initial  Distribution  Date, at the close of business on
the Due Date in the month preceding the month of such  Distribution  Date).  The
Principal Only  Certificates  have no Pass-Through  Rate and are not entitled to
Accrued Certificate Interest.

       Preference   Amount:    Any   amount   previously    distributed   to   a
Certificateholder on an Insured Certificate that is recoverable and sought to be
recovered as a voidable  preference by a trustee in  bankruptcy  pursuant to the
United  States  Bankruptcy  Code (11 U.S.C.),  as amended from time to time,  in
accordance  with  a  final  nonappealable  order  of a  court  having  competent
jurisdiction.

                                            -11-

<PAGE>

       Prepayment Assumption:  A prepayment assumption of 300% of the prepayment
speed  assumption,  used for  determining the accrual of original issue discount
and market  discount  and premium on the  Certificates  for  federal  income tax
purposes.  The prepayment speed assumption assumes a constant rate of prepayment
of mortgage loans of 0.2% per annum of the then outstanding principal balance of
such  mortgage  loans in the  first  month of the  life of the  mortgage  loans,
increasing by an additional  0.2% per annum in each  succeeding  month until the
thirtieth month,  and a constant 6% per annum rate of prepayment  thereafter for
the life of the mortgage loans.

       Prepayment Distribution Percentage: With respect to any Distribution Date
and each Class of Subordinate  Certificates,  under the applicable circumstances
set forth below, the respective percentages set forth below:

              (i) For any Distribution  Date prior to the  Distribution  Date in
       April 2008  (unless  the  Certificate  Principal  Balances  of the Senior
       Certificates (other than the Class A-P Certificates) have been reduced to
       zero), 0%.

              (ii) For any Distribution Date for which clause (i) above does not
       apply, and on which any Class of Subordinate  Certificates is outstanding
       with a Certificate Principal Balance greater than zero:

                     (a) in the case of the  Class of  Subordinate  Certificates
              then outstanding with the Highest Priority and each other Class of
              Subordinate   Certificates   for  which  the  related   Prepayment
              Distribution Trigger has been satisfied, a fraction,  expressed as
              a percentage,  the numerator of which is the Certificate Principal
              Balance  of such  Class  immediately  prior  to such  date and the
              denominator  of  which  is the  sum of the  Certificate  Principal
              Balances  immediately  prior  to such  date of (1)  the  Class  of
              Subordinate   Certificates   then  outstanding  with  the  Highest
              Priority and (2) all other Classes of Subordinate Certificates for
              which the respective  Prepayment  Distribution  Triggers have been
              satisfied; and

                     (b)  in  the  case  of  each  other  Class  of  Subordinate
              Certificates for which the Prepayment  Distribution  Triggers have
              not been satisfied, 0%; and

              (iii)  Notwithstanding  the foregoing,  if the  application of the
       foregoing  percentages  on any  Distribution  Date as provided in Section
       4.02 of this Series Supplement  (determined without regard to the proviso
       to the definition of "Subordinate  Principal  Distribution Amount") would
       result in a distribution  in respect of principal of any Class or Classes
       of  Subordinate  Certificates  in an amount  greater  than the  remaining
       Certificate  Principal  Balance  thereof  (any such  class,  a  "Maturing
       Class"),  then:  (a)  the  Prepayment  Distribution  Percentage  of  each
       Maturing  Class  shall  be  reduced  to a level  that,  when  applied  as
       described above,  would exactly reduce the Certificate  Principal Balance
       of such Class to zero; (b) the Prepayment Distribution Percentage of each
       other Class of Subordinate  Certificates (any such Class, a "Non-Maturing
       Class")  shall be  recalculated  in  accordance  with the  provisions  in
       paragraph (ii) above,  as if the  Certificate  Principal  Balance of each
       Maturing Class had been reduced to zero (such percentage as recalculated,
       the "Recalculated Percentage"); (c) the total amount of the reductions in
       the Prepayment Distribution Percentages of the Maturing Class

                                            -12-

<PAGE>

       or Classes  pursuant  to clause  (a) of this  sentence,  expressed  as an
       aggregate  percentage,  shall be allocated among the Non-Maturing Classes
       in proportion to their respective  Recalculated  Percentages (the portion
       of such aggregate  reduction so allocated to any Non-Maturing  Class, the
       "Adjustment Percentage"); and (d) for purposes of such Distribution Date,
       the Prepayment  Distribution  Percentage of each Non-Maturing Class shall
       be  equal  to the  sum  of (1)  the  Prepayment  Distribution  Percentage
       thereof,  calculated in accordance  with the provisions in paragraph (ii)
       above as if the Certificate  Principal Balance of each Maturing Class had
       not been reduced to zero, plus (2) the related Adjustment Percentage.

       Principal Only Certificates:  Any one of the Class A-P Certificates.

       Random Lot: With respect to any  Distribution  Date,  the method by which
the Depository will determine which Insured Certificates will be paid, using its
established random lot procedures or, if the Insured  Certificates are no longer
represented by a Book-Entry Certificate, using the Trustee's procedures.

       Record  Date:  With respect to each  Distribution  Date and each Class of
Certificates  (other than the Adjustable Rate  Certificates  that are Book-Entry
Certificates),  the close of business on the last business day of the month next
preceding the month in which the related  Distribution Date occurs. With respect
to each  Distribution Date and the Adjustable Rate Certificates (so long as they
are Book-Entry Certificates), the close of business on the Business Day prior to
such Distribution Date.

       Relief Act:  The  Soldiers'  and Sailors'  Civil  Relief Act of 1940,  as
amended, or similar legislation or regulations as in effect from time to time.

       Relief Act Shortfalls: Shortfalls in interest payable by a Mortgagor that
is not collectable from the Mortgagor pursuant to the Relief Act.

       REMIC I: The  segregated  pool of assets  related  to this  Series,  with
respect  to which a REMIC  election  is to be made  (except as  provided  below)
pursuant to this Agreement, consisting of:

       (i)    the Mortgage  Loans and the related  Mortgage Files and collateral
              securing such Mortgage Loans,

       (ii)   all payments on and  collections  in respect of the Mortgage Loans
              due after the Cut-off Date (other than Monthly Payments due in the
              month of the Cut-off Date) as shall be on deposit in the Custodial
              Account or in the Certificate  Account and identified as belonging
              to the Trust  Fund,  but not  including  amounts on deposit in the
              Initial Monthly Payment Fund,

       (iii)  property  that secured a Mortgage  Loan and that has been acquired
              for the benefit of the  Certificateholders  by foreclosure or deed
              in lieu of foreclosure,

       (iv)   the hazard insurance policies and Primary Insurance  Policies,  if
              any, and

                                            -13-

<PAGE>

       (v) all proceeds of clauses (i) through (iv) above.

       Notwithstanding the foregoing,  the REMIC election  specifically excludes
the Initial Monthly Payment Fund, the Rounding Account and the Reserve Fund.

       REMIC I Certificates:  The Class R-I Certificates.

       REMIC II: The segregated pool of assets consisting of the  Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the holders of the Class A-1, Class A-2, Class A-3, Class A-3A, Class A-4, Class
A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10,  Class A-11,  Class
A-12,  Class A-13,  Class A-P, Class A-V, Class M-1, Class M-2, Class M-3, Class
B-1, Class B-2, Class B-3 and Class R-II Certificates  pursuant to Section 2.06,
with  respect  to which a  separate  REMIC  election  is to be made.  The  REMIC
election  with respect to REMIC II  specifically  excludes  the Initial  Monthly
Payment Fund, the Rounding Account and the Reserve Fund.

       REMIC II Certificates:  Any of the Class A-1, Class A-2, Class A-3, Class
A-3A,  Class A-4,  Class A-5,  Class A-6, Class A-7, Class A-8, Class A-9, Class
A-10, Class A-11, Class A-12, Class A-13, Class A-P, Class A-V, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificates.

       Reserve  Fund:  Any one or more  segregated  trust  accounts  established
pursuant  to Section  4.11 that are  Eligible  Accounts,  which  shall be titled
"Reserve Fund,  Bank One,  National  Association,  as trustee for the registered
holders of Residential Funding Mortgage Securities I, Inc.,
Mortgage Pass-Through Certificates, Series 2003-S4, Class A-3."

       Reserve Fund Deposit:  $5,000.

       Reserve Fund Withdrawal:  As defined in Section 4.11.

     Rounding  Account:  With respect to the Insured  Certificates,  the account
created and maintained for such Insured Certificates pursuant to Section 4.12.

       Rounding  Amount:  With  respect to the Rounding  Account,  the amount of
funds,  if any,  needed  to be  withdrawn  and used to round  the  amount of any
distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates upward to the next higher integral multiple of $1,000.

       Scheduled Final Distribution Date: March 25, 2033.

       Senior  Certificate:  Any one of the  Class  A  Certificates  or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.

                                            -14-

<PAGE>

       Senior Percentage:  As of any Distribution Date, the lesser of 100% and a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate  Principal Balance of the Senior  Certificates (other than the Class
A-P   Certificates)   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

       Senior Principal  Distribution  Amount: As to any Distribution  Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i)  and  Section  4.02(a)(ii)(X)  of  this  Series  Supplement  and  the
distribution of the Insurance  Premium,  or, after the Credit Support  Depletion
Date, the amount required to be distributed to the Class A-P  Certificateholders
pursuant  to Section  4.02(c) of this Series  Supplement  and (b) the sum of the
amounts  required to be  distributed  to the Senior  Certificateholders  on such
Distribution Date pursuant to Section  4.02(a)(ii)(Y)  and (xvii) of this Series
Supplement and the distribution of the Insurance Premium.

       Special Hazard Amount:  As of any  Distribution  Date, an amount equal to
$5,352,440  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans, expressed as a percentage, and the denominator of which is equal to 50.0%
(which percentage is equal to the percentage of Mortgage Loans initially secured
by  Mortgaged  Properties  located  in the  State  of  California)  and (ii) the
aggregate  outstanding  principal  balance  (as  of  the  immediately  preceding
Distribution  Date) of the largest Mortgage Loan secured by a Mortgaged Property
located in the State of California.

       The Special Hazard Amount may be further  reduced by the Master  Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below the

                                            -15-

<PAGE>

lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date  by such  Rating  Agency  (without  giving  effect  to the
Certificate  Policy in the case of the Insured  Certificates) and (ii) provide a
copy of such written confirmation to the Trustee.

       Subordinate   Principal   Distribution   Amount:   With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  for such  Distribution  Date under
clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A) of this Series Supplement
(without  giving effect to the Senior  Percentage)  to the extent not payable to
the  Senior  Certificates;  (ii)  such  Class's  pro  rata  share,  based on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)  of this Series  Supplement  (without  giving effect to the
Senior Accelerated  Distribution  Percentage) to the extent such collections are
not otherwise  distributed to the Senior Certificates;  (iii) the product of (x)
the related  Prepayment  Distribution  Percentage  and (y) the  aggregate of all
Principal  Prepayments  in Full  received in the related  Prepayment  Period and
Curtailments  received in the preceding  calendar  month (other than the related
Discount  Fraction of such Principal  Prepayments in Full and Curtailments  with
respect to a  Discount  Mortgage  Loan) to the extent not  payable to the Senior
Certificates;  (iv) if such Class is the Class of Subordinate  Certificates with
the  Highest  Priority,   any  Excess  Subordinate  Principal  Amount  for  such
Distribution  Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous  Distribution Date, that remain  undistributed to
the extent that such amounts are not  attributable to Realized Losses which have
been allocated to a Class of Subordinate  Certificates  minus (b) the sum of (i)
with respect to the Class of Subordinate  Certificates with the Lowest Priority,
any Excess Subordinate Principal Amount for such Distribution Date; and (ii) the
Capitalization  Reimbursement  Amount for such Distribution Date, other than the
related Discount Fraction of any portion of that amount related to each Discount
Mortgage  Loan,  multiplied  by a  fraction,  the  numerator  of  which  is  the
Subordinate  Principal   Distribution  Amount  for  such  Class  of  Subordinate
Certificates,  without giving effect to this clause (b)(ii), and the denominator
of which is the sum of the  principal  distribution  amounts  for all Classes of
Certificates other than the Class A-P Certificates, without giving effect to any
reductions for the Capitalization Reimbursement Amount.

       Trust Fund: REMIC I, REMIC II, the Rounding Account, the Reserve Fund and
the Initial Monthly Payment Fund.

       Uncertificated  Class A-V REMIC  Accrued  Interest:  With respect to each
Distribution Date, as to each  Uncertificated  Class A-V REMIC Regular Interest,
an amount equal to the  aggregate  amount of Accrued  Certificate  Interest that
would  result  under  the  terms  of  the   definition   thereof  on  each  such
uncertificated  interest,  if  the  Pass-Through  Rate  on  such  uncertificated
interest were equal to the related  Uncertificated  REMIC  Pass-Through Rate and
the notional  amount of such  uncertificated  interest were equal to the related
Uncertificated REMIC Notional Amount, and any reduction in the amount of Accrued
Certificate  Interest  resulting  from the  allocation  of  Prepayment  Interest
Shortfalls, Realized Losses or other amounts to the Class A-V Certificateholders
pursuant to Section 4.05 hereof shall be allocated to the  Uncertificated  REMIC
Regular  Interests  pro rata in accordance  with the amount of interest  accrued
with  respect to each  related  Uncertificated  REMIC  Notional  Amount and such
Distribution Date.

                                            -16-

<PAGE>

       Uncertificated  Class A-V REMIC  Notional  Amount:  With  respect to each
Uncertificated  Class A-V REMIC  Regular  Interest,  the  amount of the  related
Uncertificated REMIC I IO Notional Amount.

       Uncertificated  Class A-V REMIC  Pass-Through  Rate: With respect to each
Uncertificated Class A-V REMIC Regular Interest, 100% of the interest payable on
the related Uncertificated REMIC I IO Regular Interest.

       Uncertificated  Class A-V REMIC Regular  Interest  Distribution  Amounts:
With  respect to any  Distribution  Date,  the sum of the  amounts  deemed to be
distributed  on the  Uncertificated  Class AV REMIC  Regular  Interests for such
Distribution Date pursuant to Section 4.08(a).

       Uncertificated Class A-V REMIC Regular Interests:  The 611 uncertificated
partial  undivided  beneficial  ownership  interests in the Trust Fund  numbered
sequentially  from 1  through  611  relating  to the  particular  Mortgage  Loan
identified by sequential  number on the Mortgage Loan  Schedule,  each having no
principal balance, and each bearing the respective Pool Strip Rate on the Stated
Principal Balance of the related Mortgage Loan.

       Uncertificated  Pass-Through  Rate:  With respect to each  Uncertificated
REMIC Regular Interest,  the related  Uncertificated REMIC Regular Interest Pool
Strip Rate.

       Uncertificated  Principal  Balance:  With respect to each  Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to (A)(i)
$122,060,928.13  with respect to Uncertificated REMIC I Regular Interest T, (ii)
$18,181,818.00  with respect to Uncertificated  REMIC I Regular Interest U,(iii)
$40,000,000.00  with respect to Uncertificated  REMIC I Regular Interest V, (iv)
$74,799,662.00  with respect to  Uncertificated  REMIC I Regular Interest W, (v)
$138,299,238.00  with respect to Uncertificated REMIC I Regular Interest X, (vi)
$16,975,000.00  with respect to  Uncertificated  REMIC I Regular Interest Y, and
(vii)  $2,504,595.10 with respect to Uncertificated  REMIC I Regular Interest Z,
minus  (B)  the  sum of (x)  the  aggregate  of all  amounts  previously  deemed
distributed   with   respect  to  such   interest  and  applied  to  reduce  the
Uncertificated Principal Balance thereof pursuant to Section 4.09(a)(ii) and (y)
the aggregate of all reductions in  Uncertificated  Principal  Balance deemed to
have occurred in connection  with Realized  Losses that were  previously  deemed
allocated to the Uncertificated Principal Balance of such Uncertificated REMIC I
Regular Interest pursuant to Section 4.09(d).

       Uncertificated   REMIC  I  Accrued   Interest:   With   respect  to  each
Distribution  Date,  (i) as to  Uncertificated  REMIC I Regular  Interest  T, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the  definition  thereof on the Class A-2,  Class A-4,
Class A-12, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and
Class R-II Certificates if the Pass-Through Rate on such Class were equal to the
Uncertificated  REMIC  I  Pass-Through  Rate  and the  Uncertificated  Principal
Balance was the related Certificate Principal Balance, (ii) as to Uncertificated
REMIC I Regular  Interest U, an amount equal to the aggregate  amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-6 Certificates if the Pass-Through  Rate on such Class were equal
to the Uncertificated REMIC I Pass-Through Rate and the Uncertificated Principal
Balance   was  the  related   Certificate   Principal   Balance,   (iii)  as  to
Uncertificated REMIC I Regular Interest V, an

                                            -17-

<PAGE>

amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the definition  thereof on the Class A-5  Certificates
if the Pass-Through Rate on such Class were equal to the Uncertificated  REMIC I
Pass-Through  Rate and the  Uncertificated  Principal  Balance  was the  related
Certificate  Principal  Balance,  (iv)  as to  Uncertificated  REMIC  I  Regular
Interest  W, an amount  equal to the  aggregate  amount of  Accrued  Certificate
Interest  that would  result  under the terms of the  definition  thereof on the
Class A-9 Certificates if the Pass-Through  Rate on such Class were equal to the
Uncertificated  REMIC  I  Pass-Through  Rate  and the  Uncertificated  Principal
Balance was the related Certificate  Principal Balance, (v) as to Uncertificated
REMIC I Regular  Interest X, an amount equal to the aggregate  amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-1 , Class A-8, Class A-10 and the Class A-13  Certificates if the
Pass-Through  Rate on each such  Class was equal to the  Uncertificated  REMIC I
Pass-Through  Rate and the  Uncertificated  Principal  Balances were the related
Certificate  Principal  Balances,  (vi) as to  Uncertificated  REMIC  I  Regular
Interest  Y, an amount  equal to the  aggregate  amount of  Accrued  Certificate
Interest  that would  result  under the terms of the  definition  thereof on the
Class A-3 Certificates if the  Pass-Through  Rate on such Class or component was
equal to the  Uncertificated  REMIC I Pass-Through  Rate and the  Uncertificated
Principal Balances were the related Certificate Principal Balances, and (vii) as
to each  Uncertificated  REMIC I IO  Regular  Interest,  an amount  equal to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms of the definition  thereof on each such  uncertificated  interest,  if the
Pass-Through  Rate on such  uncertificated  interest  was  equal to the  related
Uncertificated  REMIC I  Pass-Through  Rate  and  the  notional  amount  of such
uncertificated  interest  was  equal to the  related  Uncertificated  REMIC I IO
Notional  Amount;  provided,  that  any  reduction  in  the  amount  of  Accrued
Certificate  Interest  resulting  from the  allocation  of  Prepayment  Interest
Shortfalls,  Realized  Losses or other amounts to the  Certificates  pursuant to
Sections 4.02(a) and 4.05 hereof shall be allocated to the Uncertificated  REMIC
I  Regular   Interests  for  which  such   Certificates  are  the  Corresponding
Certificated Interests.

       Uncertificated   REMIC  I  IO  Notional  Amount:  With  respect  to  each
Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the  aggregate
Stated Principal Balance of the related Non- Discount Mortgage Loan.

       Uncertificated  REMIC I  Pass-Through  Rate:  With respect to each of the
Uncertificated  REMIC I Regular  Interests  T,U,V,W,  X, Y and Z, 5.75%,  8.50%,
4.50%,  8.00%,  4.5330790651%,  5.75% and 0.00%  respectively.  With  respect to
Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the Pool Strip
Rate for the related Mortgage Loan.

       Uncertificated  REMIC I Regular  Interest  T: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate  Certificate  Principal  Balance of the Class A-2,  Class
A-4,  Class A-12,  Class M-1,  Class M-2, Class M-3, Class B-1, Class B-2, Class
B-3, and the Class R-II Certificates and which bears interest at a rate equal to
5.75% per annum.

       Uncertificated  REMIC I Regular  Interest  U: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-6
Certificates and which bears interest at a rate equal to 8.50% per annum.

                                            -18-

<PAGE>

       Uncertificated  REMIC I Regular  Interest  V: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-5
Certificates and which bears interest at a rate equal to 4.50% per annum.

       Uncertificated  REMIC I Regular  Interest  W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-9
Certificates and which bears interest at a rate equal to 8.00% per annum.

       Uncertificated  REMIC I Regular  Interest  X: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate of the  Certificate  Principal  Balance of the Class A-1,
Class A-8, Class A-10 and Class A-13  Certificates and which bears interest at a
rate equal to 4.5330790651% per annum.

       Uncertificated  REMIC I Regular  Interest  Y: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-3
Certificates and which bears interest at a rate equal to 5.75% per annum.

       Uncertificated  REMIC I Regular  Interest  Z: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-P
Certificates, and which bears interest at a rate equal to 0.00% per annum.

       Uncertificated REMIC I Regular Interests:  Uncertificated REMIC I Regular
Interest T, Uncertificated  REMIC I Regular Interest U,  Uncertificated  REMIC I
Regular  Interest V Uncertificated  REMIC I Regular  Interest W,  Uncertificated
REMIC  I  Regular  Interest  X,  Uncertificated  REMIC  I  Regular  Interest  Y,
Uncertificated  REMIC I Regular Interest Z and Uncertificated REMIC I IO Regular
Interests.

       Uncertificated  REMIC I IO Regular  Interest  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on the  Uncertificated  Class A-V REMIC Regular  Interests for such
Distribution Date pursuant to Section 4.09(a).

       Uncertificated  REMIC I Regular  Interest  T  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  T  for  such
Distribution Date pursuant to Section 4.09(a).

       Uncertificated  REMIC I Regular  Interest  U  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  U  for  such
Distribution Date pursuant to Section 4.09(a).

                                            -19-

<PAGE>

       Uncertificated  REMIC I Regular  Interest  V  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  V  for  such
Distribution Date pursuant to Section 4.09(a).

       Uncertificated  REMIC I Regular  Interest  W  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  W  for  such
Distribution Date pursuant to Section 4.09(a).

       Uncertificated  REMIC I Regular  Interest  X  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  X  for  such
Distribution Date pursuant to Section 4.09(a).

       Uncertificated  REMIC I Regular  Interest  Y  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Y  for  such
Distribution Date pursuant to Section 4.09(a).

       Uncertificated  REMIC I Regular  Interest  Z  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Z  for  such
Distribution Date pursuant to Section 4.09(a).

       Uncertificated  REMIC  I  Regular  Interest   Distribution  Amounts:  The
Uncertificated   REMIC  I  Regular   Interest   T   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   U   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   V   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   W   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   X   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   Y   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular  Interest  Z  Distribution   Amount  and  the
Uncertificated REMIC I IO Regular Interest Distribution Amount.

       Underwriter: Salomon Smith Barney Inc.

       Section 1.02  Use of Words and Phrases.

       "Herein," "hereby," "hereunder," "hereof," "hereinbefore,"  "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definitions  set forth herein include both the singular and the
plural.

       Section 1.03  Determination of LIBOR.

       LIBOR  applicable to the  calculation  of the  Pass-Through  Rates on the
Adjustable  Rate  Certificates,  if any, for any Interest  Accrual Period (other
than the initial  Interest Accrual Period) will be determined on each LIBOR Rate
Adjustment Date.

       On each LIBOR Rate Adjustment  Date (other than for the initial  Interest
Accrual  Period),  LIBOR  shall be  established  by the  Trustee  and, as to any
Interest Accrual Period, will equal the rate

                                            -20-

<PAGE>

for one month United States dollar  deposits that appears on the Telerate Screen
Page 3750 as of 11:00 a.m.,  London time,  on such LIBOR Rate  Adjustment  Date.
"Telerate  Screen Page 3750" means the  display  designated  as page 3750 on the
Telerate  Service (or such other page as may replace  page 3750 on that  service
for the purpose of displaying London interbank offered rates of major banks). If
such rate does not appear on such page (or such other page as may  replace  that
page on that service, or if such service is no longer offered, LIBOR shall be so
established  by use of such other  service for  displaying  LIBOR or  comparable
rates as may be  selected  by the  Trustee  after  consultation  with the Master
Servicer),  the rate will be the Reference Bank Rate. The "Reference  Bank Rate"
will be determined on the basis of the rates at which  deposits in U.S.  Dollars
are offered by the  reference  banks  (which shall be any three major banks that
are engaged in  transactions  in the London  interbank  market,  selected by the
Trustee after  consultation  with the Master Servicer) as of 11:00 a.m.,  London
time, on the LIBOR Rate Adjustment  Date to prime banks in the London  interbank
market for a period of one month in amounts approximately equal to the aggregate
Certificate   Principal   Balance  of  the  Adjustable  Rate  Certificates  then
outstanding. The Trustee will request the principal London office of each of the
reference  banks to  provide  a  quotation  of its  rate.  If at least  two such
quotations are provided,  the rate will be the arithmetic mean of the quotations
rounded  up to the next  multiple  of  1/16%.  If on such  date  fewer  than two
quotations are provided as requested,  the rate will be the  arithmetic  mean of
the rates  quoted by one or more major  banks in New York City,  selected by the
Trustee after consultation with the Master Servicer,  as of 11:00 a.m., New York
City time, on such date for loans in U.S.  Dollars to leading European banks for
a  period  of  one  month  in  amounts  approximately  equal  to  the  aggregate
Certificate   Principal   Balance  of  the  Adjustable  Rate  Certificates  then
outstanding.  If no such quotations can be obtained,  the rate will be LIBOR for
the prior  Distribution  Date, or in the case of the first LIBOR Rate Adjustment
Date,   1.34%  with  respect  to  the  Class  A-6  Certificates  and  Class  A-7
Certificates  and 1.28375% with respect to the Class A-9  Certificates and Class
A-11 Certificates;  provided however, if, under the priorities listed previously
in this paragraph, LIBOR for a Distribution Date would be based on LIBOR for the
previous  Distribution  Date for the third  consecutive  Distribution  Date, the
Trustee,   after  consultation  with  the  Master  Servicer,   shall  select  an
alternative  comparable  index over which the Trustee  has no control,  used for
determining  one-month Eurodollar lending rates that is calculated and published
or otherwise made available by an independent party.

       The  establishment  of LIBOR by the Trustee on any LIBOR Rate  Adjustment
Date and the Master Servicer's subsequent  calculation of the Pass-Through Rates
applicable to each of the Adjustable Rate Certificates for the relevant Interest
Accrual Period, in the absence of manifest error, will be final and binding.

       Promptly  following  each LIBOR Rate  Adjustment  Date the Trustee  shall
supply the Master  Servicer  with the results of its  determination  of LIBOR on
such date.  Furthermore,  the Trustee  will supply to any  Certificateholder  so
requesting by telephone the  Pass-Through  Rates on each of the Adjustable  Rate
Certificates  for the current and the  immediately  preceding  Interest  Accrual
Period.

                                            -21-

<PAGE>

                                         ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

          Section 2.01  Conveyance of Mortgage  Loans.  (See Section 2.01 of the
               Standard Terms)

          Section 2.02 Acceptance by Trustee.  (See Section 2.02 of the Standard
               Terms)

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

              (a) For  representations,  warranties  and covenants of the Master
       Servicer, see Section 2.03(a) of the Standard Terms.

              (b) The Company hereby  represents and warrants to the Trustee for
       the benefit of  Certificateholders  that as of the  Closing  Date (or, if
       otherwise specified below, as of the date so specified):

                     (i) No  Mortgage  Loan is 30 or  more  days  Delinquent  in
              payment of  principal  and  interest as of the Cut-off Date and no
              Mortgage  Loan  has  been  so  Delinquent  more  than  once in the
              12-month period prior to the Cut-off Date;

                     (ii) The  information  set forth in Exhibit One hereto with
              respect to each Mortgage Loan or the Mortgage  Loans,  as the case
              may be, is true and correct in all  material  respects at the date
              or dates respecting which such information is furnished;

                     (iii) The Mortgage Loans are  fully-amortizing,  fixed-rate
              mortgage loans with level Monthly  Payments due, with respect to a
              majority of the Mortgage Loans, on the first day of each month and
              terms to maturity at origination or  modification of not more than
              30 years;

                     (iv) To the best of the Company's knowledge,  if a Mortgage
              Loan is secured by a Mortgaged Property with a Loan-to-Value Ratio
              at origination in excess of 80%, such Mortgage Loan is the subject
              of a Primary  Insurance  Policy that insures that (a) at least 30%
              of  the  Stated   Principal   Balance  of  the  Mortgage  Loan  at
              origination  if the  Loan-to-Value  Ratio is  between  95.00%  and
              90.01%,  (b) at least  25% of such  balance  if the  Loan-to-Value
              Ratio is between  90.00% and 85.01%,  and (c) at least 12% of such
              balance if the  Loan-to-Value  Ratio is between 85.00% and 80.01%.
              To  the  best  of  the  Company's  knowledge,  each  such  Primary
              Insurance  Policy is in full force and  effect and the  Trustee is
              entitled to the benefits thereunder;

                     (v) The  issuers  of the  Primary  Insurance  Policies  are
              insurance  companies whose  claims-paying  abilities are currently
              acceptable to each Rating Agency;

                                            -22-

<PAGE>

                     (vi) No more than 1.3% of the  Mortgage  Loans by aggregate
              Cut-off Date Principal Balance are secured by Mortgaged Properties
              located  in any one zip code area in  California  and no more than
              0.9% of the Mortgage  Loans by aggregate  Cut- Off Date  Principal
              Balance are secured by Mortgaged Properties located in any one zip
              code area outside California;

                     (vii) The  improvements  upon the Mortgaged  Properties are
              insured  against loss by fire and other hazards as required by the
              Program  Guide,  including  flood  insurance if required under the
              National  Flood  Insurance Act of 1968,  as amended.  The Mortgage
              requires the Mortgagor to maintain such casualty  insurance at the
              Mortgagor's  expense,  and on the  Mortgagor's  failure  to do so,
              authorizes  the holder of the Mortgage to obtain and maintain such
              insurance  at the  Mortgagor's  expense and to seek  reimbursement
              therefor from the Mortgagor;

                     (viii)  Immediately prior to the assignment of the Mortgage
              Loans to the  Trustee,  the Company had good title to, and was the
              sole owner of,  each  Mortgage  Loan free and clear of any pledge,
              lien,  encumbrance  or  security  interest  (other  than rights to
              servicing and related  compensation)  and such assignment  validly
              transfers  ownership of the Mortgage Loans to the Trustee free and
              clear of any pledge, lien, encumbrance or security interest;

                     (ix) 15.72% of the Mortgage Loans by aggregate Cut-off Date
              Principal   Balance  were   underwritten   under  a  reduced  loan
              documentation program;

                     (x) Each Mortgagor represented in its loan application with
              respect to the related  Mortgage Loan that the Mortgaged  Property
              would be  owner-occupied  and  therefore  would not be an investor
              property as of the date of  origination  of such Mortgage Loan. No
              Mortgagor is a corporation or a partnership;

                     (xi) None of the Mortgage Loans is a Buydown Mortgage Loan;

                     (xii) Each Mortgage Loan  constitutes a qualified  mortgage
              under Section  860G(a)(3)(A) of the Code and Treasury  Regulations
              Section 1.860G-2(a)(1);

                     (xiii) A policy of title  insurance was effective as of the
              closing of each Mortgage Loan and is valid and binding and remains
              in full force and  effect,  unless the  Mortgaged  Properties  are
              located  in the State of Iowa and an  attorney's  certificate  has
              been provided as described in the Program Guide;

                     (xiv) None of the Mortgage Loans are Cooperative Loans;

                     (xv) With respect to each Mortgage Loan originated  under a
              "streamlined"  Mortgage  Loan  program  (through  which  no new or
              updated  appraisals  of  Mortgaged   Properties  are  obtained  in
              connection with the refinancing  thereof),  the related Seller has
              represented  that  either (a) the value of the  related  Mortgaged
              Property as of the date the Mortgage Loan was  originated  was not
              less than the appraised value of such

                                            -23-

<PAGE>

              property at the time of  origination  of the  refinanced  Mortgage
              Loan or (b) the Loan-  to-Value  Ratio of the Mortgage  Loan as of
              the date of origination  of the Mortgage Loan generally  meets the
              Company's underwriting guidelines;

                     (xvi)  Interest on each  Mortgage Loan is calculated on the
              basis of a 360-day year consisting of twelve 30-day months;

                     (xvii) None of the Mortgage  Loans  contains in the related
              Mortgage File a Destroyed Mortgage Note; and

                     (xviii)None  of the Mortgage  Loans are Pledged Asset Loans
              or Additional Collateral Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

       Upon discovery by any of the Company, the Master Servicer, the Trustee or
any Custodian of a breach of any of the representations and warranties set forth
in this Section 2.03(b) that  materially and adversely  affects the interests of
the  Certificateholders  in any Mortgage Loan, the party discovering such breach
shall give prompt written  notice to the other parties (any  Custodian  being so
obligated under a Custodial Agreement);  provided, however, that in the event of
a breach of the representation  and warranty set forth in Section  2.03(b)(xii),
the party  discovering  such breach  shall give such notice  within five days of
discovery.  Within 90 days of its  discovery or its receipt of notice of breach,
the Company  shall either (i) cure such breach in all material  respects or (ii)
purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the
manner set forth in  Section  2.02;  provided  that the  Company  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered.  Any such  substitution  shall be effected by the Company
under  the  same  terms  and   conditions   as  provided  in  Section  2.04  for
substitutions  by  Residential  Funding.  It is  understood  and agreed that the
obligation  of the Company to cure such  breach or to so purchase or  substitute
for any Mortgage  Loan as to which such a breach has occurred and is  continuing
shall  constitute  the sole  remedy  respecting  such  breach  available  to the
Certificateholders   or  the  Trustee  on  behalf  of  the   Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

          Section 2.04  Representations and Warranties of Sellers.  (See Section
               2.04 of the Standard Terms)

       Section 2.05  Execution and Authentication of Certificates.

                                            -24-

<PAGE>

       The Trustee  acknowledges  the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets  included  in the Trust  Fund,  receipt of which is hereby  acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee,  pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the  Company  the  Certificates  in  authorized   denominations  which  evidence
ownership of the entire Trust Fund.

                                            -25-

<PAGE>

                                   ARTICLE III

                                ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS
                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                            -26-

<PAGE>

                                         ARTICLE IV

                               PAYMENTS TO CERTIFICATEHOLDERS

   Section 4.01 Certificate Account. (See Section 4.01 of the Standard Terms)

       Section 4.02  Distributions.

              (a) On each Distribution Date (x) the Master Servicer on behalf of
       the  Trustee or (y) the Paying  Agent  appointed  by the  Trustee,  shall
       distribute  to the  Certificate  Insurer the  Insurance  Premium,  to the
       Master  Servicer,  in the  case of a  distribution  pursuant  to  Section
       4.02(a)(iii)  below,  the amount required to be distributed to the Master
       Servicer or a Sub-Servicer pursuant to Section 4.02(a)(iii) below, to the
       Certificate  Insurer,  in the case of a distribution  pursuant to Section
       4.02(a)(xvi)  below,  the  amount  required  to  be  distributed  to  the
       Certificate  Insurer pursuant to Section  4.02(a)(xvi) below, and to each
       Certificateholder of record on the next preceding Record Date (other than
       as provided in Section 9.01  respecting the final  distribution),  either
       (1) in immediately available funds (by wire transfer or otherwise) to the
       account  of such  Certificateholder  at a bank  or  other  entity  having
       appropriate   facilities  therefor,  if  such  Certificateholder  has  so
       notified the Master  Servicer or the Paying Agent, as the case may be, or
       (2) if such  Certificateholder has not so notified the Master Servicer or
       the  Paying  Agent  by  the  Record   Date,   by  check  mailed  to  such
       Certificateholder  at  the  address  of  such  Holder  appearing  in  the
       Certificate  Register,  such  Certificateholder's  share (which share (A)
       with  respect to each Class of  Certificates  (other than any Subclass of
       the  Class  A-V  Certificates),  shall be based on the  aggregate  of the
       Percentage Interests  represented by Certificates of the applicable Class
       held by such Holder or (B) with  respect to any Subclass of the Class A-V
       Certificates,  shall be equal to the amount (if any) distributed pursuant
       to Section  4.02(a)(i) below to each Holder of a Subclass thereof) of the
       following  amounts,  in the following  order of priority  (subject to the
       provisions of Section 4.02(b)  below),  in each case to the extent of the
       Available  Distribution  Amount (net of the Insurance  Premium)  together
       with,  as to  the  Insured  Certificates,  any  Reserve  Fund  Withdrawal
       pursuant  to  Section  4.11 of this  Series  Supplement  and any  Insured
       Payment pursuant to Section 12.02 of this Series Supplement:

                     (i) to the Senior  Certificates  (other than the  Principal
              Only   Certificates)   on  a  pro  rata  basis  based  on  Accrued
              Certificate  Interest payable on such Certificates with respect to
              such  Distribution  Date,  Accrued  Certificate  Interest  on such
              Classes of Certificates  (or  Subclasses,  if any, with respect to
              the Class A-V Certificates)  for such Distribution  Date, plus any
              Accrued  Certificate  Interest  thereon  remaining unpaid from any
              previous   Distribution  Date  except  as  provided  in  the  last
              paragraph   of  this  Section   4.02(a)   (the  "Senior   Interest
              Distribution Amount"); and

                     (ii) (X) to the  Class  A-P  Certificates,  the  Class  A-P
              Principal  Distribution  Amount (as defined in Section  4.02(b)(i)
              herein); and

                            (Y) to the Senior Certificates (other than the Class
              A-P  Certificates),  in the  priorities  and  amounts set forth in
              Section 4.02(b)(ii) through

                                            -27-

<PAGE>

              Section 4.02(e),  the sum of the following  (applied to reduce the
              Certificate  Principal  Balances of such Senior  Certificates,  as
              applicable):

                            (A) the Senior Percentage for such Distribution Date
                     times the sum of the following:

                                    (1) the  principal  portion of each  Monthly
                            Payment  due during the  related  Due Period on each
                            Outstanding  Mortgage  Loan  (other than the related
                            Discount  Fraction of the principal  portion of such
                            payment with respect to a Discount  Mortgage  Loan),
                            whether or not  received  on or prior to the related
                            Determination  Date, minus the principal  portion of
                            any Debt Service  Reduction  (other than the related
                            Discount  Fraction of the principal  portion of such
                            Debt  Service   Reductions   with  respect  to  each
                            Discount  Mortgage  Loan) which  together with other
                            Bankruptcy Losses exceeds the Bankruptcy Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                            Mortgage  Loan  repurchased   during  the  preceding
                            calendar   month   (or   deemed   to  have  been  so
                            repurchased  in accordance  with Section  3.07(b) of
                            the Standard  Terms) pursuant to Sections 2.02, 2.04
                            or 4.07 of the  Standard  Terms and Section  2.03 of
                            the Standard Terms and this Series  Supplement,  and
                            the  amount  of  any  shortfall   deposited  in  the
                            Custodial    Account   in   connection    with   the
                            substitution of a Deleted  Mortgage Loan pursuant to
                            Section 2.04 of the  Standard  Terms or Section 2.03
                            of the  Standard  Terms and this Series  Supplement,
                            during the preceding  calendar month (other than the
                            related  Discount  Fraction of such Stated Principal
                            Balance or shortfall  with respect to each  Discount
                            Mortgage Loan); and

                                    (3)  the  principal  portion  of  all  other
                            unscheduled   collections   (other  than   Principal
                            Prepayments  in Full and  Curtailments  and  amounts
                            received in connection  with a Cash  Liquidation  or
                            REO  Disposition  of a Mortgage  Loan  described  in
                            Section 4.02(a)(ii)(Y)(B) of this Series Supplement,
                            including  without  limitation  Insurance  Proceeds,
                            Liquidation  Proceeds  and REO  Proceeds)  including
                            Subsequent  Recoveries received during the preceding
                            calendar  month (or deemed to have been so  received
                            in accordance  with Section  3.07(b) of the Standard
                            Terms) to the extent applied by the Master  Servicer
                            as recoveries  of principal of the related  Mortgage
                            Loan pursuant to Section 3.14 of the Standard  Terms
                            (other  than the  related  Discount  Fraction of the
                            principal  portion of such unscheduled  collections,
                            with respect to each Discount Mortgage Loan);

                                            -28-

<PAGE>

                            (B) with respect to each  Mortgage  Loan for which a
                     Cash  Liquidation or a REO Disposition  occurred during the
                     preceding  calendar  month (or was deemed to have  occurred
                     during such period in  accordance  with Section  3.07(b) of
                     the  Standard  Terms)  and did  not  result  in any  Excess
                     Special   Hazard  Losses,   Excess  Fraud  Losses,   Excess
                     Bankruptcy Losses or Extraordinary  Losses, an amount equal
                     to the  lesser  of  (a)  the  Senior  Percentage  for  such
                     Distribution  Date  times the Stated  Principal  Balance of
                     such  Mortgage  Loan  (other  than  the  related   Discount
                     Fraction of such Stated Principal Balance,  with respect to
                     each Discount Mortgage Loan) and (b) the Senior Accelerated
                     Distribution  Percentage for such  Distribution  Date times
                     the  related  unscheduled  collections  (including  without
                     limitation Insurance Proceeds, Liquidation Proceeds and REO
                     Proceeds) to the extent  applied by the Master  Servicer as
                     recoveries  of  principal  of  the  related  Mortgage  Loan
                     pursuant  to Section  3.14 of the  Standard  Terms (in each
                     case   other   than  the   portion   of  such   unscheduled
                     collections,  with  respect  to a Discount  Mortgage  Loan,
                     included   in   Section   4.02(b)(i)(C)   of  this   Series
                     Supplement);

                            (C) the Senior Accelerated  Distribution  Percentage
                     for such  Distribution  Date  times  the  aggregate  of all
                     Principal  Prepayments  in  Full  received  in the  related
                     Prepayment   Period  and   Curtailments   received  in  the
                     preceding  calendar month (other than the related  Discount
                     Fraction  of  such   Principal   Prepayments  in  Full  and
                     Curtailments, with respect to each Discount Mortgage Loan);

                            (D) any Excess Subordinate Principal Amount for such
                     Distribution Date;

                            (E) any amounts  described  in  subsection  (ii)(Y),
                     clauses  (A),  (B)  and  (C) of this  Section  4.02(a),  as
                     determined for any previous Distribution Date, which remain
                     unpaid after application of amounts previously  distributed
                     pursuant to this clause (E) to the extent that such amounts
                     are not  attributable  to Realized  Losses  which have been
                     allocated to the Subordinate Certificates; minus

                            (F) the Capitalization Reimbursement Amount for such
                     Distribution Date, other than the related Discount Fraction
                     of any  portion of that  amount  related  to each  Discount
                     Mortgage Loan,  multiplied by a fraction,  the numerator of
                     which is the Senior Principal  Distribution Amount, without
                     giving  effect to this clause (F), and the  denominator  of
                     which is the sum of the principal  distribution amounts for
                     all  Classes  of  Certificates  other  than the  Class  A-P
                     Certificates,  without  giving effect to any reductions for
                     the Capitalization Reimbursement Amount;

                     (iii)  if  the  Certificate   Principal   Balances  of  the
              Subordinate  Certificates  have not been  reduced to zero,  to the
              Master Servicer or a Sub-Servicer, by remitting for deposit to the
              Custodial Account, to the extent of and in reimbursement for any

                                            -29-

<PAGE>

              Advances or Sub-Servicer  Advances previously made with respect to
              any Mortgage  Loan or REO Property  which remain  unreimbursed  in
              whole or in part following the Cash Liquidation or REO Disposition
              of such  Mortgage  Loan or REO  Property,  minus any such Advances
              that were made  with  respect  to  delinquencies  that  ultimately
              constituted  Excess Special  Hazard  Losses,  Excess Fraud Losses,
              Excess Bankruptcy Losses or Extraordinary Losses;

                     (iv) to the  Holders  of the  Class M-1  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued  Certificate  Interest  thereon  remaining unpaid
              from any previous Distribution Date, except as provided below;

                     (v) to the Holders of the Class M-1 Certificates, an amount
              equal to (x) the  Subordinate  Principal  Distribution  Amount for
              such Class of Certificates for such  Distribution  Date, minus (y)
              the  amount  of any  Class  A-P  Collection  Shortfalls  for  such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of Sections 4.02(a)(vii),  (ix), (xi), (xiii), (xiv)
              and (xv) of this  Series  Supplement  are  insufficient  therefor,
              applied in reduction of the Certificate  Principal  Balance of the
              Class M-1 Certificates;

                     (vi) to the  Holders  of the  Class M-2  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued  Certificate  Interest  thereon  remaining unpaid
              from any previous Distribution Date, except as provided below;

                     (vii) to the  Holders  of the  Class M-2  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates for such  Distribution  Date, minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of Sections  4.02(a)(ix),  (xi),  (xiii),  (xiv) and
              (xv) of this Series Supplement are insufficient therefor,  applied
              in reduction of the Certificate Principal Balance of the Class M-2
              Certificates;

                     (viii) to the  Holders of the Class M-3  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued  Certificate  Interest  thereon  remaining unpaid
              from any previous Distribution Date, except as provided below;

                     (ix) to the  Holders  of the  Class  M-3  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of Sections  4.02(a)(xi),  (xiii), (xiv) and (xv) of
              this  Series  Supplement  are  insufficient  therefor,  applied in
              reduction of the  Certificate  Principal  Balance of the Class M-3
              Certificates;

                                            -30-

<PAGE>

                     (x) to the  Holders  of the  Class  B-1  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued  Certificate  Interest  thereon  remaining unpaid
              from any previous Distribution Date, except as provided below;

                     (xi) to the  Holders  of the  Class  B-1  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of  Sections  4.02(a)(xiii),  (xiv) and (xv) of this
              Series Supplement are insufficient therefor,  applied in reduction
              of  the   Certificate   Principal   Balance   of  the   Class  B-1
              Certificates;

                     (xii) to the  Holders  of the Class B-2  Certificates,  the
              Accrued  Certificate  Interest thereon for such Distribution Date,
              plus any Accrued  Certificate  Interest  thereon  remaining unpaid
              from any previous Distribution Date, except as provided below;

                     (xiii) to the  Holders  of the Class B-2  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution  Dates, to the extent the amounts available  pursuant
              to clause (x) of  Sections  4.02(a)(xiv)  and (xv) of this  Series
              Supplement are insufficient therefor,  applied in reduction of the
              Certificate Principal Balance of the Class B-2 Certificates;

                     (xiv) to the  Holders  of the  Class B-3  Certificates,  an
              amount equal to (x) the Accrued  Certificate  Interest thereon for
              such  Distribution  Date,  plus any Accrued  Certificate  Interest
              thereon  remaining  unpaid from any  previous  Distribution  Date,
              except as  provided  below,  minus (y) the amount of any Class A-P
              Collection  Shortfalls  for such  Distribution  Date or  remaining
              unpaid  for all  previous  Distribution  Dates,  to the extent the
              amounts  available  pursuant to clause (x) of Section 4.02(a) (xv)
              of this Series Supplement are insufficient therefor;

                     (xv) to the  Holders  of the  Class  B-3  Certificates,  an
              amount equal to (x) the Subordinate Principal  Distribution Amount
              for such Class of Certificates  for such  Distribution  Date minus
              (y) the  amount of any Class A-P  Collection  Shortfalls  for such
              Distribution   Date  or   remaining   unpaid   for  all   previous
              Distribution   Dates  applied  in  reduction  of  the  Certificate
              Principal Balance of the Class B-3 Certificates;

                     (xvi)  to  the  Certificate  Insurer,  as  subrogee  of the
              Insured  Certificateholders,  an amount necessary to reimburse the
              Certificate  Insurer for claims paid under the Certificate Policy,
              to the extent of  Cumulative  Insurance  Payments  on the  Insured
              Certificates;

                                            -31-

<PAGE>

                     (xvii) to the  Senior  Certificates,  in the  priority  set
              forth in Section 4.02(b) of this Series  Supplement,  the portion,
              if any, of the Available  Distribution  Amount remaining after the
              foregoing  distributions,  together with Insured Payments pursuant
              to Section 12.02 herein and any Reserve Fund Withdrawals  pursuant
              to  Section   4.11  herein  each  with   respect  to  the  Insured
              Certificates and Rounding Account  withdrawals with respect to the
              Insured Certificates,  applied to reduce the Certificate Principal
              Balances  of such Senior  Certificates,  but in no event more than
              the aggregate of the outstanding Certificate Principal Balances of
              each such Class of Senior  Certificates,  and thereafter,  to each
              Class of Subordinate  Certificates then outstanding beginning with
              such Class with the Highest Priority, any portion of the Available
              Distribution  Amount remaining after the Senior  Certificates have
              been retired,  applied to reduce the Certificate Principal Balance
              of each such Class of  Subordinate  Certificates,  but in no event
              more than the outstanding  Certificate  Principal  Balance of each
              such Class of Subordinate Certificates; and

                     (xviii)to the Class R-II Certificates, the balance, if any,
              of the Available Distribution Amount.

       Notwithstanding the foregoing,  on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent  that (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate
reduction  in  connection  with a  Servicing  Modification,  or (2) such  unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the  failure  of the  Master  Servicer  to make  any  required  Advance,  or the
determination  by the  Master  Servicer  that any  proposed  Advance  would be a
Nonrecoverable  Advance  with  respect to the related  Mortgage  Loan where such
Mortgage  Loan  has  not yet  been  the  subject  of a Cash  Liquidation  or REO
Disposition  or the related  Liquidation  Proceeds,  Insurance  Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

              (b) Distributions of principal on the Senior  Certificates on each
       Distribution  Date occurring  prior to the Credit Support  Depletion Date
       will be made as follows:

                     (i) to the Class A-P  Certificates,  until the  Certificate
              Principal  Balance  thereof  is reduced  to zero,  an amount  (the
              "Class A-P Principal  Distribution Amount") equal to the aggregate
              of:

                            (A) the related  Discount  Fraction of the principal
                     portion of each Monthly  Payment on each Discount  Mortgage
                     Loan due  during the  related  Due  Period,  whether or not
                     received  on or prior to the  related  Determination  Date,
                     minus the Discount Fraction of the principal portion of any
                     related Debt Service  Reduction  which  together with other
                     Bankruptcy Losses exceeds the Bankruptcy Amount;

                                            -32-

<PAGE>

                            (B) the related  Discount  Fraction of the principal
                     portion of all  unscheduled  collections  on each  Discount
                     Mortgage Loan received during the preceding  calendar month
                     or, in the case of Principal  Prepayments  in Full,  during
                     the related  Prepayment Period (other than amounts received
                     in connection with a Cash Liquidation or REO Disposition of
                     a Discount  Mortgage  Loan  described in clause (C) below),
                     including  Principal  Prepayments  in  Full,  Curtailments,
                     Subsequent  Recoveries and  repurchases  (including  deemed
                     repurchases under Section 3.07(b) of the Standard Terms) of
                     Discount  Mortgage Loans (or, in the case of a substitution
                     of a Deleted  Mortgage Loan,  the Discount  Fraction of the
                     amount of any shortfall  deposited in the Custodial Account
                     in connection with such substitution);

                            (C) in connection  with the Cash  Liquidation or REO
                     Disposition of a Discount Mortgage Loan that did not result
                     in any Excess Special  Hazard Losses,  Excess Fraud Losses,
                     Excess Bankruptcy Losses or Extraordinary Losses, an amount
                     equal to the lesser of (1) the applicable Discount Fraction
                     of the Stated Principal  Balance of such Discount  Mortgage
                     Loan immediately  prior to such  Distribution  Date and (2)
                     the aggregate  amount of the  collections  on such Discount
                     Mortgage  Loan  to the  extent  applied  as  recoveries  of
                     principal;

                            (D)  any  amounts  allocable  to  principal  for any
                     previous  Distribution Date (calculated pursuant to clauses
                     (A) through (C) above) that remain undistributed; and

                            (E)  the   amount  of  any   Class  A-P   Collection
                     Shortfalls for such Distribution Date and the amount of any
                     Class A-P Collection  Shortfalls  remaining  unpaid for all
                     previous  Distribution Dates, but only to the extent of the
                     Eligible Funds for such Distribution Date; minus

                            (F) the related Discount  Fraction of the portion of
                     the   Capitalization    Reimbursement   Amount   for   such
                     Distribution   Date,  if  any,  related  to  each  Discount
                     Mortgage Loan; and

                     (ii) the  Senior  Principal  Distribution  Amount  shall be
              distributed  to  the  Class  R-I   Certificates   and  Class  R-II
              Certificates,   concurrently  on  a  pro  rata  basis,  until  the
              Certificate Principal Balances thereof have been reduced to zero;

                     (iii) the  balance  of the  Senior  Principal  Distribution
              Amount remaining after the  distribution  described in clause (ii)
              above,  if any, shall be distributed to the Lockout  Certificates,
              in reduction of the Certificate  Principal Balance thereof,  until
              the  Certificate  Principal  Balance  thereof has been  reduced to
              zero, in an amount equal to the Lockout  Percentage of the Lockout
              Certificates'  pro rata share (based on the aggregate  Certificate
              Principal Balance of the Senior Certificates (other than the Class
              A-P Certificates)) of the Senior Principal Distribution Amount;

                                            -33-

<PAGE>

                     (iv) an  amount  equal to  $16,979  of the  balance  of the
              Senior   Principal   Distribution   Amount   remaining  after  the
              distributions,  if any,  described in clauses (ii) and (iii) above
              shall be distributed for each  Distribution Date commencing on the
              Distribution  Date in April 2006,  to the Class A-3  Certificates,
              until the Certificate  Principal  Balance thereof has been reduced
              to zero;

                     (v) the balance of the Senior Principal Distribution Amount
              remaining after the  distributions,  if any,  described in clauses
              (ii)  through  (iv) above  shall be  distributed  concurrently  as
              follows,  until the  Certificate  Principal  Balances of the Class
              A-1, Class A-8, Class A-9, Class A-10 and Class A-13  Certificates
              have been reduced to zero:

                            (A) 6.69801336923468% to the Class A-1 Certificates,
                     until the  Certificate  Principal  Balance thereof has been
                     reduced to zero;

                            (B)    11.05105225790030%    to   the    Class   A-5
                     Certificates,   until  the  Certificate  Principal  Balance
                     thereof has been reduced to zero;

                            (C) 5.02320861632440% to the Class A-6 Certificates,
                     until the  Certificate  Principal  Balance thereof has been
                     reduced to zero;

                            (D)    16.74503342308670%    to   the    Class   A-8
                     Certificates,   until  the  Certificate  Principal  Balance
                     thereof has been reduced to zero;

                            (E)    25.05045680451180%    to   the    Class   A-9
                     Certificates,   until  the  Certificate  Principal  Balance
                     thereof has been reduced to zero;

                            (F)    16.74503342308670%    to   the   Class   A-10
                     Certificates,   until  the  Certificate  Principal  Balance
                     thereof has been reduced to zero;

                            (G)    12.55877506731500%    to   the   Class   A-12
                     Certificates,   until  the  Certificate  Principal  Balance
                     thereof has been reduced to zero; and

                            (H)    6.12842703854037%    to   the   Class    A-13
                     Certificates,   until  the  Certificate  Principal  Balance
                     thereof has been reduced to zero;

                     (vi)  the  balance  of the  Senior  Principal  Distribution
              Amount  remaining after the  distributions,  if any,  described in
              clauses (ii) through (v) above shall be  distributed  concurrently
              as follows,  until the Certificate Principal Balances of the Class
              A-2,  Class A-5, Class A-6 and Class A-12  Certificates  have been
              reduced to zero:

                            (A)    47.73106451612900%    to   the    Class   A-2
                     Certificates,   until  the  Certificate  Principal  Balance
                     thereof has been reduced to zero;

                                            -34-

<PAGE>

                            (B)    16.13364055299540%    to   the    Class   A-5
                     Certificates,   until  the  Certificate  Principal  Balance
                     thereof has been reduced to zero;

                            (C) 7.33345161290323% to the Class A-6 Certificates,
                     until the  Certificate  Principal  Balance thereof has been
                     reduced to zero; and

                            (D)    28.80184331797240%    to   the   Class   A-12
                     Certificates,   until  the  Certificate  Principal  Balance
                     thereof has been reduced to zero;

                     (vii) the  balance  of the  Senior  Principal  Distribution
              Amount  remaining after the  distributions,  if any,  described in
              clauses (ii) through (vi) above shall be  distributed to the Class
              A-3 Certificates,  until the Certificate Principal Balance thereof
              has been reduced to zero; and

                     (viii) the  balance of the  Senior  Principal  Distribution
              Amount  remaining after the  distributions,  if any,  described in
              clauses  (ii)  through  (vii)  above shall be  distributed  to the
              Lockout  Certificates,  until the  Certificate  Principal  Balance
              thereof has been reduced to zero.

              (c) On or after the  occurrence  of the Credit  Support  Depletion
       Date, all priorities  relating to  distributions  as described in Section
       4.02(b) of this  Series  Supplement  in respect  of  principal  among the
       Senior  Certificates  (other  than the  Class A-P  Certificates)  will be
       disregarded,  and (i) an amount  equal to the  Discount  Fraction  of the
       principal  portion of  scheduled  and  unscheduled  payments  received or
       advanced in respect of the Discount Mortgage Loans will be distributed to
       the Class A-P Certificates, (ii) the Senior Principal Distribution Amount
       will be distributed to the remaining Senior  Certificates (other than the
       Class A-P  Certificates)  pro rata in  accordance  with their  respective
       outstanding Certificate Principal Balances and (iii) the amount set forth
       in Section 4.02(a)(i) herein will be distributed as set forth therein.

              (d) After the reduction of the Certificate  Principal  Balances of
       the Senior  Certificates  (other than the Class A-P Certificates) to zero
       but prior to the Credit Support  Depletion Date, the Senior  Certificates
       (other  than the Class A-P  Certificates)  will be entitled to no further
       distributions of principal thereon and the Available  Distribution Amount
       will be paid solely to the holders of the Class A-P  Certificates,  Class
       A-V Certificates,  Class M Certificates and Class B Certificates, in each
       case as described herein.

              (e) In addition to the  foregoing  distributions,  with respect to
       any Subsequent  Recoveries,  the Master Servicer shall deposit such funds
       into the Custodial  Account pursuant to Section  3.07(b)(iii).  If, after
       taking into account such Subsequent Recoveries,  the amount of a Realized
       Loss is reduced, the amount of such Subsequent Recoveries will be applied
       to increase the Certificate Principal Balance of the Class of Subordinate
       Certificates  with the Highest Priority to which Realized  Losses,  other
       than Excess Bankruptcy Losses, Excess Fraud Losses, Excess Special Hazard
       Losses and  Extraordinary  Losses,  have been allocated,  but not by more
       than the amount of Realized Losses previously  allocated to that Class of
       Certificates  pursuant  to  Section  4.05.  The  amount of any  remaining
       Subsequent Recoveries

                                            -35-

<PAGE>

       will be applied to  increase  the  Certificate  Principal  Balance of the
       Class of Certificates  with the next Lower Priority,  up to the amount of
       such Realized Losses  previously  allocated to that Class of Certificates
       pursuant to Section 4.05.  Any remaining  Subsequent  Recoveries  will in
       turn be applied to  increase  the  Certificate  Principal  Balance of the
       Class of  Certificates  with the next Lower  Priority up to the amount of
       such Realized Losses  previously  allocated to that Class of Certificates
       pursuant to Section 4.05,  and so on. Holders of such  Certificates  will
       not be entitled to any payment in respect of Accrued Certificate Interest
       on the amount of such increases for any Interest Accrual Period preceding
       the Distribution  Date on which such increase occurs.  Any such increases
       shall be applied to the Certificate Principal Balance of each Certificate
       of such Class in accordance with its respective Percentage Interest.

              (f) Each  distribution  with respect to a  Book-Entry  Certificate
       shall be paid to the Depository,  as Holder  thereof,  and the Depository
       shall be solely responsible for crediting the amount of such distribution
       to the accounts of its  Depository  Participants  in accordance  with its
       normal procedures.  Each Depository  Participant shall be responsible for
       disbursing such distribution to the Certificate Owners that it represents
       and to each indirect  participating  brokerage firm (a "brokerage  firm")
       for which it acts as agent.  Each brokerage firm shall be responsible for
       disbursing  funds to the Certificate  Owners that it represents.  None of
       the  Trustee,  the  Certificate  Registrar,  the  Company  or the  Master
       Servicer shall have any responsibility therefor.

              (g) Except as otherwise  provided in Section  9.01,  if the Master
       Servicer  anticipates that a final distribution with respect to any Class
       of Certificates  will be made on the next  Distribution  Date, the Master
       Servicer shall, no later than the Determination Date in the month of such
       final  distribution,  notify the Trustee and the Trustee shall,  no later
       than two (2) Business Days after such  Determination  Date,  mail on such
       date to each Holder of such Class of  Certificates a notice to the effect
       that:  (i) the  Trustee  anticipates  that the  final  distribution  with
       respect to such Class of Certificates  will be made on such  Distribution
       Date but only upon presentation and surrender of such Certificates at the
       office of the  Trustee or as  otherwise  specified  therein,  and (ii) no
       interest shall accrue on such  Certificates from and after the end of the
       related  Interest  Accrual Period.  In the event that  Certificateholders
       required to surrender their  Certificates  pursuant to Section 9.01(c) do
       not surrender  their  Certificates  for final  cancellation,  the Trustee
       shall cause funds  distributable  with respect to such Certificates to be
       withdrawn from the Certificate  Account and credited to a separate escrow
       account for the benefit of such Certificateholders as provided in Section
       9.01(d).

              (h)  Notwithstanding  the priorities  relating to distributions of
       principal  among  the  Insured  Certificates   described  above,  on  any
       Distribution  Date,  distributions in respect of principal on the Insured
       Certificates  will be  allocated  among  the  Certificate  Owners  of the
       Insured  Certificates as set forth in Section 4.13. On each  Distribution
       Date on which amounts are available for distributions in reduction of the
       Certificate  Principal Balance of the Insured  Certificates the aggregate
       amount  available for such  distributions  will be rounded  upward by the
       Rounding  Amount.  Such  rounding  will  be  accomplished  on  the  first
       Distribution Date on which  distributions in reduction of the Certificate
       Principal  Balance of the Insured  Certificates  are made by  withdrawing
       from the Rounding Account the Rounding

                                            -36-

<PAGE>

       Amount for deposit into the Certificate Account, and such Rounding Amount
       will be  added to the  amount  that is  available  for  distributions  in
       reduction   of  the   Certificate   Principal   Balance  of  the  Insured
       Certificates. On each succeeding Distribution Date on which distributions
       in  reduction  of  the  Certificate  Principal  Balance  of  the  Insured
       Certificates  are  made,   first,  the  aggregate  amount  available  for
       distribution  in reduction of the  Certificate  Principal  Balance of the
       Insured  Certificates  will be  applied  to  repay  the  Rounding  Amount
       withdrawn from the Rounding  Account on the prior  Distribution  Date and
       then, the remainder of such allocable  amount,  if any, will be similarly
       rounded upward through another  withdrawal from the Rounding  Account and
       such  determined  Rounding  Amount  will be added to the  amount  that is
       available  for  distribution  in reduction of the  Certificate  Principal
       Balance of the Insured Certificates.  Any funds remaining in the Rounding
       Account  after  the   Certificate   Principal   Balance  of  the  Insured
       Certificates  is reduced to zero shall be  distributed  to the Class R-II
       Certificateholders.

          Section 4.03  Statements to  Certificateholders;  Statements to Rating
               Agencies;  Exchange  Act  Reporting.  (See  Section  4.03  of the
               Standard Terms)

          Section 4.04  Distribution  of Reports to the Trustee and the Company;
               Advances  by  the  Master  Servicer.  (See  Section  4.04  of the
               Standard Terms)

       Section 4.05  Allocation of Realized Losses.

       Prior to each Distribution  Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all the Senior  Certificates  (other than the Class A-V  Certificates  and
Class A-P  Certificates) in the case of the principal  portion of such loss on a
pro rata basis and among all of the Senior  Certificates  (other  than the Class
A-P Certificates) in the case of the interest portion of such loss on a pro rata
basis, as described below. Any Excess Special Hazard Losses,  Excess  Bankruptcy
Losses, Excess Fraud Losses, Extraordinary Losses on Non-Discount Mortgage Loans
will be allocated among the Senior Certificates (other than the Class A-P

                                            -37-

<PAGE>

Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  The principal  portion of such Realized Losses on the Discount  Mortgage
Loans will be allocated to the Class A-P  Certificates in an amount equal to the
Discount  Fraction  thereof and the  remainder  of such  Realized  Losses on the
Discount  Mortgage  Loans and the entire amount of such Realized  Losses on Non-
Discount Mortgage Loans will be allocated among the Senior  Certificates  (other
than the Class A-P  Certificates)  and Subordinate  Certificates,  on a pro rata
basis, as described below. Any Realized Losses otherwise  allocable to the Class
A-3 Certificates will be covered by the Certificate Policy.

       As used herein,  an  allocation  of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that no such reduction shall reduce the aggregate  Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans.  Any allocation of the principal  portion of Realized  Losses (other than
Debt Service  Reductions) to the Subordinate  Certificates then outstanding with
the Lowest Priority shall be made by operation of the definition of "Certificate
Principal  Balance"  and by  operation  of the  provisions  of Section  4.02(a).
Allocations of the interest portions of Realized Losses (other than any interest
rate  reduction  resulting  from a  Servicing  Modification)  shall  be  made in
proportion to the amount of Accrued Certificate Interest and by operation of the
definition of "Accrued Certificate  Interest" and by operation of the provisions
of Section  4.02(a).  Allocations  of the  interest  portion of a Realized  Loss
resulting  from an  interest  rate  reduction  in  connection  with a  Servicing
Modification  shall be made by operation of the  provisions of Section  4.02(a).
Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the  provisions  of Section  4.02(a).  All Realized  Losses and all
other losses  allocated to a Class of  Certificates  hereunder will be allocated
among the  Certificates of such Class in proportion to the Percentage  Interests
evidenced thereby; provided that if any Subclasses of the Class A-V Certificates
have been issued  pursuant to Section  5.01(c),  such Realized  Losses and other
losses  allocated to the Class A-V  Certificates  shall be allocated  among such
Subclasses  in  proportion  to the  respective  amounts of  Accrued  Certificate
Interest payable on such  Distribution Date that would have resulted absent such
reductions.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property. (See Section 4.06 of the Standard Terms)

          Section 4.07  Optional  Purchase of  Defaulted  Mortgage  Loans.  (See
               Section 4.07 of the Standard Terms)

       Section 4.08  Surety Bond.  (See Section 4.08 of the Standard Terms)

       Section  4.09  Distributions  on  the  Uncertificated   REMIC  I  Regular
Interests.

                                            -38-

<PAGE>

       (a) On each  Distribution  Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC I Regular Interests,  from
REMIC I, the following  amounts in the following order of priority to the extent
of the Available  Distribution Amount reduced by distributions made to the Class
R-I Certificates pursuant to Section 4.02(a):

            (i)  Uncertificated  REMIC I Accrued Interest on the  Uncertificated
       REMIC  I  Regular  Interests  for  such   Distribution   Date,  plus  any
       Uncertificated REMIC I Accrued Interest thereon remaining unpaid from any
       previous Distribution Date; and

           (ii) In accordance with the priority set forth in Section 4.09(b), an
       amount  equal  to  the  sum  of  the  amounts  in  respect  of  principal
       distributable  on the Class  A-1  Certificates,  Class A-2  Certificates,
       Class A-3 Certificates,  Class A-4 Certificates,  Class A-5 Certificates,
       Class A-6 Certificates,  Class A-8 Certificates,  Class A-9 Certificates,
       Class   A-10   Certificates,   Class   A-12   Certificates,   Class  A-13
       Certificates,  Class A-P Certificates,  Class M-1 Certificates, Class M-2
       Certificates,  Class M-3 Certificates,  Class B-1 Certificates, Class B-2
       Certificates,  Class B-3 Certificates and Class R-II  Certificates  under
       Section 4.02(a), as allocated thereto pursuant to Section 4.02(b).

       (b)  The  amount  described  in  Section   4.09(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   T,  (ii)
Uncertificated  REMIC I Regular Interest U, (iii) Uncertificated REMIC I Regular
Interest V, (iv)  Uncertificated  REMIC I Regular Interest W, (v) Uncertificated
REMIC I Regular  Interest  X, (vi)  Uncertificated  REMIC I Regular  Interest Y,
(vii)  Uncertificated  REMIC  I  Regular  Interest  Z  with  the  amount  to  be
distributed  allocated  among such  interests  in  accordance  with the priority
assigned  to the (i) Class A-2,  Class A-4,  Class A-12,  Class M-1,  Class M-2,
Class M-3,  Class B-1,  Class B-2 Class B-3 and Class  R-II  Certificates,  (ii)
Class  A-6  Certificates,   (iii)  Class  A-5   Certificates,   (iv)  Class  A-9
Certificates,  (v) Class A-1, Class A-8, Class A-10 and Class A-13 Certificates,
(vi) Class A-3  Certificates  and (vii)  Class A-P  Certificates,  respectively,
under Section 4.02(b) until the  Uncertificated  Principal  Balance of each such
interest is reduced to zero.

       (c)  The  portion  of  the   Uncertificated   REMIC  I  Regular  Interest
Distribution Amounts described in Section 4.09(a)(i) shall be deemed distributed
by REMIC I to REMIC II in accordance with the priority  assigned to the REMIC II
Certificates relative to that assigned to the REMIC I Certificates under Section
4.02(b).

       (d) In determining from time to time the  Uncertificated  REMIC I Regular
Interest  Distribution  Amounts,  Realized Losses  allocated to the Certificates
shall be  allocated  to  Uncertificated  REMIC I Regular  Interests  in the same
amounts and priorities as allocated to the Corresponding Certificated Interests.

       (e) Notwithstanding the deemed  distributions on the Uncertificated REMIC
I Regular Interests described in this Section 4.09,  distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

       Section 4.10 Distributions on the Uncertificated  Class A-V REMIC Regular
Interests.

                                            -39-

<PAGE>

       (a) On each Distribution  Date, the Trustee shall be deemed to distribute
to  itself,  as the  holder  of  the  Uncertificated  Class  A-V  REMIC  Regular
Interests, from REMIC II, Uncertificated Class A-V REMIC Accrued Interest on the
Uncertificated  Class A-V REMIC Regular  Interests for such  Distribution  Date,
plus any  Uncertificated  Class A-V REMIC  Accrued  Interest  thereon  remaining
unpaid from any previous Distribution Date.

       (b) In determining from time to time the  Uncertificated  Class A-V REMIC
Regular Interest  Distribution  Amounts,  Realized Losses allocated to the Class
A-V Certificates  under Section 4.05 shall be deemed allocated to Uncertificated
Class  A-V  REMIC   Regular   Interests  on  a  pro  rata  basis  based  on  the
Uncertificated  Class A-V REMIC  Accrued  Interest for the related  Distribution
Date.

       (c) On each Distribution  Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Sections 4.02(a), to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
Class  A-V  REMIC  Regular  Interest  Distribution  Amounts  deemed to have been
received by the Trustee from the Trust Fund under this Section 4.08.  The amount
deemed distributable  hereunder with respect to the Class A-V Certificates shall
equal 100% of the amounts payable with respect to the  Uncertificated  Class A-V
REMIC Regular Interests.

       (d) Notwithstanding the deemed  distributions on the Uncertificated Class
A-V REMIC Regular  Interests  described in this Section 4.10,  distributions  of
funds from the Certificate Account shall be made only in accordance with Section
4.02.

       Section 4.11  Reserve Fund.

       No later than the Closing Date,  the Trustee will  establish and maintain
the Reserve Fund. On the Closing Date,  the  Underwriter  shall deposit with the
Trustee,  and the Trustee shall deposit into the Reserve Fund, cash in an amount
equal to the Reserve Fund Deposit.

       The  Master  Servicer  shall  direct  the  Trustee  in  writing  on  each
Distribution Date to withdraw amounts on deposit in the Reserve Fund for deposit
into  the  Certificate  Account,  and  to  pay to  the  holders  of the  Insured
Certificates  pursuant to Section  4.02(a),  the amount of  Prepayment  Interest
Shortfalls  and  Relief  Act  Shortfalls  otherwise  allocable  to  the  Insured
Certificates  pursuant to the definition of Accrued Certificate Interest (to the
extent not  offset by the Master  Servicer  pursuant  to Section  3.16(e) of the
Standard Terms),  and to the extent of funds on deposit in the Reserve Fund (the
amount  of  such  withdrawal  for  any  Distribution  Date,  the  "Reserve  Fund
Withdrawal").

       For federal income tax purposes,  the  Underwriter  shall be the owner of
the Reserve Fund and shall report all items of income,  deduction,  gain or loss
arising therefrom.  Notwithstanding anything herein to the contrary, the Reserve
Fund shall not be an asset of any REMIC.  The Reserve  Fund shall be invested in
Permitted  Investments at the direction of the Underwriter.  All income and gain
realized  from  investment  of funds  deposited  in the  Reserve  Fund  shall be
deposited  in the  Reserve  Fund for the sole use and  exclusive  benefit of the
Reserve Fund. The amount of any loss incurred in respect of any such investments
shall be deposited in the Reserve Fund by the

                                            -40-

<PAGE>

Underwriter  out of its own funds  immediately as realized  without any right of
reimbursement.  The  balance,  if  any,  remaining  in the  Reserve  Fund on the
Distribution  Date on which the  Certificate  Principal  Balance of the  Insured
Certificates  is  reduced  to zero will be  distributed  by the  Trustee  to the
Underwriter.  To the extent that the Reserve Fund constitutes a reserve fund for
federal income tax purposes,  (1) it shall be an outside reserve fund and not an
asset of any REMIC and (2) it shall be owned by the Underwriter,  all within the
meaning of Section 1.860G-2(h) of the Treasury Regulations. The Reserve Fund may
not be owned by more than one  Person  and for all  federal  tax  purposes,  any
amounts  transferred by any REMIC to the Reserve Fund will be treated as amounts
distributed by any REMIC to the Underwriter.

       Section 4.12  Rounding Account.

       No later than the Closing Date,  the Trustee will  establish and maintain
with itself a segregated trust account that is an Eligible Account,  which shall
be titled "Rounding Account, Bank One, National Association,  as trustee for the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through Certificates,  Series 2003-S4, Class A-3." On the Closing Date, the
Underwriter  shall deposit with the Trustee,  and the Trustee shall deposit into
the Rounding Account, cash in an amount equal to $999.99.

       The  Trustee on each  Distribution  Date  shall,  based upon  information
provided by the Master  Servicer  for the related  Distribution  Date,  withdraw
funds from the Rounding Account to pay the Rounding Amount to the Holders of the
Insured  Certificates  pursuant to Section 4.02(h). In addition,  the Trustee on
each  Distribution  Date shall,  based upon  information  provided by the Master
Servicer for the related  Distribution Date, withdraw funds from the Certificate
Account to repay to the  Rounding  Account  the  Rounding  Amount from the prior
Distribution Date as contemplated in Section 4.02(h).

       Section 4.13  Principal Distributions on the Insured Certificates.

       Distributions  in reduction of the Certificate  Principal  Balance of the
Insured Certificates will be made in integral multiples of $1,000 at the request
of  the  appropriate   representatives  of  Deceased  Holders  of  such  Insured
Certificates and at the request of Living Owners of such Insured Certificates or
by mandatory distributions by Random Lot, pursuant to clauses (a) and (d) below,
or on a pro rata basis pursuant to clause (e) below.

       (a) On each Distribution Date on which  distributions in reduction of the
Certificate  Principal  Balance  of the  Insured  Certificates  are  made,  such
distributions  will be made in the  following  priority  among  the  Certificate
Owners of the Insured Certificates:

              (i) any  request  by the  personal  representatives  of a Deceased
Holder or by a surviving tenant by the entirety,  by a surviving joint tenant or
by a  surviving  tenant in common,  but not  exceeding  an  aggregate  amount of
$100,000 per request; and

              (ii) any request by a Living Owner, but not exceeding an aggregate
       amount of $10,000 per request.

                                            -41-

<PAGE>

       Thereafter,  distributions  will be made,  with  respect  to the  Insured
Certificates,  as provided in clauses (i) and (ii) above up to a second $100,000
and $10,000, respectively. This sequence of priorities will be repeated for each
request  for  principal  distributions  made by the  Certificate  Owners  of the
Insured Certificates until all such requests have been honored.

       Requests for  distributions  in reduction  of the  Certificate  Principal
Balance of the Insured  Certificates  presented on behalf of Deceased Holders in
accordance  with the provisions of clause (i) above will be accepted in order of
their receipt by the Depository.  Requests for distributions in reduction of the
Certificate   Principal  Balance  of  the  Insured  Certificates   presented  in
accordance  with the  provisions  of clause  (ii) above will be  accepted in the
order of their  receipt  by the  Depository  after  all  requests  presented  in
accordance   with  clause  (i)  above  have  been  honored.   All  requests  for
distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates  will be accepted in accordance  with the  provisions  set forth in
Section 4.13(c).  All requests for distributions in reduction of the Certificate
Principal  Balance of the Insured  Certificates with respect to any Distribution
Date must be received by the  Depository  and on the  Depository's  "participant
terminal system" and received by the Trustee no later than the close of business
on  the  related  Record  Date.  Requests  for  distributions  that  are  on the
Depository's  participant  terminal system and received by the Trustee after the
related Record Date and requests, in either case, for distributions not accepted
with  respect  to any  Distribution  Date,  will  be  treated  as  requests  for
distributions  in  reduction  of the  Certificate  Principal  Balance of Insured
Certificates  on the next  succeeding  Distribution  Date,  and each  succeeding
Distribution Date thereafter,  until such request is accepted or is withdrawn as
provided in Section 4.13(c).  Such requests as are not so withdrawn shall retain
their order of priority  without the need for any further  action on the part of
the appropriate  Certificate  Owner of the related Insured  Certificate,  all in
accordance  with the  procedures  of the  Depository  and the Trustee.  Upon the
transfer  of  the  beneficial   ownership  of  the  Insured   Certificate,   any
distribution  request previously submitted with respect to such Certificate will
be deemed to have been  withdrawn  only upon the  receipt  by the  Trustee on or
before  the  Record  Date for such  Distribution  Date of  notification  of such
withdrawal  in the  manner  set forth in  Section  4.13(c)  on the  Depository's
participant terminal system.

       Distributions  in reduction of the Certificate  Principal  Balance of the
Insured  Certificates will be applied in an amount equal to the Senior Principal
Distribution  Amount allocable to such Class pursuant to Section 4.02(b),  plus,
with respect to the Insured Certificates, any amounts available for distribution
from the Rounding Account established as provided in Section 4.12, provided that
the aggregate  distribution in reduction of the Certificate Principal Balance of
the Insured  Certificates on any Distribution  Date shall be made in an integral
multiple of $1,000.

       To the  extent  that the  portion of the  Senior  Principal  Distribution
Amount  allocable to  distributions  in reduction of the  Certificate  Principal
Balance  of the  Insured  Certificates  on any  Distribution  Date  exceeds  the
aggregate Certificate Principal Balance of the Insured Certificates with respect
to which distribution requests, as set forth above, have been received (plus any
amounts required to be distributed pursuant to the Rounding Account with respect
to the Insured  Certificates),  distributions  in reduction  of the  Certificate
Principal  Balance  of the  Insured  Certificates  will  be  made  by  mandatory
distribution pursuant to Section 4.13(d).

                                            -42-

<PAGE>

       (b) An  Insured  Certificate  shall be  deemed  to be held by a  Deceased
Holder for purposes of this Section 4.13 if the death of the  Certificate  Owner
thereof is deemed to have occurred.  Insured Certificates  beneficially owned by
tenants by the  entirety,  joint tenants or tenants in common will be considered
to be  beneficially  owned  by a single  owner.  The  death  of a tenant  by the
entirety, joint tenant or tenant in common will be deemed to be the death of the
Certificate  Owner, and the Insured  Certificates so beneficially  owned will be
eligible  for  priority  with  respect  to  distributions  in  reduction  of the
Certificate Principal Balance thereof,  subject to the limitations stated above.
Insured  Certificates  beneficially  owned by a trust will be  considered  to be
beneficially  owned  by each  beneficiary  of the  trust to the  extent  of such
beneficiary's  beneficial  interest  therein,  but in no  event  will a  trust's
beneficiaries  collectively  be deemed to be  Certificate  Owners of a number of
Individual Insured Certificates of which such trust is the owner. The death of a
beneficiary of a trust will be deemed to be the death of a Certificate  Owner of
the Insured  Certificates,  as  applicable,  owned by the trust to the extent of
such beneficiary's beneficial interest in such trust. The death of an individual
who was a tenant by the entirety,  joint tenant or tenant in common in a tenancy
which  is the  beneficiary  of a trust  will be  deemed  to be the  death of the
beneficiary  of such  trust.  The  death  of a  person  who,  during  his or her
lifetime,  was  entitled  to  substantially  all  of  the  beneficial  ownership
interests in Individual  Insured  Certificates will be deemed to be the death of
the Certificate Owner of the Insured Certificates regardless of the registration
of ownership, if such beneficial interest can be established to the satisfaction
of the Depository Participant.  Such beneficial interest will be deemed to exist
in typical  cases of street name or nominee  ownership,  ownership by a trustee,
ownership under the Uniform Gifts to Minors Act and community  property or other
joint ownership  arrangements between a husband and wife. Certificate beneficial
interests shall include the power to sell,  transfer or otherwise  dispose of an
Insured Certificate and the right to receive the proceeds therefrom,  as well as
interest and distributions in reduction of the Certificate  Principal Balance of
the Insured  Certificates,  as  applicable,  payable with respect  thereto.  The
Trustee shall not be under any duty to determine independently the occurrence of
the death of any deceased  Certificate Owner. The Trustee may rely entirely upon
documentation  delivered to it pursuant to Section 4.13(c) in  establishing  the
eligibility of any Certificate  Owner to receive the priority  accorded Deceased
Holders in Section 4.13(a).

       (c) Requests for distributions in reduction of the Certificate  Principal
Balance of Insured  Certificates  must be made by  delivering a written  request
therefor to the Depository  Participant or Indirect Depository  Participant that
maintains the account  evidencing such  Certificate  Owner's interest in Insured
Certificates.  In  the  case  of a  request  on  behalf  of a  Deceased  Holder,
appropriate  evidence of death and any tax waivers are  required to be forwarded
to the Depository  Participant under separate cover. The Depository  Participant
shall forward a certification, satisfactory to the Trustee, certifying the death
of the Deceased Holder and the receipt of the appropriate death and tax waivers.
The  Depository  Participant  should in turn make the request of the  Depository
(or, in the case of an Indirect Depository Participant, such Indirect Depository
Participant  must notify the related  Depository  Participant  of such  request,
which Depository  Participant  should make the request of the Depository) on the
Depository's  participant  terminal  system.  The  Depository may establish such
procedures  as it deems fair and  equitable to establish the order of receipt of
requests  for such  distributions  received  by it on the same day.  None of the
Company,  the Master  Servicer or the  Trustee  shall be liable for any delay in
delivery of requests for  distributions  or  withdrawals of such requests by the
Depository, a Depository Participant or any Indirect Depository Participant.

                                            -43-

<PAGE>

       The  Depository  shall maintain a list of those  Depository  Participants
representing the appropriate  Certificate  Owners of Insured  Certificates  that
have  submitted  requests for  distributions  in  reduction  of the  Certificate
Principal  Balance of Insured  Certificates,  together with the order of receipt
and the  amounts  of such  requests  on the  Depository's  participant  terminal
system.  The Depository  will honor requests for  distributions  in the order of
their receipt  (subject to the priorities  described in Section  4.13(a) above).
The Trustee shall notify the Depository as to which  requests  should be honored
on each  Distribution Date at least two Business Days prior to such Distribution
Date based on the report  received by the Trustee  pursuant to Section  4.04 and
shall  notify  the  Depository  as  to  the  amount  of  the  Senior   Principal
Distribution amount to be distributed to the Insured  Certificates by Random Lot
pursuant to Section  4.13(d).  Requests  shall be honored by the  Depository  in
accordance with the procedures,  and subject to the priorities and  limitations,
described  in this  Section  4.13.  The exact  procedures  to be followed by the
Trustee and the  Depository  for purposes of  determining  such  priorities  and
limitations  will be those  established  from time to time by the Trustee or the
Depository,  as the case may be. The decisions of the Trustee and the Depository
concerning such matters will be final and binding on all affected persons.

       Individual   Insured   Certificates   that  have  been   accepted  for  a
distribution shall be due and payable on the applicable  Distribution Date. Such
Certificates  shall  cease to bear  interest  after  the  last day of the  month
preceding the month in which such Distribution Date occurs.

       Any  Certificate  Owner of an Insured  Certificate  that has  requested a
distribution  may withdraw its request by so notifying in writing the Depository
Participant or Indirect  Depository  Participant that maintains such Certificate
Owner's  account.  In the event that such account is  maintained  by an Indirect
Depository  Participant,  such Indirect  Depository  Participant must notify the
related Depository Participant which in turn must forward the withdrawal of such
request on the Depository's participant terminal system. If such withdrawal of a
request for distribution  has not been received on the Depository's  participant
terminal system on or before the Record Date for the next Distribution Date, the
previously made request for distribution will be irrevocable with respect to the
making of distributions in reduction of the Certificate Principal Balance of the
Insured Certificates on such Distribution Date.

       In  the  event  any  requests  for  distributions  in  reduction  of  the
Certificate  Principal  Balance of the Insured  Certificates are rejected by the
Trustee for failure to comply with the  requirements  of this Section 4.13,  the
Trustee shall return such request to the appropriate Depository Participant with
a copy  to  the  Depository  with  an  explanation  as to the  reason  for  such
rejection.

       (d) To the  extent,  if  any,  that  distributions  in  reduction  of the
Certificate Principal Balance of the Insured Certificates on a Distribution Date
exceed the outstanding Certificate Principal Balance of the Insured Certificates
with respect to which  distribution  requests  have been received by the related
Record Date, as provided in Section 4.13(a) above, the additional  distributions
in reduction of the Certificate  Principal  Balance of the Insured  Certificates
will be made by mandatory  distributions  in reduction  thereof.  Such mandatory
distributions on Individual  Insured  Certificates will be made by Random Lot in
accordance with the then-applicable Random Lot procedures of the Depository, the
Depository  Participants and the Indirect Depository  Participants  representing
the Certificate Owners. The Trustee shall notify the Depository of the aggregate
amount of the mandatory  distribution in reduction of the Certificate  Principal
Balance of

                                            -44-

<PAGE>

the  Insured  Certificates  to be  made  on  any  such  Distribution  Date.  The
Depository  shall then  allocate  such  aggregate  amount  among its  Depository
Participants on a Random Lot basis.  Each Depository  Participant  and, in turn,
each Indirect  Depository  Participant will then select,  in accordance with its
own procedures,  Individual  Insured  Certificates  from among those held in its
accounts to receive  mandatory  distributions  in reduction  of the  Certificate
Principal  Balance of the Insured  Certificates,  such that the total  amount so
selected  is equal  to the  aggregate  amount  of such  mandatory  distributions
allocated to such Depository  Participant by the Depository and to such Indirect
Depository  Participant by its related Depository  Participant,  as the case may
be.  Depository  Participants  and Indirect  Depository  Participants  that hold
Insured  Certificates  selected for mandatory  distributions in reduction of the
Certificate  Principal  Balance  thereof are required to provide  notice of such
mandatory  distributions to the affected Certificate Owners. The Master Servicer
agrees to notify the Trustee of the amount of  distributions in reduction of the
Certificate  Principal  Balance of the Insured  Certificates  to be made on each
Distribution  Date in a timely  manner  such that the  Trustee  may  fulfill its
obligations  pursuant to the letter of  representations  dated the Closing  Date
among the Company, the Trustee and the Depository.

       (e)  Notwithstanding  any  provisions  herein  to  the  contrary,  on any
Distribution  Date on which (i) any Realized Losses are allocated to the Insured
Certificates  and (ii) a  Certificate  Insurer  Default has  occurred  and/or is
continuing,  distributions in reduction of the Certificate  Principal Balance of
the Insured  Certificates will be made pro rata on the basis of their respective
Percentage  Interests  with the  respect to the Insured  Certificates  among the
Certificate Owners of the Insured  Certificates and will not be made in integral
multiples of $1,000 nor pursuant to requests  for  distribution  as permitted by
this Section 4.13 or mandatory distributions by Random Lot.

       (f) In the event that Definitive  Certificates  representing  the Insured
Certificates  are issued  pursuant to Section  5.01 of the  Standard  Terms,  an
amendment to this  Agreement,  which may be approved  without the consent of any
Certificateholders,  shall establish  procedures relating to the manner in which
distributions in reduction of the Certificate  Principal Balance of such Insured
Certificates are to be made;  provided that such procedures shall be consistent,
to the extent practicable and customary for certificates  similar to the Insured
Certificates, with the provisions of this Section 4.13.

                                            -45-

<PAGE>

                                    ARTICLE V

                                      THE CERTIFICATES
                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                            -46-

<PAGE>

                                         ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER
                           (SEE ARTICLE VI OF THE STANDARD TERMS)

                                            -47-

<PAGE>

                                   ARTICLE VII

                                     DEFAULT
                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                            -48-

<PAGE>

                                        ARTICLE VIII

                                   CONCERNING THE TRUSTEE
                          (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                            -49-

<PAGE>

                                         ARTICLE IX

                                   TERMINATION
                           (SEE ARTICLE IX OF THE STANDARD TERMS)

                                            -50-

<PAGE>

                                    ARTICLE X

                                      REMIC PROVISIONS

  Section 10.01 REMIC Administration. (See Section 10.01 of the Standard Terms)

          Section  10.02  Master  Servicer;   REMIC  Administrator  and  Trustee
               Indemnification. (See Section 10.02 of the Standard Terms)

       Section 10.03 Designation of REMIC(s).

       The REMIC  Administrator will make elections to treat each of REMIC I and
REMIC II subject to this  Agreement  (including the Mortgage Loans but excluding
the Initial Monthly Payment Fund), as a REMIC for federal income tax purposes.

       The  Uncertificated  REMIC I Regular Interests shall be designated as the
"regular  interests" and the Class R-I  Certificates  shall be designated as the
sole class of "residual  interests" in REMIC I. The Class A-1,  Class A-2, Class
A-3,  Class A-3A,  Class A-4,  Class A-5, Class A-6, Class A-7, Class A-8, Class
A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class A-P, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3  Certificates  and the rights
in and to which  will be  represented  by the  Class A-V  Certificates,  will be
"regular interests" in the REMIC II, and the Class R-II Certificates will be the
sole class of "residual  interests" therein for purposes of the REMIC Provisions
(as defined in the Standard  Terms) under  federal  income tax law. On and after
the date of  issuance  of any  Subclass  of Class A-V  Certificates  pursuant to
Section  5.01(c) of the Standard  Terms,  any such Subclass  will  represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to said Section.

      Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.

       (a) On each  Distribution  Date the Trustee shall be deemed to distribute
to  itself,  as  the  holder  of the  Uncertificated  REMIC  Regular  Interests,
Uncertificated  Accrued Interest on the  Uncertificated  REMIC Regular Interests
for such  Distribution  Date, plus any  Uncertificated  Accrued Interest thereon
remaining unpaid from any previous Distribution Date.

       (b) In  determining  from time to time the  Uncertificated  REMIC Regular
Interest  Distribution  Amounts,  Realized  Losses  allocated  to the  Class A-V
Certificates  under  Section 4.05 shall be deemed  allocated  to  Uncertificated
REMIC Regular Interests on a pro rata basis based on the Uncertificated  Accrued
Interest for the related Distribution Date.

       (c) On each Distribution  Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Section 4.02(a),  to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
REMIC Regular Interest  Distribution Amounts deemed to have been received by the
Trustee  from the Trust  Fund  under  this  Section  10.04.  The  amount  deemed
distributable  hereunder with respect to the Class A-V Certificates  shall equal
100% of the amounts  payable with respect to the  Uncertificated  REMIC  Regular
Interests.

                                            -51-

<PAGE>

       (d) Notwithstanding the deemed  distributions on the Uncertificated REMIC
Regular Interests  described in this Section 10.04,  distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

       Section 10.05 Compliance with Withholding Requirements.

       Notwithstanding any other provision of this Agreement, the Trustee or any
Paying  Agent,  as  applicable,   shall  comply  with  all  federal  withholding
requirements  respecting payments to  Certificateholders,  including interest or
original  interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable,  reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying  Agent,  as  applicable,  does  withhold any
amount from interest or original issue discount  payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements,  the Trustee
or any Paying Agent,  as applicable,  shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.

                                            -52-

<PAGE>

                                         ARTICLE XI

                                  MISCELLANEOUS PROVISIONS

       Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)

          Section 11.02  Recordation  of Agreement.  Counterparts.  (See Section
               11.02 of the Standard Terms)

          Section 11.03 Limitation on Rights of Certificateholders. (See Section
               11.03 of the Standard Terms)

       Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)

       Section       11.05 Notices.  All demands and notices  hereunder shall be
                     in  writing  and shall be deemed to have been duly given if
                     personally  delivered  at or  mailed  by  registered  mail,
                     postage  prepaid  (except for notices to the Trustee  which
                     shall  be  deemed  to  have  been  duly   given  only  when
                     received),  to the  appropriate  address for each recipient
                     listed in the table  below or,  in each  case,  such  other
                     address as may  hereafter  be  furnished  in writing to the
                     Master   Servicer,   the  Trustee  and  the   Company,   as
                     applicable:

           Recipient                                        Address
                         8400 Normandale Lake Boulevard
                                 Suite 250, Minneapolis, Minnesota 55437,
Company                          Attention: President
                        2255 N. Ontario Street, Suite 400
                         Burbank, California 91504-2130,
Master Servicer                  Attention: Managing Director/Master Servicing
Trustee                          Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 c/o DTC Transfer Services 55 Water Street,  1st
                                 Floor-Jeanette Park Entrance New York, New York
                                 10041,  for the purposes of Section 8.12 of the
                                 Standard Terms 55 Water Street
Standard and Poor's              New York, New York 10041
                                 One State Street Plaza
Fitch                            New York, New York 10007
Certificate Insurer              113 King Street
                                 Armonk, New York 10504
                                 Attention: Insured Portfolio Managment--
                                 Structured Finance
                                 (RFMSI 2003-S4)

                                            -53-

<PAGE>

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

       Section 11.06 Required Notices to Rating Agency and Subservicer.

       The Company,  the Master  Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

              (a) a material change or amendment to this Agreement,

              (b) the occurrence of an Event of Default,

              (c) the termination or appointment of a successor  Master Servicer
       or Trustee or a change in the majority ownership of the Trustee,

              (d) the filing of any claim  under the Master  Servicer's  blanket
       fidelity bond and the errors and omissions  insurance  policy required by
       Section 3.12 or the  cancellation  or  modification of coverage under any
       such instrument,

              (e) the statement  required to be delivered to the Holders of each
       Class of Certificates pursuant to Section 4.03,

              (f) the statements  required to be delivered  pursuant to Sections
       3.18 and 3.19,

              (g) a change  in the  location  of the  Custodial  Account  or the
       Certificate Account,

              (h) the  occurrence  of any  monthly  cash flow  shortfall  to the
       Holders of any Class of  Certificates  resulting  from the failure by the
       Master Servicer to make an Advance pursuant to Section 4.04,

              (i) the occurrence of the Final Distribution Date,

              (j) the repurchase of or substitution for any Mortgage Loan, and

              (k) any Certificate Insurer Default that has not been cured,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

     Section  11.07  Severability  of  Provisions.  (See  Section  11.07  of the
          Standard Terms)

                                            -54-

<PAGE>

     Section 11.08 Supplemental  Provisions for  Resecuritization.  (See Section
          11.08 of the Standard Terms)

       Section 11.09 Allocation of Voting Rights.

       95.0%  of  all  Voting  Rights  shall  be  allocated   among  Holders  of
Certificates,   other  than  the  Interest   Only   Certificates   and  Residual
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates,  1.0% of all Voting  Rights  shall be allocated
among the  Holders  of the Class  A-3A  Certificates  in  accordance  with their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-7  Certificates  in  accordance  with  their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-11  Certificates  in  accordance  with their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-V  Certificates  in  accordance  with  their
respective Percentage Interests; and 0.5% and 0.5% of all Voting Rights shall be
allocated  among  the  Holders  of the  Class R-I  Certificates  and Class  R-II
Certificates,  respectively,  in  accordance  with their  respective  Percentage
Interests.  Notwithstanding  the  foregoing,  so long as there  does not exist a
failure  by the  Certificate  Insurer  to  make a  required  payment  under  the
Certificate  Policy,  the Insurer shall have the right to exercise all rights of
the Holders of the Insured Certificates without any consent of such holders, and
such Holders may exercise such rights only with the prior written consent of the
Certificate Insurer.

                                            -55-

<PAGE>

                                   ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER

  Section 12.01.Rights of the Certificate Insurer to Exercise Rights of Insured
                               Certificateholders.

       By accepting its Certificate,  each Insured Certificateholder agrees that
unless a Certificate  Insurer Default exists, the Certificate Insurer shall have
the right to exercise all consent, voting, direction and other control rights of
the Insured  Certificateholders under this Agreement without any further consent
of the Insured Certificateholders.

     Section 12.02.Claims  Upon the Certificate  Policy;  Certificate  Insurance
          Account.

       (a) If, on the Business Day next succeeding the  Determination  Date, the
Master  Servicer  determines  that (i) the funds  that will be on deposit in the
Certificate  Account on the related  Certificate  Account  Deposit  Date, to the
extent  distributable  to the  Insured  Certificateholders  pursuant  to Section
4.02(a)(i) are  insufficient  to pay the Accrued  Certificate  Interest for such
Distribution Date; provided however, Accrued Certificate Interest on the Insured
Certificates  will be deemed to include any portion of the amounts  allocated to
such Certificates  described in clauses (ii) through (iv) (other than Relief Act
Shortfalls)  of the  definition  thereof  (in  each  case,  to the  extent  such
shortfalls  are  not  covered  by the  subordination  provided  by the  Class  M
Certificates  and Class B  Certificates)  on such  Distribution  Date,  (ii) the
principal portion of any Realized Loss is allocated to the Insured  Certificates
on such  Distribution  Date or (iii) the funds  available on the Scheduled Final
Distribution  Date will be  insufficient  to reduce  the  Certificate  Principal
Balance of the Insured  Certificates  to zero, the Master Servicer shall deliver
to the Trustee not later than 1:00 p.m.  New York City time on the  Business Day
next  succeeding  the  Determination  Date a  certificate  signed by a Servicing
Officer directing the Trustee to draw on the Certificate  Policy and stating the
amount to be drawn and stating the Insured Payment for each Insured Certificate,
and the Trustee  shall give  notice by  telephone  or telecopy of the  aggregate
amount of such deficiency, confirmed in writing in the form set forth as Exhibit
A to the Certificate Policy, to the Certificate Insurer at or before 12:00 noon,
New York City time,  on the Business Day prior to such  Distribution  Date.  If,
subsequent  to such  notice,  and prior to  payment by the  Certificate  Insurer
pursuant to such notice,  additional  amounts are  deposited in the  Certificate
Account,  the Trustee shall reasonably  promptly notify the Certificate  Insurer
and withdraw the notice or reduce the amount claimed, as appropriate.

       (b) The Trustee shall establish a separate  special purpose trust account
for the  benefit of  Holders of the  Insured  Certificates  and the  Certificate
Insurer referred to herein as the "Certificate Insurance Account" over which the
Trustee shall have exclusive  control and sole right of withdrawal.  The Trustee
shall deposit any amount paid under the  Certificate  Policy in the  Certificate
Insurance  Account and  distribute  such amount only for  purposes of payment to
Holders of Insured  Certificates  of the  Insured  Payment for which a claim was
made.  Such  amount  may not be  applied  to  satisfy  any  costs,  expenses  or
liabilities of the Master Servicer,  the Trustee or the Trust Fund. Amounts paid
under the Certificate Policy shall be transferred to the Certificate  Account in
accordance  with the next  succeeding  paragraph and disbursed by the Trustee to
Holders of Insured

                                            -56-

<PAGE>

Certificates in accordance with Section 4.02 or Section 9.01(c),  as applicable.
It  shall  not be  necessary  for such  payments  to be made by  checks  or wire
transfers  separate  from the checks or wire  transfers  used to pay the Insured
Payment with other funds available to make such payment.  However, the amount of
any payment of principal of or interest on the Insured  Certificates  to be paid
from funds transferred from the Certificate  Insurance Account shall be noted as
provided in paragraph  (c) below and in the statement to be furnished to Holders
of the  Certificates  pursuant to Section  4.03.  Funds held in the  Certificate
Insurance  Account  shall not be  invested  by the Master  Servicer or any other
Person.

       On any  Distribution  Date  with  respect  to which a claim has been made
under the Certificate Policy, the amount of any funds received by the Trustee as
a result of any claim under the  Certificate  Policy,  to the extent required to
make the Insured Payment on such Distribution  Date, shall be withdrawn from the
Certificate  Insurance  Account and  deposited  in the  Certificate  Account and
applied by the Master Servicer on behalf of the Trustee, together with the other
funds to be  distributed to the Insured  Certificateholders  pursuant to Section
4.02,  directly to the payment in full of the Insured Payment due on the Insured
Certificates.  Any funds remaining in the Certificate  Insurance  Account on the
first  Business  Day  following  a  Distribution  Date shall be  remitted to the
Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by
the end of such Business Day.

       (c) The Trustee  shall keep a complete and accurate  record of the amount
of interest and principal paid into the Certificate Insurance Account in respect
of the Insured  Certificates from moneys received under the Certificate  Policy.
The  Certificate  Insurer  shall  have the  right to  inspect  such  records  at
reasonable  times during  normal  business  hours upon two Business  Day's prior
notice to the Trustee.

       (d) In accordance with the terms of the Certificate  Policy, any claim on
the  Certificate  Policy in respect of a Preference  Amount,  shall  require the
Trustee  to obtain a  certified  copy of the  order  requiring  the  return of a
preference  payment,  an  opinion  of counsel  satisfactory  to the  Certificate
Insurer  that  the  order  is  final  and  not  subject  to  appeal,  and  other
documentation as required by the Certificate Policy. Any such opinion of counsel
shall be provided at the sole expense of the Underwriter, in accordance with the
terms of the Commitment Letter.

       Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation.

       Anything  herein to the  contrary  notwithstanding,  for purposes of this
Section  12.03,  any payment  with  respect to  principal  of or interest on the
Insured Certificates which is made with monies received pursuant to the terms of
the  Certificate   Policy  shall  not  be  considered  payment  of  the  Insured
Certificates  from the Trust  Fund.  The Master  Servicer,  the  Company and the
Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate
agrees,  that  without  the  need  for any  further  action  on the  part of the
Certificate  Insurer,  the Master  Servicer,  the  Company,  the  Trustee or the
Certificate  Registrar,  to the extent the  Certificate  Insurer makes payments,
directly or  indirectly,  on account of  principal of or interest on the Insured
Certificates to the Holders of such Certificates,  the Certificate  Insurer will
be fully subrogated to, and each Insured Certificateholder, the Master Servicer,
the  Company  and the  Trustee  hereby  delegate  and assign to the  Certificate
Insurer,  to the fullest extent  permitted by law, the rights of such Holders to
receive

                                            -57-

<PAGE>

such principal and interest from the Trust Fund;  provided that the  Certificate
Insurer  shall be paid such  amounts  only from the  sources  and in the  manner
explicitly provided for herein.

       The Trustee and the Master  Servicer shall cooperate in all respects with
any  reasonable  request by the  Certificate  Insurer  for action to preserve or
enforce the  Certificate  Insurer's  rights or  interests  under this  Agreement
without  limiting  the  rights or  affecting  the  interests  of the  Holders as
otherwise set forth herein.

       Section 12.04.Notices and Information to the Certificate Insurer.

       (a) All notices, statements,  reports,  certificates or opinions required
by this Agreement to be sent to any other party hereto to the Rating Agencies or
to the Certificateholders shall also be sent to the Certificate Insurer.

       (b) the Master  Servicer shall  designate a Person who shall be available
to the Certificate Insurer to provide reasonable access to information regarding
the Mortgage Loans.

       Section 12.05.Trustee to Hold Certificate Policy.

       The Trustee  will hold the  Certificate  Policy in trust as agent for the
Insured  Certificateholders  for  the  purpose  of  making  claims  thereon  and
distributing  the proceeds  thereof.  Neither the  Certificate  Policy,  nor the
amounts paid on the Certificate Policy will constitute part of the Trust Fund or
assets of any REMIC created by this Agreement.  Each Insured  Certificateholder,
by accepting its Certificate,  appoints the Trustee as attorney-in-fact  for the
purpose of making claims on the Certificate  Policy. The Trustee shall surrender
the Certificate  Policy to the  Certificate  Insurer for  cancellation  upon the
payment in full of the Insured Certificates.  To the extent that the Certificate
Policy constitutes a reserve fund for federal income tax purposes,  (1) it shall
be an outside credit support  agreement and not an asset of any REMIC and (2) it
shall be owned by the  Certificate  Insurer,  all within the  meaning of Section
1.860G-2(h) of the Treasury Regulations.

       Section 12.06.Ratings.

       The parties  hereto  agree that  references  in this  Agreement or in the
Standard   Terms  to  ratings  on  the   Certificates   or   interests   of  the
Certificateholders shall be determined without regard to the Certificate Policy.

       Section 12.07.Third Party Beneficiaries.

       The Certificate  Insurer shall be an express  third-party  beneficiary of
this Agreement to the extent of its express  subrogation  rights,  its rights to
receive the Insurance Premium pursuant to Section 4.02(a) and its express rights
set forth in Article XII of this  Agreement  and shall have the right to enforce
the related provisions of this Agreement as if it were a party hereto.

                                            -58-

<PAGE>

       IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee have
caused their names to be signed hereto by their  respective  officers  thereunto
duly  authorized  and their  respective  seals,  duly  attested,  to be hereunto
affixed, all as of the day and year first above written.

[Seal]                                                 RESIDENTIAL       FUNDING
                                                       MORTGAGE   SECURITIES  I,
                                                       INC.

Attest: /s/ Lisa Lundsten                       By:/s/ Julie Malanoski
       Name:  Lisa Lundsten                             Name: Julie Malanoski
       Title:   Vice President                          Title:   Vice President

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest: /s/ Karen Fox                           By:/s/ Lisa Lundsten
        Name:  Karen Fox                                Name: Lisa Lundsten
        Title: Director                                 Title: Managing Director

                                                BANK ONE, NATIONAL ASSOCIATION
[Seal] as Trustee

Attest: /s/                                     By:    /s/ Keith R. Richardson
        Name:                                      Name: Keith R. Richardson
        Title:                                     Title:   Vice President

[Seal]
                                                By:     /s/
                                                        Name:
Attest: /s/                                             Title:
        Name:
        Title:

                                      -59-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 28th day of March,  2003 before me, a notary public in and
for said State,  personally  appeared Julie Malanoski,  known to me to be a Vice
President  of  Residential  Funding  Mortgage  Securities  I,  Inc.,  one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    _________________

[Notarial Seal]

                                      -60-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 28th day of March,  2003 before me, a notary public in and
for said State, personally appeared Lisa Lundsten,  known to me to be a Managing
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    __________________

[Notarial Seal]

                                      -61-

<PAGE>

STATE OF ILLINOIS               )
                                ) ss.:
COUNTY OF COOK                  )

               On the 28th day of March,  2003 before me, a notary public in and
for said State,  personally  appeared Keith R.  Richardson,  known to me to be a
Vice President of Bank One, National Association, a national banking association
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    ___________________

[Notarial Seal]

                                      -62-

<PAGE>

                                   EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)

  RUN ON     : 03/21/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 13.33.05           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S4                                  CUTOFF : 03/01/03
  POOL       : 0004665
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ---------------------------------------------------------------------------

      7276280                              .2500
      297,630.37                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            5.7500                        1.0450

      7954771                              .2500
      398,135.62                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            5.7500                         .6700

      8076749                              .2500
      421,381.99                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8104057                              .2500
      381,622.45                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8157663                              .2500
      498,087.44                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8191893                              .2500
      312,300.80                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700
1

      8199307                              .2500
      409,624.53                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8201215                              .2500
      485,916.52                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8222131                              .2500
      380,140.32                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8230505                              .2500
      398,287.09                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8239637                              .2500
      372,929.86                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8246015                              .2500
      522,713.56                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8246533                              .2500
      625,188.61                          .0800
            6.2000                         .0000
            5.9500                         .0000
            5.8700                         .0000
            5.7500                         .1200

      8250621                              .2500
      680,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450
1

      8253867                              .2500
      397,830.62                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8255249                              .2500
      446,697.98                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8258591                              .2500
      399,292.23                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            5.7500                         .5450

      8263481                              .2500
      373,843.80                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8263559                              .2500
      341,656.28                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8263789                              .2500
      397,830.62                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8266775                              .2500
      203,630.16                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8269907                              .2500
      755,559.72                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700
1

      8270755                              .2500
      388,801.27                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8272013                              .2500
      359,298.41                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8276495                              .2500
      377,266.85                          .0800
            6.1500                         .0000
            5.9000                         .0000
            5.8200                         .0000
            5.7500                         .0700

      8280569                              .2500
      398,836.97                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8292747                              .2500
      680,733.32                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8295687                              .2500
      363,290.63                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8296051                              .2500
      449,143.82                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8297459                              .2500
      506,986.03                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
1

      8297847                              .2500
      428,548.00                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8298059                              .2500
      328,586.93                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8298217                              .2500
      338,569.84                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8298305                              .2500
      438,234.70                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8298539                              .2500
      380,301.38                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8298597                              .2500
      368,337.07                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8298877                              .2500
      353,257.25                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8299017                              .2500
      361,449.60                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000
1

      8301417                              .2500
      997,505.01                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8301843                              .2500
      338,754.28                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8301985                              .2500
      447,684.10                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8309469                              .2500
      498,058.72                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8311059                              .2500
      439,162.84                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8318475                              .2500
      486,073.43                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8318729                              .2500
      419,120.88                          .0300
            5.7500                         .0000
            5.5000                         .0000
            5.4700                         .0000
            5.4700                         .0000

      8319905                              .2500
      341,333.50                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450
1

      8325481                              .2500
      348,547.29                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8325675                              .2500
      356,953.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8327493                              .2500
      409,219.93                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8334604                              .2500
      398,370.35                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8340152                              .2500
      311,420.52                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8340257                              .2500
      391,254.16                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8340830                              .2500
      327,345.31                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8340910                              .2500
      309,069.54                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
1

      8341247                              .2500
      379,259.42                          .0800
            6.1250                         .0000
            5.8750                         .0000
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            5.5950                         .0000
            5.5950                         .0000

      8496047                              .2500
      509,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8496055                              .2500
      390,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8496337                              .2500
      320,400.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8497503                              .2500
      675,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8497733                              .2500
      625,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
1

      8497737                              .2500
      425,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8497739                              .2500
      418,500.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8497773                              .2500
      605,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8498283                              .2500
      435,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8498389                              .2500
      386,900.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8498443                              .2500
      475,800.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8498831                              .2500
      490,800.00                          .0800
            6.5000                         .0000
            6.2500                         .0000
            6.1700                         .0000
            5.7500                         .4200

      8499617                              .2500
      400,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950
1

      8500911                              .2500
      424,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8501911                              .2500
      201,500.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8501915                              .2500
      350,900.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8502149                              .2500
      393,600.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8502203                              .2500
      475,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8503703                              .2500
      600,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8503885                              .2500
      339,000.00                          .0800
            6.3750                         .0000
            6.1250                         .0000
            6.0450                         .0000
            5.7500                         .2950

      8504291                              .2500
      456,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
1

      8505165                              .2500
      646,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8505187                              .2500
      707,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8505207                              .2500
      560,000.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8505221                              .2500
      560,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8505245                              .2500
      649,900.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8505361                              .2500
      376,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8505387                              .2500
      382,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8505581                              .2500
      393,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450
1

      8507139                              .2500
      412,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8507215                              .2500
      450,000.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450

      8507223                              .2500
      435,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8512313                              .2500
      430,000.00                          .0300
            5.8750                         .0000
            5.6250                         .0000
            5.5950                         .0000
            5.5950                         .0000

      8516289                              .2500
      407,800.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

      8516291                              .2500
      432,200.00                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.7500                         .1700

      8516297                              .2500
      423,200.00                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.7500                         .0450
1

      8516301                              .2500
      650,000.00                          .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000

  TOTAL NUMBER OF LOANS:      990
  TOTAL BALANCE........:        412,821,341.23

  RUN ON     : 03/21/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 13.33.05            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S4        FIXED SUMMARY REPORT      CUTOFF : 03/01/03
  POOL       : 0004665
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  -----------------------------------------------------------------------------
  CURR NOTE RATE                        6.1091            5.3750      7.1250
  RFC NET RATE                          5.8591            5.1250      6.8750
  NET MTG RATE(INVSTR RATE)             5.7982            5.0950      6.7950
  POST STRIP RATE                       5.7151            5.0950      5.7500
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0609             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .0831             .0000      1.0450

  TOTAL NUMBER OF LOANS:   990
  TOTAL BALANCE........:     412,821,341.23

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 03/21/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 13.33.05          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S4                                  CUTOFF : 03/01/03
  POOL       : 0004665
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    7276280          994/X14             F          301,400.00         ZZ
                                         360        297,630.37          1
                                       7.125          2,030.59         75
                                       6.875          2,030.59
    RIVERHEAD        NY   11901          1            11/09/01         00
    8022279585                           01           01/01/02          0
    1000356853                           O            12/01/31
    0

    7954771          225/G01             F          401,420.00         ZZ
                                         360        398,135.62          1
                                       6.750          2,603.60         80
                                       6.500          2,603.60
    JACKSONVILLE     FL   32256          1            07/12/02         00
    0434505723                           03           09/01/02          0
    006562328                            O            08/01/32
    0

    8076749          M18/G01             F          423,000.00         ZZ
                                         360        421,381.99          1
                                       6.250          2,604.48         79
                                       6.000          2,604.48
    IRVINE           CA   92620          2            09/19/02         00
    0434690285                           09           12/01/02          0
    980102062                            O            11/01/32
    0

    8104057          B57/G01             F          385,000.00         ZZ
                                         360        381,622.45          1
                                       6.250          2,370.51         62
                                       6.000          2,370.51
    SANTA BARBARA    CA   93101          2            10/04/02         00
    0434891305                           07           12/01/02          0
1

    75000055                             O            11/01/32
    0

    8157663          E22/G01             F          500,000.00         ZZ
                                         360        498,087.44          1
                                       6.250          3,078.59         65
                                       6.000          3,078.59
    ANDOVER          MA   01810          2            10/25/02         00
    0415037811                           05           12/01/02          0
    0415037811                           O            11/01/32
    0

    8191893          253/253             F          313,500.00         ZZ
                                         360        312,300.80          1
                                       6.250          1,930.28         88
                                       6.000          1,930.28
    WYLIE            TX   75098          2            10/24/02         19
    973996                               03           12/01/02         25
    973996                               O            11/01/32
    0

    8199307          R84/G01             F          410,800.00         ZZ
                                         360        409,624.53          1
                                       6.250          2,529.37         85
                                       6.000          2,529.37
    LAS VEGAS        NV   89148          2            11/06/02         10
    0434968830                           03           01/01/03         12
    LVW4986                              O            12/01/32
    0

    8201215          313/G01             F          488,000.00         ZZ
                                         360        485,916.52          1
                                       6.250          3,004.70         49
                                       6.000          3,004.70
    ALTADENA AREA    CA   91001          5            10/10/02         00
    0434913554                           05           12/01/02          0
    8991051                              O            11/01/32
    0

    8222131          W57/G01             F          381,600.00         ZZ
                                         360        380,140.32          1
                                       6.250          2,349.58         80
                                       6.000          2,349.58
    FRIENDSWOOD      TX   77546          2            10/11/02         00
    0434958666                           03           12/01/02          0
    216001344                            O            11/01/32
    0

1

    8230505          964/G01             F          399,975.00         ZZ
                                         360        398,287.09          1
                                       6.125          2,430.29         80
                                       5.875          2,430.29
    WOODLAND         WA   98674          2            11/08/02         00
    0434996823                           05           01/01/03          0
    283159                               O            12/01/32
    0

    8239637          S11/G01             F          374,000.00         ZZ
                                         360        372,929.86          1
                                       6.250          2,302.78         78
                                       6.000          2,302.78
    REDONDO BEACH    CA   90278          2            11/05/02         00
    0435087002                           01           01/01/03          0
    10209662                             O            12/01/32
    0

    8246015          696/G01             F          524,250.00         T
                                         360        522,713.56          1
                                       6.125          3,185.40         75
                                       5.875          3,185.40
    ANNAPOLIS        MD   21401          1            11/21/02         00
    0435004965                           05           01/01/03          0
    24402183                             O            12/01/32
    0

    8246533          550/550             F          627,000.00         ZZ
                                         360        625,188.61          1
                                       6.200          3,840.19         49
                                       5.950          3,840.19
    SAN FRANCISCO    CA   94118          2            11/20/02         00
    1201616946                           05           01/01/03          0
    1201616946                           O            12/01/32
    0

    8250621          S07/G01             F          680,000.00         ZZ
                                         360        680,000.00          1
                                       6.125          4,131.75         43
                                       5.875          4,131.75
    TELLURIDE        CO   81435          2            02/04/03         00
    0435433560                           03           04/01/03          0
    8250621                              O            03/01/33
    0

    8253867          E22/G01             F          399,000.00         ZZ
                                         360        397,830.62          1
                                       6.125          2,424.37         41
                                       5.875          2,424.37
1

    REDWOOD CITY     CA   94062          2            11/16/02         00
    0415416361                           05           01/01/03          0
    0415416361                           O            12/01/32
    0

    8255249          196/G01             F          448,000.00         ZZ
                                         360        446,697.98          1
                                       6.250          2,758.42         80
                                       6.000          2,758.42
    SAN JOSE         CA   95124          1            11/14/02         00
    0435047683                           05           01/01/03          0
    1583504                              O            12/01/32
    0

    8258591          Q73/G01             F          400,000.00         ZZ
                                         360        399,292.23          1
                                       6.625          2,561.24         88
                                       6.375          2,561.24
    BIRMINGHAM       AL   35244          1            12/02/02         12
    0435086905                           03           02/02/03         25
    2998408                              O            01/02/33
    0

    8263481          956/956             F          375,000.00         ZZ
                                         360        373,843.80          1
                                       6.000          2,248.31         69
                                       5.750          2,248.31
    CAMPBELL         CA   95008          5            11/04/02         00
    712100121                            05           01/01/03          0
    712100121                            O            12/01/32
    0

    8263559          956/956             F          343,000.00         ZZ
                                         360        341,656.28          1
                                       6.125          2,084.10         75
                                       5.875          2,084.10
    MODESTO          CA   95356          5            10/24/02         00
    812100019                            05           12/01/02          0
    812100019                            O            11/01/32
    0

    8263789          964/G01             F          399,000.00         ZZ
                                         360        397,830.62          1
                                       6.125          2,424.37         32
                                       5.875          2,424.37
    SAN JOSE         CA   95138          2            11/19/02         00
    0435113014                           05           01/01/03          0
    285959                               O            12/01/32
    0
1

    8266775          E22/G01             F          204,000.00         ZZ
                                         360        203,630.16          1
                                       6.500          1,289.42         80
                                       6.250          1,289.42
    LINDON           UT   84042          2            12/02/02         00
    0415470186                           05           02/01/03          0
    0415470186                           O            01/01/33
    0

    8269907          E22/G01             F          757,000.00         ZZ
                                         360        755,559.72          1
                                       6.250          4,660.98         57
                                       6.000          4,660.98
    POMPANO BEACH    FL   33062          2            12/04/02         00
    0415481241                           05           02/01/03          0
    0415481241                           O            01/01/33
    0

    8270755          964/G01             F          390,000.00         ZZ
                                         360        388,801.27          1
                                       5.875          2,307.00         68
                                       5.625          2,307.00
    SHERMAN OAKS (A  CA   91423          1            11/27/02         00
    0435110044                           05           01/01/03          0
    298424                               O            12/01/32
    0

    8272013          Q31/G01             F          360,000.00         ZZ
                                         360        359,298.41          1
                                       6.125          2,187.40         36
                                       5.875          2,187.40
    DEL MAR          CA   92014          2            12/06/02         00
    0435109913                           05           02/01/03          0
    20003340                             O            01/01/33
    0

    8276495          550/550             F          378,000.00         T
                                         360        377,266.85          1
                                       6.150          2,302.89         45
                                       5.900          2,302.89
    NAPA             CA   94558          2            12/04/02         00
    120620070                            05           02/01/03          0
    120620070                            O            01/01/33
    0

    8280569          M27/G01             F          400,000.00         ZZ
                                         360        398,836.97          1
1

                                       6.250          2,462.87         71
                                       6.000          2,462.87
    BRENTWOOD        TN   37027          5            11/25/02         00
    0435135496                           05           01/01/03          0
    600850672                            O            12/01/32
    0

    8292747          E22/G01             F          682,000.00         ZZ
                                         360        680,733.32          1
                                       6.375          4,254.79         49
                                       6.125          4,254.79
    SALT LAKE CITY   UT   84117          2            12/11/02         00
    0414969675                           05           02/01/03          0
    0414969675                           O            01/01/33
    0

    8295687          964/G01             F          364,000.00         ZZ
                                         360        363,290.63          1
                                       6.125          2,211.70         80
                                       5.875          2,211.70
    SAN MATEO        CA   94404          1            12/11/02         00
    0435133251                           01           02/01/03          0
    304743                               O            01/01/33
    0

    8296051          E22/G01             F          450,000.00         ZZ
                                         360        449,143.82          1
                                       6.250          2,770.73         64
                                       6.000          2,770.73
    SEATTLE          WA   98144          5            12/12/02         00
    0415687540                           05           02/01/03          0
    0415687540                           O            01/01/33
    0

    8297459          W53/G01             F          508,000.00         ZZ
                                         360        506,986.03          1
                                       6.000          3,045.72         59
                                       5.750          3,045.72
    ATLANTA          GA   30305          2            12/03/02         00
    0435106398                           09           02/01/03          0
    1310001226                           O            01/01/33
    0

    8297847          225/G01             F          430,000.00         T
                                         360        428,548.00          1
                                       5.375          2,407.88         73
                                       5.125          2,407.88
    SPOTSYLVANIA     VA   22553          2            11/05/02         00
    0435121736                           03           01/01/03          0
1

    006851894                            O            12/01/32
    0

    8298059          225/G01             F          329,600.00         ZZ
                                         360        328,586.93          1
                                       5.875          1,949.71         80
                                       5.625          1,949.71
    LITHONIA         GA   30038          1            11/06/02         00
    0435125281                           05           01/01/03          0
    006860343                            O            12/01/32
    0

    8298217          225/G01             F          340,000.00         ZZ
                                         360        338,569.84          1
                                       5.750          1,984.15         63
                                       5.500          1,984.15
    BARRINGTON       RI   02806          2            10/09/02         00
    0435118526                           05           12/01/02          0
    007399525                            O            11/01/32
    0

    8298305          225/G01             F          440,000.00         ZZ
                                         360        438,234.70          1
                                       6.000          2,638.03         80
                                       5.750          2,638.03
    MILLEDGEVILLE    GA   31061          2            11/01/02         00
    0435127147                           05           12/01/02          0
    007406029                            O            11/01/32
    0

    8298539          225/G01             F          382,000.00         ZZ
                                         360        380,301.38          1
                                       6.000          2,290.28         73
                                       5.750          2,290.28
    OGDEN            UT   84414          5            10/15/02         00
    0435122122                           05           12/01/02          0
    007409313                            O            11/01/32
    0

    8298597          225/G01             F          369,500.00         ZZ
                                         360        368,337.07          1
                                       5.750          2,156.31         48
                                       5.500          2,156.31
    SCOTTSVILLE      VA   24590          2            11/07/02         00
    0435120357                           05           01/01/03          0
    007410147                            O            12/01/32
    0

1

    8298877          225/G01             F          354,850.00         ZZ
                                         360        353,257.25          1
                                       6.125          2,156.11         80
                                       5.875          2,156.11
    HUNTINGTON BE    CA   92646          1            10/24/02         00
    0435122932                           05           12/01/02          0
    007412538                            O            11/01/32
    0

    8299017          225/G01             F          363,088.00         ZZ
                                         360        361,449.60          1
                                       5.375          2,033.19         80
                                       5.125          2,033.19
    ATLANTA          GA   30328          1            10/29/02         00
    0435120092                           03           12/01/02          0
    008484285                            O            11/01/32
    0

    8301417          P60/G01             F          999,500.00         ZZ
                                         360        997,505.01          1
                                       6.000          5,992.51         64
                                       5.750          5,992.51
    TROY             OH   45373          5            12/10/02         00
    0435456785                           05           02/01/03          0
    1310191853                           O            01/01/33
    0

    8301843          G75/G01             F          339,750.00         ZZ
                                         360        338,754.28          1
                                       6.125          2,064.36         80
                                       5.875          2,064.36
    CARY             NC   27519          5            11/08/02         00
    0435143938                           05           01/01/03          0
    04842527                             O            12/01/32
    0

    8301985          M27/G01             F          449,000.00         ZZ
                                         360        447,684.10          1
                                       6.125          2,728.17         79
                                       5.875          2,728.17
    NASHVILLE        TN   37205          4            12/03/02         00
    0435338611                           05           01/01/03          0
    600855138                            O            12/01/32
    0

    8309469          964/G01             F          500,000.00         ZZ
                                         360        498,058.72          1
                                       6.125          3,038.05         38
                                       5.875          3,038.05
1

    SAN JOSE         CA   95125          2            12/10/02         00
    0435143243                           05           02/01/03          0
    302385                               O            01/01/33
    0

    8311059          964/G01             F          440,000.00         ZZ
                                         360        439,162.84          1
                                       6.250          2,709.16         32
                                       6.000          2,709.16
    POWAY            CA   92064          5            12/03/02         00
    0435316518                           03           02/01/03          0
    267878                               O            01/01/33
    0

    8318475          A48/G01             F          487,000.00         ZZ
                                         360        486,073.43          1
                                       6.250          2,998.54         75
                                       6.000          2,998.54
    SAN JOSE         CA   95148          2            12/11/02         00
    0435170105                           05           02/01/03          0
    8111028218                           O            01/01/33
    0

    8318729          696/G01             F          420,000.00         ZZ
                                         360        419,120.88          1
                                       5.750          2,451.01         77
                                       5.500          2,451.01
    OAKTON           VA   22124          1            12/20/02         00
    0435184627                           05           02/01/03          0
    21702323                             O            01/01/33
    0

    8319905          964/G01             F          342,000.00         ZZ
                                         360        341,333.50          1
                                       6.125          2,078.03         95
                                       5.875          2,078.03
    CAMERON PARK     CA   95682          1            12/18/02         04
    0435163514                           03           02/01/03         30
    292005                               O            01/01/33
    0

    8325481          X82/G01             F          350,000.00         ZZ
                                         240        348,547.29          1
                                       6.375          2,583.81         32
                                       6.125          2,583.81
    OAKTON           VA   22124          2            12/11/02         00
    0435284849                           05           02/01/03          0
    842828                               O            01/01/23
    0
1

    8325675          X82/G01             F          357,650.00         ZZ
                                         360        356,953.00          1
                                       6.125          2,173.12         80
                                       5.875          2,173.12
    CHANTILLY        VA   20152          1            12/27/02         00
    0435285952                           03           02/01/03          0
    830925                               O            01/01/33
    0

    8327493          U42/G01             F          410,000.00         ZZ
                                         360        409,219.93          1
                                       6.250          2,524.44         72
                                       6.000          2,524.44
    DENVER           CO   80210          1            12/17/02         00
    0435430558                           05           02/01/03          0
    28201000                             O            01/01/33
    0

    8334604          E23/G01             F          399,900.00         ZZ
                                         360        398,370.35          1
                                       6.250          2,462.25         40
                                       6.000          2,462.25
    ARCADIA          CA   91006          1            10/28/02         00
    0434983581                           05           12/01/02          0
    51020991                             O            11/01/32
    0

    8340152          Q51/G01             F          312,000.00         ZZ
                                         360        311,420.52          1
                                       6.375          1,946.47         53
                                       6.125          1,946.47
    RANCHO PALOS VE  CA   90278          2            12/05/02         00
    0435253638                           05           02/01/03          0
    0647831                              O            01/01/33
    0

    8340257          F32/G01             F          392,000.00         ZZ
                                         360        391,254.16          1
                                       6.250          2,413.62         62
                                       6.000          2,413.62
    ATLANTA          GA   30345          2            12/18/02         00
    0435408943                           05           02/01/03          0
    15170780                             O            01/01/33
    0

    8340830          E23/G01             F          328,000.00         ZZ
                                         360        327,345.31          1
1

                                       6.000          1,966.53         79
                                       5.750          1,966.53
    CHULA VISTA      CA   91911          2            12/01/02         00
    0435296298                           05           02/01/03          0
    11015384                             O            01/01/33
    0

    8340910          E23/G01             F          310,000.00         ZZ
                                         360        309,069.54          1
                                       6.000          1,858.61         76
                                       5.750          1,858.61
    HOLLISTER        CA   95023          2            11/26/02         00
    0435133368                           05           01/01/03          0
    51019248                             O            12/01/32
    0

    8341247          196/G01             F          380,000.00         ZZ
                                         360        379,259.42          1
                                       6.125          2,308.93         77
                                       5.875          2,308.93
    RAINBOW CITY     AL   35906          5            12/04/02         00
    0435218227                           05           02/01/03          0
    1592716                              O            01/01/33
    0

    8341273          196/G01             F          383,000.00         ZZ
                                         360        382,271.29          1
                                       6.250          2,358.20         74
                                       6.000          2,358.20
    SHELBYVILLE      KY   40065          2            12/18/02         00
    0435328802                           05           02/01/03          0
    1595116                              O            01/01/33
    0

    8342935          L76/G01             F          305,000.00         ZZ
                                         360        304,689.04          1
                                       5.875          1,804.19         44
                                       5.625          1,804.19
    PRIOR LAKE       MN   55372          1            01/06/03         00
    0435230651                           05           03/01/03          0
    9507332                              O            02/01/33
    0

    8343620          E23/G01             F          368,500.00         ZZ
                                         360        367,781.87          1
                                       6.125          2,239.04         73
                                       5.875          2,239.04
    SANTA ROSA       CA   95405          5            12/31/02         00
    0435188396                           05           02/01/03          0
1

    62005347                             O            01/01/33
    0

    8346291          956/956             F          650,000.00         ZZ
                                         360        648,639.47          1
                                       5.750          3,793.22         52
                                       5.500          3,793.22
    BROOKLINE        MA   02446          2            12/13/02         00
    2812100319                           05           02/01/03          0
    2812100319                           O            01/01/33
    0

    8346337          956/956             F          430,000.00         ZZ
                                         360        429,141.72          1
                                       6.000          2,578.07         41
                                       5.750          2,578.07
    BIRMINGHAM       AL   35216          2            12/20/02         00
    4612120022                           05           02/01/03          0
    4612120022                           O            01/01/33
    0

    8346349          956/956             F          337,500.00         ZZ
                                         360        336,857.85          1
                                       6.250          2,078.05         75
                                       6.000          2,078.05
    OAKLEY           CA   94561          5            12/11/02         00
    212100261                            05           02/01/03          0
    212100261                            O            01/01/33
    0

    8346391          956/956             F          347,000.00         ZZ
                                         360        344,157.79          1
                                       6.250          2,136.54         44
                                       6.000          2,136.54
    NEWBURYPORT      MA   01950          2            10/29/02         00
    2712090325                           05           12/01/02          0
    2712090325                           O            11/01/32
    0

    8346421          956/956             F          504,000.00         ZZ
                                         360        502,994.03          1
                                       6.000          3,021.73         26
                                       5.750          3,021.73
    LOS ALTOS        CA   94024          2            12/17/02         00
    712110282                            05           02/01/03          0
    712110282                            O            01/01/33
    0

1

    8346487          956/956             F          384,000.00         ZZ
                                         360        383,251.66          1
                                       6.125          2,333.22         80
                                       5.875          2,333.22
    SOUTH SAN FRANC  CA   94080          2            12/17/02         00
    112110184                            05           02/01/03          0
    112110184                            O            01/01/33
    0

    8346571          956/956             F          327,500.00         ZZ
                                         360        326,828.28          1
                                       5.875          1,937.29         72
                                       5.625          1,937.29
    CARLSBAD         CA   92008          2            12/18/02         00
    1512110189                           05           02/01/03          0
    1512110189                           O            01/01/33
    0

    8347400          E23/G01             F          424,750.00         ZZ
                                         360        424,316.95          1
                                       5.875          2,512.56         74
                                       5.625          2,512.56
    YORBA LINDA      CA   92886          1            01/22/03         00
    0435320510                           05           03/01/03          0
    51021765                             O            02/01/33
    0

    8347533          W53/G01             F          338,000.00         ZZ
                                         360        337,292.51          1
                                       5.750          1,972.48         61
                                       5.500          1,972.48
    BOROUGH OF ALLE  NJ   07401          2            12/09/02         00
    0435197504                           05           02/01/03          0
    1901006444                           O            01/01/33
    0

    8347626          E23/G01             F          468,700.00         ZZ
                                         360        468,244.45          1
                                       6.125          2,847.87         80
                                       5.875          2,847.87
    NAPA             CA   94558          1            01/07/03         00
    0435357215                           05           03/01/03          0
    62003944                             O            02/01/33
    0

    8347979          W53/G01             F          354,000.00         ZZ
                                         360        353,310.10          1
                                       6.125          2,150.95         73
                                       5.875          2,150.95
1

    IRVINE           CA   92606          5            12/09/02         00
    0435197892                           03           02/01/03          0
    1701100144                           O            01/01/33
    0

    8348130          E23/G01             F          601,000.00         ZZ
                                         360        600,387.26          1
                                       5.875          3,555.14         74
                                       5.625          3,555.14
    SHERMAN OAKS     CA   91403          2            01/24/03         00
    0435361472                           05           03/01/03          0
    51024704                             O            02/01/33
    0

    8348528          E23/G01             F          399,900.00         ZZ
                                         360        399,492.28          1
                                       5.875          2,365.56         58
                                       5.625          2,365.56
    STOCKTON         CA   95215          2            01/21/03         00
    0435402995                           05           03/01/03          0
    64000483                             O            02/01/33
    0

    8348566          E23/G01             F          375,000.00         ZZ
                                         360        374,644.18          1
                                       6.250          2,308.94         75
                                       6.000          2,308.94
    TORRANCE         CA   90503          5            01/14/03         00
    0435396106                           05           03/01/03          0
    51024130                             O            02/01/33
    0

    8348614          E23/G01             F          530,000.00         ZZ
                                         360        529,472.38          1
                                       6.000          3,177.62         62
                                       5.750          3,177.62
    PLEASANTON       CA   94588          2            01/23/03         00
    0435430608                           05           03/01/03          0
    64000468                             O            02/01/33
    0

    8349654          N16/G01             F          257,000.00         ZZ
                                         360        256,737.97          1
                                       5.875          1,520.26         32
                                       5.625          1,520.26
    LOS GATOS        CA   95032          2            02/04/03         00
    0435374244                           05           03/10/03          0
    559150167                            O            02/10/33
    0
1

    8349914          Q51/G01             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       6.125          2,855.77         69
                                       5.875          2,855.77
    REDONDO BEACH A  CA   90277          2            02/01/03         00
    0435432091                           05           04/01/03          0
    W2122602                             O            03/01/33
    0

    8350204          E23/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.250          2,709.16         77
                                       6.000          2,709.16
    YORBA LINDA      CA   92886          1            02/07/03         00
    0435430582                           05           04/01/03          0
    51024599                             O            03/01/33
    0

    8350517          E22/G01             F          441,000.00         ZZ
                                         360        440,581.56          1
                                       6.250          2,715.31         59
                                       6.000          2,715.31
    SPARTA           NJ   07871          2            01/06/03         00
    0415584648                           05           03/01/03          0
    0415584648                           O            02/01/33
    0

    8350968          N16/G01             F          368,000.00         ZZ
                                         360        367,624.81          1
                                       5.875          2,176.86         58
                                       5.625          2,176.86
    SAN JOSE         CA   95120          5            02/12/03         00
    0435417480                           05           03/18/03          0
    561118890                            O            02/18/33
    0

    8350974          N16/G01             F          500,000.00         ZZ
                                         360        499,490.23          1
                                       5.875          2,957.69         51
                                       5.625          2,957.69
    NEWPORT BEACH    CA   92660          5            02/12/03         00
    0435409065                           05           03/22/03          0
    531408341                            O            02/22/33
    0

    8351192          N16/G01             F          394,500.00         ZZ
                                         360        394,097.79          1
1

                                       5.875          2,333.62         53
                                       5.625          2,333.62
    TOPANGA          CA   90290          2            02/16/03         00
    0435421235                           05           03/26/03          0
    N16                                  O            02/26/33
    0

    8351288          E23/G01             F          574,550.00         ZZ
                                         360        574,550.00          1
                                       6.000          3,444.72         80
                                       5.750          3,444.72
    CARLSBAD         CA   92009          1            02/12/03         00
    0435438007                           03           04/01/03          0
    11017577                             O            03/01/33
    0

    8351338          E23/G01             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       6.125          1,610.17         63
                                       5.875          1,610.17
    LOS ANGELES      CA   90025          2            02/11/03         00
    0435437967                           01           04/01/03          0
    51025217                             O            03/01/33
    0

    8351468          E23/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.250          2,462.56         71
                                       6.000          2,462.56
    FORESTVILLE      CA   95436          2            02/06/03         00
    0435430004                           05           04/01/03          0
    62005906                             O            03/01/33
    0

    8351634          E23/G01             F          353,000.00         ZZ
                                         360        353,000.00          1
                                       6.125          2,144.87         74
                                       5.875          2,144.87
    SAN JOSE         CA   95111          2            02/03/03         00
    0435429881                           05           04/01/03          0
    61009694                             O            03/01/33
    0

    8351651          356/356             F          654,000.00         ZZ
                                         360        653,422.98          1
                                       6.625          4,187.64         45
                                       6.375          4,187.64
    PLEASANTON       CA   94566          2            12/30/02         00
    2973824                              03           03/01/03          0
1

    2973824                              O            02/01/33
    0

    8352326          E23/G01             F          520,000.00         ZZ
                                         360        520,000.00          2
                                       5.875          3,076.00         80
                                       5.625          3,076.00
    SANTA ROSA       CA   95404          1            02/19/03         00
    0435454335                           05           04/01/03          0
    674288                               O            03/01/33
    0

    8352500          E23/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       6.125          2,819.31         69
                                       5.875          2,819.31
    SANTA ROSA       CA   95409          5            02/20/03         00
    0435469788                           05           04/01/03          0
    62005394                             O            03/01/33
    0

    8352556          E23/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.000          2,374.22         80
                                       5.750          2,374.22
    NAPA             CA   94558          1            02/19/03         00
    0435450366                           05           04/01/03          0
    62006272                             O            03/01/33
    0

    8352590          N16/G01             F          385,000.00         ZZ
                                         360        384,607.47          1
                                       5.875          2,277.43         62
                                       5.625          2,277.43
    SANTA BARBARA    CA   93110          2            02/20/03         00
    0435452875                           05           03/30/03          0
    568259832                            O            02/28/33
    0

    8352764          Q51/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.125          2,673.49         74
                                       5.875          2,673.49
    GLENDORA         CA   91740          2            02/18/03         00
    0435473152                           05           04/01/03          0
    0673813                              O            03/01/33
    0

1

    8353048          E23/G01             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       6.125          2,491.20         72
                                       5.875          2,491.20
    SAN RAFAEL       CA   94901          2            02/24/03         00
    0435459649                           01           04/01/03          0
    61009489                             O            03/01/33
    0

    8353068          N16/G01             F          230,892.00         ZZ
                                         360        230,892.00          1
                                       5.875          1,365.82         68
                                       5.625          1,365.82
    BRADENTON        FL   34207          5            02/21/03         00
    0435476478                           05           04/01/03          0
    142749499                            O            03/01/33
    0

    8353452          E23/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.125          2,430.14         76
                                       5.875          2,430.14
    VACAVILLE        CA   95688          2            02/24/03         00
    0435470802                           05           04/01/03          0
    62006110                             O            03/01/33
    0

    8353483          E45/G01             F          490,000.00         ZZ
                                         360        488,034.12          1
                                       6.000          2,937.80         69
                                       5.750          2,937.80
    FULLERTON        CA   92835          5            10/31/02         00
    0435362355                           05           12/01/02          0
    300748                               O            11/01/32
    0

    8353575          588/G01             F          396,000.00         ZZ
                                         360        395,596.26          1
                                       5.875          2,342.49         68
                                       5.625          2,342.49
    CLOSTER          NJ   07624          2            01/02/03         00
    0435191671                           05           03/01/03          0
    1082386                              O            02/01/33
    0

    8353747          E45/G01             F          147,200.00         ZZ
                                         360        146,309.56          1
                                       6.500            930.40         80
                                       6.250            930.40
1

    CAROL STREAM     IL   60188          2            08/20/02         00
    0435208780                           05           10/01/02          0
    255414                               O            09/01/32
    0

    8354935          588/G01             F          484,000.00         ZZ
                                         360        483,010.67          1
                                       5.875          2,863.04         80
                                       5.625          2,863.04
    ARLINGTON        VA   22205          1            12/18/02         00
    0435192786                           05           02/01/03          0
    1082949                              O            01/01/33
    0

    8357091          N47/G01             F          348,000.00         ZZ
                                         360        347,669.80          1
                                       6.250          2,142.70         33
                                       6.000          2,142.70
    LIVERMORE        CA   94550          2            01/02/03         00
    0435261292                           03           03/01/03          0
    90500014                             O            02/01/33
    0

    8357331          X51/G01             F          423,000.00         ZZ
                                         360        422,570.78          1
                                       5.900          2,508.97         69
                                       5.650          2,508.97
    MEDINA           WA   98039          2            01/09/03         00
    0435208582                           05           03/01/03          0
    021226139                            O            02/01/33
    0

    8366389          964/G01             F          540,000.00         ZZ
                                         360        539,475.15          1
                                       6.125          3,281.10         80
                                       5.875          3,281.10
    PISMO BEACH      CA   93449          1            01/09/03         00
    0435281357                           05           03/01/03          0
    336968                               O            02/01/33
    0

    8367053          253/253             F          220,000.00         ZZ
                                         360        218,893.89          1
                                       6.000          1,319.02         38
                                       5.750          1,319.02
    SANTA FE         NM   87508          4            09/26/02         00
    973767                               03           11/01/02          0
    973767                               O            10/01/32
    0
1

    8367199          N47/G01             F          350,000.00         ZZ
                                         360        349,659.82          1
                                       6.125          2,126.64         80
                                       5.875          2,126.64
    HOLLISTER        CA   95023          1            01/08/03         00
    0435289632                           05           03/01/03          0
    20500684                             O            02/01/33
    0

    8369037          773/G01             F          370,000.00         ZZ
                                         360        369,243.69          1
                                       5.875          2,188.69         61
                                       5.625          2,188.69
    IPSWICH          MA   01938          5            12/20/02         00
    0435236377                           09           02/01/03          0
    10003791                             O            01/01/33
    0

    8369389          Q44/G01             F          857,000.00         ZZ
                                         360        857,000.00          1
                                       6.125          5,207.23         70
                                       5.875          5,207.23
    GROSSE ILE       MI   48138          1            02/07/03         00
    0435355441                           05           04/01/03          0
    13367                                O            03/01/33
    0

    8372863          964/G01             F          375,000.00         ZZ
                                         360        374,626.69          1
                                       6.000          2,248.31         75
                                       5.750          2,248.31
    FULLERTON        CA   92831          1            01/07/03         00
    0435268032                           05           03/01/03          0
    319486                               O            02/01/33
    0

    8372889          964/G01             F          450,400.00         ZZ
                                         360        449,962.24          1
                                       6.125          2,736.68         80
                                       5.875          2,736.68
    FOOTHILL RANCH   CA   92610          1            01/03/03         00
    0435431150                           03           03/01/03          0
    313366                               O            02/01/33
    0

    8374541          E82/G01             F          393,550.00         ZZ
                                         360        393,185.49          1
1

                                       6.375          2,455.24         78
                                       6.125          2,455.24
    WOODLAND HILLS   CA   91364          2            01/13/03         00
    0400759486                           05           03/01/03          0
    4656427                              O            02/01/33
    0

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                                         360        449,058.09          1
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    0

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                                         360         85,912.32          1
                                       5.875            508.72         47
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    0

    8377673          E22/G01             F          357,000.00         ZZ
                                         360        356,653.02          1
                                       6.125          2,169.17         35
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    0415838242                           05           03/01/03          0
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    0

    8380015          E33/G01             F          399,000.00         ZZ
                                         360        398,602.79          1
                                       6.000          2,392.21         30
                                       5.750          2,392.21
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    0435312756                           05           03/01/03          0
    1                                    O            02/01/33
    0

    8380619          A06/G01             F          422,500.00         ZZ
                                         360        422,069.24          1
                                       5.875          2,499.25         32
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1

    001000010202391                      O            02/01/33
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    8380651          964/G01             F          640,000.00         ZZ
                                         360        639,392.74          1
                                       6.250          3,940.59         69
                                       6.000          3,940.59
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    0435431663                           05           03/01/03          0
    316797                               O            02/01/33
    0

    8382757          E22/G01             F          337,000.00         ZZ
                                         360        336,648.15          1
                                       5.750          1,966.64         79
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    ROCKWALL         TX   75032          5            01/17/03         00
    0415777358                           03           03/01/03          0
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    0

    8383111          E82/G01             F          331,000.00         ZZ
                                         360        330,678.29          1
                                       6.125          2,011.19         80
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    DALY CITY        CA   94014          2            01/17/03         00
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    5533424                              O            02/01/33
    0

    8383791          757/G01             F          437,500.00         ZZ
                                         240        436,580.83          1
                                       6.250          3,197.82         35
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                                         360        459,552.91          1
                                       6.125          2,795.01         80
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    WINDSOR          CA   95452          1            01/10/03         00
    0435297692                           05           03/01/03          0
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    0

1

    8383875          964/G01             F          350,000.00         ZZ
                                         360        349,667.91          1
                                       6.250          2,155.01         78
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    ROCKLIN          CA   95765          2            01/12/03         00
    0435326020                           03           03/01/03          0
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    0

    8384295          025/G01             F          440,000.00         ZZ
                                         360        438,647.59          1
                                       5.875          2,602.77         69
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    0

    8384317          025/G01             F          437,500.00         ZZ
                                         360        436,248.13          1
                                       6.250          2,693.77         25
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    0

    8384321          025/G01             F          426,400.00         ZZ
                                         360        425,120.18          1
                                       6.000          2,556.48         80
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    0435334669                           05           01/01/03          0
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    0

    8384325          025/G01             F          622,500.00         ZZ
                                         360        620,631.59          1
                                       6.000          3,732.20         75
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    MALIBU           CA   90265          1            11/06/02         00
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    0

    8384343          025/G01             F          447,200.00         ZZ
                                         360        445,825.46          1
                                       5.875          2,645.36         80
                                       5.625          2,645.36
1

    UNIVERSITY PARK  TX   75205          1            11/04/02         00
    0435333760                           05           01/01/03          0
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    0

    8384435          025/G01             F          424,000.00         ZZ
                                         360        422,727.36          1
                                       6.000          2,542.10         80
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    0435328075                           07           01/01/03          0
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    0

    8384469          025/G01             F          330,350.00         ZZ
                                         360        327,246.69          1
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                                       6.000          2,034.03
    AUSTIN           TX   78727          2            11/07/02         00
    0435326350                           05           01/01/03          0
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    0

    8384471          025/G01             F          450,000.00         ZZ
                                         360        449,101.80          1
                                       6.000          2,697.98         72
                                       5.750          2,697.98
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    0

    8384481          025/G01             F          400,000.00         ZZ
                                         360        398,799.42          1
                                       6.000          2,398.20         80
                                       5.750          2,398.20
    CHULA VISTA      CA   91914          2            11/20/02         00
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    0

    8384491          025/G01             F          630,000.00         ZZ
                                         360        628,153.64          1
                                       6.125          3,827.95         73
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    BELMONT          CA   94002          2            11/25/02         00
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    0
1

    8384495          025/G01             F          360,000.00         ZZ
                                         360        358,944.93          1
                                       6.125          2,187.40         75
                                       5.875          2,187.40
    FREMONT          CA   94536          5            11/14/02         00
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    0

    8384497          025/G01             F          573,000.00         ZZ
                                         360        571,883.31          1
                                       6.125          3,481.61         80
                                       5.875          3,481.61
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    0

    8384515          025/G01             F          378,000.00         ZZ
                                         360        376,918.37          1
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    NEW CANAAN       CT   06840          2            11/22/02         00
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    0

    8384535          025/G01             F          470,400.00         ZZ
                                         360        469,505.02          1
                                       6.250          2,896.33         80
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    0

    8384549          025/G01             F          648,000.00         ZZ
                                         360        646,706.59          1
                                       6.000          3,885.09         80
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    0

    8384557          025/G01             F          421,940.00         ZZ
                                         360        420,673.57          1
1

                                       6.000          2,529.74         77
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    FT COLLINS       CO   80528          2            11/07/02         00
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    0

    8384565          025/G01             F          519,000.00         ZZ
                                         360        517,939.13          1
                                       5.875          3,070.08         77
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    0

    8384635          025/G01             F          535,000.00         T
                                         360        533,957.37          1
                                       6.125          3,250.72         32
                                       5.875          3,250.72
    ISLE OF PALMS    SC   29451          2            12/16/02         00
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    0

    8384639          025/G01             F          400,000.00         ZZ
                                         360        398,579.42          1
                                       5.875          2,366.15         79
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    YUBA CITY        CA   95993          2            12/05/02         00
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    0

    8384643          025/G01             F          590,000.00         ZZ
                                         360        588,229.12          1
                                       6.000          3,537.35         79
                                       5.750          3,537.35
    SCOTTS VALLEY    CA   95066          2            12/04/02         00
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    0

    8384649          025/G01             F          397,500.00         ZZ
                                         360        396,538.10          1
                                       5.875          2,351.37         75
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    HUNTINGTON BEAC  CA   92646          5            12/12/02         00
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1

    0131872665                           O            01/01/33
    0

    8384655          L01/G01             F          452,000.00         ZZ
                                         360        451,550.03          1
                                       6.000          2,709.97         80
                                       5.750          2,709.97
    SAMMASMISH       WA   98075          1            01/22/03         00
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    0

    8384665          025/G01             F          500,000.00         ZZ
                                         360        499,025.56          1
                                       6.125          3,038.06         75
                                       5.875          3,038.06
    WILDWOOD         MO   63038          2            12/13/02         00
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    0

    8384683          025/G01             F          510,400.00         ZZ
                                         360        508,974.26          1
                                       6.375          3,184.23         80
                                       6.125          3,184.23
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    0

    8384699          025/G01             F          392,200.00         ZZ
                                         360        391,453.78          1
                                       6.250          2,414.85         15
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    0

    8384705          025/G01             F          491,600.00         ZZ
                                         360        487,672.89          1
                                       5.875          2,908.00         64
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    0

1

    8384711          025/G01             F          380,000.00         ZZ
                                         360        379,223.26          1
                                       5.875          2,247.84         78
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    SANTA CRUZ       CA   95062          2            12/16/02         00
    0435327432                           05           02/01/03          0
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    0

    8384723          025/G01             F          420,000.00         ZZ
                                         360        419,181.48          1
                                       6.125          2,551.97         80
                                       5.875          2,551.97
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    0

    8384771          025/G01             F          376,000.00         ZZ
                                         360        375,284.61          1
                                       6.250          2,315.10         80
                                       6.000          2,315.10
    MONROE           CT   06468          1            12/09/02         00
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    0

    8384823          025/G01             F          600,000.00         ZZ
                                         360        598,830.68          1
                                       6.125          3,645.67         80
                                       5.875          3,645.67
    OLATHE           KS   66061          1            12/13/02         00
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    0

    8384831          025/G01             F          536,000.00         ZZ
                                         360        532,981.52          1
                                       6.375          3,343.94         80
                                       6.125          3,343.94
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    0

    8384863          025/G01             F          433,000.00         ZZ
                                         360        430,502.58          1
                                       6.250          2,666.06         78
                                       6.000          2,666.06
1

    LAS VEGAS        NV   89117          2            08/15/02         00
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    8384867          025/G01             F          482,000.00         ZZ
                                         360        480,587.35          1
                                       6.125          2,928.69         80
                                       5.875          2,928.69
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    0

    8384883          025/G01             F          650,000.00         ZZ
                                         360        648,002.13          1
                                       5.875          3,845.00         70
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    BIXBY            OK   74008          5            11/26/02         00
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    0

    8384885          025/G01             F          481,000.00         ZZ
                                         360        479,160.12          1
                                       6.250          2,961.60         77
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    ROLLING HILLS E  CA   90274          2            10/23/02         00
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    0

    8384893          025/G01             F          495,000.00         ZZ
                                         360        490,167.72          1
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                                       5.750          2,967.78
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    0

    8384939          025/G01             F          468,000.00         ZZ
                                         360        467,043.36          1
                                       5.875          2,768.40         80
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    HICKORY          NC   28601          2            12/09/02         00
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    0
1

    8384981          025/G01             F          400,000.00         ZZ
                                         360        399,182.37          1
                                       5.875          2,366.15         70
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    8384989          025/G01             F          608,000.00         ZZ
                                         360        606,757.20          1
                                       5.875          3,596.55         80
                                       5.625          3,596.55
    HICKORY          NC   28601          1            12/02/02         00
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    0

    8384993          025/G01             F          638,000.00         ZZ
                                         360        635,992.05          1
                                       5.750          3,723.20         58
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    HICKORY          NC   28601          5            11/21/02         00
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    0

    8385001          025/G01             F          471,000.00         ZZ
                                         360        469,552.33          1
                                       5.875          2,786.14         56
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    0

    8385003          025/G01             F          365,000.00         ZZ
                                         360        364,271.46          1
                                       6.000          2,188.36         43
                                       5.750          2,188.36
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    0

    8385011          025/G01             F          555,000.00         ZZ
                                         360        553,865.54          1
1

                                       5.875          3,283.03         78
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    0

    8385013          025/G01             F          590,400.00         ZZ
                                         360        588,343.08          1
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    8385043          025/G01             F          600,000.00         ZZ
                                         360        598,283.18          1
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    8385053          025/G01             F          446,000.00         ZZ
                                         360        445,109.78          1
                                       6.000          2,674.00         52
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    0

    8385069          025/G01             F          333,000.00         ZZ
                                         360        332,091.98          1
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    0

    8385081          025/G01             F          417,000.00         ZZ
                                         360        416,167.66          1
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1

    0140989369                           O            01/01/33
    0

    8385127          025/G01             F          390,000.00         ZZ
                                         360        387,390.97          1
                                       5.875          2,307.00         75
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    SAN RAMON        CA   94538          5            11/25/02         00
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    0

    8385219          025/G01             F          515,000.00         ZZ
                                         360        513,922.02          1
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    0

    8385229          025/G01             F          464,000.00         ZZ
                                         360        463,095.74          1
                                       6.125          2,819.31         79
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    8385233          025/G01             F          440,000.00         ZZ
                                         360        439,115.86          1
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    BUFFALO GROVE    IL   60089          1            12/09/02         00
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    0

    8385241          025/G01             F          650,000.00         ZZ
                                         360        648,639.47          1
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    0

1

    8385247          025/G01             F          345,000.00         ZZ
                                         360        344,205.59          1
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    SEATTLE          WA   98112          5            12/06/02         00
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    0

    8385261          025/G01             F          385,000.00         ZZ
                                         360        383,527.30          1
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                                       6.000          2,370.52
    MANHATTAN BEACH  CA   90266          2            10/09/02         00
    0435326996                           05           12/01/02          0
    0131450678                           O            11/01/32
    0

    8385337          025/G01             F          419,200.00         ZZ
                                         360        417,515.39          1
                                       6.000          2,513.32         80
                                       5.750          2,513.32
    CHICO            CA   95973          1            10/24/02         00
    0435328190                           05           12/01/02          0
    0131604209                           O            11/01/32
    0

    8385343          025/G01             F          516,350.00         ZZ
                                         360        513,814.93          1
                                       6.125          3,137.40         80
                                       5.875          3,137.40
    FORT COLLINS     CO   80528          2            09/27/02         00
    0435334487                           05           11/01/02          0
    0131615429                           O            10/01/32
    0

    8385361          025/G01             F          500,500.00         ZZ
                                         360        497,486.50          1
                                       6.000          3,000.75         79
                                       5.750          3,000.75
    MILTON           MA   02186          2            11/13/02         00
    0435320072                           05           01/01/03          0
    0131699886                           O            12/01/32
    0

    8385363          025/G01             F          650,000.00         ZZ
                                         360        648,702.60          1
                                       6.000          3,897.08         75
                                       5.750          3,897.08
1

    WICHITA          KS   67206          2            12/11/02         00
    0435338801                           03           02/01/03          0
    0131700320                           O            01/01/33
    0

    8385373          R65/G01             F          383,000.00         ZZ
                                         360        382,627.75          1
                                       6.125          2,327.15         73
                                       5.875          2,327.15
    HERMOSA BEACH    CA   90254          2            01/14/03         00
    0435284989                           05           03/01/03          0
    4198936260                           O            02/01/33
    0

    8385379          025/G01             F          650,000.00         ZZ
                                         360        648,049.03          1
                                       6.000          3,897.08         40
                                       5.750          3,897.08
    LOWER MERION TO  PA   19035          2            11/18/02         00
    0435335500                           05           01/01/03          0
    0131705576                           O            12/01/32
    0

    8385387          025/G01             F          428,000.00         ZZ
                                         360        426,775.34          1
                                       6.250          2,635.27         25
                                       6.000          2,635.27
    RANCHO SANTA FE  CA   92067          2            11/01/02         00
    0435328182                           03           01/01/03          0
    0131709099                           O            12/01/32
    0

    8385389          025/G01             F          443,500.00         ZZ
                                         360        442,049.21          1
                                       6.125          2,694.75         50
                                       5.875          2,694.75
    MANHATTAN BEACH  CA   90266          2            11/22/02         00
    0435326798                           05           01/01/03          0
    0131710865                           O            12/01/32
    0

    8385391          025/G01             F          330,000.00         ZZ
                                         360        328,203.50          1
                                       6.000          1,978.52         43
                                       5.750          1,978.52
    ST. LOUIS        MO   63124          2            11/06/02         00
    0435337621                           05           01/01/03          0
    0131711673                           O            12/01/32
    0
1

    8386509          E82/G01             F          354,250.00         ZZ
                                         360        353,905.69          1
                                       6.125          2,152.46         48
                                       5.875          2,152.46
    ALAMEDA          CA   94501          2            01/16/03         00
    0400758579                           05           03/01/03          0
    1876392                              O            02/01/33
    0

    8393155          E82/G01             F          211,000.00         ZZ
                                         360        210,794.92          1
                                       6.125          1,282.06         35
                                       5.875          1,282.06
    WESTON           FL   33327          2            01/24/03         00
    0400765335                           03           03/01/03          0
    1865147                              O            02/01/33
    0

    8393543          964/G01             F          350,000.00         ZZ
                                         360        349,667.91          1
                                       6.250          2,155.01         80
                                       6.000          2,155.01
    DUARTE           CA   91010          5            12/23/02         00
    0435299888                           05           03/01/03          0
    307498                               O            02/01/33
    0

    8394123          758/G01             F          410,800.00         ZZ
                                         360        410,391.05          1
                                       6.000          2,462.95         40
                                       5.750          2,462.95
    HOUSTON          TX   77024          5            01/20/03         00
    0435324637                           05           03/01/03          0
    102851                               O            02/01/33
    0

    8394217          757/G01             F          648,000.00         ZZ
                                         360        647,339.33          1
                                       5.875          3,833.17         44
                                       5.625          3,833.17
    ATLANTA          GA   30319          2            01/17/03         00
    0435312947                           05           03/01/03          0
    1001131919                           O            02/01/33
    0

    8395251          E22/G01             F          712,500.00         ZZ
                                         360        711,773.57          1
1

                                       5.875          4,214.71         75
                                       5.625          4,214.71
    SAN CARLOS       CA   94070          2            01/15/03         00
    0415761162                           05           03/01/03          0
    0415761162                           O            02/01/33
    0

    8395317          E22/G01             F          350,000.00         ZZ
                                         360        349,643.16          1
                                       5.875          2,070.38         34
                                       5.625          2,070.38
    SAN CARLOS       CA   94070          2            01/17/03         00
    0415850650                           05           03/01/03          0
    0415850650                           O            02/01/33
    0

    8395613          E82/G01             F          207,600.00         ZZ
                                         360        207,600.00          1
                                       6.125          1,261.40         76
                                       5.875          1,261.40
    NORTH WOODMERE   NY   11581          2            01/28/03         00
    0400746962                           05           04/01/03          0
    1904127                              O            03/01/33
    0

    8395633          E82/G01             F          405,600.00         ZZ
                                         360        405,205.78          1
                                       6.125          2,464.47         21
                                       5.875          2,464.47
    SAN JOSE         CA   95120          2            01/23/03         00
    0400770053                           05           03/01/03          0
    5401655                              O            02/01/33
    0

    8395641          E82/G01             F          354,400.00         ZZ
                                         360        354,055.55          1
                                       6.125          2,153.37         80
                                       5.875          2,153.37
    HUNTINGTON BEAC  CA   92648          2            01/23/03         00
    0400771341                           05           03/01/03          0
    4752426                              O            02/01/33
    0

    8395789          N47/G01             F          480,000.00         ZZ
                                         360        479,510.62          1
                                       5.875          2,839.38         79
                                       5.625          2,839.38
    HOLLISTER        CA   95023          2            01/16/03         00
    0435332754                           05           03/01/03          0
1

    20502234                             O            02/01/33
    0

    8396993          893/G01             F          447,000.00         ZZ
                                         360        446,565.54          1
                                       6.125          2,716.02         38
                                       5.875          2,716.02
    SAN CARLOS       CA   94070          2            01/21/03         00
    0435299516                           05           03/01/03          0
    H21126011                            O            02/01/33
    0

    8397069          893/G01             F          470,000.00         ZZ
                                         360        469,532.11          1
                                       6.000          2,817.89         44
                                       5.750          2,817.89
    SONOMA           CA   95476          2            01/16/03         00
    0435305370                           05           03/01/03          0
    M20926161                            O            02/01/33
    0

    8397465          A50/G01             F          390,000.00         ZZ
                                         360        389,562.99          1
                                       5.375          2,183.89         80
                                       5.125          2,183.89
    BIRMINGHAM       AL   35242          1            01/27/03         00
    0435302898                           05           03/01/03          0
    978080                               O            02/01/33
    0

    8397821          E82/G01             F          275,000.00         ZZ
                                         360        274,745.30          1
                                       6.375          1,715.64         17
                                       6.125          1,715.64
    SAINT MICHAELS   MD   21663          5            01/27/03         00
    0400737300                           05           03/01/03          0
    0400737300                           O            02/01/33
    0

    8397893          E82/G01             F          304,000.00         ZZ
                                         360        303,704.53          1
                                       6.125          1,847.14         79
                                       5.875          1,847.14
    BOTHELL          WA   98021          2            01/27/03         00
    0400768974                           03           03/01/03          0
    6349732                              O            02/01/33
    0

1

    8397897          E82/G01             F          311,600.00         ZZ
                                         360        311,282.31          1
                                       5.875          1,843.23         63
                                       5.625          1,843.23
    SHORELINE        WA   98177          2            01/27/03         00
    0400765426                           05           03/01/03          0
    1886797                              O            02/01/33
    0

    8397963          E82/G01             F          402,900.00         ZZ
                                         360        402,517.72          1
                                       6.250          2,480.72         80
                                       6.000          2,480.72
    MERCER ISLAND    WA   98040          2            01/27/03         00
    0400764791                           05           03/01/03          0
    5052612                              O            02/01/33
    0

    8398553          696/G01             F          438,800.00         ZZ
                                         360        438,383.65          1
                                       6.250          2,701.77         80
                                       6.000          2,701.77
    STERLING         VA   20165          2            01/22/03         00
    0435289640                           03           03/01/03          0
    25102405                             O            02/01/33
    0

    8398701          964/G01             F          399,500.00         ZZ
                                         360        399,120.94          1
                                       6.250          2,459.79         52
                                       6.000          2,459.79
    SAN FRANCISCO    CA   94132          2            01/03/03         00
    0435470430                           05           03/01/03          0
    311887                               O            02/01/33
    0

    8398707          964/G01             F          381,000.00         ZZ
                                         360        380,638.49          1
                                       6.250          2,345.88         51
                                       6.000          2,345.88
    REDWOOD CITY     CA   94062          2            01/02/03         00
    0435291828                           05           03/01/03          0
    317668                               O            02/01/33
    0

    8398731          757/G01             F          410,000.00         ZZ
                                         360        409,610.97          1
                                       6.250          2,524.45         67
                                       6.000          2,524.45
1

    MELROSE          MA   02176          2            01/10/03         00
    0435317375                           05           03/01/03          0
    1001134020                           O            02/01/33
    0

    8398835          A06/G01             F          330,000.00         ZZ
                                         360        329,679.26          1
                                       6.125          2,005.12         46
                                       5.875          2,005.12
    BRIGHTON         MI   48114          2            01/23/03         00
    0435365192                           05           03/01/03          0
    1000020229962                        O            02/01/33
    0

    8399059          N47/G01             F          380,000.00         ZZ
                                         360        379,630.66          1
                                       6.125          2,308.92         73
                                       5.875          2,308.92
    LOS ANGELES      CA   91325          5            01/22/03         00
    0435358841                           05           03/01/03          0
    30501596                             O            02/01/33
    0

    8399065          N47/G01             F          525,000.00         ZZ
                                         360        524,489.73          1
                                       6.125          3,189.96         62
                                       5.875          3,189.96
    BURLINGAME       CA   94010          2            01/21/03         00
    0435323373                           05           03/01/03          0
    20502098                             O            02/01/33
    0

    8399075          757/G01             F          427,900.00         ZZ
                                         360        427,484.10          1
                                       6.125          2,599.97         80
                                       5.875          2,599.97
    TRUMBULL         CT   06611          1            01/24/03         00
    0435341581                           05           03/01/03          0
    1001158052                           O            02/01/33
    0

    8400211          E82/G01             F          180,700.00         T
                                         360        180,524.37          1
                                       6.125          1,097.95         70
                                       5.875          1,097.95
    CASCADE          CO   81301          2            01/30/03         00
    0400761250                           05           03/01/03          0
    5490654                              O            02/01/33
    0
1

    8400217          E82/G01             F          239,000.00         ZZ
                                         360        239,000.00          1
                                       6.125          1,452.19         51
                                       5.875          1,452.19
    WALL             NJ   08736          2            01/29/03         00
    0400777140                           03           04/01/03          0
    1854973                              O            03/01/33
    0

    8400241          E82/G01             F          289,600.00         ZZ
                                         360        289,311.70          1
                                       6.000          1,736.30         47
                                       5.750          1,736.30
    DES PERES        MO   63131          2            01/28/03         00
    0400768396                           03           03/01/03          0
    1863880                              O            02/01/33
    0

    8400257          E82/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.250          2,832.30         40
                                       6.000          2,832.30
    CRESTED BUTTE    CO   81224          2            01/29/03         00
    0400772190                           05           04/01/03          0
    8107711                              O            03/01/33
    0

    8401543          825/G01             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       6.250          2,893.87         57
                                       6.000          2,893.87
    ASPEN            CO   81611          5            01/28/03         00
    0435324868                           01           04/01/03          0
    SINGER                               O            03/01/33
    0

    8401731          696/G01             F          357,250.00         ZZ
                                         360        356,894.36          1
                                       6.000          2,141.89         80
                                       5.750          2,141.89
    LORTON           VA   22079          1            01/22/03         00
    0435293188                           03           03/01/03          0
    25402114                             O            02/01/33
    0

    8401739          696/G01             F          470,500.00         ZZ
                                         360        470,042.70          1
1

                                       6.125          2,858.81         80
                                       5.875          2,858.81
    LEESBURG         VA   20176          2            01/23/03         00
    0435292206                           03           03/01/03          0
    25903005                             O            02/01/33
    0

    8402017          K88/G01             F          364,650.00         ZZ
                                         360        364,320.35          1
                                       6.500          2,304.84         80
                                       6.250          2,304.84
    MANALAPAN        NJ   07726          1            01/16/03         00
    0435319801                           05           03/01/03          0
    40394                                O            02/01/33
    0

    8403415          E82/G01             F          330,100.00         ZZ
                                         360        330,100.00          1
                                       6.125          2,005.72         69
                                       5.875          2,005.72
    NORTHBROOK       IL   60062          2            01/30/03         00
    0400775243                           05           04/01/03          0
    7443536                              O            03/01/33
    0

    8403423          E82/G01             F          257,400.00         ZZ
                                         360        257,400.00          1
                                       6.125          1,563.99         68
                                       5.875          1,563.99
    SPRINGBORO       OH   45066          2            01/30/03         00
    0400774170                           05           04/01/03          0
    3586721                              O            03/01/33
    0

    8403425          E82/G01             F          599,000.00         ZZ
                                         360        599,000.00          1
                                       6.250          3,688.15         50
                                       6.000          3,688.15
    PALO ALTO        CA   94303          2            01/27/03         00
    0400755583                           05           04/01/03          0
    1876708                              O            03/01/33
    0

    8403427          E82/G01             F          373,000.00         ZZ
                                         360        373,000.00          1
                                       6.375          2,327.03         57
                                       6.125          2,327.03
    PINETOP-LAKESID  AZ   85935          2            01/29/03         00
    0400753802                           05           04/01/03          0
1

    1806710                              O            03/01/33
    0

    8403463          E82/G01             F          367,900.00         ZZ
                                         360        367,900.00          1
                                       6.125          2,235.40         62
                                       5.875          2,235.40
    CARLSBAD         CA   92009          2            01/27/03         00
    0400764247                           05           04/01/03          0
    6033942                              O            03/01/33
    0

    8403481          E82/G01             F          401,900.00         ZZ
                                         360        401,900.00          1
                                       6.125          2,441.99         76
                                       5.875          2,441.99
    LOS ANGELES      CA   90731          2            01/27/03         00
    0400759114                           05           04/01/03          0
    6234224                              O            03/01/33
    0

    8403485          E82/G01             F          358,600.00         ZZ
                                         360        358,600.00          1
                                       6.250          2,207.96         39
                                       6.000          2,207.96
    SCOTTS VALLEY    CA   95060          2            01/27/03         00
    0400762712                           05           04/01/03          0
    0400762712                           O            03/01/33
    0

    8403491          E82/G01             F          777,550.00         ZZ
                                         360        777,550.00          1
                                       6.250          4,787.51         71
                                       6.000          4,787.51
    SAN JOSE         CA   95120          2            01/27/03         00
    0400758991                           05           04/01/03          0
    1778750                              O            03/01/33
    0

    8403661          E22/G01             F          104,000.00         ZZ
                                         360        103,901.32          1
                                       6.250            640.35         75
                                       6.000            640.35
    GEORGETOWN       TX   78628          5            01/27/03         00
    0415730159                           05           03/01/03          0
    0415730159                           O            02/01/33
    0

1

    8403913          E22/G01             F          630,400.00         ZZ
                                         360        629,772.43          1
                                       6.000          3,779.57         80
                                       5.750          3,779.57
    MARLBORO TOWNSH  NJ   07746          1            01/31/03         00
    0415931294                           05           03/01/03          0
    0415931294                           O            02/01/33
    0

    8404005          E22/G01             F          343,200.00         ZZ
                                         360        343,200.00          1
                                       5.875          2,030.16         80
                                       5.625          2,030.16
    PLACERVILLE      CA   95667          1            01/29/03         00
    0416004885                           05           04/01/03          0
    0416004885                           O            03/01/33
    0

    8404019          E22/G01             F          420,000.00         ZZ
                                         360        419,591.79          1
                                       6.125          2,551.96         80
                                       5.875          2,551.96
    DALY CITY        CA   94014          2            01/24/03         00
    0416026326                           07           03/01/03          0
    0416026326                           O            02/01/33
    0

    8404179          964/G01             F          435,000.00         ZZ
                                         360        434,587.25          1
                                       6.250          2,678.37         30
                                       6.000          2,678.37
    CARMEL           CA   93923          2            01/16/03         00
    0435335385                           05           03/01/03          0
    308383                               O            02/01/33
    0

    8404193          964/G01             F          444,000.00         ZZ
                                         360        443,547.32          1
                                       5.875          2,626.43         66
                                       5.625          2,626.43
    BERKELEY         CA   94707          5            12/24/02         00
    0435323738                           05           03/01/03          0
    316395                               O            02/01/33
    0

    8404201          964/G01             F          393,000.00         ZZ
                                         360        392,627.10          1
                                       6.250          2,419.77         75
                                       6.000          2,419.77
1

    GRASS VALLEY     CA   95945          1            01/23/03         00
    0435323357                           05           03/01/03          0
    319999                               O            02/01/33
    0

    8404215          964/G01             F          490,000.00         ZZ
                                         360        489,512.20          1
                                       6.000          2,937.80         70
                                       5.750          2,937.80
    FRESNO           CA   93711          5            01/23/03         00
    0435335369                           05           03/01/03          0
    329097                               O            02/01/33
    0

    8406257          Q59/G01             F          210,500.00         ZZ
                                         360        210,309.71          1
                                       6.500          1,330.50         75
                                       6.250          1,330.50
    SANTA ANA        CA   92704          2            01/09/03         00
    0435328984                           05           03/01/03          0
    403718                               O            02/01/33
    0

    8407867          367/367             F          828,182.91         ZZ
                                         346        826,464.71          1
                                       6.250          5,170.32         69
                                       6.000          5,170.32
    BETHESDA         MD   20816          2            01/15/03         00
    99203250                             05           02/01/03          0
    99203250                             O            11/01/31
    0

    8407947          696/G01             F          398,300.00         ZZ
                                         360        397,903.49          1
                                       6.000          2,388.01         80
                                       5.750          2,388.01
    LEESBURG         VA   20176          1            01/28/03         00
    0435297023                           03           03/01/03          0
    24502117                             O            02/01/33
    0

    8407951          696/G01             F          432,800.00         ZZ
                                         360        432,379.34          1
                                       6.125          2,629.74         80
                                       5.875          2,629.74
    ARLINGTON        VA   22207          1            01/29/03         00
    0435297080                           05           03/01/03          0
    25503019                             O            02/01/33
    0
1

    8408293          E82/G01             F          293,400.00         ZZ
                                         360        293,400.00          1
                                       6.125          1,782.73         59
                                       5.875          1,782.73
    SEATTLE          WA   98105          2            01/31/03         00
    0400759718                           05           04/01/03          0
    1853312                              O            03/01/33
    0

    8408295          E82/G01             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       6.250          1,896.41         70
                                       6.000          1,896.41
    ALEXANDRIA       VA   22301          2            01/31/03         00
    0400771952                           05           04/01/03          0
    4971429                              O            03/01/33
    0

    8408297          E82/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.000          2,308.27         70
                                       5.750          2,308.27
    WALNUT CREEK     CA   94595          2            01/29/03         00
    0400771564                           05           04/01/03          0
    4745609                              O            03/01/33
    0

    8408315          E82/G01             F          288,400.00         ZZ
                                         360        288,400.00          1
                                       6.250          1,775.73         64
                                       6.000          1,775.73
    PASADENA         CA   91107          2            01/29/03         00
    0400760641                           05           04/01/03          0
    1839249                              O            03/01/33
    0

    8408329          E82/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.125          2,278.54         74
                                       5.875          2,278.54
    YORBA LINDA      CA   92886          2            01/29/03         00
    0400759817                           09           04/01/03          0
    4958710                              O            03/01/33
    0

    8408333          E82/G01             F          382,500.00         ZZ
                                         360        382,500.00          1
1

                                       6.625          2,449.19         66
                                       6.375          2,449.19
    ALBANY           CA   94706          2            01/28/03         00
    0400732368                           05           04/01/03          0
    4222082                              O            03/01/33
    0

    8408335          E82/G01             F          408,900.00         ZZ
                                         360        408,900.00          1
                                       6.125          2,484.52         60
                                       5.875          2,484.52
    ORONO            MN   55364          2            01/31/03         00
    0400767331                           05           04/01/03          0
    1928000                              O            03/01/33
    0

    8408347          E82/G01             F          451,400.00         ZZ
                                         360        451,400.00          1
                                       6.250          2,779.35         65
                                       6.000          2,779.35
    LOS ANGELES      CA   90027          2            01/28/03         00
    0400759478                           05           04/01/03          0
    6461696                              O            03/01/33
    0

    8408351          E82/G01             F          422,000.00         ZZ
                                         360        422,000.00          1
                                       6.375          2,632.73         80
                                       6.125          2,632.73
    REISTERSTOWN     MD   21136          2            01/31/03         00
    0400759148                           05           04/01/03          0
    7858627                              O            03/01/33
    0

    8408353          E82/G01             F          329,900.00         ZZ
                                         360        329,900.00          1
                                       6.125          2,004.51         63
                                       5.875          2,004.51
    FREEHOLD         NJ   07728          2            01/31/03         00
    0400762753                           05           04/01/03          0
    6821112                              O            03/01/33
    0

    8408357          E82/G01             F          390,700.00         ZZ
                                         360        390,700.00          1
                                       6.250          2,405.61         38
                                       6.000          2,405.61
    SAN FRANCISCO    CA   94115          2            01/28/03         00
    0400757407                           01           04/01/03          0
1

    1868136                              O            03/01/33
    0

    8408371          E82/G01             F          327,300.00         ZZ
                                         360        327,300.00          1
                                       6.125          1,988.71         55
                                       5.875          1,988.71
    BRIDGEWATER TOW  NJ   08807          2            01/31/03         00
    0400774980                           05           04/01/03          0
    6927977                              O            03/01/33
    0

    8408373          E82/G01             F          405,650.00         ZZ
                                         360        405,650.00          1
                                       6.125          2,464.77         48
                                       5.875          2,464.77
    LAFAYETTE        CA   94549          2            01/28/03         00
    0400767588                           05           04/01/03          0
    1860522                              O            03/01/33
    0

    8408379          E82/G01             F          289,000.00         ZZ
                                         360        289,000.00          1
                                       6.125          1,755.99         65
                                       5.875          1,755.99
    AVON             IN   46168          2            01/31/03         00
    0400771267                           05           04/01/03          0
    2878160                              O            03/01/33
    0

    8408575          E22/G01             F          490,000.00         ZZ
                                         360        489,512.20          1
                                       6.000          2,937.80         70
                                       5.750          2,937.80
    GREENWICH        CT   06878          2            01/29/03         00
    0415482132                           05           03/01/03          0
    0415482132                           O            02/01/33
    0

    8408691          E22/G01             F          362,500.00         ZZ
                                         360        362,139.13          1
                                       6.000          2,173.37         70
                                       5.750          2,173.37
    GRANBY           CT   06035          5            01/29/03         00
    0415894633                           05           03/01/03          0
    0415894633                           O            02/01/33
    0

1

    8408745          E22/G01             F          407,920.00         T
                                         360        407,532.95          1
                                       6.250          2,511.63         80
                                       6.000          2,511.63
    LAGUNA NIGUEL    CA   92677          1            01/28/03         00
    0415936798                           09           03/01/03          0
    0415936798                           O            02/01/33
    0

    8409019          964/G01             F          477,700.00         ZZ
                                         360        477,224.45          1
                                       6.000          2,864.05         45
                                       5.750          2,864.05
    MENLO PARK       CA   94025          2            01/07/03         00
    0435430996                           05           03/01/03          0
    317973                               O            02/01/33
    0

    8409021          964/G01             F          472,000.00         ZZ
                                         360        471,541.25          1
                                       6.125          2,867.92         66
                                       5.875          2,867.92
    OAKLAND          CA   94611          5            01/17/03         00
    0435325758                           05           03/01/03          0
    321082                               O            02/01/33
    0

    8409257          B57/G01             F          457,500.00         ZZ
                                         360        457,055.34          1
                                       6.125          2,779.82         75
                                       5.875          2,779.82
    SANTA CLARITA    CA   91390          2            01/16/03         00
    0435407994                           05           03/01/03          0
    10007976                             O            02/01/33
    0

    8409259          S11/G01             F          550,000.00         ZZ
                                         360        549,465.43          1
                                       6.125          3,341.86         69
                                       5.875          3,341.86
    COVINA           CA   91724          5            01/22/03         00
    0435345533                           05           03/01/03          0
    10210693                             O            02/01/33
    0

    8409267          196/G01             F          328,000.00         ZZ
                                         360        327,673.47          1
                                       6.000          1,966.53         80
                                       5.750          1,966.53
1

    WHITE PLAINS     NY   10603          1            01/23/03         00
    0435342126                           05           03/01/03          0
    1328968                              O            02/01/33
    0

    8409269          196/G01             F          500,000.00         T
                                         360        499,048.69          1
                                       6.250          3,078.59         42
                                       6.000          3,078.59
    FALMOUTH         MA   02536          5            01/06/03         00
    0435350640                           05           02/01/03          0
    1331657                              O            01/01/33
    0

    8409271          196/G01             F          425,000.00         ZZ
                                         360        424,586.92          1
                                       6.125          2,582.35         50
                                       5.875          2,582.35
    WHITE PLAINS     NY   10605          5            01/22/03         00
    0435348578                           05           03/01/03          0
    1333037                              O            02/01/33
    0

    8409273          196/G01             F          468,000.00         ZZ
                                         360        467,566.53          1
                                       6.375          2,919.72         39
                                       6.125          2,919.72
    BROOKLINE        MA   02446          2            01/09/03         00
    0435352331                           05           03/01/03          0
    1333502                              O            02/01/33
    0

    8409279          196/G01             F          427,000.00         ZZ
                                         360        426,225.87          1
                                       6.500          2,698.94         33
                                       6.250          2,698.94
    SEBASTOPOL       CA   95472          2            12/16/02         00
    0435342159                           05           02/01/03          0
    1334980                              O            01/01/33
    0

    8409281          196/G01             F          402,500.00         ZZ
                                         360        402,127.20          1
                                       6.375          2,511.08         79
                                       6.125          2,511.08
    SEBASTOPOL       CA   95472          2            12/30/02         00
    0435342191                           05           03/01/03          0
    1335132                              O            02/01/33
    0
1

    8409285          196/G01             F          419,200.00         ZZ
                                         360        418,811.73          1
                                       6.375          2,615.27         80
                                       6.125          2,615.27
    ACTON            MA   01720          1            01/15/03         00
    0435348826                           05           03/01/03          0
    1335314                              O            02/01/33
    0

    8409289          196/G01             F          580,000.00         ZZ
                                         360        579,449.66          1
                                       6.250          3,571.17         58
                                       6.000          3,571.17
    GARDNERVILLE     NV   89410          5            01/06/03         00
    0435362322                           03           03/01/03          0
    1565027                              O            02/01/33
    0

    8409291          196/G01             F        1,450,000.00         ZZ
                                         360      1,448,689.18          1
                                       6.500          9,164.99         42
                                       6.250          9,164.99
    SONOMA           CA   95476          2            01/03/03         00
    0435367743                           03           03/01/03          0
    1580171                              O            02/01/33
    0

    8409307          196/G01             F          300,000.00         ZZ
                                         360        299,708.41          1
                                       6.125          1,822.84         60
                                       5.875          1,822.84
    TYNGSBORO        MA   01879          5            01/27/03         00
    0435362447                           05           03/01/03          0
    1598049                              O            02/01/33
    0

    8409313          196/G01             F          248,200.00         ZZ
                                         360        247,970.11          1
                                       6.375          1,548.45         65
                                       6.125          1,548.45
    TRUMBULL         CT   06611          2            01/03/03         00
    0435347042                           05           03/01/03          0
    1598134                              O            02/01/33
    0

    8409315          196/G01             F          352,000.00         ZZ
                                         360        351,649.58          1
1

                                       6.000          2,110.42         80
                                       5.750          2,110.42
    SOMERVILLE       MA   02143          1            01/17/03         00
    0435347976                           01           03/01/03          0
    1598635                              O            02/01/33
    0

    8409321          196/G01             F          463,000.00         ZZ
                                         360        462,539.08          1
                                       6.000          2,775.92         76
                                       5.750          2,775.92
    FORT WAYNE       IN   46845          2            01/17/03         00
    0435346564                           05           03/01/03          0
    1598976                              O            02/01/33
    0

    8409323          196/G01             F          466,000.00         ZZ
                                         360        464,049.47          1
                                       6.125          2,831.47         78
                                       5.875          2,831.47
    PEACHTREE CITY   GA   30269          2            01/10/03         00
    0435357082                           03           03/01/03          0
    1598995                              O            02/01/33
    0

    8409329          196/G01             F          536,000.00         ZZ
                                         360        535,479.03          1
                                       6.125          3,256.80         78
                                       5.875          3,256.80
    BETHESDA         MD   20816          2            01/17/03         00
    0435347430                           05           03/01/03          0
    1599158                              O            02/01/33
    0

    8409335          196/G01             F          440,000.00         ZZ
                                         360        439,572.34          1
                                       6.125          2,673.49         49
                                       5.875          2,673.49
    ARLINGTON        VA   22207          2            01/27/03         00
    0435346655                           05           03/01/03          0
    1599199                              O            02/01/33
    0

    8409339          196/G01             F          400,000.00         ZZ
                                         360        399,620.46          1
                                       6.250          2,462.87         80
                                       6.000          2,462.87
    JAMAICA ESTATES  NY   11432          1            01/22/03         00
    0435364641                           05           03/01/03          0
1

    1599678                              O            02/01/33
    0

    8409341          196/G01             F          365,000.00         ZZ
                                         360        364,645.24          1
                                       6.125          2,217.78         42
                                       5.875          2,217.78
    POTOMAC          MD   20854          2            01/27/03         00
    0435343553                           05           03/01/03          0
    1600037                              O            02/01/33
    0

    8409343          196/G01             F          423,000.00         ZZ
                                         360        422,578.90          1
                                       6.000          2,536.10         90
                                       5.750          2,536.10
    VIENNA           VA   22180          1            01/30/03         11
    0435342134                           05           03/01/03         25
    1600039                              O            02/01/33
    0

    8409345          196/G01             F          867,750.00         ZZ
                                         360        866,926.64          1
                                       6.250          5,342.89         75
                                       6.000          5,342.89
    DARIEN           CT   06820          1            01/27/03         00
    0435342241                           05           03/01/03          0
    1600150                              O            02/01/33
    0

    8409347          196/G01             F          440,000.00         ZZ
                                         360        439,582.51          1
                                       6.250          2,709.16         80
                                       6.000          2,709.16
    UPTON            MA   01568          2            01/27/03         00
    0435365481                           05           03/01/03          0
    1600229                              O            02/01/33
    0

    8409357          196/G01             F          405,400.00         ZZ
                                         240        404,535.50          1
                                       6.125          2,933.73         46
                                       5.875          2,933.73
    SEBASTOPOL       CA   95472          2            01/21/03         00
    0435342209                           05           03/01/03          0
    1600477                              O            02/01/23
    0

1

    8409359          196/G01             F          174,050.00         ZZ
                                         360        173,892.65          1
                                       6.500          1,100.12         51
                                       6.250          1,100.12
    DIGHTON          MA   02715          5            01/27/03         00
    0435349642                           05           03/01/03          0
    1601042                              O            02/01/33
    0

    8409363          196/G01             F          428,000.00         ZZ
                                         360        427,165.88          1
                                       6.125          2,600.58         75
                                       5.875          2,600.58
    BEAUMONT         TX   77713          2            01/03/03         00
    0435348321                           05           02/01/03          0
    1603031                              O            01/01/33
    0

    8409377          196/G01             F          700,000.00         ZZ
                                         360        699,335.80          1
                                       6.250          4,310.03         80
                                       6.000          4,310.03
    LAKEWOOD         CO   80228          1            01/09/03         00
    0435346986                           03           03/01/03          0
    1606237                              O            02/01/33
    0

    8409379          196/G01             F          414,000.00         ZZ
                                         360        413,231.06          1
                                       6.375          2,582.83         35
                                       6.125          2,582.83
    AGOURA HILLS     CA   91301          2            12/23/02         00
    0435367917                           05           02/01/03          0
    1607103                              O            01/01/33
    0

    8409413          196/G01             F          554,000.00         ZZ
                                         360        552,975.37          1
                                       6.375          3,456.24         51
                                       6.125          3,456.24
    LOS ANGELES      CA   90004          5            01/13/03         00
    0435343884                           05           03/01/03          0
    1607452                              O            02/01/33
    0

    8409417          196/G01             F           98,500.00         ZZ
                                         360         98,401.94          1
                                       6.000            590.56         22
                                       5.750            590.56
1

    MONUMENT         CO   80132          5            01/17/03         00
    0435345749                           03           03/01/03          0
    1608670                              O            02/01/33
    0

    8409423          196/G01             F          539,500.00         ZZ
                                         360        538,962.92          1
                                       6.000          3,234.58         68
                                       5.750          3,234.58
    INDIANAPOLIS     IN   46250          2            01/22/03         00
    0435344346                           03           03/01/03          0
    1608759                              O            02/01/33
    0

    8409425          196/G01             F          455,000.00         ZZ
                                         360        454,578.58          1
                                       6.375          2,838.61         42
                                       6.125          2,838.61
    LEXINGTON        MA   02421          2            01/27/03         00
    0435347356                           05           03/01/03          0
    1608896                              O            02/01/33
    0

    8409433          196/G01             F          397,000.00         ZZ
                                         360        396,604.78          1
                                       6.000          2,380.22         73
                                       5.750          2,380.22
    ROSWELL          GA   30075          2            01/23/03         00
    0435344643                           03           03/01/03          0
    1609619                              O            02/01/33
    0

    8409437          196/G01             F          423,000.00         ZZ
                                         360        422,608.22          1
                                       6.375          2,638.97         37
                                       6.125          2,638.97
    DANVILLE         CA   94506          2            01/14/03         00
    0435350707                           03           03/01/03          0
    1610830                              O            02/01/33
    0

    8409443          196/G01             F          476,000.00         ZZ
                                         360        475,526.13          1
                                       6.000          2,853.87         80
                                       5.750          2,853.87
    WESTLAKE VILLAG  CA   91361          1            01/24/03         00
    0435344890                           05           03/01/03          0
    1611590                              O            02/01/33
    0
1

    8409447          196/G01             F          338,000.00         ZZ
                                         360        337,679.29          1
                                       6.250          2,081.13         79
                                       6.000          2,081.13
    LOS ANGELES      CA   90019          2            01/06/03         00
    0435365655                           05           03/01/03          0
    1612018                              O            02/01/33
    0

    8409451          196/G01             F          650,000.00         ZZ
                                         360        649,383.25          1
                                       6.250          4,002.17         50
                                       6.000          4,002.17
    SOUTH HAVEN      MI   49090          5            01/17/03         00
    0435348982                           05           03/01/03          0
    1612233                              O            02/01/33
    0

    8409453          196/G01             F          455,000.00         ZZ
                                         240        453,985.72          1
                                       5.750          3,194.49         76
                                       5.500          3,194.49
    CLARKSVILLE      MD   21029          2            01/17/03         00
    0435352174                           03           03/01/03          0
    1612500                              O            02/01/23
    0

    8409459          196/G01             F          425,000.00         ZZ
                                         360        424,576.90          1
                                       6.000          2,548.10         76
                                       5.750          2,548.10
    GAITHERSBURG     MD   20882          2            01/24/03         00
    0435347216                           05           03/01/03          0
    1612897                              O            02/01/33
    0

    8409461          196/G01             F          535,700.00         ZZ
                                         360        535,179.33          1
                                       6.125          3,254.97         68
                                       5.875          3,254.97
    AUSTIN           TX   78730          2            01/24/03         00
    0435344098                           05           03/01/03          0
    1613480                              O            02/01/33
    0

    8409465          196/G01             F          472,950.00         ZZ
                                         360        472,490.32          1
1

                                       6.125          2,873.70         79
                                       5.875          2,873.70
    AUSTIN           TX   78730          2            01/22/03         00
    0435347372                           05           03/01/03          0
    1613482                              O            02/01/33
    0

    8409469          196/G01             F          411,750.00         ZZ
                                         360        411,349.80          1
                                       6.125          2,501.84         74
                                       5.875          2,501.84
    AUSTIN           TX   78731          2            01/23/03         00
    0435361936                           05           03/01/03          0
    1613486                              O            02/01/33
    0

    8409471          196/G01             F          519,900.00         ZZ
                                         360        519,406.69          1
                                       6.250          3,201.12         80
                                       6.000          3,201.12
    ACTON            MA   01720          2            01/24/03         00
    0435349543                           05           03/01/03          0
    1614383                              O            02/01/33
    0

    8409473          196/G01             F          585,000.00         ZZ
                                         360        584,431.41          1
                                       6.125          3,554.53         54
                                       5.875          3,554.53
    WHITTIER         CA   90605          5            01/15/03         00
    0435346507                           05           03/01/03          0
    1614898                              O            02/01/33
    0

    8409475          196/G01             F          440,000.00         ZZ
                                         360        439,561.97          1
                                       6.000          2,638.03         29
                                       5.750          2,638.03
    PALOS VERDES ES  CA   90274          1            01/22/03         00
    0435345020                           05           03/01/03          0
    1615678                              O            02/01/33
    0

    8409477          196/G01             F          460,000.00         ZZ
                                         360        459,542.06          1
                                       6.000          2,757.94         80
                                       5.750          2,757.94
    SAVANNAH         GA   31405          1            01/23/03         00
    0435348537                           03           03/01/03          0
1

    1616199                              O            02/01/33
    0

    8409479          196/G01             F          325,000.00         ZZ
                                         360        324,684.11          1
                                       6.125          1,974.74         71
                                       5.875          1,974.74
    NORWALK          CT   06850          2            01/24/03         00
    0435345343                           05           03/01/03          0
    1616662                              O            02/01/33
    0

    8409481          196/G01             F          686,100.00         ZZ
                                         360        685,449.00          1
                                       6.250          4,224.44         73
                                       6.000          4,224.44
    AUSTIN           TX   78746          2            01/27/03         00
    0435348156                           05           03/01/03          0
    1617490                              O            02/01/33
    0

    8410805          696/G01             F          488,600.00         ZZ
                                         360        488,125.11          1
                                       6.125          2,968.79         73
                                       5.875          2,968.79
    WASHINGTON       DC   20015          2            01/24/03         00
    0435314430                           07           03/01/03          0
    31102319                             O            02/01/33
    0

    8410859          696/G01             F          473,200.00         ZZ
                                         360        472,728.93          1
                                       6.000          2,837.07         79
                                       5.750          2,837.07
    CHANTILLY        VA   20151          2            01/27/03         00
    0435316666                           03           03/01/03          0
    25002223                             O            02/01/33
    0

    8411327          U87/G01             F          650,000.00         ZZ
                                         360        649,352.92          1
                                       6.000          3,897.08         17
                                       5.750          3,897.08
    MALIBU           CA   90265          2            01/28/03         00
    0435335351                           03           03/01/03          0
    3701                                 O            02/01/33
    0

1

    8412337          U05/G01             F          330,000.00         ZZ
                                         360        329,686.88          1
                                       6.250          2,031.87         75
                                       6.000          2,031.87
    ORLAND PARK      IL   60467          2            01/17/03         00
    0435342621                           05           03/01/03          0
    3303653                              O            02/01/33
    0

    8412373          G51/G01             F          480,000.00         ZZ
                                         360        479,522.15          1
                                       6.000          2,877.85         80
                                       5.750          2,877.85
    COLORADO SPRING  CO   80908          1            01/31/03         00
    0435330378                           05           03/01/03          0
    04000125                             O            02/01/33
    0

    8412771          964/G01             F          414,000.00         ZZ
                                         360        413,616.56          1
                                       6.375          2,582.82         75
                                       6.125          2,582.82
    WOODLAND HILLS   CA   91364          5            01/13/03         00
    0435356985                           05           03/01/03          0
    301202                               O            02/01/33
    0

    8412773          964/G01             F          410,000.00         ZZ
                                         360        409,591.84          1
                                       6.000          2,458.16         69
                                       5.750          2,458.16
    SAN FRANCISCO    CA   94115          5            01/16/03         00
    0435325535                           01           03/01/03          0
    302529                               O            02/01/33
    0

    8412793          964/G01             F          390,000.00         ZZ
                                         360        389,620.95          1
                                       6.125          2,369.68         29
                                       5.875          2,369.68
    DIABLO           CA   94528          2            01/17/03         00
    0435328729                           05           03/01/03          0
    324504                               O            02/01/33
    0

    8412799          964/G01             F          436,000.00         ZZ
                                         360        435,565.96          1
                                       6.000          2,614.04         80
                                       5.750          2,614.04
1

    COTATI           CA   94931          1            01/27/03         00
    0435318142                           05           03/01/03          0
    336955                               O            02/01/33
    0

    8413127          E22/G01             F          371,000.00         ZZ
                                         360        370,621.74          1
                                       5.875          2,194.61         34
                                       5.625          2,194.61
    DANVILLE         CA   94506          2            01/23/03         00
    0415519511                           03           03/01/03          0
    0415519511                           O            02/01/33
    0

    8413213          E22/G01             F          308,000.00         ZZ
                                         360        307,685.98          1
                                       5.875          1,821.94         80
                                       5.625          1,821.94
    CONCORD          CA   94518          2            01/27/03         00
    0415841196                           05           03/01/03          0
    0415841196                           O            02/01/33
    0

    8413225          E22/G01             F          322,700.00         ZZ
                                         360        322,371.00          1
                                       5.875          1,908.89         52
                                       5.625          1,908.89
    CANYON LAKE      CA   92587          1            01/31/03         00
    0415866805                           03           03/01/03          0
    0415866805                           O            02/01/33
    0

    8413243          E22/G01             F          512,000.00         ZZ
                                         360        511,502.36          1
                                       6.125          3,110.97         64
                                       5.875          3,110.97
    GREAT FALLS      VA   22066          5            01/30/03         00
    0415901131                           05           03/01/03          0
    0415901131                           O            02/01/33
    0

    8413301          E22/G01             F          320,000.00         ZZ
                                         360        319,681.44          1
                                       6.000          1,918.56         80
                                       5.750          1,918.56
    FAIRFIELD        CA   94534          1            01/23/03         00
    0415969880                           05           03/01/03          0
    0415969880                           O            02/01/33
    0
1

    8413351          E22/G01             F          186,000.00         ZZ
                                         360        185,801.16          1
                                       5.625          1,070.72         51
                                       5.375          1,070.72
    EATONVILLE       WA   98328          5            01/28/03         00
    0416062669                           05           03/01/03          0
    0416062669                           O            02/01/33
    0

    8413941          E33/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.000          2,757.93         43
                                       5.750          2,757.93
    LAKE FOREST      IL   60045          2            01/31/03         00
    0435326681                           05           04/01/03          0
    784171                               O            03/01/33
    0

    8414019          588/G01             F          304,000.00         ZZ
                                         360        303,704.53          1
                                       6.125          1,847.14         63
                                       5.875          1,847.14
    BASKING RIDGE    NJ   07920          2            01/13/03         00
    0435314729                           09           03/01/03          0
    1082046                              O            02/01/33
    0

    8414149          E82/G01             F          360,400.00         ZZ
                                         360        360,400.00          1
                                       6.125          2,189.83         40
                                       5.875          2,189.83
    NOVATO           CA   94947          2            01/30/03         00
    0400766283                           03           04/01/03          0
    7888837                              O            03/01/33
    0

    8414693          893/G01             F          455,000.00         ZZ
                                         360        454,557.77          1
                                       6.125          2,764.63         74
                                       5.875          2,764.63
    SAN CARLOS       CA   94070          1            01/27/03         00
    0435403316                           05           03/01/03          0
    M30117051                            O            02/01/33
    0

    8415551          550/550             F          344,000.00         ZZ
                                         360        344,000.00          1
1

                                       6.100          2,084.63         48
                                       5.850          2,084.63
    MILL VALLEY      CA   94941          2            01/30/03         00
    120628198                            05           04/01/03          0
    120628198                            O            03/01/33
    0

    8415585          E22/G01             F          150,100.00         ZZ
                                         360        150,100.00          1
                                       6.250            924.19         47
                                       6.000            924.19
    CONIFER          CO   80433          5            01/30/03         00
    0415995836                           05           04/01/03          0
    0415995836                           O            03/01/33
    0

    8415859          E82/G01             F          365,900.00         ZZ
                                         360        365,900.00          1
                                       6.000          2,193.76         57
                                       5.750          2,193.76
    SCOTTS VALLEY    CA   95066          2            01/31/03         00
    0400767257                           05           04/01/03          0
    1813291                              O            03/01/33
    0

    8415863          E82/G01             F          274,000.00         ZZ
                                         360        274,000.00          1
                                       6.125          1,664.85         38
                                       5.875          1,664.85
    MOUNTAIN VIEW    CA   94040          2            01/31/03         00
    0400766077                           05           04/01/03          0
    1856765                              O            03/01/33
    0

    8415865          E82/G01             F          244,600.00         ZZ
                                         360        244,600.00          1
                                       6.125          1,486.22         65
                                       5.875          1,486.22
    ROCKLIN          CA   95765          2            01/31/03         00
    0400766135                           05           04/01/03          0
    5394632                              O            03/01/33
    0

    8415875          E82/G01             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       6.125          1,081.55         45
                                       5.875          1,081.55
    ANAHEIM          CA   92807          2            01/31/03         00
    0400760864                           09           04/01/03          0
1

    1890862                              O            03/01/33
    0

    8415879          E82/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.000          2,374.22         56
                                       5.750          2,374.22
    SAN JOSE         CA   95123          2            01/31/03         00
    0400767752                           05           04/01/03          0
    7742301                              O            03/01/33
    0

    8415905          E82/G01             F          259,300.00         ZZ
                                         360        259,300.00          1
                                       6.000          1,554.63         52
                                       5.750          1,554.63
    EL DORADO HILLS  CA   95762          2            01/31/03         00
    0400775805                           05           04/01/03          0
    1807547                              O            03/01/33
    0

    8415911          E82/G01             F          435,100.00         ZZ
                                         360        435,100.00          1
                                       6.125          2,643.71         57
                                       5.875          2,643.71
    MILLBRAE         CA   94030          2            01/31/03         00
    0400774915                           05           04/01/03          0
    1862429                              O            03/01/33
    0

    8415913          E82/G01             F          426,100.00         ZZ
                                         360        426,100.00          1
                                       6.375          2,658.31         56
                                       6.125          2,658.31
    OREGON CITY      OR   97045          2            02/03/03         00
    0400738134                           05           04/01/03          0
    1824783                              O            03/01/33
    0

    8415919          E82/G01             F          294,000.00         ZZ
                                         360        294,000.00          1
                                       6.125          1,786.37         49
                                       5.875          1,786.37
    WOODLAND HILLS   CA   91364          2            01/30/03         00
    0400753083                           05           04/01/03          0
    1797634                              O            03/01/33
    0

1

    8415935          E82/G01             F          544,000.00         ZZ
                                         360        544,000.00          1
                                       6.250          3,349.50         52
                                       6.000          3,349.50
    CHEVY CHASE      MD   20815          2            02/03/03         00
    0400754974                           05           04/01/03          0
    2687428                              O            03/01/33
    0

    8416013          U87/G01             F          613,500.00         T
                                         360        612,889.26          1
                                       6.000          3,678.24         40
                                       5.750          3,678.24
    PARK CITY        UT   84060          2            01/28/03         00
    0435346895                           05           03/01/03          0
    37011                                O            02/01/33
    0

    8416025          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.000          2,158.38         52
                                       5.750          2,158.38
    SAN FRANCISCO    CA   94122          1            01/28/03         00
    0435324363                           05           04/01/03          0
    340233                               O            03/01/33
    0

    8416109          X80/G01             F          360,000.00         ZZ
                                         360        359,641.62          1
                                       6.000          2,158.38         78
                                       5.750          2,158.38
    CERRITOS         CA   90703          1            01/27/03         00
    0435343959                           05           03/01/03          0
    1410115113                           O            02/01/33
    0

    8419145          A06/G01             F          571,600.00         ZZ
                                         360        571,030.96          1
                                       6.000          3,427.04         37
                                       5.750          3,427.04
    BLOOMFIELD HILL  MI   48302          2            01/29/03         00
    0435339874                           05           03/01/03          0
    1                                    O            02/01/33
    0

    8419871          X51/G01             F          508,000.00         ZZ
                                         360        508,000.00          1
                                       6.125          3,086.66         60
                                       5.875          3,086.66
1

    LOS ANGELES      CA   90046          2            02/01/03         00
    0435337969                           05           04/01/03          0
    0030117013                           O            03/01/33
    0

    8420187          X89/G01             F          254,091.00         ZZ
                                         360        253,861.30          1
                                       6.500          1,606.03         59
                                       6.250          1,606.03
    ROCKLIN          CA   95677          5            01/14/03         00
    0435431838                           05           03/01/03          0
    0100239655                           O            02/01/33
    0

    8421017          964/G01             F          397,750.00         ZZ
                                         360        397,381.61          1
                                       6.375          2,481.44         42
                                       6.125          2,481.44
    GREENBRAE        CA   94904          2            01/02/03         00
    0435335245                           05           03/01/03          0
    300422                               O            02/01/33
    0

    8421035          964/G01             F          447,900.00         ZZ
                                         360        447,475.01          1
                                       6.250          2,757.80         80
                                       6.000          2,757.80
    SAN DIEGO        CA   92129          2            01/13/03         00
    0435335054                           05           03/01/03          0
    286162                               O            02/01/33
    0

    8421133          E82/G01             F          204,200.00         ZZ
                                         360        204,200.00          1
                                       6.125          1,240.74         71
                                       5.875          1,240.74
    AMARILLO         TX   79119          2            02/05/03         00
    0400762514                           05           04/01/03          0
    4560380                              O            03/01/33
    0

    8421135          E82/G01             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       6.500            960.74         55
                                       6.250            960.74
    STONY POINT      NY   10980          2            02/04/03         00
    0400765889                           05           04/01/03          0
    1939697                              O            03/01/33
    0
1

    8421139          E82/G01             F          323,500.00         ZZ
                                         360        323,500.00          1
                                       6.250          1,991.85         93
                                       6.000          1,991.85
    BRONX            NY   10465          2            02/05/03         04
    0400754289                           05           04/01/03         30
    4783697                              O            03/01/33
    0

    8421153          E82/G01             F          291,100.00         ZZ
                                         360        291,100.00          1
                                       6.250          1,792.35         75
                                       6.000          1,792.35
    PLAINVIEW        NY   11803          2            02/04/03         00
    0400762175                           05           04/01/03          0
    0400762175                           O            03/01/33
    0

    8421161          E82/G01             F          311,000.00         ZZ
                                         360        311,000.00          1
                                       6.375          1,940.24         80
                                       6.125          1,940.24
    PEORIA           AZ   85383          2            02/04/03         00
    0400782132                           03           04/01/03          0
    5202799                              O            03/01/33
    0

    8421163          E82/G01             F          290,500.00         ZZ
                                         360        290,500.00          1
                                       6.125          1,765.11         56
                                       5.875          1,765.11
    SPICEWOOD        TX   78669          2            02/03/03         00
    0400775615                           09           04/01/03          0
    1627031                              O            03/01/33
    0

    8421165          E82/G01             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       6.125          2,576.27         59
                                       5.875          2,576.27
    KING GEORGE      VA   22485          2            02/05/03         00
    0400765202                           05           04/01/03          0
    8009807                              O            03/01/33
    0

    8421167          E82/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
1

                                       6.250          1,921.04         80
                                       6.000          1,921.04
    POCATELLO        ID   83204          2            02/05/03         00
    0400756193                           05           04/01/03          0
    4311242                              O            03/01/33
    0

    8423309          952/G01             F          460,000.00         ZZ
                                         360        459,552.91          1
                                       6.125          2,795.01         56
                                       5.875          2,795.01
    FORT LEE         NJ   07024          2            02/03/03         00
    0435393178                           05           03/01/03          0
    20028562                             O            02/01/33
    0

    8423399          H58/G01             F          397,000.00         ZZ
                                         360        396,244.66          1
                                       6.250          2,444.40         50
                                       6.000          2,444.40
    SCOTTSDALE       AZ   85262          2            12/27/02         00
    0435420435                           03           02/01/03          0
    0000129639                           O            01/01/33
    0

    8423401          N47/G01             F          648,000.00         ZZ
                                         360        648,000.00          1
                                       6.000          3,885.09         60
                                       5.750          3,885.09
    PIEDMONT         CA   94611          2            02/01/03         00
    0435449947                           03           04/01/03          0
    20502049                             O            03/01/33
    0

    8423573          H58/G01             F          329,000.00         ZZ
                                         360        328,687.83          1
                                       6.250          2,025.71         80
                                       6.000          2,025.71
    CHULA VISTA      CA   91913          2            01/06/03         00
    0435389721                           03           03/01/03          0
    0000127739                           O            02/01/33
    0

    8423599          B44/G01             F          452,000.00         ZZ
                                         360        451,550.03          1
                                       6.000          2,709.97         80
                                       5.750          2,709.97
    ANAHEIM          CA   92807          2            01/24/03         00
    0435350608                           05           03/01/03          0
1

    3020880                              O            02/01/33
    0

    8423699          642/G01             F           75,000.00         ZZ
                                         360         75,000.00          1
                                       6.125            455.71         60
                                       5.875            455.71
    PUEBLO           CO   81005          5            02/05/03         00
    0435352158                           05           04/01/03          0
    01186403                             O            03/01/33
    0

    8423999          964/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.125          3,341.86         79
                                       5.875          3,341.86
    PORTLAND         OR   97202          2            01/28/03         00
    0435348370                           05           04/01/03          0
    347104                               O            03/01/33
    0

    8424017          E82/G01             F          401,850.00         ZZ
                                         360        401,850.00          1
                                       6.250          2,474.26         72
                                       6.000          2,474.26
    HERNDON          VA   20170          2            02/05/03         00
    0400765392                           03           04/01/03          0
    4737439                              O            03/01/33
    0

    8424019          E82/G01             F          431,300.00         ZZ
                                         360        431,300.00          1
                                       6.125          2,620.62         77
                                       5.875          2,620.62
    SHERMAN OAKS     CA   91403          2            02/03/03         00
    0400760096                           05           04/01/03          0
    1915350                              O            03/01/33
    0

    8424027          E82/G01             F          264,300.00         ZZ
                                         360        264,300.00          1
                                       6.125          1,605.91         49
                                       5.875          1,605.91
    APTOS            CA   95003          2            02/03/03         00
    0400765749                           05           04/01/03          0
    1832352                              O            03/01/33
    0

1

    8424029          E82/G01             F          182,500.00         ZZ
                                         360        182,500.00          1
                                       6.000          1,094.18         27
                                       5.750          1,094.18
    SAN JOSE         CA   95133          2            02/03/03         00
    0400747234                           05           04/01/03          0
    1863729                              O            03/01/33
    0

    8424033          E82/G01             F          233,700.00         ZZ
                                         360        233,700.00          1
                                       6.125          1,419.99         85
                                       5.875          1,419.99
    ANNANDALE        NJ   08801          2            02/06/03         10
    0400784179                           05           04/01/03         12
    1665726                              O            03/01/33
    0

    8424043          E82/G01             F          188,300.00         ZZ
                                         360        188,300.00          1
                                       6.125          1,144.13         79
                                       5.875          1,144.13
    CERRITOS         CA   90703          2            02/03/03         00
    0400767786                           05           04/01/03          0
    6262976                              O            03/01/33
    0

    8424059          E82/G01             F          472,000.00         ZZ
                                         360        472,000.00          1
                                       6.125          2,867.92         69
                                       5.875          2,867.92
    FALLS CHURCH     VA   22043          2            02/06/03         00
    0400774873                           03           04/01/03          0
    5260498                              O            03/01/33
    0

    8424069          E82/G01             F          458,500.00         ZZ
                                         360        458,500.00          1
                                       6.000          2,748.94         49
                                       5.750          2,748.94
    RICHMOND         CA   94801          2            02/05/03         00
    0400760211                           05           04/01/03          0
    1884271                              O            03/01/33
    0

    8424075          E82/G01             F          332,200.00         ZZ
                                         360        332,200.00          1
                                       6.125          2,018.48         69
                                       5.875          2,018.48
1

    WELLINGTON       FL   33414          2            02/06/03         00
    0400767737                           03           04/01/03          0
    4678850                              O            03/01/33
    0

    8424077          E82/G01             F          308,400.00         ZZ
                                         360        308,400.00          1
                                       6.250          1,898.87         52
                                       6.000          1,898.87
    SPRINGFIELD      MO   65802          2            02/06/03         00
    0400760203                           05           04/01/03          0
    5132583                              O            03/01/33
    0

    8424081          E82/G01             F          366,850.00         ZZ
                                         360        366,850.00          1
                                       6.125          2,229.02         57
                                       5.875          2,229.02
    PLEASANT HILL    CA   94523          2            02/03/03         00
    0400775318                           05           04/01/03          0
    7067858                              O            03/01/33
    0

    8424089          E82/G01             F          187,500.00         ZZ
                                         360        187,500.00          1
                                       6.000          1,124.16         60
                                       5.750          1,124.16
    GAITHERSBURG     MD   20878          2            02/05/03         00
    0400781308                           05           04/01/03          0
    7011470                              O            03/01/33
    0

    8424093          E82/G01             F          403,800.00         ZZ
                                         360        403,800.00          1
                                       6.250          2,486.27         80
                                       6.000          2,486.27
    LAS VEGAS        NV   89131          2            02/04/03         00
    0400771929                           03           04/01/03          0
    7821567                              O            03/01/33
    0

    8424103          E82/G01             F          395,800.00         ZZ
                                         360        395,800.00          1
                                       6.000          2,373.02         72
                                       5.750          2,373.02
    OMAHA            NE   68114          2            02/04/03         00
    0400773198                           03           04/01/03          0
    4353043                              O            03/01/33
    0
1

    8424597          588/G01             F          419,600.00         ZZ
                                         360        419,600.00          1
                                       6.250          2,583.55         80
                                       6.000          2,583.55
    JEFFERSON TWNSH  NJ   07438          1            02/04/03         00
    0435330709                           05           04/01/03          0
    1071587                              O            03/01/33
    0

    8425363          X89/G01             F          332,000.00         ZZ
                                         360        331,669.49          1
                                       6.000          1,990.51         80
                                       5.750          1,990.51
    LOS ANGELES      CA   90006          1            01/28/03         00
    0435347000                           05           03/01/03          0
    1010241258                           O            02/01/33
    0

    8425817          K15/G01             F           85,000.00         ZZ
                                         360         85,000.00          1
                                       6.500            537.26         56
                                       6.250            537.26
    MINNEAPOLIS      MN   55417          5            01/31/03         00
    0435348586                           05           04/01/03          0
    013205510099                         O            03/01/33
    0

    8426411          X89/G01             F          434,000.00         ZZ
                                         360        433,578.18          1
                                       6.125          2,637.03         16
                                       5.875          2,637.03
    MONTE SERENO     CA   95030          5            01/28/03         00
    0435345970                           05           03/01/03          0
    1010240783                           O            02/01/33
    0

    8426531          E82/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.125          2,551.96         76
                                       5.875          2,551.96
    DALLAS           TX   75214          2            02/07/03         00
    0400784799                           05           04/01/03          0
    5678141                              O            03/01/33
    0

    8426539          E82/G01             F          666,500.00         ZZ
                                         360        666,500.00          1
1

                                       6.250          4,103.76         67
                                       6.000          4,103.76
    CORAL GABLES     FL   33143          2            02/06/03         00
    0400775532                           05           04/01/03          0
    7649806                              O            03/01/33
    0

    8426981          E22/G01             F          332,000.00         ZZ
                                         360        331,653.37          1
                                       5.750          1,937.46         50
                                       5.500          1,937.46
    SAN JOSE         CA   95124          2            01/29/03         00
    0415618503                           05           03/01/03          0
    0415618503                           O            02/01/33
    0

    8427003          E22/G01             F          399,500.00         ZZ
                                         360        399,500.00          1
                                       6.000          2,395.20         59
                                       5.750          2,395.20
    BARRINGTON       IL   60010          2            02/05/03         00
    0415731595                           05           04/01/03          0
    0415731595                           O            03/01/33
    0

    8427097          E22/G01             F          537,000.00         ZZ
                                         360        537,000.00          1
                                       6.250          3,306.40         65
                                       6.000          3,306.40
    SAN CARLOS       CA   94070          5            01/31/03         00
    0415932466                           05           04/01/03          0
    0415932466                           O            03/01/33
    0

    8427179          E22/G01             F          690,000.00         ZZ
                                         360        690,000.00          1
                                       6.125          4,192.51         65
                                       5.875          4,192.51
    DANVILLE         CA   94506          2            01/29/03         00
    0415995661                           03           04/01/03          0
    0415995661                           O            03/01/33
    0

    8427283          E22/G01             F          205,000.00         ZZ
                                         360        205,000.00          1
                                       6.000          1,229.08         75
                                       5.750          1,229.08
    SAN JOSE         CA   95132          2            02/04/03         00
    0416021434                           09           04/01/03          0
1

    0416021434                           O            03/01/33
    0

    8427287          E22/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.375          3,275.32         70
                                       6.125          3,275.32
    WATERFORD        MI   48328          2            02/04/03         00
    0416024750                           29           04/01/03          0
    0416024750                           O            03/01/33
    0

    8427303          E22/G01             F          415,000.00         ZZ
                                         360        415,000.00          1
                                       6.125          2,521.58         79
                                       5.875          2,521.58
    SAN JOSE         CA   95126          2            02/03/03         00
    0416037950                           05           04/01/03          0
    0416037950                           O            03/01/33
    0

    8427357          E22/G01             F          212,000.00         ZZ
                                         360        212,000.00          1
                                       6.250          1,305.32         80
                                       6.000          1,305.32
    RIO RANCHO       NM   87124          2            02/07/03         00
    0416116242                           03           04/01/03          0
    0416116242                           O            03/01/33
    0

    8430191          R84/G01             F          453,000.00         ZZ
                                         360        452,580.43          1
                                       6.375          2,826.13         57
                                       6.125          2,826.13
    HOUSTON          TX   77098          2            01/24/03         00
    0435381496                           05           03/01/03          0
    0662145                              O            02/01/33
    0

    8430279          D03/D03             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.125          2,369.68         66
                                       5.875          2,369.68
    TRABUCO CANYON   CA   92679          5            01/30/03         00
    NIEB1020002704                       03           04/01/03          0
    NIEB1020002704                       O            03/01/33
    0

1

    8430579          A06/G01             F          210,500.00         ZZ
                                         360        210,500.00          1
                                       6.125          1,279.03         60
                                       5.875          1,279.03
    CANTON           MI   48188          5            02/04/03         00
    0435365630                           05           04/01/03          0
    1000010202204                        O            03/01/33
    0

    8431529          H93/G01             F          472,500.00         ZZ
                                         360        472,500.00          1
                                       6.125          2,870.96         90
                                       5.875          2,870.96
    SHAWNEE          KS   66218          2            02/04/03         04
    0435353966                           05           04/01/03         25
    2003000054                           O            03/01/33
    0

    8431533          A06/G01             F          605,000.00         ZZ
                                         360        605,000.00          1
                                       5.875          3,578.81         44
                                       5.625          3,578.81
    BLOOMFIELD HILL  MI   48302          2            02/03/03         00
    0435365390                           05           04/01/03          0
    1                                    O            03/01/33
    0

    8431629          964/G01             F          427,800.00         ZZ
                                         360        427,374.12          1
                                       6.000          2,564.88         43
                                       5.750          2,564.88
    LOS ANGELES      CA   90034          2            01/24/03         00
    0435400262                           05           03/01/03          0
    331307                               O            02/01/33
    0

    8431641          A06/G01             F          375,750.00         ZZ
                                         360        375,384.79          1
                                       6.125          2,283.10         75
                                       5.875          2,283.10
    LIVONIA          MI   48152          5            01/31/03         00
    0435373865                           05           03/01/03          0
    1000020233226                        O            02/01/33
    0

    8432115          116/116             F          643,200.00         ZZ
                                         360        642,574.85          1
                                       6.125          3,908.15         80
                                       5.875          3,908.15
1

    HOUSTON          TX   77057          4            01/10/03         00
    091020101                            03           03/01/03          0
    091020101                            O            02/01/33
    0

    8432139          E82/G01             F          242,800.00         ZZ
                                         360        242,800.00          1
                                       6.000          1,455.71         33
                                       5.750          1,455.71
    LOS ANGELES      CA   90004          2            02/06/03         00
    0400776506                           05           04/01/03          0
    1816276                              O            03/01/33
    0

    8432147          E82/G01             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       6.125          1,190.92         53
                                       5.875          1,190.92
    SOUTH RIDING     VA   20152          2            02/07/03         00
    0400763868                           03           04/01/03          0
    1739741                              O            03/01/33
    0

    8432171          E82/G01             F          326,500.00         ZZ
                                         360        326,500.00          1
                                       6.500          2,063.70         66
                                       6.250          2,063.70
    AGOURA HILLS     CA   91301          2            02/05/03         00
    0400751657                           05           04/01/03          0
    0400751657                           O            03/01/33
    0

    8432471          E22/G01             F           22,500.00         ZZ
                                         360         22,500.00          1
                                       6.500            142.22         54
                                       6.250            142.22
    BIRMINGHAM       AL   35214          5            02/06/03         00
    0415531680                           05           04/01/03          0
    0415531680                           O            03/01/33
    0

    8432487          E22/G01             F          106,000.00         ZZ
                                         360        106,000.00          1
                                       6.375            661.30         78
                                       6.125            661.30
    WINTER SPRINGS   FL   32708          1            02/11/03         00
    0415759356                           03           04/01/03          0
    0415759356                           O            03/01/33
    0
1

    8432497          N47/G01             F          397,500.00         ZZ
                                         360        397,122.83          1
                                       6.250          2,447.48         66
                                       6.000          2,447.48
    APTOS            CA   95004          2            01/17/03         00
    0435432190                           05           03/01/03          0
    90500438                             O            02/01/33
    0

    8432549          E22/G01             F          148,500.00         ZZ
                                         360        148,500.00          4
                                       6.750            963.17         90
                                       6.500            963.17
    CATASAUQUA       PA   18032          1            02/11/03         01
    0415878420                           05           04/01/03         25
    0415878420                           O            03/01/33
    0

    8432603          E22/G01             F          178,000.00         ZZ
                                         360        178,000.00          1
                                       5.875          1,052.94         50
                                       5.625          1,052.94
    REDMOND          WA   98052          5            01/30/03         00
    0415911916                           05           04/01/03          0
    0415911916                           O            03/01/33
    0

    8432615          E22/G01             F          509,000.00         ZZ
                                         360        509,000.00          1
                                       6.000          3,051.71         64
                                       5.750          3,051.71
    SAN CARLOS       CA   94070          2            02/03/03         00
    0415922897                           05           04/01/03          0
    0415922897                           O            03/01/33
    0

    8432725          758/G01             F          565,000.00         ZZ
                                         360        564,437.54          1
                                       6.000          3,387.46         46
                                       5.750          3,387.46
    HOUSTON          TX   77056          5            01/16/03         00
    0435448246                           05           03/01/03          0
    102856                               O            02/01/33
    0

    8432803          E22/G01             F          185,500.00         ZZ
                                         360        185,500.00          1
1

                                       6.125          1,127.12         70
                                       5.875          1,127.12
    FERNANDINA BEAC  FL   32034          1            02/11/03         00
    0416028959                           03           04/01/03          0
    0416028959                           O            03/01/33
    0

    8432913          E22/G01             F          418,000.00         ZZ
                                         360        418,000.00          1
                                       6.250          2,573.70         60
                                       6.000          2,573.70
    MILLBURN         NJ   07041          5            02/03/03         00
    0415968098                           05           04/01/03          0
    0415968098                           O            03/01/33
    0

    8432915          E22/G01             F          224,350.00         ZZ
                                         360        224,137.13          1
                                       6.250          1,381.36         61
                                       6.000          1,381.36
    AUSTIN           TX   78738          5            02/03/03         00
    0415972876                           03           03/01/03          0
    0415972876                           O            02/01/33
    0

    8432987          E22/G01             F          315,500.00         ZZ
                                         360        315,185.92          1
                                       6.000          1,891.58         80
                                       5.750          1,891.58
    SPANISH FORK     UT   84660          2            01/30/03         00
    0416029585                           05           03/01/03          0
    0416029585                           O            02/01/33
    0

    8433381          E82/G01             F          245,800.00         ZZ
                                         360        245,800.00          1
                                       6.125          1,493.51         55
                                       5.875          1,493.51
    MARINA DEL REY   CA   90292          2            02/04/03         00
    0400767844                           01           04/01/03          0
    1856477                              O            03/01/33
    0

    8433387          E82/G01             F          289,500.00         ZZ
                                         360        289,500.00          1
                                       6.125          1,759.03         45
                                       5.875          1,759.03
    CUPERTINO        CA   95014          2            02/04/03         00
    0400765764                           05           04/01/03          0
1

    1851561                              O            03/01/33
    0

    8433407          E82/G01             F          294,000.00         ZZ
                                         360        294,000.00          1
                                       6.125          1,786.37         56
                                       5.875          1,786.37
    VIENNA           VA   22182          2            02/07/03         00
    0400775185                           03           04/01/03          0
    2735373                              O            03/01/33
    0

    8433415          U19/G01             F          345,300.00         ZZ
                                         360        345,300.00          1
                                       6.125          2,098.08         80
                                       5.875          2,098.08
    LITTLETON        CO   80126          2            02/07/03         00
    0435372453                           03           04/01/03          0
    88141220                             O            03/01/33
    0

    8433421          E82/G01             F          586,900.00         ZZ
                                         360        586,900.00          1
                                       6.125          3,566.07         46
                                       5.875          3,566.07
    LAGUNA BEACH     CA   92651          5            02/05/03         00
    0400767240                           05           04/01/03          0
    0400767240                           O            03/01/33
    0

    8433427          E82/G01             F          304,600.00         ZZ
                                         360        304,600.00          1
                                       6.125          1,850.78         80
                                       5.875          1,850.78
    CARLSBAD         CA   92009          2            02/05/03         00
    0400780060                           05           04/01/03          0
    5746450                              O            03/01/33
    0

    8433499          R65/G01             F          830,000.00         ZZ
                                         360        830,000.00          1
                                       6.000          4,976.27         38
                                       5.750          4,976.27
    PALOS VERDES     CA   90274          2            02/06/03         00
    0435359625                           05           04/01/03          0
    4200517347                           O            03/01/33
    0

1

    8433703          696/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       6.250          2,019.55         80
                                       6.000          2,019.55
    VIENNA           VA   22181          1            02/11/03         00
    0435340211                           05           04/01/03          0
    22302244                             O            03/01/33
    0

    8434579          B57/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.125          2,916.53         51
                                       5.875          2,916.53
    NEWBURY PARK     CA   91320          2            02/06/03         00
    0435372081                           05           04/01/03          0
    10009663                             O            03/01/33
    0

    8436421          P09/G01             F          464,623.00         ZZ
                                         360        464,623.00          1
                                       6.000          2,785.65         70
                                       5.750          2,785.65
    ASHBURN          VA   20147          2            02/07/03         00
    0435377072                           03           04/01/03          0
    SHEDLICK                             O            03/01/33
    0

    8436459          L85/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.125          2,734.25         57
                                       5.875          2,734.25
    BETHESDA         MD   20817          5            02/05/03         00
    0435382726                           03           04/01/03          0
    10212162MD                           O            03/01/33
    0

    8436463          N47/G01             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       6.125          2,886.15         40
                                       5.875          2,886.15
    SAN CARLOS       CA   94070          2            02/03/03         00
    0435362413                           05           04/01/03          0
    20502535                             O            03/01/33
    0

    8436479          B57/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       6.250          2,647.58         48
                                       6.000          2,647.58
1

    LOS ANGELES      CA   90045          2            02/04/03         00
    0435366273                           05           04/01/03          0
    10007728                             O            03/01/33
    0

    8436501          M18/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.125          1,944.35         70
                                       5.875          1,944.35
    GLENDALE         CA   91201          1            02/03/03         00
    0435366331                           05           04/01/03          0
    980102289                            O            03/01/33
    0

    8436543          X89/G01             F          409,500.00         ZZ
                                         360        409,101.99          1
                                       6.125          2,488.17         66
                                       5.875          2,488.17
    LOS ANGELES      CA   91607          5            01/20/03         00
    0435403613                           05           03/01/03          0
    1010241058                           O            02/01/33
    0

    8436571          F28/G01             F          475,750.00         ZZ
                                         360        475,264.94          1
                                       5.875          2,814.24         74
                                       5.625          2,814.24
    CHAPEL HILL      NC   27516          2            01/15/03         00
    0435363015                           05           03/01/03          0
    4503974                              O            02/01/33
    0

    8436575          F28/G01             F          399,000.00         ZZ
                                         360        398,621.41          1
                                       6.250          2,456.71         67
                                       6.000          2,456.71
    MERTON           WI   53029          2            01/10/03         00
    0435357165                           05           03/01/03          0
    4488448                              O            02/01/33
    0

    8436577          F28/G01             F          600,000.00         ZZ
                                         360        599,430.69          1
                                       6.250          3,694.30         67
                                       6.000          3,694.30
    TUSTIN           CA   92782          2            01/08/03         00
    0435360698                           03           03/01/03          0
    3481749                              O            02/01/33
    0
1

    8436579          F28/G01             F          428,000.00         ZZ
                                         360        427,584.01          1
                                       6.125          2,600.57         68
                                       5.875          2,600.57
    DIX HILLS        NY   11746          2            01/20/03         00
    0435363668                           05           03/01/03          0
    3858221                              O            02/01/33
    0

    8436585          F28/G01             F          370,000.00         ZZ
                                         360        368,142.95          1
                                       6.500          2,338.65         39
                                       6.250          2,338.65
    APTOS            CA   95003          2            10/24/02         00
    0435364161                           05           12/01/02          0
    4177696                              O            11/01/32
    0

    8436587          F28/G01             F          477,000.00         ZZ
                                         360        476,525.14          1
                                       6.000          2,859.86         40
                                       5.750          2,859.86
    DAHLONEGA        GA   30533          2            01/03/03         00
    0435364336                           05           03/01/03          0
    4220064                              O            02/01/33
    0

    8436589          F28/G01             F          484,000.00         ZZ
                                         360        483,551.72          1
                                       6.375          3,019.53         78
                                       6.125          3,019.53
    CONCORD          CA   94518          2            01/06/03         00
    0435357884                           05           03/01/03          0
    4222449                              O            02/01/33
    0

    8436591          F28/G01             F          351,000.00         T
                                         360        350,666.95          1
                                       6.250          2,161.17         80
                                       6.000          2,161.17
    MANTEO           NC   27954          1            01/17/03         00
    0435365150                           05           03/01/03          0
    4240385                              O            02/01/33
    0

    8436593          F28/G01             F          629,000.00         ZZ
                                         360        628,358.70          1
1

                                       5.875          3,720.78         53
                                       5.625          3,720.78
    BELLEVUE         WA   98006          2            01/21/03         00
    0435363262                           03           03/01/03          0
    4604812                              O            02/01/33
    0

    8436597          F28/G01             F          420,000.00         ZZ
                                         360        419,200.88          1
                                       6.250          2,586.02         75
                                       6.000          2,586.02
    NORTHBROOK       IL   60062          1            12/12/02         00
    0435359880                           05           02/01/03          0
    3805545                              O            01/01/33
    0

    8436601          F28/G01             F          363,000.00         ZZ
                                         360        362,629.90          1
                                       5.875          2,147.29         79
                                       5.625          2,147.29
    SEATTLE          WA   98105          2            01/08/03         00
    0435363940                           05           03/01/03          0
    4225255                              O            02/01/33
    0

    8436603          F28/G01             F          650,000.00         ZZ
                                         360        648,792.76          1
                                       6.375          4,055.15         77
                                       6.125          4,055.15
    CHAGRIN FALLS    OH   44022          2            12/21/02         00
    0435364369                           05           02/01/03          0
    4246721                              O            01/01/33
    0

    8436605          F28/G01             F          394,600.00         ZZ
                                         360        393,867.10          1
                                       6.375          2,461.79         59
                                       6.125          2,461.79
    ENCINITAS        CA   92024          2            12/18/02         00
    0435357983                           05           02/01/03          0
    4241953                              O            01/01/33
    0

    8436615          F28/G01             F          440,000.00         ZZ
                                         360        438,710.47          1
                                       6.125          2,673.49         68
                                       5.875          2,673.49
    PEWEE VALLEY     KY   40056          5            11/22/02         00
    0435352638                           05           01/01/03          0
1

    02044                                O            12/01/32
    0

    8436621          F28/G01             F          425,000.00         ZZ
                                         360        423,783.91          1
                                       6.250          2,616.80         78
                                       6.000          2,616.80
    WESTERVILLE      OH   43082          1            11/07/02         00
    0435354873                           05           01/01/03          0
    3954507                              O            12/01/32
    0

    8436639          F28/G01             F          338,000.00         ZZ
                                         360        337,679.29          1
                                       6.250          2,081.12         52
                                       6.000          2,081.12
    GERMANTOWN       MD   20874          2            01/08/03         00
    0435357280                           05           03/01/03          0
    4191786                              O            02/01/33
    0

    8436651          F28/G01             F          532,000.00         ZZ
                                         360        530,963.22          1
                                       6.125          3,232.49         16
                                       5.875          3,232.49
    BONITA SPRINGS   FL   34134          2            12/10/02         00
    0435364492                           05           02/01/03          0
    4198914                              O            01/01/33
    0

    8436655          F28/G01             F          432,000.00         ZZ
                                         360        431,569.94          1
                                       6.000          2,590.06         80
                                       5.750          2,590.06
    SEATTLE          WA   98103          1            01/13/03         00
    0435356134                           05           03/01/03          0
    4556733                              O            02/01/33
    0

    8436657          F28/G01             F          392,000.00         ZZ
                                         360        391,289.32          1
                                       6.500          2,477.71         75
                                       6.250          2,477.71
    DUBLIN           CA   94568          2            12/06/02         00
    0435364583                           05           02/01/03          0
    4264898                              O            01/01/33
    0

1

    8436659          F28/G01             F          492,000.00         ZZ
                                         360        490,994.30          1
                                       5.875          2,910.37         80
                                       5.625          2,910.37
    HOUSTON          TX   77005          1            12/27/02         00
    0435353099                           05           02/01/03          0
    02100059                             O            01/01/33
    0

    8436663          F28/G01             F          513,000.00         ZZ
                                         360        512,524.85          1
                                       6.375          3,200.46         66
                                       6.125          3,200.46
    GLEN ELLYN       IL   60137          2            01/06/03         00
    0435360797                           05           03/01/03          0
    4474925                              O            02/01/33
    0

    8436673          F28/G01             F          484,000.00         ZZ
                                         360        483,056.66          1
                                       6.125          2,940.84         80
                                       5.875          2,940.84
    ROCKVILLE        MD   20850          1            12/16/02         00
    0435352604                           03           02/01/03          0
    4318951                              O            01/01/33
    0

    8436675          F28/G01             F          414,000.00         ZZ
                                         360        413,212.31          1
                                       6.250          2,549.07         34
                                       6.000          2,549.07
    POTOMAC          MD   20854          2            12/27/02         00
    0435364443                           05           02/01/03          0
    4314693                              O            01/01/33
    0

    8436679          F28/G01             F          355,000.00         ZZ
                                         360        354,324.56          1
                                       6.250          2,185.80         57
                                       6.000          2,185.80
    LAGUNA BEACH     CA   92651          2            12/05/02         00
    0435356449                           05           02/01/03          0
    4250285                              O            01/01/33
    0

    8436683          F28/G01             F          360,000.00         ZZ
                                         360        359,650.10          1
                                       6.125          2,187.40         75
                                       5.875          2,187.40
1

    WOOD DALE        IL   60191          5            01/14/03         00
    0435363999                           05           03/01/03          0
    4525407                              O            02/01/33
    0

    8436685          F28/G01             F          327,000.00         ZZ
                                         360        326,129.03          1
                                       5.875          1,934.33         80
                                       5.625          1,934.33
    BOTHELL          WA   98021          2            12/19/02         00
    0435358460                           05           02/01/03          0
    4225065                              O            01/01/33
    0

    8436687          F28/G01             F          428,000.00         ZZ
                                         360        427,584.01          1
                                       6.125          2,600.57         80
                                       5.875          2,600.57
    BATAVIA          IL   60510          1            01/17/03         00
    0435360821                           05           03/01/03          0
    4522501                              O            02/01/33
    0

    8436689          F28/G01             F          415,000.00         ZZ
                                         360        413,840.73          1
                                       6.375          2,589.06         75
                                       6.125          2,589.06
    MINNETONKA       MN   55305          2            11/27/02         00
    0435363031                           05           01/01/03          0
    1692879                              O            12/01/32
    0

    8436691          F28/G01             F          496,000.00         ZZ
                                         360        494,281.03          1
                                       6.250          3,053.96         79
                                       6.000          3,053.96
    HUBERTUS         WI   53033          2            12/31/02         00
    0435355953                           05           02/01/03          0
    4519196                              O            01/01/33
    0

    8436699          F28/G01             F          373,100.00         ZZ
                                         360        372,745.98          1
                                       6.250          2,297.24         70
                                       6.000          2,297.24
    RANCHO SANTA MA  CA   92688          2            01/16/03         00
    0435351622                           03           03/01/03          0
    4536412                              O            02/01/33
    0
1

    8436705          F28/G01             F          500,000.00         ZZ
                                         360        499,536.90          1
                                       6.375          3,119.35         66
                                       6.125          3,119.35
    SEATTLE          WA   98112          5            01/15/03         00
    0435363924                           05           03/01/03          0
    4361298                              O            02/01/33
    0

    8436709          F28/G01             F          595,000.00         ZZ
                                         360        594,435.44          1
                                       6.250          3,663.52         70
                                       6.000          3,663.52
    MORGANVILLE      NJ   07751          5            01/10/03         00
    0435357447                           05           03/01/03          0
    4457452                              O            02/01/33
    0

    8436725          F28/G01             F          446,000.00         ZZ
                                         360        445,034.90          1
                                       6.125          2,709.95         76
                                       5.875          2,709.95
    CINCINNATI       OH   45215          2            12/05/02         00
    0435355490                           05           02/01/03          0
    3796878                              O            01/01/33
    0

    8436731          F28/G01             F          451,200.00         ZZ
                                         360        450,750.82          1
                                       6.000          2,705.17         80
                                       5.750          2,705.17
    TUSTIN           CA   92782          1            01/09/03         00
    0435352141                           03           03/01/03          0
    4610274                              O            02/01/33
    0

    8436735          F28/G01             F          432,500.00         ZZ
                                         360        430,899.00          1
                                       6.625          2,769.34         76
                                       6.375          2,769.34
    YORBA LINDA      CA   92887          2            10/01/02         00
    0435359930                           05           12/01/02          0
    3743258                              O            11/01/32
    0

    8436737          F28/G01             F          430,000.00         ZZ
                                         360        429,582.06          1
1

                                       6.125          2,612.73         69
                                       5.875          2,612.73
    WASHINGTON       DC   20002          5            01/23/03         00
    0435365663                           05           03/01/03          0
    4453293                              O            02/01/33
    0

    8436739          F28/G01             F          650,000.00         ZZ
                                         360        648,227.58          1
                                       6.500          4,108.44         68
                                       6.250          4,108.44
    LOS ANGELES      CA   90064          1            11/22/02         00
    0435365705                           05           01/01/03          0
    4339080                              O            12/01/32
    0

    8436741          F28/G01             F          388,000.00         ZZ
                                         360        387,604.41          1
                                       5.875          2,295.17         63
                                       5.625          2,295.17
    OAKLNAD          CA   94605          5            01/09/03         00
    0435355300                           03           03/01/03          0
    4396245                              O            02/01/33
    0

    8436743          F28/G01             F          409,000.00         ZZ
                                         360        408,183.62          1
                                       6.000          2,452.17         79
                                       5.750          2,452.17
    MASON            OH   45040          1            12/27/02         00
    0435353941                           03           02/01/03          0
    3310064                              O            01/01/33
    0

    8436745          F28/G01             F          344,000.00         ZZ
                                         360        343,673.60          1
                                       6.250          2,118.07         80
                                       6.000          2,118.07
    SAN DIEGO        CA   92104          2            12/30/02         00
    0435357959                           05           03/01/03          0
    4394976                              O            02/01/33
    0

    8436747          F28/G01             F          498,000.00         ZZ
                                         360        497,504.23          1
                                       6.000          2,985.77         70
                                       5.750          2,985.77
    PERRYSBURG       OH   43551          2            01/14/03         00
    0435359161                           05           03/01/03          0
1

    4553466                              O            02/01/33
    0

    8436751          F28/G01             F          600,000.00         ZZ
                                         360        599,430.69          1
                                       6.250          3,694.30         69
                                       6.000          3,694.30
    NEWPORT BEACH    CA   92660          2            01/07/03         00
    0435364666                           05           03/01/03          0
    4536489                              O            02/01/33
    0

    8436753          F28/G01             F          642,000.00         ZZ
                                         360        641,405.39          1
                                       6.375          4,005.24         75
                                       6.125          4,005.24
    TUSTIN           CA   92782          2            01/09/03         00
    0435364237                           03           03/01/03          0
    4537065                              O            02/01/33
    0

    8436755          F28/G01             F          436,000.00         ZZ
                                         360        435,586.30          1
                                       6.250          2,684.53         57
                                       6.000          2,684.53
    LOS ANGELES      CA   90064          2            01/15/03         00
    0435365572                           05           03/01/03          0
    4339072                              O            02/01/33
    0

    8436757          F28/G01             F          422,000.00         ZZ
                                         360        421,579.89          1
                                       6.000          2,530.11         69
                                       5.750          2,530.11
    MT PLEASANT      SC   29466          2            01/20/03         00
    0435358767                           03           03/01/03          0
    4542749                              O            02/01/33
    0

    8436761          F28/G01             F          417,500.00         ZZ
                                         360        417,113.31          1
                                       6.375          2,604.66         65
                                       6.125          2,604.66
    STUDIO CITY      CA   91604          2            01/09/03         00
    0435358247                           05           03/01/03          0
    4480625                              O            02/01/33
    0

1

    8436763          F28/G01             F          420,000.00         ZZ
                                         360        419,274.73          1
                                       6.750          2,724.11         57
                                       6.500          2,724.11
    SEATTLE          WA   98105          5            01/02/03         00
    0435362967                           05           02/01/03          0
    4073305                              O            01/01/33
    0

    8436769          F28/G01             F          575,000.00         ZZ
                                         360        572,243.65          1
                                       6.500          3,634.39         46
                                       6.250          3,634.39
    RANCHO PALOS VE  CA   90275          2            12/23/02         00
    0435357306                           05           02/01/03          0
    4563448                              O            01/01/33
    0

    8436771          F28/G01             F          493,600.00         ZZ
                                         360        493,108.61          1
                                       6.000          2,959.39         80
                                       5.750          2,959.39
    BELLEVUE         WA   98005          1            01/10/03         00
    0435354089                           05           03/01/03          0
    4553647                              O            02/01/33
    0

    8436773          F28/G01             F          448,000.00         ZZ
                                         360        447,564.57          1
                                       6.125          2,722.10         80
                                       5.875          2,722.10
    WINSTON SALEM    NC   27106          1            01/10/03         00
    0435363353                           03           03/01/03          0
    4568755                              O            02/01/33
    0

    8436775          F28/G01             F          440,000.00         ZZ
                                         360        439,551.40          1
                                       5.875          2,602.77         80
                                       5.625          2,602.77
    CONCORD          CA   94518          2            01/14/03         00
    0435357371                           05           03/01/03          0
    4459613                              O            02/01/33
    0

    8436781          F28/G01             F          355,500.00         ZZ
                                         360        355,162.69          1
                                       6.250          2,188.87         52
                                       6.000          2,188.87
1

    SAN JOSE         CA   95129          2            01/10/03         00
    0435353313                           05           03/01/03          0
    4437983                              O            02/01/33
    0

    8436783          F28/G01             F          625,450.00         ZZ
                                         360        624,231.08          1
                                       6.125          3,800.30         79
                                       5.875          3,800.30
    FAIRFAX          VA   22033          2            12/19/02         00
    0435363692                           05           02/01/03          0
    101816                               O            01/01/33
    0

    8436785          F28/G01             F          331,000.00         ZZ
                                         360        330,029.94          1
                                       6.125          2,011.20         62
                                       5.875          2,011.20
    FORT COLLINS     CO   80524          2            11/22/02         00
    0435351796                           03           01/01/03          0
    3507697                              O            12/01/32
    0

    8436789          F28/G01             F          540,000.00         ZZ
                                         360        539,499.85          1
                                       6.375          3,368.90         78
                                       6.125          3,368.90
    WALNUT CREEK     CA   94598          2            12/31/02         00
    0435364104                           05           03/01/03          0
    4414972                              O            02/01/33
    0

    8436793          F28/G01             F          398,500.00         ZZ
                                         360        398,121.88          1
                                       6.250          2,453.64         80
                                       6.000          2,453.64
    PEORIA           AZ   85383          2            01/08/03         00
    0435352760                           03           03/01/03          0
    4418718                              O            02/01/33
    0

    8436795          F28/G01             F          405,000.00         ZZ
                                         360        404,642.68          1
                                       6.625          2,593.26         47
                                       6.375          2,593.26
    MC LEAN          VA   22101          5            01/08/03         00
    0435363270                           05           03/01/03          0
    4411414                              O            02/01/33
    0
1

    8436797          F28/G01             F          520,000.00         ZZ
                                         360        519,010.63          1
                                       6.250          3,201.73         80
                                       6.000          3,201.73
    NEWTOWN          CT   06470          1            12/23/02         00
    0435363163                           05           02/01/03          0
    3163230                              O            01/01/33
    0

    8436803          F28/G01             F          445,000.00         ZZ
                                         360        444,535.39          1
                                       5.750          2,596.90         70
                                       5.500          2,596.90
    IRVINE           CA   92612          5            01/05/03         00
    0435356043                           03           03/01/03          0
    4536537                              O            02/01/33
    0

    8436805          F28/G01             F          453,000.00         ZZ
                                         360        452,117.17          1
                                       6.125          2,752.48         62
                                       5.875          2,752.48
    LOVELAND         CO   80538          2            12/26/02         00
    0435364559                           05           02/01/03          0
    18023                                O            01/01/33
    0

    8436939          E22/G01             F          532,000.00         ZZ
                                         360        532,000.00          1
                                       6.250          3,275.62         76
                                       6.000          3,275.62
    WASHINGTON TOWN  MI   48095          2            02/07/03         00
    0415781491                           05           04/01/03          0
    0415781491                           O            03/01/33
    0

    8437013          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       5.875          3,076.00         58
                                       5.625          3,076.00
    DALLAS           TX   75225          5            02/07/03         00
    0415937465                           05           04/01/03          0
    0415937465                           O            03/01/33
    0

    8437113          E22/G01             F          246,000.00         ZZ
                                         360        246,000.00          1
1

                                       6.250          1,514.66         74
                                       6.000          1,514.66
    FARMINGTON       MI   48331          2            02/07/03         00
    0416032308                           07           04/01/03          0
    0416032308                           O            03/01/33
    0

    8437297          S11/G01             F          376,600.00         ZZ
                                         360        376,242.67          1
                                       6.250          2,318.79         63
                                       6.000          2,318.79
    TORRANCE         CA   90505          2            01/11/03         00
    0435389911                           05           03/01/03          0
    10300156                             O            02/01/33
    0

    8437303          S11/G01             F          632,000.00         ZZ
                                         360        631,385.73          1
                                       6.125          3,840.10         80
                                       5.875          3,840.10
    THOUSAND OAKS    CA   91362          1            01/17/03         00
    0435389713                           05           03/01/03          0
    10210597                             O            02/01/33
    0

    8437311          Y26/G01             F          404,720.00         ZZ
                                         360        404,720.00          1
                                       6.125          2,459.12         80
                                       5.875          2,459.12
    IRVINE           CA   92604          1            02/03/03         00
    0435380878                           03           04/01/03          0
    110102111                            O            03/01/33
    0

    8437379          253/253             F          322,700.00         ZZ
                                         360        322,378.75          1
                                       6.000          1,934.75         72
                                       5.750          1,934.75
    AUSTIN           TX   78759          1            01/20/03         00
    420868                               03           03/01/03          0
    420868                               O            02/01/33
    0

    8437533          313/G01             F          399,999.00         ZZ
                                         360        399,999.00          1
                                       6.125          2,430.44         77
                                       5.875          2,430.44
    SCOTTSDALE       AZ   85331          2            01/29/03         00
    0435372032                           05           04/01/03          0
1

    0009285776                           O            03/01/33
    0

    8437623          D03/D03             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       6.000          2,542.09         80
                                       5.750          2,542.09
    REDWOOD CITY     CA   94062          1            01/28/03         00
    1030003046                           05           04/01/03          0
    1030003046                           O            03/01/33
    0

    8437981          676/G01             F          570,000.00         ZZ
                                         360        568,289.15          1
                                       6.000          3,417.44         56
                                       5.750          3,417.44
    HONOLULU         HI   96821          2            10/29/02         00
    0435381637                           05           01/01/03          0
    6002990340                           O            12/01/32
    0

    8438385          676/G01             F          542,000.00         ZZ
                                         360        540,892.12          1
                                       5.875          3,206.13         78
                                       5.625          3,206.13
    KAILUA           HI   96734          2            11/27/02         00
    0435378161                           05           02/01/03          0
    6003160640                           O            01/01/33
    0

    8438399          676/G01             F          650,000.00         ZZ
                                         360        649,305.11          1
                                       5.625          3,741.77         60
                                       5.375          3,741.77
    HONOLULU         HI   96816          5            01/24/03         00
    0435422530                           05           03/01/03          0
    6003607140                           O            02/01/33
    0

    8438417          676/G01             F          650,000.00         ZZ
                                         360        649,337.29          1
                                       5.875          3,845.00         66
                                       5.625          3,845.00
    HONOLULU         HI   96822          5            01/24/03         00
    0435422514                           05           03/01/03          0
    6003448640                           O            02/01/33
    0

1

    8438465          K15/G01             F           60,900.00         ZZ
                                         240         60,900.00          1
                                       6.500            454.05         72
                                       6.250            454.05
    AKRON            OH   44320          5            02/05/03         00
    0435382031                           05           04/01/03          0
    028005506491                         O            03/01/23
    0

    8438719          G51/G01             F          426,000.00         ZZ
                                         360        426,000.00          1
                                       6.000          2,554.09         60
                                       5.750          2,554.09
    SCOTTSDALE       AZ   85262          5            02/10/03         00
    0435382585                           05           04/01/03          0
    20003832                             O            03/01/33
    0

    8438785          A50/G01             F          468,000.00         ZZ
                                         360        466,209.84          1
                                       6.250          2,881.56         80
                                       6.000          2,881.56
    TALLAHASSEE      FL   32312          1            10/28/02         00
    0435376181                           05           12/01/02          0
    909486                               O            11/01/32
    0

    8438821          H58/G01             F          388,900.00         ZZ
                                         360        388,522.01          1
                                       6.125          2,363.00         55
                                       5.875          2,363.00
    MURRIETA         CA   92562          2            01/20/03         00
    0435397815                           05           03/01/03          0
    0000131474                           O            02/01/33
    0

    8438897          X89/G01             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       6.125          2,460.82         80
                                       5.875          2,460.82
    UNION CITY       CA   94587          2            02/02/03         00
    0435376744                           05           04/01/03          0
    1010240437                           O            03/01/33
    0

    8438943          H58/G01             F          399,950.00         ZZ
                                         360        399,532.43          1
                                       5.750          2,334.00         58
                                       5.500          2,334.00
1

    PHOENIX          AZ   85048          2            01/22/03         00
    0435400148                           05           03/01/03          0
    135070                               O            02/01/33
    0

    8438997          H58/G01             F          399,900.00         ZZ
                                         360        399,520.56          1
                                       6.250          2,462.25         66
                                       6.000          2,462.25
    ENCINITAS        CA   92024          5            01/12/03         00
    0435377288                           05           03/01/03          0
    0000131192                           O            02/01/33
    0

    8439061          H58/G01             F          485,000.00         ZZ
                                         360        484,528.61          1
                                       6.125          2,946.91         72
                                       5.875          2,946.91
    SONOMA           CA   95476          2            01/13/03         00
    0435389804                           05           03/01/03          0
    0000133151                           O            02/01/33
    0

    8440213          H58/G01             F          492,500.00         ZZ
                                         360        492,032.69          1
                                       6.250          3,032.41         79
                                       6.000          3,032.41
    SCOTTSDALE       AZ   85254          2            01/16/03         00
    0435391990                           05           03/01/03          0
    128750                               O            02/01/33
    0

    8440251          E82/G01             F          326,700.00         ZZ
                                         360        326,700.00          1
                                       6.125          1,985.06         57
                                       5.875          1,985.06
    FRESNO           CA   93711          2            02/06/03         00
    0400780367                           05           04/01/03          0
    1878080                              O            03/01/33
    0

    8440255          E82/G01             F          290,000.00         ZZ
                                         360        290,000.00          1
                                       6.125          1,762.07         46
                                       5.875          1,762.07
    MANHATTAN BEACH  CA   90266          2            02/06/03         00
    0400777074                           05           04/01/03          0
    1759799                              O            03/01/33
    0
1

    8440259          E82/G01             F          380,450.00         ZZ
                                         360        380,450.00          1
                                       6.250          2,342.50         80
                                       6.000          2,342.50
    SAN JOSE         CA   95148          2            02/06/03         00
    0400765293                           05           04/01/03          0
    5233447                              O            03/01/33
    0

    8440265          H58/G01             F          384,400.00         ZZ
                                         360        384,017.33          1
                                       6.000          2,304.67         80
                                       5.750          2,304.67
    PITTSBURG        CA   94565          1            01/15/03         00
    0435397971                           05           03/01/03          0
    122989                               O            02/01/33
    0

    8440295          H58/G01             F          456,000.00         ZZ
                                         360        455,556.79          1
                                       6.125          2,770.71         80
                                       5.875          2,770.71
    SAN DIEGO        CA   92129          1            01/16/03         00
    0435375910                           03           03/01/03          0
    130703                               O            02/01/33
    0

    8440395          H58/G01             F          379,000.00         ZZ
                                         360        378,648.97          1
                                       6.375          2,364.47         80
                                       6.125          2,364.47
    CANBY            OR   97013          2            01/17/03         00
    0435376603                           05           03/01/03          0
    122261                               O            02/01/33
    0

    8440449          E22/G01             F          613,000.00         ZZ
                                         360        613,000.00          1
                                       6.125          3,724.65         60
                                       5.875          3,724.65
    NEWPORT BEACH    CA   92662          2            02/01/03         00
    0415927839                           05           04/01/03          0
    0415927839                           O            03/01/33
    0

    8440457          E22/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
1

                                       6.125          2,217.78         55
                                       5.875          2,217.78
    ACAMPO           CA   95220          5            01/31/03         00
    0415962307                           05           04/01/03          0
    0415962307                           O            03/01/33
    0

    8440467          E22/G01             F          574,200.00         ZZ
                                         360        574,200.00          1
                                       6.125          3,488.90         72
                                       5.875          3,488.90
    REDWOOD CITY     CA   94062          2            02/05/03         00
    0415974583                           03           04/01/03          0
    0415974583                           O            03/01/33
    0

    8440483          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.000          2,158.38         49
                                       5.750          2,158.38
    PACIFICA         CA   94044          2            02/05/03         00
    0416009132                           03           04/01/03          0
    0416009132                           O            03/01/33
    0

    8440503          E22/G01             F          117,000.00         ZZ
                                         360        117,000.00          1
                                       6.125            710.90         71
                                       5.875            710.90
    SIMI VALLEY      CA   93063          1            02/03/03         00
    0416046605                           05           04/01/03          0
    0416046605                           O            03/01/33
    0

    8440753          H58/G01             F          100,500.00         ZZ
                                         360        100,411.33          1
                                       6.625            643.51         43
                                       6.375            643.51
    FAIRFIELD        CA   94533          5            01/10/03         00
    0435410386                           05           03/01/03          0
    0000128617                           O            02/01/33
    0

    8440757          H58/G01             F          505,500.00         ZZ
                                         360        504,583.56          1
                                       6.500          3,195.11         67
                                       6.250          3,195.11
    SAN DIEGO        CA   92131          5            12/16/02         00
    0435408760                           03           02/01/03          0
1

    122416                               O            01/01/33
    0

    8441211          H58/G01             F          331,000.00         ZZ
                                         360        330,385.23          1
                                       6.375          2,065.01         65
                                       6.125          2,065.01
    SAN DIEGO        CA   92128          5            12/20/02         00
    0435407937                           05           02/01/03          0
    0000123249                           O            01/01/33
    0

    8441267          H58/G01             F          454,400.00         ZZ
                                         360        453,936.72          1
                                       5.875          2,687.95         80
                                       5.625          2,687.95
    GIG HARBOR       WA   98332          1            01/27/03         00
    0435414123                           05           03/01/03          0
    0000133139                           O            02/01/33
    0

    8441291          H58/G01             F          576,000.00         ZZ
                                         360        575,440.16          1
                                       6.125          3,499.84         65
                                       5.875          3,499.84
    SAN DIEGO        CA   92131          2            01/13/03         00
    0435383286                           03           03/01/03          0
    130363                               O            02/01/33
    0

    8441419          H58/G01             F          380,000.00         ZZ
                                         360        379,639.44          1
                                       6.250          2,339.73         80
                                       6.000          2,339.73
    CONCORD          CA   94518          1            01/03/03         00
    0435374939                           05           03/01/03          0
    0000131851                           O            02/01/33
    0

    8441513          H58/G01             F          587,000.00         ZZ
                                         360        586,456.32          1
                                       6.375          3,662.12         67
                                       6.125          3,662.12
    SAN CLEMENTE     CA   92672          2            01/15/03         00
    0435420542                           01           03/01/03          0
    0000126304                           O            02/01/33
    0

1

    8441517          H58/G01             F          498,000.00         ZZ
                                         360        497,527.48          1
                                       6.250          3,066.27         77
                                       6.000          3,066.27
    GRANITE BAY      CA   95746          2            01/03/03         00
    0435381892                           03           03/01/03          0
    130683                               O            02/01/33
    0

    8441533          H58/G01             F          550,000.00         ZZ
                                         360        549,490.59          1
                                       6.375          3,431.29         62
                                       6.125          3,431.29
    NEWCASTLE        CA   95658          5            01/23/03         00
    0435384417                           05           03/01/03          0
    0000132298                           O            02/01/33
    0

    8441537          H58/G01             F          345,000.00         ZZ
                                         360        344,656.55          1
                                       6.000          2,068.45         59
                                       5.750          2,068.45
    SEATTLE          WA   98103          2            01/09/03         00
    0435410345                           05           03/01/03          0
    129945                               O            02/01/33
    0

    8441571          H58/G01             F          398,000.00         ZZ
                                         360        397,613.17          1
                                       6.125          2,418.29         42
                                       5.875          2,418.29
    SCOTTSDALE       AZ   85255          2            01/08/03         00
    0435409271                           03           03/01/03          0
    131051                               O            02/01/33
    0

    8441579          H58/G01             F          400,000.00         ZZ
                                         360        399,601.80          1
                                       6.000          2,398.20         67
                                       5.750          2,398.20
    PORTLAND         OR   97229          2            01/20/03         00
    0435407150                           05           03/01/03          0
    0000132817                           O            02/01/33
    0

    8441587          H58/G01             F          446,000.00         ZZ
                                         360        445,545.28          1
                                       5.875          2,638.26         53
                                       5.625          2,638.26
1

    PLEASANTON       CA   94566          2            01/02/03         00
    0435410030                           05           03/01/03          0
    116976                               O            02/01/33
    0

    8441871          B39/G01             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.375          2,013.23         74
                                       6.125          2,013.23
    PLYMOUTH         MN   55446          1            02/14/03         00
    0435430517                           09           04/01/03          0
    20030537F                            O            03/01/33
    0

    8442671          E82/G01             F          258,600.00         ZZ
                                         360        258,600.00          1
                                       6.250          1,592.24         77
                                       6.000          1,592.24
    REDONDO BEACH    CA   90278          2            02/07/03         00
    0400777116                           01           04/01/03          0
    6770858                              O            03/01/33
    0

    8442673          E82/G01             F          203,500.00         ZZ
                                         360        203,500.00          1
                                       6.000          1,220.09         64
                                       5.750          1,220.09
    ANTIOCH          CA   94509          2            02/07/03         00
    0400771093                           05           04/01/03          0
    1893493                              O            03/01/33
    0

    8442681          E82/G01             F          348,300.00         ZZ
                                         360        348,300.00          1
                                       6.125          2,116.31         43
                                       5.875          2,116.31
    NIWOT            CO   80503          2            02/10/03         00
    0400763827                           03           04/01/03          0
    4645544                              O            03/01/33
    0

    8442689          E82/G01             F          314,800.00         ZZ
                                         360        314,800.00          1
                                       6.125          1,912.76         64
                                       5.875          1,912.76
    EASTON           CT   06612          2            02/10/03         00
    0400767109                           05           04/01/03          0
    0400767109                           O            03/01/33
    0
1

    8442691          E82/G01             F          346,500.00         ZZ
                                         360        346,500.00          1
                                       6.375          2,161.71         79
                                       6.125          2,161.71
    NOVATO           CA   94949          2            02/07/03         00
    0400770970                           03           04/01/03          0
    3025335                              O            03/01/33
    0

    8442693          E82/G01             F          328,500.00         ZZ
                                         360        328,500.00          1
                                       5.625          1,891.03         51
                                       5.375          1,891.03
    LORTON           VA   22079          2            02/10/03         00
    0400777777                           03           04/01/03          0
    1783268                              O            03/01/33
    0

    8442695          E82/G01             F          425,500.00         ZZ
                                         360        425,500.00          1
                                       6.375          2,654.57         79
                                       6.125          2,654.57
    SACRAMENTO       CA   95864          2            02/07/03         00
    0400754255                           05           04/01/03          0
    5024095                              O            03/01/33
    0

    8442699          E82/G01             F          291,000.00         ZZ
                                         360        291,000.00          1
                                       6.125          1,768.15         62
                                       5.875          1,768.15
    GLEN ROCK        NJ   07452          2            02/10/03         00
    0400785580                           05           04/01/03          0
    6386804                              O            03/01/33
    0

    8442705          E82/G01             F          477,100.00         ZZ
                                         360        477,100.00          1
                                       6.125          2,898.91         69
                                       5.875          2,898.91
    FULLERTON        CA   92835          2            02/07/03         00
    0400767802                           03           04/01/03          0
    8062257                              O            03/01/33
    0

    8442711          E82/G01             F          321,800.00         ZZ
                                         360        321,800.00          1
1

                                       6.250          1,981.38         56
                                       6.000          1,981.38
    REDWOOD CITY     CA   94061          2            02/07/03         00
    0400778007                           03           04/01/03          0
    7955023                              O            03/01/33
    0

    8442713          E82/G01             F          170,500.00         ZZ
                                         360        170,500.00          1
                                       6.125          1,035.98         27
                                       5.875          1,035.98
    TEMPLETON        CA   93465          2            02/07/03         00
    0400750113                           05           04/01/03          0
    1790824                              O            03/01/33
    0

    8442731          E82/G01             F          328,300.00         ZZ
                                         360        328,300.00          1
                                       6.125          1,994.79         67
                                       5.875          1,994.79
    NAPA             CA   94558          2            02/07/03         00
    0400763561                           05           04/01/03          0
    5881444                              O            03/01/33
    0

    8443351          E22/G01             F          118,400.00         ZZ
                                         360        118,400.00          1
                                       6.000            709.87         80
                                       5.750            709.87
    SANDY            UT   84094          2            02/10/03         00
    0416040780                           05           04/01/03          0
    0416040780                           O            03/01/33
    0

    8443411          E22/G01             F          630,000.00         ZZ
                                         360        630,000.00          1
                                       6.250          3,879.02         69
                                       6.000          3,879.02
    PLANO            TX   75093          5            02/10/03         00
    0416108306                           03           04/01/03          0
    0416108306                           O            03/01/33
    0

    8443435          E22/G01             F          322,700.00         T
                                         360        322,700.00          1
                                       6.125          1,960.76         48
                                       5.875          1,960.76
    VERO BEACH       FL   32963          1            02/14/03         00
    0416133643                           03           04/01/03          0
1

    0416133643                           O            03/01/33
    0

    8443481          E22/G01             F          378,000.00         ZZ
                                         360        378,000.00          1
                                       6.125          2,296.77         90
                                       5.875          2,296.77
    STURGIS          MI   49091          1            02/14/03         04
    0415754035                           05           04/01/03         25
    0415754035                           O            03/01/33
    0

    8443525          E22/G01             F          256,500.00         ZZ
                                         360        256,500.00          1
                                       6.125          1,558.52         43
                                       5.875          1,558.52
    TRAVERSE CITY    MI   49684          2            02/10/03         00
    0415887462                           05           04/01/03          0
    0415887462                           O            03/01/33
    0

    8444631          N47/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.125          2,278.54         23
                                       5.875          2,278.54
    LOS ALTOS        CA   94024          2            02/04/03         00
    0435409032                           05           04/01/03          0
    30502307                             O            03/01/33
    0

    8444695          E82/G01             F          319,700.00         ZZ
                                         360        319,700.00          1
                                       6.125          1,942.53         76
                                       5.875          1,942.53
    MARRIOTTSVILLE   MD   21104          2            02/12/03         00
    0400789020                           05           04/01/03          0
    5363493                              O            03/01/33
    0

    8444701          E82/G01             F          299,800.00         ZZ
                                         360        299,800.00          1
                                       6.375          1,870.36         75
                                       6.125          1,870.36
    SPRINGVILLE      UT   84663          2            02/11/03         00
    0400758777                           05           04/01/03          0
    4535617                              O            03/01/33
    0

1

    8444885          X91/G01             F          723,750.00         ZZ
                                         360        723,750.00          1
                                       6.000          4,339.25         75
                                       5.750          4,339.25
    HONOLULU         HI   96817          1            02/07/03         00
    0435406251                           29           04/01/03          0
    803557                               O            03/01/33
    0

    8445015          X89/G01             F          469,000.00         ZZ
                                         360        468,533.11          1
                                       6.000          2,811.89         40
                                       5.750          2,811.89
    PASADENA         CA   91107          2            01/22/03         00
    0435431846                           05           03/01/03          0
    1010240613                           O            02/01/33
    0

    8445215          757/G01             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       6.000          2,428.18         68
                                       5.750          2,428.18
    CUMMING          GA   30040          2            02/07/03         00
    0435377684                           05           04/01/03          0
    1001142361                           O            03/01/33
    0

    8445217          757/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.875          2,366.16         56
                                       5.625          2,366.16
    BIG CANOE        GA   30143          5            02/07/03         00
    0435377718                           03           04/01/03          0
    1001163920                           O            03/01/33
    0

    8445347          964/G01             F          433,462.00         ZZ
                                         360        433,050.71          1
                                       6.250          2,668.90         73
                                       6.000          2,668.90
    PLEASANTON       CA   94588          2            01/13/03         00
    0435396890                           05           03/01/03          0
    296409                               O            02/01/33
    0

    8445351          964/G01             F          380,000.00         ZZ
                                         360        379,630.66          1
                                       6.125          2,308.92         39
                                       5.875          2,308.92
1

    SARATOGA         CA   95070          2            01/24/03         00
    0435377353                           05           03/01/03          0
    304983                               O            02/01/33
    0

    8445361          964/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.375          2,121.16         78
                                       6.125          2,121.16
    FREMONT          CA   94555          2            01/30/03         00
    0435365606                           05           04/01/03          0
    320303                               O            03/01/33
    0

    8445363          964/G01             F          512,000.00         ZZ
                                         360        512,000.00          1
                                       6.125          3,110.97         69
                                       5.875          3,110.97
    DANA POINT       CA   92629          5            02/04/03         00
    0435377239                           03           04/01/03          0
    321927                               O            03/01/33
    0

    8445365          964/G01             F          459,500.00         ZZ
                                         360        459,042.57          1
                                       6.000          2,754.93         46
                                       5.750          2,754.93
    PLEASANTON       CA   94566          2            01/27/03         00
    0435404587                           05           03/01/03          0
    323616                               O            02/01/33
    0

    8445375          964/G01             F          457,000.00         ZZ
                                         360        457,000.00          1
                                       6.000          2,739.95         51
                                       5.750          2,739.95
    KENSINGTON       CA   94707          2            02/04/03         00
    0435371653                           05           04/01/03          0
    332975                               O            03/01/33
    0

    8445479          N47/G01             F          370,000.00         ZZ
                                         360        369,648.93          1
                                       6.250          2,278.15         47
                                       6.000          2,278.15
    PACIFIC GROVE    CA   93950          5            01/27/03         00
    0435410352                           05           03/01/03          0
    20502078                             O            02/01/33
    0
1

    8445503          E33/G01             F          682,000.00         ZZ
                                         360        682,000.00          1
                                       6.000          4,088.93         42
                                       5.750          4,088.93
    LAKE FOREST      IL   60045          2            02/06/03         00
    0435426093                           05           04/01/03          0
    785141                               O            03/01/33
    0

    8445581          E33/G01             F          999,000.00         ZZ
                                         360        999,000.00          1
                                       5.875          5,909.46         52
                                       5.625          5,909.46
    LAKE FOREST      IL   60045          2            02/10/03         00
    0435411772                           03           04/01/03          0
    BASGALL                              O            03/01/33
    0

    8446055          A50/G01             F          630,400.00         ZZ
                                         360        629,816.12          1
                                       6.375          3,932.88         80
                                       6.125          3,932.88
    THOMASVILLE      GA   31792          2            01/30/03         00
    0435422464                           05           03/01/03          0
    970710                               O            02/01/33
    0

    8446533          964/G01             F          641,000.00         ZZ
                                         360        640,346.47          1
                                       5.875          3,791.76         70
                                       5.625          3,791.76
    GRANITE BAY      CA   95746          2            01/31/03         00
    0435377064                           03           03/01/03          0
    291372                               O            02/01/33
    0

    8446693          E82/G01             F          320,000.00         T
                                         360        320,000.00          1
                                       6.250          1,970.30         72
                                       6.000          1,970.30
    STURGEON BAY     WI   54235          2            02/14/03         00
    0400771614                           05           04/01/03          0
    7666573                              O            03/01/33
    0

    8447185          B57/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
1

                                       6.125          3,645.66         50
                                       5.875          3,645.66
    ENCINO           CA   91436          2            02/06/03         00
    0435407259                           05           04/01/03          0
    10009421                             O            03/01/33
    0

    8447421          511/511             F          400,000.00         ZZ
                                         360        399,592.18          1
                                       5.875          2,366.15         58
                                       5.625          2,366.15
    TULSA            OK   74114          1            01/03/03         00
    LY138                                05           03/01/03          0
    LY138                                O            02/01/33
    0

    8447543          E82/G01             F          303,000.00         ZZ
                                         360        303,000.00          1
                                       6.375          1,890.33         68
                                       6.125          1,890.33
    BROKEN ARROW     OK   74011          2            02/11/03         00
    0400745709                           03           04/01/03          0
    2985571                              O            03/01/33
    0

    8447545          E82/G01             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.250          1,052.88         90
                                       6.000          1,052.88
    CHICAGO          IL   60656          2            02/12/03         10
    0400765053                           01           04/01/03         25
    0400765053                           O            03/01/33
    0

    8447549          E82/G01             F          306,300.00         ZZ
                                         360        306,300.00          1
                                       6.000          1,836.42         76
                                       5.750          1,836.42
    MADISON          AL   35758          2            02/12/03         00
    0400761003                           03           04/01/03          0
    4819988                              O            03/01/33
    0

    8447561          E82/G01             F          435,200.00         ZZ
                                         360        435,200.00          1
                                       6.375          2,715.08         67
                                       6.125          2,715.08
    ELMHURST         IL   60126          2            02/12/03         00
    0400772976                           05           04/01/03          0
1

    1815833                              O            03/01/33
    0

    8447565          E82/G01             F          460,800.00         ZZ
                                         360        460,800.00          1
                                       6.125          2,799.87         74
                                       5.875          2,799.87
    ALEXANDRIA       VA   22314          2            02/12/03         00
    0400788683                           09           04/01/03          0
    7858177                              O            03/01/33
    0

    8447613          X64/G01             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       5.875          2,395.73         54
                                       5.625          2,395.73
    FRANKLIN         MI   48025          5            02/04/03         00
    0435438692                           05           04/01/03          0
    0000003315                           O            03/01/33
    0

    8447653          A39/G01             F          403,000.00         ZZ
                                         360        401,965.57          1
                                       6.125          2,448.67         69
                                       5.875          2,448.67
    SAN DIEGO        CA   92128          2            02/04/03         00
    0435429774                           03           04/01/03          0
    2203238RFC                           O            03/01/33
    0

    8447861          X91/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.000          3,897.08         78
                                       5.750          3,897.08
    KAILUA           HI   96734          1            01/29/03         00
    0435424940                           05           04/01/03          0
    803233                               O            03/01/33
    0

    8448291          F25/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.125          2,916.53         54
                                       5.875          2,916.53
    MT. KISCO        NY   10549          2            02/13/03         00
    0435430863                           05           04/01/03          0
    0661353                              O            03/01/33
    0

1

    8448333          L01/G01             F          415,600.00         ZZ
                                         360        415,600.00          1
                                       6.125          2,525.23         80
                                       5.875          2,525.23
    ISSAQUAH         WA   98027          2            02/11/03         00
    0435409958                           03           04/01/03          0
    10710889                             O            03/01/33
    0

    8448727          M27/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.000          2,248.31         90
                                       5.750          2,248.31
    ZEBULON          NC   27597          2            02/07/03         01
    0435426796                           05           04/01/03         25
    600691172                            O            03/01/33
    0

    8449771          G51/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.125          2,430.44         80
                                       5.875          2,430.44
    ERIE             CO   80516          2            02/12/03         00
    0435406764                           03           04/01/03          0
    07000422                             O            03/01/33
    0

    8449921          E22/G01             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       6.250            763.49         80
                                       6.000            763.49
    AUSTIN           TX   78702          5            02/11/03         00
    0415731181                           05           04/01/03          0
    0415731181                           O            03/01/33
    0

    8449927          E22/G01             F          445,000.00         ZZ
                                         360        445,000.00          1
                                       6.250          2,739.94         58
                                       6.000          2,739.94
    LAGUNA BEACH     CA   92651          2            02/11/03         00
    0415771203                           05           04/01/03          0
    0415771203                           O            03/01/33
    0

    8449955          E22/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.125          2,248.16         41
                                       5.875          2,248.16
1

    REDWOOD CITY     CA   94061          5            02/04/03         00
    0415864115                           05           04/01/03          0
    0415864115                           O            03/01/33
    0

    8449983          E22/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.250          2,111.91         40
                                       6.000          2,111.91
    RANCHO PALOS VE  CA   90275          2            02/10/03         00
    0415923408                           05           04/01/03          0
    0415923408                           O            03/01/33
    0

    8449991          E22/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.125          2,424.37         68
                                       5.875          2,424.37
    AVON             CT   06001          5            02/11/03         00
    0415939784                           05           04/01/03          0
    0415939784                           O            03/01/33
    0

    8449997          E22/G01             F          471,200.00         ZZ
                                         360        471,200.00          1
                                       6.000          2,825.08         80
                                       5.750          2,825.08
    SAN RAFAEL       CA   94901          1            02/04/03         00
    0416025971                           05           04/01/03          0
    0416025971                           O            03/01/33
    0

    8450013          E22/G01             F          471,000.00         ZZ
                                         360        471,000.00          1
                                       6.000          2,823.88         76
                                       5.750          2,823.88
    BELLEVUE         WA   98006          2            02/04/03         00
    0416039865                           05           04/01/03          0
    0416039865                           O            03/01/33
    0

    8450017          E22/G01             F          640,600.00         ZZ
                                         360        640,600.00          1
                                       6.000          3,840.72         18
                                       5.750          3,840.72
    SARATOGA         CA   95070          2            02/06/03         00
    0416043123                           05           04/01/03          0
    0416043123                           O            03/01/33
    0
1

    8450023          E22/G01             F          393,000.00         ZZ
                                         360        393,000.00          1
                                       5.750          2,293.44         53
                                       5.500          2,293.44
    ATASCADERO       CA   93422          5            02/10/03         00
    0416046001                           05           04/01/03          0
    0416046001                           O            03/01/33
    0

    8450045          E22/G01             F          107,000.00         ZZ
                                         360        107,000.00          1
                                       6.000            641.52         56
                                       5.750            641.52
    BERWYN HEIGHTS   MD   20740          2            02/12/03         00
    0416122554                           05           04/01/03          0
    0416122554                           O            03/01/33
    0

    8450049          E22/G01             F          322,700.00         ZZ
                                         360        322,700.00          1
                                       6.000          1,934.75         80
                                       5.750          1,934.75
    MARTINEZ         CA   94520          2            02/12/03         00
    0416130847                           05           04/01/03          0
    0416130847                           O            03/01/33
    0

    8450091          E22/G01             F          274,000.00         ZZ
                                         360        274,000.00          1
                                       5.875          1,620.81         68
                                       5.625          1,620.81
    SAN JOSE         CA   95132          2            02/06/03         00
    0416078293                           05           04/01/03          0
    0416078293                           O            03/01/33
    0

    8450109          E22/G01             F          375,500.00         ZZ
                                         360        375,500.00          1
                                       6.000          2,251.31         78
                                       5.750          2,251.31
    PACIFICA         CA   94044          2            02/06/03         00
    0416083640                           03           04/01/03          0
    0416083640                           O            03/01/33
    0

    8450125          E22/G01             F          261,000.00         ZZ
                                         360        261,000.00          1
1

                                       6.125          1,585.86         80
                                       5.875          1,585.86
    REDMOND          WA   98053          2            02/07/03         00
    0415989367                           05           04/01/03          0
    0415989367                           O            03/01/33
    0

    8450181          E22/G01             F          462,500.00         ZZ
                                         360        462,500.00          1
                                       6.125          2,810.20         56
                                       5.875          2,810.20
    LOS ANGELES      CA   90024          2            02/07/03         00
    0416001253                           05           04/01/03          0
    0416001253                           O            03/01/33
    0

    8450185          E22/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.000          2,877.84         58
                                       5.750          2,877.84
    SEATTLE          WA   98115          2            02/10/03         00
    0416002228                           03           04/01/03          0
    0416002228                           O            03/01/33
    0

    8450213          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.125          2,126.64         34
                                       5.875          2,126.64
    DALLAS           TX   75230          5            02/12/03         00
    0415948207                           05           04/01/03          0
    0415948207                           O            03/01/33
    0

    8450233          E22/G01             F          343,902.00         ZZ
                                         360        343,902.00          1
                                       6.500          2,173.69         88
                                       6.250          2,173.69
    JERSEY CITY      NJ   07302          1            02/18/03         10
    0415980572                           08           04/01/03         25
    0415980572                           O            03/01/33
    0

    8450257          550/550             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.150          3,959.99         40
                                       5.900          3,959.99
    LA CANADA FLINT  CA   91011          2            02/07/03         00
    120629576                            05           04/01/03          0
1

    120629576                            O            03/01/33
    0

    8450307          W93/G01             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       6.000          2,386.21         74
                                       5.750          2,386.21
    SAN DIEGO        CA   92130          1            02/05/03         00
    0435425020                           05           04/01/03          0
    28426014                             O            03/01/33
    0

    8450309          W93/G01             F          445,000.00         ZZ
                                         360        444,567.48          1
                                       6.125          2,703.87         69
                                       5.875          2,703.87
    GOLDEN           CO   80403          2            01/27/03         00
    0435425434                           05           03/01/03          0
    30443372                             O            02/01/33
    0

    8450313          W93/G01             F          396,000.00         ZZ
                                         360        395,624.26          1
                                       6.250          2,438.24         84
                                       6.000          2,438.24
    PRESCOTT         AZ   86305          2            01/30/03         14
    0435423132                           05           03/01/03         12
    35435618                             O            02/01/33
    0

    8450323          W93/G01             F          512,000.00         ZZ
                                         360        512,000.00          1
                                       6.125          3,110.97         80
                                       5.875          3,110.97
    PHOENIX          AZ   85028          2            02/01/03         00
    0435419890                           05           04/01/03          0
    35437524                             O            03/01/33
    0

    8450333          W93/G01             F          412,000.00         ZZ
                                         360        411,599.56          1
                                       6.125          2,503.36         78
                                       5.875          2,503.36
    LOMITA           CA   90717          2            01/14/03         00
    0435425707                           03           03/01/03          0
    67421686                             O            02/01/33
    0

1

    8450353          W93/G01             F          340,000.00         ZZ
                                         360        339,661.53          1
                                       6.000          2,038.47         80
                                       5.750          2,038.47
    LONG BEACH       CA   90808          5            01/27/03         00
    0435425103                           05           03/01/03          0
    67448475                             O            02/01/33
    0

    8450363          W93/G01             F          680,000.00         ZZ
                                         360        680,000.00          1
                                       6.000          4,076.94         80
                                       5.750          4,076.94
    SAN DIEGO        CA   92128          1            02/05/03         00
    0435419916                           03           04/01/03          0
    86445925                             O            03/01/33
    0

    8450367          W93/G01             F          533,000.00         ZZ
                                         360        532,469.39          1
                                       6.000          3,195.61         64
                                       5.750          3,195.61
    LA HABRA         CA   90631          2            01/27/03         00
    0435422613                           03           03/01/03          0
    01387616                             O            02/01/33
    0

    8450373          W93/G01             F          430,000.00         ZZ
                                         360        429,582.06          1
                                       6.125          2,612.73         67
                                       5.875          2,612.73
    IRVINE           CA   92620          2            01/24/03         00
    0435424882                           03           03/01/03          0
    03410788                             O            02/01/33
    0

    8450375          W93/G01             F          465,000.00         ZZ
                                         360        464,548.05          1
                                       6.125          2,825.39         51
                                       5.875          2,825.39
    SAN JOSE         CA   95125          2            01/17/03         00
    0435419767                           05           03/01/03          0
    20403916                             O            02/01/33
    0

    8450377          W93/G01             F          410,000.00         ZZ
                                         360        409,591.84          1
                                       6.000          2,458.16         57
                                       5.750          2,458.16
1

    SUNNYVALE        CA   94086          2            01/23/03         00
    0435424833                           05           03/01/03          0
    20404057                             O            02/01/33
    0

    8450379          W93/G01             F          915,000.00         ZZ
                                         360        915,000.00          1
                                       6.125          5,559.64         61
                                       5.875          5,559.64
    MORGAN HILL      CA   95037          2            02/06/03         00
    0435422910                           05           04/01/03          0
    20407793                             O            03/01/33
    0

    8450381          W93/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       6.625          2,638.08         80
                                       6.375          2,638.08
    SAN JOSE         CA   95123          2            02/04/03         00
    0435423181                           05           04/01/03          0
    20433205                             O            03/01/33
    0

    8450383          W93/G01             F          506,000.00         ZZ
                                         360        505,496.27          1
                                       6.000          3,033.73         36
                                       5.750          3,033.73
    SARATOGA         CA   95070          2            01/24/03         00
    0435423470                           05           03/01/03          0
    20433249                             O            02/01/33
    0

    8450385          W93/G01             F          453,000.00         ZZ
                                         360        453,000.00          1
                                       6.250          2,789.20         79
                                       6.000          2,789.20
    SAN JOSE         CA   95139          1            02/03/03         00
    0435420625                           05           04/01/03          0
    20433258                             O            03/01/33
    0

    8450393          W93/G01             F          435,000.00         ZZ
                                         360        434,566.95          1
                                       6.000          2,608.05         77
                                       5.750          2,608.05
    SAN JOSE         CA   95117          2            01/27/03         00
    0435444229                           05           03/01/03          0
    21446552                             O            02/01/33
    0
1

    8450407          W93/G01             F          450,000.00         T
                                         360        449,593.19          1
                                       6.500          2,844.31         38
                                       6.250          2,844.31
    SAN DIEGO        CA   92037          5            01/28/03         00
    0435419429                           05           03/01/03          0
    28425050                             O            02/01/33
    0

    8450775          E82/G01             F          313,900.00         ZZ
                                         360        313,900.00          1
                                       5.875          1,856.84         50
                                       5.625          1,856.84
    SAN ANTONIO      TX   78230          2            02/14/03         00
    0400784039                           05           04/01/03          0
    8246830                              O            03/01/33
    0

    8450901          696/G01             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       6.125          2,770.70         67
                                       5.875          2,770.70
    VIENNA           VA   22182          2            02/04/03         00
    0435383963                           03           04/01/03          0
    40103007                             O            03/01/33
    0

    8450937          696/G01             F          472,600.00         ZZ
                                         360        472,600.00          1
                                       6.000          2,833.48         80
                                       5.750          2,833.48
    LAYTONSVILLE     MD   20882          2            02/03/03         00
    0435383153                           03           04/01/03          0
    30403026                             O            03/01/33
    0

    8451175          144/144             F          450,000.00         ZZ
                                         360        449,562.63          1
                                       6.125          2,734.25         57
                                       5.875          2,734.25
    KINGSTON         NY   12401          1            01/23/03         00
    160711580                            05           03/01/03          0
    160711580                            O            02/01/33
    0

    8451281          N47/G01             F          353,000.00         ZZ
                                         360        353,000.00          1
1

                                       6.375          2,202.26         72
                                       6.125          2,202.26
    LAKE FOREST      CA   92610          2            02/06/03         00
    0435444583                           03           04/01/03          0
    30502155                             O            03/01/33
    0

    8451433          K21/G01             F          482,000.00         ZZ
                                         360        482,000.00          1
                                       5.625          2,774.66         74
                                       5.375          2,774.66
    CONCORD          CA   94521          2            02/04/03         00
    0435420161                           03           04/01/03          0
    0222141                              O            03/01/33
    0

    8451451          A06/G01             F          427,500.00         ZZ
                                         360        427,500.00          1
                                       6.000          2,563.08         75
                                       5.750          2,563.08
    WEST BLOOMFIELD  MI   48324          1            02/14/03         00
    0435409883                           05           04/01/03          0
    20233706                             O            03/01/33
    0

    8451703          893/G01             F          281,000.00         ZZ
                                         360        281,000.00          1
                                       6.000          1,684.74         45
                                       5.750          1,684.74
    FREMONT          CA   94539          2            02/06/03         00
    0435422522                           03           04/01/03          0
    M30110011                            O            03/01/33
    0

    8451749          B57/G01             F          468,750.00         ZZ
                                         360        468,750.00          1
                                       6.250          2,886.17         75
                                       6.000          2,886.17
    NORTHRIDGE       CA   91326          2            02/01/03         00
    0435425988                           03           04/01/03          0
    10008292                             O            03/01/33
    0

    8452619          E82/G01             F          365,600.00         ZZ
                                         360        365,600.00          1
                                       6.250          2,251.06         76
                                       6.000          2,251.06
    ELK GROVE        CA   95624          2            02/13/03         00
    0400766804                           05           04/01/03          0
1

    6376754                              O            03/01/33
    0

    8452623          E82/G01             F          196,300.00         ZZ
                                         360        196,300.00          1
                                       6.125          1,192.74         38
                                       5.875          1,192.74
    SAN DEIGO        CA   92116          2            02/13/03         00
    0400766598                           05           04/01/03          0
    1782257                              O            03/01/33
    0

    8452625          E82/G01             F          257,300.00         ZZ
                                         360        257,300.00          1
                                       6.125          1,563.38         57
                                       5.875          1,563.38
    EDWARDS          CO   81632          2            02/17/03         00
    0400780813                           09           04/01/03          0
    1767849                              O            03/01/33
    0

    8452631          E82/G01             F          411,450.00         ZZ
                                         360        411,450.00          1
                                       6.375          2,566.91         35
                                       6.125          2,566.91
    ATLANTA          GA   30328          2            02/17/03         00
    0400739926                           05           04/01/03          0
    1873243                              O            03/01/33
    0

    8452639          E82/G01             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       6.125          1,385.35         57
                                       5.875          1,385.35
    INDIANAPOLIS     IN   46236          2            02/15/03         00
    0400773586                           05           04/01/03          0
    1792091                              O            03/01/33
    0

    8452641          E82/G01             F          251,600.00         ZZ
                                         360        251,600.00          1
                                       6.125          1,528.75         80
                                       5.875          1,528.75
    MECHANICSVILLE   VA   23116          2            02/17/03         00
    0400775284                           05           04/01/03          0
    1810146                              O            03/01/33
    0

1

    8452643          E82/G01             F          238,900.00         ZZ
                                         360        238,900.00          1
                                       6.125          1,451.58         54
                                       5.875          1,451.58
    RENO             NV   89511          2            02/17/03         00
    0400774386                           05           04/01/03          0
    1754620                              O            03/01/33
    0

    8452645          E82/G01             F          505,000.00         ZZ
                                         360        505,000.00          1
                                       6.250          3,109.37         78
                                       6.000          3,109.37
    SANTA ROSA       CA   95409          2            02/12/03         00
    0400775433                           05           04/01/03          0
    4246627                              O            03/01/33
    0

    8452659          E82/G01             F          361,100.00         ZZ
                                         360        361,100.00          1
                                       6.125          2,194.08         80
                                       5.875          2,194.08
    SOUTH SAN FRANC  CA   94080          2            02/13/03         00
    0400777413                           05           04/01/03          0
    5728313                              O            03/01/33
    0

    8452735          E82/G01             F          323,000.00         ZZ
                                         360        323,000.00          1
                                       6.250          1,988.77         54
                                       6.000          1,988.77
    SAN JOSE         CA   95117          5            02/10/03         00
    0400774949                           05           04/01/03          0
    0400774949                           O            03/01/33
    0

    8452747          E82/G01             F          320,200.00         ZZ
                                         360        320,200.00          1
                                       6.375          1,997.63         71
                                       6.125          1,997.63
    FALLBROOK        CA   92028          2            02/10/03         00
    0400765012                           05           04/01/03          0
    5251301                              O            03/01/33
    0

    8452763          E82/G01             F          316,750.00         ZZ
                                         360        316,750.00          1
                                       6.375          1,976.11         80
                                       6.125          1,976.11
1

    BEN LOMOND       CA   95005          2            02/10/03         00
    0400761037                           05           04/01/03          0
    4709941                              O            03/01/33
    0

    8452783          E82/G01             F          591,800.00         ZZ
                                         360        591,800.00          1
                                       6.125          3,595.84         74
                                       5.875          3,595.84
    SEDALIA          CO   80135          2            02/13/03         00
    0400771622                           05           04/01/03          0
    4933281                              O            03/01/33
    0

    8452787          E82/G01             F          283,000.00         ZZ
                                         360        283,000.00          1
                                       6.250          1,742.48         79
                                       6.000          1,742.48
    HERNDON          VA   20171          2            02/11/03         00
    0400782207                           03           04/01/03          0
    7373875                              O            03/01/33
    0

    8452789          E82/G01             F          260,100.00         ZZ
                                         360        260,100.00          1
                                       6.250          1,601.48         53
                                       6.000          1,601.48
    MOUNTAIN VIEW    CA   94043          2            02/12/03         00
    0400777066                           01           04/01/03          0
    3999490                              O            03/01/33
    0

    8452949          E22/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.000          3,297.53         67
                                       5.750          3,297.53
    WALNUT           CA   91789          5            02/07/03         00
    0415910959                           05           04/01/03          0
    0415910959                           O            03/01/33
    0

    8452965          E22/G01             F          450,500.00         ZZ
                                         360        450,500.00          1
                                       6.000          2,700.98         41
                                       5.750          2,700.98
    SAN CARLOS       CA   94070          5            02/04/03         00
    0415950591                           05           04/01/03          0
    0415950591                           O            03/01/33
    0
1

    8452983          E22/G01             F          350,500.00         ZZ
                                         360        350,500.00          1
                                       5.875          2,073.34         69
                                       5.625          2,073.34
    PASADENA         CA   91104          2            02/10/03         00
    0415980820                           05           04/01/03          0
    0415980820                           O            03/01/33
    0

    8453009          E22/G01             F          542,750.00         ZZ
                                         360        542,750.00          1
                                       6.000          3,254.06         65
                                       5.750          3,254.06
    SANTA MONICA     CA   90405          2            01/30/03         00
    0415998962                           05           04/01/03          0
    0415998962                           O            03/01/33
    0

    8453095          E22/G01             F          311,200.00         ZZ
                                         360        311,200.00          1
                                       5.875          1,840.87         80
                                       5.625          1,840.87
    SIMI VALLEY      CA   93065          1            02/13/03         00
    0416041747                           05           04/01/03          0
    0416041747                           O            03/01/33
    0

    8453103          E22/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.000          2,230.33         60
                                       5.750          2,230.33
    SAN JOSE         CA   95148          2            02/11/03         00
    0416053338                           05           04/01/03          0
    0416053338                           O            03/01/33
    0

    8453129          E22/G01             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       5.875          2,330.66         79
                                       5.625          2,330.66
    OCEANSIDE        CA   92057          2            02/10/03         00
    0416138360                           03           04/01/03          0
    0416138360                           O            03/01/33
    0

    8453141          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
1

                                       6.125          2,308.92         95
                                       5.875          2,308.92
    UNIVERSITY PLAC  WA   98466          1            02/12/03         04
    0416145993                           05           04/01/03         30
    0416145993                           O            03/01/33
    0

    8453265          R55/G01             F          259,100.00         ZZ
                                         360        259,100.00          1
                                       6.000          1,553.44         80
                                       5.750          1,553.44
    WIXOM            MI   48393          2            02/14/03         00
    0435417381                           05           04/01/03          0
    100094600000186                      O            03/01/33
    0

    8453569          B57/G01             F          414,000.00         ZZ
                                         360        414,000.00          1
                                       6.125          2,515.51         58
                                       5.875          2,515.51
    ENCINO           CA   91436          2            02/07/03         00
    0435434097                           05           04/01/03          0
    10009960                             O            03/01/33
    0

    8453665          B57/G01             F          493,600.00         ZZ
                                         360        493,600.00          1
                                       6.000          2,959.38         80
                                       5.750          2,959.38
    LOS ANGELES      CA   90065          1            02/03/03         00
    0435485164                           05           04/01/03          0
    10008712                             O            03/01/33
    0

    8453951          964/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.125          2,381.83         80
                                       5.875          2,381.83
    VALENCIA (AREA)  CA   91354          2            01/30/03         00
    0435435557                           03           04/01/03          0
    329382                               O            03/01/33
    0

    8453975          964/G01             F          343,800.00         ZZ
                                         360        343,800.00          1
                                       6.000          2,061.25         84
                                       5.750          2,061.25
    AUBURN           WA   98001          2            02/03/03         11
    0435415484                           03           04/01/03         12
1

    335437                               O            03/01/33
    0

    8453979          964/G01             F          535,000.00         ZZ
                                         360        535,000.00          1
                                       6.000          3,207.60         70
                                       5.750          3,207.60
    NOVATO           CA   94945          2            01/31/03         00
    0435412101                           03           04/01/03          0
    338430                               O            03/01/33
    0

    8453983          964/G01             F          457,000.00         ZZ
                                         360        457,000.00          1
                                       6.000          2,739.95         65
                                       5.750          2,739.95
    EL CERRITO       CA   94530          1            01/29/03         00
    0435462924                           05           04/01/03          0
    345139                               O            03/01/33
    0

    8453991          964/G01             F          650,000.00         ZZ
                                         360        649,368.24          1
                                       6.125          3,949.47         55
                                       5.875          3,949.47
    SAN MATEO        CA   94402          2            01/13/03         00
    0435409677                           05           03/01/03          0
    303862                               O            02/01/33
    0

    8454005          B57/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       6.000          2,326.26         80
                                       5.750          2,326.26
    GRANADA HILLS    CA   91344          2            02/01/03         00
    0435448469                           05           04/01/03          0
    10007611                             O            03/01/33
    0

    8454017          964/G01             F          394,500.00         ZZ
                                         360        394,500.00          1
                                       6.000          2,365.23         56
                                       5.750          2,365.23
    SAN JOSE         CA   95120          2            02/03/03         00
    0435441142                           05           04/01/03          0
    325298                               O            03/01/33
    0

1

    8454141          X89/G01             F          500,600.00         ZZ
                                         360        500,600.00          1
                                       6.000          3,001.35         58
                                       5.750          3,001.35
    IRVINE           CA   92612          2            02/06/03         00
    0435415203                           03           04/01/03          0
    1010241192                           O            03/01/33
    0

    8454881          X51/G01             F          378,000.00         ZZ
                                         360        378,000.00          1
                                       6.000          2,266.30         78
                                       5.750          2,266.30
    CULVER CITY      CA   90230          2            02/07/03         00
    0435413927                           05           04/01/03          0
    0030117009                           O            03/01/33
    0

    8455065          R84/G01             F          665,000.00         ZZ
                                         360        665,000.00          1
                                       6.125          4,040.62         70
                                       5.875          4,040.62
    HOUSTON          TX   77024          2            02/07/03         00
    0435428313                           05           04/01/03          0
    0664096                              O            03/01/33
    0

    8456533          X51/G01             F          548,000.00         ZZ
                                         240        548,000.00          1
                                       6.000          3,926.04         61
                                       5.750          3,926.04
    LOS ANGELES      CA   90046          2            02/12/03         00
    0435418728                           05           04/01/03          0
    030113017                            O            03/01/23
    0

    8456635          S11/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       5.875          2,957.69         74
                                       5.625          2,957.69
    SANTA ANA        CA   92705          1            01/31/03         00
    0435430335                           05           04/01/03          0
    10210683                             O            03/01/33
    0

    8458187          E82/G01             F          414,000.00         ZZ
                                         360        414,000.00          1
                                       6.250          2,549.07         76
                                       6.000          2,549.07
1

    MOORESTOWN       NJ   08057          2            02/14/03         00
    0400740205                           05           04/01/03          0
    5334521                              O            03/01/33
    0

    8458189          E82/G01             F          302,000.00         ZZ
                                         360        302,000.00          1
                                       6.125          1,834.98         53
                                       5.875          1,834.98
    WEST CHESTER     PA   19380          2            02/18/03         00
    0400776837                           05           04/01/03          0
    7814335                              O            03/01/33
    0

    8458191          E82/G01             F          433,600.00         ZZ
                                         360        433,600.00          1
                                       6.125          2,634.60         40
                                       5.875          2,634.60
    KAILUA           HI   96734          2            02/18/03         00
    0400771895                           05           04/01/03          0
    1827305                              O            03/01/33
    0

    8458199          E82/G01             F          645,100.00         ZZ
                                         360        645,100.00          1
                                       6.250          3,971.99         79
                                       6.000          3,971.99
    FAIRFAX STATION  VA   22039          2            02/14/03         00
    0400782652                           05           04/01/03          0
    4964477                              O            03/01/33
    0

    8458207          E82/G01             F          367,500.00         ZZ
                                         360        367,500.00          1
                                       6.125          2,232.97         74
                                       5.875          2,232.97
    SAN JOSE         CA   95136          2            02/11/03         00
    0400784088                           05           04/01/03          0
    8062195                              O            03/01/33
    0

    8458209          E82/G01             F          583,200.00         ZZ
                                         360        583,200.00          1
                                       6.125          3,543.58         43
                                       5.875          3,543.58
    SAN CLEMENTE     CA   92672          2            02/14/03         00
    0400775581                           05           04/01/03          0
    0400775581                           O            03/01/33
    0
1

    8458211          E82/G01             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       6.125          2,114.48         50
                                       5.875          2,114.48
    YORBA LINDA      CA   92887          2            02/14/03         00
    0400780425                           05           04/01/03          0
    7766673                              O            03/01/33
    0

    8458215          E82/G01             F          196,000.00         ZZ
                                         360        196,000.00          1
                                       6.375          1,222.79         80
                                       6.125          1,222.79
    BAKERSFIELD      CA   93312          2            02/12/03         00
    0400764221                           05           04/01/03          0
    10666853                             O            03/01/33
    0

    8458217          E82/G01             F          479,200.00         ZZ
                                         360        479,200.00          1
                                       6.125          2,911.67         80
                                       5.875          2,911.67
    DEMAREST BOROUG  NJ   07627          2            02/18/03         00
    0400789145                           05           04/01/03          0
    7865219                              O            03/01/33
    0

    8458235          E82/G01             F          227,900.00         ZZ
                                         360        227,900.00          1
                                       6.125          1,384.74         71
                                       5.875          1,384.74
    NEW ORLEANS      LA   70115          2            02/19/03         00
    0400765871                           05           04/01/03          0
    7178648                              O            03/01/33
    0

    8458241          E82/G01             F          307,200.00         ZZ
                                         360        307,200.00          1
                                       6.250          1,891.48         56
                                       6.000          1,891.48
    STEVENSON RANCH  CA   91381          2            02/12/03         00
    0400773883                           03           04/01/03          0
    1870507                              O            03/01/33
    0

    8458277          E82/G01             F          300,500.00         ZZ
                                         360        300,500.00          1
1

                                       6.000          1,801.65         78
                                       5.750          1,801.65
    BLOOMFIELD       MI   48302          2            02/18/03         00
    0400776787                           01           04/01/03          0
    7759653                              O            03/01/33
    0

    8458281          E82/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.125          2,406.14         50
                                       5.875          2,406.14
    SAN RAMON        CA   94583          2            02/12/03         00
    0400780185                           03           04/01/03          0
    1833174                              O            03/01/33
    0

    8458283          E82/G01             F          473,600.00         ZZ
                                         360        473,600.00          1
                                       6.125          2,877.64         68
                                       5.875          2,877.64
    STAMFORD         CT   06903          5            02/19/03         00
    0400771028                           05           04/01/03          0
    0400771028                           O            03/01/33
    0

    8458285          E82/G01             F          308,400.00         ZZ
                                         360        308,400.00          1
                                       6.250          1,898.87         72
                                       6.000          1,898.87
    PLAINVIEW        NY   11803          2            02/19/03         00
    0400763298                           05           04/01/03          0
    7145250                              O            03/01/33
    0

    8458287          E82/G01             F          407,500.00         ZZ
                                         360        407,500.00          1
                                       6.250          2,509.05         77
                                       6.000          2,509.05
    WHITE PLAINS     NY   10605          2            02/17/03         00
    0400762886                           05           04/01/03          0
    0400762886                           O            03/01/33
    0

    8458299          E82/G01             F          422,500.00         ZZ
                                         360        422,500.00          1
                                       6.125          2,567.15         70
                                       5.875          2,567.15
    MACON            GA   31210          2            02/14/03         00
    0400774212                           05           04/01/03          0
1

    1875068                              O            03/01/33
    0

    8458305          E82/G01             F          531,400.00         ZZ
                                         360        531,400.00          1
                                       6.250          3,271.92         70
                                       6.000          3,271.92
    WEST VINCENT TO  PA   19425          2            02/18/03         00
    0400778809                           05           04/01/03          0
    7715339                              O            03/01/33
    0

    8458307          E82/G01             F          330,500.00         ZZ
                                         360        330,500.00          1
                                       6.125          2,008.15         62
                                       5.875          2,008.15
    VIRGINIA BEACH   VA   23452          2            02/14/03         00
    0400768982                           05           04/01/03          0
    1743347                              O            03/01/33
    0

    8458309          E82/G01             F          296,500.00         ZZ
                                         360        296,500.00          1
                                       6.000          1,777.67         67
                                       5.750          1,777.67
    SAN JOSE         CA   95133          2            02/12/03         00
    0400784344                           05           04/01/03          0
    1803931                              O            03/01/33
    0

    8458317          E82/G01             F          150,900.00         ZZ
                                         360        150,900.00          1
                                       6.375            941.42         47
                                       6.125            941.42
    BOCA RATON       FL   33433          2            02/14/03         00
    0400761425                           03           04/01/03          0
    1656818                              O            03/01/33
    0

    8458333          E82/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       5.875          2,365.56         77
                                       5.625          2,365.56
    MOUNTAIN VIEW    CA   94041          2            02/12/03         00
    0400784468                           05           04/01/03          0
    7713436                              O            03/01/33
    0

1

    8458345          E82/G01             F          369,000.00         ZZ
                                         360        369,000.00          1
                                       6.500          2,332.33         60
                                       6.250          2,332.33
    CUMBERLAND       ME   04021          2            02/19/03         00
    0400770939                           05           04/01/03          0
    5248380                              O            03/01/33
    0

    8458353          E82/G01             F          222,850.00         ZZ
                                         360        222,850.00          1
                                       6.250          1,372.13         50
                                       6.000          1,372.13
    SAN PEDRO        CA   90732          2            02/12/03         00
    0400765814                           05           04/01/03          0
    2820403                              O            03/01/33
    0

    8458355          E82/G01             F          257,500.00         ZZ
                                         360        257,500.00          1
                                       6.125          1,564.60         59
                                       5.875          1,564.60
    ROHNERT PARK     CA   94928          2            02/12/03         00
    0400780441                           05           04/01/03          0
    5021498                              O            03/01/33
    0

    8459057          E22/G01             F          596,000.00         ZZ
                                         360        596,000.00          1
                                       6.000          3,573.32         66
                                       5.750          3,573.32
    PALOS VERDES ES  CA   90274          2            02/11/03         00
    0415899186                           05           04/01/03          0
    0415899186                           O            03/01/33
    0

    8459063          E22/G01             F          540,000.00         ZZ
                                         360        540,000.00          1
                                       6.250          3,324.87         72
                                       6.000          3,324.87
    MCLEAN           VA   22102          2            02/13/03         00
    0415905371                           05           04/01/03          0
    0415905371                           O            03/01/33
    0

    8459109          E22/G01             F          385,300.00         ZZ
                                         360        385,300.00          1
                                       6.000          2,310.07         80
                                       5.750          2,310.07
1

    MANTECA          CA   95336          1            02/13/03         00
    0415926088                           05           04/01/03          0
    0415926088                           O            03/01/33
    0

    8459113          E22/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.125          2,090.18         80
                                       5.875          2,090.18
    UNION CITY       CA   94587          1            02/12/03         00
    0415929629                           05           04/01/03          0
    0415929629                           O            03/01/33
    0

    8459147          E22/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.000          2,518.11         79
                                       5.750          2,518.11
    BELLEVUE         WA   98006          2            02/11/03         00
    0415947399                           05           04/01/03          0
    0415947399                           O            03/01/33
    0

    8459173          E22/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.000          1,918.56         64
                                       5.750          1,918.56
    SAN ANTONIO      TX   78212          5            02/14/03         00
    0415964857                           05           04/01/03          0
    0415964857                           O            03/01/33
    0

    8459225          E22/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.125          2,551.96         68
                                       5.875          2,551.96
    VACAVILLE        CA   95688          2            02/06/03         00
    0415996370                           05           04/01/03          0
    0415996370                           O            03/01/33
    0

    8459317          E22/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       5.875          2,360.24         80
                                       5.625          2,360.24
    LA (NORTHRIDGE)  CA   91325          1            02/11/03         00
    0416021558                           05           04/01/03          0
    0416021558                           O            03/01/33
    0
1

    8459353          E22/G01             F          105,000.00         ZZ
                                         360        105,000.00          1
                                       6.625            672.33         75
                                       6.375            672.33
    EULESS           TX   76040          5            02/14/03         00
    0416028835                           05           04/01/03          0
    0416028835                           O            03/01/33
    0

    8459403          E22/G01             F          399,500.00         ZZ
                                         360        399,500.00          1
                                       6.000          2,395.20         75
                                       5.750          2,395.20
    YUBA CITY        CA   95993          2            02/13/03         00
    0416044733                           05           04/01/03          0
    0416044733                           O            03/01/33
    0

    8459469          E22/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       5.875          2,011.23         60
                                       5.625          2,011.23
    BELLEVUE         WA   98006          2            02/11/03         00
    0416063030                           03           04/01/03          0
    0416063030                           O            03/01/33
    0

    8459477          E22/G01             F          493,000.00         ZZ
                                         360        493,000.00          1
                                       5.875          2,916.28         71
                                       5.625          2,916.28
    SPRINGFIELD      VA   22150          2            02/14/03         00
    0416065290                           03           04/01/03          0
    0416065290                           O            03/01/33
    0

    8459583          E22/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.000          1,199.10         37
                                       5.750          1,199.10
    SAN JOSE         CA   95125          5            02/11/03         00
    0416137826                           05           04/01/03          0
    0416137826                           O            03/01/33
    0

    8460985          A06/G01             F          112,000.00         ZZ
                                         360        112,000.00          1
1

                                       6.500            707.92         80
                                       6.250            707.92
    MACOMB TOWNSHIP  MI   48044          1            02/14/03         00
    0435434584                           01           04/01/03          0
    0020235331                           O            03/01/33
    0

    8461389          R65/G01             F          675,000.00         ZZ
                                         360        675,000.00          1
                                       6.000          4,046.97         70
                                       5.750          4,046.97
    BURBANK          CA   91504          2            02/15/03         00
    0435430210                           05           04/01/03          0
    4201266294                           O            03/01/33
    0

    8461515          313/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.125          2,430.14         62
                                       5.875          2,430.14
    MESA             AZ   85213          2            02/14/03         00
    0435472303                           05           04/01/03          0
    0009310137                           O            03/01/33
    0

    8461551          R65/G01             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       6.250          2,678.37         78
                                       6.000          2,678.37
    SAN DIEGO        CA   92127          2            01/29/03         00
    0435455928                           03           04/01/03          0
    4199024772                           O            03/01/33
    0

    8461569          696/G01             F          800,000.00         ZZ
                                         360        799,222.45          1
                                       6.125          4,860.88         70
                                       5.875          4,860.88
    MCLEAN           VA   22102          2            01/31/03         00
    0435424981                           03           03/01/03          0
    25502322                             O            02/01/33
    0

    8461573          696/G01             F          485,000.00         ZZ
                                         360        485,000.00          1
                                       6.000          2,907.82         49
                                       5.750          2,907.82
    VIENNA           VA   22182          2            02/06/03         00
    0435425376                           03           04/01/03          0
1

    40103017                             O            03/01/33
    0

    8461705          E33/G01             F          397,000.00         ZZ
                                         360        396,604.78          1
                                       6.000          2,380.22         51
                                       5.750          2,380.22
    LAKE FOREST      IL   60045          2            01/08/03         00
    0435452883                           05           03/01/03          0
    718541                               O            02/01/33
    0

    8461745          696/G01             F          423,400.00         ZZ
                                         360        423,400.00          1
                                       6.250          2,606.95         80
                                       6.000          2,606.95
    FREDERICK        MD   21704          1            02/13/03         00
    0435412812                           03           04/01/03          0
    31102094                             O            03/01/33
    0

    8461749          926/926             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.375          2,745.03         80
                                       6.125          2,745.03
    HILTON HEAD ISL  SC   29928          1            02/12/03         00
    16303068                             03           04/01/03          0
    16303068                             O            03/01/33
    0

    8462383          G52/G01             F          720,000.00         ZZ
                                         360        720,000.00          1
                                       5.875          4,259.07         58
                                       5.625          4,259.07
    KAILUA           HI   96734          5            02/13/03         00
    0435427661                           05           04/01/03          0
    9205004003                           O            03/01/33
    0

    8462439          A50/G01             F          508,700.00         ZZ
                                         360        508,181.36          1
                                       5.875          3,009.15         70
                                       5.625          3,009.15
    SIGNAL MOUNTAIN  TN   37377          2            01/24/03         00
    0435426085                           05           03/01/03          0
    979579                               O            02/01/33
    0

1

    8462563          F89/G01             F          510,000.00         ZZ
                                         360        510,000.00          1
                                       6.125          3,098.81         80
                                       5.875          3,098.81
    TEMECULA         CA   92592          1            02/14/03         00
    0435435664                           05           04/01/03          0
    11625508                             O            03/01/33
    0

    8464291          E82/G01             F          277,600.00         ZZ
                                         360        277,600.00          1
                                       6.125          1,686.73         80
                                       5.875          1,686.73
    VALENCIA AREA    CA   91355          2            02/17/03         00
    0400775003                           05           04/01/03          0
    5139987                              O            03/01/33
    0

    8464309          E82/G01             F          287,300.00         ZZ
                                         360        287,300.00          1
                                       6.125          1,745.67         64
                                       5.875          1,745.67
    HOLLISTER        CA   95023          2            02/17/03         00
    0400777082                           05           04/01/03          0
    4179017                              O            03/01/33
    0

    8464311          E82/G01             F          276,000.00         ZZ
                                         360        276,000.00          1
                                       6.125          1,677.01         72
                                       5.875          1,677.01
    MONROVIA         CA   91016          2            02/17/03         00
    0400784385                           05           04/01/03          0
    7988251                              O            03/01/33
    0

    8464317          E82/G01             F          492,100.00         ZZ
                                         360        492,100.00          1
                                       6.125          2,990.05         78
                                       5.875          2,990.05
    LOS ANGELES      CA   90035          2            02/15/03         00
    0400774410                           05           04/01/03          0
    1871374                              O            03/01/33
    0

    8464323          E82/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.125          2,248.16         47
                                       5.875          2,248.16
1

    DENVER           CO   80218          2            02/20/03         00
    0400783858                           06           04/01/03          0
    5835836                              O            03/01/33
    0

    8464335          E82/G01             F          207,300.00         ZZ
                                         360        207,300.00          1
                                       6.125          1,259.58         72
                                       5.875          1,259.58
    LEONARDTOWN      MD   20650          2            02/20/03         00
    0400768792                           05           04/01/03          0
    1592210                              O            03/01/33
    0

    8464577          E22/G01             F          357,550.00         ZZ
                                         360        357,550.00          1
                                       6.125          2,172.51         75
                                       5.875          2,172.51
    NEW HAVEN        CT   06511          1            02/21/03         00
    0415480193                           05           04/01/03          0
    0415480193                           O            03/01/33
    0

    8464623          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       5.875          2,070.38         63
                                       5.625          2,070.38
    WHITTIER         CA   90603          5            02/10/03         00
    0415935329                           05           04/01/03          0
    0415935329                           O            03/01/33
    0

    8464701          E22/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.000          2,374.22         77
                                       5.750          2,374.22
    AURORA           CO   80016          2            02/17/03         00
    0416033033                           03           04/01/03          0
    0416033033                           O            03/01/33
    0

    8464713          E22/G01             F           82,000.00         ZZ
                                         360         82,000.00          1
                                       6.125            498.24         40
                                       5.875            498.24
    FRASER           MI   48026          5            02/17/03         00
    0416041028                           05           04/01/03          0
    0416041028                           O            03/01/33
    0
1

    8464717          E22/G01             F          377,000.00         ZZ
                                         360        377,000.00          1
                                       6.000          2,260.31         56
                                       5.750          2,260.31
    FREMONT          CA   94555          2            02/10/03         00
    0416046241                           05           04/01/03          0
    0416046241                           O            03/01/33
    0

    8464747          E22/G01             F          510,000.00         ZZ
                                         360        510,000.00          1
                                       6.000          3,057.71         59
                                       5.750          3,057.71
    THOUSAND OAKS    CA   91320          2            02/13/03         00
    0416087138                           03           04/01/03          0
    0416087138                           O            03/01/33
    0

    8464757          E22/G01             F          119,000.00         ZZ
                                         360        119,000.00          1
                                       6.125            723.06         67
                                       5.875            723.06
    BOISE            ID   83703          2            02/17/03         00
    0416117158                           03           04/01/03          0
    0416117158                           O            03/01/33
    0

    8464761          E22/G01             F          130,400.00         ZZ
                                         360        130,400.00          1
                                       6.375            813.53         80
                                       6.125            813.53
    GENOA            IL   60135          2            02/17/03         00
    0416120384                           05           04/01/03          0
    0416120384                           O            03/01/33
    0

    8464765          E22/G01             F          153,000.00         ZZ
                                         360        153,000.00          1
                                       6.000            917.31         67
                                       5.750            917.31
    STEWARTSVILLE    NJ   08886          5            02/17/03         00
    0416131159                           01           04/01/03          0
    0416131159                           O            03/01/33
    0

    8464985          X89/G01             F          515,000.00         ZZ
                                         360        515,000.00          1
1

                                       6.250          3,170.94         67
                                       6.000          3,170.94
    LOS ANGELES      CA   90004          5            02/01/03         00
    0435437488                           05           04/01/03          0
    1010241123                           O            03/01/33
    0

    8465131          X89/G01             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       6.000          2,973.77         80
                                       5.750          2,973.77
    OAKLAND          CA   94611          1            02/07/03         00
    0435437439                           05           04/01/03          0
    1010241590                           O            03/01/33
    0

    8465177          X89/G01             F          333,000.00         ZZ
                                         360        332,660.49          1
                                       5.875          1,969.82         61
                                       5.625          1,969.82
    BENICIA          CA   94510          2            01/18/03         00
    0435434436                           05           03/01/03          0
    1010240947                           O            02/01/33
    0

    8465185          964/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.250          3,386.45         37
                                       6.000          3,386.45
    LOS ANGELES      CA   90049          5            02/12/03         00
    0435431036                           05           04/01/03          0
    312847                               O            03/01/33
    0

    8465187          964/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       5.875          2,218.27         41
                                       5.625          2,218.27
    BURLINGAME       CA   94011          5            01/29/03         00
    0435432059                           05           04/01/03          0
    318316                               O            03/01/33
    0

    8465195          964/G01             F          434,800.00         ZZ
                                         360        434,800.00          1
                                       6.000          2,606.85         75
                                       5.750          2,606.85
    SACRAMENTO       CA   95864          2            02/02/03         00
    0435452917                           05           04/01/03          0
1

    327712                               O            03/01/33
    0

    8465215          964/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       6.125          2,351.45         59
                                       5.875          2,351.45
    FAIR OAKS        CA   95628          5            02/10/03         00
    0435461942                           05           04/01/03          0
    329574                               O            03/01/33
    0

    8465217          964/G01             F          389,100.00         ZZ
                                         360        389,100.00          1
                                       5.875          2,301.67         66
                                       5.625          2,301.67
    YORBA LINDA      CA   92887          2            01/30/03         00
    0435423678                           05           04/01/03          0
    331165                               O            03/01/33
    0

    8465229          964/G01             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       6.125          2,412.22         43
                                       5.875          2,412.22
    SAN JOSE         CA   95125          2            02/10/03         00
    0435431515                           05           04/01/03          0
    336087                               O            03/01/33
    0

    8465235          964/G01             F          598,000.00         ZZ
                                         360        598,000.00          1
                                       5.875          3,537.40         45
                                       5.625          3,537.40
    MILL VALLEY      CA   94941          2            01/29/03         00
    0435431739                           05           04/01/03          0
    338425                               O            03/01/33
    0

    8465345          A06/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       5.875          1,774.62         47
                                       5.625          1,774.62
    GROSSE POINTE F  MI   48236          5            02/19/03         00
    0435430095                           05           04/01/03          0
    021000020302118                      O            03/01/33
    0

1

    8465359          356/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.125          2,916.54         42
                                       5.875          2,916.54
    DANVILLE         CA   94506          5            01/30/03         00
    0435445762                           05           04/01/03          0
    3014008                              O            03/01/33
    0

    8465371          A39/G01             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       6.125          2,722.09         59
                                       5.875          2,722.09
    WEST HILLS       CA   91307          2            02/11/03         00
    0435429972                           03           04/01/03          0
    2300163RFC                           O            03/01/33
    0

    8465381          536/536             F          580,000.00         ZZ
                                         360        578,259.15          1
                                       6.000          3,477.39         80
                                       5.750          3,477.39
    AIEA             HI   96701          1            11/12/02         00
    1366962                              05           01/01/03          0
    1366962                              O            12/01/32
    0

    8465419          S11/G01             F          367,950.00         ZZ
                                         360        367,950.00          1
                                       6.250          2,265.53         63
                                       6.000          2,265.53
    SANTA ANA        CA   92705          2            02/13/03         00
    0435436837                           05           04/01/03          0
    10400125                             O            03/01/33
    0

    8465453          S11/G01             F          580,000.00         ZZ
                                         360        579,436.28          1
                                       6.125          3,524.14         60
                                       5.875          3,524.14
    SAN DIEGO        CA   92130          5            01/29/03         00
    0435440268                           05           03/01/03          0
    10210692                             O            02/01/33
    0

    8465745          696/G01             F          500,400.00         ZZ
                                         360        500,400.00          1
                                       6.250          3,081.05         80
                                       6.000          3,081.05
1

    GAITHERSBURG     MD   20878          2            02/21/03         00
    0435422472                           03           04/01/03          0
    30103014                             O            03/01/33
    0

    8465751          696/G01             F          490,000.00         ZZ
                                         360        490,000.00          1
                                       6.000          2,937.80         30
                                       5.750          2,937.80
    WASHINGTON       DC   20008          2            02/14/03         00
    0435422712                           05           04/01/03          0
    25603024                             O            03/01/33
    0

    8465753          356/G01             F          956,000.00         ZZ
                                         360        956,000.00          1
                                       6.250          5,886.26         55
                                       6.000          5,886.26
    PLEASANTON       CA   94566          2            02/05/03         00
    0435432968                           03           04/01/03          0
    3059557                              O            03/01/33
    0

    8465775          M27/G01             F          491,100.00         ZZ
                                         360        491,100.00          1
                                       6.125          2,983.98         75
                                       5.875          2,983.98
    TROUTVILLE       VA   24175          2            02/14/03         00
    0435436753                           05           04/01/03          0
    600880878                            O            03/01/33
    0

    8465837          536/536             F          620,000.00         ZZ
                                         360        619,382.79          1
                                       6.000          3,717.21         57
                                       5.750          3,717.21
    HONOLULU         HI   96821          2            01/23/03         00
    1373372                              05           03/01/03          0
    1373372                              O            02/01/33
    0

    8465945          G34/G01             F           74,000.00         ZZ
                                         360         74,000.00          1
                                       6.250            455.63         46
                                       6.000            455.63
    LAS VEGAS        NV   89108          2            02/13/03         00
    0435429238                           03           04/01/03          0
    77303010                             O            03/01/33
    0
1

    8466111          A06/G01             F          144,000.00         ZZ
                                         240        144,000.00          1
                                       6.000          1,031.67         60
                                       5.750          1,031.67
    CHESTERFIELD TW  MI   48047          5            02/18/03         00
    0435437595                           05           04/01/03          0
    1                                    O            03/01/23
    0

    8466411          964/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.375          2,433.09         80
                                       6.125          2,433.09
    SOUTH SAN FRANC  CA   94080          2            02/04/03         00
    0435430855                           05           04/01/03          0
    295364                               O            03/01/33
    0

    8466429          964/G01             F          561,500.00         ZZ
                                         360        561,500.00          1
                                       6.125          3,411.74         38
                                       5.875          3,411.74
    BURLINGAME       CA   94010          2            02/05/03         00
    0435434162                           05           04/01/03          0
    322792                               O            03/01/33
    0

    8466445          964/G01             F          466,000.00         ZZ
                                         360        466,000.00          1
                                       6.000          2,793.91         57
                                       5.750          2,793.91
    SAN JOSE         CA   95120          2            02/04/03         00
    0435470422                           05           04/01/03          0
    332925                               O            03/01/33
    0

    8466771          E82/G01             F          173,900.00         ZZ
                                         360        173,900.00          1
                                       6.125          1,056.63         60
                                       5.875          1,056.63
    VALENCIA         CA   91354          2            02/14/03         00
    0400783684                           01           04/01/03          0
    3728812                              O            03/01/33
    0

    8466779          E82/G01             F          294,200.00         ZZ
                                         360        294,200.00          1
1

                                       6.125          1,787.59         76
                                       5.875          1,787.59
    SAN GABRIEL      CA   91775          2            02/19/03         00
    0400790747                           05           04/01/03          0
    1829967                              O            03/01/33
    0

    8466781          E82/G01             F          308,000.00         ZZ
                                         360        308,000.00          1
                                       6.375          1,921.52         67
                                       6.125          1,921.52
    MANASSAS         VA   20112          2            02/21/03         00
    0400780805                           05           04/01/03          0
    0400780805                           O            03/01/33
    0

    8466813          E82/G01             F          393,800.00         ZZ
                                         360        393,800.00          1
                                       6.125          2,392.77         47
                                       5.875          2,392.77
    PEBBLE BEACH     CA   93953          2            02/18/03         00
    0400774311                           05           04/01/03          0
    4666024                              O            03/01/33
    0

    8466821          E82/G01             F          139,000.00         ZZ
                                         360        139,000.00          1
                                       6.375            867.18         61
                                       6.125            867.18
    CORPUS CHRISTI   TX   78418          2            02/19/03         00
    0400760260                           03           04/01/03          0
    5552323                              O            03/01/33
    0

    8466827          E82/G01             F          252,000.00         ZZ
                                         360        252,000.00          1
                                       6.125          1,531.18         80
                                       5.875          1,531.18
    TEMPE            AZ   85284          2            02/21/03         00
    0400783239                           05           04/01/03          0
    0400783239                           O            03/01/33
    0

    8466871          E82/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       6.250          2,001.08         61
                                       6.000          2,001.08
    SAN JOSE         CA   95118          2            02/19/03         00
    0400763041                           05           04/01/03          0
1

    7988435                              O            03/01/33
    0

    8467039          E22/G01             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       6.250          2,561.38         80
                                       6.000          2,561.38
    HERCULES         CA   94547          2            02/17/03         00
    0416184588                           03           04/01/03          0
    0416184588                           O            03/01/33
    0

    8467065          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.000          3,897.08         69
                                       5.750          3,897.08
    ROCHESTER HILLS  MI   48309          2            02/19/03         00
    0416087815                           05           04/01/03          0
    0416087815                           O            03/01/33
    0

    8467083          E22/G01             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       6.125          2,412.21         68
                                       5.875          2,412.21
    MENLO PARK       CA   94025          2            02/13/03         00
    0416099844                           05           04/01/03          0
    0416099844                           O            03/01/33
    0

    8467095          E22/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       5.875          3,105.57         70
                                       5.625          3,105.57
    MORAGA           CA   94556          5            02/13/03         00
    0416106870                           05           04/01/03          0
    0416106870                           O            03/01/33
    0

    8467319          E22/G01             F          400,000.00         T
                                         360        400,000.00          1
                                       6.250          2,462.87         89
                                       6.000          2,462.87
    DENTON           NC   27239          2            02/21/03         04
    0416024388                           05           04/01/03         25
    0416024388                           O            03/01/33
    0

1

    8467345          E22/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       5.875          2,514.04         60
                                       5.625          2,514.04
    REDMOND          WA   98052          2            02/11/03         00
    0416055630                           03           04/01/03          0
    0416055630                           O            03/01/33
    0

    8467425          E22/G01             F          359,400.00         ZZ
                                         360        359,400.00          1
                                       5.875          2,125.99         75
                                       5.625          2,125.99
    RICHMOND         CA   94806          2            02/11/03         00
    0416073831                           03           04/01/03          0
    0416073831                           O            03/01/33
    0

    8467619          A06/G01             F           96,000.00         ZZ
                                         360         96,000.00          1
                                       6.250            591.09         65
                                       6.000            591.09
    BRIGHTON         MI   48116          2            02/20/03         00
    0435452248                           05           04/01/03          0
    021000020219252                      O            03/01/33
    0

    8467623          K15/G01             F          241,300.00         ZZ
                                         360        241,300.00          1
                                       5.875          1,427.38         76
                                       5.625          1,427.38
    SOUTH HADLEY     MA   01075          2            02/06/03         00
    0435433230                           05           04/01/03          0
    037805506931                         O            03/01/33
    0

    8467737          K15/G01             F           80,100.00         ZZ
                                         360         80,100.00          1
                                       5.875            473.82         58
                                       5.625            473.82
    SUMMERVILLE      SC   29485          2            02/10/03         00
    0435431655                           05           04/01/03          0
    002305506147                         O            03/01/33
    0

    8467831          A50/G01             F          500,000.00         ZZ
                                         360        499,514.03          1
                                       6.125          3,038.05         69
                                       5.875          3,038.05
1

    HUNTSVILLE       AL   35801          2            01/21/03         00
    0435453162                           05           03/01/03          0
    971489                               O            02/01/33
    0

    8468411          964/G01             F          471,000.00         ZZ
                                         360        471,000.00          1
                                       6.375          2,938.43         73
                                       6.125          2,938.43
    KANSAS CITY      MO   64154          2            02/14/03         00
    0435437512                           05           04/01/03          0
    316268                               O            03/01/33
    0

    8468451          964/G01             F          433,000.00         ZZ
                                         360        433,000.00          1
                                       6.000          2,596.05         44
                                       5.750          2,596.05
    PLEASANTON       CA   94588          2            01/30/03         00
    0435438866                           03           04/01/03          0
    323607                               O            03/01/33
    0

    8468535          964/G01             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       5.875          3,430.92         20
                                       5.625          3,430.92
    SAN FRANCISCO    CA   94123          2            02/03/03         00
    0435437892                           05           04/01/03          0
    329536                               O            03/01/33
    0

    8468771          964/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       5.875          2,602.77         80
                                       5.625          2,602.77
    HIGHLAND PARK    IL   60035          2            02/13/03         00
    0435433578                           05           04/01/03          0
    345583                               O            03/01/33
    0

    8470291          696/G01             F          542,000.00         ZZ
                                         360        542,000.00          1
                                       6.000          3,249.56         67
                                       5.750          3,249.56
    BETHESDA         MD   20816          2            02/06/03         00
    0435427802                           05           04/01/03          0
    30203023                             O            03/01/33
    0
1

    8472669          E82/G01             F          314,600.00         ZZ
                                         360        314,600.00          1
                                       6.125          1,911.54         65
                                       5.875          1,911.54
    SANTA MONICA     CA   90405          2            02/20/03         00
    0400783619                           05           04/01/03          0
    4661547                              O            03/01/33
    0

    8472673          E82/G01             F          229,800.00         ZZ
                                         360        229,800.00          1
                                       6.125          1,396.29         60
                                       5.875          1,396.29
    COOL             CA   95614          2            02/20/03         00
    0400783031                           03           04/01/03          0
    2756837                              O            03/01/33
    0

    8472687          E82/G01             F          469,000.00         ZZ
                                         360        469,000.00          1
                                       6.000          2,811.89         60
                                       5.750          2,811.89
    LA HABRA         CA   90631          5            02/20/03         00
    0400767232                           05           04/01/03          0
    0400767232                           O            03/01/33
    0

    8472701          E82/G01             F          642,700.00         ZZ
                                         360        642,700.00          1
                                       6.875          4,222.08         66
                                       6.625          4,222.08
    SANTA CRUZ       CA   95060          2            02/20/03         00
    0400763116                           05           04/01/03          0
    2815226                              O            03/01/33
    0

    8472705          E82/G01             F          197,300.00         ZZ
                                         360        197,300.00          1
                                       6.125          1,198.82         69
                                       5.875          1,198.82
    MARTINEZ         CA   94553          2            02/20/03         00
    0400782876                           05           04/01/03          0
    7609511                              O            03/01/33
    0

    8472715          E82/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
1

                                       6.125          2,673.49         80
                                       5.875          2,673.49
    ANNANDALE        VA   22003          2            02/22/03         00
    0400775995                           05           04/01/03          0
    7871345                              O            03/01/33
    0

    8473135          E22/G01             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       5.875          2,170.94         63
                                       5.625          2,170.94
    DOBBS FERRY      NY   10522          2            02/19/03         00
    0415940188                           09           04/01/03          0
    0415940188                           O            03/01/33
    0

    8473183          E22/G01             F          466,750.00         ZZ
                                         360        466,750.00          1
                                       6.000          2,798.40         34
                                       5.750          2,798.40
    ENCINITAS        CA   92007          2            02/17/03         00
    0416028975                           05           04/01/03          0
    0416028975                           O            03/01/33
    0

    8473273          E22/G01             F          223,650.00         ZZ
                                         360        223,650.00          1
                                       6.250          1,377.05         75
                                       6.000          1,377.05
    LINCOLN          CA   95648          2            02/14/03         00
    0416061034                           05           04/01/03          0
    0416061034                           O            03/01/33
    0

    8473317          E22/G01             F          101,200.00         ZZ
                                         360        101,200.00          1
                                       5.875            598.64         80
                                       5.625            598.64
    SACHSE           TX   75048          1            02/18/03         00
    0416157659                           05           04/01/03          0
    0416157659                           O            03/01/33
    0

    8473321          X89/G01             F          422,775.00         ZZ
                                         360        422,364.08          1
                                       6.125          2,568.83         64
                                       5.875          2,568.83
    SAN JOSE         CA   95148          2            01/27/03         00
    0435432810                           05           03/01/03          0
1

    1010240951                           O            02/01/33
    0

    8473357          E22/G01             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       5.750          2,771.97         53
                                       5.500          2,771.97
    PLEASANTON       CA   94566          2            02/20/03         00
    0416173706                           03           04/01/03          0
    0416173706                           O            03/01/33
    0

    8473425          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       6.125          3,159.57         80
                                       5.875          3,159.57
    LAKE OSWEGO      OR   97034          2            02/17/03         00
    0415449248                           03           04/01/03          0
    0415449248                           O            03/01/33
    0

    8473543          E22/G01             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       6.125          3,007.67         80
                                       5.875          3,007.67
    R. SANTA MARGAR  CA   92679          2            02/18/03         00
    0416100469                           03           04/01/03          0
    0416100469                           O            03/01/33
    0

    8473545          E22/G01             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       6.125          2,764.63         59
                                       5.875          2,764.63
    WESTPORT         CT   06880          2            02/20/03         00
    0416104297                           05           04/01/03          0
    0416104297                           O            03/01/33
    0

    8473627          A50/G01             F          344,000.00         ZZ
                                         360        343,673.60          1
                                       6.250          2,118.07         77
                                       6.000          2,118.07
    LEXINGTON        SC   29072          2            01/27/03         00
    0435433909                           03           03/01/03          0
    948853                               O            02/01/33
    0

1

    8473655          A50/G01             F          672,800.00         ZZ
                                         360        670,920.60          1
                                       6.375          4,197.40         65
                                       6.125          4,197.40
    BLUFFTON         SC   29910          4            11/09/02         00
    0435449400                           03           01/01/03          0
    597731                               O            12/01/32
    0

    8473663          B57/G01             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.125          2,479.05         80
                                       5.875          2,479.05
    SOUTH PASADENA   CA   91030          2            02/13/03         00
    0435459458                           05           04/01/03          0
    10009044                             O            03/01/33
    0

    8473795          116/116             F          750,000.00         ZZ
                                         360        750,000.00          1
                                       6.250          4,617.88         74
                                       6.000          4,617.88
    MONTGOMERY       TX   77316          2            02/07/03         00
    09-10-21834                          05           04/01/03          0
    09-10-21834                          O            03/01/33
    0

    8473815          K15/G01             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       6.500            733.20         66
                                       6.250            733.20
    MODESTO          CA   95350          5            02/19/03         00
    0435436795                           05           04/01/03          0
    026605507152                         O            03/01/33
    0

    8473937          N47/G01             F          369,000.00         ZZ
                                         360        369,000.00          1
                                       6.250          2,272.00         69
                                       6.000          2,272.00
    SAN JOSE         CA   95136          2            02/14/03         00
    0435455852                           05           04/01/03          0
    20502856                             O            03/01/33
    0

    8473949          E33/G01             F          166,600.00         ZZ
                                         360        166,600.00          1
                                       5.875            985.50         61
                                       5.625            985.50
1

    LOMBARD          IL   60148          5            02/19/03         00
    0435458740                           05           04/01/03          0
    1                                    O            03/01/33
    0

    8473951          N47/G01             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.125          2,479.05         68
                                       5.875          2,479.05
    STEVENSON RANCH  CA   91381          2            02/13/03         00
    0435435094                           05           04/01/03          0
    90500671                             O            03/01/33
    0

    8473953          N47/G01             F          519,000.00         ZZ
                                         360        519,000.00          1
                                       6.375          3,237.89         52
                                       6.125          3,237.89
    LOS ANGELES      CA   90077          2            02/10/03         00
    0435461769                           05           04/01/03          0
    30502135                             O            03/01/33
    0

    8473967          758/G01             F          888,349.00         ZZ
                                         360        888,349.00          1
                                       6.250          5,469.72         72
                                       6.000          5,469.72
    BOULDER          CO   80301          2            02/13/03         00
    0435432273                           05           04/01/03          0
    1                                    O            03/01/33
    0

    8474015          696/G01             F          545,000.00         ZZ
                                         360        545,000.00          1
                                       6.125          3,311.48         78
                                       5.875          3,311.48
    VIENNA           VA   22182          2            02/21/03         00
    0435429428                           05           04/01/03          0
    22303013                             O            03/01/33
    0

    8474021          696/G01             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       6.000          3,477.39         80
                                       5.750          3,477.39
    SPRINGFIELD      VA   22150          2            02/12/03         00
    0435429279                           03           04/01/03          0
    25103046                             O            03/01/33
    0
1

    8474031          737/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.500          2,781.10         69
                                       6.250          2,781.10
    JACKSONVILLE     FL   32225          1            02/19/03         00
    0435447339                           05           04/01/03          0
    2105777                              O            03/01/33
    0

    8474063          Y26/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       6.125          2,429.83         67
                                       5.875          2,429.83
    ALISO VIEJO      CA   92656          5            02/10/03         00
    0435441746                           03           04/01/03          0
    110102185                            O            03/01/33
    0

    8474093          G51/G01             F          112,500.00         ZZ
                                         360        112,500.00          1
                                       6.500            711.08         75
                                       6.250            711.08
    SPRINGFIELD      TN   37172          2            02/05/03         00
    0435466966                           05           04/01/03          0
    02000670                             O            03/01/33
    0

    8474187          536/536             F          577,000.00         ZZ
                                         360        574,843.31          1
                                       6.000          3,459.41         45
                                       5.750          3,459.41
    HONOLULU         HI   96821          2            12/18/02         00
    1368133                              05           02/01/03          0
    1368133                              O            01/01/33
    0

    8474299          M27/G01             F          685,000.00         ZZ
                                         360        685,000.00          1
                                       6.000          4,106.92         63
                                       5.750          4,106.92
    RICHMOND         VA   23220          2            02/19/03         00
    0435454624                           05           04/01/03          0
    600884321                            O            03/01/33
    0

    8474495          714/G01             F          416,000.00         ZZ
                                         360        416,000.00          1
1

                                       5.875          2,460.80         78
                                       5.625          2,460.80
    GRAFTON          WI   53024          2            02/07/03         00
    0435442629                           05           04/01/03          0
    FRIES                                O            03/01/33
    0

    8474975          E82/G01             F          269,950.00         ZZ
                                         360        269,950.00          1
                                       6.125          1,640.24         59
                                       5.875          1,640.24
    BRIDGEWATER      NJ   08807          5            02/24/03         00
    0400788774                           05           04/01/03          0
    0400788774                           O            03/01/33
    0

    8474977          E82/G01             F          170,600.00         ZZ
                                         360        170,600.00          3
                                       6.250          1,050.41         21
                                       6.000          1,050.41
    SANTA BARBARA    CA   93101          2            02/18/03         00
    0400758538                           05           04/01/03          0
    1740724                              O            03/01/33
    0

    8474979          E82/G01             F          289,800.00         ZZ
                                         360        289,800.00          1
                                       6.125          1,760.86         44
                                       5.875          1,760.86
    ARLINGTON        VA   22209          2            02/24/03         00
    0400786703                           07           04/01/03          0
    2781769                              O            03/01/33
    0

    8474999          E82/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.125          2,424.37         55
                                       5.875          2,424.37
    APTOS            CA   95003          2            02/21/03         00
    0400766101                           05           04/01/03          0
    7064685                              O            03/01/33
    0

    8475003          E82/G01             F          278,800.00         ZZ
                                         360        278,800.00          1
                                       6.125          1,694.02         55
                                       5.875          1,694.02
    WOODBURY         MN   55125          5            02/24/03         00
    0400786356                           05           04/01/03          0
1

    0400786356                           O            03/01/33
    0

    8475015          E82/G01             F          267,600.00         ZZ
                                         360        267,600.00          1
                                       6.125          1,625.97         43
                                       5.875          1,625.97
    NOVATO           CA   94949          2            02/21/03         00
    0400775904                           05           04/01/03          0
    2780948                              O            03/01/33
    0

    8475027          E82/G01             F          310,500.00         ZZ
                                         360        310,500.00          1
                                       6.125          1,886.63         72
                                       5.875          1,886.63
    SANTA ANA        CA   92705          2            02/21/03         00
    0400794707                           05           04/01/03          0
    0400794707                           O            03/01/33
    0

    8475035          E82/G01             F          226,000.00         ZZ
                                         360        226,000.00          1
                                       6.125          1,373.20         28
                                       5.875          1,373.20
    CAMBRIDGE        MA   02138          2            02/24/03         00
    0400760070                           05           04/01/03          0
    1860090                              O            03/01/33
    0

    8475039          E82/G01             F          398,400.00         ZZ
                                         360        398,400.00          1
                                       6.125          2,420.72         64
                                       5.875          2,420.72
    SAN CARLOS       CA   94070          2            02/21/03         00
    0400761771                           05           04/01/03          0
    0400761771                           O            03/01/33
    0

    8475041          E82/G01             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       6.250          1,200.65         75
                                       6.000          1,200.65
    LAKE GENEVA      WI   53147          2            02/24/03         00
    0400786877                           05           04/01/03          0
    0400786877                           O            03/01/33
    0

1

    8475049          E82/G01             F          421,000.00         ZZ
                                         360        421,000.00          1
                                       6.125          2,558.04         48
                                       5.875          2,558.04
    SAN FRANCISCO    CA   94115          2            02/21/03         00
    0400791034                           01           04/01/03          0
    8475049                              O            03/01/33
    0

    8475051          E82/G01             F          675,100.00         ZZ
                                         360        675,100.00          1
                                       5.750          3,939.70         65
                                       5.500          3,939.70
    GREAT FALLS      VA   22066          2            02/24/03         00
    0400782959                           03           04/01/03          0
    2991143                              O            03/01/33
    0

    8475071          E82/G01             F          535,000.00         ZZ
                                         360        535,000.00          1
                                       6.250          3,294.09         72
                                       6.000          3,294.09
    SAN JOSE         CA   95125          2            02/21/03         00
    0400775482                           05           04/01/03          0
    1876872                              O            03/01/33
    0

    8475077          E82/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.250          2,832.30         69
                                       6.000          2,832.30
    SAN CARLOS       CA   94070          2            02/21/03         00
    0400790317                           05           04/01/03          0
    7802213                              O            03/01/33
    0

    8475081          E82/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.125          1,944.35         80
                                       5.875          1,944.35
    STERLING         MA   01564          2            02/21/03         00
    0400781282                           05           04/01/03          0
    7941447                              O            03/01/33
    0

    8475095          E82/G01             F          321,600.00         ZZ
                                         360        321,600.00          1
                                       6.125          1,954.08         77
                                       5.875          1,954.08
1

    CAVE CREEK       AZ   85331          2            02/24/03         00
    0400782447                           05           04/01/03          0
    4766991                              O            03/01/33
    0

    8475109          E82/G01             F          304,600.00         ZZ
                                         360        304,600.00          1
                                       6.250          1,875.47         62
                                       6.000          1,875.47
    SAN JOSE         CA   95134          2            02/21/03         00
    0400785317                           03           04/01/03          0
    1813285                              O            03/01/33
    0

    8475111          E82/G01             F          600,200.00         ZZ
                                         360        600,200.00          1
                                       6.125          3,646.88         63
                                       5.875          3,646.88
    SAN FRANCISCO    CA   94117          2            02/21/03         00
    0400784476                           05           04/01/03          0
    5653260                              O            03/01/33
    0

    8475115          E82/G01             F          315,400.00         ZZ
                                         360        315,400.00          1
                                       6.125          1,916.40         57
                                       5.875          1,916.40
    ATASCADERO       CA   93422          2            02/21/03         00
    0400770020                           05           04/01/03          0
    0400770020                           O            03/01/33
    0

    8475119          E82/G01             F          608,500.00         ZZ
                                         360        608,500.00          1
                                       6.125          3,697.31         61
                                       5.875          3,697.31
    LA JOLLA         CA   92037          2            02/21/03         00
    0400780920                           05           04/01/03          0
    8475119                              O            03/01/33
    0

    8475155          E82/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       6.125          2,400.06         79
                                       5.875          2,400.06
    ALEXANDRIA       VA   22308          2            02/24/03         00
    0400784187                           05           04/01/03          0
    6927953                              O            03/01/33
    0
1

    8475175          E82/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.125          2,734.25         90
                                       5.875          2,734.25
    HENDERSON        NV   89014          2            02/21/03         04
    0400782306                           03           04/01/03         25
    0400782306                           O            03/01/33
    0

    8475235          E22/G01             F          197,000.00         ZZ
                                         360        197,000.00          1
                                       6.375          1,229.02         61
                                       6.125          1,229.02
    SANTA CLARITA    CA   91351          2            02/18/03         00
    0415796879                           29           04/01/03          0
    0415796879                           O            03/01/33
    0

    8475239          E22/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.000          1,978.52         75
                                       5.750          1,978.52
    MONTGOMERY       AL   36116          5            02/21/03         00
    0415817402                           05           04/01/03          0
    0415817402                           O            03/01/33
    0

    8475275          E22/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.000          2,248.31         77
                                       5.750          2,248.31
    SAN MATEO        CA   94401          2            02/10/03         00
    0415951177                           05           04/01/03          0
    0415951177                           O            03/01/33
    0

    8475341          E22/G01             F          549,000.00         ZZ
                                         360        549,000.00          1
                                       6.125          3,335.78         74
                                       5.875          3,335.78
    PLEASANTON       CA   94566          2            02/16/03         00
    0416109049                           03           04/01/03          0
    0416109049                           O            03/01/33
    0

    8475361          E22/G01             F          193,500.00         ZZ
                                         360        193,500.00          1
1

                                       6.125          1,175.73         52
                                       5.875          1,175.73
    CHULA VISTA      CA   91910          2            02/14/03         00
    0416137255                           05           04/01/03          0
    0416137255                           O            03/01/33
    0

    8475367          E22/G01             F          252,700.00         ZZ
                                         360        252,700.00          1
                                       6.375          1,576.52         55
                                       6.125          1,576.52
    CERRITOS         CA   90703          5            02/19/03         00
    0416200889                           05           04/01/03          0
    0416200889                           O            03/01/33
    0

    8475377          E22/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       6.000          2,548.09         69
                                       5.750          2,548.09
    SAN ANSELMO      CA   94960          2            02/19/03         00
    0416204527                           05           04/01/03          0
    0416204527                           O            03/01/33
    0

    8475419          E22/G01             F          527,200.00         ZZ
                                         360        527,200.00          1
                                       6.000          3,160.83         80
                                       5.750          3,160.83
    IRVINE           CA   92602          2            02/13/03         00
    0416023497                           03           04/01/03          0
    0416023497                           O            03/01/33
    0

    8475433          E22/G01             F          160,500.00         ZZ
                                         360        160,500.00          1
                                       6.000            962.28         77
                                       5.750            962.28
    GRESHAM          OR   97080          2            02/17/03         00
    0416035780                           05           04/01/03          0
    0416035780                           O            03/01/33
    0

    8475451          E22/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       5.875          2,289.25         50
                                       5.625          2,289.25
    SEATTLE          WA   98112          2            02/17/03         00
    0416074151                           05           04/01/03          0
1

    0416074151                           O            03/01/33
    0

    8475957          952/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.250          2,709.16         80
                                       6.000          2,709.16
    WYCKOFF          NJ   07481          1            02/21/03         00
    0435460886                           05           04/01/03          0
    03001060                             O            03/01/33
    0

    8476215          253/253             F          191,030.00         ZZ
                                         360        191,030.00          1
                                       6.000          1,145.33         69
                                       5.750          1,145.33
    ALVIN            TX   77511          2            02/05/03         00
    426240                               05           04/01/03          0
    426240                               O            03/01/33
    0

    8476405          253/253             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.000          2,697.98         64
                                       5.750          2,697.98
    SOUTHLAKE        TX   76092          1            02/12/03         00
    456360                               05           04/01/03          0
    456360                               O            03/01/33
    0

    8476505          S11/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.125          2,424.37         68
                                       5.875          2,424.37
    THOUSAND OAKS(N  CA   91320          2            02/06/03         00
    0435446794                           05           04/01/03          0
    10210870                             O            03/01/33
    0

    8476545          U19/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       5.875          2,366.15         80
                                       5.625          2,366.15
    PARKER           CO   80134          2            02/24/03         00
    0435460860                           03           04/01/03          0
    0303070002                           O            03/01/33
    0

1

    8476621          T09/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.500          2,085.82         51
                                       6.250          2,085.82
    CAMARILLO        CA   93010          2            02/17/03         00
    0435449558                           05           04/01/03          0
    2003000186                           O            03/01/33
    0

    8476739          F34/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.125          2,005.11         74
                                       5.875          2,005.11
    NORTH POTOMAC    MD   20878          2            02/14/03         00
    0435438395                           05           04/01/03          0
    45301022                             O            03/01/33
    0

    8477051          S11/G01             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       6.125          3,013.75         74
                                       5.875          3,013.75
    OCEANSIDE        CA   92051          2            02/18/03         00
    0435446356                           05           04/01/03          0
    10300258                             O            03/01/33
    0

    8477371          964/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       6.125          2,612.73         41
                                       5.875          2,612.73
    SAN DIEGO        CA   92107          5            02/07/03         00
    0435445713                           05           04/01/03          0
    315618                               O            03/01/33
    0

    8477377          964/G01             F          439,000.00         ZZ
                                         360        439,000.00          1
                                       6.125          2,667.41         62
                                       5.875          2,667.41
    ANAHEIM          CA   92808          2            02/04/03         00
    0435444781                           03           04/01/03          0
    322627                               O            03/01/33
    0

    8477379          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.125          2,430.14         49
                                       5.875          2,430.14
1

    OAKLAND          CA   94602          2            01/28/03         00
    0435441944                           05           04/01/03          0
    324262                               O            03/01/33
    0

    8477381          964/G01             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       6.000          3,837.12         61
                                       5.750          3,837.12
    LOS GATOS        CA   95070          2            02/07/03         00
    0435484746                           05           04/01/03          0
    326160                               O            03/01/33
    0

    8477385          964/G01             F          557,850.00         ZZ
                                         360        557,850.00          1
                                       5.875          3,299.90         60
                                       5.625          3,299.90
    EL DORADO HILLS  CA   95762          2            02/07/03         00
    0435444328                           03           04/01/03          0
    331455                               O            03/01/33
    0

    8477389          964/G01             F          399,500.00         ZZ
                                         360        399,500.00          1
                                       6.125          2,427.41         65
                                       5.875          2,427.41
    BELMONT          CA   94002          2            02/11/03         00
    0435484712                           03           04/01/03          0
    333825                               O            03/01/33
    0

    8477391          964/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.125          3,645.67         69
                                       5.875          3,645.67
    SAN FRANCISCO    CA   94122          2            02/06/03         00
    0435445705                           05           04/01/03          0
    333901                               O            03/01/33
    0

    8477393          964/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.125          2,381.83         60
                                       5.875          2,381.83
    WALNUT CREEK     CA   94598          2            02/05/03         00
    0435483342                           05           04/01/03          0
    334822                               O            03/01/33
    0
1

    8477397          964/G01             F          615,000.00         ZZ
                                         360        615,000.00          1
                                       6.125          3,736.81         56
                                       5.875          3,736.81
    EL DORADO HILLS  CA   95762          5            02/10/03         00
    0435441563                           03           04/01/03          0
    336602                               O            03/01/33
    0

    8477401          964/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       6.000          2,350.24         67
                                       5.750          2,350.24
    ANAHEIM          CA   92808          2            02/14/03         00
    0435445721                           03           04/01/03          0
    338344                               O            03/01/33
    0

    8477403          964/G01             F          454,000.00         ZZ
                                         360        454,000.00          1
                                       6.125          2,758.55         73
                                       5.875          2,758.55
    FOLSOM           CA   95630          2            02/13/03         00
    0435441449                           05           04/01/03          0
    347205                               O            03/01/33
    0

    8477407          U80/G01             F          575,500.00         ZZ
                                         360        575,500.00          1
                                       6.250          3,543.45         64
                                       6.000          3,543.45
    BEAUFORT         SC   29907          2            02/12/03         00
    0435447537                           05           04/01/03          0
    30009224                             O            03/01/33
    0

    8477477          L01/G01             F          382,000.00         ZZ
                                         360        382,000.00          1
                                       6.125          2,321.07         78
                                       5.875          2,321.07
    SCOTTSDALE       AZ   85254          2            02/21/03         00
    0435452438                           03           04/01/03          0
    10763154                             O            03/01/33
    0

    8477493          964/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
1

                                       6.125          2,381.83         72
                                       5.875          2,381.83
    BUELLTON         CA   93427          5            02/04/03         00
    0435437033                           05           04/01/03          0
    317597                               O            03/01/33
    0

    8477539          964/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.250          2,093.44         50
                                       6.000          2,093.44
    LOS ANGELES      CA   90068          5            02/13/03         00
    0435437363                           05           04/01/03          0
    320461                               O            03/01/33
    0

    8477571          550/550             F          494,000.00         ZZ
                                         360        494,000.00          1
                                       6.200          3,025.60         66
                                       5.950          3,025.60
    SAN FRANCISCO    CA   94121          2            02/06/03         00
    120628388                            07           04/01/03          0
    120628388                            O            03/01/33
    0

    8477635          E22/G01             F          331,500.00         ZZ
                                         360        331,500.00          1
                                       6.250          2,041.10         74
                                       6.000          2,041.10
    STERLING         VA   20165          2            02/20/03         00
    0416129666                           05           04/01/03          0
    0416129666                           O            03/01/33
    0

    8477643          E22/G01             F          554,600.00         ZZ
                                         360        554,600.00          1
                                       6.375          3,459.98         69
                                       6.125          3,459.98
    AUSTIN           TX   78703          5            02/20/03         00
    0416135432                           05           04/01/03          0
    0416135432                           O            03/01/33
    0

    8477741          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.000          2,398.20         77
                                       5.750          2,398.20
    NORTHRIDGE       CA   91325          2            02/20/03         00
    0416224913                           05           04/01/03          0
1

    0416224913                           O            03/01/33
    0

    8477787          E22/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       6.000          1,966.53         77
                                       5.750          1,966.53
    SONORA           CA   95370          5            02/19/03         00
    0416111953                           05           04/01/03          0
    0416111953                           O            03/01/33
    0

    8477909          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.000          2,278.29         61
                                       5.750          2,278.29
    HIGHLAND PARK    TX   75205          5            02/21/03         00
    0416076552                           05           04/01/03          0
    0416076552                           O            03/01/33
    0

    8477939          N47/G01             F          576,000.00         ZZ
                                         360        576,000.00          1
                                       6.125          3,499.84         42
                                       5.875          3,499.84
    DANVILLE         CA   94506          2            02/12/03         00
    0435453774                           03           04/01/03          0
    20502243                             O            03/01/33
    0

    8477943          E22/G01             F          497,800.00         ZZ
                                         360        497,800.00          1
                                       6.125          3,024.69         80
                                       5.875          3,024.69
    RAMONA           CA   92065          2            02/10/03         00
    0416042794                           03           04/01/03          0
    0416042794                           O            03/01/33
    0

    8478003          K21/G01             F          370,000.00         ZZ
                                         360        369,622.77          1
                                       5.875          2,188.69         62
                                       5.625          2,188.69
    VENTURA          CA   93001          5            01/31/03         00
    0435450903                           05           03/01/03          0
    0221250                              O            02/01/33
    0

1

    8478455          B57/G01             F          615,000.00         ZZ
                                         360        615,000.00          1
                                       6.125          3,736.80         63
                                       5.875          3,736.80
    SHERMAN OAKS     CA   91403          2            02/06/03         00
    0435467279                           05           04/01/03          0
    10009766                             O            03/01/33
    0

    8478853          M12/G01             F          259,200.00         ZZ
                                         360        259,200.00          1
                                       6.125          1,574.93         80
                                       5.875          1,574.93
    TUCSON           AZ   85737          1            02/27/03         00
    0435458203                           03           04/01/03          0
    R1075                                O            03/01/33
    0

    8478931          G51/G01             F          403,000.00         ZZ
                                         360        403,000.00          1
                                       6.125          2,448.67         54
                                       5.875          2,448.67
    LADERA RANCH     CA   92694          2            02/24/03         00
    0435465455                           03           04/01/03          0
    20003859                             O            03/01/33
    0

    8478973          S11/G01             F          399,750.00         ZZ
                                         360        399,750.00          1
                                       6.125          2,428.92         75
                                       5.875          2,428.92
    TRABUCO CANYON   CA   92679          1            02/10/03         00
    0435448154                           03           04/01/03          0
    10211004                             O            03/01/33
    0

    8479057          K15/G01             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       5.875            739.42         68
                                       5.625            739.42
    BOSCAWEN         NH   03303          5            02/21/03         00
    0435440961                           05           04/01/03          0
    033605511365                         O            03/01/33
    0

    8481011          758/G01             F          455,200.00         TX
                                         360        455,200.00          1
                                       6.375          2,839.86         13
                                       6.125          2,839.86
1

    DALLAS           TX   75229          5            02/07/03         00
    0435450127                           05           04/01/03          0
    402517                               O            03/01/33
    0

    8481785          356/G01             F          900,000.00         ZZ
                                         360        900,000.00          1
                                       6.125          5,468.50         32
                                       5.875          5,468.50
    FREMONT          CA   94539          2            02/06/03         00
    0435453204                           03           04/01/03          0
    3054178                              O            03/01/33
    0

    8481893          356/G01             F          575,000.00         ZZ
                                         360        575,000.00          1
                                       6.125          3,493.77         39
                                       5.875          3,493.77
    FREMONT          CA   94539          5            02/01/03         00
    0435468640                           03           04/01/03          0
    3059383                              O            03/01/33
    0

    8481975          X89/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       5.875          2,360.24         67
                                       5.625          2,360.24
    LOS ANGELES      CA   91350          2            02/14/03         00
    0435440581                           05           04/01/03          0
    1010241828                           O            03/01/33
    0

    8482077          253/253             F          638,712.00         ZZ
                                         360        638,712.00          1
                                       6.125          3,880.89         77
                                       5.875          3,880.89
    FISHERS          IN   46038          2            02/07/03         00
    995936                               05           04/01/03          0
    995936                               O            03/01/33
    0

    8482273          253/253             F          553,500.00         ZZ
                                         360        553,500.00          1
                                       6.125          3,363.13         80
                                       5.875          3,363.13
    MONTGOMERY       TX   77356          4            03/01/03         00
    996956                               03           04/01/03          0
    996956                               O            03/01/33
    0
1

    8482905          E33/G01             F          396,700.00         ZZ
                                         360        396,700.00          1
                                       6.000          2,378.42         70
                                       5.750          2,378.42
    GREEN OAKS       IL   60048          2            02/24/03         00
    0435455233                           03           04/01/03          0
    1                                    O            03/01/33
    0

    8483667          E22/G01             F          279,790.00         ZZ
                                         360        279,790.00          1
                                       5.875          1,655.06         74
                                       5.625          1,655.06
    ORLANDO          FL   32828          2            02/24/03         00
    0415847078                           03           04/01/03          0
    0415847078                           O            03/01/33
    0

    8483677          E22/G01             F          399,999.00         ZZ
                                         360        399,999.00          1
                                       6.000          2,398.20         77
                                       5.750          2,398.20
    BIRMINGHAM       AL   35242          2            02/24/03         00
    0415883271                           05           04/01/03          0
    0415883271                           O            03/01/33
    0

    8483691          E22/G01             F          337,500.00         ZZ
                                         360        337,500.00          1
                                       6.250          2,078.05         75
                                       6.000          2,078.05
    FORT WORTH       TX   76180          5            02/20/03         00
    0415908326                           05           04/01/03          0
    0415908326                           O            03/01/33
    0

    8483739          E22/G01             F          250,000.00         ZZ
                                         300        250,000.00          1
                                       6.000          1,610.75         53
                                       5.750          1,610.75
    ITASCA           IL   60143          2            02/24/03         00
    0416022267                           05           04/01/03          0
    0416022267                           O            03/01/28
    0

    8483757          E22/G01             F          231,200.00         ZZ
                                         360        231,200.00          1
1

                                       6.000          1,386.16         80
                                       5.750          1,386.16
    CASTLEROCK       CO   80104          2            02/24/03         00
    0416078731                           03           04/01/03          0
    0416078731                           O            03/01/33
    0

    8483769          E22/G01             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       6.000          2,925.81         80
                                       5.750          2,925.81
    VIENNA           VA   22181          1            02/25/03         00
    0416086601                           05           04/01/03          0
    0416086601                           O            03/01/33
    0

    8483821          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.250          3,078.59         52
                                       6.000          3,078.59
    WENHAM           MA   01984          2            02/24/03         00
    0416109601                           05           04/01/03          0
    0416109601                           O            03/01/33
    0

    8483823          E22/G01             F          498,549.00         ZZ
                                         360        498,549.00          1
                                       6.000          2,989.05         80
                                       5.750          2,989.05
    SNOQUALMIE       WA   98065          2            02/20/03         00
    0416136422                           03           04/01/03          0
    0416136422                           O            03/01/33
    0

    8483857          E22/G01             F          496,130.00         ZZ
                                         360        496,130.00          1
                                       6.000          2,974.55         43
                                       5.750          2,974.55
    NICASIO          CA   94946          2            02/11/03         00
    0416161446                           05           04/01/03          0
    0416161446                           O            03/01/33
    0

    8483939          E22/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       5.750          2,404.32         80
                                       5.500          2,404.32
    PALM BEACH GARD  FL   33418          1            02/28/03         00
    0416281996                           03           04/01/03          0
1

    0416281996                           O            03/01/33
    0

    8483969          E22/G01             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       6.375          3,992.77         80
                                       6.125          3,992.77
    SACRAMENTO       CA   95864          2            02/21/03         00
    0415808724                           05           04/01/03          0
    0415808724                           O            03/01/33
    0

    8484003          E22/G01             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       6.500            809.05         59
                                       6.250            809.05
    LOXAHATCHEE      FL   33470          5            02/24/03         00
    0415958230                           05           04/01/03          0
    0415958230                           O            03/01/33
    0

    8484115          E22/G01             F          140,000.00         ZZ
                                         360        140,000.00          1
                                       6.500            884.90         44
                                       6.250            884.90
    PLEASANTON       CA   94588          5            02/21/03         00
    0416124386                           09           04/01/03          0
    0416124386                           O            03/01/33
    0

    8484659          S11/G01             F          445,000.00         ZZ
                                         360        445,000.00          1
                                       6.125          2,703.87         45
                                       5.875          2,703.87
    COTO DE CAZA AR  CA   92679          2            02/14/03         00
    0435464565                           03           04/01/03          0
    10300420                             O            03/01/33
    0

    8484691          X89/G01             F          412,500.00         ZZ
                                         360        412,500.00          1
                                       6.000          2,473.15         75
                                       5.750          2,473.15
    TEMPLE CITY      CA   91780          1            02/20/03         00
    0435468467                           05           04/01/03          0
    1010241898                           O            03/01/33
    0

1

    8484733          S11/G01             F          156,000.00         ZZ
                                         360        156,000.00          1
                                       6.250            960.52         56
                                       6.000            960.52
    SANTA ANA        CA   92704          5            02/18/03         00
    0435462072                           05           04/01/03          0
    10210991                             O            03/01/33
    0

    8484743          P21/G01             F          485,000.00         ZZ
                                         360        485,000.00          1
                                       6.125          2,946.91         60
                                       5.875          2,946.91
    SAN JOSE         CA   95112          5            02/13/03         00
    0435483144                           05           04/01/03          0
    0212040                              O            03/01/33
    0

    8485171          253/253             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.125          2,430.45         87
                                       5.875          2,430.45
    CYPRESS          TX   77429          4            02/10/03         19
    994388                               05           04/01/03         25
    994388                               O            03/01/33
    0

    8485705          X89/G01             F          565,000.00         ZZ
                                         360        565,000.00          1
                                       6.000          3,387.46         69
                                       5.750          3,387.46
    POWAY            CA   92064          2            02/12/03         00
    0435448030                           05           04/01/03          0
    1010242094                           O            03/01/33
    0

    8485849          X51/G01             F          548,000.00         ZZ
                                         360        548,000.00          1
                                       5.870          3,239.88         48
                                       5.620          3,239.88
    SANTA MONICA     CA   90405          2            02/21/03         00
    0435445465                           05           04/01/03          0
    0030129011                           O            03/01/33
    0

    8485903          696/G01             F          504,500.00         ZZ
                                         360        504,500.00          1
                                       6.000          3,024.73         80
                                       5.750          3,024.73
1

    ARLINGTON        VA   22201          1            02/27/03         00
    0435442447                           05           04/01/03          0
    30203044                             O            03/01/33
    0

    8485987          M27/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.125          2,406.14         55
                                       5.875          2,406.14
    CHAPEL HILL      NC   27514          2            02/24/03         00
    0435471792                           03           04/01/03          0
    5100022178                           O            03/01/33
    0

    8486453          964/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       6.125          2,429.84         74
                                       5.875          2,429.84
    SAN FRANCISCO    CA   94116          1            01/31/03         00
    0435483227                           05           04/01/03          0
    342099                               O            03/01/33
    0

    8486637          227/G01             F          436,900.00         ZZ
                                         360        436,900.00          1
                                       6.000          2,619.44         46
                                       5.750          2,619.44
    WALNUT CREEK     CA   94596          2            02/07/03         00
    0435461934                           03           04/01/03          0
    2142270                              O            03/01/33
    0

    8486771          B57/G01             F          515,000.00         ZZ
                                         360        515,000.00          1
                                       6.000          3,087.69         52
                                       5.750          3,087.69
    DEL MAR AREA (S  CA   92014          5            02/14/03         00
    0435465695                           05           04/01/03          0
    10010035                             O            03/01/33
    0

    8487343          E82/G01             F          611,000.00         ZZ
                                         360        611,000.00          1
                                       6.125          3,712.50         54
                                       5.875          3,712.50
    MILLERSVILLE     MD   21108          2            02/26/03         00
    0400795050                           03           04/01/03          0
    7954963                              O            03/01/33
    0
1

    8487349          E22/G01             F          458,000.00         ZZ
                                         360        458,000.00          1
                                       6.000          2,745.94         69
                                       5.750          2,745.94
    WASHINGTON       MI   48095          2            02/25/03         00
    0416145886                           05           04/01/03          0
    0416145886                           O            03/01/33
    0

    8487353          E22/G01             F          462,000.00         ZZ
                                         360        462,000.00          1
                                       6.125          2,807.16         47
                                       5.875          2,807.16
    WALNUT CREEK     CA   94598          5            02/20/03         00
    0416146934                           03           04/01/03          0
    0416146934                           O            03/01/33
    0

    8487383          E22/G01             F          543,400.00         ZZ
                                         240        543,400.00          1
                                       5.875          3,854.00         66
                                       5.625          3,854.00
    SILVER SPRING    MD   20905          2            02/26/03         00
    0416168367                           03           04/01/03          0
    0416168367                           O            03/01/23
    0

    8487405          E22/G01             F          545,000.00         ZZ
                                         360        545,000.00          1
                                       6.000          3,267.55         55
                                       5.750          3,267.55
    FREMONT          CA   94539          2            02/21/03         00
    0416188381                           03           04/01/03          0
    0416188381                           O            03/01/33
    0

    8487525          E22/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       6.125          1,913.97         53
                                       5.875          1,913.97
    PLEASANTON       CA   94588          2            02/07/03         00
    0415981711                           05           04/01/03          0
    0415981711                           O            03/01/33
    0

    8487545          E22/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
1

                                       6.125          2,430.14         75
                                       5.875          2,430.14
    CHICAGO          IL   60641          5            02/22/03         00
    0416013316                           05           04/01/03          0
    0416013316                           O            03/01/33
    0

    8487615          E22/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       5.875          2,661.92         68
                                       5.625          2,661.92
    ORINDA           CA   94563          2            02/18/03         00
    0416086643                           05           04/01/03          0
    0416086643                           O            03/01/33
    0

    8487645          E22/G01             F          482,000.00         ZZ
                                         360        482,000.00          1
                                       6.000          2,889.83         78
                                       5.750          2,889.83
    SEATTLE          WA   98115          2            02/20/03         00
    0416118867                           05           04/01/03          0
    0416118867                           O            03/01/33
    0

    8487647          E22/G01             F          423,000.00         ZZ
                                         360        423,000.00          1
                                       5.750          2,468.51         41
                                       5.500          2,468.51
    REDWOOD CITY     CA   94062          2            02/20/03         00
    0416121507                           05           04/01/03          0
    0416121507                           O            03/01/33
    0

    8487709          E82/G01             F          329,500.00         ZZ
                                         360        329,500.00          1
                                       6.125          2,002.08         66
                                       5.875          2,002.08
    ANAHEIM          CA   92808          2            02/25/03         00
    0400776480                           03           04/01/03          0
    0400776480                           O            03/01/33
    0

    8487939          253/253             F          244,886.00         ZZ
                                         360        244,886.00          1
                                       6.000          1,468.22         55
                                       5.750          1,468.22
    FARMERS BRANCH   TX   75254          2            02/12/03         00
    1                                    03           04/01/03          0
1

    1                                    O            03/01/33
    0

    8488193          L46/L46             F          528,550.00         ZZ
                                         360        528,550.00          1
                                       6.125          3,211.53         79
                                       5.875          3,211.53
    METAMORA         MI   48455          2            02/21/03         00
    2134021                              05           04/01/03          0
    2134021                              O            03/01/33
    0

    8488451          X51/G01             F          561,000.00         ZZ
                                         360        561,000.00          1
                                       5.875          3,318.53         51
                                       5.625          3,318.53
    SAN RAMON        CA   94583          2            02/14/03         00
    0435451299                           05           04/01/03          0
    021226298                            O            03/01/33
    0

    8488611          X51/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       5.950          2,623.89         61
                                       5.700          2,623.89
    WALNUT CREEK     CA   94598          5            02/23/03         00
    0435453840                           05           04/01/03          0
    0030129003                           O            03/01/33
    0

    8488691          S43/G01             F          141,600.00         ZZ
                                         360        141,600.00          1
                                       6.250            871.86         80
                                       6.000            871.86
    DENVER           CO   80223          2            02/26/03         00
    0435471800                           05           04/01/03          0
    030116                               O            03/01/33
    0

    8488701          X51/G01             F          527,000.00         ZZ
                                         360        527,000.00          1
                                       5.875          3,117.40         56
                                       5.625          3,117.40
    SAN FRANCISCO    CA   94121          2            02/21/03         00
    0435456140                           07           04/01/03          0
    0030117003                           O            03/01/33
    0

1

    8489183          A06/G01             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       6.125          2,393.99         69
                                       5.875          2,393.99
    CLARKSTON        MI   48348          5            02/26/03         00
    0435474135                           05           04/01/03          0
    021000020301229                      O            03/01/33
    0

    8489185          K15/G01             F           97,600.00         ZZ
                                         240         97,600.00          1
                                       6.250            713.39         80
                                       6.000            713.39
    WATERBURY        CT   06705          5            02/21/03         00
    0435455647                           05           04/01/03          0
    013805511288                         O            03/01/23
    0

    8489333          696/G01             F          502,400.00         ZZ
                                         360        502,400.00          1
                                       6.125          3,052.64         80
                                       5.875          3,052.64
    WASHINGTON       DC   20002          2            02/26/03         00
    0435446901                           05           04/01/03          0
    31203072                             O            03/01/33
    0

    8489337          696/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.000          2,757.93         69
                                       5.750          2,757.93
    WASHINGTON       DC   20015          2            02/18/03         00
    0435443841                           05           04/01/03          0
    32703031                             O            03/01/33
    0

    8489349          X51/G01             F          141,000.00         ZZ
                                         360        141,000.00          1
                                       6.125            856.73         27
                                       5.875            856.73
    (SAN PEDRO AREA  CA   90732          5            02/16/03         00
    0435451224                           05           04/01/03          0
    0030121006                           O            03/01/33
    0

    8489423          X89/G01             F          391,000.00         ZZ
                                         360        391,000.00          1
                                       6.125          2,375.76         63
                                       5.875          2,375.76
1

    SHERMAN OAKS     CA   91401          2            02/15/03         00
    0435471123                           05           04/01/03          0
    1010241374                           O            03/01/33
    0

    8489673          A06/G01             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       5.875          1,419.70         75
                                       5.625          1,419.70
    COMMERCE         MI   48391          2            02/27/03         00
    0435474242                           05           04/01/03          0
    021000020301465                      O            03/01/33
    0

    8490515          E22/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       5.875          2,188.69         53
                                       5.625          2,188.69
    CHESTER          MD   21619          5            02/27/03         00
    0416034387                           03           04/01/03          0
    0416034387                           O            03/01/33
    0

    8490517          E22/G01             F          471,600.00         ZZ
                                         360        471,600.00          1
                                       6.000          2,827.48         80
                                       5.750          2,827.48
    MOUNTAINSIDE     NJ   07092          1            03/04/03         00
    0416035798                           05           04/01/03          0
    0416035798                           O            03/01/33
    0

    8490541          E22/G01             F          555,000.00         ZZ
                                         360        555,000.00          1
                                       6.000          3,327.51         67
                                       5.750          3,327.51
    LOS ANGELES      CA   90049          2            02/18/03         00
    0416054633                           01           04/01/03          0
    0416054633                           O            03/01/33
    0

    8491145          K15/G01             F          159,300.00         ZZ
                                         360        159,300.00          1
                                       6.125            967.92         70
                                       5.875            967.92
    TOWNSHIP OF PIS  NJ   08854          5            02/21/03         00
    0435460589                           05           04/01/03          0
    011005510614                         O            03/01/33
    0
1

    8491175          A06/G01             F          950,000.00         ZZ
                                         360        950,000.00          1
                                       6.000          5,695.73         70
                                       5.750          5,695.73
    CHESTNUT HILL    MA   02467          2            02/26/03         00
    0435475173                           05           04/01/03          0
    2003125                              O            03/01/33
    0

    8491225          477/G01             F          461,000.00         ZZ
                                         360        461,000.00          1
                                       6.250          2,838.46         50
                                       6.000          2,838.46
    MALIBU           CA   90265          2            02/11/03         00
    0435483391                           05           04/01/03          0
    210314                               O            03/01/33
    0

    8491881          696/G01             F          592,000.00         ZZ
                                         360        592,000.00          1
                                       6.000          3,549.34         80
                                       5.750          3,549.34
    GREAT FALLS      VA   22066          1            02/14/03         00
    0435451596                           05           04/01/03          0
    40102035                             O            03/01/33
    0

    8491903          696/G01             F          428,350.00         ZZ
                                         360        428,350.00          1
                                       5.875          2,533.85         68
                                       5.625          2,533.85
    HUME             VA   22639          2            02/21/03         00
    0435450945                           05           04/01/03          0
    21303021                             O            03/01/33
    0

    8491915          696/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.000          3,897.08         78
                                       5.750          3,897.08
    ALEXANDRIA       VA   22302          2            02/28/03         00
    0435471115                           05           04/01/03          0
    24603028                             O            03/01/33
    0

    8492221          X91/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
1

                                       5.875          3,105.57         70
                                       5.625          3,105.57
    KAILUA           HI   96734          5            02/21/03         00
    0435457676                           05           04/01/03          0
    804157                               O            03/01/33
    0

    8492741          P59/G01             F          204,500.00         ZZ
                                         360        204,500.00          1
                                       5.875          1,209.69         72
                                       5.625          1,209.69
    PALMDALE         CA   93551          2            02/18/03         00
    0435471271                           05           04/01/03          0
    AT005396                             O            03/01/33
    0

    8492761          S43/G01             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       6.125          2,825.39         75
                                       5.875          2,825.39
    ALBUQUERQUE      NM   87111          2            02/26/03         00
    0435471735                           03           04/01/03          0
    0270086                              O            03/01/33
    0

    8494925          E82/G01             F          306,300.00         ZZ
                                         360        306,300.00          1
                                       6.125          1,861.11         66
                                       5.875          1,861.11
    AMERICAN FORK    UT   84003          2            02/28/03         00
    0400767828                           05           04/01/03          0
    0400767828                           O            03/01/33
    0

    8495369          E22/G01             F          297,600.00         ZZ
                                         360        297,600.00          1
                                       6.000          1,784.26         69
                                       5.750          1,784.26
    IRVINE           CA   92604          2            02/21/03         00
    0416025039                           01           04/01/03          0
    0416025039                           O            03/01/33
    0

    8495431          E22/G01             F          409,500.00         ZZ
                                         360        409,500.00          1
                                       6.125          2,488.17         72
                                       5.875          2,488.17
    BELLEVUE         WA   98006          2            02/24/03         00
    0416131480                           03           04/01/03          0
1

    0416131480                           O            03/01/33
    0

    8495515          E22/G01             F          399,999.00         ZZ
                                         360        399,999.00          1
                                       6.000          2,398.20         30
                                       5.750          2,398.20
    ORINDA           CA   94563          2            02/24/03         00
    0416059590                           05           04/01/03          0
    0416059590                           O            03/01/33
    0

    8495687          E22/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       6.125          1,215.22         48
                                       5.875          1,215.22
    SEATTLE          WA   98105          2            02/25/03         00
    0416155042                           05           04/01/03          0
    0416155042                           O            03/01/33
    0

    8495747          E22/G01             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       6.250          1,200.65         49
                                       6.000          1,200.65
    JAMAICA PLAIN    MA   02130          5            02/28/03         00
    0416202349                           01           04/01/03          0
    0416202349                           O            03/01/33
    0

    8495845          E22/G01             F          114,400.00         ZZ
                                         360        114,400.00          1
                                       5.875            676.72         80
                                       5.625            676.72
    OLYMPIA          WA   98506          2            02/25/03         00
    0416279032                           05           04/01/03          0
    0416279032                           O            03/01/33
    0

    8496047          964/G01             F          509,000.00         ZZ
                                         360        509,000.00          1
                                       6.125          3,092.74         48
                                       5.875          3,092.74
    PALO ALTO        CA   94306          5            02/07/03         00
    0435473558                           05           04/01/03          0
    331288                               O            03/01/33
    0

1

    8496055          964/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       5.875          2,307.00         63
                                       5.625          2,307.00
    NOVATO           CA   94947          2            02/19/03         00
    0435473566                           05           04/01/03          0
    343646                               O            03/01/33
    0

    8496337          253/253             F          320,400.00         ZZ
                                         360        320,400.00          1
                                       6.000          1,920.96         88
                                       5.750          1,920.96
    FULSHEAR         TX   77441          2            03/01/03         19
    991799                               05           04/01/03         25
    991799                               O            03/01/33
    0

    8497503          K21/G01             F          675,000.00         ZZ
                                         360        675,000.00          1
                                       5.875          3,992.88         64
                                       5.625          3,992.88
    LOS ANGELES      CA   90064          1            02/24/03         00
    0435477179                           05           04/01/03          0
    0223669                              O            03/01/33
    0

    8497733          696/G01             F          625,000.00         ZZ
                                         360        625,000.00          1
                                       6.000          3,747.19         76
                                       5.750          3,747.19
    VIENNA           VA   22182          2            02/26/03         00
    0435456918                           05           04/01/03          0
    24603027                             O            03/01/33
    0

    8497737          696/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       5.875          2,514.04         65
                                       5.625          2,514.04
    OAK HILL         VA   20171          2            02/28/03         00
    0435456728                           03           04/01/03          0
    24403020                             O            03/01/33
    0

    8497739          696/G01             F          418,500.00         ZZ
                                         360        418,500.00          1
                                       6.125          2,542.85         59
                                       5.875          2,542.85
1

    CHEVY CHASE      MD   20815          2            02/28/03         00
    0435454798                           05           04/01/03          0
    30103002                             O            03/01/33
    0

    8497773          696/G01             F          605,000.00         ZZ
                                         360        605,000.00          1
                                       6.125          3,676.04         79
                                       5.875          3,676.04
    FAIRFAX STATION  VA   22039          2            02/28/03         00
    0435452842                           05           04/01/03          0
    24403017                             O            03/01/33
    0

    8498283          227/G01             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       6.125          2,643.11         80
                                       5.875          2,643.11
    RUMSON           NJ   07760          1            02/20/03         00
    0435479027                           05           04/01/03          0
    2116777                              O            03/01/33
    0

    8498389          975/G01             F          386,900.00         ZZ
                                         360        386,900.00          1
                                       5.875          2,288.66         60
                                       5.625          2,288.66
    CERRITOS         CA   90703          2            02/10/03         00
    0435467618                           05           04/01/03          0
    2030567                              O            03/01/33
    0

    8498443          964/G01             F          475,800.00         ZZ
                                         360        475,800.00          1
                                       6.250          2,929.58         61
                                       6.000          2,929.58
    OJAI (AREA)      CA   93023          2            02/19/03         00
    0435473731                           05           04/01/03          0
    336083                               O            03/01/33
    0

    8498831          X67/G01             F          490,800.00         ZZ
                                         360        490,800.00          1
                                       6.500          3,102.19         80
                                       6.250          3,102.19
    SAN JOSE         CA   95002          1            02/18/03         00
    0435483854                           05           04/01/03          0
    0000405281                           O            03/01/33
    0
1

    8499617          356/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.375          2,495.48         59
                                       6.125          2,495.48
    SAN JOSE         CA   95120          5            02/11/03         00
    0435480660                           05           04/01/03          0
    28991735                             O            03/01/33
    0

    8500911          A06/G01             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       6.000          2,542.10         80
                                       5.750          2,542.10
    MARION TWSP      MI   48843          1            02/28/03         00
    0435476536                           05           04/01/03          0
    1000020302893                        O            03/01/33
    0

    8501911          A06/G01             F          201,500.00         ZZ
                                         360        201,500.00          1
                                       6.125          1,224.34         54
                                       5.875          1,224.34
    FARMINGTON HILL  MI   48331          2            02/26/03         00
    0435484001                           05           04/01/03          0
    021000020303333                      O            03/01/33
    0

    8501915          E82/G01             F          350,900.00         ZZ
                                         360        350,900.00          1
                                       6.125          2,132.11         62
                                       5.875          2,132.11
    SUMMERVILLE      SC   29483          2            02/27/03         00
    0400783171                           05           04/01/03          0
    0400783171                           O            03/01/33
    0

    8502149          E22/G01             F          393,600.00         ZZ
                                         360        393,600.00          1
                                       5.875          2,328.29         80
                                       5.625          2,328.29
    SEATTLE          WA   98125          2            02/21/03         00
    0415985001                           05           04/01/03          0
    0415985001                           O            03/01/33
    0

    8502203          E22/G01             F          475,000.00         ZZ
                                         360        475,000.00          1
1

                                       6.125          2,886.15         29
                                       5.875          2,886.15
    LA JOLLA         CA   92037          2            02/19/03         00
    0416035894                           05           04/01/03          0
    0416032894                           O            03/01/33
    0

    8503703          S11/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.250          3,694.30         65
                                       6.000          3,694.30
    HUNTINGTON BEAC  CA   92649          5            02/14/03         00
    0435475991                           05           04/01/03          0
    10300408                             O            03/01/33
    0

    8503885          356/G01             F          339,000.00         ZZ
                                         360        339,000.00          1
                                       6.375          2,114.92         73
                                       6.125          2,114.92
    UNION CITY       CA   94587          5            02/16/03         00
    0435484829                           05           04/01/03          0
    28996536                             O            03/01/33
    0

    8504291          B57/G01             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       6.000          2,733.95         61
                                       5.750          2,733.95
    NORTHRIDGE       CA   91326          2            02/10/03         00
    0435483383                           03           04/01/03          0
    10008374                             O            03/01/33
    0

    8505165          964/G01             F          646,000.00         ZZ
                                         360        646,000.00          1
                                       6.000          3,873.10         57
                                       5.750          3,873.10
    RANCHO PALOS VE  CA   90275          2            02/14/03         00
    0435473251                           05           04/01/03          0
    331128                               O            03/01/33
    0

    8505187          964/G01             F          707,000.00         ZZ
                                         360        707,000.00          1
                                       6.000          4,238.82         63
                                       5.750          4,238.82
    LA JOLLA         CA   92037          2            02/03/03         00
    0435485842                           03           04/01/03          0
1

    300777                               O            03/01/33
    0

    8505207          964/G01             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       6.250          3,448.02         70
                                       6.000          3,448.02
    ARCADIA          CA   91007          5            02/12/03         00
    0435469614                           05           04/01/03          0
    317104                               O            03/01/33
    0

    8505221          964/G01             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       6.125          3,402.62         70
                                       5.875          3,402.62
    SAN CARLOS       CA   94070          5            02/10/03         00
    0435474754                           05           04/01/03          0
    318155                               O            03/01/33
    0

    8505245          964/G01             F          649,900.00         ZZ
                                         360        649,900.00          1
                                       6.250          4,001.55         57
                                       6.000          4,001.55
    BERKELEY         CA   94707          5            01/29/03         00
    0435468236                           05           04/01/03          0
    320817                               O            03/01/33
    0

    8505361          964/G01             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       6.125          2,284.62         27
                                       5.875          2,284.62
    LOS ALTOS        CA   94024          2            02/04/03         00
    0435468202                           05           04/01/03          0
    327522                               O            03/01/33
    0

    8505387          964/G01             F          382,000.00         ZZ
                                         360        382,000.00          1
                                       5.875          2,259.68         48
                                       5.625          2,259.68
    NOVATO           CA   94947          2            02/07/03         00
    0435466081                           05           04/01/03          0
    332979                               O            03/01/33
    0

1

    8505581          964/G01             F          393,000.00         ZZ
                                         360        393,000.00          1
                                       6.125          2,387.91         75
                                       5.875          2,387.91
    SAN JOSE         CA   95111          2            02/13/03         00
    0435486857                           03           04/01/03          0
    336152                               O            03/01/33
    0

    8507139          E22/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       6.125          2,503.36         80
                                       5.875          2,503.36
    BASALT           CO   81621          2            03/03/03         00
    0416057941                           03           04/01/03          0
    0416057941                           O            03/01/33
    0

    8507215          E22/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.125          2,734.25         53
                                       5.875          2,734.25
    DALLAS           TX   75220          5            03/03/03         00
    0416166619                           05           04/01/03          0
    0416166619                           O            03/01/33
    0

    8507223          E22/G01             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       6.000          2,608.04         49
                                       5.750          2,608.04
    SAN FRANCISCO    CA   94121          2            02/22/03         00
    0416169928                           07           04/01/03          0
    0416169928                           O            03/01/33
    0

    8512313          E22/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       5.875          2,543.61         61
                                       5.625          2,543.61
    MISSION VIEJO    CA   92694          2            02/21/03         00
    0416029635                           03           04/01/03          0
    0416029635                           O            03/01/33
    0

    8516289          696/G01             F          407,800.00         ZZ
                                         360        407,800.00          1
                                       6.000          2,444.97         63
                                       5.750          2,444.97
1

    BETHESDA         MD   20817          2            02/25/03         00
    0435473277                           05           04/01/03          0
    31203055                             O            03/01/33
    0

    8516291          696/G01             F          432,200.00         ZZ
                                         360        432,200.00          1
                                       6.250          2,661.13         74
                                       6.000          2,661.13
    GREAT FALLS      VA   22066          2            02/27/03         00
    0435472972                           03           04/01/03          0
    25103041                             O            03/01/33
    0

    8516297          696/G01             F          423,200.00         ZZ
                                         360        423,200.00          1
                                       6.125          2,571.41         79
                                       5.875          2,571.41
    ALEXANDRIA       VA   22305          2            02/27/03         00
    0435472691                           05           04/01/03          0
    25103035                             O            03/01/33
    0

    8516301          696/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.000          3,897.08         50
                                       5.750          3,897.08
    WASHINGTON       DC   20007          2            02/28/03         00
    0435472618                           05           04/01/03          0
    25603062                             O            03/01/33
    0

   TOTAL NUMBER OF LOANS   :        990

   TOTAL ORIGINAL BALANCE  :   413,162,083.91

   TOTAL PRINCIPAL BALANCE :   412,821,341.23

   TOTAL ORIGINAL P+I      :     2,510,097.34

   TOTAL CURRENT P+I       :     2,510,097.34

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)

<TABLE>
<CAPTION>
                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      8263481         $373,843.80           5.720%             0.5217%         $1,950.49
      8270755         $388,801.27           5.595%             2.6957%        $10,480.73
      8297459         $506,986.03           5.720%             0.5217%         $2,645.14
      8297847         $428,548.00           5.095%            11.3913%        $48,817.21
      8298059         $328,586.93           5.595%             2.6957%         $8,857.56
      8298217         $338,569.84           5.470%             4.8696%        $16,486.88
      8298305         $438,234.70           5.720%             0.5217%         $2,286.44
      8298539         $380,301.38           5.720%             0.5217%         $1,984.18
      8298597         $368,337.07           5.470%             4.8696%        $17,936.41
      8299017         $361,449.60           5.095%            11.3913%        $41,173.82
      8301417         $997,505.01           5.720%             0.5217%         $5,204.37
      8318729         $419,120.88           5.470%             4.8696%        $20,409.36
      8340830         $327,345.31           5.720%             0.5217%         $1,707.89
      8340910         $309,069.54           5.720%             0.5217%         $1,612.54
      8342935         $304,689.04           5.595%             2.6957%         $8,213.36
      8346291         $648,639.47           5.470%             4.8696%        $31,585.92
      8346337         $429,141.72           5.720%             0.5217%         $2,239.00
      8346421         $502,994.03           5.720%             0.5217%         $2,624.32
      8346571         $326,828.28           5.595%             2.6957%         $8,810.15
      8347400         $424,316.95           5.595%             2.6957%        $11,438.11
      8347533         $337,292.51           5.470%             4.8696%        $16,424.68
      8348130         $600,387.26           5.595%             2.6957%        $16,184.35
      8348528         $399,492.28           5.595%             2.6957%        $10,768.92
      8348614         $529,472.38           5.720%             0.5217%         $2,762.46
      8349654         $256,737.97           5.595%             2.6957%         $6,920.76
      8350968         $367,624.81           5.595%             2.6957%         $9,909.89
      8350974         $499,490.23           5.595%             2.6957%        $13,464.52
      8351192         $394,097.79           5.595%             2.6957%        $10,623.51
      8351288         $574,550.00           5.720%             0.5217%         $2,997.65
      8352326         $520,000.00           5.595%             2.6957%        $14,017.39
      8352556         $396,000.00           5.720%             0.5217%         $2,066.09
      8352590         $384,607.47           5.595%             2.6957%        $10,367.68
      8353068         $230,892.00           5.595%             2.6957%         $6,224.05
      8353483         $488,034.12           5.720%             0.5217%         $2,546.27
      8353575         $395,596.26           5.595%             2.6957%        $10,663.90
      8354935         $483,010.67           5.595%             2.6957%        $13,020.29
      8357331         $422,570.78           5.620%             2.2609%         $9,553.77
      8367053         $218,893.89           5.720%             0.5217%         $1,142.06
      8369037         $369,243.69           5.595%             2.6957%         $9,953.53
      8372863         $374,626.69           5.720%             0.5217%         $1,954.57
      8374751         $449,058.09           5.470%             4.8696%        $21,867.18
      8377411         $85,912.32            5.595%             2.6957%         $2,315.90
      8380015         $398,602.79           5.720%             0.5217%         $2,079.67
      8380619         $422,069.24           5.595%             2.6957%        $11,377.52
      8382757         $336,648.15           5.470%             4.8696%        $16,393.30
      8384295         $438,647.59           5.595%             2.6957%        $11,824.41
      8384321         $425,120.18           5.720%             0.5217%         $2,218.02
      8384325         $620,631.59           5.720%             0.5217%         $3,238.08
      8384343         $445,825.46           5.595%             2.6957%        $12,017.90
      8384435         $422,727.36           5.720%             0.5217%         $2,205.53
      8384471         $449,101.80           5.720%             0.5217%         $2,343.14
      8384481         $398,799.42           5.720%             0.5217%         $2,080.69
      8384549         $646,706.59           5.720%             0.5217%         $3,374.12

 Wednesday, March 26, 2003                                                      Page 1 of 7

      8384557         $420,673.57           5.720%             0.5217%         $2,194.82
      8384565         $517,939.13           5.595%             2.6957%        $13,961.84
      8384639         $398,579.42           5.595%             2.6957%        $10,744.31
      8384643         $588,229.12           5.720%             0.5217%         $3,069.02
      8384649         $396,538.10           5.595%             2.6957%        $10,689.29
      8384655         $451,550.03           5.720%             0.5217%         $2,355.91
      8384705         $487,672.89           5.595%             2.6957%        $13,145.96
      8384711         $379,223.26           5.595%             2.6957%        $10,222.54
      8384883         $648,002.13           5.595%             2.6957%        $17,467.88
      8384893         $490,167.72           5.720%             0.5217%         $2,557.40
      8384939         $467,043.36           5.595%             2.6957%        $12,589.86
      8384981         $399,182.37           5.595%             2.6957%        $10,760.57
      8384989         $606,757.20           5.595%             2.6957%        $16,356.06
      8384993         $635,992.05           5.470%             4.8696%        $30,970.05
      8385001         $469,552.33           5.595%             2.6957%        $12,657.50
      8385003         $364,271.46           5.720%             0.5217%         $1,900.55
      8385011         $553,865.54           5.595%             2.6957%        $14,930.29
      8385053         $445,109.78           5.720%             0.5217%         $2,322.31
      8385081         $416,167.66           5.720%             0.5217%         $2,171.31
      8385127         $387,390.97           5.595%             2.6957%        $10,442.71
      8385219         $513,922.02           5.470%             4.8696%        $25,025.77
      8385241         $648,639.47           5.470%             4.8696%        $31,585.92
      8385337         $417,515.39           5.720%             0.5217%         $2,178.34
      8385361         $497,486.50           5.720%             0.5217%         $2,595.58
      8385363         $648,702.60           5.720%             0.5217%         $3,384.54
      8385379         $648,049.03           5.720%             0.5217%         $3,381.13
      8385391         $328,203.50           5.720%             0.5217%         $1,712.37
      8394123         $410,391.05           5.720%             0.5217%         $2,141.17
      8394217         $647,339.33           5.595%             2.6957%        $17,450.02
      8395251         $711,773.57           5.595%             2.6957%        $19,186.94
      8395317         $349,643.16           5.595%             2.6957%         $9,425.16
      8395789         $479,510.62           5.595%             2.6957%        $12,925.94
      8397069         $469,532.11           5.720%             0.5217%         $2,449.73
      8397465         $389,562.99           5.095%            11.3913%        $44,376.31
      8397897         $311,282.31           5.595%             2.6957%         $8,391.09
      8400241         $289,311.70           5.720%             0.5217%         $1,509.45
      8401731         $356,894.36           5.720%             0.5217%         $1,862.06
      8403913         $629,772.43           5.720%             0.5217%         $3,285.77
      8404005         $343,200.00           5.595%             2.6957%         $9,251.48
      8404193         $443,547.32           5.595%             2.6957%        $11,956.49
      8404215         $489,512.20           5.720%             0.5217%         $2,553.98
      8407947         $397,903.49           5.720%             0.5217%         $2,076.02
      8408297         $385,000.00           5.720%             0.5217%         $2,008.70
      8408575         $489,512.20           5.720%             0.5217%         $2,553.98
      8408691         $362,139.13           5.720%             0.5217%         $1,889.42
      8409019         $477,224.45           5.720%             0.5217%         $2,489.87
      8409267         $327,673.47           5.720%             0.5217%         $1,709.60
      8409315         $351,649.58           5.720%             0.5217%         $1,834.69
      8409321         $462,539.08           5.720%             0.5217%         $2,413.25
      8409343         $422,578.90           5.720%             0.5217%         $2,204.76
      8409417         $98,401.94            5.720%             0.5217%          $513.40
      8409423         $538,962.92           5.720%             0.5217%         $2,811.98
      8409433         $396,604.78           5.720%             0.5217%         $2,069.24
      8409443         $475,526.13           5.720%             0.5217%         $2,481.01
      8409453         $453,985.72           5.470%             4.8696%        $22,107.13
      8409459         $424,576.90           5.720%             0.5217%         $2,215.18
      8409475         $439,561.97           5.720%             0.5217%         $2,293.37

 Wednesday, March 26, 2003                                                      Page 2 of 7

      8409477         $459,542.06           5.720%             0.5217%         $2,397.61
      8410859         $472,728.93           5.720%             0.5217%         $2,466.41
      8411327         $649,352.92           5.720%             0.5217%         $3,387.93
      8412373         $479,522.15           5.720%             0.5217%         $2,501.85
      8412773         $409,591.84           5.720%             0.5217%         $2,137.00
      8412799         $435,565.96           5.720%             0.5217%         $2,272.52
      8413127         $370,621.74           5.595%             2.6957%         $9,990.67
      8413213         $307,685.98           5.595%             2.6957%         $8,294.14
      8413225         $322,371.00           5.595%             2.6957%         $8,690.00
      8413301         $319,681.44           5.720%             0.5217%         $1,667.90
      8413351         $185,801.16           5.345%             7.0435%        $13,086.86
      8413941         $460,000.00           5.720%             0.5217%         $2,400.00
      8415859         $365,900.00           5.720%             0.5217%         $1,909.04
      8415879         $396,000.00           5.720%             0.5217%         $2,066.09
      8415905         $259,300.00           5.720%             0.5217%         $1,352.87
      8416013         $612,889.26           5.720%             0.5217%         $3,197.68
      8416025         $360,000.00           5.720%             0.5217%         $1,878.26
      8416109         $359,641.62           5.720%             0.5217%         $1,876.39
      8419145         $571,030.96           5.720%             0.5217%         $2,979.29
      8423401         $648,000.00           5.720%             0.5217%         $3,380.87
      8423599         $451,550.03           5.720%             0.5217%         $2,355.91
      8424029         $182,500.00           5.720%             0.5217%          $952.17
      8424069         $458,500.00           5.720%             0.5217%         $2,392.17
      8424089         $187,500.00           5.720%             0.5217%          $978.26
      8424103         $395,800.00           5.720%             0.5217%         $2,065.04
      8425363         $331,669.49           5.720%             0.5217%         $1,730.45
      8426981         $331,653.37           5.470%             4.8696%        $16,150.08
      8427003         $399,500.00           5.720%             0.5217%         $2,084.35
      8427283         $205,000.00           5.720%             0.5217%         $1,069.57
      8431533         $605,000.00           5.595%             2.6957%        $16,308.70
      8431629         $427,374.12           5.720%             0.5217%         $2,229.78
      8432139         $242,800.00           5.720%             0.5217%         $1,266.78
      8432603         $178,000.00           5.595%             2.6957%         $4,798.26
      8432615         $509,000.00           5.720%             0.5217%         $2,655.65
      8432725         $564,437.54           5.720%             0.5217%         $2,944.89
      8432987         $315,185.92           5.720%             0.5217%         $1,644.45
      8433499         $830,000.00           5.720%             0.5217%         $4,330.43
      8436421         $464,623.00           5.720%             0.5217%         $2,424.12
      8436571         $475,264.94           5.595%             2.6957%        $12,811.49
      8436587         $476,525.14           5.720%             0.5217%         $2,486.22
      8436593         $628,358.70           5.595%             2.6957%        $16,938.37
      8436601         $362,629.90           5.595%             2.6957%         $9,775.24
      8436655         $431,569.94           5.720%             0.5217%         $2,251.67
      8436659         $490,994.30           5.595%             2.6957%        $13,235.50
      8436685         $326,129.03           5.595%             2.6957%         $8,791.30
      8436731         $450,750.82           5.720%             0.5217%         $2,351.74
      8436741         $387,604.41           5.595%             2.6957%        $10,448.47
      8436743         $408,183.62           5.720%             0.5217%         $2,129.65
      8436747         $497,504.23           5.720%             0.5217%         $2,595.67
      8436757         $421,579.89           5.720%             0.5217%         $2,199.55
      8436771         $493,108.61           5.720%             0.5217%         $2,572.74
      8436775         $439,551.40           5.595%             2.6957%        $11,848.78
      8436803         $444,535.39           5.470%             4.8696%        $21,646.94
      8437013         $520,000.00           5.595%             2.6957%        $14,017.39
      8437379         $322,378.75           5.720%             0.5217%         $1,681.98
      8437623         $424,000.00           5.720%             0.5217%         $2,212.17
      8437981         $568,289.15           5.720%             0.5217%         $2,964.99

 Wednesday, March 26, 2003                                                      Page 3 of 7

      8438385         $540,892.12           5.595%             2.6957%        $14,580.57
      8438399         $649,305.11           5.345%             7.0435%        $45,733.66
      8438417         $649,337.29           5.595%             2.6957%        $17,503.87
      8438719         $426,000.00           5.720%             0.5217%         $2,222.61
      8438943         $399,532.43           5.470%             4.8696%        $19,455.49
      8440265         $384,017.33           5.720%             0.5217%         $2,003.57
      8440483         $360,000.00           5.720%             0.5217%         $1,878.26
      8441267         $453,936.72           5.595%             2.6957%        $12,236.56
      8441537         $344,656.55           5.720%             0.5217%         $1,798.21
      8441579         $399,601.80           5.720%             0.5217%         $2,084.88
      8441587         $445,545.28           5.595%             2.6957%        $12,010.35
      8442673         $203,500.00           5.720%             0.5217%         $1,061.74
      8442693         $328,500.00           5.345%             7.0435%        $23,137.83
      8443351         $118,400.00           5.720%             0.5217%          $617.74
      8444885         $723,750.00           5.720%             0.5217%         $3,776.09
      8445015         $468,533.11           5.720%             0.5217%         $2,444.52
      8445215         $405,000.00           5.720%             0.5217%         $2,113.04
      8445217         $400,000.00           5.595%             2.6957%        $10,782.61
      8445365         $459,042.57           5.720%             0.5217%         $2,395.00
      8445375         $457,000.00           5.720%             0.5217%         $2,384.35
      8445503         $682,000.00           5.720%             0.5217%         $3,558.26
      8445581         $999,000.00           5.595%             2.6957%        $26,929.57
      8446533         $640,346.47           5.595%             2.6957%        $17,261.51
      8447421         $399,592.18           5.595%             2.6957%        $10,771.62
      8447549         $306,300.00           5.720%             0.5217%         $1,598.09
      8447613         $405,000.00           5.595%             2.6957%        $10,917.39
      8447861         $650,000.00           5.720%             0.5217%         $3,391.30
      8448727         $375,000.00           5.720%             0.5217%         $1,956.52
      8449997         $471,200.00           5.720%             0.5217%         $2,458.43
      8450013         $471,000.00           5.720%             0.5217%         $2,457.39
      8450017         $640,600.00           5.720%             0.5217%         $3,342.26
      8450023         $393,000.00           5.470%             4.8696%        $19,137.39
      8450045         $107,000.00           5.720%             0.5217%          $558.26
      8450049         $322,700.00           5.720%             0.5217%         $1,683.65
      8450091         $274,000.00           5.595%             2.6957%         $7,386.09
      8450109         $375,500.00           5.720%             0.5217%         $1,959.13
      8450185         $480,000.00           5.720%             0.5217%         $2,504.35
      8450307         $398,000.00           5.720%             0.5217%         $2,076.52
      8450353         $339,661.53           5.720%             0.5217%         $1,772.15
      8450363         $680,000.00           5.720%             0.5217%         $3,547.83
      8450367         $532,469.39           5.720%             0.5217%         $2,778.10
      8450377         $409,591.84           5.720%             0.5217%         $2,137.00
      8450383         $505,496.27           5.720%             0.5217%         $2,637.37
      8450393         $434,566.95           5.720%             0.5217%         $2,267.31
      8450775         $313,900.00           5.595%             2.6957%         $8,461.65
      8450937         $472,600.00           5.720%             0.5217%         $2,465.74
      8451433         $482,000.00           5.345%             7.0435%        $33,949.57
      8451451         $427,500.00           5.720%             0.5217%         $2,230.43
      8451703         $281,000.00           5.720%             0.5217%         $1,466.09
      8452949         $550,000.00           5.720%             0.5217%         $2,869.57
      8452965         $450,500.00           5.720%             0.5217%         $2,350.43
      8452983         $350,500.00           5.595%             2.6957%         $9,448.26
      8453009         $542,750.00           5.720%             0.5217%         $2,831.74
      8453095         $311,200.00           5.595%             2.6957%         $8,388.87
      8453103         $372,000.00           5.720%             0.5217%         $1,940.87
      8453129         $394,000.00           5.595%             2.6957%        $10,620.87
      8453265         $259,100.00           5.720%             0.5217%         $1,351.83

 Wednesday, March 26, 2003                                                      Page 4 of 7

      8453665         $493,600.00           5.720%             0.5217%         $2,575.30
      8453975         $343,800.00           5.720%             0.5217%         $1,793.74
      8453979         $535,000.00           5.720%             0.5217%         $2,791.30
      8453983         $457,000.00           5.720%             0.5217%         $2,384.35
      8454005         $388,000.00           5.720%             0.5217%         $2,024.35
      8454017         $394,500.00           5.720%             0.5217%         $2,058.26
      8454141         $500,600.00           5.720%             0.5217%         $2,611.83
      8454881         $378,000.00           5.720%             0.5217%         $1,972.17
      8456533         $548,000.00           5.720%             0.5217%         $2,859.13
      8456635         $500,000.00           5.595%             2.6957%        $13,478.26
      8458277         $300,500.00           5.720%             0.5217%         $1,567.83
      8458309         $296,500.00           5.720%             0.5217%         $1,546.96
      8458333         $399,900.00           5.595%             2.6957%        $10,779.91
      8459057         $596,000.00           5.720%             0.5217%         $3,109.57
      8459109         $385,300.00           5.720%             0.5217%         $2,010.26
      8459147         $420,000.00           5.720%             0.5217%         $2,191.30
      8459173         $320,000.00           5.720%             0.5217%         $1,669.57
      8459317         $399,000.00           5.595%             2.6957%        $10,755.65
      8459403         $399,500.00           5.720%             0.5217%         $2,084.35
      8459469         $340,000.00           5.595%             2.6957%         $9,165.22
      8459477         $493,000.00           5.595%             2.6957%        $13,289.57
      8459583         $200,000.00           5.720%             0.5217%         $1,043.48
      8461389         $675,000.00           5.720%             0.5217%         $3,521.74
      8461573         $485,000.00           5.720%             0.5217%         $2,530.43
      8461705         $396,604.78           5.720%             0.5217%         $2,069.24
      8462383         $720,000.00           5.595%             2.6957%        $19,408.70
      8462439         $508,181.36           5.595%             2.6957%        $13,698.80
      8464623         $350,000.00           5.595%             2.6957%         $9,434.78
      8464701         $396,000.00           5.720%             0.5217%         $2,066.09
      8464717         $377,000.00           5.720%             0.5217%         $1,966.96
      8464747         $510,000.00           5.720%             0.5217%         $2,660.87
      8464765         $153,000.00           5.720%             0.5217%          $798.26
      8465131         $496,000.00           5.720%             0.5217%         $2,587.83
      8465177         $332,660.49           5.595%             2.6957%         $8,967.37
      8465187         $375,000.00           5.595%             2.6957%        $10,108.70
      8465195         $434,800.00           5.720%             0.5217%         $2,268.52
      8465217         $389,100.00           5.595%             2.6957%        $10,488.78
      8465235         $598,000.00           5.595%             2.6957%        $16,120.00
      8465345         $300,000.00           5.595%             2.6957%         $8,086.96
      8465381         $578,259.15           5.720%             0.5217%         $3,017.00
      8465751         $490,000.00           5.720%             0.5217%         $2,556.52
      8465837         $619,382.79           5.720%             0.5217%         $3,231.56
      8466111         $144,000.00           5.720%             0.5217%          $751.30
      8466445         $466,000.00           5.720%             0.5217%         $2,431.30
      8467065         $650,000.00           5.720%             0.5217%         $3,391.30
      8467095         $525,000.00           5.595%             2.6957%        $14,152.17
      8467345         $425,000.00           5.595%             2.6957%        $11,456.52
      8467425         $359,400.00           5.595%             2.6957%         $9,688.17
      8467623         $241,300.00           5.595%             2.6957%         $6,504.61
      8467737         $80,100.00            5.595%             2.6957%         $2,159.22
      8468451         $433,000.00           5.720%             0.5217%         $2,259.13
      8468535         $580,000.00           5.595%             2.6957%        $15,634.78
      8468771         $440,000.00           5.595%             2.6957%        $11,860.87
      8470291         $542,000.00           5.720%             0.5217%         $2,827.83
      8472687         $469,000.00           5.720%             0.5217%         $2,446.96
      8473135         $367,000.00           5.595%             2.6957%         $9,893.04
      8473183         $466,750.00           5.720%             0.5217%         $2,435.22

 Wednesday, March 26, 2003                                                      Page 5 of 7

      8473317         $101,200.00           5.595%             2.6957%         $2,728.00
      8473357         $475,000.00           5.470%             4.8696%        $23,130.43
      8473949         $166,600.00           5.595%             2.6957%         $4,490.96
      8474021         $580,000.00           5.720%             0.5217%         $3,026.09
      8474187         $574,843.31           5.720%             0.5217%         $2,999.18
      8474299         $685,000.00           5.720%             0.5217%         $3,573.91
      8474495         $416,000.00           5.595%             2.6957%        $11,213.91
      8475051         $675,100.00           5.470%             4.8696%        $32,874.43
      8475239         $330,000.00           5.720%             0.5217%         $1,721.74
      8475275         $375,000.00           5.720%             0.5217%         $1,956.52
      8475377         $425,000.00           5.720%             0.5217%         $2,217.39
      8475419         $527,200.00           5.720%             0.5217%         $2,750.61
      8475433         $160,500.00           5.720%             0.5217%          $837.39
      8475451         $387,000.00           5.595%             2.6957%        $10,432.17
      8476215         $191,030.00           5.720%             0.5217%          $996.68
      8476405         $450,000.00           5.720%             0.5217%         $2,347.83
      8476545         $400,000.00           5.595%             2.6957%        $10,782.61
      8477381         $640,000.00           5.720%             0.5217%         $3,339.13
      8477385         $557,850.00           5.595%             2.6957%        $15,037.70
      8477401         $392,000.00           5.720%             0.5217%         $2,045.22
      8477741         $400,000.00           5.720%             0.5217%         $2,086.96
      8477787         $328,000.00           5.720%             0.5217%         $1,711.30
      8477909         $380,000.00           5.720%             0.5217%         $1,982.61
      8478003         $369,622.77           5.595%             2.6957%         $9,963.74
      8479057         $125,000.00           5.595%             2.6957%         $3,369.57
      8481975         $399,000.00           5.595%             2.6957%        $10,755.65
      8482905         $396,700.00           5.720%             0.5217%         $2,069.74
      8483667         $279,790.00           5.595%             2.6957%         $7,542.17
      8483677         $399,999.00           5.720%             0.5217%         $2,086.95
      8483739         $250,000.00           5.720%             0.5217%         $1,304.35
      8483757         $231,200.00           5.720%             0.5217%         $1,206.26
      8483769         $488,000.00           5.720%             0.5217%         $2,546.09
      8483823         $498,549.00           5.720%             0.5217%         $2,601.13
      8483857         $496,130.00           5.720%             0.5217%         $2,588.50
      8483939         $412,000.00           5.470%             4.8696%        $20,062.61
      8484691         $412,500.00           5.720%             0.5217%         $2,152.17
      8485705         $565,000.00           5.720%             0.5217%         $2,947.83
      8485849         $548,000.00           5.590%             2.7826%        $15,248.70
      8485903         $504,500.00           5.720%             0.5217%         $2,632.17
      8486637         $436,900.00           5.720%             0.5217%         $2,279.48
      8486771         $515,000.00           5.720%             0.5217%         $2,686.96
      8487349         $458,000.00           5.720%             0.5217%         $2,389.57
      8487383         $543,400.00           5.595%             2.6957%        $14,648.17
      8487405         $545,000.00           5.720%             0.5217%         $2,843.48
      8487615         $450,000.00           5.595%             2.6957%        $12,130.43
      8487645         $482,000.00           5.720%             0.5217%         $2,514.78
      8487647         $423,000.00           5.470%             4.8696%        $20,598.26
      8487939         $244,886.00           5.720%             0.5217%         $1,277.67
      8488451         $561,000.00           5.595%             2.6957%        $15,122.61
      8488611         $440,000.00           5.670%             1.3913%         $6,121.74
      8488701         $527,000.00           5.595%             2.6957%        $14,206.09
      8489337         $460,000.00           5.720%             0.5217%         $2,400.00
      8489673         $240,000.00           5.595%             2.6957%         $6,469.57
      8490515         $370,000.00           5.595%             2.6957%         $9,973.91
      8490517         $471,600.00           5.720%             0.5217%         $2,460.52
      8490541         $555,000.00           5.720%             0.5217%         $2,895.65
      8491175         $950,000.00           5.720%             0.5217%         $4,956.52

 Wednesday, March 26, 2003                                                      Page 6 of 7

      8491881         $592,000.00           5.720%             0.5217%         $3,088.70
      8491903         $428,350.00           5.595%             2.6957%        $11,546.83
      8491915         $650,000.00           5.720%             0.5217%         $3,391.30
      8492221         $525,000.00           5.595%             2.6957%        $14,152.17
      8492741         $204,500.00           5.595%             2.6957%         $5,512.61
      8495369         $297,600.00           5.720%             0.5217%         $1,552.70
      8495515         $399,999.00           5.720%             0.5217%         $2,086.95
      8495845         $114,400.00           5.595%             2.6957%         $3,083.83
      8496055         $390,000.00           5.595%             2.6957%        $10,513.04
      8496337         $320,400.00           5.720%             0.5217%         $1,671.65
      8497503         $675,000.00           5.595%             2.6957%        $18,195.65
      8497733         $625,000.00           5.720%             0.5217%         $3,260.87
      8497737         $425,000.00           5.595%             2.6957%        $11,456.52
      8498389         $386,900.00           5.595%             2.6957%        $10,429.48
      8500911         $424,000.00           5.720%             0.5217%         $2,212.17
      8502149         $393,600.00           5.595%             2.6957%        $10,610.09
      8504291         $456,000.00           5.720%             0.5217%         $2,379.13
      8505165         $646,000.00           5.720%             0.5217%         $3,370.43
      8505187         $707,000.00           5.720%             0.5217%         $3,688.70
      8505387         $382,000.00           5.595%             2.6957%        $10,297.39
      8507223         $435,000.00           5.720%             0.5217%         $2,269.57
      8512313         $430,000.00           5.595%             2.6957%        $11,591.30
      8516289         $407,800.00           5.720%             0.5217%         $2,127.65
      8516301         $650,000.00           5.720%             0.5217%         $3,391.30

 Wednesday, March 26, 2003                                                      Page 7 of 7

</TABLE>

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
        Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
        Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the Insured  Payment  for such  Distribution  Date,  and the
        respective  portions thereof allocable to principal and interest for the
        Insured Certificates;

               (vii) the amount of any  Certificate  Insurance  Payment  made on
        such Distribution Date, the amount of any reimbursement  payment made to
        the Certificate  Insurer on such  Distribution  Date pursuant to Section
        4.02(a)(xvi)  and the  amount of  Cumulative  Insurance  Payments  after
        giving  effect to any such  Certificate  Insurance  Payment  or any such
        reimbursement payment to the Certificate Insurer;

               (vi) the aggregate Certificate Principal Balance of each Class of
        Certificates  and the  Senior  Percentage,  after  giving  effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (vii) the related Subordinate  Principal  Distribution Amount and
        Prepayment Distribution Percentage, if applicable;

               (viii) on the basis of the most recent reports furnished to it by
        Sub-Servicers,  (a) the  number  and  aggregate  principal  balances  of
        Mortgage  Loans that are  Delinquent  (1) 30-59 days, (2) 60-89 days and
        (3) 90 or more days and the number and  aggregate  principal  balance of
        Mortgage  Loans that are in  foreclosure,  (b) the number and  aggregate
        principal  balances  of  Reportable  Modified  Mortgage  Loans  that are
        Delinquent  (1) 30-59  days,  (2) 60-89 days and (3) 90 or more days and
        the number  and  aggregate  principal  balance  of  Reportable  Modified
        Mortgage Loans that are in foreclosure and are REO Property,  indicating
        in each case capitalized  Mortgage Loans, other Servicing  Modifications
        and totals, and (c) for all

                                       -1-

<PAGE>

        Reportable  Modified  Mortgage  Loans,  the number and aggregate  Stated
        Principal  Balance of Reportable  Modified Mortgage Loans that have been
        liquidated,  the subject of pay-offs and that have been  repurchased  by
        the Master Servicer or Seller;

               (ix) the number,  aggregate  principal  balance and book value of
        any REO Properties;

               (x) the aggregate Accrued Certificate  Interest remaining unpaid,
        if any,  for each  Class of  Certificates,  after  giving  effect to the
        distribution made on such Distribution Date;

               (xi) the Special Hazard Amount,  Fraud Loss Amount and Bankruptcy
        Amount  as of the  close of  business  on such  Distribution  Date and a
        description of any change in the calculation of such amounts;

               (xii) the weighted average Pool Strip Rate for such  Distribution
        Date,  the  Pass-  Through  Rate with  respect  to the  Adjustable  Rate
        Certificates and the Class A-V  Certificates and each Subclass,  if any,
        thereof;

               (xiii) the Notional Amount with respect to each class of Interest
        Only Certificates and each Subclass Notional Amount;

               (xiv) the occurrence of the Credit Support Depletion Date;

               (xv)  the  related  Senior  Accelerated  Distribution  Percentage
        applicable to such distribution;

               (xvi) the related Senior Percentage for such Distribution Date;

               (xvii)  the  aggregate   amount  of  Realized   Losses  for  such
        Distribution Date;

               (xviii)the  aggregate  amount  of any  recoveries  on  previously
        foreclosed  loans  from  Sellers  due to a breach of  representation  or
        warranty assigned to the Trustee pursuant to Section 2.04;

               (xix) the  weighted  average  remaining  term to  maturity of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date;

               (xx) the weighted  average  Mortgage  Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date;

               (xxi)  the  amount  of   Reserve   Fund   Withdrawals   for  such
        Distribution Date; and

               (xxi)  the  amount  of  Rounding  Account  withdrawals  for  such
        Distribution Date.

                                       -2-

<PAGE>

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.

The    Trustee's    internet    website    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.

                                       -3-

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF MARCH 1, 2003

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 2003

                 Residential Funding Mortgage Securities I, Inc.

                       Mortgage Pass-Through Certificates

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

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................31

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................31
        Section 2.02  Acceptance by Trustee.................................................37
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................38
        Section 2.04  Representations and Warranties of Sellers.............................40
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................42
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                      Acceptance by the Trustee.............................................42
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............42
        Section 2.08  Purposes and Powers of the Trust......................................42

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................43
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................44
        Section 3.03  Successor Subservicers................................................45
        Section 3.04  Liability of the Master Servicer......................................46
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................46
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......46
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................47
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................49
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................51
        Section 3.10  Permitted Withdrawals from the Custodial Account......................51
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections
                      Thereunder............................................................53

                                              i

<PAGE>

        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....54
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................55
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................57
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................61
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............62
        Section 3.17  Reports to the Trustee and the Company................................63
        Section 3.18  Annual Statement as to Compliance.....................................63
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............64
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............64
        Section 3.21  Administration of Buydown Funds.......................................64

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................65
        Section 4.02  Distributions.........................................................66
        Section 4.03  Statements to Certificateholders; Statements to Rating Agencies;
                      Exchange Act Reporting................................................66
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................68
        Section 4.05  Allocation of Realized Losses.........................................69
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........69
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................69
        Section 4.08  Surety Bond...........................................................70

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................70
        Section 5.02  Registration of Transfer and Exchange of Certificates.................72
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................78
        Section 5.04  Persons Deemed Owners.................................................78
        Section 5.05  Appointment of Paying Agent...........................................78

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........80
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................80
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and
                      Others................................................................81
        Section 6.04  Company and Master Servicer Not to Resign.............................82

                                          ii

<PAGE>

                                         ARTICLE VII

                                           DEFAULT
        Section 7.01  Events of Default.....................................................82
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................84
        Section 7.03  Notification to Certificateholders....................................85
        Section 7.04  Waiver of Events of Default...........................................85

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................86
        Section 8.02  Certain Matters Affecting the Trustee.................................87
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................89
        Section 8.04  Trustee May Own Certificates..........................................89
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...89
        Section 8.06  Eligibility Requirements for Trustee..................................90
        Section 8.07  Resignation and Removal of the Trustee................................91
        Section 8.08  Successor Trustee.....................................................92
        Section 8.09  Merger or Consolidation of Trustee....................................92
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................92
        Section 8.11  Appointment of Custodians.............................................93
        Section 8.12  Appointment of Office or Agency.......................................94

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                      Upon Purchase by the Master Servicer or Liquidation of All Mortgage
                      Loans.................................................................94
        Section 9.02  Additional Termination Requirements...................................97
        Section 9.03  Termination of Multiple REMICs........................................98

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................98
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification.....102
        Section 10.03 Designation of REMIC(s)..............................................102

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment............................................................103
        Section 11.02 Recordation of Agreement; Counterparts...............................105

                                             iii

<PAGE>

        Section 11.03 Limitation on Rights of Certificateholders...........................106
        Section 11.04 Governing Law........................................................106
        Section 11.05 Notices..............................................................106
        Section 11.06 Required Notices to Rating Agency and Subservicer....................107
        Section 11.07 Severability of Provisions...........................................107
        Section 11.08 Supplemental Provisions for Resecuritization.........................108
        Section 11.09 Allocation of Voting Rights..........................................108

EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter
Exhibit K:     Text of Amendment to Pooling and Servicing Agreement Pursuant to Section
               11.01(e) for a Limited Guaranty
Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form
Exhibit O:     Form of Form 10-K Certification
Exhibit P:     Form of Back-Up Certification to Form 10-K Certificate
Exhibit Q:     Information to be Provided by the Master Servicer to the Rating Agencies Relating
               to Reportable Modified Mortgage Loans

                                              iv
</TABLE>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of March 1, 2003 (the "Standard Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I,
INC., as the company  (together with its permitted  successors and assigns,  the
"Company"),  RESIDENTIAL FUNDING CORPORATION,  as master servicer (together with
its permitted  successors and assigns,  the "Master Servicer"),  and the trustee
named  in  the  applicable  Series  Supplement   (together  with  its  permitted
successors and assigns, the "Trustee").

                                    PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  pass-through  certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans.

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

                                    ARTICLE I

                                   DEFINITIONS
        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard

                                              1

<PAGE>

               Losses,   Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  and
               Extraordinary  Losses)  not  allocated  solely  to  one  or  more
               specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

                                              2

<PAGE>

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

        Advance:  As to any  Mortgage  Loan,  any  advance  made  by the  Master
Servicer, pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  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.

        Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  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

                                              3

<PAGE>

is located to reflect of record the sale of the Mortgage Loan to the Trustee for
the  benefit of  Certificateholders,  which  assignment,  notice of  transfer or
equivalent  instrument  may be in the  form of one or more  blanket  assignments
covering  Mortgages secured by Mortgaged  Properties located in the same county,
if permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination  Date of (x) the  Amount  Held for  Future
Distribution,  and (y) amounts  permitted to be withdrawn by the Master Servicer
from the Custodial  Account in respect of the Mortgage Loans pursuant to clauses
(ii)-(x),  inclusive,  of  Section  3.10(a).  Such  amount  shall be  determined
separately for each Loan Group. Additionally,  with respect to any Mortgage Pool
that is  comprised  of two or more  Loan  Groups,  if on any  Distribution  Date
Compensating  Interest  provided  pursuant  to  Section  3.16(e)  is  less  than
Prepayment Interest Shortfalls incurred on the Mortgage Loans in connection with
Principal  Prepayments in Full received during the related Prepayment Period and
Curtailments made in the prior calendar month, such Compensating  Interest shall
be allocated on such Distribution Date to the Available  Distribution Amount for
each Loan Group on a pro rata basis in accordance with the respective amounts of
such Prepayment  Interest Shortfalls incurred on the Mortgage Loans in such Loan
Group in respect of such Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest under the related Mortgage Loan and any premiums on any

                                              4

<PAGE>

applicable  primary hazard  insurance  policy and any related escrow payments in
respect  of such  Mortgage  Loan are being  advanced  on a current  basis by the
Master  Servicer or a  Subservicer,  in either case without giving effect to any
Debt Service Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Capitalization  Reimbursement  Amount: As to any Distribution  Date, the
amount of Advances or Servicing Advances that were added to the Stated Principal
Balance  of the  related  Mortgage  Loans  during the prior  calendar  month and
reimbursed  to  the  Master   Servicer  or  Subservicer  on  or  prior  to  such
Distribution  Date  pursuant to Section  3.10(a)(vii),  plus the  Capitalization
Reimbursement   Shortfall   Amount   remaining   unreimbursed   from  any  prior
Distribution  Date and  reimbursed to the Master  Servicer or  Subservicer on or
prior to such Distribution Date.

        Capitalization  Reimbursement  Shortfall  Amount: As to any Distribution
Date, the amount, if any, by which the amount of Advances or Servicing  Advances
that were added to the Stated Principal Balance of the Mortgage Loans during the
preceding  calendar  month  exceeds  the  amount of  principal  payments  on the
Mortgage  Loans  included  in  the  Available   Distribution   Amount  for  that
Distribution Date.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

        Certificate  Account  Deposit Date:  As to any  Distribution  Date,  the
Business Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the

                                              5

<PAGE>

purpose of giving any  consent or  direction  pursuant  to this  Agreement,  any
Certificate,  other than a Class R  Certificate,  registered  in the name of the
Company,  the Master Servicer or any Subservicer or any Affiliate  thereof shall
be deemed not to be  outstanding  and the  Percentage  Interest or Voting Rights
evidenced  thereby  shall not be taken into account in  determining  whether the
requisite  amount of Percentage  Interests or Voting Rights  necessary to effect
any such  consent or  direction  has been  obtained.  All  references  herein to
"Holders" or "Certificateholders" shall reflect the rights of Certificate Owners
as  they  may  indirectly  exercise  such  rights  through  the  Depository  and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

        Certificate  Principal Balance:  With respect to each Certificate (other
than any Interest Only  Certificate),  on any date of  determination,  an amount
equal to:

        (i)    the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

        (ii)   any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, plus

        (iii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iv)   the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates with the Lowest Priority at any given time shall be further reduced
by an amount equal to the  Percentage  Interest  evidenced  by such  Certificate
multiplied  by the  excess,  if  any,  of (A)  the  then  aggregate  Certificate
Principal  Balance of all Classes of Certificates  then outstanding over (B) the
then aggregate Stated Principal Balance of the Mortgage Loans.

        Certificate Register and Certificate Registrar:  The register maintained
and the registrar appointed pursuant to Section 5.02.

                                              6

<PAGE>

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

        Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Commission: The Securities and Exchange Commission.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

                                              7

<PAGE>

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

        Cooperative  Stock:  With  respect  to a  Cooperative  Loan,  the single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

        Cooperative Stock  Certificate:  With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

                                              8

<PAGE>

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments  of principal  due on or prior  thereto (or due during the month of
the Cut-Off Date), whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        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 the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

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

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

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

                                              9

<PAGE>

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date:  As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a  corporation  if all of its  activities  are  subject  to tax and,  except for
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

        Due Date: With respect to any  Distribution  Date and any Mortgage Loan,
the day during the related Due Period on which the Monthly Payment is due.

                                              10

<PAGE>

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Exchange Act: The Securities and Exchange Act of 1934, as amended.

                                              11

<PAGE>

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

        (a) losses  that are of the type that  would be covered by the  fidelity
bond and the errors and  omissions  insurance  policy  required to be maintained
pursuant  to  Section  3.12(b)  but are in  excess  of the  coverage  maintained
thereunder;

        (b) nuclear reaction or nuclear radiation or radioactive  contamination,
all whether  controlled  or  uncontrolled,  and  whether  such loss be direct or
indirect,  proximate or remote or be in whole or in part caused by,  contributed
to or  aggravated  by a peril  covered by the  definition  of the term  "Special
Hazard Loss";

        (c) hostile or warlike action in time of peace or war,  including action
in hindering,  combating or defending  against an actual,  impending or expected
attack:

               1.     by any government or sovereign power, de jure or de facto,
                      or by any authority  maintaining or using military,  naval
                      or air forces; or

               2. by military, naval or air forces; or

               3. by an  agent  of any  such  government,  power,  authority  or
forces;

        (d) any weapon of war  employing  atomic  fission or  radioactive  force
whether in time of peace or war; or

        (e)  insurrection,  rebellion,  revolution,  civil war, usurped power or
action  taken by  governmental  authority in  hindering,  combating or defending
against such an occurrence,  seizure or destruction  under quarantine or customs
regulations,  confiscation  by order of any government or public  authority;  or
risks of contraband or illegal transportation or trade.

        Extraordinary  Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: 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.

        FASIT: A "financial asset  securitization  investment  trust" within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

                                              12

<PAGE>

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

        Form 10-K Certification: As defined in Section 4.03(e).

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

        Fraud  Losses:  Losses on Mortgage  Loans as to which there was fraud in
the origination of such Mortgage Loan.

        Freddie  Mac:  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.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

                                              13

<PAGE>

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

        Insurer:  Any named  insurer under any Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

                                              14

<PAGE>

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a Certificate  Principal  Balance greater than zero, with later
priority for payments pursuant to Section 4.02(a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

        MIN: The Mortgage  Identification  Number for Mortgage Loans  registered
with MERS on the MERS(R) System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

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

                                              15

<PAGE>

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

        Mortgage Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.

        Mortgage  Rate: As to any Mortgage  Loan, the interest rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

        Non-Discount  Mortgage  Loan:  A  Mortgage  Loan that is not a  Discount
Mortgage Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

     Nonrecoverable  Advance: Any Advance previously made or proposed to be made
by the Master  Servicer or Subservicer in respect of a Mortgage Loan (other than
a Deleted Mortgage Loan)

                                              16

<PAGE>

which, in the good faith judgment of the Master  Servicer,  will not, or, in the
case of a proposed Advance,  would not, be ultimately  recoverable by the Master
Servicer  from  related  Late  Collections,   Insurance  Proceeds,   Liquidation
Proceeds,  REO Proceeds or amounts  reimbursable to the Master Servicer pursuant
to Section  4.02(a)  hereof.  To the extent that any  Mortgagor is not obligated
under the related  Mortgage  documents  to pay or  reimburse  any portion of any
Servicing  Advances that are  outstanding  with respect to the related  Mortgage
Loan as a result of a modification of such Mortgage Loan by the Master Servicer,
which forgives  amounts which the Master  Servicer or Subservicer had previously
advanced,  and the Master Servicer determines that no other source of payment or
reimbursement  for such  advances is  available to it, such  Servicing  Advances
shall be deemed to be Nonrecoverable  Advances.  The determination by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

        Nonsubserviced  Mortgage  Loan:  Any Mortgage  Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

                                              17

<PAGE>

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

               (i)  obligations of or guaranteed as to principal and interest by
        the United  States or any agency or  instrumentality  thereof  when such
        obligations  are  backed  by the full  faith and  credit  of the  United
        States;

               (ii) repurchase agreements on obligations specified in clause (i)
        maturing not more than one month from the date of  acquisition  thereof,
        provided  that  the  unsecured  obligations  of the  party  agreeing  to
        repurchase such  obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

               (iii) federal funds,  certificates of deposit,  demand  deposits,
        time  deposits  and  bankers'  acceptances  (which  shall  each  have an
        original  maturity of not more than 90 days and, in the case of bankers'
        acceptances,  shall in no event have an  original  maturity of more than
        365 days or a remaining  maturity of more than 30 days)  denominated  in
        United  States  dollars  of any  U.S.  depository  institution  or trust
        company  incorporated  under the laws of the United  States or any state
        thereof or of any domestic branch of a foreign depository institution or
        trust company;  provided that the debt  obligations  of such  depository
        institution  or trust company (or, if the only Rating Agency is Standard
        &  Poor's,  in the case of the  principal  depository  institution  in a
        depository   institution  holding  company,   debt  obligations  of  the
        depository  institution  holding  company)  at the  date of  acquisition
        thereof have been rated by each Rating Agency in its highest  short-term
        rating  available;  and provided further that, if the only Rating Agency
        is  Standard  &  Poor's  and if the  depository  or trust  company  is a
        principal  subsidiary of a bank holding company and the debt obligations
        of such subsidiary are not separately rated, the applicable rating shall
        be that of the bank holding company;  and, provided further that, if the
        original maturity of such short-term obligations of a domestic branch of
        a foreign depository  institution or trust company shall exceed 30 days,
        the short-term  rating of such institution  shall be A-1+ in the case of
        Standard & Poor's if Standard & Poor's is the Rating Agency;

               (iv)   commercial   paper  and  demand  notes  (having   original
        maturities  of not more than 365 days) of any  corporation  incorporated
        under the laws of the United  States or any state  thereof  which on the
        date of acquisition  has been rated by each Rating Agency in its highest
        short-term rating  available;  provided that such commercial paper shall
        have a remaining maturity of not more than 30 days;

                                              18

<PAGE>

               (v) a money market fund or a qualified  investment  fund rated by
        each Rating Agency in its highest long-term rating available; and

               (vi) other  obligations or securities that are acceptable to each
        Rating  Agency as a Permitted  Investment  hereunder and will not reduce
        the rating  assigned to any Class of  Certificates by such Rating Agency
        below the lower of the  then-current  rating or the rating  assigned  to
        such  Certificates  as of the  Closing  Date by such Rating  Agency,  as
        evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive 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 greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

        Permitted  Transferee:  Any Transferee of a Class R  Certificate,  other
than a Disqualified Organization or Non-United States Person.

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

        Pledged  Amount:  With respect to any Pledged Asset Loan,  the amount of
money  remitted  to Combined  Collateral  LLC,  at the  direction  of or for the
benefit of the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or description  pledged by Combined
Collateral LLC as security in respect of any Realized  Losses in connection with
such Mortgage  Loan up to the Pledged  Amount for such  Mortgage  Loan,  and any
related  collateral,  or such other collateral as may be set forth in the Series
Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

                                              19

<PAGE>

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.

        Primary  Insurance  Policy:  Each  primary  policy of mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

        Principal Only  Certificates:  A Class of  Certificates  not entitled to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

        Principal  Prepayment in Full:  Any  Principal  Prepayment of the entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

                                              20

<PAGE>

        Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential  Funding's  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the

                                              21

<PAGE>

"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

     (a)  as to which a Cash  Liquidation or REO  Disposition  has occurred,  an
          amount (not less than zero) equal to (i) the Stated Principal  Balance
          of the  Mortgage  Loan  (or  REO  Property)  as of the  date  of  Cash
          Liquidation  or REO  Disposition,  plus (ii) interest (and REO Imputed
          Interest,  if any) at the Net  Mortgage  Rate  from the Due Date as to
          which interest was last paid or advanced to  Certificateholders  up to
          the Due Date in the Due  Period  related to the  Distribution  Date on
          which such Realized Loss will be allocated pursuant to Section 4.05 on
          the Stated  Principal  Balance of such Mortgage Loan (or REO Property)
          outstanding  during each Due Period that such interest was not paid or
          advanced,  minus (iii) the proceeds, if any, received during the month
          in which such Cash Liquidation (or REO Disposition)  occurred,  to the
          extent  applied as recoveries of interest at the Net Mortgage Rate and
          to  principal  of  the  Mortgage  Loan,  net of  the  portion  thereof
          reimbursable to the Master Servicer or any Subservicer with respect to
          related Advances, Servicing Advances or other expenses as to which the
          Master Servicer or Subservicer is entitled to reimbursement thereunder
          but which have not been previously reimbursed,

     (b)  which is the subject of a Servicing  Modification,  (i) (1) the amount
          by which the interest  portion of a Monthly  Payment or the  principal
          balance of such  Mortgage Loan was reduced or (2) the sum of any other
          amounts  owing under the  Mortgage  Loan that were  forgiven  and that
          constitute  Servicing  Advances  that are  reimbursable  to the Master
          Servicer or a Subservicer,  and (ii) any such amount with respect to a
          Monthly  Payment  that  was or  would  have  been  due  in  the  month
          immediately following the month in which a Principal Prepayment or the
          Purchase  Price of such Mortgage Loan is received or is deemed to have
          been received,

     (c)  which has become the subject of a Deficient Valuation,  the difference
          between  the  principal  balance  of  the  Mortgage  Loan  outstanding
          immediately prior to such

                                              22

<PAGE>

          Deficient  Valuation and the principal balance of the Mortgage Loan as
          reduced by the Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

                                              23

<PAGE>

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Reportable  Modified  Mortgage Loan: Any Mortgage Loan that (i) has been
subject to an interest rate reduction, (ii) has been subject to a term extension
or (iii) has had amounts owing on such Mortgage Loan  capitalized by adding such
amount to the Stated Principal Balance of such Mortgage Loan; provided, however,
that a  Mortgage  Loan  modified  in  accordance  with  clause  (i)  above for a
temporary  period  shall  not be a  Reportable  Modified  Mortgage  Loan if such
Mortgage Loan has not been  delinquent in payments of principal and interest for
six months since the date of such  modification  if that interest rate reduction
is not made permanent thereafter.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

        Residential  Funding:   Residential  Funding  Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary,  any  Trust  Officer  or  Assistant  Trust  Officer  with  particular
responsibility  for  this  transaction,  or any  other  officer  of the  Trustee
customarily

                                              24

<PAGE>

performing  functions  similar to those performed by any of the above designated
officers to whom, with respect to a particular matter, such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

        Security  Agreement:  With respect to a Cooperative  Loan, the agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

        Seller:  As to any Mortgage Loan, a Person,  including any  Subservicer,
that executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

        (i)    for any Distribution Date after the 60th Distribution Date but on
               or  prior to the  72nd  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   for any Distribution Date after the 72nd Distribution Date but on
               or  prior to the  84th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 60% of the  related
               Subordinate Percentage for such Distribution Date;

        (iii)  for any Distribution Date after the 84th Distribution Date but on
               or  prior to the  96th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

        (iv)   for any Distribution Date after the 96th Distribution Date but on
               or prior to the  108th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 20% of the  related
               Subordinate Percentage for such Distribution Date; and

        (v)    for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

                                              25

<PAGE>

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

          (ii) that for any Distribution  Date on which the Senior Percentage is
               greater than the  Percentage as of the Closing  Date,  the Senior
               Accelerated  Distribution  Percentage for such  Distribution Date
               shall be 100%,  or, if the  Mortgage  Pool is comprised of two or
               more Loan Groups, for any Distribution Date on which the weighted
               average of the Senior  Percentages for each Loan Group,  weighted
               on the basis of the Stated  Principal  Balances  of the  Mortgage
               Loans in the related Loan Group,  exceeds the weighted average of
               the initial  Senior  Percentages  (calculated  on such basis) for
               each Loan  Group,  each of the  Senior  Accelerated  Distribution
               Percentages for such Distribution Date will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage:  As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

        Series:  All  of the  Certificates  issued  pursuant  to a  Pooling  and
Servicing Agreement and bearing the same series designation.

                                              26

<PAGE>

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

        Servicing  Accounts:  The  account or accounts  created  and  maintained
pursuant to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event  by the  Master  Servicer  or a  Subservicer  in the
performance  of its servicing  obligations,  including,  but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged Property
or, with respect to a Cooperative Loan, the related Cooperative Apartment,  (ii)
any enforcement or judicial proceedings,  including foreclosures,  including any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property,  (iv) any mitigation procedures  implemented in
accordance  with Section 3.07, and (v)  compliance  with the  obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan,  any extension of the final
maturity date of a Mortgage Loan, and any increase to the outstanding  principal
balance of a  Mortgage  Loan by adding to the Stated  Principal  Balance  unpaid
principal and interest and other amounts owing under the Mortgage  Loan, in each
case pursuant to a  modification  of a Mortgage Loan that is in default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, in accordance with Section 3.07(a).

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

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

                                              27

<PAGE>

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time,  (i) the sum of (a) the Cut-off Date Principal
Balance of the Mortgage  Loan plus (b) any amount by which the Stated  Principal
Balance of the Mortgage Loan is increased pursuant to a Servicing  Modification,
minus (ii) the sum of (a) the principal portion of the Monthly Payments due with
respect to such  Mortgage  Loan or REO  Property  during each Due Period  ending
prior to the most recent  Distribution  Date which were received or with respect
to which an Advance was made, and (b) all Principal  Prepayments with respect to
such  Mortgage Loan or REO Property,  and all  Insurance  Proceeds,  Liquidation
Proceeds  and REO  Proceeds,  to the extent  applied by the Master  Servicer  as
recoveries  of  principal in  accordance  with Section 3.14 with respect to such
Mortgage Loan or REO Property,  in each case which were distributed  pursuant to
Section  4.02 on any  previous  Distribution  Date,  and (c) any  Realized  Loss
allocated  to   Certificateholders   with  respect   thereto  for  any  previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

        Subserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect

                                              28

<PAGE>

of the  qualification  of a  Subservicer  as of the  date of its  approval  as a
Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

        Subservicing  Account:  An  account  established  by  a  Subservicer  in
accordance with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

        Surety:  Ambac,  or its successors in interest,  or such other surety as
may be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

                                              29

<PAGE>

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The segregated pool of assets consisting of:

        (i)    the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due after the Cut-off  Date (other than  Monthly  Payments due in
               the  month of the  Cut-Off  Date) as shall be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging  to the Trust Fund,  including  the  proceeds  from the
               liquidation   of  Additional   Collateral   for  any   Additional
               Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
               not including  amounts on deposit in the Initial  Monthly Payment
               Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and the  interest in the Surety Bond  transferred  to the Trustee
               pursuant to Section 2.01,

        (v)    the Initial Monthly Payment Fund, and

        (vi)   all proceeds of clauses (i) through (v) above.

        Underwriter:  As defined in the Series Supplement.

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  provided  that,  for  purposes  solely  of  the
restrictions  on the transfer of residual  interests,  no  partnership  or other
entity  treated as a partnership  for United States  federal income tax purposes
shall be treated  as a United  States  Person  unless  all  persons  that own an
interest in such partnership either directly or through

                                              30

<PAGE>

any entity  that is not a  corporation  for  United  States  federal  income tax
purposes are required by the applicable  operating agreement to be United States
Persons, any state thereof, or the District of Columbia (except in the case of a
partnership,  to the extent  provided in Treasury  regulations) or any political
subdivision thereof, or an estate that is described in Section 7701(a)(30)(D) of
the Code, or a trust that is described in Section 7701(a)(30)(E) of the Code.

        Voting  Rights:  The  portion  of  the  voting  rights  of  all  of  the
Certificates  which is  allocated  to any  Certificate,  and  more  specifically
designated in Article XI of the Series Supplement.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," 'hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definition  set forth herein  include both the singular and the
plural.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.

        (a) The Company,  concurrently  with the execution and delivery  hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans in
the month of the Cut-off Date). In connection with such transfer and assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly  appointed  agent or agents of the Trustee for such purpose,  the following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                                              31

<PAGE>

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and

                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               and (II) with respect to each Cooperative Loan so assigned:

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii)  A  counterpart  of the  Cooperative  Lease  and  the
               Assignment  of  Proprietary   Lease  to  the  originator  of  the
               Cooperative Loan with intervening assignments showing an unbroken
               chain of title from such originator to the Trustee;

                      (iii)   The   related   Cooperative   Stock   Certificate,
               representing the related  Cooperative  Stock pledged with respect
               to such  Cooperative  Loan,  together with an undated stock power
               (or other similar instrument) executed in blank;

                      (iv) The original recognition agreement by the Cooperative
               of the  interests  of the  mortgagee  with respect to the related
               Cooperative Loan;

                      (v) The Security Agreement;

                      (vi) Copies of the original UCC-1 financing statement, and
               any  continuation  statements,  filed by the  originator  of such
               Cooperative Loan as secured

                                              32

<PAGE>

               party,  each with evidence of recording  thereof,  evidencing the
               interest of the originator  under the Security  Agreement and the
               Assignment of Proprietary Lease;

                      (vii)  Copies  of  the  filed  UCC-3  assignments  of  the
               security  interest  referenced  in clause  (vi) above  showing an
               unbroken chain of title from the originator to the Trustee,  each
               with evidence of recording  thereof,  evidencing  the interest of
               the originator under the Security Agreement and the Assignment of
               Proprietary Lease;

                      (viii)  An  executed  assignment  of the  interest  of the
               originator in the Security  Agreement,  Assignment of Proprietary
               Lease and the  recognition  agreement  referenced  in clause (iv)
               above,  showing an unbroken chain of title from the originator to
               the Trustee;

                      (ix)  The  original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Cooperative Loan; and

                      (x) A duly completed UCC-1 financing statement showing the
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee  as  assignee  and  a  duly  completed   UCC-1  financing
               statement  showing  the  Company  as debtor  and the  Trustee  as
               secured party,  each in a form sufficient for filing,  evidencing
               the interest of such debtors in the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  by
Section  2.01(b)) to the Trustee or the  Custodian or  Custodians,  deliver such
documents  to the  Master  Servicer,  and the  Master  Servicer  shall hold such
documents  in  trust  for  the  use  and  benefit  of  all  present  and  future
Certificateholders until such time as is set forth in the next sentence.  Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii),  (iii),
(iv) and (v) and  Section  (b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies
thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a written
request by the Trustee to deliver those  documents with respect to any or all of
the Mortgage Loans then being held by the Master  Servicer,  the Master Servicer
shall  deliver a complete set of such  documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.

        (d)  Notwithstanding  the provisions of Section  2.01(c),  in connection
with any  Mortgage  Loan,  if the Company  cannot  deliver  the  original of the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy thereof as permitted by Section  2.01(b))  with  evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because  of (i) a  delay  caused  by the  public  recording  office  where  such
Mortgage,  assignment,  modification,  assumption  agreement or  preferred  loan
agreement  as the case may be, has been  delivered  for  recordation,  or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage,  assignment,  modification,
assumption agreement or preferred loan agreement.

                                              33

<PAGE>

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

        (e)  Residential  Funding  hereby  assigns to the Trustee  its  security
interest in and to any  Additional  Collateral or Pledged  Assets,  its right to
receive amounts due or to become due in respect of any Additional  Collateral or
Pledged Assets pursuant to the related Subservicing  Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With

                                              34

<PAGE>

respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

        (f) It is intended that the  conveyance by the Company to the Trustee of
the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  be  and  the
Uncertificated  REMIC  Regular  Interests,  if any (as  provided  for in Section
2.06),  be  construed  as a sale by the Company to the  Trustee of the  Mortgage
Loans and any  Uncertificated  REMIC  Regular  Interests  for the benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided  for in Section  2.01 shall be deemed to be, and hereby is, (1) a grant
by the  Company to the Trustee of a security  interest  in all of the  Company's
right (including the power to convey title thereto), title and interest, whether
now owned or  hereafter  acquired,  in and to any and all  general  intangibles,
payment intangibles,  accounts,  chattel paper, instruments,  documents,  money,
deposit accounts,  certificates of deposit, goods, letters of credit, advices of
credit  and  investment   property  and  other  property  of  whatever  kind  or
description  now existing or hereafter  acquired  consisting of, arising from or
relating to any of the  following:  (A) the Mortgage  Loans,  including (i) with
respect to each Cooperative Loan, the related Mortgage Note, Security Agreement,
Assignment of Proprietary  Lease,  Cooperative Stock Certificate and Cooperative
Lease,  (ii) with respect to each Mortgage  Loan other than a Cooperative  Loan,
the related Mortgage Note and Mortgage, and (iii) any insurance policies and all
other documents in the related  Mortgage File, (B) all amounts payable  pursuant
to  the  Mortgage  Loans  in  accordance   with  the  terms  thereof,   (C)  any
Uncertificated  REMIC Regular  Interests and (D) all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property,  including without limitation all amounts from time to time held
or invested in the Certificate Account or the Custodial Account,  whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the  Company  to the  Trustee  of  any  security  interest  in  any  and  all of
Residential Funding's right (including the power to convey title thereto), title
and interest,  whether now owned or hereafter  acquired,  in and to the property
described  in the  foregoing  clauses  (1)(A),  (B),  (C)  and  (D)  granted  by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession  by the Trustee,  the  Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
payment intangibles,  negotiable documents,  goods, deposit accounts, letters of
credit,  advices of credit,  investment  property,  certificated  securities  or
chattel  paper  shall be deemed to be  "possession  by the  secured  party,"  or
possession  by a purchaser or a person  designated  by such secured  party,  for
purposes of perfecting the security  interest  pursuant to the Minnesota Uniform
Commercial  Code  and  the  Uniform  Commercial  Code  of any  other  applicable
jurisdiction as in effect (including, without limitation,  Sections 8-106, 9-313
and 9-106 thereof);  and (d) notifications to persons holding such property, and
acknowledgments,  receipts or confirmations  from persons holding such property,
shall be deemed notifications to, or

                                              35

<PAGE>

acknowledgments,  receipts or  confirmations  from,  securities  intermediaries,
bailees or agents of, or persons holding for (as applicable) the Trustee for the
purpose of perfecting such security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

        (g) The Master  Servicer  hereby  acknowledges  the receipt by it of the
Initial  Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial
Monthly  Payment Fund in the  Custodial  Account and shall  include such Initial
Monthly  Payment  Fund in the  Available  Distribution  Amount  for the  initial
Distribution Date.  Notwithstanding anything herein to the contrary, the Initial
Monthly  Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly  Payment Fund  constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts  transferred by any REMIC to
the Initial  Monthly  Payment Fund shall be treated as transferred to the Seller
or any successor,  all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this  Agreement  will also  constitute the  assignment,  sale,  setting-over,
transfer and  conveyance  to the Trustee,  without  recourse (but subject to the
Company's  covenants,   representations  and  warranties  specifically  provided
herein),  of all of the Company's  obligations  and all of the Company's  right,
title and interest in, to and under,  whether now existing or hereafter acquired
as owner of the Mortgage  Loan with respect to all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other property of whatever kind or  description  consisting of, arising from
or related to (i) the Assigned Contracts,  (ii) all rights,  powers and remedies
of the Company as owner of such Mortgage  Loan under or in  connection  with the
Assigned Contracts,  whether arising under the terms of such Assigned Contracts,
by statute,  at law or in equity, or otherwise arising out of any default by the
Mortgagor  under or in  connection  with the Assigned  Contracts,  including all
rights

                                              36

<PAGE>

to exercise any election or option or to make any decision or  determination  or
to give or receive any notice, consent, approval or waiver thereunder, (iii) all
security  interests in and lien of the Company as owner of such Mortgage Loan in
the Pledged Amounts and all money, securities, security entitlements,  accounts,
general   intangibles,   instruments,   documents,   certificates   of  deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or  other  distributions  of cash or  other  property  that is  credited  to the
Custodial  Account,  (iv)  all  documents,  books  and  records  concerning  the
foregoing  (including  all computer  programs,  tapes,  disks and related  items
containing  any such  information)  and (v) all  insurance  proceeds  (including
proceeds  from the  Federal  Deposit  Insurance  Corporation  or the  Securities
Investor  Protection  Corporation or any other insurance  company) of any of the
foregoing  or  replacements  thereof  or  substitutions  therefor,  proceeds  of
proceeds and the  conversion,  voluntary  or  involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company,  or any other person in  connection  with the Pledged
Assets or under any  agreement or  instrument  relating  thereto,  including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.

        Section 2.02  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  only, a Mortgage  Note may be
endorsed in blank) and declares that it, or a Custodian as its agent,  holds and
will hold such  documents  and the other  documents  constituting  a part of the
Mortgage Files  delivered to it, or a Custodian as its agent,  and the rights of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in  Section  2.01(b)),  have been  executed  and  received,  and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented,  that have been conveyed to it, and to deliver to the Trustee a
certificate  (the  "Interim  Certification")  to the effect  that all  documents
required to be delivered  pursuant to Section  2.01(b)  above have been executed
and received and that such documents  relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such Interim  Certification.  Upon delivery of the Mortgage Files by
the Company or the Master Servicer,  the Trustee shall acknowledge  receipt (or,
with  respect to  Mortgage  Loans  subject to a Custodial  Agreement,  and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective  Custodian  as  the  duly  appointed  agent  of the  Trustee)  of the
documents referred to in Section 2.01(c) above.

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<PAGE>

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the
Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                      (i) The Master  Servicer is a corporation  duly organized,
               validly  existing and in good standing  under the laws  governing
               its creation and existence  and is or will be in compliance  with
               the laws of each state in which any Mortgaged Property is located
               to the  extent  necessary  to ensure the  enforceability  of each
               Mortgage Loan in accordance with the terms of this Agreement;

                                              38

<PAGE>

                      (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  violate  the  Master   Servicer's
               Certificate of  Incorporation  or Bylaws or constitute a material
               default  (or an event  which,  with  notice or lapse of time,  or
               both,  would  constitute a material  default) under, or result in
               the material breach of, any material contract, agreement or other
               instrument  to which the Master  Servicer is a party or which may
               be applicable to the Master Servicer or any of its assets;

                      (iii)  This   Agreement,   assuming   due   authorization,
               execution   and   delivery  by  the  Trustee  and  the   Company,
               constitutes a valid,  legal and binding  obligation of the Master
               Servicer,  enforceable  against it in  accordance  with the terms
               hereof    subject   to   applicable    bankruptcy,    insolvency,
               reorganization,   moratorium   and  other  laws   affecting   the
               enforcement  of  creditors'   rights  generally  and  to  general
               principles of equity,  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,  regulation  or
               demand of any federal,  state,  municipal or governmental agency,
               which default might have  consequences  that would materially and
               adversely affect the condition (financial or other) or operations
               of  the  Master   Servicer  or  its   properties  or  might  have
               consequences   that  would   materially   adversely   affect  its
               performance hereunder;

                      (v) 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;

                      (vi) The  Master  Servicer  will  comply  in all  material
               respects in the performance of this Agreement with all reasonable
               rules  and  requirements  of each  insurer  under  each  Required
               Insurance Policy;

                      (vii) No information, certificate of an officer, statement
               furnished  in writing or report  delivered  to the  Company,  any
               Affiliate  of the Company or the  Trustee by the Master  Servicer
               will, to the knowledge of the Master Servicer, contain any untrue
               statement of a material fact or omit a material fact necessary to
               make  the  information,  certificate,  statement  or  report  not
               misleading;

                      (viii) The Master Servicer has examined each existing, and
               will examine each new,  Subservicing  Agreement and is or will be
               familiar  with the  terms  thereof.  The  terms of each  existing
               Subservicing   Agreement  and  each  designated  Subservicer  are
               acceptable  to the  Master  Servicer  and  any  new  Subservicing
               Agreements will comply with the provisions of Section 3.02; and

                      (ix)  The  Master  Servicer  is a  member  of MERS in good
               standing, and will comply in all material respects with the rules
               and  procedures of MERS in  connection  with the servicing of the
               Mortgage Loans that are registered with MERS.

                                              39

<PAGE>

               It  is  understood  and  agreed  that  the   representations  and
               warranties  set  forth  in this  Section  2.03(a)  shall  survive
               delivery of the  respective  Mortgage Files to the Trustee or any
               Custodian.

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        Section 2.04  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's  Agreement (to the extent assigned to the Company  pursuant to the
Assignment  Agreement)  applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach under the

                                              40

<PAGE>

Assignment  Agreement  Residential Funding shall have the option to substitute a
Qualified  Substitute  Mortgage  Loan or Loans  for such  Mortgage  Loan if such
substitution  occurs within two years following the Closing Date;  provided that
if the  breach  would  cause the  Mortgage  Loan to be other  than a  "qualified
mortgage"  as  defined  in  Section  860G(a)(3)  of the  Code,  any  such  cure,
repurchase  or  substitution  must occur within 90 days from the date the breach
was  discovered.  In the event that  Residential  Funding elects to substitute a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04,  Residential  Funding shall deliver to the Trustee for the
benefit of the  Certificateholders  with  respect to such  Qualified  Substitute
Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an Assignment
of the Mortgage in recordable  form if required  pursuant to Section  2.01,  and
such other  documents and  agreements as are required by Section 2.01,  with the
Mortgage Note endorsed as required by Section 2.01. No substitution will be made
in any  calendar  month after the  Determination  Date for such  month.  Monthly
Payments due with respect to Qualified Substitute Mortgage Loans in the month of
substitution  shall not be part of the Trust  Fund and will be  retained  by the
Master  Servicer and remitted by the Master  Servicer to Residential  Funding on
the  next  succeeding   Distribution   Date.  For  the  month  of  substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect

                                              41

<PAGE>

that such  substitution  will not cause (a) any federal tax to be imposed on the
Trust Fund, including without limitation, any federal tax imposed on "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

        Section       2.05 Execution and Authentication of Certificates/Issuance
                      of Certificates Evidencing Interests in REMIC I.

               As provided in Section 2.05 of the Series Supplement.

        Section       2.06  Conveyance  of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

        Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

        Section 2.08 Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

        (a) to sell the Certificates to the Company in exchange for the Mortgage
Loans;

        (b) to enter into and perform its obligations under this Agreement;

        (c) to  engage  in those  activities  that are  necessary,  suitable  or
convenient to accomplish  the foregoing or are  incidental  thereto or connected
therewith; and

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<PAGE>

        (d) subject to compliance with this  Agreement,  to engage in such other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

        The trust is hereby  authorized to engage in the  foregoing  activities.
Notwithstanding  the provisions of Section 11.01,  the trust shall not engage in
any  activity  other  than in  connection  with the  foregoing  or other than as
required or authorized by the terms of this Agreement  while any  Certificate is
outstanding,  and this Section  2.08 may not be amended,  without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

        Section 3.01  Master Servicer to Act as Servicer.

        (a) The Master  Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the case may be,  believes it is  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or re-  recording of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing or becoming unable to continue

                                              43

<PAGE>

operations in connection  with the MERS System,  it becomes  necessary to remove
any Mortgage  Loan from  registration  on the MERS System and to arrange for the
assignment of the related  Mortgages to the Trustee,  then any related  expenses
shall be reimbursable  to the Master  Servicer.  Notwithstanding  the foregoing,
subject  to  Section   3.07(a),   the  Master  Servicer  shall  not  permit  any
modification with respect to any Mortgage Loan that would both constitute a sale
or exchange of such Mortgage Loan within the meaning of Section 1001 of the Code
and any proposed,  temporary or final regulations  promulgated thereunder (other
than in  connection  with a proposed  conveyance  or assumption of such Mortgage
Loan that is treated  as a  Principal  Prepayment  in Full  pursuant  to Section
3.13(d)  hereof) and cause any REMIC formed under the Series  Supplement to fail
to qualify as a REMIC  under the Code.  The  Trustee  shall  furnish  the Master
Servicer  with  any  powers  of  attorney  and  other  documents   necessary  or
appropriate to enable the Master Servicer to service and administer the Mortgage
Loans.  The  Trustee  shall not be liable  for any  action  taken by the  Master
Servicer or any  Subservicer  pursuant to such powers of attorney.  In servicing
and administering any  Nonsubserviced  Mortgage Loan, the Master Servicer shall,
to the extent not  inconsistent  with this  Agreement,  comply  with the Program
Guide as if it were the  originator  of such  Mortgage Loan and had retained the
servicing  rights  and  obligations  in  respect  thereof.  In  connection  with
servicing and  administering  the Mortgage  Loans,  the Master  Servicer and any
Affiliate of the Master Servicer (i) may perform services such as appraisals and
brokerage  services that are not  customarily  provided by servicers of mortgage
loans, and shall be entitled to reasonable  compensation  therefor in accordance
with  Section  3.10 and (ii)  may,  at its own  discretion  and on behalf of the
Trustee, obtain credit information in the form of a "credit score" from a credit
repository.

        (b) All costs  incurred  by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the Certificateholders,  be added to the amount owing under the
related Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so
permit,  and such costs shall be recoverable to the extent  permitted by Section
3.10(a)(ii).

        (c) The  Master  Servicer  may  enter  into  one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

        Section       3.02 Subservicing  Agreements  Between Master Servicer and
                      Subservicers;  Enforcement of  Subservicers'  and Sellers'
                      Obligations.

        (a) The Master Servicer may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to

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<PAGE>

receive  and retain an amount  equal to the  Subservicing  Fee from  payments of
interest. Unless the context otherwise requires, references in this Agreement to
actions  taken or to be taken by the Master  Servicer in servicing  the Mortgage
Loans include  actions  taken or to be taken by a  Subservicer  on behalf of the
Master  Servicer.  Each  Subservicing  Agreement  will be upon  such  terms  and
conditions as are  generally  required or permitted by the Program Guide and are
not  inconsistent  with  this  Agreement  and as the  Master  Servicer  and  the
Subservicer  have agreed.  A  representative  form of Subservicing  Agreement is
attached  to this  Agreement  as  Exhibit  E. With the  approval  of the  Master
Servicer,  a Subservicer  may delegate its servicing  obligations to third-party
servicers,  but  such  Subservicer  will  remain  obligated  under  the  related
Subservicing  Agreement.  The Master  Servicer and a Subservicer  may enter into
amendments thereto or a different form of Subservicing  Agreement,  and the form
referred to or included in the Program Guide is merely  provided for information
and shall not be deemed to limit in any  respect  the  discretion  of the Master
Servicer to modify or enter into different  Subservicing  Agreements;  provided,
however,  that any such  amendments or different  forms shall be consistent with
and not violate the  provisions of either this Agreement or the Program Guide in
a manner  which would  materially  and  adversely  affect the  interests  of the
Certificateholders.

        (b) As part of its servicing activities hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable  efforts to enforce the  obligations  of each  Subservicer  under the
related  Subservicing  Agreement  and of each Seller under the related  Seller's
Agreement  insofar as the Company's  rights with respect to such  obligation has
been assigned to the Trustee hereunder,  to the extent that the  non-performance
of any such Seller's  obligation  would have a material and adverse  effect on a
Mortgage  Loan,  including,  without  limitation,  the  obligation to purchase a
Mortgage  Loan on account of  defective  documentation,  as described in Section
2.02, or on account of a breach of a representation or warranty, as described in
Section  2.04.  Such  enforcement,  including,  without  limitation,  the  legal
prosecution  of claims,  termination  of  Subservicing  Agreements  or  Seller's
Agreements, as appropriate, 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 would employ in its good faith  business  judgment and which are normal
and usual in its general  mortgage  servicing  activities.  The Master  Servicer
shall  pay the  costs  of such  enforcement  at its own  expense,  and  shall be
reimbursed  therefor  only (i)  from a  general  recovery  resulting  from  such
enforcement to the extent, if any, that such recovery exceeds all amounts due in
respect of the related Mortgage Loan or (ii) from a specific  recovery of costs,
expenses or attorneys  fees against the party against whom such  enforcement  is
directed.  For  purposes  of  clarification  only,  the  parties  agree that the
foregoing  is not  intended  to, and does not,  limit the  ability of the Master
Servicer to be reimbursed for expenses that are incurred in connection  with the
enforcement  of a Seller's  obligations  (insofar as the  Company's  rights with
respect  to  such  Seller's  obligations  have  been  assigned  to  the  Trustee
hereunder) and are reimbursable pursuant to Section 3.10(a)(viii).

        Section 3.03  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor

                                              45

<PAGE>

Subservicer  which  will be  bound  by the  terms  of the  related  Subservicing
Agreement.  If the Master Servicer or any Affiliate of Residential  Funding acts
as servicer, it will not assume liability for the representations and warranties
of the  Subservicer  which it  replaces.  If the Master  Servicer  enters into a
Subservicing Agreement with a successor  Subservicer,  the Master Servicer shall
use reasonable  efforts to have the successor  Subservicer  assume liability for
the representations and warranties made by the terminated Subservicer in respect
of the related  Mortgage  Loans and, in the event of any such  assumption by the
successor Subservicer,  the Master Servicer may, in the exercise of its business
judgment,   release  the   terminated   Subservicer   from  liability  for  such
representations and warranties.

        Section 3.04  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

          Section 3.05  No  Contractual  Relationship  Between  Subservicer  and
               Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

          Section 3.06 Assumption or Termination of  Subservicing  Agreements by
               Trustee.

        (a) If the Master  Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master  Servicer  under each  Subservicing  Agreement that may have been entered
into. The Trustee,  its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master  Servicer's  interest therein and to
have replaced the Master  Servicer as a party to the  Subservicing  Agreement to
the same  extent  as if the  Subservicing  Agreement  had been  assigned  to the
assuming party except that the Master  Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.

                                              46

<PAGE>

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  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 Subservicing Agreement to the assuming party.

          Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
               Custodial Account.

        (a) The Master  Servicer  shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may 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 Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver  or  extension  will not  impair  the  coverage  of any  related  Primary
Insurance  Policy  or  materially  adversely  affect  the  lien  of the  related
Mortgage.  In the event of any such arrangement,  the Master Servicer shall make
timely  advances on the related  Mortgage  Loan during the  scheduled  period in
accordance  with  the  amortization  schedule  of  such  Mortgage  Loan  without
modification  thereof by reason of such arrangements  unless otherwise agreed to
by the  Holders  of the  Classes of  Certificates  affected  thereby;  provided,
however,  that no such  extension  shall be made if any such advance  would be a
Nonrecoverable Advance.  Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the  postponement  of strict  compliance  with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver,  modification,  postponement or indulgence is not materially  adverse to
the  interests of the  Certificateholders  (taking  into  account any  estimated
Realized Loss that might result absent such action); provided, however, that the
Master  Servicer may not modify  materially or permit any  Subservicer to modify
any Mortgage Loan,  including  without  limitation any  modification  that would
change the  Mortgage  Rate,  forgive  the payment of any  principal  or interest
(unless in  connection  with the  liquidation  of the related  Mortgage  Loan or
except in connection with prepayments to the extent that such  reamortization is
not  inconsistent  with the terms of the Mortgage Loan),  capitalize any amounts
owing on the Mortgage  Loan by adding such amount to the  outstanding  principal
balance of the Mortgage Loan, or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; provided, further, that (1) no
such  modification  shall  reduce the  interest  rate on a  Mortgage  Loan below
one-half of the  Mortgage  Rate as in effect on the Cut-Off  Date,  but not less
than the sum of the rates at which the  Servicing Fee and the  Subservicing  Fee
with  respect to such  Mortgage  Loan accrues plus the rate at which the premium
paid to the Certificate  Insurer,  if any, accrues,  (2) the final maturity date
for any Mortgage Loan shall not be extended  beyond the Maturity  Date,  (3) the
Stated Principal  Balance of all Reportable  Modified  Mortgage Loans subject to
Servicing  Modifications (measured at the time of the Servicing Modification and
after  giving  effect to any  Servicing  Modification)  can be no more than five
percent

                                              47

<PAGE>

of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date,
unless such limit is increased  from time to time with the consent of the Rating
Agencies and the Certificate Insurer, if any. In addition,  any amounts owing on
a Mortgage Loan added to the outstanding principal balance of such Mortgage Loan
must be fully  amortized over the remaining term of such Mortgage Loan, and such
amounts may be added to the  outstanding  principal  balance of a Mortgage  Loan
only once during the life of such  Mortgage  Loan.  Also,  the  addition of such
amounts  described in the preceding  sentence shall be implemented in accordance
with the Program Guide and may be  implemented  only by  Subservicers  that have
been approved by the Master  Servicer for such purpose.  In connection  with any
Curtailment  of a  Mortgage  Loan,  the  Master  Servicer,  to  the  extent  not
inconsistent with the terms of the Mortgage Note and local law and practice, may
permit the  Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
recalculated  as an  amount  that  will  fully  amortize  the  remaining  Stated
Principal  Balance  thereof by the original  Maturity Date based on the original
Mortgage Rate; provided,  that such re-amortization shall not be permitted if it
would  constitute  a  reissuance  of the  Mortgage  Loan for federal  income tax
purposes,  except if such reissuance is described in Treasury Regulation Section
1.860G-2(b)(3).

        (b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                      (i)  All  payments  on  account  of  principal,  including
               Principal  Prepayments  made by Mortgagors on the Mortgage  Loans
               and the principal  component of any Subservicer Advance or of any
               REO  Proceeds  received in  connection  with an REO  Property for
               which an REO Disposition has occurred;

                      (ii) All  payments on account of interest at the  Adjusted
               Mortgage Rate on the Mortgage Loans,  including Buydown Funds, if
               any, and the interest component of any Subservicer  Advance or of
               any REO Proceeds  received in connection with an REO Property for
               which an REO Disposition has occurred;

                      (iii)  Insurance  Proceeds,   Subsequent   Recoveries  and
               Liquidation   Proceeds  (net  of  any  related  expenses  of  the
               Subservicer);

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection  with the  substitution of a Qualified
               Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;

                      (v) Any  amounts  required  to be  deposited  pursuant  to
               Section 3.07(c) or 3.21;

                      (vi) All amounts  transferred from the Certificate Account
               to the Custodial Account in accordance with Section 4.02(a);

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<PAGE>

                      (vii) Any amounts realized by the Subservicer and received
               by the Master  Servicer in respect of any Additional  Collateral;
               and

                      (viii) Any  amounts  received  by the Master  Servicer  in
               respect of Pledged Assets.

        The foregoing requirements for deposit in the Custodial Account shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) The  Master  Servicer  shall  use its  best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall  mature not later than the  Certificate  Account  Deposit  Date next
following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized without any right of reimbursement.

        (d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the  Custodial  Account and the location of the
Certificate Account prior to the use thereof.

                                              49

<PAGE>

        Section 3.08  Subservicing Accounts; Servicing Accounts.

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

        (b) The Subservicer may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account.

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<PAGE>

Withdrawals of amounts related to the Mortgage Loans from the Servicing Accounts
may be made  only  to  effect  timely  payment  of  taxes,  assessments,  hazard
insurance  premiums,  Primary  Insurance  Policy  premiums,  if  applicable,  or
comparable items, to reimburse the Master Servicer or Subservicer out of related
collections for any payments made pursuant to Sections 3.11 (with respect to the
Primary  Insurance  Policy) and 3.12(a) (with respect to hazard  insurance),  to
refund to any  Mortgagors  any sums as may be determined to be overages,  to pay
interest,  if required, to Mortgagors on balances in the Servicing Account or to
clear and terminate the Servicing  Account at the  termination of this Agreement
in accordance with Section 9.01 or in accordance with the Program Guide. As part
of its servicing duties,  the Master Servicer shall, and the Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

          Section 3.09 Access to Certain Documentation and Information Regarding
               the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                      (i) to make deposits into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  Advances,  Servicing  Advances or other
               expenses made pursuant to Sections  3.01,  3.07(a),  3.08,  3.11,
               3.12(a), 3.14 and 4.04 or otherwise  reimbursable pursuant to the
               terms of this Agreement,  such withdrawal  right being limited to
               amounts  received on the related Mortgage Loans  (including,  for
               this purpose, REO

                                              51

<PAGE>

               Proceeds,  Insurance Proceeds,  Liquidation Proceeds and proceeds
               from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
               2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of
               Monthly  Payments for which any such advance was made in the case
               of Subservicer  Advances or Advances pursuant to Section 4.04 and
               (B)  recoveries of amounts in respect of which such advances were
               made in the case of Servicing Advances;

                      (iii) to pay to itself or the related  Subservicer (if not
               previously  retained  by such  Subservicer)  out of each  payment
               received  by the Master  Servicer  on account  of  interest  on a
               Mortgage  Loan as  contemplated  by  Sections  3.14 and 3.16,  an
               amount equal to that remaining  portion of any such payment as to
               interest  (but  not  in  excess  of the  Servicing  Fee  and  the
               Subservicing  Fee,  if  not  previously   retained)  which,  when
               deducted,  will result in the  remaining  amount of such interest
               being interest at the Net Mortgage Rate (or Modified Net Mortgage
               Rate in the  case of a  Modified  Mortgage  Loan)  on the  amount
               specified in the  amortization  schedule of the related  Mortgage
               Loan as the  principal  balance  thereof at the  beginning of the
               period  respecting  which such  interest  was paid  after  giving
               effect to any previous Curtailments;

                      (iv) to pay to itself as additional servicing compensation
               any  interest  or  investment  income  earned  on funds and other
               property  deposited in or credited to the Custodial  Account that
               it is entitled to withdraw pursuant to Section 3.07(c);

                      (v) to pay to itself as additional servicing  compensation
               any Foreclosure  Profits, any amounts remitted by Subservicers as
               interest in respect of Curtailments  pursuant to Section 3.08(b),
               and  any  amounts  paid  by a  Mortgagor  in  connection  with  a
               Principal  Prepayment  in Full in  respect  of  interest  for any
               period  during  the  calendar   month  in  which  such  Principal
               Prepayment    in   Full   is   to   be    distributed    to   the
               Certificateholders;

                      (vi)  to  pay  to  itself,   a   Subservicer,   a  Seller,
               Residential Funding, the Company or any other appropriate Person,
               as the  case  may  be,  with  respect  to each  Mortgage  Loan or
               property  acquired in respect  thereof that has been purchased or
               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided  in  subsection  (c) below,  and any  Advance or
               Servicing  Advance made in  connection  with a modified  Mortgage
               Loan  that  is in  default  or,  in the  judgment  of the  Master
               Servicer,  default is reasonably  foreseeable pursuant to Section
               3.07(a),  to the extent the  amount of the  Advance or  Servicing
               Advance was added to the Stated Principal Balance of the Mortgage
               Loan in the prior calendar month, or any Advance  reimbursable to
               the Master Servicer pursuant to Section 4.02(a);

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<PAGE>

                      (viii) to  reimburse  itself or the Company  for  expenses
               incurred by and  reimbursable  to it or the  Company  pursuant to
               Sections 3.01(a),  3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
               or  in  connection  with  enforcing,   in  accordance  with  this
               Agreement,   any  repurchase,   substitution  or  indemnification
               obligation of any Seller (other than an Affiliate of the Company)
               pursuant to the related Seller's Agreement;

                      (ix) to reimburse itself for Servicing  Advances  expended
               by it (a)  pursuant to Section  3.14 in good faith in  connection
               with the restoration of property  damaged by an Uninsured  Cause,
               and (b) in connection  with the liquidation of a Mortgage Loan or
               disposition  of an REO  Property  to  the  extent  not  otherwise
               reimbursed pursuant to clause (ii) or (viii) above; and

                      (x) to  withdraw  any amount  deposited  in the  Custodial
               Account that was not required to be deposited therein pursuant to
               Section 3.07.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  relating to an Advance pursuant to Section 4.04 on any such Certificate
Account  Deposit Date shall be limited to an amount not exceeding the portion of
such  advance  previously  paid  to  Certificateholders   (and  not  theretofore
reimbursed to the Master Servicer or the related Subservicer).

          Section  3.11   Maintenance   of  the  Primary   Insurance   Policies;
               Collections Thereunder.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance  Policy of any loss which,  but for the actions of the Master Servicer
or Subservicer,  would have been covered  thereunder.  To the extent coverage is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company gains knowledge that as of

                                              53

<PAGE>

the Closing Date, a Mortgage Loan had a  Loan-to-Value  Ratio at  origination in
excess of 80% and is not the subject of a Primary  Insurance Policy (and was not
included in any exception to the representation in Section 2.03(b)(iv)) and that
such Mortgage Loan has a current  Loan-to-Value  Ratio in excess of 80% then the
Master  Servicer  shall use its  reasonable  efforts  to obtain  and  maintain a
Primary  Insurance  Policy to the extent that such a policy is  obtainable  at a
reasonable  price.  The Master  Servicer shall not cancel or refuse to renew any
such Primary Insurance Policy  applicable to a Nonsubserviced  Mortgage Loan, or
consent to any  Subservicer  canceling  or  refusing  to renew any such  Primary
Insurance  Policy  applicable to a Mortgage Loan  subserviced  by it, that is in
effect at the date of the initial  issuance of the  Certificates and is required
to be kept in force hereunder  unless the replacement  Primary  Insurance Policy
for such  canceled or  non-renewed  policy is  maintained  with an insurer whose
claims-paying   ability  is  acceptable  to  each  Rating  Agency  for  mortgage
pass-through  certificates  having a rating equal to or better than the lower of
the  then-current  rating or the rating  assigned to the  Certificates as of the
Closing Date by such Rating Agency.

        (b) In connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

          Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity
               Coverage.

        (a) The Master  Servicer  shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the

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<PAGE>

Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  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. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the
Master  Servicer if the Master  Servicer were  servicing and  administering  the
Mortgage Loans for Fannie Mae or Freddie Mac. In the event that any such bond or
policy  ceases to be in effect,  the Master  Servicer  shall obtain a comparable
replacement  bond or  policy  from an  issuer  or  insurer,  as the case may be,
meeting the  requirements,  if any, of the Program  Guide and  acceptable to the
Company.  Coverage of the Master  Servicer under a policy or bond obtained by an
Affiliate of the Master  Servicer and  providing  the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).

          Section  3.13  Enforcement  of  Due-on-Sale  Clauses;  Assumption  and
               Modification Agreements; Certain Assignments.

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law

                                              55

<PAGE>

and governmental regulations,  but only to the extent that such enforcement will
not adversely affect or jeopardize coverage under any Required Insurance Policy.
Notwithstanding the foregoing:

                      (i) the  Master  Servicer  shall  not be  deemed  to be in
               default  under this Section  3.13(a) by reason of any transfer or
               assumption  which the Master  Servicer is  restricted by law from
               preventing; and

                      (ii)  if  the  Master  Servicer   determines  that  it  is
               reasonably  likely  that  any  Mortgagor  will  bring,  or if any
               Mortgagor  does  bring,   legal  action  to  declare  invalid  or
               otherwise avoid enforcement of a due-on-sale  clause contained in
               any Mortgage Note or Mortgage,  the Master  Servicer shall not be
               required to enforce  the  due-on-sale  clause or to contest  such
               action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any),

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<PAGE>

or the  modification  or  supplement  to the  Mortgage  Note or  Mortgage  to be
delivered to the Trustee or the Custodian  and deposited  with the Mortgage File
for such Mortgage Loan. Any fee collected by the Master Servicer or such related
Subservicer  for  entering  into an  assumption  or  substitution  of  liability
agreement  will be  retained  by the  Master  Servicer  or such  Subservicer  as
additional servicing compensation.

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  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
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

        (d)  Subject  to any  other  applicable  terms  and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit M, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the substance of the assignment is, and is intended to
be, a refinancing  of such  Mortgage;  (ii) that the Mortgage Loan following the
proposed  assignment will have a rate of interest at least 0.25 percent below or
above  the  rate of  interest  on such  Mortgage  Loan  prior  to such  proposed
assignment;  and (iii) that such  assignment  is at the request of the  borrower
under the related  Mortgage  Loan.  Upon  approval of an  assignment  in lieu of
satisfaction  with  respect to any  Mortgage  Loan,  the Master  Servicer  shall
receive cash in an amount equal to the unpaid  principal  balance of and accrued
interest on such Mortgage Loan and the Master  Servicer  shall treat such amount
as a Principal  Prepayment  in Full with respect to such  Mortgage  Loan for all
purposes hereof.

        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  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 pursuant to Section 3.07.  Alternatively,  the Master Servicer may 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

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<PAGE>

Mortgaged Property),  (ii) arranging for a repayment plan or (iii) agreeing to a
modification   in  accordance   with  Section  3.07.  In  connection  with  such
foreclosure or other  conversion,  the Master  Servicer  shall,  consistent with
Section 3.11, follow such practices and procedures as it shall deem necessary or
advisable,  as shall be  normal  and  usual in its  general  mortgage  servicing
activities and as shall be required or permitted by the Program Guide;  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 in a manner that is consistent with the provisions of this Agreement.
The Master Servicer,  however,  shall not 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 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 Holders of
Certificates  of one or more  Classes  after  reimbursement  to itself  for such
expenses or charges and (ii) that such  expenses or charges will be  recoverable
to  it  through  Liquidation  Proceeds,  Insurance  Proceeds,  or  REO  Proceeds
(respecting  which it shall have priority for purposes of  withdrawals  from the
Custodial  Account  pursuant to Section  3.10,  whether or not such expenses and
charges are actually  recoverable from related Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds).  In the event of such a  determination  by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee, obtain title to

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<PAGE>

any such Pledged Assets as a result of or in lieu of the disposition  thereof or
otherwise;  and provided  further that (i) the Master Servicer shall not proceed
with respect to such Pledged  Assets in any manner that would impair the ability
to recover against the related Mortgaged Property,  and (ii) the Master Servicer
shall proceed with any REO Acquisition in a manner that preserves the ability to
apply the  proceeds  of such  Pledged  Assets  against  amounts  owed  under the
defaulted  Mortgage Loan. Any proceeds  realized from such Pledged Assets (other
than  amounts to be  released  to the  Mortgagor  or the  related  guarantor  in
accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the proceeds of such Pledged  Assets) shall be deposited in
the Custodial Account, subject to withdrawal pursuant to Section 3.10. Any other
payment  received by the Master Servicer in respect of such Pledged Assets shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        Concurrently  with the  foregoing,  the Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted  Mortgage Loan or REO Property
have been  received,  and (ii) for  purposes  of  determining  the amount of any
Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled
collections  or the amount of any Realized  Loss,  the Master  Servicer may take
into account minimal amounts of additional  receipts  expected to be received or
any  estimated  additional  liquidation  expenses  expected  to be  incurred  in
connection with the related defaulted Mortgage Loan or REO Property.

        (b) If title to any Mortgaged  Property is acquired by the Trust Fund as
an REO Property by  foreclosure or by deed in lieu of  foreclosure,  the deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all

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<PAGE>

calculations hereunder so long as such REO Property shall be considered to be an
Outstanding  Mortgage  Loan it shall be assumed that,  notwithstanding  that the
indebtedness  evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and the related  amortization  schedule in effect at the time
of  any  such  acquisition  of  title  (after  giving  effect  to  any  previous
Curtailments  and before any  adjustment  thereto by reason of any bankruptcy or
similar  proceeding or any  moratorium or similar waiver or grace period) remain
in effect.

        (c) If the  Trust  Fund  acquires  any  REO  Property  as  aforesaid  or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the  Master  Servicer  on behalf of the Trust  Fund  shall  dispose  of such REO
Property as soon as practicable,  giving due  consideration  to the interests of
the  Certificateholders,  but in all cases  within  three full  years  after the
taxable  year of its  acquisition  by the Trust  Fund for  purposes  of  Section
860G(a)(8)  of the  Code (or  such  shorter  period  as may be  necessary  under
applicable  state (including any state in which such property is located) law to
maintain  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement as a REMIC under  applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of the Trust Fund,  request,  more than 60 days before the day on
which such grace  period  would  otherwise  expire,  an  extension of such grace
period unless the Master Servicer  (subject to Section 10.01(f)) obtains for the
Trustee an Opinion of Counsel, addressed to the Trustee and the Master Servicer,
to the effect that the holding by the Trust Fund of such REO Property subsequent
to such  period  will not  result  in the  imposition  of  taxes on  "prohibited
transactions"  as defined in Section  860F of the Code or cause any REMIC formed
under the Series  Supplement  to fail to qualify as a REMIC (for federal (or any
applicable   State  or  local)  income  tax  purposes)  at  any  time  that  any
Certificates are outstanding,  in which case the Trust Fund may continue to hold
such REO  Property  (subject  to any  conditions  contained  in such  Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

        (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the

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Subservicer  shall have no claims for any deficiencies with respect to such fees
which result from the foregoing allocation); and fifth, to Foreclosure Profits.

        (e) In the event of a default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.

        (a) Upon becoming  aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian,  an electronic request in a form acceptable to the
Custodian,  requesting  delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause  the  Custodian  to  release,  the  related  Mortgage  File to the  Master
Servicer.  The Master  Servicer  is  authorized  to execute  and  deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon  and to cause the  removal  from the  registration  on the
MERS(R)  System of such  Mortgage and to execute and  deliver,  on behalf of the
Trustee and the  Certificateholders  or any of them, any and all  instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance  shall
be chargeable to the Custodial Account or the Certificate Account.

        (b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney, or to a public trustee or other public official as

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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
Subservicer 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.  In the event of the
liquidation  of a Mortgage  Loan,  the  Trustee  shall  deliver  the Request for
Release with respect  thereto to the Master Servicer upon deposit of the related
Liquidation Proceeds in the Custodial Account.

        (c) The Trustee or the Master  Servicer on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

        Section 3.16  Servicing and Other Compensation; Compensating Interest.

        (a) The Master Servicer,  as compensation for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

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        (d) The Master  Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

        (e)  Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section  3.10(a)(iii) and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled  pursuant to Section  3.10(a)(iii)  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

        Section 3.17 Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

        Section 3.18  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate  Insurer  on or before  the  earlier  of (a) March 31 of each  year,
beginning  with the first  March 31 that  occurs at least six  months  after the
Cut-off Date or (b) with respect to any calendar year during which the Company's
annual  report  on Form  10-K is  required  to be filed in  accordance  with the
Exchange Act and the rules and regulations of the Commission,  the date on which
the annual  report on Form 10-K is required to be filed in  accordance  with the
Exchange  Act and the rules and  regulations  of the  Commission,  an  Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage Bankers and has fulfilled all of its material  obligations  relating to
this Agreement in all material  respects  throughout such year, or, if there has
been material  noncompliance  with such servicing  standards or a default in the
fulfillment  in all material  respects of any such  obligation  relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each Subservicer has complied in all material respects with the

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minimum servicing  standards set forth in the Uniform Single Attestation Program
for Mortgage Bankers and has fulfilled all of its material obligations under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before the  earlier of (a) March 31 of each year,  beginning  with
the first March 31 that occurs at least six months after the Cut-off Date or (b)
with respect to any calendar  year during which the  Company's  annual report on
Form 10-K is required to be filed in  accordance  with the  Exchange Act and the
rules and regulations of the Commission,  the date on which the annual report on
Form 10-K is required to be filed in  accordance  with the  Exchange Act and the
rules and  regulations  of the  Commission,  the Master  Servicer at its expense
shall cause a firm of independent public accountants,  which shall be members of
the American Institute of Certified Public  Accountants,  to furnish a report to
the  Company  and the  Trustee  stating  its  opinion  that,  on the basis of an
examination  conducted by such firm  substantially  in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

        Section 3.20 Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

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        Section 3.21  Administration of Buydown Funds.

        (a) With  respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

        (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.

        (a) The Master  Servicer on behalf of the Trustee  shall  establish  and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount  required to be paid  pursuant to Section 9.01 and (v) all other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

        (b) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in

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Permitted  Investments  designated in the name of the Trustee for the benefit of
the  Certificateholders,  which  shall  mature or be payable on demand not later
than the Business Day next  preceding the  Distribution  Date next following the
date of such investment  (except that (i) any investment in the institution with
which the  Certificate  Account is maintained may mature or be payable on demand
on such Distribution Date and (ii) any other investment may mature or be payable
on demand on such  Distribution  Date if the Trustee shall advance funds on such
Distribution  Date to the  Certificate  Account  in the  amount  payable on such
investment on such  Distribution  Date,  pending  receipt  thereof to the extent
necessary to make  distributions on the  Certificates)  and shall not be sold or
disposed of prior to maturity.  Subject to Section 3.16(e),  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. The
amount of any  losses  incurred  in  respect  of any such  investments  shall be
deposited in the Certificate Account by the Master Servicer out of its own funds
immediately as realized without any right of reimbursement.

        Section 4.02  Distributions.

        As provided in Section 4.02 of the Series Supplement.

          Section 4.03  Statements to  Certificateholders;  Statements to Rating
               Agencies; Exchange Act Reporting.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available to each Holder and the Company,  via the Trustee's internet website, a
statement  (and  at  its  option,  any  additional  files  containing  the  same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups,  each Loan Group, to the extent applicable.  This statement
will include the information  set forth in an exhibit to the Series  Supplement.
Such exhibit shall set forth the Trustee's  internet  website  address  together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail.  The Trustee may modify the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master  Servicer.  Also, at the request of a Rating Agency,  the Master Servicer
shall provide the information relating to the Reportable Modified Mortgage Loans
substantially  in the form  attached  hereto as Exhibit Q to such Rating  Agency
within a reasonable period of time; provided,  however, that the Master Servicer
shall not be  required  to provide  such  information  more than four times in a
calendar year to any Rating Agency.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement  containing the information set forth in clauses (i) and (ii) of the
exhibit to

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the Series  Supplement  referred to in subsection (a) above  aggregated for such
calendar  year or  applicable  portion  thereof  during  which such Person was a
Certificateholder.  Such  obligation of the Master  Servicer  shall be deemed to
have been  satisfied  to the extent that  substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

        (d)  Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

        (e) The  Trustee  will make the reports  referred to in Section  4.03(a)
(and, at its option,  any additional files containing the same information in an
alternative format) available each month to Certificateholders,  any Certificate
Insurer and other parties to the Agreement via the Trustee's  website,  which is
presently  located at  www.abs.bankone.com.  Persons  that are unable to use the
above  website are  entitled to have a paper copy mailed to them via first class
mail by calling the Trustee at (800) 524-9472.  The Trustee shall have the right
to change the way the reports  referred to in Section 4.03(a) are distributed in
order to make such  distribution  more convenient  and/or more accessible to the
above parties, to the  Certificateholders  and to any Certificate  Insurer.  The
Trustee  shall  provide  timely and  adequate  notification  to all the  parties
mentioned above and to the Certificateholders regarding any such change.

        (f) The Master Servicer shall, on behalf of the Depositor and in respect
of the Trust Fund,  sign and cause to be filed with the  Commission any periodic
reports  required to be filed under the  provisions of the Exchange Act, and the
rules and  regulations  of the  Commission  thereunder.  In connection  with the
preparation  and filing of such  periodic  reports,  the  Trustee  shall  timely
provide to the Master Servicer (I) a list of  Certificateholders as shown on the
Certificate  Register as of the end of each  calendar  year,  (II) copies of all
pleadings,  other legal process and any other documents  relating to any claims,
charges or complaints involving the Trustee, as trustee hereunder,  or the Trust
Fund that are received by the Trustee,  (III) notice of all matters that, to the
actual knowledge of a Responsible Officer of the Trustee, have been submitted to
a vote of the  Certificateholders,  other  than  those  matters  that  have been
submitted to a vote of the Certificateholders at the request of the Depositor or
the Master  Servicer,  and (IV) notice of any failure of the Trustee to make any
distribution to the  Certificateholders  as required pursuant to this Agreement.
Neither  the Master  Servicer  nor the  Trustee  shall have any  liability  with
respect  to the  Master  Servicer's  failure  to  properly  prepare or file such
periodic reports resulting from or relating to the Master  Servicer's  inability
or failure to obtain any  information  not resulting from the Master  Servicer's
own negligence or willful misconduct. Any Form 10-K filed with the Commission in
connection with this clause (f)

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shall  include a  certification,  signed by the senior  officer in charge of the
servicing  functions of the Master  Servicer,  in the form attached as Exhibit O
hereto or such other form as may be required or permitted by the Commission (the
"Form 10-K Certification"),  in compliance with Rule 13a-14 and 15d-14 under the
Exchange Act and any additional directives of the Commission. In connection with
the Form 10-K Certification,  the Trustee shall provide the Master Servicer with
a back-up certification substantially in the form attached hereto as Exhibit P.

        Section       4.04  Distribution  of  Reports  to the  Trustee  and  the
                      Company; Advances by the Master Servicer.

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly Payments were not received as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations shall be conclusive for

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purposes of  reimbursement  to the Master  Servicer  from  recoveries on related
Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

        Section 4.05  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

        Section  4.06  Reports of  Foreclosures  and  Abandonment  of  Mortgaged
Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the

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Trustee a certification signed by a Servicing Officer stating that the amount of
such payment has been  deposited in the  Certificate  Account,  then the Trustee
shall execute the  assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however  the  Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

        Section 4.08  Surety Bond.

        (a) If a Required Surety Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.

        (b) Upon receipt of a Required  Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

        (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01  The Certificates.

        (a) The  Senior,  Class M,  Class B and  Class R  Certificates  shall be
substantially  in the forms set forth in Exhibits  A, B, C and D,  respectively,
and shall,  on original  issue,  be executed and delivered by the Trustee to the
Certificate  Registrar for  authentication  and delivery to or upon the order of
the  Company  upon  receipt  by the  Trustee  or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates  shall be issuable in the
minimum  denominations  designated  in the  Preliminary  Statement to the Series
Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile signatures of

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individuals  who were at any time the proper  officers of the Trustee shall bind
the Trustee, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the  authentication  and delivery of such Certificate
or did not hold such offices at the date of such  Certificates.  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 the
Certificate  Registrar  by  manual  signature,  and  such  certificate  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.

        (b) Except as provided below,  registration  of Book-Entry  Certificates
may not be transferred by the Trustee except to another  Depository  that agrees
to hold such Certificates for the respective  Certificate  Owners with Ownership
Interests therein.  The Holders of the Book-Entry  Certificates shall hold their
respective  Ownership Interests in and to each of such Certificates  through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive  Certificates in respect of such Ownership  Interests.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  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 Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions.

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<PAGE>

Upon  the  issuance  of  Definitive   Certificates  all  references   herein  to
obligations  imposed upon or to be performed by the Company in  connection  with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

        (c) From time to time Residential  Funding, as the initial Holder of the
Class A-V  Certificates,  may exchange such Holder's Class A-V  Certificates for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

        Section 5.02  Registration of Transfer and Exchange of Certificates.

        (a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate  Register in which,  subject to such reasonable  regulations as it
may prescribe,  the Trustee shall provide for the  registration  of Certificates
and of transfers and exchanges of Certificates as herein  provided.  The Trustee
is initially  appointed  Certificate  Registrar  for the purpose of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

        (b) Upon surrender for  registration  of transfer of any  Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated

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<PAGE>

transferee  or  transferees,  one or more new  Certificates  of a like Class (or
Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;  provided,  however, that such representation  letters will
not be required in connection  with any transfer of any such  Certificate by the
Company or any Affiliate  thereof to the Company or an Affiliate of the Company,
and the Trustee  shall be entitled to  conclusively  rely upon a  representation
(which, upon the request of the Trustee, shall be a written representation) from
the Company,  of the status of such transferee as an Affiliate of the Company or
(ii) the  prospective  transferee  of such a  Certificate  shall be  required to
provide the  Trustee,  the Company and the Master  Servicer  with an  investment
letter  substantially  in the form of Exhibit J  attached  hereto (or such other
form as the Company in its sole discretion deems  acceptable),  which investment
letter  shall not be an  expense  of the  Trustee,  the  Company  or the  Master
Servicer,  and which  investment  letter states that,  among other things,  such
transferee (A) is a "qualified  institutional buyer" as defined under Rule 144A,
acting for its own  account or the  accounts of other  "qualified  institutional
buyers"  as  defined  under  Rule  144A,  and (B) is  aware  that  the  proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act of 1933, as amended, provided by Rule 144A. The Holder of any
such  Certificate  desiring to effect any such transfer,  sale,  pledge or other
disposition shall, and does hereby agree to, indemnify the Trustee, the Company,
the Master Servicer and the

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<PAGE>

Certificate  Registrar  against any  liability  that may result if the transfer,
sale,  pledge or other disposition is not so exempt or is not made in accordance
with such federal and state laws.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (A) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under  Section 406 of the Employee  Retirement  Income  Security Act of 1974, as
amended ("ERISA"),  or Section 4975 of the Code (or comparable provisions of any
subsequent  enactments),  and will not subject the  Trustee,  the Company or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company or the  Master  Servicer  or (B) the  prospective
Transferee shall be required to provide the Trustee,  the Company and the Master
Servicer  with a  certification  to the  effect  set forth in  paragraph  six of
Exhibit H (with  respect to any Class B  Certificate)  or  paragraph  fifteen of
Exhibit  G-1 (with  respect to any Class R  Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
Transferee or the Person in whose name such registration is requested either (a)
is not an  employee  benefit  plan  or  other  plan  subject  to the  prohibited
transaction  provisions  of ERISA or  Section  4975 of the Code,  or any  Person
(including an  investment  manager,  a named  fiduciary or a trustee of any such
plan) who is using  "plan  assets" of any such plan to effect  such  acquisition
(each,  a "Plan  Investor") or (b) in the case of any Class B  Certificate,  the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such  Certificate (or interest
therein)  is  an  "insurance  company  general  account"  (as  defined  in  U.S.
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60, and
(iii) the  conditions  set forth in  Sections  I and III of PTCE 95-60 have been
satisfied  (each entity that satisfies  this clause (b), a "Complying  Insurance
Company").

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such  Certificate  (or interest  therein) that either (a) such
               Transferee  is not a Plan  Investor,  (b) it has  acquired and is
               holding such  Certificate  in reliance on Prohibited  Transaction
               Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as
               amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), and PTE
               2000-58, 65 Fed. Reg. 67765 (November 13, 2000), and PTE 2002-41,
               67 Fed. Reg. 54487 (August 22, 2002) (the "RFC  Exemption"),  and
               that it  understands  that there are  certain  conditions  to the
               availability of the RFC Exemption including that such Certificate
               must be rated, at the time of purchase, not lower than "BBB-" (or
               its  equivalent)  by  Standard & Poor's,  Fitch or Moody's or (c)
               such Transferee is a Complying Insurance Company.

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent permitted by law, to

                                              74

<PAGE>

               all  rights  and   obligations  as   Certificate   Owner  thereof
               retroactive  to the  date  of  such  Transfer  of  such  Class  M
               Certificate.  The  Trustee  shall be under  no  liability  to any
               Person for making any  payments due on such  Certificate  to such
               preceding Transferee.

                             (B)   Any   purported   Certificate   Owner   whose
                      acquisition  or  holding  of any Class M  Certificate  (or
                      interest   therein)  was  effected  in  violation  of  the
                      restrictions  in this Section  5.02(e) shall indemnify and
                      hold  harmless  the  Company,   the  Trustee,  the  Master
                      Servicer, any Subservicer,  each Underwriter and the Trust
                      Fund from and  against  any and all  liabilities,  claims,
                      costs or expenses  incurred by such parties as a result of
                      such acquisition or holding.

        (f) (i) Each Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                             (A) Each Person  holding or acquiring any Ownership
                      Interest  in a Class R  Certificate  shall be a  Permitted
                      Transferee  and shall  promptly  notify the Trustee of any
                      change or  impending  change in its status as a  Permitted
                      Transferee.

                             (B) In connection with any proposed Transfer of any
                      Ownership  Interest in a Class R Certificate,  the Trustee
                      shall  require  delivery to it, and shall not register the
                      Transfer of any Class R Certificate  until its receipt of,
                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit G-1)
                      from  the  proposed  Transferee,  in  form  and  substance
                      satisfactory  to the  Master  Servicer,  representing  and
                      warranting,  among  other  things,  that it is a Permitted
                      Transferee,   that  it  is  not  acquiring  its  Ownership
                      Interest in the Class R Certificate that is the subject of
                      the proposed  Transfer as a nominee,  trustee or agent for
                      any Person who is not a Permitted Transferee,  that for so
                      long as it retains  its  Ownership  Interest  in a Class R
                      Certificate,  it  will  endeavor  to  remain  a  Permitted
                      Transferee,  and that it has  reviewed the  provisions  of
                      this Section  5.02(f) and agrees to be bound by them,  and
                      (II) a certificate, in the form attached hereto as Exhibit
                      G-2,  from the  Holder  wishing  to  transfer  the Class R
                      Certificate,  in form and  substance  satisfactory  to the
                      Master Servicer,  representing and warranting, among other
                      things,  that no purpose of the  proposed  Transfer  is to
                      impede the assessment or collection of tax.

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<PAGE>

                             (C)  Notwithstanding  the  delivery  of a  Transfer
                      Affidavit  and  Agreement by a proposed  Transferee  under
                      clause (B) above, if a Responsible  Officer of the Trustee
                      who is assigned  to this  Agreement  has actual  knowledge
                      that  the   proposed   Transferee   is  not  a   Permitted
                      Transferee,  no  Transfer  of an  Ownership  Interest in a
                      Class R Certificate to such proposed  Transferee  shall be
                      effected.

                             (D) Each Person  holding or acquiring any Ownership
                      Interest  in a  Class R  Certificate  shall  agree  (x) to
                      require a Transfer  Affidavit and Agreement from any other
                      Person  to whom  such  Person  attempts  to  transfer  its
                      Ownership Interest in a Class R Certificate and (y) not to
                      transfer  its  Ownership  Interest  unless it  provides  a
                      certificate to the Trustee in the form attached  hereto as
                      Exhibit G-2.

                             (E) Each Person  holding or  acquiring an Ownership
                      Interest  in a  Class  R  Certificate,  by  purchasing  an
                      Ownership Interest in such Certificate, agrees to give the
                      Trustee written notice that it is a "pass-through interest
                      holder"   within  the   meaning  of   Temporary   Treasury
                      Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
                      acquiring an Ownership  Interest in a Class R Certificate,
                      if it is, or is holding an Ownership Interest in a Class R
                      Certificate  on  behalf  of,  a   "pass-through   interest
                      holder."

                      (ii) The Trustee will register the Transfer of any Class R
               Certificate only if it shall have received the Transfer Affidavit
               and  Agreement,  a  certificate  of the  Holder  requesting  such
               transfer  in the form  attached  hereto as Exhibit G-2 and all of
               such other  documents as shall have been  reasonably  required by
               the Trustee as a condition to such registration. Transfers of the
               Class  R   Certificates   to   Non-United   States   Persons  and
               Disqualified  Organizations (as defined in Section  860E(e)(5) of
               the Code) are prohibited.

                      (iii) (A) If any Disqualified  Organization shall become a
               holder  of  a  Class  R  Certificate,  then  the  last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive to the date of  registration of such Transfer of such
               Class R Certificate. If a Non-United States Person shall become a
               holder of a Class R Certificate,  then the last preceding  United
               States Person shall be restored,  to the extent permitted by law,
               to all rights and  obligations as Holder  thereof  retroactive to
               the  date of  registration  of  such  Transfer  of  such  Class R
               Certificate.   If  a  transfer  of  a  Class  R  Certificate   is
               disregarded  pursuant to the  provisions of Treasury  Regulations
               Section  1.860E-1 or Section  1.860G-3,  then the last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive to the date of  registration of such Transfer of such
               Class R  Certificate.  The Trustee shall be under no liability to
               any  Person  for  any  registration  of  Transfer  of a  Class  R
               Certificate that is in fact not permitted by this Section 5.02(f)
               or for making any payments due on such  Certificate to the holder
               thereof  or for  taking  any other  action  with  respect to such
               holder under the provisions of this Agreement.

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<PAGE>

                             (B) If any  purported  Transferee  shall  become  a
                      Holder  of a  Class  R  Certificate  in  violation  of the
                      restrictions  in this  Section  5.02(f)  and to the extent
                      that the  retroactive  restoration  of the  rights  of the
                      Holder of such Class R Certificate  as described in clause
                      (iii)(A) above shall be invalid, illegal or unenforceable,
                      then the Master  Servicer  shall  have the right,  without
                      notice to the  holder or any prior  holder of such Class R
                      Certificate,  to  sell  such  Class  R  Certificate  to  a
                      purchaser selected by the Master Servicer on such terms as
                      the Master Servicer may choose. Such purported  Transferee
                      shall   promptly   endorse  and   deliver   each  Class  R
                      Certificate  in accordance  with the  instructions  of the
                      Master Servicer. Such purchaser may be the Master Servicer
                      itself  or any  Affiliate  of  the  Master  Servicer.  The
                      proceeds of such sale, net of the  commissions  (which may
                      include  commissions payable to the Master Servicer or its
                      Affiliates),  expenses  and  taxes  due,  if any,  will be
                      remitted  by  the  Master   Servicer  to  such   purported
                      Transferee.  The terms and  conditions  of any sale  under
                      this  clause  (iii)(B)  shall  be  determined  in the sole
                      discretion of the Master Servicer, and the Master Servicer
                      shall  not be  liable to any  Person  having an  Ownership
                      Interest  in a  Class R  Certificate  as a  result  of its
                      exercise of such discretion.

                      (iv) The Master Servicer, on behalf of the Trustee,  shall
               make  available,  upon  written  request  from the  Trustee,  all
               information  necessary to compute any tax imposed (A) as a result
               of the Transfer of an Ownership Interest in a Class R Certificate
               to any Person who is a Disqualified  Organization,  including the
               information   regarding  "excess  inclusions"  of  such  Class  R
               Certificates  required  to be provided  to the  Internal  Revenue
               Service and certain Persons as described in Treasury  Regulations
               Sections  1.860D-1(b)(5) and 1.860E-2(a)(5),  and (B) as a result
               of any  regulated  investment  company,  real  estate  investment
               trust,   common  trust  fund,   partnership,   trust,  estate  or
               organization  described in Section 1381 of the Code that holds an
               Ownership  Interest in a Class R Certificate  having as among its
               record  holders  at any time  any  Person  who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

                      (v) The provisions of this Section 5.02(f) set forth prior
               to this  clause  (v) may be  modified,  added  to or  eliminated,
               provided that there shall have been  delivered to the Trustee the
               following:

                             (A) written notification from each Rating Agency to
                      the  effect   that  the   modification,   addition  to  or
                      elimination of such  provisions will not cause such Rating
                      Agency to downgrade its then-current  ratings,  if any, of
                      any Class of the Senior,  Class M or Class B  Certificates
                      below the lower of the  then-current  rating or the rating
                      assigned to such  Certificates  as of the Closing  Date by
                      such Rating Agency; and

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<PAGE>

                             (B)  subject  to  Section  10.01(f),  an  Officers'
                      Certificate of the Master Servicer stating that the Master
                      Servicer has  received an Opinion of Counsel,  in form and
                      substance  satisfactory  to the  Master  Servicer,  to the
                      effect that such  modification,  addition to or absence of
                      such  provisions  will not cause any  portion of any REMIC
                      formed under the Series  Supplement to cease to qualify as
                      a REMIC and will not cause  (x) any  portion  of any REMIC
                      formed  under the  Series  Supplement  to be subject to an
                      entity-level  tax  caused by the  Transfer  of any Class R
                      Certificate   to  a   Person   that   is  a   Disqualified
                      Organization or (y) a Certificateholder  or another Person
                      to  be  subject  to a  REMIC-related  tax  caused  by  the
                      Transfer of a Class R Certificate  to a Person that is not
                      a Permitted Transferee.

        (g) No service  charge  shall be made for any  transfer  or  exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

        (h) All  Certificates  surrendered  for transfer  and exchange  shall be
destroyed by the Certificate Registrar.

        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  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, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

        Section 5.04  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the

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Company,  the Master  Servicer,  the  Trustee,  any  Certificate  Insurer or the
Certificate  Registrar  shall be  affected by notice to the  contrary  except as
provided in Section 5.02(f).

        Section 5.05  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each 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 the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

          Section 6.01  Respective  Liabilities  of the  Company  and the Master
               Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

        Section       6.02 Merger or  Consolidation of the Company or the Master
                      Servicer; Assignment of Rights and Delegation of Duties by
                      Master Servicer.

        (a) The  Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

        (b) Any Person  into which the  Company  or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
Fannie Mae or Freddie  Mac;  and  provided  further  that each  Rating  Agency's
ratings,  if any,  of the  Senior,  Class M or Class B  Certificates  in  effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

        (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this Agreement;  provided that the Person accepting
such  assignment or  delegation  shall be a Person which is qualified to service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

        Section 6.03 Limitation on Liability of the Company, the Master Servicer
and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or 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 Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and 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  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination 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,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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        Section 6.04  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

                                   ARTICLE VII

                                     DEFAULT

        Section 7.01  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                      (i) the Master  Servicer shall fail to distribute or cause
               to be distributed to the Holders of Certificates of any Class any
               distribution   required  to  be  made  under  the  terms  of  the
               Certificates  of such  Class and this  Agreement  and,  in either
               case,  such failure shall  continue  unremedied for a period of 5
               days after the date upon which  written  notice of such  failure,
               requiring  such failure to be remedied,  shall have been given to
               the  Master  Servicer  by the  Trustee  or the  Company or to the
               Master  Servicer,  the  Company and the Trustee by the Holders of
               Certificates  of  such  Class  evidencing   Percentage  Interests
               aggregating not less than 25%; or

                      (ii) the Master  Servicer shall fail to observe or perform
               in any material  respect any other of the covenants or agreements
               on the part of the Master Servicer  contained in the Certificates
               of any Class or in this Agreement and such failure shall continue
               unremedied  for a period of 30 days  (except  that such number of
               days shall be 15 in the case of a failure to pay the  premium for
               any Required  Insurance  Policy)  after the date on which written
               notice of such failure,  requiring the same to be remedied, shall
               have been  given to the  Master  Servicer  by the  Trustee or the
               Company,  or to the Master Servicer,  the Company and the Trustee
               by the Holders of  Certificates of any Class  evidencing,  in the
               case of any such Class, Percentage Interests aggregating not less
               than 25%; or

                      (iii)  a  decree   or  order  of  a  court  or  agency  or
               supervisory  authority having  jurisdiction in the premises in an
               involuntary  case under any  present  or future  federal or state
               bankruptcy, insolvency or similar law or appointing 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,

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               shall have been  entered  against  the Master  Servicer  and such
               decree or order  shall have  remained  in force  undischarged  or
               unstayed for a period of 60 days; or

                      (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,  or
               similar  proceedings  of, or relating to, the Master  Servicer or
               of, or relating to, all or  substantially  all of the property of
               the Master Servicer; 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, or  commence a  voluntary  case
               under, any applicable insolvency or reorganization  statute, make
               an assignment  for the benefit of its  creditors,  or voluntarily
               suspend payment of its obligations; or

                      (vi) the Master Servicer shall notify the Trustee pursuant
               to  Section   4.04(b)  that  it  is  unable  to  deposit  in  the
               Certificate Account an amount equal to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the 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 Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

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        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

        Section 7.02  Trustee or Company to Act; Appointment of Successor.

        (a) On and  after  the time the  Master  Servicer  receives  a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate  Account.  If the Trustee
has become the successor to the Master  Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling 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,  which  is  also a  Fannie  Mae- or  Freddie  Mac-approved
mortgage servicing institution,  having a net worth of not less than $10,000,000
as the successor to the Master  Servicer  hereunder in the  assumption of all or
any part of the  responsibilities,  duties or liabilities of the Master Servicer
hereunder.  Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become  successor to the Master Servicer and shall act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the Trustee may make such arrangements for the compensation of such
successor  out of  payments  on Mortgage  Loans as it and such  successor  shall
agree;  provided,  however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder.  The Company,  the Trustee, the
Custodian  and such  successor  shall  take such  action,  consistent  with this
Agreement,  as  shall be  necessary  to  effectuate  any  such  succession.  The
Servicing  Fee for any  successor  Master  Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the

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successor  Master  Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

        Section 7.03  Notification to Certificateholders.

        (a) Upon any such  termination  or  appointment  of a  successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

        (b) Within 60 days after the  occurrence  of any Event of  Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

        Section 7.04  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE

        Section 8.01  Duties of Trustee.

        (a) The  Trustee,  prior to the  occurrence  of an Event of Default  and
after the  curing or waiver of all Events of  Default  which may have  occurred,
undertakes to perform such duties and only such duties as are  specifically  set
forth in this Agreement. In case an Event of Default has occurred (which has not
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   investor  would  exercise  or  use  under  the
circumstances in the conduct of such investor's own affairs.

        (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
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

        (c) 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) Prior to the  occurrence  of an Event of Default,  and
               after the curing or waiver of all such  Events of  Default  which
               may have  occurred,  the duties and  obligations  of the  Trustee
               shall be  determined  solely by the  express  provisions  of this
               Agreement,  the  Trustee  shall  not be  liable  except  for  the
               performance of such duties and  obligations  as are  specifically
               set forth in this Agreement,  no implied covenants or obligations
               shall be read into this Agreement against the Trustee and, in the
               absence of bad faith on the part of the Trustee,  the Trustee may
               conclusively  rely,  as to the  truth of the  statements  and the
               correctness  of  the  opinions   expressed   therein,   upon  any
               certificates or opinions  furnished to the Trustee by the Company
               or the

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               Master  Servicer and which on their face, do not  contradict  the
               requirements of this Agreement;

                      (ii) The  Trustee  shall not be  personally  liable for an
               error of judgment made in good faith by a Responsible  Officer or
               Responsible  Officers of the  Trustee,  unless it shall be proved
               that the Trustee was  negligent  in  ascertaining  the  pertinent
               facts;

                      (iii) 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;

                      (iv) The Trustee  shall not be charged  with  knowledge of
               any  default  (other  than a default in  payment to the  Trustee)
               specified  in clauses (i) and (ii) of Section 7.01 or an Event of
               Default under clauses (iii),  (iv) and (v) of Section 7.01 unless
               a Responsible  Officer of the Trustee  assigned to and working in
               the  Corporate  Trust  Office  obtains  actual  knowledge of such
               failure or event or the Trustee  receives  written notice of such
               failure or event at its  Corporate  Trust  Office from the Master
               Servicer, the Company or any Certificateholder; and

                      (v) Except to the extent  provided  in  Section  7.02,  no
               provision in this  Agreement  shall require the Trustee to expend
               or risk its own funds (including,  without limitation, the making
               of  any  Advance)  or  otherwise  incur  any  personal  financial
               liability  in the  performance  of any of its  duties as  Trustee
               hereunder,  or in the exercise of any of its rights or powers, if
               the Trustee  shall have  reasonable  grounds for  believing  that
               repayment  of funds or adequate  indemnity  against  such risk or
               liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02  Certain Matters Affecting the Trustee.

        (a) Except as otherwise provided in Section 8.01:

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

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

                      (iii) The Trustee shall 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 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;  nothing
               contained  herein  shall,  however,  relieve  the  Trustee of the
               obligation, upon the occurrence of an Event of Default (which has
               not been cured or  waived),  to  exercise  such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their  exercise as a prudent  investor would
               exercise  or use under the  circumstances  in the conduct of such
               investor's own affairs;

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

                      (v)  Prior  to  the  occurrence  of an  Event  of  Default
               hereunder and after the curing or waiver of all Events of Default
               which may have  occurred,  the Trustee shall not be bound to make
               any  investigation  into  the  facts  or  matters  stated  in any
               resolution,  certificate, statement, instrument, opinion, report,
               notice, request, consent, order, approval, bond or other paper or
               document,  unless  requested  in  writing  so to do by Holders of
               Certificates  of  any  Class   evidencing,   as  to  such  Class,
               Percentage  Interests,  aggregating not less than 50%;  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 as a condition to so proceeding. The reasonable expense
               of every such  examination  shall be paid by the Master Servicer,
               if an Event of Default shall have occurred and is continuing, and
               otherwise by the Certificateholder requesting the investigation;

                      (vi) The  Trustee  may execute any of the trusts or powers
               hereunder or perform any duties  hereunder  either directly or by
               or through agents or attorneys; and

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                      (vii)  To the  extent  authorized  under  the Code and the
               regulations  promulgated  thereunder,  each  Holder  of a Class R
               Certificate  hereby  irrevocably   appoints  and  authorizes  the
               Trustee to be its  attorney-in-fact  for  purposes of signing any
               Tax Returns required to be filed on behalf of the Trust Fund. The
               Trustee shall sign on behalf of the Trust Fund and deliver to the
               Master Servicer in a timely manner any Tax Returns prepared by or
               on behalf of the Master  Servicer that the Trustee is required to
               sign as determined by the Master Servicer  pursuant to applicable
               federal,  state or  local  tax  laws,  provided  that the  Master
               Servicer  shall  indemnify  the  Trustee for signing any such Tax
               Returns that contain errors or omissions.

        (b)  Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect  that such  contribution  will not (i) cause any portion of any REMIC
formed  under the  Series  Supplement  to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited  transactions"  imposed under Section  860F(a) of
the Code).

        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

        Section 8.04  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

        Section  8.05  Master  Servicer  to Pay  Trustee's  Fees  and  Expenses;
Indemnification.

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and

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any  co-trustee,  and the Master  Servicer will pay or reimburse the Trustee and
any  co-trustee  upon request for all  reasonable  expenses,  disbursements  and
advances  incurred or made by the Trustee or any  co-trustee in accordance  with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly  in its  employ,  and the  expenses  incurred  by the  Trustee  or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

                      (i) with respect to any such claim, the Trustee shall have
               given the Master Servicer  written notice thereof  promptly after
               the Trustee shall have actual knowledge thereof;

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

                      (iii)  notwithstanding  anything in this  Agreement to the
               contrary,  the Master Servicer shall not be liable for settlement
               of any  claim by the  Trustee  entered  into  without  the  prior
               consent  of  the  Master  Servicer  which  consent  shall  not be
               unreasonably withheld.

        No termination of this Agreement shall affect the obligations created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

        Section 8.06  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 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  shall be deemed to be its
combined

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capital  and  surplus as set forth in its most  recent  report of  condition  so
published.  In case at any time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

        Section 8.07 Resignation and Removal of the Trustee.

        (a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving  written notice thereof to the Company.  Upon receiving
such notice of  resignation,  the  Company  shall  promptly  appoint a successor
trustee by written instrument,  in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee.  If
no successor trustee shall have been so appointed and 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 the Trustee  shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

        (c) The Holders of  Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (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 8.08.

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        Section 8.08  Successor Trustee.

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company 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  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

        (b) No successor  trustee shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

        (c) Upon acceptance of appointment by a successor trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

        Section 8.09  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  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.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10 Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section

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8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (b) In the case of any  appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

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

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

        Section 8.11  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the

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Certificateholders of the appointment of any Custodian (other than the Custodian
appointed as of the Closing Date) pursuant to this Section 8.11.

        Section 8.12  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

        Section       9.01  Optional  Purchase  by the  Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer or Liquidation of All Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust 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,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC.

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        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by the Master  Servicer,  the Master  Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the certification  required by Section 3.15 and the
Trustee and any  Custodian  shall,  promptly  following  payment of the purchase
price,  release to the Master  Servicer the  Mortgage  Files  pertaining  to the
Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) The Master  Servicer  shall give the  Trustee not less than 60 days'
prior notice of the Distribution  Date on which the Master Servicer  anticipates
that the final  distribution  will be made to  Certificateholders  (whether as a
result of the  exercise  by the Master  Servicer  of its right to  purchase  the
assets  of the  Trust  Fund  or  otherwise)  or on  which  the  Master  Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates).  Notice of any
termination,  specifying the anticipated Final Distribution Date (which shall be
a  date  that  would   otherwise  be  a   Distribution   Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation  or  notice  of  any  purchase  of  the  outstanding  Certificates,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment,  shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the  outstanding  Certificates),  or by the Trustee (in any other
case) by letter to the  Certificateholders  mailed not earlier than the 15th day
and not later  than the 25th day of the month next  preceding  the month of such
final distribution specifying:

                      (i) the  anticipated  Final  Distribution  Date upon which
               final payment of the  Certificates is anticipated to be made upon
               presentation  and  surrender  of  Certificates  at the  office or
               agency of the Trustee therein  designated where required pursuant
               to this  Agreement  or, in the case of the purchase by the Master
               Servicer of the outstanding  Certificates,  the Distribution Date
               on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and

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<PAGE>

                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution Date is not applicable, or in the case of the Senior
               Certificates,  or in the  case  of all  of  the  Certificates  in
               connection  with the exercise by the Master Servicer of its right
               to purchase the Certificates, that payment will be made only upon
               presentation  and surrender of the  Certificates at the office or
               agency of the Trustee therein specified.

        If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the  case  of the  Senior  Certificates,  upon  presentation  and
surrender of the Certificates by the Certificateholders thereof, and in the case
of the Class M and Class B Certificates,  upon presentation and surrender of the
Certificates by the  Certificateholders  thereof in connection with the exercise
by the Master Servicer of its right to purchase the  Certificates and otherwise,
in  accordance  with  Section  4.01(a),  the  Trustee  shall  distribute  to the
Certificateholders  (i) the amount otherwise  distributable on such Distribution
Date, if not in connection with the Master Servicer's election to repurchase the
assets of the Trust Fund or the outstanding Certificates,  or (ii) if the Master
Servicer  elected  to so  repurchase  the  assets  of  the  Trust  Fund  or  the
outstanding  Certificates,  an amount determined as follows: (A) with respect to
each Certificate the outstanding  Certificate  Principal  Balance thereof,  plus
Accrued Certificate Interest for the related Interest Accrual Period thereon and
any previously unpaid Accrued Certificate Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately preceding clause (A).  Nothwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and

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<PAGE>

the Master  Servicer  (if it  exercised  its right to purchase the assets of the
Trust  Fund),  or the Trustee  (in any other  case) shall give a second  written
notice to the remaining  Certificateholders  to surrender their Certificates for
cancellation and receive the final distribution with respect thereto.  If within
six  months  after  the  second  notice  any  Certificate  shall  not have  been
surrendered  for  cancellation,  the  Trustee  shall take  appropriate  steps as
directed  by the Master  Servicer to contact  the  remaining  Certificateholders
concerning   surrender  of  their  Certificates.   The  costs  and  expenses  of
maintaining  the escrow  account and of contacting  Certificateholders  shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any  Certificates  shall not have been  surrendered  for
cancellation,  the  Trustee  shall  pay  to  the  Master  Servicer  all  amounts
distributable  to the holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for final payment thereof in accordance with this
Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the failure of each such REMIC to comply with the requirements

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<PAGE>

of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited  transactions," as described in Section 860F of the Code, or (ii)
cause  any  such  REMIC  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding:

                      (i)  The  Master   Servicer   shall   establish  a  90-day
               liquidation  period for each such REMIC and specify the first day
               of such period in a statement  attached to the Trust Fund's final
               Tax Return pursuant to Treasury regulations Section 1.860F-1. The
               Master  Servicer also shall satisfy all of the  requirements of a
               qualified  liquidation for a REMIC under Section 860F of the Code
               and regulations thereunder;

                      (ii) The Master  Servicer  shall notify the Trustee at the
               commencement of such 90-day  liquidation  period and, at or prior
               to the time of making of the final  payment on the  Certificates,
               the  Trustee  shall  sell  or  otherwise  dispose  of  all of the
               remaining  assets of the Trust Fund in accordance  with the terms
               hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
               its right to purchase  the assets of the Trust  Fund,  the Master
               Servicer shall,  during the 90-day  liquidation  period and at or
               prior to the Final Distribution Date,  purchase all of the assets
               of the Trust Fund for cash.

        (b) Each  Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete  liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.

        Section 9.03 Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.

        (a) The REMIC  Administrator  shall make an  election to treat the Trust
Fund as one or more REMICs under the Code and, if  necessary,  under  applicable
state  law.  The  assets of each  such  REMIC  will be set  forth in the  Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section 860G of

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<PAGE>

the Code) in any REMIC  elected  in  respect  of the Trust  Fund  other than the
"regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1.  The REMIC Administrator,  as tax
matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a
Class R Certificate  such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set

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<PAGE>

forth  herein as shall be  necessary or desirable to maintain the status of each
REMIC as a REMIC under the REMIC  Provisions  (and the Trustee  shall assist the
Master Servicer and the REMIC Administrator,  to the extent reasonably requested
by the  Master  Servicer  and the  REMIC  Administrator  to do so).  The  Master
Servicer and the REMIC  Administrator  shall not knowingly or intentionally take
any action,  cause the Trust Fund to take any action or fail to take (or fail to
cause to be taken) any action reasonably  within their respective  control that,
under the REMIC Provisions, if taken or not taken, as the case may be, could (i)
endanger  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement  as a REMIC or (ii) result in the  imposition  of a tax upon any such
REMIC  (including  but not  limited  to the tax on  prohibited  transactions  as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC set forth in  Section  860G(d) of the Code)  (either  such  event,  in the
absence of an Opinion of  Counsel  or the  indemnification  referred  to in this
sentence,  an "Adverse  REMIC  Event")  unless the Master  Servicer or the REMIC
Administrator, as applicable, has received an Opinion of Counsel (at the expense
of the party  seeking to take such  action  or, if such party  fails to pay such
expense,  and the Master  Servicer or the REMIC  Administrator,  as  applicable,
determines that taking such action is in the best interest of the Trust Fund and
the Certificateholders, at the expense of the Trust Fund, but in no event at the
expense of the Master Servicer,  the REMIC  Administrator or the Trustee) to the
effect that the contemplated action will not, with respect to each REMIC created
hereunder,  endanger  such  status or,  unless the  Master  Servicer,  the REMIC
Administrator or both, as applicable,  determine in its or their sole discretion
to indemnify the Trust Fund against the imposition of such a tax,  result in the
imposition of such a tax.  Wherever in this Agreement a contemplated  action may
not be taken because the timing of such action might result in the imposition of
a tax on the Trust Fund, or may only be taken  pursuant to an Opinion of Counsel
that such  action  would not  impose a tax on the Trust  Fund,  such  action may
nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and  that all  other  preconditions  to the  taking  of such  action  have  been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized   hereunder)   as  to  which  the  Master   Servicer   or  the  REMIC
Administrator,  as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect  that an Adverse  REMIC  Event could occur with
respect to such action. In addition,  prior to taking any action with respect to
any REMIC created  hereunder or any related assets thereof,  or causing any such
REMIC to take any action,  which is not expressly  permitted  under the terms of
this  Agreement,  the Trustee will consult with the Master Servicer or the REMIC
Administrator,  as  applicable,  or its  designee,  in writing,  with respect to
whether such action could cause an Adverse  REMIC Event to occur with respect to
any such REMIC, and the Trustee shall not take any such action or cause any such
REMIC to take any such  action  as to which  the  Master  Servicer  or the REMIC
Administrator,  as  applicable,  has advised it in writing that an Adverse REMIC
Event  could  occur.  The  Master  Servicer  or  the  REMIC  Administrator,   as
applicable,  may consult with counsel to make such written advice,  and the cost
of same shall be borne by the party  seeking  to take the  action not  expressly
permitted  by this  Agreement,  but in no event  at the  expense  of the  Master
Servicer  or the REMIC  Administrator.  At all times as may be  required  by the
Code, the Master Servicer will to the extent within its control and the scope of
its duties more specifically set forth herein, maintain substantially all of the
assets of each REMIC created  hereunder as  "qualified  mortgages" as defined in
Section 860G(a)(3) of the Code and "permitted investments" as defined in Section
860G(a)(5) of the Code.

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<PAGE>

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (k)  Solely  for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the
Treasury  Regulations,   the  "latest  possible  maturity  date"  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only  Certificates)  representing a regular  interest in the applicable
REMIC and the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC
Regular  Interest  (other  than  each  Uncertificated   REMIC  Regular  Interest
represented by a Class A-V  Certificate,  if any) and the rights to the Interest
Only Certificates and Uncertificated  REMIC Regular Interest  represented by any
Class A-V  Certificate  would be reduced to zero is the  Maturity  Date for each
such Certificate and Interest.

        (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare  and file with the  Internal  Revenue  Service  Form 8811,  "Information
Return for Real  Estate  Mortgage  Investment  Conduits  (REMIC)  and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.

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<PAGE>

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

          Section  10.02  Master  Servicer,   REMIC  Administrator  and  Trustee
               Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC  Administrator  and the  Trustee  for any taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

        Section 10.03 Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

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<PAGE>

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i) to cure any ambiguity,

                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

                                             103

<PAGE>

                      (vi) to make any other  provisions with respect to matters
               or  questions  arising  under this  Agreement  or such  Custodial
               Agreement  which shall not be  materially  inconsistent  with the
               provisions  of this  Agreement,  provided  that such action shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any Certificateholder, or

                      (vii) to amend any provision herein or therein that is not
               material to any of the Certificateholders.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates with a Certificate
Principal  Balance greater than zero 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 such Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

                      (i)  reduce  in any  manner  the  amount  of, or delay the
               timing of,  payments  which are required to be distributed on any
               Certificate   without   the   consent   of  the  Holder  of  such
               Certificate,

                      (ii) reduce the aforesaid  percentage of  Certificates  of
               any Class the  Holders  of which are  required  to consent to any
               such  amendment,  in any such case  without  the  consent  of the
               Holders of all Certificates of such Class then outstanding.

        (c)  Notwithstanding  any  contrary  provision  of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or

                                             104

<PAGE>

other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit K, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

        Section 11.02 Recordation of Agreement; Counterparts.

        (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all  appropriate  public offices for real property  records in
all the counties or other  comparable  jurisdictions  in which any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

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

                                             105

<PAGE>

        Section 11.03 Limitation on Rights of Certificateholders.

        (a) The death or incapacity of any  Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

        (b) No  Certificateholder  shall  have  any  right  to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or members of an association;  nor shall any Certificateholder be under
any  liability  to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue 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 default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such 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 costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.

        This agreement and the  Certificates  shall be governed by and 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.

        Section 11.05 Notices.

        As provided in Section 11.05 of the Series Supplement.

                                             106

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master  Servicer or the Trustee,  as  applicable,  (i)
shall  notify  each  Rating  Agency  at such  time as it is  otherwise  required
pursuant  to this  Agreement  to give  notice of the  occurrence  of, any of the
events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below,  (ii)
shall notify the Subservicer at such time as it is otherwise  required  pursuant
to this  Agreement  to give  notice  of the  occurrence  of,  any of the  events
described in clause (a), (b), (c)(1),  (g)(1),  or (i) below, or (iii) provide a
copy to each Rating  Agency at such time as  otherwise  required to be delivered
pursuant to this Agreement of any of the statements described in clauses (e) and
(f) below:

        (a) a material change or amendment to this Agreement,

        (b) the occurrence of an Event of Default,

        (c) (1) the termination or appointment of a successor Master Servicer or
(2) the  termination or  appointment  of a successor  Trustee or a change in the
majority ownership of the Trustee,

        (d) the filing of any claim under the Master Servicer's blanket fidelity
bond and the errors and omissions  insurance  policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,

        (e) the statement  required to be delivered to the Holders of each Class
of Certificates pursuant to Section 4.03,

        (f) the  statements  required to be delivered  pursuant to Sections 3.18
and 3.19,

        (g) (1) a change  in the  location  of the  Custodial  Account  or (2) a
change in the location of the Certificate Account,

        (h) the  occurrence of any monthly cash flow shortfall to the Holders of
any Class of  Certificates  resulting from the failure by the Master Servicer to
make an Advance pursuant to Section 4.04,

        (i) the occurrence of the Final Distribution Date, and

        (j) the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt written notice to each Rating Agency and the Subservicer,  if applicable,
of any such event known to the Master Servicer.

        Section 11.07 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

                                             107

<PAGE>

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 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

                                             108

<PAGE>

                                    EXHIBIT A

       FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-P] CERTIFICATE
                    AND [INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% [Adjustable] [Variable] Pass-Through
                                                Rate [based on a Notional Amount]
Class [A-___] Senior                            Percentage Interest: ____%
Date of Pooling and Servicing Agreement and     Aggregate Initial [Certificate Principal
Cut-off Date:                                   Balance] [Interest Only/Class A-V] [Notional
[______________]                                Amount] [Subclass Notional Amount] of the
                                                Class [A-___] Certificates: $________
First Distribution Date:                        [Initial] [Certificate Principal Balance]
[______________]                                [Interest Only/Class A-V] [Subclass] [Notional
                                                Amount] of this Certificate:
                                                $[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE
                                       SERIES ________

               evidencing a percentage  interest in the distributions  allocable
               To the Class  [A-___]  certificates  with respect to a trust fund
               Consisting   primarily  of  a  pool  of   conventional   one-  to
               Four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
certificate  nor the underlying  mortgage loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  residential  funding  mortgage
securities I, inc.,  the master  servicer,  the trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the company, the master servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the certificates.

        This certifies that is the registered  owner of the percentage  interest
evidenced by this  certificate  [(obtained by dividing the [initial  certificate
principal balance] [initial  [interest  only/Class A-V] notional amount] of this
certificate by the aggregate [initial certificate principal balance of all Class
A-  certificates]  [initial  [interest  only/Class A-V] notional  amounts of all
[interest only/Class

<PAGE>

A-v]  certificates],  both as specified  above)] in certain  distributions  with
respect to the trust  fund  consisting  primarily  of an  interest  in a pool of
conventional  one- to four-family  fixed interest rate first mortgage loans (the
"mortgage loans"), formed and sold by residential funding mortgage securities I,
inc. (Hereinafter called the "company," which term includes any successor entity
under the agreement referred to below). The trust fund was created pursuant to a
series  supplement,  dated as specified  above, to the standard terms of pooling
and servicing agreement dated as of ________________ (together, the "pooling and
servicing  agreement" or the "agreement") among the company, the master servicer
and  _______________,  as trustee (the  "trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
agreement.  This  certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  agreement,  to which  agreement the holder of
this  certificate by virtue of the  acceptance  hereof assents and by which such
holder is bound.

        Pursuant to the terms of the agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  business  day,  the
business day  immediately  following (the  "distribution  date"),  commencing as
described  in the  agreement,  to the person in whose name this  certificate  is
registered  at the close of business on the last day (or if such last day is not
a business  day, the business day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "record date"),
from the available  distribution amount in an amount equal to the product of the
percentage  interest  evidenced by this certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  holders of Class A-
certificates on such distribution date. [the [interest  only/Class A-v] notional
amount  of  the  [interest  only/Class  A-v]  certificates  as of  any  date  of
determination is equal to the aggregate stated principal balance of the mortgage
loans corresponding to the uncertificated remic regular interests represented by
such [interest only/Class A-v] certificates.]

        Distributions  on this  certificate  will be made  either by the  master
servicer  acting on behalf of the trustee or by a paying agent  appointed by the
trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the person entitled thereto if such person shall have so notified the
master  servicer or such paying agent,  or by check mailed to the address of the
person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
certificate register.

        Notwithstanding  the above,  the final  distribution on this certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this certificate at the office or agency appointed
by the trustee for that purpose in the city and state of New York.  The [initial
certificate  principal  balance]  [initial  [interest  only/Class  A-v] notional
amount] of this  certificate  is set forth  above.] [the  certificate  principal
balance  hereof  will be  reduced to the extent of  distributions  allocable  to
principal and any realized losses allocable hereto.]

        This  certificate  is one of a duly  authorized  issue  of  certificates
issued in several classes  designated as mortgage  pass-through  certificates of
the series specified hereon (herein collectively called the "certificates").

        The certificates are limited in right of payment to certain  collections
and recoveries respecting the mortgage loans, all as more specifically set forth
herein and in the agreement. In the

<PAGE>

event master servicer funds are advanced with respect to any mortgage loan, such
advance is  reimbursable to the master  servicer,  to the extent provided in the
agreement, from related recoveries on such mortgage loan or from other cash that
would have been distributable to certificateholders.

        As provided in the  agreement,  withdrawals  from the custodial  account
and/or the certificate account created for the benefit of certificateholders may
be made by the  master  servicer  from  time to time  for  purposes  other  than
distributions to certificateholders,  such purposes including without limitation
reimbursement  to the company  and the master  servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The agreement permits,  with certain  exceptions  therein provided,  the
amendment of the agreement and the modification of the rights and obligations of
the  company,  the  master  servicer  and  the  trustee  and the  rights  of the
certificateholders  under the  agreement at any time by the company,  the master
servicer  and the  trustee  with the  consent  of the  holders  of  certificates
evidencing  in the aggregate  not less than 66% of the  percentage  interests of
each class of certificates  affected thereby.  Any such consent by the holder of
this  certificate  shall be  conclusive  and binding on such holder and upon all
future  holders  of this  certificate  and of any  certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  certificate.  The  agreement  also permits the
amendment thereof in certain circumstances without the consent of the holders of
any of the certificates and, in certain  additional  circumstances,  without the
consent of the holders of certain  classes of  certificates.  As provided in the
agreement and subject to certain  limitations therein set forth, the transfer of
this  certificate is registrable in the  certificate  register upon surrender of
this  certificate  for  registration  of  transfer  at the  offices or  agencies
appointed by the trustee in the city and state of New York, duly endorsed by, or
accompanied  by an assignment  in the form below or other written  instrument of
transfer in form satisfactory to the trustee and the certificate  registrar duly
executed by the holder  hereof or such  holder's  attorney  duly  authorized  in
writing, and thereupon one or more new certificates of authorized  denominations
evidencing  the same class and aggregate  percentage  interest will be issued to
the designated transferee or transferees.

        The  certificates are issuable only as registered  certificates  without
coupons in classes and in denominations  specified in the agreement. As provided
in  the  agreement  and  subject  to  certain  limitations  therein  set  forth,
certificates are  exchangeable for new certificates of authorized  denominations
evidencing the same Class and aggregate percentage interest, as requested by the
holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  company,  the master  servicer,  the  trustee  and the  certificate
registrar and any agent of the company, the master servicer,  the trustee or the
certificate  registrar  may treat the person in whose name this  certificate  is
registered  as the owner hereof for all purposes,  and neither the company,  the
master  servicer,  the trustee nor any such agent shall be affected by notice to
the contrary.

<PAGE>

        This  certificate  shall be governed by and construed in accordance with
the laws of the state of New York.

        The obligations  created by the agreement in respect of the certificates
and the  trust  fund  created  thereby  shall  terminate  upon  the  payment  to
certificateholders  of all  amounts  held by or on  behalf  of the  trustee  and
required to be paid to them pursuant to the  agreement  following the earlier of
(i) the maturity or other  liquidation of the last mortgage loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any mortgage  loan and (ii) the purchase by the master  servicer
from the trust fund of all remaining mortgage loans and all property acquired in
respect of such  mortgage  loans,  thereby  effecting  early  retirement  of the
certificates.  The agreement permits,  but does not require, the master servicer
to (i) purchase at a price determined as provided in the agreement all remaining
mortgage loans and all property acquired in respect of any mortgage loan or (ii)
purchase in whole,  but not in part,  all of the  certificates  from the holders
thereof; provided, that any such option may only be exercised if the pool stated
principal  balance of the mortgage loans as of the distribution  date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the cut-off date principal balance of the mortgage loans.

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

        Unless the certificate of authentication hereon has been executed by the
certificate  registrar,  by  manual  signature,  this  certificate  shall not be
entitled to any benefit under the agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By: ______________________
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [A- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By: ________________________
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT B

                                  FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED BY
VIRTUE OF ITS PURCHASE OR HOLDING OF THIS  CERTIFICATE (OR INTEREST HEREIN) THAT
EITHER (A) SUCH TRANSFEREE IS NOT AN INVESTMENT  MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY PLAN) ACTING, DIRECTLY OR INDIRECTLY,  ON BEHALF OF OR PURCHASING
ANY CERTIFICATE WITH "PLAN ASSETS" OF ANY PLAN (A "PLAN  INVESTOR"),  (B) IT HAS
ACQUIRED AND IS HOLDING SUCH  CERTIFICATE IN RELIANCE ON PROHIBITED  TRANSACTION
EXEMPTION  ("PTE") 94-29, 59 FED. REG. 14674 (MARCH 29, 1994), AS AMENDED BY PTE
97-34, 62 FED. REG. 39021 (JULY 21, 1997),  AND PTE 2000-58,  65 FED. REG. 67765
(NOVEMBER 13, 2000) (THE "RFC  EXEMPTION"),  AND THAT IT UNDERSTANDS  THAT THERE
ARE CERTAIN  CONDITIONS TO THE AVAILABILITY OF THE RFC EXEMPTION  INCLUDING THAT
SUCH CERTIFICATE  MUST BE RATED, AT THE TIME OF PURCHASE,  NOT LOWER THAN "BBB-"
(OR ITS  EQUIVALENT)  BY  STANDARD  & POOR'S,  FITCH OR  MOODY'S  OR (C)(I)  THE
TRANSFEREE IS AN INSURANCE COMPANY, (II) THE SOURCE OF FUNDS TO BE USED BY IT TO
PURCHASE THE CERTIFICATE IS AN "INSURANCE  COMPANY GENERAL  ACCOUNT" (WITHIN THE
MEANING OF U.S.  DEPARTMENT  OF LABOR  PROHIBITED  TRANSACTION  CLASS  EXEMPTION
("PTCE")  95-60),  AND (III) THE  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"COMPLYING INSURANCE COMPANY").

<PAGE>

        IF THIS  CERTIFICATE  (OR ANY  INTEREST  HEREIN) IS  ACQUIRED OR HELD IN
VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH,  THEN THE LAST PRECEDING
TRANSFEREE  THAT  EITHER  (I)  IS  NOT  A  PLAN  INVESTOR,  (II)  ACQUIRED  SUCH
CERTIFICATE  IN  COMPLIANCE  WITH THE RFC  EXEMPTION  OR  (III)  IS A  COMPLYING
INSURANCE  COMPANY  SHALL BE  RESTORED,  TO THE EXTENT  PERMITTED BY LAW, TO ALL
RIGHTS AND OBLIGATIONS AS CERTIFICATE  OWNER THEREOF  RETROACTIVE TO THE DATE OF
SUCH  TRANSFER OF THIS  CERTIFICATE.  THE TRUSTEE SHALL BE UNDER NO LIABILITY TO
ANY PERSON FOR MAKING ANY PAYMENTS  DUE ON THIS  CERTIFICATE  TO SUCH  PRECEDING
TRANSFEREE.

        ANY PURPORTED  CERTIFICATE  OWNER WHOSE  ACQUISITION  OR HOLDING OF THIS
CERTIFICATE (OR INTEREST  HEREIN) WAS EFFECTED IN VIOLATION OF THE  RESTRICTIONS
IN SECTION  5.02(E) OF THE POOLING AND SERVICING  AGREEMENT  SHALL INDEMNIFY AND
HOLD HARMLESS THE COMPANY,  THE TRUSTEE,  THE MASTER SERVICER,  ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL  LIABILITIES,  CLAIMS,  COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [M-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class M Certificates:
Cut-off Date:                                   $_______________
[______________]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                       SERIES ________

               evidencing a percentage  interest in any distributions  allocable
               to the Class M-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained by dividing the Certificate  Principal
Balance of this Certificate by the aggregate  Certificate  Principal  Balance of
all Class M-___ Certificates,  both as specified above) in certain distributions
with respect to a Trust Fund consisting primarily of a pool of conventional one-
to four-family fixed interest rate first mortgage loans (the "Mortgage  Loans"),
formed and sold by Residential Funding Mortgage Securities I, Inc.  (hereinafter
called the  "Company,"  which  term  includes  any  successor  entity  under the
Agreement  referred to below).  The Trust Fund was created  pursuant to a Series
Supplement, dated as specified above, to the Standard Terms of Pooling and

<PAGE>

Servicing  Agreement dated as of  ________________  (together,  the "Pooling and
Servicing  Agreement" or the "Agreement") among the Company, the Master Servicer
and  ___________,  as  trustee  (the  "Trustee"),  a summary  of  certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required to be  distributed  to Holders of Class M-___
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        As described above, any transferee of this Certificate will be deemed to
have  represented by virtue of its purchase or holding of this  Certificate  (or
interest herein) that either (A) such transferee is not a Plan Investor,  (B) it
has acquired and is holding this  Certificate  in reliance on the RFC  Exemption
and that it understands that there are certain conditions to the availability of
the RFC Exemption  including that this Certificate must be rated, at the time of
purchase,  not lower than "BBB-" (or its equivalent) by Standard & Poor's, Fitch
or Moody's or (C) the transferee is a Complying  Insurance Company. In addition,
any purported Certificate Owner whose acquisition or holding of this Certificate
(or interest  herein) was effected in violation of the  restrictions  in Section
5.02(e) of the Agreement  shall  indemnify  and hold  harmless the Company,  the
Trustee,  the  Master  Servicer,  any  Subservicer,  and the Trust Fund from and
against any and all  liabilities,  claims,  costs or  expenses  incurred by such
parties as a result of such acquisition or holding.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

<PAGE>

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered as the owner hereof for all purposes, and neither the

<PAGE>

Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:____________________
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [M- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:_______________________
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT C

                                  FORM OF CLASS B CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES AND CLASS M CERTIFICATES  [AND CLASS B-1] [CLASS B-2  CERTIFICATES]
DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).

        THIS  CERTIFICATE  HAS NOT BEEN AND WILL  NOT BE  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR  TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND
LAWS  OR  IS  SOLD  OR  TRANSFERRED  IN  TRANSACTIONS   WHICH  ARE  EXEMPT  FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [B-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class B-___
Cut-off Date:                                   Certificates as of the Cut-off Date: $________
[______________]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[______________]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class B-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that  _______________________  is the registered owner of
the Percentage Interest evidenced by this Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal Balance of all Class B-___  Certificates,  both as specified above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day immediately following (the "Distribution Date"),  commencing on the
first  Distribution  Date  specified  above,  to the  Person in whose  name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        No  transfer  of this  Class B  Certificate  will  be made  unless  such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by Section  5.02(e) of the  Agreement.  The Holder hereof
desiring to effect such transfer shall,  and does hereby agree to, indemnify the
Trustee, the Company,  the Master Servicer and the Certificate  Registrar acting
on behalf of the Trustee  against any liability  that may result if the transfer
is not so exempt or is not made in accordance  with such Federal and state laws.
In connection  with any such transfer,  the Trustee will also require either (i)
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the  Trustee,   the  Company  and  the  Master  Servicer  with  respect  to  the
permissibility  of such transfer under the Employee  Retirement  Income Security
Act of 1974, as amended

<PAGE>

("ERISA"),  and  Section  4975 of the  Internal  Revenue  Code (the  "Code") and
stating,  among other things,  that the  transferee's  acquisition  of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate Registrar duly executed

<PAGE>

by the Holder hereof or such Holder's  attorney duly authorized in writing,  and
thereupon one or more new  Certificates of authorized  denominations  evidencing
the  same  Class  and  aggregate  Percentage  Interest  will  be  issued  to the
designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By: _____________________
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  B-___  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:  ____________________
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:  ______________________        _____________________________________
                                      Signature by or on behalf of assignor

                                      _____________________________________
                                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT D

                                 FORM OF CLASS R CERTIFICATE

        THIS  CERTIFICATE  MAY NOT BE HELD BY OR  TRANSFERRED  TO A NON-  UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

        ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS  CERTIFICATE  MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH  TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
OR  ANY  AGENCY  OR  INSTRUMENTALITY  OF ANY OF THE  FOREGOING  (OTHER  THAN  AN
INSTRUMENTALITY  WHICH IS A CORPORATION  IF ALL OF ITS ACTIVITIES ARE SUBJECT TO
TAX AND EXCEPT FOR  FREDDIE  MAC, A MAJORITY  OF ITS BOARD OF  DIRECTORS  IS NOT
SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING,  (C)
ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES  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 (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
TAXABLE  INCOME),  (D) RURAL  ELECTRIC AND TELEPHONE  COOPERATIVES  DESCRIBED IN
SECTION  1381(A)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER
SECTION 775(A) OF THE CODE (ANY SUCH PERSON  DESCRIBED IN THE FOREGOING  CLAUSES
(A),  (B),  (C),  (D)  OR  (E)  BEING  HEREIN  REFERRED  TO  AS A  "DISQUALIFIED
ORGANIZATION"),  OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE
OF SUCH  TRANSFER IS TO IMPEDE THE  ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
TRANSFEREE  SATISFIES CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE.

<PAGE>

NOTWITHSTANDING  THE  REGISTRATION IN THE CERTIFICATE  REGISTER OR ANY TRANSFER,
SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED  ORGANIZATION OR
AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE
OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE
A CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO,
THE  RECEIPT  OF  DISTRIBUTIONS  ON  THIS  CERTIFICATE.   EACH  HOLDER  OF  THIS
CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE  SHALL BE DEEMED TO HAVE CONSENTED
TO THE PROVISIONS OF THIS PARAGRAPH.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [R-___] Senior
Date of Pooling and Servicing Agreement and     Aggregate Initial Certificate Principal Balance
Cut-off Date:                                   of the Class R-___ Certificates: $100.00
[______________]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[______________]
Master Servicer:                                Percentage Interest: _____%
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[______________]                                [______________]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class R[-__]  Certificates  with respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained  by dividing  the Initial  Certificate
Principal  Balance of this  Certificate  by the  aggregate  Initial  Certificate
Principal Balance of all Class R[-__] Certificates,  both as specified above) in
certain  distributions with respect to the Trust Fund consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

        Each  Holder of this  Certificate  will be  deemed to have  agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United  States  Person and a  Permitted  Transferee,  (ii) the  transfer  of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate   Principal  Balance  hereof  will  be  reduced  to  the  extent  of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

        No transfer  of this Class  R[-__]  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of

<PAGE>

the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's  acquisition of a Class R Certificate will not constitute or result
in a non-exempt  prohibited  transaction  under  Section 406 of ERISA or Section
4975 of the Code or (ii) a  representation  letter,  in the form as described by
the Agreement,  stating that the transferee is not an employee  benefit or other
plan subject to the prohibited  transaction  provisions of ERISA or Section 4975
of the Code (a "Plan"),  or any other person (including an investment manager, a
named  fiduciary or a trustee of any Plan) acting,  directly or  indirectly,  on
behalf of or purchasing any Certificate with "plan assets" of any Plan.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

<PAGE>

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

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

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [R- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                   Authorized Signatory

<PAGE>

                                          ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
                                    Signature by or on behalf of assignor

                                    Signature Guaranteed

                                   DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT E

                               FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified  from  time to time,  this  "Contract")  is made this day of
_____________,  20__,  by  and  between  Residential  Funding  Corporation,  its
successors and assigns ("Residential  Funding") and (the "Seller/Servicer," and,
together with  Residential  Funding,  the "parties"  and each,  individually,  a
"party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1. INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3. REPRESENTATIONS AND WARRANTIES.

        a. Reciprocal Representations and Warranties.

        The Seller/Servicer and Residential Funding each represents and warrants
to the other that as of the date of this Contract:

<PAGE>

               (1)    Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

               (2)    This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

               (3)    There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

               (4)    Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

        b. Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4. REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5. SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

<PAGE>

6. PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

        Attention:
        Telefacsimile Number: (_____) _____-_________

9. JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be

<PAGE>

enforced  in any  other  jurisdiction  by suit on the  judgment  or in any other
manner  provided by law. Each of the parties further agrees not to institute any
legal actions or proceedings  against the other party or any director,  officer,
employee,  attorney,  agent or  property of the other  party,  arising out of or
relating to this  Contract in any court other than as  hereinabove  specified in
this paragraph 9.

10. MISCELLANEOUS.

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                      SELLER/SERVICER
[Corporate Seal]

                                             (Name of Seller/Servicer)
By:                                          By:
             (Signature) (Signature) By: By:
            (Typed Name)                                        (Typed Name)
Title:                                       Title:

==================================== ======= ================================
ATTEST:                                      RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]
By:                                          By:
             (Signature) (Signature) By: By:
            (Typed Name)                                        (Typed Name)
Title:                                       Title:

<PAGE>

                                          EXHIBIT F

                                 FORMS OF REQUEST FOR RELEASE

DATE:
TO:
RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Series Supplement, to the Standard Terms of Pooling and Servicing Agreement,
Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):

Reason for Document Request: (circle one)

        Mortgage Loan Prepaid in Full       Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

Residential Funding Corporation
Authorized Signature
******************************************************************************
TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:   [ ] Promissory Note
                      [ ] Primary Insurance Policy
                      [ ] Mortgage or Deed of Trust
                      [ ] Assignment(s) of Mortgage or Deed of Trust
                      [ ] Title Insurance Policy
                      [ ] Other:

Name:
Title:
Date:

<PAGE>

                                         EXHIBIT G-1

                           FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF              )
                      ) ss.:
COUNTY OF             )

                 [NAME OF OFFICER], being first duly sworn, deposes and says:

        1.  That he is  [Title  of  Officer]  of  [Name  of  Owner]  (record  or
beneficial  owner of the Mortgage  Pass-Through  Certificates,  Series  _______,
Class  R[-__]  (the  "Owner")),  a  [savings  institution]   [corporation]  duly
organized and existing under the laws of [the State of ] [the United States], on
behalf of which he makes this affidavit and agreement.

        2.  That  the  Owner  (i)  is  not  and  will  not  be  a  "disqualified
organization"  or an electing large  partnership as of [date of transfer] within
the  meaning of  Sections  860E(e)(5)  and 775,  respectively,  of the  Internal
Revenue Code of 1986, as amended (the "Code") or an electing  large  partnership
under  Section  775(a) of the Code,  (ii) will  endeavor to remain  other than a
disqualified  organization  for so long as it retains its ownership  interest in
the  Class  R[-__]  Certificates,  and  (iii)  is  acquiring  the  Class  R[-__]
Certificates  for its own account or for the account of another Owner from which
it has received an affidavit  and  agreement in  substantially  the same form as
this affidavit and agreement.  (For this purpose, a "disqualified  organization"
means an electing  large  partnership  under Section 775 of the Code, the United
States,   any  state  or   political   subdivision   thereof,   any   agency  or
instrumentality  of any of the foregoing (other than an  instrumentality  all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation,  a majority of whose board of directors is not selected by
any  such  governmental   entity)  or  any  foreign  government,   international
organization  or any agency or  instrumentality  of such foreign  government  or
organization,  any rural electric or telephone cooperative,  or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated  business
taxable income).

        3.  That the  Owner is aware  (i) of the tax that  would be  imposed  on
transfers of Class R[-__] Certificates to disqualified organizations or electing
large  partnerships,  under the Code,  that  applies to all  transfers  of Class
R[-__]  Certificates  after March 31,  1988;  (ii) that such tax would be on the
transferor  (or, with respect to transfers to electing  large  partnerships,  on
each such  partnership),  or, if such transfer is through an agent (which person
includes a broker, nominee or middleman) for a disqualified organization, on the
agent;  (iii) that the person  (other than with respect to transfers to electing
large partnerships)  otherwise liable for the tax shall be relieved of liability
for the tax if the  transferee  furnishes to such person an  affidavit  that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R[-__] Certificates may be "noneconomic residual interests" within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

<PAGE>

        4. That the Owner is aware of the tax imposed on a "pass-through entity"
holding  Class  R[-__]  Certificates  if either  the  pass-through  entity is an
electing  large  partnership  under  Section  775 of the  Code or if at any time
during the taxable year of the pass-through  entity a disqualified  organization
is the record holder of an interest in such entity.  (For this purpose,  a "pass
through  entity"  includes  a  regulated   investment  company,  a  real  estate
investment  trust or common  trust fund,  a  partnership,  trust or estate,  and
certain cooperatives.)

        5. The Owner is either (i) a citizen or resident  of the United  States,
(ii) a  corporation,  partnership  or other entity treated as a corporation or a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

        6. The Owner hereby  agrees that it will not cause income from the Class
R[-__]  Certificates to be attributable to a foreign permanent  establishment or
fixed base (within the meaning of an applicable  income tax treaty) of the Owner
of another United States taxpayer.

        7.  That the  Owner is aware  that the  Trustee  will not  register  the
transfer  of any  Class  R[- __]  Certificates  unless  the  transferee,  or the
transferee's  agent,  delivers to it an  affidavit  and  agreement,  among other
things,  in  substantially  the same form as this affidavit and  agreement.  The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes  that any of the  representations  contained in such  affidavit  and
agreement are false.

        8. That the Owner has reviewed the restrictions set forth on the face of
the Class  R[-__]  Certificates  and the  provisions  of Section  5.02(f) of the
Pooling and Servicing  Agreement under which the Class R[-__]  Certificates were
issued (in  particular,  clause  (iii)(A) and (iii)(B) of Section  5.02(f) which
authorize  the Trustee to deliver  payments to a person other than the Owner and
negotiate  a  mandatory  sale by the  Trustee in the event the Owner  holds such
Certificates in violation of Section 5.02(f)).  The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

        9.  That  the  Owner   consents  to  any  additional   restrictions   or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable  arrangement to ensure that the Class R[-__] Certificates will only
be  owned,  directly  or  indirectly,  by an  Owner  that is not a  disqualified
organization.

        10.    The Owner's Taxpayer Identification Number is ________________.

        11.  This  affidavit  and  agreement  relates  only to the Class  R[-__]
Certificates  held by the Owner and not to any other  holder of the Class R[-__]
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R[-__] Certificates.

        12. That no purpose of the Owner  relating to the transfer of any of the
Class R[-__] Certificates by the Owner is or will be to impede the assessment or
collection of any tax; in making

<PAGE>

this  representation,  the Owner  warrants  that the Owner is familiar  with (i)
Treasury Regulation Section 1.860E-1(c) and recent amendments thereto, effective
as of July 19,  2002,  and (ii) the  preamble  describing  the  adoption  of the
amendments to such regulation, which is attached hereto as Exhibit 1.

        13. That the Owner has no present  knowledge or expectation that it will
be  unable  to pay  any  United  States  taxes  owed by it so long as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the  benefit  of the  person  from whom it  acquired  the  Class  R[-__]
Certificate  that the Owner  intends to pay taxes  associated  with holding such
Class R[- __]  Certificate as they become due, fully  understanding  that it may
incur tax  liabilities in excess of any cash flows generated by the Class R[-__]
Certificate.

        14. That the Owner has no present  knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Class R[-__] Certificates remain outstanding.

        15. (a) The  Purchaser  is not an  employee  benefit  plan or other plan
subject to the  prohibited  transaction  provisions  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"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan; or

               (b) The Purchaser  will provide the Trustee,  the Company and the
Master  Servicer  with an  opinion  of  counsel  acceptable  to and in form  and
substance  satisfactory  to the Trustee,  the Company and the Master Servicer to
the effect that the purchase of  Certificates  is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under ERISA or Section  4975 of the Code and will not subject the  Trustee,  the
Company  or the  Master  Servicer  to any  obligation  or  liability  (including
obligations or liabilities  under ERISA or Section 4975 of the Code) in addition
to those undertaken in the Pooling and Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser  will not  transfer  such  Certificates  to any Plan or person  unless
either such Plan or person meets the requirements set forth in either (a) or (b)
above.

        Capitalized  terms used but not defined  herein  shall have the meanings
assigned in the Pooling and Servicing Agreement.

<PAGE>

     IN WITNESS WHEREOF,  the Owner has caused this instrument to be executed on
its behalf,  pursuant to the authority of its Board of Directors,  by its [Title
of Officer]  and its  corporate  seal to be hereunto  attached,  attested by its
[Assistant] Secretary, this day of _____,___ 200__.

                                                   [NAME OF OWNER]

                                                   By:
                                                   [Name of Officer]
                                                   [Title of Officer]

[Corporate Seal]

ATTEST:

[Assistant] Secretary

        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  Owner,  and  acknowledged  to me that he
executed  the  same as his  free  act and  deed and the free act and deed of the
Owner.

        Subscribed and sworn before me this ___ day of ________, 200 __.

                                 NOTARY PUBLIC

                                 COUNTY OF

                                 STATE OF

                                 My Commission expires the ____ day of
                                 _____, 20__ .

<PAGE>

                                           EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
   Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

   The  collection  of  information  in this final rule has been  reviewed  and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
   The collection of information in this regulation is in Sec. 1.860E -
1(c)(5)(ii). This information is required to enable the IRS to verify
that a taxpayer is complying with the conditions of this regulation.
The collection of information is mandatory and is required. Otherwise,

<PAGE>

the taxpayer  will not receive the benefit of safe harbor  treatment as provided
in the regulation.  The likely  respondents are businesses and other  for-profit
institutions.
   Comments on the  collection  of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
   Whether the collection of information is necessary for the proper performance
of  the  functions  of the  Internal  Revenue  Service,  including  whether  the
information will have practical utility;
   The  accuracy of the  estimated  burden  associated  with the  collection  of
information (see below);
   How the quality, utility, and clarity of the information to be
collected may be enhanced;
   How the  burden  of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
   Estimates of capital or start-up  costs and costs of operation,  maintenance,
and purchase of service to provide information.
   An agency may not conduct or sponsor, and a person is not required to respond
to, a  collection  of  information  unless it  displays a valid  control  number
assigned by the Office of Management and Budget.
   The  estimated  total  annual  reporting  burden  is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
   Books or records  relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

   This document contains final regulations regarding the proposed amendments to
26 CFR part 1 under  section  860E of the  Internal  Revenue  Code  (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
   Final regulations  governing REMICs,  issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

<PAGE>

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the
REMIC's taxable income.
   Under a safe harbor, the transferor of a REMIC noneconomic  residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
   The IRS and Treasury have been concerned that some transferors of noneconomic
residual  interests claim they satisfy the safe harbor even in situations  where
the economics of the transfer  clearly  indicate the  transferee is unwilling or
unable to pay the tax associated with holding the interest.  For this reason, on
February  7, 2000,  the IRS  published  in the Federal  Register  (65 FR 5807) a
notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed to clarify
the safe harbor by adding the  "formula  test," an economic  test.  The proposed
regulation provides that the safe harbor is unavailable unless the present value
of the anticipated tax liabilities associated with holding the residual interest
does not exceed the sum of: (1) The present value of any consideration  given to
the  transferee to acquire the  interest;  (2) the present value of the expected
future  distributions  on  the  interest;  and  (3)  the  present  value  of the
anticipated  tax  savings  associated  with  holding  the  interest as the REMIC
generates losses.
   The notice of proposed  rulemaking also contained  rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
   In January 2001, the IRS published Rev. Proc.  2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee

<PAGE>

generally  meets  the  second  prong of this test if it is a  domestic,  taxable
corporation  and agrees in writing  not to transfer  the  interest to any person
other  than  another  domestic,  taxable  corporation  that also  satisfies  the
requirements  of the asset test. A  transferor  cannot rely on the asset test if
the transferor knows, or has reason to know, that the transferee will not comply
with its written agreement to limit the restrictions on subsequent  transfers of
the residual interest.
   Rev. Proc.  2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
   The Treasury and the IRS have  learned  that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
   Section 1.860E -1(c)(8) provides  computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
   Additionally, Sec. 1.860E-1(c)(8)(iii) provides that the present

values in the formula test are to be computed using a discount rate

<PAGE>

equal to the applicable  Federal  short-term rate prescribed by section 1274(d).
This is a change from the proposed  regulation and Rev. Proc.  2001-12. In those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term
rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
   It is anticipated that when final regulations are adopted with respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

   Rev.  Proc.  2001-12  (2001-3  I.R.B.  335)  is  obsolete  for  transfers  of
noneconomic residual interests in REMICs occurring on or after August 19, 2002.

Special Analyses

<PAGE>

   It is hereby  certified  that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

   The principal author of these  regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

   Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

   Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

   Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

   Paragraph 1. The  authority  citation for part 1 continues to read in part as
follows:

   Authority: 26 U.S.C. 7805 * * *

<PAGE>

                                         EXHIBIT G-2

                                FORM OF TRANSFEROR CERTIFICATE

                                                   __________ , 20__

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

                                   [Trustee]

Attention: Residential Funding Corporation Series _______

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, Class R[-__]

Ladies and Gentlemen:

        This  letter is  delivered  to you in  connection  with the  transfer by
_____________________ (the "Seller") to  _____________________(the  "Purchaser")
of   $______________   Initial   Certificate   Principal   Balance  of  Mortgage
Pass-Through  Certificates,  Series ________, Class R[-__] (the "Certificates"),
pursuant to Section 5.02 of the Series Supplement, dated as of ________________,
to  the  Standard  Terms  of  Pooling  and  Servicing   Agreement  dated  as  of
________________   (together,  the  "Pooling  and  Servicing  Agreement")  among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  All terms used herein and not otherwise defined shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

        1. No purpose of the Seller  relating to the transfer of the Certificate
by the  Seller  to the  Purchaser  is or will be to  impede  the  assessment  or
collection of any tax.

        2. The  Seller  understands  that the  Purchaser  has  delivered  to the
Trustee and the Master  Servicer a transfer  affidavit and agreement in the form
attached to the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does
not know or believe that any representation contained therein is false.

        3. The Seller has at the time of the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-  1(c)(4)(i)  and,  as a  result  of that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the future.  The Seller  understands  that the transfer of a Class R[-__]
Certificate may not be respected for United States

<PAGE>

income tax purposes  (and the Seller may continue to be liable for United States
income  taxes  Associated  therewith)  unless the Seller has  conducted  such an
investigation.

        4. The Seller has no actual  knowledge  that the proposed  Transferee is
not both a United States Person and a Permitted Transferee.

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT H

                            FORM OF INVESTOR REPRESENTATION LETTER

                                                   ______________ , 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

                                   [Trustee]

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

Attention: Residential Funding Corporation Series ________

               RE:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        _________________-   (the   "Purchaser")   intends  to   purchase   from
_________________  (the "Seller")  $_____________  Initial Certificate Principal
Balance of  Mortgage  Pass-Through  Certificates,  Series  ________,  Class (the
"Certificates"),   issued  pursuant  to  the  Series  Supplement,  dated  as  of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
_____________,  as  trustee  (the  "Trustee").  All terms  used  herein  and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants with, the Company, the Trustee and the Master Servicer that:

        1. The Purchaser understands that (a) the Certificates have not been and
will not be registered or qualified under the Securities Act of 1933, as amended
(the "Act") or any state  securities  law, (b) the Company is not required to so
register or qualify the Certificates, (c) the Certificates may be resold only if
registered  and  qualified  pursuant to the  provisions  of the Act or any state
securities law, or if an exemption from such  registration and  qualification is
available,  (d)  the  Pooling  and  Servicing  Agreement  contains  restrictions
regarding the transfer of the Certificates and (e) the Certificates  will bear a
legend to the foregoing effect.

<PAGE>

        2. The Purchaser is acquiring the  Certificates  for its own account for
investment  only  and not  with a view to or for  sale in  connection  with  any
distribution  thereof in any manner that would violate the Act or any applicable
state securities laws.

        3.  The  Purchaser  is (a) a  substantial,  sophisticated  institutional
investor having such knowledge and experience in financial and business matters,
and,  in  particular,  in such  matters  related  to  securities  similar to the
Certificates,  such that it is  capable  of  evaluating  the merits and risks of
investment in the  Certificates,  (b) able to bear the economic risks of such an
investment  and (c) an "accredited  investor"  within the meaning of Rule 501(a)
promulgated pursuant to the Act.

        4. The Purchaser has been furnished  with, and has had an opportunity to
review  (a) [a copy of the  Private  Placement  Memorandum,  dated  ___________,
20___,  relating to the  Certificates  (b)] a copy of the Pooling and  Servicing
Agreement and [b] [c] such other information  concerning the  Certificates,  the
Mortgage  Loans and the Company as has been  requested by the Purchaser from the
Company or the Seller and is  relevant to the  Purchaser's  decision to purchase
the  Certificates.  The Purchaser has had any questions arising from such review
answered by the Company or the Seller to the satisfaction of the Purchaser.  [If
the  Purchaser did not purchase the  Certificates  from the Seller in connection
with the initial  distribution of the  Certificates and was provided with a copy
of the Private Placement Memorandum (the "Memorandum")  relating to the original
sale (the "Original  Sale") of the  Certificates  by the Company,  the Purchaser
acknowledges  that such  Memorandum  was provided to it by the Seller,  that the
Memorandum  was prepared by the Company  solely for use in  connection  with the
Original  Sale and the Company did not  participate  in or facilitate in any way
the  purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
Purchaser  agrees  that it will look solely to the Seller and not to the Company
with  respect  to any  damage,  liability,  claim  or  expense  arising  out of,
resulting from or in connection with (a) error or omission,  or alleged error or
omission,  contained in the Memorandum,  or (b) any information,  development or
event arising after the date of the Memorandum.]

        5. The  Purchaser  has not and will not nor has it authorized or will it
authorize  any  person to (a)  offer,  pledge,  sell,  dispose  of or  otherwise
transfer any  Certificate,  any interest in any Certificate or any other similar
security to any person in any manner,  (b) solicit any offer to buy or to accept
a pledge, disposition of other transfer of any Certificate,  any interest in any
Certificate  or any other similar  security  from any person in any manner,  (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general  solicitation  by means of general  advertising or in any other
manner or (e) take any other  action,  that (as to any of (a) through (e) above)
would  constitute a distribution  of any  Certificate  under the Act, that would
render the disposition of any Certificate a violation of Section 5 of the Act or
any state  securities law, or that would require  registration or  qualification
pursuant thereto.  The Purchaser will not sell or otherwise  transfer any of the
Certificates,  except in  compliance  with the  provisions  of the  Pooling  and
Servicing Agreement.

        6. The Purchaser

        (a) is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of the Employee  Retirement Income Security Act of 1974,
as amended  ("ERISA),  or Section 4975 of the Internal  Revenue Code of 1986, as
amended ("Plan"), or any other person

<PAGE>

(including an investment  manager,  a named  fiduciary or a trustee of any Plan)
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any Plan within the meaning of the  Department of Labor ("DOL")
regulation at 29 C.F.R. ss.2510.3-101;

        (b) is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificates is an "insurance  company general account" (within the
meaning of DOL Prohibited  Transaction Class Exemption  ("PTCE") 95-60), and the
purchase is being made in reliance upon the availability of the exemptive relief
afforded under Sections I and III of PTCE 95-60; or

        (c) has provided the Trustee,  the Company and the Master  Servicer with
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the Trustee, the Company and the Master Servicer to the effect that the purchase
of  Certificates  is permissible  under  applicable  law, will not constitute or
result in any non-exempt  prohibited  transaction under ERISA or Section 4975 of
the Code and will not subject the Trustee, the Company or the Master Servicer to
any obligation or liability (including obligations or liabilities under ERISA or
Section  4975 of the Code) in  addition to those  undertaken  in the Pooling and
Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person  meets the  requirements  set  forth in either  6(a),  (b) or (c)
above.

                                                   Very truly yours,

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT I

                           FORM OF TRANSFEROR REPRESENTATION LETTER

                                                   _________, 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

                                   [Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        In connection  with the sale by  ____________________  (the "Seller") to
____________________ (the "Purchaser") of __________________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates,  Series ________, Class
(the  "Certificates"),  issued  pursuant to the Series  Supplement,  dated as of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  The Seller hereby  certifies,  represents and warrants to, and
covenants with, the Company and the Trustee that:

        Neither  the  Seller nor  anyone  acting on its behalf has (a)  offered,
pledged,  sold,  disposed  of or  otherwise  transferred  any  Certificate,  any
interest in any  Certificate or any other similar  security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate,  any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise  approached or
negotiated with respect to any  Certificate,  any interest in any Certificate or
any other  similar  security  with any  person in any  manner,  (d) has made any
general  solicitation by means of general advertising or in any other manner, or
(e) has taken any other action,  that (as to any of (a) through (e) above) would
constitute a distribution of the  Certificates  under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section  5 of the  Act or any  state  securities  law,  or  that  would  require
registration or qualification  pursuant thereto. The Seller will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate.  The
Seller has not and will not sell or otherwise  transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.

<PAGE>

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT J

                        [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                   Description of Rule 144A Securities, including numbers:

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

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

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

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

        The undersigned seller, as registered holder (the "Seller"),  intends to
transfer the Rule 144A Securities  described above to the undersigned buyer (the
"Buyer").

        1.  In  connection  with  such  transfer  and  in  accordance  with  the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

        2. The Buyer warrants and represents to, and covenants with, the Seller,
the Trustee and the Master Servicer (as defined in the Series Supplement,  dated
as of ________________, to the Standard Terms of Pooling and Servicing Agreement
dated  as  of  ________________  (the  "Agreement")  among  Residential  Funding
Corporation as Master Servicer,  Residential Funding Mortgage Securities I, Inc.
as  depositor  pursuant to Section  5.02 of the  Agreement  and  __________,  as
trustee, as follows:

               (a) The Buyer  understands that the Rule 144A Securities have not
        been registered under the 1933 Act or the securities laws of any state.

               (b) The  Buyer  considers  itself  a  substantial,  sophisticated
        institutional investor having such knowledge and experience in financial
        and  business  matters that it is capable of  evaluating  the merits and
        risks of investment in the Rule 144A Securities.

               (c) The Buyer has been furnished with all  information  regarding
        the Rule 144A  Securities  that it has  requested  from the Seller,  the
        Trustee or the Servicer.

<PAGE>

               (d)  Neither  the  Buyer nor  anyone  acting  on its  behalf  has
        offered,  transferred,  pledged,  sold or otherwise disposed of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar security to, or solicited any offer to buy or accept a transfer,
        pledge or other disposition of the Rule 144A Securities, any interest in
        the  Rule  144A  Securities  or any  other  similar  security  from,  or
        otherwise  approached  or  negotiated  with  respect  to the  Rule  144A
        Securities,  any  interest  in the Rule  144A  Securities  or any  other
        similar  security  with,  any person in any manner,  or made any general
        solicitation by means of general  advertising or in any other manner, or
        taken any other action, that would constitute a distribution of the Rule
        144A Securities  under the 1933 Act or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  nor  will it act,  nor has it
        authorized  or will it authorize  any person to act, in such manner with
        respect to the Rule 144A Securities.

               (e) The Buyer is a "qualified  institutional  buyer" as that term
        is defined in Rule 144A under the 1933 Act and has  completed  either of
        the forms of  certification to that effect attached hereto as Annex 1 or
        Annex 2.  The  Buyer  is  aware  that  the  sale to it is being  made in
        reliance on Rule 144A.  The Buyer is acquiring the Rule 144A  Securities
        for its own  account or the  accounts of other  qualified  institutional
        buyers,  understands  that  such  Rule 144A  Securities  may be  resold,
        pledged or transferred only (i) to a person reasonably  believed to be a
        qualified  institutional buyer that purchases for its own account or for
        the account of a qualified  institutional  buyer to whom notice is given
        that the  resale,  pledge or  transfer is being made in reliance on Rule
        144A, or (ii) pursuant to another exemption from registration  under the
        1933 Act.

        [3. The Buyer

               (a) is not an  employee  benefit  or other  plan  subject  to the
        prohibited  transaction  provisions  of the Employee  Retirement  Income
        Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
        Internal  Revenue  Code of 1986,  as  amended (a  "Plan"),  or any other
        person (including an investment  manager, a named fiduciary or a trustee
        of any Plan) acting, directly or indirectly,  on behalf of or purchasing
        any Certificate with "plan assets" of any Plan within the meaning of the
        Department of Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101;

               (b) is an insurance company, the source of funds to be used by it
        to purchase the  Certificates is an "insurance  company general account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60; or

               (c) has provided the Trustee, the Company and the Master Servicer
        with an  opinion  of  counsel  acceptable  to and in form and  substance
        satisfactory to the Trustee,  the Company and the Master Servicer to the
        effect that the purchase of Certificates is permissible under applicable
        law,  will  not  constitute  or  result  in  any  non-exempt  prohibited
        transaction under ERISA or Section 4975 of the Code and will not subject
        the Trustee,  the Company or the Master  Servicer to any  obligation  or
        liability (including obligations or liabilities under

<PAGE>

        ERISA or Section  4975 of the Code) in addition to those  undertaken  in
        the Pooling and Servicing Agreement. ]

        4. This document may be executed in one or more  counterparts and by the
different  parties  hereto on  separate  counterparts,  each of  which,  when so
executed, shall be deemed to be an original; such counterparts,  together, shall
constitute one and the same document.

        IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.

Print Name of Seller                         Print Name of Buyer

By:                                          By:
Name:                                        Name:
Title:                                       Title:
Taxpayer Identification                      Taxpayer Identification:
No.                                          No:
Date:                                        Date:

<PAGE>

                              ANNEX 1 TO EXHIBIT J

          QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A [For
               Buyers Other Than Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

        2. In connection with purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

        Corporation, etc. The Buyer is a corporation (other than a bank, savings
and loan association or similar institution),  Massachusetts or similar business
trust, partnership, or charitable organization described in Section 501(c)(3) of
the Internal Revenue Code.

        Bank. The Buyer (a) is a national bank or banking institution  organized
under the laws of any State, territory or the District of Columbia, the business
of which is substantially  confined to banking and is supervised by the State or
territorial  banking  commission  or similar  official  or is a foreign  bank or
equivalent institution, and (b) has an audited net worth of at least $25,000,000
as demonstrated in its latest annual  financial  statements,  a copy of which is
attached hereto.

        Savings  and Loan.  The Buyer  (a) is a  savings  and loan  association,
building  and loan  association,  cooperative  bank,  homestead  association  or
similar  institution,  which is  supervised  and  examined by a State or Federal
authority having  supervision over any such institutions or is a foreign savings
and loan association or equivalent  institution and (b) has an audited net worth
of  at  least  $25,000,000  as  demonstrated  in  its  latest  annual  financial
statements.

        Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15
of the Securities Exchange Act of 1934.

        Insurance  Company.  The Buyer is an insurance company whose primary and
predominant  business  activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision by
the  insurance  commissioner  or a  similar  official  or  agency  of a State or
territory or the District of Columbia.

        State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the State
or its political subdivisions, for the benefit of its employees.

<PAGE>

        ERISA Plan. The Buyer is an employee  benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974.

        Investment Adviser.  The Buyer is an investment adviser registered under
the Investment Advisers Act of 1940.

        SBIC. The Buyer is a Small Business  Investment  Company licensed by the
U.S.  Small  Business  Administration  under Section  301(c) or (d) of the Small
Business Investment Act of 1958.

        Business  Development  Company.  The  Buyer  is a  business  development
company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

        Trust Fund.  The Buyer is a trust fund whose  trustee is a bank or trust
company  and  whose  participants  are  exclusively  (a) plans  established  and
maintained  by  a  State,   its  political   subdivisions,   or  any  agency  or
instrumentality of the State or its political  subdivisions,  for the benefit of
its  employees,  or (b) employee  benefit plans within the meaning of Title I of
the Employee  Retirement  Income  Security Act of 1974,  but is not a trust fund
that includes as participants individual retirement accounts or H.R. 10 plans.

        3. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer,  (ii) securities that are part of
an unsold  allotment to or  subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

        4. For purposes of determining the aggregate  amount of securities owned
and/or invested on a discretionary  basis by the Buyer,  the Buyer used the cost
of such  securities  to the  Buyer  and did not  include  any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

        5.  The  Buyer  acknowledges  that it is  familiar  with  Rule  144A and
understands  that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements  made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

                          Will the Buyer be purchasing the Rule 144A
Yes            No            Securities only for the Buyer's own account?

        6. If the answer to the  foregoing  question is "no",  the Buyer  agrees
that,  in connection  with any purchase of securities  sold to the Buyer for the
account of a third party  (including  any separate  account) in reliance on Rule
144A,  the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In

<PAGE>

addition,  the Buyer  agrees that the Buyer will not purchase  securities  for a
third party unless the Buyer has obtained a current  representation  letter from
such third party or taken other appropriate  steps  contemplated by Rule 144A to
conclude that such third party  independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

        7. The Buyer will notify each of the parties to which this certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice is given,  the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.

                                                   Print Name of Buyer

                                                   By:
                                                   Name:
                                                   Title:

                                                   Date:

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice  President  of the Buyer or, if the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

        2. In  connection  with  purchases  by Buyer,  the Buyer is a "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

        The Buyer  owned $ in  securities  (other than the  excluded  securities
referred  to below) as of the end of the Buyer's  most recent  fiscal year (such
amount being calculated in accordance with Rule 144A).

        The Buyer is part of a Family of Investment Companies which owned in the
aggregate $ in securities (other than the excluded securities referred to below)
as of the  end of the  Buyer's  most  recent  fiscal  year  (such  amount  being
calculated in accordance with Rule 144A).

        3. The term "Family of Investment Companies" as used herein means two or
more  registered  investment  companies  (or series  thereof) that have the same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

        4. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated  with the Buyer or are part of the Buyer's Family
of Investment  Companies,  (ii) bank deposit notes and  certificates of deposit,
(iii) loan participations,  (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

        5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

<PAGE>

        6. The  undersigned  will  notify  each of the  parties  to  which  this
certification is made of any changes in the information and conclusions  herein.
Until such notice,  the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this  certification by the undersigned as of the date of such
purchase.

                                                   Print Name of Buyer

                                                   By:
                                                   Name:
                                                   Title:

                                                   IF AN ADVISOR:

                                                   Print Name of Buyer

                                                   Date:

<PAGE>

                                          EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                         AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                         ARTICLE XII
                   Subordinate Certificate Loss Coverage; Limited Guaranty

        Section 12.01. Subordinate Certificate Loss Coverage;  Limited Guaranty.
(a) Subject to subsection  (c) below,  prior to the later of the third  Business
Day prior to each  Distribution  Date or the  related  Determination  Date,  the
Master Servicer shall determine  whether it or any Sub-Servicer will be entitled
to any  reimbursement  pursuant to Section 4.02(a) on such Distribution Date for
Advances or Sub-Servicer  Advances  previously made, (which will not be Advances
or Sub-Servicer Advances that were made with respect to delinquencies which were
subsequently determined to be Excess Special Hazard Losses, Excess Fraud Losses,
Excess  Bankruptcy  Losses or  Extraordinary  Losses)  and,  if so,  the  Master
Servicer shall demand payment from Residential Funding of an amount equal to the
amount of any Advances or Sub-Servicer  Advances  reimbursed pursuant to Section
4.02(a),  to the extent such  Advances or  Sub-Servicer  Advances  have not been
included in the amount of the Realized Loss in the related  Mortgage  Loan,  and
shall distribute the same to the Class B  Certificateholders  in the same manner
as if such amount were to be distributed pursuant to Section 4.02(a).

        (b)  Subject to  subsection  (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether any Realized  Losses (other than
Excess Special Hazard Losses,  Excess Bankruptcy Losses, Excess Fraud Losses and
Extraordinary  Losses)  will be allocated  to the Class B  Certificates  on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

        (c) Demands for payments pursuant to this Section shall be made prior to
the  later of the third  Business  Day  prior to each  Distribution  Date or the
related Determination Date by the Master Servicer with written notice thereof to
the Trustee.  The maximum amount that  Residential  Funding shall be required to
pay pursuant to this Section on any Distribution  Date (the "Amount  Available")
shall be equal to the lesser of (X) minus the sum of (i) all  previous  payments
made under  subsections  (a) and (b) hereof and (ii) all draws under the Limited
Guaranty made in lieu of such payments as

<PAGE>

described  below  in  subsection  (d) and (Y) the then  outstanding  Certificate
Principal  Balances of the Class B Certificates,  or such lower amount as may be
established  pursuant to Section  12.02.  Residential  Funding's  obligations as
described in this Section are referred to herein as the "Subordinate Certificate
Loss Obligation."

        (d)  The  Trustee  will  promptly   notify  General  Motors   Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

        (e) All payments made by Residential Funding pursuant to this Section or
amounts  paid under the  Limited  Guaranty  shall be  deposited  directly in the
Certificate Account, for distribution on the Distribution Date for such month to
the Class B Certificateholders.

        (f) The  Company  shall  have the  option,  in its sole  discretion,  to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master

<PAGE>

Servicer and the Trustee, that such substitute  instrument  constitutes a legal,
valid and binding obligation of the substitute guarantor or obligor, enforceable
in accordance  with its terms,  and concerning  such other matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

        Section   12.02.   Amendments   Relating   to  the   Limited   Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supersession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supersession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

<PAGE>

                                          EXHIBIT L

                                  [FORM OF LIMITED GUARANTY]
                                       LIMITED GUARANTY
                       RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
                              Mortgage Pass-Through Certificates
                                       Series ________

                                                   ___________, 20____

[Trustee]

Attention: Residential Funding Corporation Series ________
Ladies and Gentlemen:

     WHEREAS,   Residential   Funding   Corporation,   a  Delaware   corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Series Supplement,  dated as
of  ________________,  to the Standard Terms of Pooling and Servicing  Agreement
dated  as of  ________________  (together,  the  "Servicing  Agreement"),  among
Residential  Funding Mortgage  Securities I, Inc. (the  "Company"),  Residential
Funding and  __________  (the  "Trustee") as amended by Amendment  No.  thereto,
dated as of , with respect to the  Mortgage  Pass-Through  Certificates,  Series
________ (the "Certificates"); and

        WHEREAS,   pursuant  to  Section  12.01  of  the  Servicing   Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

        WHEREAS,  GMAC desires to provide certain assurances with respect to the
ability of  Residential  Funding to secure  sufficient  funds and  faithfully to
perform its Subordinate Certificate Loss Obligation;

        NOW THEREFORE,  in  consideration  of the premises herein  contained and
certain  other good and valuable  consideration,  the receipt of which is hereby
acknowledged, GMAC agrees as follows:

        1. Provision of Funds.  (a) GMAC agrees to contribute and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

        (b) The  agreement  set  forth  in the  preceding  clause  (a)  shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any

<PAGE>

part  of its or  their  interest  in  Residential  Funding,  by any  insolvency,
bankruptcy, dissolution or other proceeding affecting Residential Funding or any
other  person,  by any defense or right of  counterclaim,  set-off or recoupment
that GMAC may have  against  Residential  Funding or any other  person or by any
other fact or circumstance.  Notwithstanding  the foregoing,  GMAC's obligations
under clause (a) shall terminate upon the earlier of (x)  substitution  for this
Limited Guaranty pursuant to Section 12.01(f) of the Servicing Agreement, or (y)
the termination of the Trust Fund pursuant to the Servicing Agreement.

        2.  Waiver.  GMAC  hereby  waives  any  failure  or delay on the part of
Residential  Funding,  the Trustee or any other person in asserting or enforcing
any  rights or in making  any  claims or demands  hereunder.  Any  defective  or
partial  exercise of any such  rights  shall not  preclude  any other or further
exercise  of  that  or  any  other  such  right.  GMAC  further  waives  demand,
presentment,  notice of default,  protest,  notice of  acceptance  and any other
notices with respect to this Limited Guaranty,  including,  without  limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.

        3. Modification, Amendment and Termination. This Limited Guaranty may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

        4.  Successor.  Except  as  otherwise  expressly  provided  herein,  the
guarantee  herein  set  forth  shall be  binding  upon  GMAC and its  respective
successors.

        5. Governing Law. This Limited Guaranty shall be governed by the laws of
the State of New York.

        6.  Authorization  and Reliance.  GMAC  understands  that a copy of this
Limited  Guaranty  shall be  delivered  to the  Trustee in  connection  with the
execution  of  Amendment  No.  1 to the  Servicing  Agreement  and  GMAC  hereby
authorizes  the Company and the Trustee to rely on the covenants and  agreements
set forth herein.

        7. Definitions.  Capitalized terms used but not otherwise defined herein
shall have the meaning given them in the Servicing Agreement.

        8. Counterparts.  This Limited Guaranty may be executed in any number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

<PAGE>

        IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be executed
and delivered by its respective officers thereunto duly authorized as of the day
and year first above written.

                                                   GENERAL MOTORS ACCEPTANCE
                                                   CORPORATION

                                                   By:
                                                   Name:
                                                   Title:

Acknowledged by:
[Trustee], as Trustee

By:
Name:
Title:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

By:
Name:
Title:

<PAGE>

                                          EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                   _____________, 20______

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

                                   [Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates, Series ________
                      Assignment of Mortgage Loan

Ladies and Gentlemen:

        This letter is delivered to you in  connection  with the  assignment  by
___________   (the  "Trustee")  to   _____________________   (the  "Lender")  of
__________________(the  "Mortgage  Loan")  pursuant  to  Section  3.13(d) of the
Series  Supplement,  dated  as of  ________________,  to the  Standard  Terms of
Pooling and Servicing  Agreement  dated as of  ________________  (together,  the
"Pooling and Servicing Agreement") among Residential Funding Mortgage Securities
I, Inc., as seller (the "Company"),  Residential Funding Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

        the  Mortgage  Loan  is  secured  by  Mortgaged  Property  located  in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

        the substance of the assignment is, and is intended to be, a refinancing
of such Mortgage Loan and the form of the  transaction is solely to comply with,
or facilitate the transaction under, such local laws;

        the Mortgage Loan following the proposed  assignment will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest  on such  Mortgage  Loan prior to such  proposed  assignment;  and such
assignment is at the request of the borrower under the related Mortgage Loan.

<PAGE>

                                                   Very truly yours,

                                                   (Lender)

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT N

                                 FORM OF REQUEST FOR EXCHANGE

                                                   [Date]

Bank One, National Association
1 Bank One Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126

               Re:    Residential Funding Mortgage Securities I, Inc.
                      Mortgage Pass-Through Certificates, Series [________]

        Residential  Funding  Corporation,  as the Holder of a ____%  Percentage
Interest of the [Class/Subclass] of Class A-V Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

        1.     Class   A-V   Certificates,   corresponding   to  the   following
               Uncertificated    REMIC   Regular   Interests:    [List   numbers
               corresponding  to the related loans and Pool Strip Rates from the
               Mortgage Loan Schedule]. The Initial Subclass Notional Amount and
               the initial  Pass-Through Rate on the Class A-V Certificates will
               be $___________ and _____%, respectively.

        [2.    Repeat as appropriate.]

        The  Subclasses  requested  above will represent in the aggregate all of
the  Uncertificated  REMIC  Regular  Interests  represented  by  the  Class  A-V
Certificates surrendered for exchange.

        The  capitalized  terms  used  but not  defined  herein  shall  have the
meanings set forth in the Pooling and Servicing Agreement,  dated as of _______,
among  Residential  Funding  Mortgage  Securities I, Inc.,  Residential  Funding
Corporation and Bank One National Association, as trustee.

                                               RESIDENTIAL FUNDING CORPORATION

                                                   By:
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT O

                                FORM OF FORM 10-K CERTIFICATE

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing  distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust (the  "Trust")  created  pursuant  to the  [Pooling  and  Servicing
Agreement dated February 1, 2003] (the "Agreement")  among  Residential  Funding
Mortgage  Securities I, Inc. (the "Company"),  Residential  Funding  Corporation
(the "Master Servicer") and Bank One, National Association (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

        3. Based on my  knowledge,  the  servicing  information  required  to be
provided to the Trustee by the Master Servicer under the Agreement for inclusion
in these reports is included in these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under  the  Agreement  and  based  upon my  knowledge  and the  annual
compliance  review required under the Agreement,  and except as disclosed in the
report,  the Master Servicer has fulfilled its obligations  under the Agreement;
and

        5. The reports  disclose all  significant  deficiencies  relating to the
Master Servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public  accountant,  after conducting a review
in compliance with the Uniform Single  Attestation  Program for Mortgage Bankers
as set forth in the Agreement, that is included in these reports.

        In giving the  certifications  above,  I have  reasonably  relied on the
information provided to me by the following unaffiliated parties: [the Trustee].

Date:____________

_________________________________*
[Signature]
Name:
Title:

* - to be signed by the senior  officer in charge of the servicing  functions of
the Master Servicer

<PAGE>

                                           EXHIBIT P

                    FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

        The undersigned, a Responsible Officer of Bank One, National Association
(the "Trustee") certifies that:

        1. The Trustee has performed all of the duties specifically  required to
be  performed  by it pursuant  to the  provisions  of the Pooling and  Servicing
Agreement  dated [February 1, 2003] (the  "Agreement") by and among  Residential
Funding  Mortgage  Securities  I,  Inc.  (the  "Company"),  Residential  Funding
Corporation (the "Master Servicer") and Trustee in accordance with the standards
set forth therein.

        2.  Based on my  knowledge,  the  information  that is  provided  by the
Trustee  pursuant to Section  4.03(f)(I)  of the Agreement is accurate as of the
last day of the 20___ calendar year.

        Capitalized  terms used and not defined  herein  shall have the meanings
given such terms in the Agreement.

     IN  WITNESS   THEREOF,   I  have  duly  executed  this  certificate  as  of
____________, 20___

                                                          Name:
                                                          Title:

<PAGE>

                                  EXHIBIT FIVE

                CERTIFICATE POLICY OF MBIA INSURANCE CORPORATION

<PAGE>

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