Document:

<PAGE>
                                                                    EXHIBIT 10.1

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

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

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

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

<TABLE>
ISSUANCE INFORMATION
---------------------------------------------------------------------------------------------------------------
<S>                                <C>                                 <C>                    <C>
          Seller:                  Redwood Trust                       Cut-Off Date:          October 1, 2001
          Certificate Insurer:                                         Closing Date:          October 31, 2001
          Servicer(s):             Cendant Mortgage Corporation        First Payment Date:    November 19, 2001
                                   Morgan Stanley Dean Witter

          Underwriter(s):          Greenwich Capital Markets, Inc.     Distribution Date:     February 19, 2002
                                   Bear, Stearns & Co. Inc.            Record Date:           February 18, 2002
                                                                                              January 31, 2002
---------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            SEQUOIA MORTGAGE TRUST 5
                          COLLATERALIZED MORTGAGE BONDS
             BOND PAYMENT REPORT FOR FEBRUARY 19, 2002 DISTRIBUTION

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
----------------------------------------------------------------------------------------------------------------------------
                                   Prior                                                                         Current
        Class    Original        Principal                                     Total      Realized  Deferred    Principal
Class   Type     Face Value       Balance       Interest       Principal    Distribution   Losses   Interest     Balance
----------------------------------------------------------------------------------------------------------------------------
                                    (1)            (2)            (3)       (4)=(2)+(3)      (5)      (6)      (7)=(1)-(3)-
                                                                                                                  (5)+(6)
----------------------------------------------------------------------------------------------------------------------------
<S>     <C>    <C>             <C>             <C>           <C>           <C>            <C>       <C>       <C>
 LT-A          496,667,000.00  490,564,167.96  1,745,073.14  4,449,942.38  6,195,015.52      --        --     486,114,225.58
LT-A2                  100.00              --            --            --            --      --        --                  -
 LT-X                  100.00              --            --            --            --      --        --                  -
LT-B-1           5,918,000.00    5,918,000.00     21,051.97            --     21,051.97      --        --       5,918,000.00
LT-B-2           5,146,000.00    5,146,000.00     18,305.75            --     18,305.75      --        --       5,146,000.00
----------------------------------------------------------------------------------------------------------------------------
LT-B-3           2,316,000.00    2,316,000.00      8,238.66            --      8,238.66      --        --       2,316,000.00
LT-B-4           1,545,000.00    1,545,000.00      5,495.99            --      5,495.99      --        --       1,545,000.00
LT-B-5           1,030,000.00    1,030,000.00      3,664.00            --      3,664.00      --        --       1,030,000.00
LT-B-6           2,058,912.00    2,058,912.00      7,324.12            --      7,324.12      --        --       2,058,912.00
 LT-R                      --              --            --            --            --      --        --                 --
----------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
Total          514,681,112.00  508,578,079.96  1,809,153.63  4,449,942.38  6,259,096.01      --        --     504,128,137.58
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail               Current Period Factor Information per $1,000 of Original Face
------------------------------------------------------------------------------------------------------------------------
                                           Orig. Principal     Prior                                           Current
         Period   Period                   (with Notional)   Principal                            Total       Principal
 Class  Starting  Ending   Method   Cusip      Balance        Balance     Interest  Principal  Distribution    Balance
------------------------------------------------------------------------------------------------------------------------
                                                                 (1)        (2)       (3)      (4)=(2)+(3)        (5)
------------------------------------------------------------------------------------------------------------------------
<S>     <C>       <C>     <C>       <C>    <C>              <C>           <C>       <C>        <C>          <C>
 LT-A                     A-30/360          496,667,000.00    987.712427  3.513568  8.959610    12.473177     978.752817
 LT-A2                    A-30/360                  100.00            --        --        --           --             --
 LT-X                     A-30/360                  100.00            --        --        --           --             --
LT-B-1                    A-30/360            5,918,000.00  1,000.000000  3.557278        --     3.557278   1,000.000000
LT-B-2                    A-30/360            5,146,000.00  1,000.000000  3.557277        --     3.557277   1,000.000000
------------------------------------------------------------------------------------------------------------------------
LT-B-3                    A-30/360            2,316,000.00  1,000.000000  3.557280        --     3.557280   1,000.000000
LT-B-4                    A-30/360            1,545,000.00  1,000.000000  3.557275        --     3.557275   1,000.000000
LT-B-5                    A-30/360            1,030,000.00  1,000.000000  3.557282        --     3.557282   1,000.000000
LT-B-6                    A-30/360            2,058,912.00  1,000.000000  3.557277        --     3.557277   1,000.000000
 LT-R                     A-30/360                      --            --        --        --           --             --
------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     Current
           Original                    Unscheduled   Scheduled      Total          Total      Realized  Deferred     Principal
Class     Face Value      Interest      Principal    Principal    Principal    Distribution    Losses   Interest     Balance
--------------------------------------------------------------------------------------------------------------------------------
             (1)            (2)            (3)          (4)      (5)=(3)+(4)    (6)=(2)+(5)      (7)      (8)      (9)=(1)-(5)-
                                                                                                                       (7)+(8)
--------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>           <C>            <C>        <C>            <C>            <C>       <C>       <C>
 LT-A   496,667,000.00  7,893,686.89  10,552,774.42     --      10,552,774.42  18,446,461.31     --       --      486,114,225.58
LT-A2           100.00          0.42         100.00     --             100.00         100.42     --       --                  --
 LT-X           100.00            --         100.00     --             100.00         100.00     --       --                  --
LT-B-1    5,918,000.00     94,666.35             --     --                 --      94,666.35     --       --        5,918,000.00
LT-B-2    5,146,000.00     82,317.16             --     --                 --      82,317.16     --       --        5,146,000.00
LT-B-3    2,316,000.00     37,047.53             --     --                 --      37,047.53     --       --        2,316,000.00
LT-B-4    1,545,000.00     24,714.35             --     --                 --      24,714.35     --       --        1,545,000.00
LT-B-5    1,030,000.00     16,476.23             --     --                 --      16,476.23     --       --        1,030,000.00
LT-B-6    2,058,912.00     32,935.05             --     --                 --      32,935.05     --       --        2,058,912.00
 LT-R               --            --             --     --                 --             --     --       --                  --
--------------------------------------------------------------------------------------------------------------------------------
Total   514,681,112.00  8,181,843.98  10,552,974.42     --      10,552,974.42  18,734,818.40     --       --      504,128,137.58
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
-----------------------------------------------------------------------------------------------------------------------------
          Pass-   Prior Principal                   Non-       Prior    Unscheduled                  Paid or       Current
         Through  (with Notional)    Accrued      Supported    Unpaid    Interest      Optimal       Deferred       Unpaid
 Class    Rate        Balance        Interest    Interest SF  Interest  Adjustments    Interest      Interest      Interest
-----------------------------------------------------------------------------------------------------------------------------
                                        (1)          (2)        (3)         (4)        (5)=(1)-        (6)       (7)=(5)-(6)
                                                                                     (2)+(3)+(4)
-----------------------------------------------------------------------------------------------------------------------------
<S>     <C>       <C>              <C>           <C>          <C>       <C>          <C>           <C>             <C>
 LT-A    4.26873% 490,564,167.96   1,745,073.14      --         --          --       1,745,073.14  1,745,073.14       --
 LT-A2   4.26873%             --             --      --         --          --                 --            --       --
 LT-X                         --             --      --         --          --                 --            --       --
LT-B-1   4.26873%   5,918,000.00      21,051.97      --         --                      21,051.97     21,051.97       --
LT-B-2   4.26873%   5,146,000.00      18,305.75      --         --                      18,305.75     18,305.75       --
-----------------------------------------------------------------------------------------------------------------------------
LT-B-3   4.26873%   2,316,000.00       8,238.66      --         --          --           8,238.66      8,238.66       --
LT-B-4   4.26873%   1,545,000.00       5,495.99      --         --          --           5,495.99      5,495.99       --
LT-B-5   4.26873%   1,030,000.00       3,664.00      --         --          --           3,664.00      3,664.00       --
LT-B-6   4.26873%   2,058,912.00       7,324.12      --         --          --           7,324.12      7,324.12       --
 LT-R                         --             --      --         --          --                 --            --       --
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
 Total            508,578,079.96   1,809,153.63      --         --          --       1,809,153.63  1,809,153.63       --
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    Current
          Original                    Unscheduled   Scheduled      Total         Total       Realized  Deferred     Principal
Class    Face Value      Interest      Principal    Principal    Principal    Distribution    Losses   Interest     Balance
--------------------------------------------------------------------------------------------------------------------------------
            (1)            (2)            (3)          (4)      (5)=(3)+(4)   (6)=(2)+(5)       (7)       (8)     (9)=(1)-(5)-
                                                                                                                    (7)+(8)
--------------------------------------------------------------------------------------------------------------------------------
<S>    <C>             <C>           <C>            <C>        <C>            <C>            <C>       <C>       <C>
  A    496,667,000.00  3,506,751.88  10,552,774.42     --      10,552,774.42  14,059,526.30     --        --     486,114,225.58
  X            100.00  4,487,654.75         100.00     --             100.00   4,487,754.75     --        --                 --
 A-R           100.00          0.42         100.00     --             100.00         100.42     --        --                 --
 B-1     5,918,000.00     50,140.87             --     --                 --      50,140.87     --        --       5,918,000.00
 B-2     5,146,000.00     43,600.04             --                        --      43,600.04     --        --       5,146,000.00
 B-3     2,316,000.00     19,622.56             --                        --      19,622.56     --        --       2,316,000.00
 B-4     1,545,000.00     24,714.35             --     --                 --      24,714.35     --        --       1,545,000.00
 B-5     1,030,000.00     16,476.23             --     --                 --      16,476.23     --        --       1,030,000.00
 B-6     2,058,912.00     32,935.03             --     --                 --      32,935.03     --        --       2,058,912.00
--------------------------------------------------------------------------------------------------------------------------------
Total  514,681,112.00  8,181,896.13  10,552,974.42     --      10,552,974.42  18,734,870.55     --        --     504,128,137.58
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
---------------------------------------------------------------------------------------------------------------------------------
           Pass-     Prior Principal                   Non-       Prior    Unscheduled                   Paid or      Current
          Through    (with Notional)    Accrued      Supported    Unpaid    Interest       Optimal       Deferred      Unpaid
Class       Rate           Balance      Interest    Interest SF  Interest  Adjustments     Interest      Interest     Interest
---------------------------------------------------------------------------------------------------------------------------------
                                       (1)              (2)         (3)        (4)         (5)=(1)-        (6)       (7)=(5)-(6)
                                                                                          (2)+(3)+(4)
---------------------------------------------------------------------------------------------------------------------------------
<S>       <C>         <C>             <C>           <C>          <C>       <C>          <C>            <C>           <C>
  A       2.08875%    490,564,167.96    768,499.43      --          --         --         768,499.43     768,499.43       --
  X       2.37811%                --    998,709.06      --          --         --         998,709.06     998,709.06       --
 A-R      4.26873%                --            --      --          --         --                 --             --       --
 B-1      2.53875%      5,918,000.00     11,268.24      --          --         --          11,268.24      11,268.24       --
 B-2      2.53875%      5,146,000.00      9,798.31      --          --         --           9,798.31       9,798.31       --
---------------------------------------------------------------------------------------------------------------------------------
 B-3      2.53875%      2,316,000.00      4,409.81      --          --         --           4,409.81       4,409.81       --
 B-4      4.26873%      1,545,000.00      5,495.99      --          --         --           5,495.99       5,495.99       --
 B-5      4.26873%      1,030,000.00      3,664.00      --          --         --           3,664.00       3,664.00       --
 B-6      4.26873%      2,058,912.00      7,324.11      --          --         --           7,324.11       7,324.11       --
---------------------------------------------------------------------------------------------------------------------------------
Total                 508,578,079.96  1,809,168.95      --          --         --       1,809,168.95   1,809,168.95       --
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                            COLLECTION ACCOUNT REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                               MSDW            CENDANT             TOTAL
--------------------------------------------------------------------------------------------------
<S>                                          <C>               <C>               <C>
     Principal Collections                        1,091,894.75      3,358,047.63      4,449,942.38
     Principal Withdrawals                                0.00              0.00              0.00
     Principal Other Accounts                             0.00              0.00              0.00
     TOTAL PRINCIPAL                              1,091,894.75      3,358,047.63      4,449,942.38

     Interest Collected                             680,460.11      1,202,532.10      1,882,992.21
     Interest Withdrawals                                 0.00              0.00              0.00
     Interest Other Accounts                              0.00              0.00             15.32
     Fees                                            (9,141.22)       (62,790.19)       (73,838.58)
     TOTAL INTEREST                                 671,318.89      1,139,741.91      1,809,168.95

     TOTAL AVAILABLE TO CERTIFICATEHOLDERS        1,763,213.64      4,497,789.54      6,259,111.33
--------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                          MSDW           CENDANT           TOTAL
-------------------------------------------------------------------------------------------
<S>                                          <C>              <C>              <C>
     Scheduled Principal                             0.00             0.00             0.00
     Curtailments                              159,010.88     1,048,646.48     1,207,657.36
     Prepayments In Full                       932,883.87     2,309,401.15     3,242,285.02
     Repurchased Principal Amounts                   0.00             0.00             0.00
     Substitution Principal Amount                   0.00             0.00             0.00
     Liquidations                                    0.00             0.00             0.00
     Insurance Principal                             0.00             0.00             0.00
     Other Principal                                 0.00             0.00             0.00
     Total Realized Loss Of Principal                0.00             0.00             0.00

     TOTAL PRINCIPAL COLLECTED               1,091,894.75     3,358,047.63     4,449,942.38
-------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - WITHDRAWALS                          MSDW           CENDANT           TOTAL
-------------------------------------------------------------------------------------------
<S>                                          <C>              <C>              <C>
                         SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
PRINCIPAL - OTHER ACCOUNTS                       MSDW           CENDANT           TOTAL
-------------------------------------------------------------------------------------------
<S>                                          <C>              <C>              <C>
     Amounts remaining in Pre-Funding Account                                          0.00

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

<PAGE>

<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                       MSDW             CENDANT           TOTAL
-----------------------------------------------------------------------------------------
<S>                                      <C>               <C>              <C>
     Scheduled Interest                    731,769.63      1,239,818.17      1,971,587.80
     Repurchased Interest                        0.00              0.00              0.00
     Substitution Interest Amount                0.00              0.00              0.00
     Liquidation Interest                        0.00              0.00              0.00
     Insurance Interest                          0.00              0.00              0.00
     Other Interest                              0.00              0.00              0.00

     Delinquent Interest                  (620,551.68)      (462,055.88)    (1,082,607.56)
     Interest Advanced                     569,242.16        424,769.81        994,011.97
     Prepayment Interest Shortfalls              0.00         (7,710.47)        (7,710.47)
     Compensating Interest                       0.00          7,710.47          7,710.47
     Civil Relief Act Shortfalls                 0.00              0.00              0.00

     TOTAL INTEREST COLLECTED              680,460.11      1,202,532.10      1,882,992.21
-----------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                       MSDW             CENDANT           TOTAL
INTEREST - COLLECTIONS                       MSDW             CENDANT           TOTAL
-----------------------------------------------------------------------------------------
<S>                                        <C>             <C>               <C>
     Current Nonrecoverable Advances             0.00              0.00              0.00

     TOTAL INTEREST WITHDRAWALS                  0.00              0.00              0.00
-----------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - OTHER ACCOUNTS                             MSDW        CENDANT        TOTAL
--------------------------------------------------------------------------------------
<S>                                                <C>          <C>           <C>
     Pre-Funding Account Earnings                                                 0.00
     Basis Risk Shortfall                                                         0.00
     Basis Risk Reserve Fund Interest Earnings                                   15.32
     Capitalized Interest Requirement                                             0.00

     TOTAL INTEREST OTHER ACCOUNTS                                               15.32
--------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - FEES                             MSDW        CENDANT        TOTAL
------------------------------------------------------------------------------
<S>                                       <C>          <C>           <C>
     Current Servicing Fees               9,141.22     62,790.19     71,931.41
     Trustee Fee                                                      1,907.17

     TOTAL FEES                           9,141.22     62,790.19     73,838.58
------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                            CREDIT ENHANCEMENT REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
ACCOUNTS                                                               MSDW        CENDANT         TOTAL
----------------------------------------------------------------------------------------------------------
<S>                                                                   <C>          <C>           <C>
     BASIS RISK RESERVE FUND

     Beginning Balance                                                                           10,000.00
     Basis Risk Deposit                                                                               0.00
     Basis Risk Shortfall paid                                                                       (0.00)
     Investment Earnings distributed to the Class X Bondholder                                       15.32
     Ending Balance                                                                              10,000.00
----------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INSURANCE                                                              MSDW        CENDANT         TOTAL
----------------------------------------------------------------------------------------------------------
<S>                                                                   <C>          <C>           <C>
                         SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                                    MSDW        CENDANT         TOTAL
----------------------------------------------------------------------------------------------------------
<S>                                                                   <C>          <C>         <C>
     Pro Rata Senior Percentage                                                                 96.457985%
     Senior Percentage                                                                         100.000000%
     Subordinate Percentage                                                                      0.000000%
     Senior Prepayment Percentage                                                              100.000000%
     Subordinate Percentage                                                                      0.000000%
----------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                                COLLATERAL REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
COLLATERAL                                           MSDW              CENDANT              TOTAL
------------------------------------------------------------------------------------------------------
<S>                                             <C>                 <C>                 <C>
           Loan Count:
      ORIGINAL                                             296                 725                1021
      Prior                                                375                 835               1,210
      Prefunding                                            --                  --                  --
      Scheduled Paid Offs                                   --                  --                  --
      Full Voluntary Prepayments                            (3)                 (3)                 (6)
      Repurchases                                           --                  --                  --
      Liquidations                                          --                  --                  --
------------------------------------------------------------------------------------------------------
      Current                                              372                 832               1,204

      PRINCIPAL BALANCE:
      Original                                  153,936,514.18      290,744,597.66      444,681,111.84
      Prior                                     188,280,181.29      320,297,898.51      508,578,079.80
      Prefunding                                            --                  --                  --
      Scheduled Principal                                   --                  --                  --
      Partial and Full Voluntary Prepayments     (1,091,894.75)      (3,358,047.63)      (4,449,942.38)
      Repurchases                                           --                  --                  --
      Liquidations                                          --                  --                  --
------------------------------------------------------------------------------------------------------
      Current                                   187,188,286.54      316,939,850.88      504,128,137.42
------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PREFUNDING                                                         MSDW       CENDANT            TOTAL
------------------------------------------------------------------------------------------------------
<S>                                                                <C>        <C>        <C>
     PRE-FUNDING ACCOUNT

     Original Pre-Funded Amount                                                          70,000,000.00
     Balance of Subsequent Mortgage Loans added this period                                       0.00
     Pre-Funding Account Earnings                                                                 0.00
     Withdrawal remaining amounts                                                                 0.00
     Pre-Funding Account Ending Balance                                                           0.00

     CAPITALIZED INTEREST ACCOUNT

     Original Capitalized Interest Amount                                                   132,224.00
     Capitalized Interest Requirement                                                             0.00
     Capitalized Interest Account Ending Balance                                                  0.00
------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
CHARACTERISTICS                                                      MSDW         CENDANT           TOTAL
----------------------------------------------------------------------------------------------------------
<S>                                                             <C>             <C>             <C>
     Weighted Average Coupon Original                            5.497811%       5.791606%       5.689902%
     Weighted Average Coupon Prior                               4.935651%       5.274024%       5.148862%
     Weighted Average Coupon Current                             4.663919%       4.644994%       4.652000%
     -----------------------------------------------------------------------------------------------------
     Weighted Average Months to Maturity Original                     297             296             296
     Weighted Average Months to Maturity Prior                        296             294             295
     Weighted Average Months to Maturity Current                      295             293             294
     -----------------------------------------------------------------------------------------------------
     Weighted Avg Remaining Amortization Term Original                297             296             296
     Weighted Avg Remaining Amortization Term Prior                   295             294             295
     Weighted Avg Remaining Amortization Term Current                 294             293             293
     -----------------------------------------------------------------------------------------------------
     Weighted Average Seasoning Original                             3.35            4.14            3.87
     Weighted Average Seasoning Prior                                4.72            5.93            5.48
     Weighted Average Seasoning Current                              5.91            7.04            6.62
---------------------------------------------------------------------------------------------------------
</TABLE>
Note: Original information refers to deal issue.

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                             MSDW            CENDANT           TOTAL
---------------------------------------------------------------------------------------------------------
<S>                                                           <C>               <C>               <C>
     Weighted Average Margin Original                          1.682%            1.801%
     Weighted Average Margin Prior                             1.672%            1.814%
     Weighted Average Margin Current                           1.672%            1.813%
     ----------------------------------------------------------------------------------------------------
     Weighted Average Max Rate Original                       12.000%           12.275%
     Weighted Average Max Rate Prior                          12.000%           12.325%
     Weighted Average Max Rate Current                        12.000%           12.325%
     ----------------------------------------------------------------------------------------------------
     Weighted Average Min Rate Original                        1.682%            1.801%
     Weighted Average Min Rate Prior                           2.719%            1.618%
     Weighted Average Min Rate Current                         2.716%            1.617%
     ----------------------------------------------------------------------------------------------------
     Weighted Average Cap Up Original
     Weighted Average Cap Up Prior
     Weighted Average Cap Up Current
     ----------------------------------------------------------------------------------------------------
     Weighted Average Cap Down Original
     Weighted Average Cap Down Prior
     Weighted Average Cap Down Current
     ----------------------------------------------------------------------------------------------------
</TABLE>
Note: Original information refers to deal issue.

<TABLE>
<CAPTION>
SERVICING FEES/ADVANCES                                          MSDW          CENDANT            TOTAL
--------------------------------------------------------------------------------------------------------
<S>                                                       <C>              <C>              <C>
     Current Servicing Fees                                  9,141.22        62,790.19        71,931.41
     Delinquent Servicing Fees                              51,309.52        37,286.07        88,595.59
     TOTAL SERVICING FEES                                   60,450.74       100,076.26       160,527.00

     Total Servicing Fees                                   60,450.74       100,076.26       160,527.00
     Compensating Interest                                       0.00        (7,710.47)       (7,710.47)
     Delinquent Servicing Fees                             (51,309.52)      (37,286.07)      (88,595.59)
     COLLECTED SERVICING FEES                                9,141.22        55,079.72        64,220.94

     Prepayment Interest Shortfall                               0.00         7,710.47         7,710.47

     Total Advanced Interest                               569,242.16       424,769.81       994,011.97

     Current Nonrecoverable Advances                             0.00             0.00             0.00
--------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                                            MSDW           CENDANT             TOTAL
----------------------------------------------------------------------------------------------------------------------
<S>                                                                <C>               <C>               <C>
     Mortgage Loans which adjust based on One-Month LIBOR           32,604,741.72              0.00     32,604,741.72
     Mortgage Loans which adjust based on Six-Month LIBOR          154,583,544.82    316,939,850.88    471,523,395.70

     Special Hazard Loss Coverage Amount                                                                 5,502,000.00
     Current Special Hazard Losses                                                                               0.00
     Cumulative Special Hazard Losses                                                                            0.00
     Bankruptcy Loss Coverage Amount                                                                       148,271.00
     Current Bankruptcy Losses                                                                                   0.00
     Cumulative Bankruptcy Losses                                                                                0.00
     Fraud Loss Coverage Amount                                                                         10,293,622.00
     Current Fraud Losses                                                                                        0.00
     Cumulative Fraud Losses                                                                                     0.00
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                           DELINQUENCY REPORT - TOTAL
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                   CURRENT     1 PAYMENT       2  PAYMTS     3+  PAYMTS          TOTAL
-------------------------------------------------------------------------------------------------------
<S>                  <C>           <C>        <C>             <C>            <C>            <C>
DELINQUENT           Balance                  689,952.41      239,050.00              -     929,002.41
                     % Balance                      0.14%           0.05%          0.00%          0.18%
                     # Loans                           2               1              -              3
                     % # Loans                      0.17%           0.08%          0.00%          0.25%
-------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance             -             -               -              -              -
                     % Balance        0.00%         0.00%           0.00%          0.00%          0.00%
                     # Loans             -             -               -              -              -
                     % # Loans        0.00%         0.00%           0.00%          0.00%          0.00%
-------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance             -             -               -              -              -
                     % Balance        0.00%         0.00%           0.00%          0.00%          0.00%
                     # Loans             -             -               -              -              -
                     % # Loans        0.00%         0.00%           0.00%          0.00%          0.00%
-------------------------------------------------------------------------------------------------------
REO                  Balance             -             -               -              -              -
                     % Balance        0.00%         0.00%           0.00%          0.00%          0.00%
                     # Loans             -             -               -              -              -
                     % # Loans        0.00%         0.00%           0.00%          0.00%          0.00%
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
TOTAL                Balance             -    689,952.41      239,050.00              -     929,002.41
                     % Balance        0.00%         0.14%           0.05%          0.00%          0.18%
                     # Loans             -             2               1              -              3
                     % # Loans        0.00%         0.17%           0.08%          0.00%          0.25%
-------------------------------------------------------------------------------------------------------
</TABLE>

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

--------------------------------------------------------------------------------
                       DELINQUENCY REPORT - CENDANT GROUP
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                   CURRENT      1 PAYMENT       2  PAYMTS    3+  PAYMTS          TOTAL
-------------------------------------------------------------------------------------------------------
<S>                  <C>           <C>         <C>             <C>           <C>            <C>
DELINQUENT           Balance                   689,952.41      239,050.00             -     929,002.41
                     % Balance                       0.22%           0.08%         0.00%          0.29%
                     # Loans                            2               1             -              3
                     % # Loans                       0.24%           0.12%         0.00%          0.36%
-------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance             -              -               -             -              -
                     % Balance        0.00%          0.00%           0.00%         0.00%          0.00%
                     # Loans             -              -               -             -              -
                     % # Loans        0.00%          0.00%           0.00%         0.00%          0.00%
-------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance             -              -               -             -              -
                     % Balance        0.00%          0.00%           0.00%         0.00%          0.00%
                     # Loans             -              -               -             -              -
                     % # Loans        0.00%          0.00%           0.00%         0.00%          0.00%
-------------------------------------------------------------------------------------------------------
REO                  Balance             -              -               -             -              -
                     % Balance        0.00%          0.00%           0.00%         0.00%          0.00%
                     # Loans             -              -               -             -              -
                     % # Loans        0.00%          0.00%           0.00%         0.00%          0.00%
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
TOTAL                Balance             -     689,952.41      239,050.00                   929,002.41
                     % Balance        0.00%          0.22%           0.08%         0.00%          0.29%
                     # Loans             -              2               1             -              3
                     % # Loans        0.00%          0.24%           0.12%         0.00%          0.36%
-------------------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

--------------------------------------------------------------------------------
                         DELINQUENCY REPORT - MSDW GROUP
--------------------------------------------------------------------------------

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

-------------------------------------------------------------------------------------------------
TOTAL              Balance            -              -              -               -          -
                   % Balance       0.00%          0.00%          0.00%           0.00%      0.00%
                   # Loans            -              -              -               -          -
                   % # Loans       0.00%          0.00%          0.00%           0.00%      0.00%
-------------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

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

<TABLE>
<CAPTION>
SUMMARY                                          LOAN GROUP
-------------------------------------------------------------------------------------------------------
<S>                                              <C>
Total Loan Count = 0                             Loan Group 1 = Cendant Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00        Loan Group 2 = MSDW Group; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
-------------------------------------------------------------------------------------------------------
</TABLE>

REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

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

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

<PAGE>

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

<TABLE>
<CAPTION>
SUMMARY                                              LOAN GROUP
--------------------------------------------------------------------------------
<S>                                                 <C>
Total Loan Count = 0                                Loan Group 1 = Cendant Group
Total Original Principal Balance = 000.00           Loan Group 2 = MSDW Group
Total Current Balance = 000.00
--------------------------------------------------------------------------------
</TABLE>

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

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

<PAGE>

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

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                                        MSDW           CENDANT              TOTAL
-------------------------------------------------------------------------------------------------------
<S>                                                  <C>               <C>               <C>
     CURRENT
     Number of Paid in Full Loans                               3                 3                  6
     Number of Repurchased Loans                                -                 -                  -
     --------------------------------------------------------------------------------------------------
     Total Number of Loans Prepaid in Full                      3                 3                  6

     Paid in Full Balance                              932,883.87      2,309,401.15       3,242,285.02
     Repurchased Loans Balance                                  -                 -                  -
     Curtailments Amount                               159,010.88      1,048,646.48       1,207,657.36
     --------------------------------------------------------------------------------------------------
     Total Prepayment Amount                         1,091,894.75      3,358,047.63       4,449,942.38

     CUMULATIVE
     Number of Paid in Full Loans                               6                 9                 15
     Number of Repurchased Loans                                -                 -                  -
     --------------------------------------------------------------------------------------------------
     Total Number of Loans Prepaid in Full                      6                 9                 15

     Paid in Full Balance                            2,101,953.87      4,368,801.10       6,470,754.97
     Repurchased Loans Balance                                  -                 -                  -
     Curtailments Amount                               865,838.28      3,196,627.98       4,062,466.26
     --------------------------------------------------------------------------------------------------
     Total Prepayment Amount                         2,967,792.15      7,565,429.08      10,533,221.23

                         SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                             MSDW        CENDANT          TOTAL
------------------------------------------------------------------------------------------
<S>                                                 <C>            <C>            <C>
     SMM                                              0.58%          1.05%          0.87%
     3 Months Avg SMM                                 0.41%          0.64%          0.56%
     12 Months Avg SMM
     Avg SMM Since Cut-off                            0.41%          0.60%          0.53%

     CPR                                              6.74%         11.88%         10.01%
     3 Months Avg CPR                                 4.83%          7.43%          6.47%
     12 Months Avg CPR
     Avg CPR Since Cut-off                            4.83%          6.97%          6.19%

     PSA                                            570.34%        843.77%        755.91%
     3 Months Avg  PSA Approximation                505.20%        622.40%        585.58%
     12 Months Avg PSA Approximation
     Avg PSA Since Cut-off Approximation            546.32%        632.67%        605.38%
------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

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

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

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

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

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

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

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

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

     Weighted Average Seasoning (WAS)

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

<PAGE>

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

<TABLE>
<CAPTION>
SUMMARY                                                    LOAN GROUP
----------------------------------------------------       ----------------------------------------
<S>                                                        <C>
Total Loan Count = 6                                       Loan Group 1 = Cendant Group
Total Original Principal Balance = 3,242,900.00            Loan Group 2 = MSDW Group
Total Prepayment Amount = 3,242,285.02
----------------------------------------------------       ----------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
Loan Number                Original                                 Current       State &       Type Prepayment
     &           Loan     Principal      Prepayment    Prepayment     Note         LTV at              &           Origination
 Loan Group     Status     Balance         Amount         Date        Rate      Origination      Original Term        Date
------------------------------------------------------------------------------------------------------------------------------
<S>             <C>      <C>            <C>            <C>          <C>       <C>               <C>                 <C>
7076024624 1               150,000.00     150,000.00    Jan-17-02    4.000%    VA  -  33.66%    Paid Off  -  300    May-22-01
7076073563 1             1,587,500.00   1,587,500.01    Jan-03-02    4.250%    CA  -  69.02%    Paid Off  -  300    Jun-08-01
7076123376 1               572,500.00     571,901.14    Jan-02-02    4.250%    FL  -  78.42%    Paid Off  -  300    Jun-15-01
 390436256 2               525,000.00     525,000.00    Feb-01-02    6.000%    CA  -  78.36%    Paid Off  -  300    Jun-21-01
 390437081 2                70,400.00      70,383.87    Feb-01-02    5.500%    FL  -  80.00%    Paid Off  -  300    Jul-16-01
 390437948 2               337,500.00     337,500.00    Feb-01-02    5.250%   NY  -  100.00%    Paid Off  -  300    Aug-15-01
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

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

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

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

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

                         SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
DEFAULT SPEEDS                                                  MSDW      CENDANT      TOTAL
---------------------------------------------------------------------------------------------
<S>                                                            <C>        <C>          <C>
     MDR                                                       0.00%        0.00%      0.00%
     3 Months Avg MDR                                          0.00%        0.00%      0.00%
     12 Months Avg MDR
     Avg MDR Since Cut-off                                     0.00%        0.00%      0.00%

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

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

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

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>

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

<TABLE>
<CAPTION>
SUMMARY                                               LOAN GROUP
----------------------------------------------        --------------------------------------
<S>                                                   <C>
Total Loan Count = 0                                  Loan Group 1  =  Cendant Group
Total Original Principal Balance = 0.00               Loan Group 2  =  MSDW Group
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
----------------------------------------------        --------------------------------------
</TABLE>

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

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

<PAGE>

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

<TABLE>
<CAPTION>
TRIGGER EVENTS                                                           MSDW        CENDANT       TOTAL
---------------------------------------------------------------------------------------------------------
<S>                                                                      <C>         <C>           <C>
                         SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
ADJUSTABLE RATE CERTIFICATE INFORMATION                                  MSDW        CENDANT       TOTAL
---------------------------------------------------------------------------------------------------------
<S>                                                                      <C>         <C>           <C>
                         SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
ADDITIONAL INFORMATION                                                   MSDW        CENDANT       TOTAL
---------------------------------------------------------------------------------------------------------
<S>                                                                      <C>         <C>           <C>
     Basis Risk Shortfall
     Class A                                                                                        0.00
     Class B-1                                                                                      0.00
     Class B-2                                                                                      0.00
     Class B-3                                                                                      0.00
     Unpaid Basis Risk Shortfall
     Class A                                                                                        0.00
     Class B-1                                                                                      0.00
     Class B-2                                                                                      0.00
     Class B-3                                                                                      0.00
---------------------------------------------------------------------------------------------------------
</TABLE><PAGE>
                                                                     EXHIBIT 4.5

              SUMMARY OF THE COLE NATIONAL CORPORATION 401(k) PLAN

<Table>
<S>                                 <C>
PLAN NAME:                          Cole National Corporation 401(k) Plan

EFFECTIVE DATE:                     March 1, 2002

TRUSTEE:                            CIGNA Bank & Trust, FSB

PLAN YEAR:                          January 1 - December 31

ELIGIBILITY REQUIREMENTS:           Service Requirement:  90 days

ENTRY DATES:                        At any time upon attaining eligibility. Can enter plan by calling AnswerLine or enrolling on
                                    AnswerNet.

ELIGIBILITY CALCULATION:            CIGNA Trac:    Yes
                                    Kits sent to employee homes 30 days prior to date of eligibility.

VESTING SCHEDULE:                   Years of Service           Percentage Vested
                                    ----------------           -----------------
                                    1 yr                       25%
                                    2 yr                       50%
                                    3 yr                       75%
                                    4 yr                       100%

VESTING DETERMINATION:              A Year of Service for vesting purposes is defined as:
                                    1000 hours

FORFEITURES:                        Non-vested participant dollars will be forfeited immediately upon initiating a termination
                                    distribution from the Plan. For those participants who at one time had an account balance over
                                    your plan's cashout threshold, and who choose to leave their money in the plan, forfeitures will
                                    be generated upon incurring five consecutive one-year breaks-in-service. A break-in-service is a
                                    vesting period in which a participant does not work more than 500 hours.

                                    Forfeiture Reinstatement:
                                    Required payback of vested balance taken at time of distribution in order to have non-vested
                                    balance restored to account if rehired within a five year break-in-service.

                                    Forfeitures will be used as an employee credit for contributions and expenses.
</Table>

<PAGE>

<Table>
<S>                                 <C>
CONTRIBUTIONS:                      CONTRIBUTION PROCESSING
                                    Submit Employee Pre-tax contribution allocations via Electronic Data Transfer (EDT) on a
                                    bi-weekly basis. CIGNA reviews the allocation and requests contribution dollars upon elimination
                                    of any file errors. In the event of any file errors, we will ask that a new file be sent upon
                                    clean-up of all errors. Following our request, contribution dollars will be transmitted via wire
                                    transfer. These contribution dollars are invested as of the date of receipt, provided the monies
                                    are received by CIGNA bank by 4:00 p.m. EST.

                                    PRETAX CONTRIBUTIONS
                                    The Plan currently allows for participants to defer from 1 to 17% of eligible earnings on a
                                    pre-tax basis.

                                    COMPANY MATCH CONTRIBUTIONS
                                    The client will make matching contributions on an annual basis to those participants actively
                                    participating in the Plan in the amount of 10% of pre-tax contributions made. Participants must
                                    be employed on the last day of the Plan Year and must have worked 1000 hours during the Plan
                                    Year. A participant who died, became disabled while an employee or terminated employment after
                                    attaining Normal Retirement Age will be eligible for the Match. The match will be calculated by
                                    CIGNA.

                                    DISCRETIONARY CONTRIBUTIONS
                                    The plan includes the option to make discretionary contributions on an annual basis. The
                                    discretionary contribution will be calculated by Cole National.

                                    DEFAULT FUND
                                    Contributions made for those participants not having investment elections will be defaulted into
                                    the CIGNA Guaranteed Income Fund.

                                    ROLLOVER CONTRIBUTIONS
                                    Rollover contributions may be made into the plan by all employees.

ENROLLMENT/DEFERRAL PERCENTAGE      Upon satisfying the Plan eligibility requirements, employees may enroll in the plan on the first
CHANGES AND SUSPENSIONS:            day of any month by calling CIGNA's 1-800 number, AnswerLine. At the time of eligibility, CIGNA
                                    will mail a kit directly to newly eligibles. This kit will contain general Plan information,
                                    fund information and instructions on how to enroll.

                                    Participants may change their salary deferral election anytime by calling AnswerLine or logging
                                    onto AnswerNet. Participants may also suspend their salary deferral election, and enter into a
                                    new salary deferral arrangement, at any time. In addition, a mandatory suspension of six months
                                    will be assessed to participants taking a Hardship Withdrawal.
</Table>

                                          2
<PAGE>
<Table>
<S>                                 <C>
COMPENSATION:                       CONTRIBUTIONS/HCE DETERMINATION
                                    Includes pretax contributions, but does not include imputed income on excess life insurance,
                                    moving allowances, company car benefits, education assistance and graduate education assistance.

FUND TRANSFERS:                     Participants may elect to transfer all or a portion of their existing account balance on a daily
                                    basis through AnswerLine and AnswerNet. Transfer requests will be made by electing a percentage
                                    of one fund that is to be transferred to another fund in increments of 1%.

LOAN REPAYMENTS:                    During the transition period, loan repayments can not be processed. Once the loans are converted
                                    into the recordkeeping system, loan repayments will be processed.

                                    In an on going environment, loan repayments will be processed on a bi-weekly basis.

                                    Number of loans allowed = 2.

                                    Same for all sources: yes

INVESTMENT ELECTIONS:               Participants may elect new investment elections on a daily basis in 1% increments via CIGNA's
                                    AnswerLine and AnswerNet. Investment elections chosen by the participant will affect all
                                    sources.
</Table>

                                         3
<PAGE>

<Table>
<S>                                 <C>
EVENT DISTRIBUTIONS                 Upon termination, retirement, death or becoming permanently disabled, participants and
(TERMINATION,  DEATH,               beneficiaries will have the ability to discuss distribution options with specialists in CIGNA's
RETIREMENT & DISABILITY)            Distribution Assistance Group. These specialists, accessible through AnswerLine, will discuss
                                    options such as leaving the money in the plan, direct rollovers to qualified plans and lump-sum
                                    payouts as well as the implications of each option. In addition, the specialists will mail all
                                    required forms and notices directly to the participant's home address. The process is as
                                    follows:

                                    Provide CIGNA with information for participants who have separated from service through
Lump sum in cash or stock,          Non-Financial Electronic Data Transfer (EDT).
or part cash/part stock.
                                    Direct the terminating plan participant to call AnswerLine and opt-out to a Distribution
Installments in cash or             Specialist.
stock, or both, over a
period of years not exceeding       CIGNA will notify these participants of the time limit in place to make a distribution election.
the life expectancy of              If an election is not made within the allotted time, a lump-sum cash payment will be made to the
the participant or joint            participant, if the account balance is less than the plan's cashout threshold of $5000. If the
life expectancy of the              account balance is equal to, or greater than $5000, the account will defer into the plan and
participant or Beneficiary.         administration will continue through our Direct Service Option.

                                    The Direct Service Option is the current deferral option offered by CIGNA. For those
                                    participants who terminate and choose to leave their money in the plan, CIGNA will administer
                                    them directly for an annual fee of $40.00. Although these participants and their assets will
                                    remain part of the plan, CIGNA assumes the ongoing responsibility of administering these
                                    accounts.
</Table>

                                         4
<PAGE>

<Table>
<S>                                 <C>
HARDSHIP WITHDRAWALS:               If a withdrawal request is deemed to be due to a hardship, a participant may withdraw all of
                                    his/her account balance. Hardship withdrawals are subject to a 10% federal withholding tax and
Sources allowed:                    may also be subject to an additional 10% excise tax if the participant is under 59 1/2. As a
Pre-Tax                             rule, earnings on pre-tax contributions may not be withdrawn for hardship withdrawals due to
Company Match                       IRS regulations.  However, earnings that were a part of the plan assets as of 12/31/88 can be
Discretionary Match                 withdrawn.
Rollover
                                    Hardship Withdrawals must be initiated on account of one or more of the following:
6 Month suspension
                                    1.  Deductible medical or dental expenses
Hardship withdrawal                 2.  Purchase, excluding mortgage payments, of a primary residence
approval outsourced to              3.  Payment of post-secondary education
CIGNA.                              4.  Prevent the eviction of the participant from primary residence

                                    Participants may inquire on amounts available and initiate Hardship Withdrawals through
                                    AnswerLine. Upon initiation, hardship withdrawal paperwork will be produced and mailed directly
                                    to participant's home. The approval of Hardship Withdrawals will be outsourced to CIGNA. As
                                    such, upon acceptance of the terms of the Hardship Withdrawal, the participant must sign the
                                    paperwork and return it to CIGNA. CIGNA will then review the request. Checks will be mailed
                                    directly to the participant's home.

IN-SERVICE WITHDRAWALS              Inservice withdrawals are not allowed on this plan.

AGE 59 1/2 WITHDRAWALS:             Upon attaining 59 1/2, participants may, at any time, withdraw their total vested account
Sources Available:                  balance.  Requests for Inservice Withdrawals upon attaining 59 1/2 may be initiated by
Employee Pre-Tax                    participants through AnswerLine on a daily basis.
Company Match
Discretionary Match                 Approval of the Age 59 1/2 Withdrawals has been outsourced to CIGNA. Signed paperwork must be
Qualified Nonelective Cont          submitted to CIGNA in the same fashion as Hardship Withdrawals.
Qualified Matching Cont
Rollover
</Table>

                                         5

<PAGE>
<Table>
<S>                                 <C>
LOANS:                              Loans are permitted for a minimum of $1,000 while the maximum loan allowed by law is the lesser
                                    of $50,000 or 50% of the participant's vested account balance.  The total number of outstanding
Two loans at a time.                loans allowed per participant is two.

Minimum $1000                       Loans may be initiated through AnswerLine on a daily basis.  Participants will have the ability
                                    to model several loans at one time while developing the best scenario given their financial
General Purpose: 1-5 yrs            status.  Loans are modeled using the participant's payroll frequency, the current loan interest
                                    rate and a specified dollar amount or repayment amount. Upon confirmation of the desired
Primary Residence: 1-10 yrs         scenario, the participant will receive a set of loan paperwork to be filled out, and returned
                                    to CIGNA for approval in the same fashion as Hardship and Age 59 1/2 Withdrawals. A check,
All funds/sources available         Promissory Note, Disclosure Statement and Amortization Schedule will be mailed to the
                                    participant.
Must take a loan before a
hardship.                           Each weekly Electronic Data Transfer file sent from CIGNA will contain amortization information
                                    for new loans.  This data will then be used to populate the payroll system.  Loan repayments
At termination, the loans will      will be done via payroll deduction.    Loan payoffs can be sent to CIGNA via check.
become a taxable distribution.
                                    The loan program is currently being set up with an interest rate equal to the Prime Rate quoted
Rollover of loan notes into and     in the Wall Street Journal on the first business day of the calendar quarter, + 1%. CIGNA will
out of the plan is not permitted.   monitor and update this rate as necessary.

                                    Full prepayment of a loan is allowed. A loan is in default if a payment is not received by CIGNA
                                    within 90 days. The client must notify CIGNA in writing of those participants who have defaulted
                                    on their loan and need to receive a taxable distribution.

RETIREMENT:                         A participant's Normal Retirement Date is defined as the date a participant reaches age 65.

                                    Early retirement is not permitted under the plan.

SPOUSAL CONSENT REQUIREMENTS:       The Plan does require spousal consent for loans, withdrawals and event distributions.

</Table>

                                         6

<PAGE>

                              INVESTMENT FUND INFORMATION

MAPPED INTO CIGNA FUNDS

CIGNA Guaranteed Income Fund  (GIF)

State Street Global Adv. Int. Bond  (SSI)

CIGNA Lifetime 50  (LT5)

Large Cap Value - Wellington  (LV3)

Large Co. Stock Index  (SIP)

Large Co. Stock Index  (SIP)

Large Cap Growth - Dresdner RCM  (LG3)

Alliance Technology

Templeton Foreign  (TFF)

Cole National Corporation Company Stock

Oakmark Select 1

Mid Cap Growth - Artisan

Strong Advisor Small Cap Value

Small Cap Growth - Times Square

CIGNA Lifetime 20

CIGNA Lifetime 30

CIGNA Lifetime 40

CIGNA Lifetime 60

Alliance Technology

Cole National Corporation Company Stock

                                       7

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