Document:

RESIDENTIAL 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-S5

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>     <C>                                                                                 <C>
Section 1.01   Definitions.................................................................-6-
Section 1.02   Use of Words and Phrases...................................................-19-
Section 1.03   Determination of LIBOR.....................................................-19-

                                   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)
                ..........................................................................-21-
Section 2.02   Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                ..........................................................................-21-
Section 2.03   Representations, Warranties and Covenants of the Master Servicer and the Company
                ..........................................................................-21-
Section 2.04   Representations and Warranties of Sellers. (See Section 2.04 of the Standard Terms)
                ..........................................................................-24-
Section 2.05   Execution and Authentication of Certificates...............................-24-

                                         ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01   Certificate Account.  (See Section 4.01 of the Standard Terms)
                ..........................................................................-26-
Section 4.02   Distributions..............................................................-26-
Section 4.03   Statements to Certificateholders; Statements to Rating Agencies; Exchange Act
               Reporting.  (See Section of the Standard Terms)............................-36-
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)
                ..........................................................................-36-
Section 4.05   Allocation of Realized Losses..............................................-36-

<PAGE>

Section 4.06   Reports of Foreclosures and Abandonment of Mortgaged Property.  (See Section 4.06
               of the Standard Terms).
                ..........................................................................-37-
Section 4.07   Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the Standard
               Terms).
                ..........................................................................-37-

                                          ARTICLE V

                                THE CERTIFICATES

                                   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)...........-43-
Section 10.02  Master Servicer; REMIC Administrator and Trustee Indemnification.  (See Section
               10.02 of the  Standard Terms)..............................................-43-
Section 10.03  Designation of REMIC(s)....................................................-43-
Section 10.04  Distributions on the Uncertificated REMIC Regular Interests................-43-
Section 10.05  Compliance with Withholding Requirements...................................-45-

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS
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-

<PAGE>

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)
                ..........................................................................-49-
Section 11.09  Allocation of Voting Rights................................................-49-

EXHIBITS

Exhibit One:          Mortgage Loan Schedule for Loan Group I
Exhibit Two:          Mortgage Loan Schedule for Loan Group II
Exhibit Three:        Schedule of Discount Fractions
Exhibit Four:         Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Five:         Standard Terms of Pooling and Servicing
                      Agreement dated as of March 1, 2003

</TABLE>

<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 Five 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 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 "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  Uncertificated  REMIC II  Regular
Interests  will  be  "regular   interests"  in  REMIC  II  and  the  Class  R-II
Certificates  will be the sole  class of  "residual  interests"  in REMIC II for
purposes of the REMIC Provisions.  A segregated pool of assets consisting of the
Uncertificated  REMIC II Regular Interests will be designated as "REMIC III" and
the REMIC  Administrator  will  make a  separate  REMIC  election  with  respect
thereto.  The Class I-A-1 Certificates,  Class I-A-2  Certificates,  Class I-A-3
Certificates,  Class I-A-P Certificates, Class II-A-1 Certificates, Class II-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,  Uncertificated Class I-A-V REMIC Regular
Interests  and  Uncertificated  Class II-A-V  REMIC  Regular  Interests  will be
"regular  interests" in REMIC III and the Class R-III  Certificates  will be the
sole class of "residual interests" therein for purposes of the REMIC Provisions.
The  Class  I-A-V  and Class  II-A-V  Certificates  will  represent  the  entire
beneficial  ownership interest in the  Uncertificated  Class I-A-V REMIC Regular
Interests  and  the   Uncertificated   Class  II-A-V  REMIC  Regular  Interests,
respectively.

        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.

                                             -1-

<PAGE>

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

<TABLE>
<CAPTION>

                             Uncertificated   -Initial Uncertificated            Latest
                            --REMIC-I-Pass---- ---Principal-Balance-------Possible-Maturity(1)
        Designation           Through Rate

 REMIC I Regular Interest
<S>                               <C>          <C>                                 <C> <C>
         LT-I-SUB                 5.25%        $                291.89       March 25, 2018
 REMIC I Regular Interest
         LT-I-ZZZ                 5.25%        $        253,279,572.59       March 25, 2018
 REMIC I Regular Interest
         LT-II-SUB                5.00%        $                 58.50       March 25, 2018
 REMIC I Regular Interest
         LT-II-ZZZ                5.00%        $         50,738,081.25       March 25, 2018
 REMIC I Regular Interest
          LT-I-PO                 0.00%        $            510,932.99       March 25, 2018
 REMIC I Regular Interest
         LT-II-PO                 0.00%        $             59,468.31       March 25, 2018
 REMIC I Regular Interest          (2)
          LT-I-IO                                               N/A (3)      March 25, 2018
 REMIC I Regular Interest          (4)                          N/A (3)      March 25, 2018
         LT-II-IO
</TABLE>

___________________
(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 "Pool Strip Rate" with
          respect to the Group I Loans herein.

     (3)  The  REMIC I Regular  Interest  LT-I-IO  and REMIC I Regular  Interest
          LT-II-IO have no Uncertificated Principal Balance.

     (4)  Calculated in accordance with the definition of "Pool Strip Rate" with
          respect to the Group II Loans herein.

        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC II 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 REMIC
II Regular Interests. None of the Uncertificated REMIC II Regular Interests will
be certificated.

<TABLE>
<CAPTION>

                           Uncertificated    Initial Uncertificated           Latest
                           REMIC-II-Pass--------Principal-Balance------Possible-Maturity(1)
       Designation          Through Rate

REMIC II Regular Interest
<S>            <C>              <C>         <C>                                 <C> <C>
         MT-I-A1                5.00%       $         229,497,584.00      March 25, 2018
REMIC II Regular Interest
         MT-I-A2                8.00%       $          20,863,416.00      March 25, 2018
REMIC II Regular Interest
        MT-II-A1                5.00%       $          50,153,050.00      March 25, 2018
REMIC II Regular Interest
         MT-I-PO                0.00%       $             510,932.99      March 25, 2018

                                             -2-

<PAGE>

REMIC II Regular Interest
        MT-II-PO                0.00%       $              59,468.31      March 25, 2018
REMIC II Regular Interest
          MT-M1             Variable (2)    $           1,828,600.00      March 25, 2018
REMIC II Regular Interest
          MT-M2             Variable (2)    $             456,900.00      March 25, 2018
REMIC II Regular Interest
          MT-M3             Variable (2)    $             456,900.00      March 25, 2018
REMIC II Regular Interest
          MT-B1             Variable (2)    $             304,600.00      March 25, 2018
REMIC II Regular Interest
          MT-B2             Variable (2)    $             152,300.00      March 25, 2018
REMIC II Regular Interest
          MT-B3             Variable (2)    $             304,604.23      March 25, 2018
REMIC II Regular Interest
         MT-I-IO            Variable (3)    $                N/A (5)      March 25, 2018
REMIC II Regular Interest   Variable (4)    $                N/A (5)      March 25, 2018
        MT-II-IO
</TABLE>
___________________
(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
        Uncertificated REMIC II Regular Interest.

(2)     For any  Distribution  Date,  the interest rate will be equal to (i) the
        sum of (a) 5.25%  multiplied by the Group I  Subordinate  Amount on such
        Distribution  Date and (b) 5.000% multiplied by the Group II Subordinate
        Amount on such  Distribution  Date,  divided  by (ii) the sum of (x) the
        Group I Subordinate  Amount and (y) Group II Subordinate Amount for such
        Distribution Date.

(3)  The REMIC II Regular  Interest  MT-I-IO is entitled to 100% of the interest
     paid on REMIC I Regular Interest LT-I-IO.

(4)  The REMIC II Regular Interest  MT-II-IO is entitled to 100% of the interest
     paid on REMIC I Regular Interest LT-II-IO.

(5)  The REMIC II Regular  Interests  MT-I-IO and the REMIC II Regular Interests
     MT-II-IO have no Uncertificated Principal Balance.

                                             -3-

<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       MOODY'S/      MINIMUM
DESIGNATION       RATE         BALANCE             FEATURES1              DATE           S&P      DENOMINATIONS2

<S>       <C>    <C>         <C>                                              <C> <C>                   <C>
Class I-A-1      5.00%       $229,497,584.00   Senior                   March 25, 2018    Aaa/AAA       $25,000
Class I-A-2  Adjustable Rate $ 20,863,416.00    Senior/Floater          March 25, 2018    Aaa/AAA       $25,000
                                                Senior/Inverse
Class I-A-3  Adjustable Rate $          0.00 Floater/Interest Only      March 25, 2018    Aaa/AAA       $25,000
Class II-A-1     5.00%       $ 50,153,000.00    Senior                  March 25, 2018    Aaa/AAA       $25,000
                                               Senior/Principal
Class I-A-P      0.00%       $    510,932.99          Only              March 25, 2018    Aaa/AAA       $25,000
                                               Senior/Principa
Class II-A-P     0.00%       $     59,468.31          Only              March 25, 2018    Aaa/AAA       $25,000
                                               Senior/Interest Only/
Class I-A-V  Variable Rate   $          0.00    Variable Strip          March 25, 2018    Aaa/AAA         20%
                                               Senior/Interest Only/
Class II-A-V Variable Rate   $          0.00    Variable Strip          March 25, 2018    Aaa/AAA         20%
Class R-I        5.00%       $        100.00    Senior/Residual         March 25, 2018    Aaa/AAA         20%
Class R-II       5.00%       $         50.00    Senior/Residual         March 25, 2018    Aaa/AAA         20%
Class R-III      5.00%       $         50.00    Senior/Residual         March 25, 2018    Aaa/AAA         20%
Class M-1    Variable Rate   $  1,828,600.00      Mezzanine             March 25, 2018     NA/AA        $25,000
Class M-2    Variable Rate   $    456,900.00      Mezzanine             March 25, 2018      NA/A        $250,000
Class M-3    Variable Rate   $    456,900.00      Mezzanine             March 25, 2018     NA/BBB       $250,000
Class B-1    Variable Rate   $    304,600.00     Subordinate            March 25, 2018     NA/BB        $250,000
Class B-2    Variable Rate   $    152,300.00     Subordinate            March 25, 2018      NA/B        $152,300
Class B-3    Variable Rate   $    304,604.23     Subordinate            March 25, 2018     NA/NA        $250,000
</TABLE>

_________

 1 The Class I-A-1,  Class I-A-2 , Class I-A-3, Class II-A-1 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-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%.

                                                        -4-

<PAGE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $304,588,505.53.

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

                                             -5-

<PAGE>

                                    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.

        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 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

                                             -6-

<PAGE>

               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 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-S5"  and  which  must  be an  Eligible
Account.

        Class A Certificate: Any one of the Group I Certificates or the Group II
Certificates (other than the 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.

        Class A-V Certificate:  Any one of the Class I-A-V Certificates or Class
II-A-V Certificates.

        Class A-P Certificate:  Any one of the Class I-A-P Certificates or Class
II-A-P Certificates.

        Class R  Certificate:  Any one of the Class  R-I,  Class  R-II and Class
R-III 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.

        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
Agreement  is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2003-S5.

        Corresponding  Certificated Interests:  With respect to REMIC II Regular
Interest MT-I-A1, the Class I-A-1 Certificates; with respect to REMIC II Regular
Interest  MT-I-A2,  the Class I-A-2  Certificates and Class I-A-3  Certificates;
with  respect  to  REMIC  II  Regular  Interest   MT-II-A1,   the  Class  II-A-1
Certificates  and Class  R-III  Certificates;  with  respect to REMIC II Regular
Interest  MT- I-PO,  the Class  I-A-P  Certificates;  with  respect  to REMIC II
Regular interest MT-II-PO, the Class

                                             -7-

<PAGE>

II-A-P  Certificates;  with respect to REMIC II Regular  Interest  MT-I-IO,  the
Uncertificated Class I-A- V REMIC Regular Interest; and with respect to REMIC II
Regular  Interest  MT-II-IO,  the  Uncertificated  Class  II-A-V  REMIC  Regular
Interest.

        Cut-off Date: March 1, 2003.

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

     Discount Net Mortgage Rate:  With respect to Loan Group I, 5.25% per annum.
With respect to Loan Group II, 5.00% per annum.

     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
related  Available  Distribution  Amount remaining after reduction by the sum of
(i) the aggregate amount of Accrued  Certificate  Interest on the related Senior
Certificates, (ii) the related Senior Principal Distribution Amounts (determined
without regard to Section  4.02(a)(ii)(Y)(D)  of this Series Supplement),  (iii)
the related 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 to the extent such Accrued  Certificate  Interest is derived from a
Loan Group.

        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 below the
lower of the then-current  rating or the rating assigned to such Certificates as
of

                                             -8-

<PAGE>

the Closing  Date by such Rating  Agency and (ii) provide a copy of such written
confirmation to the Trustee.

        Group I  Certificate:  Any one of the Class I-A-1,  Class  I-A-2,  Class
I-A-3,  Class  I-A-P and Class  I-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, each such  Certificate  (other than the Class
I-A-V Certificates) evidencing an interest designated as a "regular interest" in
REMIC III for purposes of the REMIC  Provisions  and  representing  an undivided
interest in Loan Group I.

        Group I Loans:  The Mortgage Loans designated in Exhibit One.

        Group I 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 Group I Certificates (other than
the Class I-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 related  Discount  Mortgage  Loan) in Loan Group I  immediately
prior to such Distribution Date.

        Group I Senior  Principal  Distribution  Amount:  As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan  Group I  remaining  after the  distribution  therefrom  of all  amounts
required  to be  distributed  therefrom  pursuant to Section  4.02(a)(i)(X)  and
Section 4.02(a)(ii)(X) of this Series Supplement, and (b) the sum of the amounts
required to be distributed  therefrom to the Group I Certificateholders  on such
Distribution Date pursuant to Section 4.02(a)(ii)(Y) and Section 4.02(a)(xvi).

        Group I Subordinate Amount: On any date of determination,  the excess of
the aggregate  Scheduled  Principal Balance of the Group I Loans as of such date
over the aggregate  Certificate  Principal  Balance of the Group I  Certificates
then outstanding.

        Group II Certificate:  Any one of the Class II-A-1,  Class II-A-P, Class
II-A-V,  Class R-I,  Class R-II and Class  R-III  Certificates,  executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard  Terms as Exhibit A, each such  Certificate  (other than
the  Class  II-A-V,   Class  R-I,  Class  R-II  and  Class  R-III  Certificates)
representing  an interest  designated  as a "regular  interest" in REMIC III for
purposes of the REMIC Provisions, and representing an undivided interest in Loan
Group II.

        Group II Loans:  The Mortgage Loans designated in Exhibit Two.

        Group II 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 Group II Certificates (other than
the Class II-A-P  Certificates)  immediately prior to such Distribution Date and
the denominator of which is the aggregate Stated Principal Balance of all of

                                             -9-

<PAGE>

the Mortgage Loans (or related REO Properties)  (other than the related Discount
Fraction of each related  Discount  Mortgage  Loan) in Loan Group II immediately
prior to such Distribution Date.

        Group II Senior Principal  Distribution  Amount:  As to any Distribution
Date, the lesser of (a) the balance of the Available Distribution Amount related
to Loan Group II  remaining  after the  distribution  therefrom  of all  amounts
required  to be  distributed  therefrom  pursuant to Section  4.02(a)(i)(Y)  and
Section 4.02(a)(ii)(X) of this Series Supplement, and (b) the sum of the amounts
required to be distributed  therefrom to the Group II Certificateholders on such
Distribution Date pursuant to Section 4.02(a)(ii)(Y) and Section 4.02(a)(xvi).

        Group II Subordinate Amount: On any date of determination, the excess of
the aggregate  Scheduled Principal Balance of the Group II Loans as of such date
over the aggregate  Certificate  Principal  Balance of the Group II Certificates
then outstanding.

        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.

        Initial Monthly Payment Fund: $583,000 representing  scheduled principal
amortization  and  interest  at the Net  Mortgage  Rate during the Due Period in
March 2003,  for those Mortgage Loans 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 I-A-3  Certificates,
$20,863,416.00.  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  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: 0.60%                    Class B-1: 0.10%
        Class M-2: 0.15%                    Class B-2: 0.05%
        Class M-3: 0.15%                    Class B-3: 0.10%

     Interest  Only  Certificates:  Any one of the Class I-A-3  Certificates  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

                                      -10-

<PAGE>

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.

        Loan Group:  Loan Group I or Loan Group II.

     Loan Group I: The group of Mortgage Loans comprised of the Group I Loans.

     Loan Group II: The group of Mortgage Loans comprised of the Group II Loans.

        LIBOR: With respect to any Distribution Date, the arithmetic mean of the
London  interbank  offered rate quotations for one-month U.S.  Dollar  deposits,
expressed on a per annum basis, determined in accordance with Section 1.02.

        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.

        Maturity  Date:  With respect to each Class of  Certificates,  March 25,
2018, 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 (with  respect to the Group I Loans) and Exhibit Two (with
respect to the Group II Loans)  (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 in the related Loan
Group:

        (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");

                                      -11-

<PAGE>

        (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;
        (l)    a code "N" under the  column  "OCCP  CODE,"  indicating  that the
               Mortgage Loan is secured by a non-owner occupied residence and
        (m)    whether such Mortgage Loan constitutes a Group I Loan or Group II
               Loan.

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
I-A-3 Certificates,  an amount equal to the Certificate Principal Balance of the
Class I-A-2  Certificates.  For federal income tax purposes,  however, as of any
Distribution Date, with respect to the Class I-A-3 Certificates,  the equivalent
of  the  foregoing,   expressed  as  the  Uncertificated  Principal  Balance  of
Uncertificated  REMIC II Regular Interest MT-I-A2.  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  REMIC III 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 I-A-2 Certificates and
the initial  Interest  Accrual Period,  1.79% 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 I-A-3 Certificates and the initial Interest Accrual Period,
6.21% 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  I-A-V
Certificates and the initial  Distribution  Date, the Pass-Through Rate is equal
to 0.1176% per annum.  With  respect to the Class  II-A-V  Certificates  and the
initial  Distribution Date, the Pass-Through Rate is equal to 0.3588% 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  applicable
Uncertificated  REMIC III 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.

     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

                                      -12-

<PAGE>

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 for each Loan Group,  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 related
        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

                                      -13-

<PAGE>

        amount of the reductions in the Prepayment  Distribution  Percentages of
        the Maturing  Class 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 I-A-P Certificates or
Class II-A-P Certificates.

        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.

        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

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

        Notwithstanding the foregoing,  the REMIC election specifically excludes
the Initial Monthly Payment Fund.

                                      -14-

<PAGE>

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC I  Subordinate  Balance  Ratio:  The ratio  between the  principal
balances of each of the REMIC I Regular  Interests  ending with the  designation
"SUB,"  equal to the ratio of: (1) the Group I  Subordinate  Amount,  to the (2)
Group II Subordinate Amount.

        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 Uncertificated  REMIC II Regular Interests and the Class R-II
Certificates  pursuant to Section 2.06,  with respect to which a separate  REMIC
election is to be made.

        REMIC II Certificates:  The Class R-II Certificates.

        REMIC  III:   The   segregated   pool  of  assets   consisting   of  the
Uncertificated  REMIC II Regular Interests  conveyed in trust to the Trustee for
the benefit of the holders of the Class I-A-1,  Class I- A-2, Class I-A-3, Class
II-A-1,  Class I-A-P, Class II-A-P,  Class I-A-V, Class II-A-V, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2, Class B-3 and R-III 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 III  specifically  excludes the Initial
Monthly Payment Fund.

        REMIC III  Certificates:  Any of the Class  I-A-1,  Class  I-A-2,  Class
I-A-3, Class II-A-1, Class I-A-P, Class II-A-P, Class I-A-V, Class II-A-V, Class
M-1,  Class M-2,  Class M-3,  Class B-1,  Class B-2,  Class B-3 and Class  R-III
Certificates.

        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.

        Senior  Percentage:  The Group I Senior  Percentage with respect to Loan
Group I, or the Group II Senior Percentage with respect to Loan Group II.

     Senior  Principal   Distribution  Amount:  The  Group  I  Senior  Principal
Distribution Amount or Group II Senior Principal Distribution Amount.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$3,045,885  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)

                                      -15-

<PAGE>

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  39.2%  (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  (or, with
respect to a Cooperative Loan, the related Cooperative Apartment) 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 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.

     Subordinate  Amount:  The  Group  I  Subordinate  Amount  or the  Group  II
Subordinate Amount, as applicable.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and Loan Group and each Class of Subordinate Certificates, (a)
the sum of (i) the  product  of (x) the  Class's  pro rata  share,  based on the
Certificate  Principal Balance of each such Class then outstanding,  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 related Senior Percentage) to the extent not payable to the
related  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
related  Senior  Accelerated   Distribution   Percentage)  to  the  extent  such
collections  are not otherwise  distributed to the related 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

                                      -16-

<PAGE>

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 related 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 related Classes of Class A Certificates
(other  than the related  Class A-P  Certificates)  and the related  Subordinate
Amount,   without  giving  effect  to  any  reductions  for  the  Capitalization
Reimbursement Amount.

     Trust Fund:  REMIC I, REMIC II, REMIC III and the Initial  Monthly  Payment
Fund.

        Uncertificated  REMIC I Pass-Through  Rate:  With respect to each of the
Uncertificated  REMIC  I  Regular  Interests  LT-I-SUB,   LT-I-ZZZ,   LT-II-SUB,
LT-II-ZZZ,  LT-I-PO and LT-II-PO,  5.25%,  5.25%,  5.00%, 5.00%, 0.00% and 0.00%
respectively.  With respect to each REMIC I Group 1 IO Regular Interest and each
REMIC I Group 2 IO Regular Interest, a rate equal to the Pool Strip Rate for the
related Mortgage Loan.

        Uncertificated  REMIC I Regular Interests:  The  uncertificated  partial
undivided  beneficial  ownership  interests  in REMIC I,  designated  as REMIC I
Regular Interest LT-I-SUB,  REMIC I Regular Interest  LT-I-ZZZ,  REMIC I Regular
Interest  LT-II-SUB,  REMIC I  Regular  Interest  LT-II-  ZZZ,  REMIC I  Regular
Interest  LT-I-PO,  REMIC I  Regular  Interest  LT-II-PO,  the  REMIC I  Regular
Interests  LT-I-IO and the REMIC I Regular  Interests  LT-II-IO,  each having an
Uncertificated   Principal  Balance  (or  Uncertificated   Notional  Amount)  as
specified   herein  and  bearing  interest  at  a  rate  equal  to  the  related
Uncertificated REMIC I Pass-Through Rate.

        Uncertificated  REMIC  I  Regular  Interest  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed on the Uncertificated REMIC I Regular Interest for such Distribution
Date pursuant to Section 10.04(a).

        Uncertificated  REMIC II Pass-Through  Rate: With respect to each of the
Uncertificated REMIC II Regular Interests MT-I-A1, MT-I-A2 and MT-II-A1,  5.00%,
8.00%, 5.00% respectively.  With respect to each of the Uncertificated  REMIC II
Regular Interests MT-I-PO and MT-II-PO, 0.00%, 0.00% respectively.  With respect
to Uncertificated  REMIC II Regular  Interests  MT-I-IO and MT-II-IO,  an amount
equal to 100% of the  interest  on the  related  Uncertificated  REMIC I Regular
Interests  LT-I-IO  and  LT-II-IO,  respectively.  With  respect  to each of the
Uncertificated  REMIC II Regular Interests MT-M1, MT-M2, MT-M3, MT-B1, MT-B2 and
MT-B3,  a  variable  Pass-Through  Rate  equal to the  weighted  average  of the
Uncertificated REMIC I Pass-Through Rates on each Uncertificated REMIC I Regular
Interest ending with the designation "SUB."

                                      -17-

<PAGE>

        Uncertificated  REMIC II Regular Interests:  The uncertificated  partial
undivided  beneficial  ownership  interests in REMIC II,  designated as REMIC II
Regular Interest MT-I-A1,  REMIC II Regular Interest  MT-I-A2,  REMIC II Regular
Interest MT-II-A1, REMIC II Regular Interest MT-I- PO, REMIC II Regular Interest
MT-II-PO,  REMIC II Regular  Interest  MT-M1,  REMIC II Regular  Interest MT-M2,
REMIC II Regular  Interest  MT-M3,  REMIC II Regular  Interest  MT-B1,  REMIC II
Regular  Interest  MT-B2,  REMIC II  Regular  Interest  MT-B3,  REMIC II Regular
Interests  MT-I-IO  and REMIC II  Regular  Interests  MT-II-IO,  each  having an
Uncertificated   Principal  Balance  (or  Uncertificated   Notional  Amount)  as
specified   herein  and  bearing  interest  at  a  rate  equal  to  the  related
Uncertificated REMIC II Pass-Through Rate.

        Uncertificated  REMIC II  Regular  Interest  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the   Uncertificated   REMIC  II  Regular   Interest  for  such
Distribution Date pursuant to Section 10.04(b).

        Uncertificated   REMIC  III  Notional  Amount:   With  respect  to  each
Uncertificated  REMIC III  Regular  Interest,  the  aggregate  Stated  Principal
Balance of the related Mortgage Loan.

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

        Uncertificated  REMIC III Regular Interest Pool Strip Rate: With respect
to each Uncertificated  REMIC III Regular Interest,  the Pool Strip Rate for the
related Mortgage Loan.

        Uncertificated  REMIC III Regular  Interest  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  III  Regular  Interests  for  such
Distribution Date pursuant to Section 10.04(c).

        Uncertificated REMIC III Regular Interests I-A-V: The 508 uncertificated
partial  undivided  beneficial  ownership  interests  in the  Trust  Fund,  each
relating  to a Group I Loan with a Net  Mortgage  Rate in excess of 5.25%,  each
having  no  principal  balance  and  each  bearing  interest  at the  respective
Uncertificated  Pass-Through  Rate  on the  respective  Uncertificated  Notional
Amount.

        Uncertificated   REMIC   III   Regular   Interests   II-A-V:   The   117
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  each  relating to a Group II Loan with a Net  Mortgage  Rate in excess of
5.00%,  each  having no  principal  balance  and each  bearing  interest  at the
respective  Uncertificated  Pass-Through  Rate on the respective  Uncertificated
Notional Amount.

        Uncertificated  REMIC III  Regular  Interests:  The  REMIC  III  Regular
Interests I-A-V and II- A-V.

     Underwriter:  Any one of Salomon Smith Barney Inc. and Residential  Funding
Securities Corporation.

                                      -18-

<PAGE>

        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 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%;  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.

                                      -19-

<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  Exhibits  One and Two
               hereto with respect to each Mortgage Loan or the Mortgage  Loans,
               as  the  case  may  be,  in  Loan  Group  I and  Loan  Group  II,
               respectively, 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 15 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 25% 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 12% of such  balance  if the  Loan-to-Value
               Ratio is between  90.00% and 85.01%,  and (c) at least 6% 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;

                                      -20-

<PAGE>

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

                      (vi) No more  than  1.2% of the  Group I Loans and no more
               than 3.0% of the Group II Loans,  by aggregate  Stated  Principal
               Balance  as  of  the  Cut-off   Date  are  secured  by  Mortgaged
               Properties  located in any one zip code area in California and no
               more  than 0.9% of the Group I Loans and no more than 2.7% of the
               Group II Loans, by aggregate Stated  Principal  Balance as of the
               Cut-off Date 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) No more than  21.02% of the Group I Loans and no more
               than 22.98% of the Group II Loans, by aggregate  Stated Principal
               Balance as of the Cut-off Date, 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 Group I Loans or Group II Loans as of the
               Cut-off Date are Buydown Mortgage Loans;

                      (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

                                      -21-

<PAGE>

          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  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; and

                      (xvii) 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

                                      -22-

<PAGE>

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.

        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.

                                      -23-

<PAGE>

                                   ARTICLE III

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

                                      -24-

<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  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, 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 related Available Distribution Amount:

                      (i) (X) from the Available  Distribution Amount related to
               the Group I Loans,  to the Group I  Certificates  (other than the
               Class  I-A-P  Certificates),  on a pro  rata  basis  based on the
               Accrued   Certificate   Interest   payable  on  such  Classes  of
               Certificates  (or  Subclasses,  if any, with respect to the Class
               I-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 "Group I Senior  Interest  Distribution
               Amount"); and

                             (Y) from the Available  Distribution Amount related
               to the Group II Loans, to the Group II  Certificates  (other than
               the Class  II-A-P  Certificates),  on a pro rata  basis  based on
               Accrued   Certificate   Interest   payable  on  such  Classes  of
               Certificates  (or  Subclasses,  if any, with respect to the Class
               II-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 "Group II Senior Interest  Distribution
               Amount"); and

                                      -25-

<PAGE>

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

                             (Y) to the related Senior  Certificates (other than
               the Class A-P  Certificates),  in the  priorities and amounts set
               forth in Section 4.02(b)(ii) through Section 4.02(f),  the sum of
               the  following  (applied  to  reduce  the  Certificate  Principal
               Balances of such Senior Certificates, as applicable):

                             (A)  the  related   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)
                             in the related Loan Group,  whether or not received
                             on or  prior  to the  related  Determination  Date,
                             minus the  principal  portion of any  related  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 in such Loan Group)  which  together
                             with other Bankruptcy Losses exceeds the Bankruptcy
                             Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                             Mortgage Loan in the related Loan Group 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
                             from the  related  Loan Group  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 in such Loan Group); and

                                    (3)  the  principal  portion  of  all  other
                             unscheduled collections with respect to the related
                             Loan Group  (other than  Principal  Prepayments  in
                             Full  and  Curtailments  and  amounts  received  in
                             connection   with   a  Cash   Liquidation   or  REO
                             Disposition  of a Mortgage  Loan in such Loan Group
                             described  in  Section  4.02(a)(ii)(Y)(B)  of  this
                             Series Supplement, including without limitation any
                             related Insurance  Proceeds,  Liquidation  Proceeds
                             and

                                      -26-

<PAGE>

                             REO   Proceeds)   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);

                             (B)  with  respect  to  each  Mortgage  Loan in the
                      related Loan Group 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 related
                      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 related 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  related  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 with respect to
                      the related Loan Group 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 allocated to the related Loan Group
                      but only to the extent of  Eligible  Funds in the  related
                      Loan Group 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;

                                      -27-

<PAGE>

                             (F) to the Holders of the Group I  Certificates  or
                      Group II Certificates, as applicable,  amounts required to
                      be distributed pursuant to Section 4.02(c); minus

                             (G) the related 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 in the related  Loan Group,
                      multiplied  by a fraction,  the  numerator of which is the
                      related  Senior  Principal  Distribution  Amount,  without
                      giving effect to this clause (G), and the  denominator  of
                      which is the sum of the principal distribution amounts for
                      all related  Classes of Class A  Certificates  (other than
                      the  related  Class  A-P  Certificates)  and  the  related
                      Subordinate Amount without giving effect to any reductions
                      for the related 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  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
               derived from each Loan Group for such Class of  Certificates  for
               such Distribution Date, minus (y) the amount of any related 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;

                                      -28-

<PAGE>

                      (vii) to the  Holders  of the Class M-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               derived from each Loan Group for such Class of  Certificates  for
               such Distribution Date, minus (y) the amount of any related 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
               derived from each Loan Group for such Class of  Certificates  for
               such  Distribution Date minus (y) the amount of any related 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;

                      (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
               derived from each Loan Group for such Class of  Certificates  for
               such  Distribution Date minus (y) the amount of any related 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;

                                      -29-

<PAGE>

                      (xiii) to the  Holders of the Class B-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               derived from each Loan Group for such Class of  Certificates  for
               such  Distribution Date minus (y) the amount of any related 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
               derived from each Loan Group for such Class of  Certificates  for
               such  Distribution Date minus (y) the amount of any related 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  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 for the related Loan
               Group  remaining  after the foregoing  distributions,  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   for  each  Loan   Group   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

                      (xvii) to the Class R-III  Certificates,  the balance,  if
               any, of the Available Distribution Amount for both Loan Groups.

        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

                                      -30-

<PAGE>

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  I-A-P  Certificates  and  Class  II-A-P
               Certificates  from the  related  Available  Distribution  Amount,
               until the  Certificate  Principal  Balance  thereof is reduced to
               zero, an amount (in the case of the Class I-A-P Certificates, the
               "Class I-A-P Principal  Distribution  Amount," and in the case of
               the  Class  II-A-P  Certificates,  the  "Class  II-A-P  Principal
               Distribution Amount," and collectively,  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 in the related  Loan Group 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;

                             (B) the related Discount  Fraction of the principal
                      portion of all  unscheduled  collections  on each Discount
                      Mortgage  Loan in the related Loan Group  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   and   repurchases
                      (including deemed repurchases under Section 3.07(b) of the
                      Standard Terms) of Discount  Mortgage Loans in the related
                      Loan Group (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 in the  related
                      Loan  Group  that did not  result  in any  Excess  Special
                      Hazard Losses, Excess Fraud Losses, Excess Bankruptcy

                                      -31-

<PAGE>

                      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 the
                      related  Loan  Group for any  previous  Distribution  Date
                      (calculated  pursuant  to clauses  (A)  through (C) above)
                      that remain undistributed; and

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

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

                      (ii) the  Group I  Senior  Principal  Distribution  Amount
        shall be  distributed  to the Class I-A-1  Certificates  and Class I-A-2
        Certificates,  concurrently  on a pro rata basis,  until the Certificate
        Principal Balances thereof have been reduced to zero;

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

                      (iv)  the  balance  of  the  Group  II  Senior   Principal
        Distribution Amount remaining after the distribution,  if any, described
        in  clause  (iii)  above  shall  be  distributed  to  the  Class  II-A-1
        Certificates,  until the Certificate  Principal Balance thereof has been
        reduced to zero;

               (c) Prior to the occurrence of the Credit Support  Depletion Date
        but after the reduction of the Certificate  Principal Balances of either
        the Group I  Certificates  or the  Group II  Certificates  to zero,  the
        remaining Group I Certificates or Group II Certificates,  as applicable,
        will be entitled to receive, in addition to any Principal Prepayments in
        Full and  Curtailments  related to such  Certificates'  respective  Loan
        Group, 100% of the Principal Prepayments in Full and Curtailments on the
        Mortgage  Loans in the other  Loan  Group,  and in  accordance  with the
        priorities set forth in clause  4.02(b)  above,  and in reduction of the
        Certificate  Principal Balances thereof, on any Distribution Date unless
        (i) the weighted average of the initial Subordinate Percentages for both
        Loan Groups,  weighted on the basis of the Stated Principal  Balances of
        the Mortgage Loans in the related Loan Group, is at least

                                      -32-

<PAGE>

        two times the weighted  average of the initial  Subordinate  Percentages
        for both Loan Groups (calculated on such basis) and (ii) the outstanding
        principal  balance of the Mortgage Loans in both Loan Groups  delinquent
        60 days or more  averaged  over the last six months,  as a percentage of
        the aggregate  outstanding  Certificate Principal Balance of the Class M
        Certificates and Class B Certificates, is less than 50%. In addition, on
        any  Distribution  Date prior to the Credit  Support  Depletion  Date on
        which the aggregate  Certificate Principal Balance of either the Group I
        Certificates  or the Group II  Certificates,  as applicable,  is greater
        than the aggregate Stated Principal Balance of the Mortgage Loans in the
        related Loan Group in each case after giving effect to  distributions to
        be made on such Distribution Date, (1) 100% of the Principal Prepayments
        in Full and Curtailments allocable to the Class M Certificates and Class
        B  Certificates  on the  Mortgage  Loans in the other Loan Group will be
        distributed to such Class or Classes of Group I Certificates or Group II
        Certificates,  as applicable,  and in accordance with the priorities set
        forth in clause  4.02(b)  above,  and in  reduction  of the  Certificate
        Principal Balances thereof,  until the aggregate  Certificate  Principal
        Balance of such Class or Classes of  Certificates  equals the  aggregate
        Stated  Principal  Balance of the  Mortgage  Loans in the  related  Loan
        Group, and (2) an amount equal to one month's interest at the applicable
        Pass-Through  Rate for such  Class or  Classes  of  Certificates  on the
        amount  of  such  difference  will be  distributed  from  the  Available
        Distribution  Amount for the other Loan Group  allocable  to the Class M
        Certificates  and Class B Certificates  first to pay any unpaid interest
        on such Class or Classes of  Certificates  and then to pay  principal on
        such Classes in the manner described in (1) above.

               (d) On or after the Credit Support Depletion Date, all priorities
        relating to  distributions  as  described  in Section  4.02(b)  above in
        respect of principal  among the various  Classes of Senior  Certificates
        (other than the Class A-P Certificates) will be disregarded,  and (i) an
        amount equal to the related Discount  Fraction of the principal  portion
        of scheduled payments and unscheduled  collections  received or advanced
        in respect of the related Discount Mortgage Loans will be distributed to
        the related Class A-P Certificates, (ii) the applicable Senior Principal
        Distribution  Amount will be  distributed  to the  remaining  Classes of
        related 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)
        will be distributed as set forth therein.

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

               (f) In addition to the foregoing  distributions,  with respect to
        any Subsequent Recoveries,  the Master Servicer shall deposit such funds
        into the Custodial Account pursuant

                                      -33-

<PAGE>

        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  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.

               (g) 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.

               (h) 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).

                                      -34-

<PAGE>

          Section 4.03  Statements to  Certificateholders;  Statements to Rating
               Agencies;  Exchange Act  Reporting.  (See Section 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 related Class A-P Certificates in
an amount  equal to the  related  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  (A) in the case of a Group I Loan,  among the Group I
Certificates   (other  than  the  Class  I-A-V   Certificates  and  Class  I-A-P
Certificates)  in the case of the  principal  portion of such loss on a pro rata
basis,  and  among  the  Group  I  Certificates  (other  than  the  Class  I-A-P
Certificates)  in the case of the  interest  portion  of such loss on a pro rata
basis and (B) in the case of a Group II Loan,  among  the Group II  Certificates
(other than the Class II-A-V Certificates and Class II-A-P  Certificates) in the
case of the  principal  portion of such loss on a pro rata basis,  and among the
Group II Certificates (other than the Class II-A-P  Certificates) in the case of
the  interest  portion  of such loss on a pro rata  basis  (subject  to  Section
4.02(c)),   as  described  below.  Any  Excess  Special  Hazard  Losses,  Excess
Bankruptcy  Losses,  Excess  Fraud  Losses,  Extraordinary  Losses  on  Discount
Mortgage  Loans will be  allocated  to the Class A-P  Certificates  in an amount
equal to the  Discount  Fraction  thereof and the Group I Senior  Percentage  or
Group II Senior  Percentage  (as  applicable)  of 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  (A) in the case of a
Group I Loan,  among  the  Group I  Certificates  (other  than the  Class  I-A-V
Certificates and Class I-A-P  Certificates) in the case of the principal portion
of such loss on a pro rata basis, and among the Group I Certificates (other than
the Class I-A-P Certificates) in

                                      -35-

<PAGE>

the case of the  interest  portion of such loss,  on a pro rata basis and (B) in
the case of a Group II Loan,  among the Group II  Certificates  (other  than the
Class  II-A-V  Certificates  and Class II-A-P  Certificates)  in the case of the
principal  portion  of such  loss on a pro rata  basis,  and  among the Group II
Certificates  (other  than the  Class  II-A-P  Certificates)  in the case of the
interest  portion of such loss on a pro rata basis, as described  below; and the
remainder  of  such  Realized  Losses  will  be  allocated  among  the  Class  M
Certificates and Class B Certificates, on a pro rata basis, as described below.

        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).

                                      -36-

<PAGE>

                                    ARTICLE V

                                THE CERTIFICATES
                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                      -37-

<PAGE>

                                   ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                      -38-

<PAGE>

                                   ARTICLE VII

                                           DEFAULT
                           (SEE ARTICLE VII OF THE STANDARD TERMS)

                                      -39-

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE
                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                      -40-

<PAGE>

                                   ARTICLE IX

                                         TERMINATION
                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                      -41-

<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,
REMIC II and REMIC III, and subject to this  Agreement  (including  the Mortgage
Loans but  excluding  the Initial  Monthly  Payment Fund) as a REMIC for federal
income tax purposes.

        The Class I-A-1, Class I-A-2,  Class I-A-3,  Class II-A-1,  Class I-A-P,
Class II-A-P, Class I- A-V, Class II-A-V, 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 related Class A-V Certificates,  will be "regular  interests"
in REMIC  III,  and the  Class  R-III  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  related
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the related Class A-V Certificates pursuant to said Section.

          Section  10.04  Distributions  on  the  Uncertificated  REMIC  Regular
               Interests.

        (a) Distributions on the Uncertificated REMIC I Regular Interests.

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

        (ii) In determining from time to time the Uncertificated REMIC I Regular
Interest  Distribution  Amounts,  Realized  Losses of interest  allocated to the
Class I-A-V and Class  II-A-V  Certificates  under  Section 4.05 shall be deemed
allocated to REMIC I Regular Interest LT-I-IO and LT-II-IO respectively.

        (iii)  Distributions  shall be deemed  to be made to the  Uncertificated
REMIC I Regular  Interests  first,  so as to keep the principal  balance of each
Uncertificated  REMIC I Regular  Interest ending with the designation  "SUB," so
that the principal balance of each such Uncertificated  REMIC I Regular Interest
is equal to 0.01% of the Group I Subordinate Amount or Group II Subordinate

                                      -42-

<PAGE>

Amount,  as the  case  may be  (except  that  if on any  Distribution  Date  the
Subordinate Amount for any Group of Loans is greater than the Subordinate Amount
for such Group of Loans on the preceding  Distribution Date, the least amount of
principal shall be distributed to the REMIC I Regular Interest  LT-I-SUB and the
REMIC I  Regular  Interest  LT-II-SUB  necessary  to  maintain  the ratio of the
principal  amount of the  REMIC I Regular  Interest  LT-I-SUB  to the  principal
amount of the  REMIC I Regular  Interest  LT-II-SUB  being  equal to the REMIC I
Subordinate Balance Ratio); and second, any remaining principal (provided that a
portion  of  the  remaining   principal  equal  to  the  Class  I-A-P  Principal
Distribution  Amount and the Class II-A-P Principal  Distribution Amount will be
distributed  to  the  REMIC  I  Regular   Interest  LT-I-PO  and  the  LT-II-PO,
respectively)  shall be distributed to the REMIC I Regular Interest LT-I-ZZZ and
REMIC I Regular Interest  LT-II-ZZZ,  respectively.  Realized Losses (other than
Realized  Losses of interest  applied to REMIC I Regular  Interests  LT-I-IO and
LT-II-IO pursuant to 10.04(a)(ii)) shall be applied after all distributions have
been made on each  Distribution  Date first, so as to keep the principal balance
of each  Uncertificated  REMIC I Regular  Interest  ending with the  designation
"SUB," so that the principal balance of each such Uncertificated REMIC I Regular
Interest  is  equal  to  0.01% of the  Group I  Subordinate  Amount  or Group II
Subordinate  Amount, as the case may be (except that if on any Distribution Date
the  Subordinate  Amount for any Group of Loans is greater than the  Subordinate
Amount for such Group of Loans on the  preceding  Distribution  Date,  the least
amount of  Realized  Losses  shall be  applied  to the REMIC I Regular  Interest
LT-I-SUB and the REMIC I Regular  Interest  LT-II-SUB  necessary to maintain the
ratio of the principal  amount of the REMIC I Regular  Interest  LT-I-SUB to the
principal  amount of the REMIC I Regular  Interest  LT-II-SUB being equal to the
REMIC I Subordinate  Balance Ratio);  and second,  the remaining Realized Losses
shall be allocated to the REMIC I Regular  Interest  LT-I-ZZZ and LT-II-ZZZ,  as
applicable  (except  that if a Realized  Loss is  recognized  with  respect to a
Discount Loan for the Group I Loans or Discount Loan for the Group II Loans, the
applicable  Discount Fraction for the Group I Loans or Discount Fraction for the
Group II Loans of such  Realized  Loss will be  allocated to the REMIC I Regular
Interest LT-I-PO or the REMIC I Regular Interest LT-II-PO, as applicable).

        (iv)  Notwithstanding  the deemed  distributions  on the  Uncertificated
REMIC I Regular Interests  described in this Section 10.04(a),  distributions of
funds from the Certificate Account shall be made only in accordance with Section
4.02.

        (b) Distributions on the Uncertificated REMIC II Regular Interests.

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

        (ii) In  determining  from  time to time  the  Uncertificated  REMIC  II
Regular Interest  Distribution  Amounts,  Realized Losses allocated to the Class
I-A-V and Class II-A-V Certificates under Section 4.05 shall be deemed allocated
to REMIC II Regular Interests MT-I-IO and MT-II-IO respectively.

                                      -43-

<PAGE>

        (iii)  In  determining  from  time to time the  Uncertificated  REMIC II
Regular Interest  Distribution  Amounts,  Realized Losses allocated to the Class
I-A-1, Class I-A-2, Class I-A-3, Class II-A-1,  Class M-1, Class M-2, Class M-3,
Class B-1,  Class B-2 and Class B-3  Certificates  under  Section  4.05 shall be
deemed allocated to the Corresponding Certificate Interests.

        (iv) All payments  with respect to REMIC II Regular  Interests  MT-I-A1,
MT-I-A2,  MT-II-A1,  MT-M1,  MT-M2,  MT-M3,  MT-B1,  MT-B2  and  MT-B3  shall be
considered to have been made from REMIC I Regular Interests LT-I-SUB, LT-II-SUB,
LT-I-ZZZ and LT-II-ZZZ in accordance  with the Certificate  Distribution  Amount
for the  Certificates  with the same  designation.  All payments with respect to
REMIC II Regular Interest  MT-I-PO and REMIC II Regular Interest  MT-II-PO shall
be considered to have been made from REMIC I Regular  Interest LT-I-PO and REMIC
I Regular Interest LT-II-PO.

        (v) Notwithstanding the deemed distributions on the Uncertificated REMIC
II Regular Interests described in this Section 10.04(b),  distributions of funds
from the Certificate Account shall be made only in accordance with Section 4.02.

        (c) Distributions on the Uncertificated REMIC III Regular Interests.

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

        (ii) In  determining  from  time to time the  Uncertificated  REMIC  III
Regular Interest Distribution Amounts,  Realized Losses of interest allocated to
the Class A-V  Certificates  under Section 4.05 shall be deemed allocated to the
Uncertificated REMIC III Regular Interest related to the Group I Premium Loan or
Group II Premium  Loan which  incurred  such  Realized  Loss of interest for the
related Distribution Date.

        (iii)  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 III 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  related
Uncertificated REMIC III Regular Interests.

        (iv)  Notwithstanding  the deemed  distributions  on the  Uncertificated
REMIC III Regular Interests described in this Section 10.04(c), distributions of
funds from the Certificate Account shall be made only in accordance with Section
4.02.

        Section 10.05 Compliance with Withholding Requirements.

                                      -44-

<PAGE>

        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.

                                      -45-

<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 & Poor's                New York, New York 10041
Moody's                          99 Church Street
                                 New York, New York 10007

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

                                      -46-

<PAGE>

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, 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  of any such
event known to the Master Servicer.

          Section 11.07  Severability  of Provisions.  (See Section 11.07 of the
               Standard Terms)

                                      -47-

<PAGE>

          Section  11.08  Supplemental  Provisions  for  Resecuritization.  (See
               Section 11.08 of the Standard Terms)

        Section 11.09 Allocation of Voting Rights.

        96.5%  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  I-A-3  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%, 0.5% and 0.5% of all Voting Rights
shall be  allocated  among the  Holders of the Class  R-I,  Class R-II and Class
R-III Certificates, respectively, in accordance with their respective Percentage
Interests.

                                      -48-

<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/                                      By:/s/
        Name:                                           Name:
        Title:                                          Title:

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest:/s/                                      By:/s/
        Name:                                           Name:
        Title:                                          Title:

[Seal]                                                            BANK      ONE,
                                                                  NATIONAL
                                                                  ASSOCIATION as
                                                                  Trustee

Attest:/s/                                      By:       /s/
        Name:                                           Name:
        Title:                                          Title:

                                      -49-

<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]

                                      -50-

<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]

                                      -51-

<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 Richardson,  known to me to be a Vice
President of Bank One, National Association, the entity that executed the within
instrument,  and also known to me to be the person who  executed it on behalf of
said banking entity and acknowledged to me that such banking entity 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]

                                      -52-

<PAGE>

                                   EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)
  RUN ON     : 03/21/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 14.21.52           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S5                                  CUTOFF : 03/01/03
  POOL       : 0004666
             :
             :
  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
  ----------------------------------------------------------------------------

      8047895                              .2500
      191,292.66                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.2500                         .6700

      8060365                              .2500
      372,468.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8072441                              .2500
      484,875.31                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.2500                         .5450

      8084479                              .2500
      393,053.73                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.2500                         .4200

      8146371                              .2500
      322,667.36                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.2500                         .4200

      8150359                              .2500
      334,525.90                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950
1

      8181655                              .2500
      453,114.06                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.2500                         .4200

      8221715                              .2500
      100,405.36                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8222137                              .2500
      430,187.17                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8234833                              .2500
      326,745.25                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8239615                              .2500
      360,226.27                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.2500                         .4200

      8241057                              .2500
      339,443.99                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.2500                         .4200

      8241315                              .2500
      355,836.68                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8243021                              .2500
      363,406.39                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700
1

      8248943                              .2500
      355,505.57                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8249757                              .2500
      290,446.55                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8253143                              .2500
      608,488.46                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8254171                              .2500
      351,231.13                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8256467                              .2500
      337,880.80                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8263031                              .2500
      522,013.81                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8264085                              .2500
      791,618.25                          .0800
            5.8750                         .0000
            5.6250                         .0000
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            5.2950                         .0000
            5.2500                         .0450

      8488079                              .2500
      467,352.67                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488089                              .2500
      408,559.90                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488097                              .2500
      946,627.68                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8488101                              .2500
      438,470.85                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950
1

      8488105                              .2500
      430,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488109                              .2500
      528,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488113                              .2500
      448,396.07                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488119                              .2500
      473,349.21                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488121                              .2500
      594,278.66                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488125                              .2500
      523,155.98                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488131                              .2500
      503,244.95                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488139                              .2500
      480,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950
1

      8488143                              .2500
      364,913.75                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488145                              .2500
      798,523.43                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8488153                              .2500
      451,408.87                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488157                              .2500
      647,716.91                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488161                              .2500
      597,914.79                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488165                              .2500
      453,401.84                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488185                              .2500
      631,688.80                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488189                              .2500
      395,310.31                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700
1

      8488209                              .2500
      395,809.11                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488219                              .2500
      367,421.94                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488221                              .2500
      347,100.59                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8488241                              .2500
      354,631.93                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8488251                              .2500
      437,067.67                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488257                              .2500
      498,262.32                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488265                              .2500
      659,274.79                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8488283                              .2500
      378,665.27                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700
1

      8488295                              .2500
      600,882.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488301                              .2500
      400,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488311                              .2500
      362,721.47                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488331                              .2500
      423,522.97                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488341                              .2500
      488,278.91                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488345                              .2500
      388,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8488349                              .2500
      494,761.42                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8488367                              .2500
      630,433.44                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000
1

      8488391                              .2500
      522,618.36                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8488393                              .2500
      364,714.45                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488395                              .2500
      597,892.54                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8488651                              .2500
      396,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8488895                              .2500
      385,296.52                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8489059                              .2500
      637,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8489375                              .2500
      750,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8489613                              .2500
      422,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000
1

      8490529                              .2500
      355,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8490725                              .2500
      308,500.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8493011                              .2500
      136,200.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8493045                              .2500
    1,000,000.00                          .0500
            5.5500                         .0000
            5.3000                         .0000
            5.2500                         .0000
            5.2500                         .0000

      8493173                              .2500
      580,061.54                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8494971                              .2500
      308,100.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8495253                              .2500
      557,000.00                          .0300
            5.4500                         .0000
            5.2000                         .0000
            5.1700                         .0000
            5.1700                         .0000

      8495635                              .2500
      995,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000
1

      8496029                              .2500
      316,611.86                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8496039                              .2500
      352,500.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8497013                              .2500
      349,960.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8498315                              .2500
      385,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8498417                              .2500
      333,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8498449                              .2500
      395,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8498461                              .2500
      357,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8498579                              .2500
      621,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450
1

      8500091                              .2500
      322,638.07                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

      8502085                              .2500
      161,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8503091                              .2500
      380,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8505157                              .2500
      505,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8505171                              .2500
    1,000,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700

      8505201                              .2500
      507,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8505213                              .2500
      344,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8505225                              .2500
      461,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.2500                         .1700
1

      8505349                              .2500
      340,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8505363                              .2500
      360,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8505393                              .2500
      410,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8505419                              .2500
      362,400.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8505431                              .2500
      393,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8505437                              .2500
      454,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8505447                              .2500
      399,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8505453                              .2500
      336,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450
1

      8505459                              .2500
      348,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8505473                              .2500
      485,700.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8505483                              .2500
      394,500.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8505503                              .2500
      412,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8505541                              .2500
      334,000.00                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8505567                              .2500
      641,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8507047                              .2500
      310,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8508847                              .2500
      641,650.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450
1

      8508931                              .2500
      647,500.00                          .0300
            5.3750                         .0000
            5.1250                         .0000
            5.0950                         .0000
            5.0950                         .0000

      8516465                              .2500
      348,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8520385                              .2500
      360,000.00                          .0300
            5.5000                         .0000
            5.2500                         .0000
            5.2200                         .0000
            5.2200                         .0000

      8528617                              .2500
      420,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8528625                              .2500
      435,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.2500                         .0450

      8529529                              .2500
      379,976.75                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.2500                         .2950

  TOTAL NUMBER OF LOANS:      628
  TOTAL BALANCE........:        253,790,797.47

  RUN ON     : 03/21/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 14.21.52            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S5        FIXED SUMMARY REPORT      CUTOFF : 03/01/03
  POOL       : 0004666
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  -----------------------------------------------------------------------------
  CURR NOTE RATE                        5.6766            5.2500      6.3750
  RFC NET RATE                          5.4266            5.0000      6.1250
  NET MTG RATE(INVSTR RATE)             5.3570            4.9700      6.0450
  POST STRIP RATE                       5.2394            4.9700      5.2500
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0696             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1176             .0000       .7950

  TOTAL NUMBER OF LOANS:   628
  TOTAL BALANCE........:     253,790,797.47

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 03/21/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 14.21.52          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S5                                  CUTOFF : 03/01/03
  POOL       : 0004666
             :
             :
  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 #
  ______________________________________________________________________________

    8047895          E82/G01             F          199,000.00         ZZ
                                         180        191,292.66          1
                                       6.250          1,706.27         53
                                       6.000          1,706.27
    ELLICOTT CITY    MD   21043          2            09/04/02         00
    0400669099                           03           11/01/02          0
    1553332                              O            10/01/17
    0

    8060365          F28/G01             F          380,500.00         ZZ
                                         180        372,468.00          1
                                       5.875          3,185.24         48
                                       5.625          3,185.24
    BELLEVUE         WA   98006          2            08/19/02         00
    0434623120                           05           10/01/02          0
    3342059                              O            09/01/17
    0

    8072441          313/G01             F          500,000.00         ZZ
                                         180        484,875.31          1
                                       6.125          4,253.13         58
                                       5.875          4,253.13
    ANDOVER          MA   01810          2            09/05/02         00
    0434666939                           01           10/01/02          0
    0008918674                           O            09/01/17
    0

    8084479          253/253             F          400,000.00         ZZ
                                         180        393,053.73          1
                                       6.000          3,375.43         67
                                       5.750          3,375.43
    HOUSTON          TX   77025          2            09/13/02         19
    973972                               05           11/01/02         17
1

    973972                               O            10/01/17
    0

    8146371          477/G01             F          330,000.00         ZZ
                                         180        322,667.36          1
                                       6.000          2,784.73         50
                                       5.750          2,784.73
    WOODLAND HILLS   CA   91364          2            10/09/02         00
    0434958096                           05           12/01/02          0
    234400                               O            11/01/17
    0

    8150359          E22/G01             F          340,000.00         ZZ
                                         180        334,525.90          1
                                       5.875          2,846.20         57
                                       5.625          2,846.20
    EVERETT          WA   98201          2            10/14/02         00
    0415032226                           05           12/01/02          0
    0415032226                           O            11/01/17
    0

    8181655          M27/G01             F          460,000.00         ZZ
                                         180        453,114.06          1
                                       6.000          3,881.74         80
                                       5.750          3,881.74
    WILLIAMSBURG     VA   23185          2            10/24/02         00
    0435367784                           03           12/01/02          0
    600822028                            O            11/01/17
    0

    8221715          X64/G01             F          102,000.00         ZZ
                                         180        100,405.36          1
                                       5.625            840.21          8
                                       5.375            840.21
    WEST BLOOMFIELD  MI   48324          5            11/13/02         00
    0435005129                           05           01/01/03          0
    MW6875                               O            12/01/17
    0

    8222137          W57/G01             F          439,500.00         ZZ
                                         180        430,187.17          1
                                       5.625          3,620.31         73
                                       5.375          3,620.31
    SANDY            UT   84093          2            10/23/02         00
    0434972428                           05           12/01/02          0
    210710388                            O            11/01/17
    0

1

    8234833          E82/G01             F          331,000.00         ZZ
                                         180        326,745.25          1
                                       5.625          2,726.55         67
                                       5.375          2,726.55
    MITCHELLVILLE    MD   20721          2            11/20/02         00
    0400726204                           03           01/01/03          0
    1795868                              O            12/01/17
    0

    8239615          367/367             F          364,000.00         ZZ
                                         180        360,226.27          1
                                       6.000          3,071.64         55
                                       5.750          3,071.64
    BETHESDA         MD   20817          2            11/19/02         00
    99276380                             05           01/01/03          0
    99276380                             O            12/01/17
    0

    8241057          956/G01             F          343,000.00         ZZ
                                         180        339,443.99          1
                                       6.000          2,894.43         44
                                       5.750          2,894.43
    RIDGEWOOD        NJ   07450          2            11/11/02         00
    0435109319                           05           01/01/03          0
    912100095                            O            12/01/17
    0

    8241315          G34/G01             F          360,000.00         ZZ
                                         180        355,836.68          1
                                       5.750          2,989.48         80
                                       5.500          2,989.48
    LAS VEGAS        NV   89113          1            11/20/02         00
    0435088356                           03           01/01/03          0
    39092409                             O            12/01/17
    0

    8243021          E22/G01             F          368,000.00         ZZ
                                         180        363,406.39          1
                                       5.750          3,055.91         87
                                       5.500          3,055.91
    DELAWARE         OH   43015          2            11/26/02         04
    0415377928                           05           01/01/03         12
    0415377928                           O            12/01/17
    0

    8248943          E82/G01             F          358,000.00         ZZ
                                         180        355,505.57          1
                                       5.875          2,996.88         57
                                       5.625          2,996.88
1

    STAMFORD         CT   06903          2            11/25/02         00
    0400724985                           05           02/01/03          0
    1694818                              O            01/01/18
    0

    8249757          E82/G01             F          295,650.00         ZZ
                                         180        290,446.55          1
                                       5.875          2,474.94         73
                                       5.625          2,474.94
    PHOENIX          AZ   85020          2            11/13/02         00
    0400728564                           05           01/01/03          0
    6911115                              O            12/01/17
    0

    8253143          E22/G01             F          615,000.00         ZZ
                                         180        608,488.46          1
                                       5.750          5,107.02         37
                                       5.500          5,107.02
    WILTON           CT   06897          2            11/27/02         00
    0415069046                           05           01/01/03          0
    0415069046                           O            12/01/17
    0

    8254171          B65/G01             F          354,950.00         ZZ
                                         180        351,231.13          1
                                       5.875          2,971.36         55
                                       5.625          2,971.36
    POWELL           OH   43065          2            11/26/02         00
    0435050893                           05           01/01/03          0
    31934311008000                       O            12/01/17
    0

    8256467          E82/G01             F          344,500.00         ZZ
                                         180        337,880.80          1
                                       5.875          2,883.87         58
                                       5.625          2,883.87
    ST PETERSBURG    FL   33715          2            11/27/02         00
    0400737235                           03           01/01/03          0
    4814199                              O            12/01/17
    0

    8263031          369/G01             F          527,600.00         ZZ
                                         180        522,013.81          1
                                       5.750          4,381.25         73
                                       5.500          4,381.25
    CHATTANOOGA      TN   37405          2            11/11/02         00
    0435394374                           05           01/01/03          0
    0074682485                           O            12/01/17
    0
1

    8264085          F28/G01             F          800,000.00         ZZ
                                         180        791,618.25          1
                                       5.875          6,696.95         56
                                       5.625          6,696.95
    HOUSTON          TX   77006          2            11/06/02         00
    0435005525                           05           01/01/03          0
    3506218                              O            12/01/17
    0

    8264377          F62/F62             F          238,000.00         ZZ
                                         180        236,288.43          1
                                       5.500          1,944.66         48
                                       5.250          1,944.66
    CORAL GABLES     FL   33146          2            12/20/02         00
    31342                                05           02/01/03          0
    31342                                O            01/01/18
    0

    8265773          367/367             F          374,000.00         ZZ
                                         180        371,338.51          1
                                       5.625          3,080.76         54
                                       5.375          3,080.76
    WASHINGTON       DC   20015          2            11/25/02         00
    99324241                             05           02/01/03          0
    99324241                             O            01/01/18
    0

    8267501          956/G01             F          365,000.00         ZZ
                                         180        359,929.67          1
                                       5.750          3,031.00         44
                                       5.500          3,031.00
    EAST GREENWICH   RI   02818          2            11/22/02         00
    0435126974                           05           01/01/03          0
    2812100353                           O            12/01/17
    0

    8269835          E22/G01             F          345,500.00         ZZ
                                         180        342,886.59          1
                                       5.625          2,846.00         56
                                       5.375          2,846.00
    ADA              MI   49301          2            12/04/02         00
    0415558378                           29           02/01/03          0
    0415558378                           O            01/01/18
    0

    8271835          B49/G01             F          360,000.00         ZZ
                                         180        357,491.61          1
1

                                       5.875          3,013.63         30
                                       5.625          3,013.63
    BOULDER          CO   80303          2            12/04/02         00
    0435328901                           03           02/01/03          0
    000278690340                         O            01/01/18
    0

    8273125          E22/G01             F          150,000.00         ZZ
                                         120        148,201.59          1
                                       6.375          1,693.70         38
                                       6.125          1,693.70
    BURIEN           WA   98168          5            12/04/02         00
    0415348390                           05           02/01/03          0
    0415348390                           O            01/01/13
    0

    8276871          E82/G01             F          328,300.00         ZZ
                                         180        326,012.50          1
                                       5.875          2,748.26         55
                                       5.625          2,748.26
    LITTLETON        CO   80125          2            12/09/02         00
    0400737375                           05           02/01/03          0
    1790166                              O            01/01/18
    0

    8277139          952/G01             F          275,000.00         ZZ
                                         180        273,063.53          1
                                       5.750          2,283.63         36
                                       5.500          2,283.63
    STONY POINT      NY   10980          2            11/25/02         00
    0435107933                           05           02/01/03          0
    20027027                             O            01/01/18
    0

    8278755          144/144             F          333,000.00         ZZ
                                         180        329,511.11          1
                                       5.875          2,787.60         47
                                       5.625          2,787.60
    DOBBS FERRY      NY   10522          2            11/26/02         00
    NA                                   05           01/01/03          0
    NA                                   O            12/01/17
    0

    8279081          550/550             F        1,000,000.00         ZZ
                                         180        992,808.54          1
                                       5.500          8,170.84         33
                                       5.250          8,170.84
    SAN FRANCISCO    CA   94133          1            12/03/02         00
    120616417                            08           02/01/03          0
1

    120616417                            O            01/01/18
    0

    8281731          A06/G01             F          353,500.00         ZZ
                                         180        351,010.75          1
                                       5.750          2,935.50         58
                                       5.500          2,935.50
    WEST BLOOMFIELD  MI   48322          2            12/07/02         00
    0435114426                           05           02/01/03          0
    021000020226362                      O            01/01/18
    0

    8282465          A06/G01             F          100,000.00         ZZ
                                         180         99,295.81          1
                                       5.750            830.42         56
                                       5.500            830.42
    DEARBORN         MI   48126          2            12/06/02         00
    0435114301                           05           02/01/03          0
    021000020225283                      O            01/01/18
    0

    8285855          E82/G01             F          281,200.00         ZZ
                                         180        279,240.67          1
                                       5.875          2,353.98         54
                                       5.625          2,353.98
    WASHINGTON       UT   84780          2            12/06/02         00
    0400715389                           03           02/01/03          0
    1779635                              O            01/01/18
    0

    8285897          M27/G01             F          522,000.00         ZZ
                                         180        518,362.85          1
                                       5.875          4,369.76         80
                                       5.625          4,369.76
    PFAFFTOWN        NC   27040          2            12/04/02         00
    0435245675                           05           02/01/03          0
    0100039101                           O            01/01/18
    0

    8286323          956/G01             F          345,000.00         ZZ
                                         180        341,118.68          1
                                       5.750          2,864.91         71
                                       5.500          2,864.91
    BELLEVUE         WA   98008          2            11/25/02         00
    0435125893                           03           01/01/03          0
    1312100413                           O            12/01/17
    0

1

    8292137          E82/G01             F          242,000.00         ZZ
                                         180        240,313.80          1
                                       5.875          2,025.83         55
                                       5.625          2,025.83
    WYCKOFF          NJ   07481          2            12/12/02         00
    0400737268                           05           02/01/03          0
    1813492                              O            01/01/18
    0

    8292171          E82/G01             F          299,000.00         ZZ
                                         180        296,916.66          1
                                       5.875          2,502.98         65
                                       5.625          2,502.98
    LAKE OSWEGO      OR   97034          2            12/12/02         00
    0400747747                           05           02/01/03          0
    1540188                              O            01/01/18
    0

    8292887          W53/G01             F          349,500.00         ZZ
                                         180        345,838.22          1
                                       5.875          2,925.73         53
                                       5.625          2,925.73
    ROSWELL          GA   30075          2            11/12/02         00
    0435087788                           03           01/01/03          0
    1310001127                           O            12/01/17
    0

    8294065          P67/G01             F          328,000.00         ZZ
                                         180        325,714.58          1
                                       5.875          2,745.75         57
                                       5.625          2,745.75
    CRANBURY         NJ   08512          2            12/13/02         00
    0435137401                           05           02/01/03          0
    7512378                              O            01/01/18
    0

    8297307          944/G01             F          346,500.00         ZZ
                                         180        342,469.56          1
                                       5.750          2,877.38         70
                                       5.500          2,877.38
    RENO             NV   89511          2            11/23/02         00
    0435143839                           03           01/01/03          0
    W02033988                            O            12/01/17
    0

    8297711          225/G01             F          340,000.00         ZZ
                                         180        336,437.76          1
                                       5.875          2,846.20         78
                                       5.625          2,846.20
1

    BENT MOUNTAIN    VA   24059          2            11/08/02         00
    0435175591                           05           01/01/03          0
    006511483                            O            12/01/17
    0

    8297793          225/G01             F          353,600.00         ZZ
                                         180        348,648.25          1
                                       5.875          2,960.05         80
                                       5.625          2,960.05
    NORFOLK          VA   23504          2            10/25/02         00
    0435130943                           05           12/01/02          0
    006850259                            O            11/01/17
    0

    8297803          225/G01             F          355,000.00         ZZ
                                         180        351,241.29          1
                                       5.750          2,947.96         69
                                       5.500          2,947.96
    OCALA            FL   34474          2            10/29/02         00
    0435129788                           03           01/01/03          0
    006850627                            O            12/01/17
    0

    8297815          225/G01             F          344,000.00         ZZ
                                         180        339,056.86          1
                                       6.000          2,902.87         80
                                       5.750          2,902.87
    NORFOLK          VA   23509          2            10/30/02         00
    0435133137                           05           12/01/02          0
    006850924                            O            11/01/17
    0

    8297857          225/G01             F          360,000.00         ZZ
                                         180        356,188.35          1
                                       5.750          2,989.48         57
                                       5.500          2,989.48
    ATLANTA          GA   30342          5            11/04/02         00
    0435175765                           03           01/01/03          0
    006852446                            O            12/01/17
    0

    8297859          225/G01             F          350,000.00         ZZ
                                         180        346,371.41          1
                                       6.000          2,953.50         34
                                       5.750          2,953.50
    ISLE OF PALMS    SC   29451          5            10/29/02         00
    0435195060                           05           01/01/03          0
    006852531                            O            12/01/17
    0
1

    8297917          225/G01             F          362,000.00         ZZ
                                         180        358,126.80          1
                                       5.625          2,981.91         29
                                       5.375          2,981.91
    ATLANTA          GA   30305          2            11/06/02         00
    0435127618                           05           01/01/03          0
    006853625                            O            12/01/17
    0

    8297969          225/G01             F          363,000.00         ZZ
                                         180        359,156.41          1
                                       5.750          3,014.39         23
                                       5.500          3,014.39
    WATCHUNG         NJ   07069          2            11/07/02         00
    0435132287                           05           01/01/03          0
    006855014                            O            12/01/17
    0

    8297997          225/G01             F          496,000.00         ZZ
                                         180        488,683.19          1
                                       5.250          3,987.24         57
                                       5.000          3,987.24
    PARKER           CO   80134          2            10/31/02         00
    0435124086                           03           12/01/02          0
    007414268                            O            11/01/17
    0

    8298043          225/G01             F          375,000.00         ZZ
                                         180        370,987.71          1
                                       5.625          3,088.99         45
                                       5.375          3,088.99
    ST PETERSBURG    FL   33710          2            11/05/02         00
    0435133756                           05           01/01/03          0
    006857789                            O            12/01/17
    0

    8298125          225/G01             F          336,000.00         ZZ
                                         180        331,294.70          1
                                       5.875          2,812.72         69
                                       5.625          2,812.72
    LAFAYETTE HIL    PA   19444          2            10/31/02         00
    0435127113                           05           12/01/02          0
    007415234                            O            11/01/17
    0

    8298213          225/G01             F          355,000.00         ZZ
                                         180        348,894.30          1
1

                                       6.125          3,019.72         65
                                       5.875          3,019.72
    HAMILTON         VA   20158          2            09/20/02         00
    0435195151                           05           11/01/02          0
    007398050                            O            10/01/17
    0

    8298567          225/G01             F          350,000.00         ZZ
                                         180        344,924.97          1
                                       5.875          2,929.92         34
                                       5.625          2,929.92
    NEWTON           MA   02465          2            10/30/02         00
    0435196621                           05           12/01/02          0
    007409715                            O            11/01/17
    0

    8298671          225/G01             F          365,000.00         ZZ
                                         180        355,039.41          1
                                       5.875          3,055.49         79
                                       5.625          3,055.49
    CHICAGO          IL   60618          2            10/28/02         00
    0435140611                           05           12/01/02          0
    007411100                            O            11/01/17
    0

    8298735          225/G01             F          450,000.00         ZZ
                                         180        383,055.64          1
                                       5.750          3,736.85         60
                                       5.500          3,736.85
    MILLBURN TWP     NJ   07078          2            10/29/02         00
    0435178025                           05           12/01/02          0
    007411636                            O            11/01/17
    0

    8298901          225/G01             F          348,000.00         ZZ
                                         180        342,797.37          1
                                       5.750          2,889.83         52
                                       5.500          2,889.83
    READING          MA   01867          2            11/01/02         00
    0435195490                           05           12/01/02          0
    007412811                            O            11/01/17
    0

    8301035          E22/G01             F          328,000.00         ZZ
                                         180        325,714.58          1
                                       5.875          2,745.75         73
                                       5.625          2,745.75
    TROY             MI   48098          2            12/12/02         00
    0415476209                           05           02/01/03          0
1

    0415476209                           O            01/01/18
    0

    8302697          116/116             F          675,000.00         ZZ
                                         180        670,346.31          1
                                       6.000          5,696.04         75
                                       5.750          5,696.04
    SAN ANTONIO      TX   78257          1            12/06/02         00
    091023105                            03           02/01/03          0
    091023105                            O            01/01/18
    0

    8305165          E82/G01             F          227,000.00         ZZ
                                         180        225,401.54          2
                                       5.750          1,885.03         60
                                       5.500          1,885.03
    ASTORIA          NY   11105          2            12/17/02         00
    0400718227                           05           02/01/03          0
    1908291                              O            01/01/18
    0

    8305307          M27/G01             F          375,900.00         ZZ
                                         180        373,253.03          1
                                       5.750          3,121.51         76
                                       5.500          3,121.51
    NASHVILLE        TN   37205          2            12/09/02         00
    0435245485                           05           02/01/03          0
    5000103072                           O            01/01/18
    0

    8305823          A35/G01             F          361,700.00         ZZ
                                         180        359,153.03          4
                                       5.750          3,003.59         39
                                       5.500          3,003.59
    BROOKLYN         NY   11231          2            12/12/02         00
    0435144233                           07           02/01/03          0
    13981                                O            01/01/18
    0

    8306439          M27/G01             F          322,400.00         ZZ
                                         180        320,129.76          1
                                       5.750          2,677.24         80
                                       5.500          2,677.24
    CORDOVA          TN   38018          2            12/11/02         00
    0435174750                           05           02/01/03          0
    5000031052                           O            01/01/18
    0

1

    8307465          E82/G01             F          256,500.00         ZZ
                                         180        253,279.51          1
                                       5.875          2,147.21         49
                                       5.625          2,147.21
    CRARYVILLE       NY   12521          2            12/20/02         00
    0400721270                           05           02/01/03          0
    1805551                              O            01/01/18
    0

    8307483          E82/G01             F          329,800.00         ZZ
                                         180        327,477.65          1
                                       5.750          2,738.69         59
                                       5.500          2,738.69
    BLUE BELL        PA   19422          2            12/19/02         00
    0400744694                           05           02/01/03          0
    1849796                              O            01/01/18
    0

    8307485          E82/G01             F          367,800.00         ZZ
                                         180        365,177.83          1
                                       5.750          3,054.25         62
                                       5.500          3,054.25
    UNIVERSITY PARK  TX   75205          2            12/11/02         00
    0400733481                           05           02/01/03          0
    8307485                              O            01/01/18
    0

    8307503          E82/G01             F          375,300.00         ZZ
                                         180        372,573.38          1
                                       5.750          3,116.53         66
                                       5.500          3,116.53
    SUCHES           GA   30572          2            12/20/02         00
    0400745584                           05           02/01/03          0
    1807482                              O            01/01/18
    0

    8307879          E22/G01             F          342,000.00         ZZ
                                         180        339,483.50          1
                                       6.000          2,885.99         70
                                       5.750          2,885.99
    LAKEWOOD         WA   98499          5            12/17/02         00
    0415620673                           05           02/01/03          0
    0415620673                           O            01/01/18
    0

    8308415          956/G01             F          335,000.00         ZZ
                                         180        332,641.04          1
                                       5.750          2,781.87         58
                                       5.500          2,781.87
1

    LOUISVILLE       CO   80027          2            12/11/02         00
    0435132667                           05           02/01/03          0
    2412110077                           O            01/01/18
    0

    8310981          X19/G01             F          327,000.00         ZZ
                                         180        324,672.98          1
                                       5.625          2,693.60         36
                                       5.375          2,693.60
    YORKTOWN         NY   10598          2            12/23/02         00
    0435178272                           05           02/01/03          0
    22112101                             O            01/01/18
    0

    8311417          367/367             F          390,000.00         ZZ
                                         180        387,311.21          1
                                       6.000          3,291.04         32
                                       5.750          3,291.04
    POTOMAC          MD   20854          2            12/05/02         00
    99108032                             05           02/01/03          0
    99108032                             O            01/01/18
    0

    8311487          550/550             F          612,000.00         ZZ
                                         180        607,690.48          1
                                       5.750          5,082.11         68
                                       5.500          5,082.11
    SAN FRANCISCO    CA   94117          2            12/18/02         00
    120615211                            01           02/01/03          0
    120615211                            O            01/01/18
    0

    8314661          E82/G01             F          287,800.00         ZZ
                                         180        283,984.06          1
                                       5.750          2,389.92         58
                                       5.500          2,389.92
    PELHAM           NY   10803          2            12/23/02         00
    0400738456                           05           02/01/03          0
    2827079                              O            01/01/18
    0

    8318401          L46/L46             F          362,400.00         ZZ
                                         180        359,848.08          1
                                       5.750          3,009.41         78
                                       5.500          3,009.41
    RICHARDSON       TX   75080          2            12/16/02         00
    0000986364                           05           02/01/03          0
    0000986364                           O            01/01/18
    0
1

    8320747          P60/G01             F          421,618.19         ZZ
                                         180        418,590.71          1
                                       5.625          3,473.01         53
                                       5.375          3,473.01
    CLINTON          OH   44216          2            12/18/02         00
    0435185244                           05           02/01/03          0
    9634443                              O            01/01/18
    0

    8321467          E82/G01             F          226,700.00         ZZ
                                         180        225,103.65          1
                                       5.750          1,882.54         53
                                       5.500          1,882.54
    ROCHESTER        MN   55902          2            12/18/02         00
    0400743894                           05           02/01/03          0
    1933366                              O            01/01/18
    0

    8321625          E82/G01             F          304,000.00         ZZ
                                         180        301,559.42          1
                                       5.875          2,544.84         58
                                       5.625          2,544.84
    SCOTTSDALE       AZ   85255          2            12/27/02         00
    0400710786                           03           02/01/03          0
    2793089                              O            01/01/18
    0

    8321641          E82/G01             F          331,700.00         ZZ
                                         180        328,615.17          1
                                       5.750          2,754.47         42
                                       5.500          2,754.47
    NORWELL          MA   02061          2            12/27/02         00
    0400757381                           05           02/01/03          0
    1861834                              O            01/01/18
    0

    8322749          E22/G01             F          361,200.00         ZZ
                                         180        358,629.60          1
                                       5.625          2,975.32         66
                                       5.375          2,975.32
    EDMONDS          WA   98020          2            12/26/02         00
    0415595545                           05           02/01/03          0
    0415595545                           O            01/01/18
    0

    8322929          E22/G01             F          400,000.00         ZZ
                                         180        396,311.42          1
1

                                       5.625          3,294.93         60
                                       5.375          3,294.93
    TOMS RIVER       NJ   08753          5            12/23/02         00
    0415737279                           05           02/01/03          0
    0415737279                           O            01/01/18
    0

    8325067          964/G01             F          350,000.00         ZZ
                                         180        347,561.29          1
                                       5.875          2,929.92         73
                                       5.625          2,929.92
    SCOTTSDALE       AZ   85259          1            12/26/02         00
    0435249222                           03           02/01/03          0
    298412                               O            01/01/18
    0

    8326615          E82/G01             F          274,000.00         ZZ
                                         180        273,027.36          1
                                       5.625          2,257.02         43
                                       5.375          2,257.02
    SCOTTSDALE       AZ   85251          2            12/30/02         00
    0400747978                           05           03/01/03          0
    168725078                            O            02/01/18
    0

    8329307          E82/G01             F          350,000.00         ZZ
                                         180        348,783.63          1
                                       5.875          2,929.91         60
                                       5.625          2,929.91
    ALLENDALE        NJ   07401          2            12/27/02         00
    0400736278                           05           03/01/03          0
    1861526                              O            02/01/18
    0

    8329415          E82/G01             F          248,000.00         ZZ
                                         180        247,138.12          1
                                       5.875          2,076.05         41
                                       5.625          2,076.05
    SUMMIT           NJ   07901          2            12/27/02         00
    0400708764                           05           03/01/03          0
    0400708764                           O            02/01/18
    0

    8329751          E82/G01             F          354,000.00         ZZ
                                         180        352,756.60          1
                                       5.750          2,939.65         49
                                       5.500          2,939.65
    ST DAVIDS        PA   19087          2            01/02/03         00
    0400744322                           03           03/01/03          0
1

    1683887                              O            02/01/18
    0

    8335587          E82/G01             F          216,900.00         ZZ
                                         180        216,146.20          1
                                       5.875          1,815.71         57
                                       5.625          1,815.71
    WYLIE            TX   75098          2            01/02/03         00
    0400742797                           05           03/01/03          0
    1951360                              O            02/01/18
    0

    8335605          E82/G01             F          294,800.00         ZZ
                                         180        293,764.53          1
                                       5.750          2,448.05         44
                                       5.500          2,448.05
    PLEASANTVILLE    NY   10570          2            01/03/03         00
    0400713897                           05           03/01/03          0
    1757708                              O            02/01/18
    0

    8336645          369/G01             F          350,400.00         ZZ
                                         180        347,891.44          1
                                       5.875          2,933.27         69
                                       5.625          2,933.27
    OWOSSO           MI   48867          2            11/25/02         00
    0435194360                           05           02/01/03          0
    0074501412                           O            01/01/18
    0

    8338977          E22/G01             F          435,500.00         ZZ
                                         180        432,400.87          1
                                       5.625          3,587.35         58
                                       5.375          3,587.35
    HINSDALE         IL   60521          2            01/02/03         00
    0415621036                           05           02/01/03          0
    0415621036                           O            01/01/18
    0

    8340137          714/G01             F          349,000.00         ZZ
                                         180        347,747.96          1
                                       5.500          2,851.62         72
                                       5.250          2,851.62
    MEQUON           WI   53097          2            01/03/03         00
    0435410741                           05           03/01/03          0
    1                                    O            02/01/18
    0

1

    8341655          356/356             F          347,500.00         ZZ
                                         180        345,104.07          1
                                       6.000          2,932.41         35
                                       5.750          2,932.41
    FREMONT          CA   94539          2            12/11/02         00
    28971752                             05           02/01/03          0
    28971752                             O            01/01/18
    0

    8343825          E82/G01             F          219,200.00         ZZ
                                         180        218,430.07          1
                                       5.750          1,820.26         36
                                       5.500          1,820.26
    RENO             NV   89511          2            01/06/03         00
    0400754057                           05           03/01/03          0
    1868059                              O            02/01/18
    0

    8343843          E82/G01             F          291,200.00         ZZ
                                         180        290,166.29          1
                                       5.625          2,398.71         40
                                       5.375          2,398.71
    WHITEFISH BAY    WI   53211          2            01/06/03         00
    0400758249                           05           03/01/03          0
    1863969                              O            02/01/18
    0

    8348618          E23/G01             F          394,000.00         ZZ
                                         180        392,586.52          1
                                       5.500          3,219.31         72
                                       5.250          3,219.31
    SANTA ROSA       CA   95404          2            01/28/03         00
    0435430426                           05           03/01/03          0
    62005900                             O            02/01/18
    0

    8348638          E23/G01             F          389,000.00         ZZ
                                         180        389,000.00          1
                                       5.500          3,178.45         67
                                       5.250          3,178.45
    ESCALON          CA   95320          1            02/03/03         00
    0435394895                           05           04/01/03          0
    51025092                             O            03/01/18
    0

    8348656          E23/G01             F          362,000.00         ZZ
                                         180        360,673.71          1
                                       5.250          2,910.04         28
                                       5.000          2,910.04
1

    CARMEL           CA   93923          2            01/24/03         00
    0435383013                           05           03/01/03          0
    63000852                             O            02/01/18
    0

    8348662          E23/G01             F          360,000.00         ZZ
                                         180        360,000.00          1
                                       5.500          2,941.50         36
                                       5.250          2,941.50
    WALNUT CREEK     CA   94598          5            01/31/03         00
    0435399951                           03           04/01/03          0
    61008887                             O            03/01/18
    0

    8349204          E23/G01             F          475,000.00         ZZ
                                         180        473,295.93          1
                                       5.500          3,881.15         38
                                       5.250          3,881.15
    NEWPORT BEACH    CA   92663          2            01/30/03         00
    0435360359                           03           03/01/03          0
    51024321                             O            02/01/18
    0

    8349298          Q51/G01             F          514,000.00         ZZ
                                         180        514,000.00          1
                                       5.625          4,233.98         44
                                       5.375          4,233.98
    SAN DIEGO        CA   92130          2            02/03/03         00
    0435407788                           05           04/01/03          0
    0668910                              O            03/01/18
    0

    8351442          E23/G01             F          378,000.00         ZZ
                                         180        378,000.00          1
                                       5.500          3,088.58         46
                                       5.250          3,088.58
    WHITTIER         CA   90603          2            02/12/03         00
    0435431853                           05           04/01/03          0
    51025203                             O            03/01/18
    0

    8351444          Q51/G01             F          728,392.00         ZZ
                                         180        728,392.00          1
                                       5.625          6,000.00         57
                                       5.375          6,000.00
    RANCHO PALOS VE  CA   90275          2            02/15/03         00
    0435430905                           05           04/01/03          0
    0669912                              O            03/01/18
    0
1

    8352594          N16/G01             F          493,000.00         ZZ
                                         180        491,212.63          1
                                       5.375          3,995.60         52
                                       5.125          3,995.60
    OAK PARK         CA   91377          5            02/22/03         00
    0435454889                           03           03/27/03          0
    498780712                            O            02/27/18
    0

    8352831          X91/G01             F          290,000.00         ZZ
                                         180        288,970.56          1
                                       5.625          2,388.82         64
                                       5.375          2,388.82
    PAIA             HI   96779          5            01/06/03         00
    0435233226                           05           03/01/03          0
    803305                               O            02/01/18
    0

    8353121          E82/G01             F          331,000.00         ZZ
                                         180        329,849.66          1
                                       5.875          2,770.86         77
                                       5.625          2,770.86
    PORTLAND         OR   97229          2            01/07/03         00
    0400746327                           03           03/01/03          0
    1887670                              O            02/01/18
    0

    8353147          E82/G01             F          332,000.00         ZZ
                                         180        330,821.46          1
                                       5.625          2,734.79         70
                                       5.375          2,734.79
    BOULDER          CO   80302          2            01/08/03         00
    0400759973                           05           03/01/03          0
    2814170                              O            02/01/18
    0

    8353204          E23/G01             F          360,000.00         ZZ
                                         180        360,000.00          1
                                       5.625          2,965.43         45
                                       5.375          2,965.43
    SAN CLEMENTE     CA   92672          5            02/14/03         00
    0435459672                           05           04/01/03          0
    51025810                             O            03/01/18
    0

    8353487          926/926             F          384,000.00         ZZ
                                         180        381,380.53          1
1

                                       6.125          3,266.40         52
                                       5.875          3,266.40
    HILTON HEAD ISL  SC   29928          2            12/02/02         00
    161517028                            03           02/01/03          0
    161517028                            O            01/01/18
    0

    8353730          E23/G01             F          393,000.00         ZZ
                                         180        393,000.00          1
                                       5.500          3,211.14         51
                                       5.250          3,211.14
    ARCADIA          CA   91006          2            02/14/03         00
    0435485412                           05           04/01/03          0
    51025790                             O            03/01/18
    0

    8354557          E82/G01             F          339,100.00         ZZ
                                         180        337,696.26          1
                                       5.625          2,793.27         58
                                       5.375          2,793.27
    NORTHRIDGE       CA   91326          2            01/08/03         00
    0400753653                           05           03/01/03          0
    6907520                              O            02/01/18
    0

    8354571          E82/G01             F          363,100.00         ZZ
                                         180        361,811.06          1
                                       5.625          2,990.97         66
                                       5.375          2,990.97
    PORTLAND         OR   97201          2            01/10/03         00
    0400750865                           05           03/01/03          0
    1859062                              O            02/01/18
    0

    8354759          E82/G01             F          310,000.00         ZZ
                                         180        308,911.15          1
                                       5.750          2,574.27         60
                                       5.500          2,574.27
    HOPATCONG BOROU  NJ   07843          2            01/10/03         00
    0400748562                           05           03/01/03          0
    1921860                              O            02/01/18
    0

    8358429          E82/G01             F          299,000.00         ZZ
                                         180        297,949.78          1
                                       5.750          2,482.93         50
                                       5.500          2,482.93
    GREENWICH        CT   06831          2            01/10/03         00
    0400744546                           05           03/01/03          0
1

    1846946                              O            02/01/18
    0

    8358933          E22/G01             F          404,000.00         ZZ
                                         180        402,565.87          1
                                       5.625          3,327.88         50
                                       5.375          3,327.88
    SEVERNA PARK     MD   21146          2            01/09/03         00
    0415697887                           05           03/01/03          0
    0415697887                           O            02/01/18
    0

    8361423          144/144             F          663,052.00         ZZ
                                         180        655,199.53          1
                                       5.875          5,550.53         45
                                       5.625          5,550.53
    OYSTER BAY       NY   11791          2            11/18/02         00
    02MEROLAC                            04           01/01/03          0
    02MEROLAC                            O            12/01/17
    0

    8363037          550/550             F          347,000.00         ZZ
                                         180        345,765.60          1
                                       5.600          2,853.73         43
                                       5.350          2,853.73
    ESSEX FELLS      NJ   07021          2            01/10/02         00
    120617134                            05           03/01/03          0
    120617134                            O            02/01/18
    0

    8363505          367/367             F          363,000.00         ZZ
                                         180        361,738.45          1
                                       5.875          3,038.74         49
                                       5.625          3,038.74
    WASHINGTON       DC   20008          2            01/03/03         00
    99222190                             05           03/01/03          0
    99222190                             O            02/01/18
    0

    8364743          E82/G01             F          256,500.00         ZZ
                                         180        255,608.57          1
                                       5.875          2,147.21         66
                                       5.625          2,147.21
    AUSTIN           TX   78733          2            01/11/03         00
    0400734901                           05           03/01/03          0
    1794597                              O            02/01/18
    0

1

    8364753          E82/G01             F          344,000.00         ZZ
                                         180        342,804.48          1
                                       5.875          2,879.69         50
                                       5.625          2,879.69
    BRONX            NY   10471          2            01/13/03         00
    0400714671                           05           03/01/03          0
    4790610                              O            02/01/18
    0

    8364941          E22/G01             F          650,000.00         ZZ
                                         180        647,716.91          1
                                       5.750          5,397.67         55
                                       5.500          5,397.67
    FORT WORTH       TX   76107          2            01/10/03         00
    0415619386                           05           03/01/03          0
    0415619386                           O            02/01/18
    0

    8365227          E82/G01             F          293,700.00         ZZ
                                         180        292,657.42          1
                                       5.625          2,419.30         45
                                       5.375          2,419.30
    KENNEBUNK        ME   04043          2            01/09/03         00
    0400752994                           05           03/01/03          0
    1828253                              O            02/01/18
    0

    8366383          964/G01             F          365,000.00         ZZ
                                         180        363,704.32          1
                                       5.625          3,006.62         53
                                       5.375          3,006.62
    PROVO            UT   84604          5            01/08/03         00
    0435316856                           03           03/01/03          0
    323266                               O            02/01/18
    0

    8367417          M27/G01             F          526,000.00         ZZ
                                         180        524,132.80          1
                                       5.625          4,332.83         44
                                       5.375          4,332.83
    WILMINGTON       NC   28401          5            01/10/03         00
    0435325345                           05           03/01/03          0
    0100025201                           O            02/01/18
    0

    8368151          E82/G01             F          339,900.00         ZZ
                                         180        338,693.42          1
                                       5.625          2,799.86         65
                                       5.375          2,799.86
1

    HASTINGS         MN   55033          2            01/14/03         00
    0400759395                           05           03/01/03          0
    1807823                              O            02/01/18
    0

    8368189          E82/G01             F          363,300.00         ZZ
                                         180        362,037.41          1
                                       5.875          3,041.25         59
                                       5.625          3,041.25
    BOCA RATON       FL   33487          2            01/14/03         00
    0400743514                           03           03/01/03          0
    5194270                              O            02/01/18
    0

    8368205          E82/G01             F          372,000.00         ZZ
                                         180        370,679.47          1
                                       5.625          3,064.28         64
                                       5.375          3,064.28
    HUNTINGDON VALL  PA   19006          2            01/14/03         00
    0400751202                           05           03/01/03          0
    1743991                              O            02/01/18
    0

    8372917          964/G01             F          543,000.00         ZZ
                                         180        541,051.98          1
                                       5.500          4,436.77         55
                                       5.250          4,436.77
    CUPERTINO        CA   95014          2            01/06/03         00
    0435290002                           05           03/01/03          0
    318292                               O            02/01/18
    0

    8372943          964/G01             F          480,000.00         ZZ
                                         180        478,277.99          1
                                       5.500          3,922.01         38
                                       5.250          3,922.01
    PALO ALTO        CA   94306          2            12/31/02         00
    0435396213                           05           03/01/03          0
    317872                               O            02/01/18
    0

    8374451          E82/G01             F          242,200.00         ZZ
                                         180        241,378.63          1
                                       6.250          2,076.68         51
                                       6.000          2,076.68
    FAIRFAX          VA   22033          2            01/16/03         00
    0400741740                           03           03/01/03          0
    1809854                              O            02/01/18
    0
1

    8375273          253/253             F          353,300.00         ZZ
                                         180        350,864.23          1
                                       6.000          2,981.35         59
                                       5.750          2,981.35
    ENGLEWOOD        CO   80111          2            01/06/03         00
    449862                               03           02/01/03          0
    449862                               O            01/01/18
    0

    8376963          E82/G01             F          255,300.00         ZZ
                                         180        254,393.73          1
                                       5.625          2,102.99         60
                                       5.375          2,102.99
    DIX HILLS        NY   11746          2            01/16/03         00
    0400751756                           05           03/01/03          0
    1967958                              O            02/01/18
    0

    8376973          E82/G01             F          295,000.00         ZZ
                                         180        293,952.80          1
                                       5.625          2,430.01         65
                                       5.375          2,430.01
    LAS VEGAS        NV   89117          2            01/17/03         00
    0400766671                           03           03/01/03          0
    5034171                              O            02/01/18
    0

    8377001          E82/G01             F          325,600.00         ZZ
                                         180        324,444.18          1
                                       5.625          2,682.07         80
                                       5.375          2,682.07
    NORTHVILLE       MI   48167          2            01/17/03         00
    0400764981                           05           03/01/03          0
    5093540                              O            02/01/18
    0

    8379977          E82/G01             F          333,300.00         ZZ
                                         180        330,113.46          1
                                       5.750          2,767.76         72
                                       5.500          2,767.76
    AUBREY           TX   76227          2            01/20/03         00
    0400734687                           05           03/01/03          0
    1679097                              O            02/01/18
    0

    8379999          E82/G01             F          341,000.00         ZZ
                                         180        339,789.51          1
1

                                       5.625          2,808.93         43
                                       5.375          2,808.93
    SCOTTSDALE       AZ   85255          2            01/17/03         00
    0400771978                           05           03/01/03          0
    1887078                              O            02/01/18
    0

    8380003          E82/G01             F          213,300.00         ZZ
                                         180        212,566.55          1
                                       6.000          1,799.95         65
                                       5.750          1,799.95
    GIG HARBOR       WA   98335          2            01/16/03         00
    0400728457                           03           03/01/03          0
    1783392                              O            02/01/18
    0

    8381873          A06/G01             F          273,000.00         ZZ
                                         180        272,020.61          1
                                       5.500          2,230.64         23
                                       5.250          2,230.64
    BLOOMFIELD HILL  MI   48302          2            01/17/03         00
    0435281613                           05           03/01/03          0
    021000020235630                      O            02/01/18
    0

    8383113          E82/G01             F          180,000.00         ZZ
                                         180        179,361.03          1
                                       5.625          1,482.72         43
                                       5.375          1,482.72
    EMMITSBURG       MD   21727          2            01/22/03         00
    0400770897                           05           03/01/03          0
    8189583                              O            02/01/18
    0

    8383115          E82/G01             F          384,400.00         ZZ
                                         180        383,035.46          1
                                       5.625          3,166.42         61
                                       5.375          3,166.42
    ELLICOTT CITY    MD   21042          2            01/22/03         00
    0400774832                           05           03/01/03          0
    1755907                              O            02/01/18
    0

    8383125          E82/G01             F          222,700.00         ZZ
                                         180        221,909.46          1
                                       5.625          1,834.45         33
                                       5.375          1,834.45
    U.SADDLE RIVER   NJ   07458          2            01/21/03         00
    0400760054                           05           03/01/03          0
1

    7948451                              O            02/01/18
    0

    8383167          E82/G01             F          285,000.00         ZZ
                                         180        283,988.30          1
                                       5.625          2,347.64         38
                                       5.375          2,347.64
    CARBONDALE       CO   81623          2            01/21/03         00
    0400754016                           03           03/01/03          0
    2746475                              O            02/01/18
    0

    8385007          G51/G01             F          383,400.00         ZZ
                                         180        382,009.99          1
                                       5.375          3,107.32         77
                                       5.125          3,107.32
    GOLDEN           CO   80403          2            01/20/03         00
    0435288030                           05           03/01/03          0
    07000393                             O            02/01/18
    0

    8386221          E82/G01             F          320,300.00         ZZ
                                         180        319,174.97          1
                                       5.750          2,659.80         79
                                       5.500          2,659.80
    JACKSON          NJ   08527          2            01/23/03         00
    0400747879                           05           03/01/03          0
    1726648                              O            02/01/18
    0

    8386237          E82/G01             F          334,700.00         ZZ
                                         180        333,511.88          1
                                       5.625          2,757.03         37
                                       5.375          2,757.03
    SUMMIT           NJ   07901          2            01/23/03         00
    0400762001                           05           03/01/03          0
    1870976                              O            02/01/18
    0

    8386249          E82/G01             F          505,000.00         ZZ
                                         180        503,226.22          1
                                       5.750          4,193.57         62
                                       5.500          4,193.57
    RYE              NY   10580          2            01/21/03         00
    0400721023                           05           03/01/03          0
    7586130                              O            02/01/18
    0

1

    8386271          E82/G01             F          290,000.00         ZZ
                                         180        288,970.56          1
                                       5.625          2,388.82         68
                                       5.375          2,388.82
    CARMEL           IN   46033          2            01/23/03         00
    0400761011                           03           03/01/03          0
    1830545                              O            02/01/18
    0

    8386507          E82/G01             F          295,500.00         ZZ
                                         180        294,473.03          1
                                       5.875          2,473.69         46
                                       5.625          2,473.69
    LANSDALE         PA   19446          2            01/20/03         00
    0400749750                           05           03/01/03          0
    1882416                              O            02/01/18
    0

    8387157          R84/G01             F          215,000.00         ZZ
                                         180        214,228.69          1
                                       5.500          1,756.73         58
                                       5.250          1,756.73
    HOUSTON          TX   77024          5            01/08/03         00
    0435302468                           09           03/01/03          0
    0661420                              O            02/01/18
    0

    8393073          E82/G01             F          302,000.00         ZZ
                                         180        300,927.96          1
                                       5.625          2,487.67         80
                                       5.375          2,487.67
    GULFPORT         MS   39503          2            01/24/03         00
    0400767059                           05           03/01/03          0
    4571900                              O            02/01/18
    0

    8393095          E82/G01             F          218,500.00         ZZ
                                         180        218,500.00          1
                                       5.625          1,799.85         52
                                       5.375          1,799.85
    SAN MARTIN       CA   95046          2            01/21/03         00
    0400765863                           05           04/01/03          0
    1665740                              O            03/01/18
    0

    8393131          E82/G01             F          232,300.00         ZZ
                                         180        231,475.38          1
                                       5.625          1,913.53         51
                                       5.375          1,913.53
1

    TOTOWA           NJ   07512          2            01/24/03         00
    0400759056                           03           03/01/03          0
    1853275                              O            02/01/18
    0

    8393839          W68/G01             F          650,000.00         ZZ
                                         180        647,668.13          1
                                       5.500          5,311.04         65
                                       5.250          5,311.04
    SOUTHLAKE        TX   76092          2            01/14/03         00
    0435335344                           05           03/01/03          0
    34414                                O            02/01/18
    0

    8394237          758/G01             F          364,600.00         ZZ
                                         180        363,278.14          1
                                       5.375          2,954.96         32
                                       5.125          2,954.96
    DALLAS           TX   75229          2            01/17/03         00
    0435340591                           05           03/01/03          0
    402398                               O            02/01/18
    0

    8394529          A35/G01             F          360,000.00         ZZ
                                         180        358,722.07          1
                                       5.625          2,965.43         40
                                       5.375          2,965.43
    BELLMORE         NY   11710          2            01/17/03         00
    0435314893                           05           03/01/03          0
    14479                                O            02/01/18
    0

    8395245          E22/G01             F          723,000.00         ZZ
                                         180        720,487.32          1
                                       5.875          6,052.37         54
                                       5.625          6,052.37
    PORT HURON       MI   48060          2            01/23/03         00
    0415755107                           05           03/01/03          0
    0415755107                           O            02/01/18
    0

    8395309          E22/G01             F          359,000.00         ZZ
                                         180        357,725.61          1
                                       5.625          2,957.20         52
                                       5.375          2,957.20
    CARLISLE         MA   01741          2            01/22/03         00
    0415844539                           05           03/01/03          0
    0415844539                           O            02/01/18
    0
1

    8395353          E22/G01             F          136,000.00         ZZ
                                         180        135,532.35          1
                                       6.000          1,147.65         45
                                       5.750          1,147.65
    COLORADO SPRING  CO   80919          5            01/23/03         00
    0415882877                           03           03/01/03          0
    0415882877                           O            02/01/18
    0

    8395637          E82/G01             F          250,500.00         ZZ
                                         180        249,610.77          1
                                       5.625          2,063.45         40
                                       5.375          2,063.45
    WEBSTER GROVES   MO   63119          2            01/25/03         00
    0400772000                           05           03/01/03          0
    1766450                              O            02/01/18
    0

    8396825          550/550             F          535,000.00         ZZ
                                         180        533,080.68          1
                                       5.500          4,371.40         24
                                       5.250          4,371.40
    DEL MAR          CA   92014          2            01/15/03         00
    120627620                            05           03/01/03          0
    120627620                            O            02/01/18
    0

    8397027          313/G01             F          387,100.00         ZZ
                                         180        385,711.27          1
                                       5.500          3,162.94         55
                                       5.250          3,162.94
    LAS VEGAS        NV   89134          2            01/17/03         00
    0435316781                           05           03/01/03          0
    0009249681                           O            02/01/18
    0

    8397187          956/956             F          367,000.00         ZZ
                                         180        365,683.38          1
                                       5.500          2,998.70         70
                                       5.250          2,998.70
    MODESTO          CA   95350          5            01/03/03         00
    4512120039                           05           03/01/03          0
    4512120039                           O            02/01/18
    0

    8397189          956/956             F          367,000.00         ZZ
                                         180        365,697.21          1
1

                                       5.625          3,023.10         79
                                       5.375          3,023.10
    BIRMINGHAM       AL   35244          2            01/10/03         00
    4612120053                           05           03/01/03          0
    4612120053                           O            02/01/18
    0

    8397191          956/956             F          426,000.00         ZZ
                                         180        424,503.70          1
                                       5.750          3,537.55         29
                                       5.500          3,537.55
    NEWPORT BEACH    CA   92625          2            01/08/03         00
    612110198                            03           03/01/03          0
    612110198                            O            02/01/18
    0

    8397193          956/956             F          340,000.00         ZZ
                                         180        338,780.25          1
                                       5.500          2,778.08         69
                                       5.250          2,778.08
    NIPOMO           CA   93444          2            01/07/03         00
    2912100006                           05           03/01/03          0
    2912100006                           O            02/01/18
    0

    8397195          956/956             F          570,000.00         ZZ
                                         180        567,976.61          1
                                       5.625          4,695.27         29
                                       5.375          4,695.27
    LOS GATOS        CA   95030          2            01/10/03         00
    712110168                            05           03/01/03          0
    712110168                            O            02/01/18
    0

    8397197          956/956             F          427,000.00         ZZ
                                         180        423,527.40          1
                                       5.750          3,545.85         61
                                       5.500          3,545.85
    BELLE TERRE      NY   11777          2            12/20/02         00
    2712120182                           05           02/01/03          0
    2712120182                           O            01/01/18
    0

    8397199          956/956             F          401,200.00         ZZ
                                         180        398,344.95          1
                                       5.625          3,304.81         80
                                       5.375          3,304.81
    LIBERTYVILLE     IL   60048          2            12/23/02         00
    4312120439                           03           02/01/03          0
1

    4312120439                           O            01/01/18
    0

    8397201          956/956             F          410,000.00         ZZ
                                         180        407,112.90          1
                                       5.750          3,404.68         74
                                       5.500          3,404.68
    PALATINE         IL   60067          2            12/05/02         00
    1112120473                           05           02/01/03          0
    1112120473                           O            01/01/18
    0

    8397203          956/956             F          459,500.00         ZZ
                                         180        457,886.04          1
                                       5.750          3,815.73         71
                                       5.500          3,815.73
    SAN JOSE         CA   95126          2            01/10/03         00
    112110429                            05           03/01/03          0
    112110429                            O            02/01/18
    0

    8397207          956/956             F          350,000.00         ZZ
                                         180        348,770.64          1
                                       5.750          2,906.44         54
                                       5.500          2,906.44
    SALINAS          CA   93908          5            01/09/03         00
    712120204                            05           03/01/03          0
    712120204                            O            02/01/18
    0

    8397211          956/956             F          389,000.00         ZZ
                                         180        387,633.66          1
                                       5.750          3,230.30         51
                                       5.500          3,230.30
    OAKLAND          CA   94610          5            01/10/03         00
    812110059                            05           03/01/03          0
    812110059                            O            02/01/18
    0

    8397213          956/956             F          412,500.00         ZZ
                                         180        411,035.70          1
                                       5.625          3,397.89         54
                                       5.375          3,397.89
    SAN RAFAEL       CA   94901          2            01/14/03         00
    812120012                            03           03/01/03          0
    812120012                            O            02/01/18
    0

1

    8397215          956/956             F          325,000.00         ZZ
                                         180        323,858.46          1
                                       5.750          2,698.83         34
                                       5.500          2,698.83
    BASKING RIDGE    NJ   07920          5            01/13/03         00
    912100283                            05           03/01/03          0
    912100283                            O            02/01/18
    0

    8397217          956/956             F          420,000.00         ZZ
                                         180        418,524.78          1
                                       5.750          3,487.72         70
                                       5.500          3,487.72
    NIWOT            CO   80503          5            01/10/03         00
    3612120069                           05           03/01/03          0
    3612120069                           O            02/01/18
    0

    8397219          956/956             F          346,000.00         ZZ
                                         180        343,563.57          1
                                       5.750          2,873.22         59
                                       5.500          2,873.22
    RINGOES          NJ   08551          2            12/20/02         00
    2712120053                           05           02/01/03          0
    2712120053                           O            01/01/18
    0

    8397221          956/956             F          637,000.00         ZZ
                                         180        632,466.94          1
                                       5.625          5,247.17         80
                                       5.375          5,247.17
    WOODCLIFF LAKE   NJ   07677          2            12/12/02         00
    2712120033                           05           02/01/03          0
    2712120033                           O            01/01/18
    0

    8397223          956/956             F          415,000.00         ZZ
                                         180        407,997.39          1
                                       5.625          3,418.49         61
                                       5.375          3,418.49
    RANCHO SANTA MA  CA   92688          2            01/06/03         00
    612110185                            03           02/01/03          0
    612110185                            O            01/01/18
    0

    8397227          956/956             F          544,000.00         T
                                         180        540,249.49          1
                                       6.000          4,590.58         58
                                       5.750          4,590.58
1

    SCOTTSDALE       AZ   85255          2            12/04/02         00
    1112120116                           03           02/01/03          0
    1112120116                           O            01/01/18
    0

    8397229          956/956             F          475,000.00         ZZ
                                         180        471,584.05          1
                                       5.500          3,881.15         80
                                       5.250          3,881.15
    CASTLE ROCK      CO   80104          2            12/30/02         00
    2412120049                           05           02/01/03          0
    2412120049                           O            01/01/18
    0

    8397233          956/956             F          450,000.00         ZZ
                                         180        448,436.09          1
                                       5.875          3,767.03         70
                                       5.625          3,767.03
    RICHMOND         CA   94803          5            01/02/03         00
    212110025                            05           03/01/03          0
    212110025                            O            02/01/18
    0

    8397237          956/956             F          543,000.00         ZZ
                                         180        541,072.45          1
                                       5.625          4,472.86         59
                                       5.375          4,472.86
    PHOENIX          AZ   85018          2            01/09/03         00
    1113010080                           05           03/01/03          0
    1113010080                           O            02/01/18
    0

    8397243          956/956             F          495,600.00         ZZ
                                         180        492,146.79          1
                                       5.875          4,148.76         61
                                       5.625          4,148.76
    AUSTIN           TX   78730          2            01/03/03         00
    1612110080                           03           02/01/03          0
    1612110080                           O            01/01/18
    0

    8397247          956/956             F          472,500.00         ZZ
                                         180        469,207.76          1
                                       5.875          3,955.38         38
                                       5.625          3,955.38
    ATLANTA          GA   30327          2            12/19/02         00
    2712100175                           05           02/01/03          0
    2712100175                           O            01/01/18
    0
1

    8397249          956/956             F          650,000.00         ZZ
                                         180        643,045.35          1
                                       5.625          5,354.26         71
                                       5.375          5,354.26
    SCOTTSDALE       AZ   85258          2            11/27/02         00
    1112100682                           03           01/01/03          0
    1112100682                           O            12/01/17
    0

    8397251          956/956             F          578,000.00         ZZ
                                         180        573,929.90          1
                                       5.750          4,799.77         71
                                       5.500          4,799.77
    LAS VEGAS        NV   89129          2            12/26/02         00
    1112120247                           03           02/01/03          0
    1112120247                           O            01/01/18
    0

    8397253          956/956             F          437,000.00         ZZ
                                         180        435,432.27          1
                                       5.500          3,570.65         35
                                       5.250          3,570.65
    GREENWOOD VILLA  CO   80121          5            01/09/03         00
    4312120409                           03           03/01/03          0
    4312120409                           O            02/01/18
    0

    8397255          956/956             F          435,000.00         ZZ
                                         180        431,871.73          1
                                       5.500          3,554.31         71
                                       5.250          3,554.31
    WENATCHEE        WA   98801          2            12/26/02         00
    1312110302                           03           02/01/03          0
    1312110302                           O            01/01/18
    0

    8397257          956/956             F          370,000.00         ZZ
                                         180        368,686.57          1
                                       5.625          3,047.81         59
                                       5.375          3,047.81
    HANOVER          MA   02339          5            12/30/02         00
    2712120269                           05           03/01/03          0
    2712120269                           O            02/01/18
    0

    8397259          956/956             F          400,000.00         ZZ
                                         180        398,595.03          1
1

                                       5.750          3,321.64         69
                                       5.500          3,321.64
    VACAVILLE        CA   95688          5            01/13/03         00
    812120170                            05           03/01/03          0
    812120170                            O            02/01/18
    0

    8397265          956/956             F          650,000.00         ZZ
                                         180        647,692.62          1
                                       5.625          5,354.26         76
                                       5.375          5,354.26
    UNIVERSITY PARK  TX   75225          2            01/20/03         00
    1612120114                           05           03/01/03          0
    1612120114                           O            02/01/18
    0

    8397267          956/956             F          350,000.00         ZZ
                                         180        348,770.64          1
                                       5.750          2,906.44         66
                                       5.500          2,906.44
    SAN DIEGO        CA   92127          2            01/10/03         00
    112110251                            03           03/01/03          0
    112110251                            O            02/01/18
    0

    8397269          956/956             F          425,000.00         ZZ
                                         180        420,593.87          1
                                       6.000          3,586.39         69
                                       5.750          3,586.39
    SEATTLE          WA   98115          5            11/27/02         00
    1112120741                           05           01/01/03          0
    1112120741                           O            12/01/17
    0

    8397271          956/956             F          478,100.00         ZZ
                                         180        476,438.44          1
                                       5.875          4,002.26         80
                                       5.625          4,002.26
    WEST LINN        OR   97068          1            01/09/03         00
    1112110822                           03           03/01/03          0
    1112110822                           O            02/01/18
    0

    8397273          956/956             F          600,000.00         ZZ
                                         180        595,774.98          1
                                       5.750          4,982.46         50
                                       5.500          4,982.46
    RALEIGH          NC   27608          2            12/27/02         00
    3912110069                           05           02/01/03          0
1

    3912110069                           O            01/01/18
    0

    8397275          956/956             F          350,000.00         ZZ
                                         180        347,482.99          1
                                       5.500          2,859.79         65
                                       5.250          2,859.79
    GENEVA           IL   60134          2            12/24/02         00
    1113010006                           05           02/01/03          0
    1113010006                           O            01/01/18
    0

    8397279          956/956             F          545,000.00         ZZ
                                         180        543,085.72          1
                                       5.750          4,525.74         44
                                       5.500          4,525.74
    BODEGA BAY       CA   94923          5            01/06/03         00
    812110191                            03           03/01/03          0
    812110191                            O            02/01/18
    0

    8397281          956/956             F          400,000.00         ZZ
                                         180        398,580.07          1
                                       5.625          3,294.93         53
                                       5.375          3,294.93
    LOS ANGELES      CA   90036          5            01/10/03         00
    612120218                            05           03/01/03          0
    612120218                            O            02/01/18
    0

    8397283          956/956             F          403,000.00         ZZ
                                         180        401,569.42          1
                                       5.625          3,319.64         74
                                       5.375          3,319.64
    HENDERSON        NV   89052          2            01/02/03         00
    1112120508                           03           03/01/03          0
    1112120508                           O            02/01/18
    0

    8397285          956/956             F          493,000.00         ZZ
                                         180        489,636.98          1
                                       6.125          4,193.58         58
                                       5.875          4,193.58
    CHESTNUT HILL    MA   02467          2            12/19/02         00
    2812110289                           05           02/01/03          0
    2812110289                           O            01/01/18
    0

1

    8397287          956/956             F          644,000.00         ZZ
                                         180        641,737.99          1
                                       5.750          5,347.84         76
                                       5.500          5,347.84
    LAS VEGAS        NV   89134          2            01/14/03         00
    1113010245                           03           03/01/03          0
    1113010245                           O            02/01/18
    0

    8397289          956/956             F          430,000.00         ZZ
                                         180        428,473.58          1
                                       5.625          3,542.05         48
                                       5.375          3,542.05
    FREMONT          CA   94539          2            01/22/03         00
    112120289                            05           03/01/03          0
    112120289                            O            02/01/18
    0

    8397291          956/956             F          350,000.00         ZZ
                                         180        348,770.64          1
                                       5.750          2,906.44         50
                                       5.500          2,906.44
    SAN JOSE         CA   95120          2            01/10/03         00
    712110036                            05           03/01/03          0
    712110036                            O            02/01/18
    0

    8397293          956/956             F          327,000.00         ZZ
                                         180        325,851.44          1
                                       5.750          2,715.44         35
                                       5.500          2,715.44
    RIVER FOREST     IL   60305          2            01/22/03         00
    4712110046                           05           03/01/03          0
    4712110046                           O            02/01/18
    0

    8397453          956/956             F          434,000.00         ZZ
                                         180        432,475.60          1
                                       5.750          3,603.98         55
                                       5.500          3,603.98
    SAN FRANCISCO    CA   94114          5            01/07/03         00
    812110103                            05           03/01/03          0
    812110103                            O            02/01/18
    0

    8397457          956/956             F          470,000.00         ZZ
                                         180        466,690.39          1
                                       5.750          3,902.93         68
                                       5.500          3,902.93
1

    MORGAN HILL      CA   95037          5            01/03/03         00
    712110496                            05           02/01/03          0
    712110496                            O            01/01/18
    0

    8397875          E82/G01             F          450,000.00         ZZ
                                         180        448,419.40          1
                                       5.750          3,736.85         65
                                       5.500          3,736.85
    SHAKER HEIGHTS   OH   44120          2            01/27/03         00
    0400763702                           05           03/01/03          0
    3844946                              O            02/01/18
    0

    8397883          E82/G01             F          229,000.00         ZZ
                                         180        228,187.09          1
                                       5.625          1,886.35         58
                                       5.375          1,886.35
    SEVERNA PARK     MD   21146          2            01/27/03         00
    0400766663                           05           03/01/03          0
    2761094                              O            02/01/18
    0

    8397927          E82/G01             F          299,000.00         ZZ
                                         180        297,938.60          1
                                       5.625          2,462.96         50
                                       5.375          2,462.96
    STUDIO CITY      CA   91604          2            01/24/03         00
    0400763850                           05           03/01/03          0
    1766823                              O            02/01/18
    0

    8397945          E82/G01             F          217,250.00         ZZ
                                         180        216,478.80          1
                                       5.625          1,789.56         55
                                       5.375          1,789.56
    PORTLAND         OR   97201          2            01/27/03         00
    0400766762                           01           03/01/03          0
    1904059                              O            02/01/18
    0

    8398003          E82/G01             F          251,200.00         ZZ
                                         180        249,965.46          1
                                       5.625          2,069.21         58
                                       5.375          2,069.21
    TAYLOR           UT   84401          2            01/27/03         00
    0400759064                           05           03/01/03          0
    2788554                              O            02/01/18
    0
1

    8398009          E82/G01             F          222,000.00         ZZ
                                         180        220,472.17          1
                                       5.875          1,858.40         72
                                       5.625          1,858.40
    PLANO            TX   75093          2            01/27/03         00
    0400745022                           05           03/01/03          0
    1690520                              O            02/01/18
    0

    8398029          E82/G01             F          231,100.00         ZZ
                                         180        230,183.28          1
                                       5.625          1,903.64         74
                                       5.375          1,903.64
    FLOWER MOUND     TX   75028          2            01/27/03         00
    0400773602                           03           03/01/03          0
    1597741                              O            02/01/18
    0

    8398103          E22/G01             F          400,000.00         ZZ
                                         180        398,609.86          1
                                       5.875          3,348.47         65
                                       5.625          3,348.47
    NEWARK           CA   94560          5            01/03/03         00
    0415795608                           05           03/01/03          0
    0415795608                           O            02/01/18
    0

    8398345          E22/G01             F          170,000.00         ZZ
                                         180        169,402.88          4
                                       5.750          1,411.70         36
                                       5.500          1,411.70
    CHICAGO          IL   60645          2            01/24/03         00
    0415850338                           05           03/01/03          0
    0415850338                           O            02/01/18
    0

    8398353          E22/G01             F          400,000.00         ZZ
                                         180        398,595.03          1
                                       5.750          3,321.64         30
                                       5.500          3,321.64
    SARATOGA         CA   95070          5            01/16/03         00
    0415863695                           05           03/01/03          0
    0415863695                           O            02/01/18
    0

    8398549          696/G01             F          450,000.00         ZZ
                                         180        448,385.62          1
1

                                       5.500          3,676.88         45
                                       5.250          3,676.88
    CHEVY CHASE      MD   20815          5            01/22/03         00
    0435289590                           05           03/01/03          0
    31103001                             O            02/01/18
    0

    8400227          E82/G01             F          228,000.00         ZZ
                                         180        228,000.00          1
                                       5.625          1,878.11         68
                                       5.375          1,878.11
    ARTESIA          CA   90703          2            01/25/03         00
    0400771036                           05           04/01/03          0
    1811542                              O            03/01/18
    0

    8400253          E82/G01             F          307,000.00         ZZ
                                         180        307,000.00          1
                                       5.625          2,528.86         61
                                       5.375          2,528.86
    MEQUON           WI   53092          2            01/28/03         00
    0400766507                           05           04/01/03          0
    2826334                              O            03/01/18
    0

    8400265          E82/G01             F          545,000.00         ZZ
                                         180        545,000.00          1
                                       5.625          4,489.34         75
                                       5.375          4,489.34
    WILTON           CT   06897          2            01/29/03         00
    0400765038                           05           04/01/03          0
    8038787                              O            03/01/18
    0

    8401215          998/998             F          341,220.00         ZZ
                                         180        338,817.22          1
                                       5.750          2,833.53         69
                                       5.500          2,833.53
    BROOMFIELD       CO   80020          2            12/13/02         00
    5420080                              05           02/01/03          0
    5420080                              O            01/01/18
    0

    8401493          896/G01             F          579,500.00         ZZ
                                         180        577,421.04          1
                                       5.500          4,735.00         69
                                       5.250          4,735.00
    AUGUSTA          GA   30909          5            01/23/03         00
    0435319116                           05           03/01/03          0
1

    31503                                O            02/01/18
    0

    8402135          S11/G01             F          432,000.00         ZZ
                                         180        430,466.48          1
                                       5.625          3,558.52         34
                                       5.375          3,558.52
    LONG BEACH       CA   90803          2            01/08/03         00
    0435329073                           05           03/01/03          0
    10300124                             O            02/01/18
    0

    8403465          E82/G01             F          275,000.00         ZZ
                                         180        275,000.00          1
                                       5.875          2,302.08         25
                                       5.625          2,302.08
    COLD SPRING HAR  NY   11724          2            01/30/03         00
    0400706271                           05           04/01/03          0
    2767221                              O            03/01/18
    0

    8403473          E82/G01             F          541,300.00         ZZ
                                         180        541,300.00          1
                                       5.625          4,458.86         68
                                       5.375          4,458.86
    ANNANDALE        VA   22003          2            01/30/03         00
    0400771754                           05           04/01/03          0
    3069067                              O            03/01/18
    0

    8403477          E82/G01             F          174,600.00         ZZ
                                         180        173,986.73          1
                                       5.750          1,449.90         61
                                       5.500          1,449.90
    CORAL SPRINGS    FL   33065          2            01/29/02         00
    0400776258                           05           03/01/03          0
    1858999                              O            02/01/18
    0

    8403493          E82/G01             F          367,000.00         ZZ
                                         180        365,724.55          1
                                       5.875          3,072.22         74
                                       5.625          3,072.22
    LEXINGTON        NC   27295          2            01/10/03         00
    0400720215                           05           03/01/03          0
    0400720215                           O            02/01/18
    0

1

    8404207          964/G01             F          408,500.00         ZZ
                                         180        407,049.89          1
                                       5.625          3,364.95         68
                                       5.375          3,364.95
    SACRAMENTO       CA   95864          2            01/16/03         00
    0435377635                           05           03/01/03          0
    321459                               O            02/01/18
    0

    8406309          A39/G01             F          360,000.00         ZZ
                                         180        358,722.07          1
                                       5.625          2,965.43         54
                                       5.375          2,965.43
    LOS ANGELES      CA   90064          2            01/13/03         00
    0435392170                           05           03/01/03          0
    2202970                              O            02/01/18
    0

    8407563          U42/G01             F          430,000.00         ZZ
                                         180        428,473.58          1
                                       5.625          3,542.05         65
                                       5.375          3,542.05
    CASTLE ROCK      CO   80104          2            01/27/03         00
    0435453063                           05           03/01/03          0
    28300066                             O            02/01/18
    0

    8408301          E82/G01             F          240,000.00         ZZ
                                         180        239,148.04          1
                                       5.625          1,976.96         69
                                       5.375          1,976.96
    STATEN ISLAND    NY   10305          2            01/31/03         00
    0400762043                           05           03/01/03          0
    1720901                              O            02/01/18
    0

    8408307          E82/G01             F          388,550.00         ZZ
                                         180        388,550.00          1
                                       5.625          3,200.61         64
                                       5.375          3,200.61
    COMMERCE TWP     MI   48382          2            01/31/03         00
    0400762407                           05           04/01/03          0
    1857762                              O            03/01/18
    0

    8408311          E82/G01             F          267,800.00         ZZ
                                         180        267,800.00          1
                                       5.750          2,223.84         39
                                       5.500          2,223.84
1

    WEST BLOOMFIELD  MI   48323          2            01/31/03         00
    0400748430                           05           04/01/03          0
    1775242                              O            03/01/18
    0

    8408715          E22/G01             F          366,500.00         ZZ
                                         180        365,198.99          1
                                       5.625          3,018.98         60
                                       5.375          3,018.98
    WASHINGTON       MI   48094          2            01/28/03         00
    0415907682                           05           03/01/03          0
    0415907682                           O            02/01/18
    0

    8408743          E22/G01             F          352,000.00         ZZ
                                         180        350,750.46          1
                                       5.625          2,899.54         42
                                       5.375          2,899.54
    ANNAPOLIS        MD   21401          2            01/29/03         00
    0415930676                           05           03/01/03          0
    0415930676                           O            02/01/18
    0

    8409023          964/G01             F          388,500.00         ZZ
                                         180        387,120.89          1
                                       5.625          3,200.20         56
                                       5.375          3,200.20
    GRAHAM           WA   98338          5            01/24/03         00
    0435320577                           05           03/01/03          0
    321337                               O            02/01/18
    0

    8409233          S11/G01             F          219,600.00         ZZ
                                         180        218,844.89          1
                                       6.000          1,853.11         41
                                       5.750          1,853.11
    SAN JOSE         CA   95129          5            01/15/03         00
    0435335690                           05           03/01/03          0
    10210516                             O            02/01/18
    0

    8409333          L01/G01             F          369,600.00         ZZ
                                         180        368,287.99          1
                                       5.625          3,044.51         70
                                       5.375          3,044.51
    RENTON           WA   98056          2            01/27/03         00
    0435325568                           05           03/01/03          0
    10621761                             O            02/01/18
    0
1

    8409543          196/G01             F          407,000.00         ZZ
                                         180        404,194.00          1
                                       6.000          3,434.50         39
                                       5.750          3,434.50
    NEW CANAAN       CT   06840          5            12/03/02         00
    0435344841                           05           02/01/03          0
    1329259                              O            01/01/18
    0

    8409549          196/G01             F          450,000.00         ZZ
                                         180        448,452.64          1
                                       6.000          3,797.36         35
                                       5.750          3,797.36
    BEDFORD CORNERS  NY   10549          5            01/22/03         00
    0435345145                           05           03/01/03          0
    1329899                              O            02/01/18
    0

    8409553          196/G01             F          496,000.00         ZZ
                                         180        494,276.22          2
                                       5.875          4,152.11         80
                                       5.625          4,152.11
    REGO PARK        NY   11374          1            01/09/03         00
    0435368006                           05           03/01/03          0
    1331203                              O            02/01/18
    0

    8409555          196/G01             F          109,975.00         ZZ
                                         180        109,584.61          1
                                       5.625            905.90         44
                                       5.375            905.90
    SAGINAW          MI   48603          2            12/30/02         00
    0435363593                           05           03/01/03          0
    1331363                              O            02/01/18
    0

    8409563          196/G01             F          600,000.00         ZZ
                                         180        593,713.66          1
                                       5.875          5,022.72         50
                                       5.625          5,022.72
    ORANGE           CA   92667          5            11/06/02         00
    0435343926                           03           01/01/03          0
    1590372                              O            12/01/17
    0

    8409565          196/G01             F          634,000.00         ZZ
                                         180        631,796.62          1
1

                                       5.875          5,307.34         80
                                       5.625          5,307.34
    GARDEN RIDGE     TX   78266          2            01/13/03         00
    0435356563                           03           03/01/03          0
    1590630                              O            02/01/18
    0

    8409569          196/G01             F          425,000.00         ZZ
                                         180        423,522.97          1
                                       5.875          3,557.76         67
                                       5.625          3,557.76
    RIVERSIDE        CA   92506          5            01/23/03         00
    0435349808                           05           03/01/03          0
    1593495                              O            02/01/18
    0

    8409571          196/G01             F          339,500.00         ZZ
                                         180        337,159.36          1
                                       6.000          2,864.90         70
                                       5.750          2,864.90
    FAYETTEVILLE     GA   30215          2            12/26/02         00
    0435345244                           03           02/01/03          0
    1597841                              O            01/01/18
    0

    8409575          196/G01             F          500,000.00         ZZ
                                         180        498,206.25          1
                                       5.500          4,085.42         26
                                       5.250          4,085.42
    NEWTON           MA   02465          1            01/17/03         00
    0435343678                           05           03/01/03          0
    1599582                              O            02/01/18
    0

    8409577          196/G01             F          650,000.00         ZZ
                                         180        647,741.01          1
                                       5.875          5,441.28         44
                                       5.625          5,441.28
    BABYLON          NY   11702          2            01/17/03         00
    0435342258                           05           03/01/03          0
    1599981                              O            02/01/18
    0

    8409579          196/G01             F          650,000.00         T
                                         180        647,741.01          1
                                       5.875          5,441.28         57
                                       5.625          5,441.28
    LA JOLLA         CA   92037          5            01/03/03         00
    0435349329                           05           03/01/03          0
1

    1604850                              O            02/01/18
    0

    8409581          196/G01             F          640,000.00         ZZ
                                         180        635,445.57          1
                                       5.625          5,271.89         70
                                       5.375          5,271.89
    WASHINGTON       DC   20012          5            01/02/03         00
    0435365762                           05           02/01/03          0
    1607196                              O            01/01/18
    0

    8409583          196/G01             F          593,600.00         ZZ
                                         180        589,331.16          1
                                       5.500          4,850.21         77
                                       5.250          4,850.21
    AUSTIN           TX   78746          2            01/02/03         00
    0435367891                           29           02/01/03          0
    1607789                              O            01/01/18
    0

    8409589          196/G01             F          380,000.00         ZZ
                                         180        378,665.27          1
                                       5.750          3,155.56         72
                                       5.500          3,155.56
    NORTHVILLE       MI   48167          2            01/16/03         00
    0435349907                           05           03/01/03          0
    1610164                              O            02/01/18
    0

    8409591          196/G01             F          470,900.00         ZZ
                                         180        469,228.38          1
                                       5.625          3,878.96         37
                                       5.375          3,878.96
    HOUSTON          TX   77024          2            01/10/03         00
    0435348289                           05           03/01/03          0
    1610728                              O            02/01/18
    0

    8409593          196/G01             F          459,300.00         ZZ
                                         180        457,669.57          1
                                       5.625          3,783.40         41
                                       5.375          3,783.40
    AUSTIN           TX   78746          2            01/23/03         00
    0435363320                           05           03/01/03          0
    1613492                              O            02/01/18
    0

1

    8409595          196/G01             F          457,000.00         ZZ
                                         180        455,394.81          1
                                       5.750          3,794.98         51
                                       5.500          3,794.98
    EDMOND ST        OK   73013          2            01/27/03         00
    0435349667                           05           03/01/03          0
    1615941                              O            02/01/18
    0

    8410867          S11/G01             F          413,000.00         ZZ
                                         180        411,533.93          1
                                       5.625          3,402.01         64
                                       5.375          3,402.01
    IRVINE           CA   92620          2            01/23/03         00
    0435322102                           03           03/01/03          0
    10300202                             O            02/01/18
    0

    8413317          E33/G01             F          585,000.00         ZZ
                                         180        585,000.00          1
                                       5.375          4,741.22         55
                                       5.125          4,741.22
    LAKE FOREST      IL   60045          2            01/30/03         00
    0435334644                           05           04/01/03          0
    783871                               O            03/01/18
    0

    8413531          896/G01             F          420,000.00         ZZ
                                         180        418,540.35          1
                                       5.875          3,515.90         80
                                       5.625          3,515.90
    WINDEREMERE      FL   34786          1            01/16/03         00
    0435395520                           03           03/01/03          0
    29443                                O            02/01/18
    0

    8414155          E82/G01             F          162,700.00         ZZ
                                         180        162,700.00          1
                                       5.500          1,329.39         74
                                       5.250          1,329.39
    CRESTLINE        CA   92325          2            01/30/03         00
    0400774279                           05           04/01/03          0
    7915647                              O            03/01/18
    0

    8415491          E22/G01             F          370,000.00         ZZ
                                         180        368,672.62          1
                                       5.500          3,023.21         60
                                       5.250          3,023.21
1

    LIBERTYVILLE     IL   60048          2            01/31/03         00
    0415907708                           05           03/01/03          0
    0415907708                           O            02/01/18
    0

    8415737          S43/G01             F          270,000.00         ZZ
                                         180        269,041.55          1
                                       5.625          2,224.08         50
                                       5.375          2,224.08
    ALBUQUERQUE      NM   87122          2            01/30/03         00
    0435342837                           05           03/01/03          0
    021735                               O            02/01/18
    0

    8415881          E82/G01             F          165,250.00         ZZ
                                         180        165,250.00          1
                                       5.625          1,361.22         52
                                       5.375          1,361.22
    WEST CALDWELL    NJ   07006          2            02/03/03         00
    0400760229                           05           04/01/03          0
    7716557                              O            03/01/18
    0

    8415885          E82/G01             F          208,300.00         ZZ
                                         180        208,300.00          1
                                       5.500          1,701.98         51
                                       5.250          1,701.98
    BAKERFIELD       CA   93311          2            01/31/03         00
    0400763272                           05           04/01/03          0
    1738459                              O            03/01/18
    0

    8415897          E82/G01             F          257,400.00         ZZ
                                         180        257,400.00          1
                                       5.625          2,120.29         56
                                       5.375          2,120.29
    CYPRESS          CA   90630          2            01/31/03         00
    0400774345                           05           04/01/03          0
    7985291                              O            03/01/18
    0

    8415901          E82/G01             F          251,000.00         ZZ
                                         180        251,000.00          1
                                       5.625          2,067.57         32
                                       5.375          2,067.57
    CASTRO VALLEY    CA   94552          2            01/31/03         00
    0400762720                           03           04/01/03          0
    1860547                              O            03/01/18
    0
1

    8415903          E82/G01             F          379,000.00         ZZ
                                         180        379,000.00          1
                                       5.625          3,121.94         65
                                       5.375          3,121.94
    NAPA             CA   94558          2            01/31/03         00
    0400781381                           05           04/01/03          0
    8284760                              O            03/01/18
    0

    8415907          E82/G01             F          367,400.00         ZZ
                                         180        367,400.00          1
                                       5.625          3,026.39         37
                                       5.375          3,026.39
    MILL VALLEY      CA   94941          2            01/31/03         00
    0400777892                           05           04/01/03          0
    7978785                              O            03/01/18
    0

    8415915          E82/G01             F          365,200.00         ZZ
                                         180        365,200.00          1
                                       5.750          3,032.66         67
                                       5.500          3,032.66
    SAN CLEMENTE     CA   92673          2            01/31/03         00
    0400762654                           03           04/01/03          0
    0400762654                           O            03/01/18
    0

    8415923          E82/G01             F          237,000.00         ZZ
                                         180        237,000.00          1
                                       5.625          1,952.24         63
                                       5.375          1,952.24
    GLENDORA         CA   91741          2            01/31/03         00
    0400767729                           05           04/01/03          0
    1735535                              O            03/01/18
    0

    8418139          714/G01             F          420,000.00         ZZ
                                         180        420,000.00          1
                                       5.500          3,431.75         67
                                       5.250          3,431.75
    MEQUON           WI   53097          2            01/29/03         00
    0435354568                           05           04/01/03          0
    0655450                              O            03/01/18
    0

    8419113          Y26/G01             F          603,000.00         ZZ
                                         180        600,859.46          1
1

                                       5.625          4,967.10         67
                                       5.375          4,967.10
    NEWPORT BEACH    CA   92663          2            01/27/03         00
    0435465133                           05           03/01/03          0
    931001971                            O            02/01/18
    0

    8419407          R65/G01             F          525,250.00         ZZ
                                         180        523,385.46          1
                                       5.625          4,326.65         78
                                       5.375          4,326.65
    ARLINGTON        VA   22205          2            01/24/03         00
    0435342860                           05           03/01/03          0
    420003733342000                      O            02/01/18
    0

    8421019          964/G01             F          367,000.00         ZZ
                                         180        365,683.38          1
                                       5.500          2,998.70         49
                                       5.250          2,998.70
    SAN JOSE         CA   95120          2            01/14/03         00
    0435332200                           05           03/01/03          0
    321779                               O            02/01/18
    0

    8421027          964/G01             F          349,000.00         ZZ
                                         180        347,761.12          1
                                       5.625          2,874.82         65
                                       5.375          2,874.82
    PACIFICA         CA   94044          2            01/08/03         00
    0435366943                           05           03/01/03          0
    323667                               O            02/01/18
    0

    8421033          964/G01             F          500,000.00         ZZ
                                         180        498,206.25          1
                                       5.500          4,085.42         27
                                       5.250          4,085.42
    PALO ALTO        CA   94306          2            01/14/03         00
    0435344007                           05           03/01/03          0
    326531                               O            02/01/18
    0

    8421155          E82/G01             F          251,800.00         ZZ
                                         180        251,800.00          1
                                       5.625          2,074.16         51
                                       5.375          2,074.16
    LOS ALAMITOS     CA   90720          2            02/01/03         00
    0400765731                           05           04/01/03          0
1

    1718729                              O            03/01/18
    0

    8421175          E82/G01             F          277,000.00         ZZ
                                         180        277,000.00          1
                                       5.625          2,281.74         56
                                       5.375          2,281.74
    MONMOUTH BEACH   NJ   07750          2            02/04/03         00
    0400766523                           05           04/01/03          0
    1551961                              O            03/01/18
    0

    8422903          952/G01             F          380,000.00         ZZ
                                         180        378,665.27          1
                                       5.750          3,155.56         56
                                       5.500          3,155.56
    NEW ROCHELLE     NY   10804          5            01/22/03         00
    0435419775                           05           03/01/03          0
    20028087                             O            02/01/18
    0

    8423313          X71/G01             F          330,000.00         ZZ
                                         180        330,000.00          1
                                       5.750          2,740.35         70
                                       5.500          2,740.35
    RICHMOND         CA   94803          2            02/03/03         00
    0435364575                           03           04/01/03          0
    7499034                              O            03/01/18
    0

    8423517          M27/G01             F          650,000.00         ZZ
                                         180        647,668.13          1
                                       5.500          5,311.04         57
                                       5.250          5,311.04
    RICHMOND         VA   23229          2            01/31/03         00
    0435395249                           05           03/01/03          0
    600877765                            O            02/01/18
    0

    8423605          H58/G01             F          350,000.00         ZZ
                                         180        347,535.39          1
                                       5.750          2,906.44         80
                                       5.500          2,906.44
    MESA             AZ   85207          2            12/30/02         00
    0435389705                           03           02/01/03          0
    0000130193                           O            01/01/18
    0

1

    8423973          964/G01             F          481,750.00         ZZ
                                         180        480,021.72          1
                                       5.500          3,936.30         53
                                       5.250          3,936.30
    OAKKLAND         CA   94611          5            01/13/03         00
    0435359674                           05           03/01/03          0
    303162                               O            02/01/18
    0

    8423983          964/G01             F          381,000.00         ZZ
                                         180        379,647.52          1
                                       5.625          3,138.42         60
                                       5.375          3,138.42
    CASTRO VALLEY    CA   94552          2            01/10/03         00
    0435343181                           03           03/01/03          0
    320295                               O            02/01/18
    0

    8423987          964/G01             F          399,950.00         ZZ
                                         180        398,530.25          1
                                       5.625          3,294.52         40
                                       5.375          3,294.52
    REDWOOD CITY     CA   94065          5            01/14/03         00
    0435426077                           03           03/01/03          0
    321546                               O            02/01/18
    0

    8423993          964/G01             F          370,000.00         ZZ
                                         180        368,686.57          1
                                       5.625          3,047.81         60
                                       5.375          3,047.81
    FREMONT          CA   94539          2            01/13/03         00
    0435359229                           05           03/01/03          0
    326042                               O            02/01/18
    0

    8423995          964/G01             F          399,950.00         ZZ
                                         180        398,515.17          1
                                       5.500          3,267.93         68
                                       5.250          3,267.93
    FAIRFAX          CA   94930          5            01/24/03         00
    0435364187                           05           03/01/03          0
    327554                               O            02/01/18
    0

    8424031          E82/G01             F          228,100.00         ZZ
                                         180        228,100.00          1
                                       5.500          1,863.77         52
                                       5.250          1,863.77
1

    SAN DIEGO        CA   92101          2            02/03/03         00
    0400766630                           03           04/01/03          0
    1766884                              O            03/01/18
    0

    8424051          E82/G01             F          475,600.00         ZZ
                                         180        475,600.00          1
                                       5.625          3,917.67         57
                                       5.375          3,917.67
    DEERFIELD        IL   60015          2            02/05/03         00
    0400782413                           05           04/01/03          0
    8012428                              O            03/01/18
    0

    8424067          E82/G01             F          313,800.00         ZZ
                                         180        313,800.00          1
                                       5.625          2,584.87         51
                                       5.375          2,584.87
    BOULDER          CO   80303          2            02/04/03         00
    0400767307                           05           04/01/03          0
    5835842                              O            03/01/18
    0

    8424083          E82/G01             F          642,700.00         ZZ
                                         180        642,700.00          1
                                       5.625          5,294.12         43
                                       5.375          5,294.12
    WASHINGTON       DC   20007          2            02/06/03         00
    0400770665                           05           04/01/03          0
    7888995                              O            03/01/18
    0

    8424099          E82/G01             F          237,100.00         ZZ
                                         180        237,100.00          1
                                       5.625          1,953.07         63
                                       5.375          1,953.07
    LONGHORNE        PA   19047          2            02/06/03         00
    0400775847                           05           04/01/03          0
    1886150                              O            03/01/18
    0

    8426291          356/356             F          340,000.00         ZZ
                                         180        338,818.37          1
                                       5.875          2,846.21         48
                                       5.625          2,846.21
    PIEDMONT         CA   94610          2            01/14/03         00
    28981728                             05           03/01/03          0
    28981728                             O            02/01/18
    0
1

    8426453          964/G01             F          637,000.00         ZZ
                                         180        634,738.77          1
                                       5.625          5,247.17         65
                                       5.375          5,247.17
    VILLA PARK       CA   92861          2            01/24/03         00
    0435347117                           05           03/01/03          0
    251161                               O            02/01/18
    0

    8426457          964/G01             F          399,000.00         ZZ
                                         180        397,583.62          1
                                       5.625          3,286.69         32
                                       5.375          3,286.69
    SARATOGA         CA   95070          2            01/09/03         00
    0435400593                           05           03/01/03          0
    318304                               O            02/01/18
    0

    8426459          964/G01             F          343,000.00         ZZ
                                         180        343,000.00          1
                                       5.375          2,779.90         44
                                       5.125          2,779.90
    BERKELEY         CA   94707          2            01/29/03         00
    0435353479                           05           04/01/03          0
    328120                               O            03/01/18
    0

    8426587          E82/G01             F          300,800.00         ZZ
                                         180        300,800.00          1
                                       5.625          2,477.78         59
                                       5.375          2,477.78
    PLYMOUTH TOWNSH  MI   48170          2            02/07/03         00
    0400782454                           05           04/01/03          0
    1783327                              O            03/01/18
    0

    8426829          X89/G01             F          370,000.00         ZZ
                                         180        368,686.57          1
                                       5.625          3,047.81         51
                                       5.375          3,047.81
    CAYUCOS          CA   93430          2            01/28/03         00
    0435346598                           05           03/01/03          0
    1010240910                           O            02/01/18
    0

    8427091          E22/G01             F          436,000.00         ZZ
                                         180        436,000.00          1
1

                                       5.500          3,562.48         69
                                       5.250          3,562.48
    BETHESDA         MD   20814          2            02/04/03         00
    0415929678                           05           04/01/03          0
    0415929678                           O            03/01/18
    0

    8427107          E22/G01             F          440,500.00         ZZ
                                         180        440,500.00          1
                                       5.750          3,657.96         61
                                       5.500          3,657.96
    HIGHLAND PARK    IL   60035          2            02/05/03         00
    0415934835                           05           04/01/03          0
    0415934835                           O            03/01/18
    0

    8427327          E22/G01             F          360,000.00         ZZ
                                         180        360,000.00          1
                                       5.500          2,941.50         60
                                       5.250          2,941.50
    DALY CITY        CA   94015          5            01/31/03         00
    0416062701                           03           04/01/03          0
    0416062701                           O            03/01/18
    0

    8429887          758/G01             F          379,700.00         ZZ
                                         180        378,366.33          1
                                       5.750          3,153.07         52
                                       5.500          3,153.07
    HOUSTON          TX   77024          5            01/23/03         00
    0435509302                           05           03/01/03          0
    1                                    O            02/01/18
    0

    8430179          998/998             F          404,530.00         ZZ
                                         180        401,572.08          1
                                       5.500          3,305.35         56
                                       5.250          3,305.35
    SHERBORN         MA   01770          5            01/03/03         00
    5459469                              05           02/01/03          0
    5459469                              O            01/01/18
    0

    8430485          W40/G01             F          398,000.00         ZZ
                                         180        398,000.00          1
                                       5.500          3,251.99         72
                                       5.250          3,251.99
    COMMERCE TWP     MI   48382          2            02/04/03         00
    0435349535                           05           04/01/03          0
1

    101017327                            O            03/01/18
    0

    8430757          K15/G01             F          113,000.00         ZZ
                                         180        113,000.00          1
                                       5.750            938.36         71
                                       5.500            938.36
    PIERMONT         NY   10968          5            02/05/03         00
    0435351226                           01           04/01/03          0
    026005510696                         O            03/01/18
    0

    8430877          B49/G01             F          600,000.00         ZZ
                                         180        600,000.00          1
                                       5.500          4,902.51         35
                                       5.250          4,902.51
    ENGLEWOOD        CO   80110          5            01/31/03         00
    0435354048                           05           04/01/03          0
    0002948012                           O            03/01/18
    0

    8431251          R65/G01             F          648,000.00         ZZ
                                         180        645,675.30          1
                                       5.500          5,294.70         42
                                       5.250          5,294.70
    LAS VEGAS        NV   89102          2            01/31/03         00
    0435366828                           05           03/01/03          0
    7629417000                           O            02/01/18
    0

    8432161          E82/G01             F          313,000.00         ZZ
                                         180        313,000.00          1
                                       5.625          2,578.28         69
                                       5.375          2,578.28
    LOS ANGELES      CA   91356          2            02/04/03         00
    0400745659                           05           04/01/03          0
    1856069                              O            03/01/18
    0

    8432395          F62/F62             F          340,000.00         ZZ
                                         180        340,000.00          1
                                       6.000          2,869.11         24
                                       5.750          2,869.11
    FORT LAUDERDALE  FL   33301          5            02/03/03         00
    31673                                05           04/01/03          0
    31673                                O            03/01/18
    0

1

    8432467          E22/G01             F          344,500.00         ZZ
                                         180        344,500.00          1
                                       5.375          2,792.05         77
                                       5.125          2,792.05
    MIAMI            FL   33137          2            01/29/03         00
    0415294800                           05           04/01/03          0
    0415294800                           O            03/01/18
    0

    8432493          E22/G01             F          534,100.00         ZZ
                                         180        534,100.00          1
                                       5.875          4,471.05         74
                                       5.625          4,471.05
    KIRKLAND         WA   98034          2            02/04/03         00
    0415798057                           05           04/01/03          0
    0415798057                           O            03/01/18
    0

    8432531          E22/G01             F          449,000.00         ZZ
                                         180        449,000.00          1
                                       5.500          3,668.70         40
                                       5.250          3,668.70
    SUMMIT           NJ   07901          2            02/06/03         00
    0415859453                           05           04/01/03          0
    0415859453                           O            03/01/18
    0

    8432557          E22/G01             F          289,500.00         ZZ
                                         180        288,450.42          1
                                       5.375          2,346.30         50
                                       5.125          2,346.30
    ORLANDO          FL   32801          5            01/30/03         00
    0415525104                           05           03/01/03          0
    0415525104                           O            02/01/18
    0

    8432625          E22/G01             F          190,950.00         ZZ
                                         180        190,950.00          1
                                       5.500          1,560.22         56
                                       5.250          1,560.22
    STAFFORD         VA   22554          2            02/03/03         00
    0415726363                           03           04/01/03          0
    0415726363                           O            03/01/18
    0

    8433137          A50/G01             F          420,000.00         ZZ
                                         180        418,524.78          1
                                       5.750          3,487.72         80
                                       5.500          3,487.72
1

    BONAIRE          GA   31005          2            01/17/03         00
    0435375969                           05           03/01/03          0
    961579                               O            02/01/18
    0

    8433385          E82/G01             F          339,000.00         ZZ
                                         180        339,000.00          1
                                       5.625          2,792.45         57
                                       5.375          2,792.45
    SEAL BEACH       CA   90740          2            02/04/03         00
    0400764312                           05           04/01/03          0
    1783545                              O            03/01/18
    0

    8433403          E82/G01             F          347,200.00         ZZ
                                         180        347,200.00          1
                                       5.625          2,860.00         76
                                       5.375          2,860.00
    WOODLAND         CA   95695          2            02/05/03         00
    0400775599                           05           04/01/03          0
    4681669                              O            03/01/18
    0

    8433413          E82/G01             F          391,300.00         ZZ
                                         180        391,300.00          1
                                       5.625          3,223.26         63
                                       5.375          3,223.26
    ASHLAND          OR   97520          2            02/07/03         00
    0400762852                           05           04/01/03          0
    7710631                              O            03/01/18
    0

    8433419          E82/G01             F          208,500.00         ZZ
                                         180        208,500.00          1
                                       5.625          1,717.48         43
                                       5.375          1,717.48
    SANTA ANA        CA   92705          2            02/04/03         00
    0400781464                           05           04/01/03          0
    1531311                              O            03/01/18
    0

    8433431          E82/G01             F          244,000.00         ZZ
                                         180        244,000.00          1
                                       5.750          2,026.20         25
                                       5.500          2,026.20
    EVESHAM TOWNSHI  NJ   08518          2            02/07/03         00
    0400743928                           05           04/01/03          0
    1839755                              O            03/01/18
    0
1

    8433437          E82/G01             F          239,000.00         ZZ
                                         180        239,000.00          1
                                       5.625          1,968.72         74
                                       5.375          1,968.72
    DIAMOND BAR      CA   91765          2            02/05/03         00
    0400775870                           03           04/01/03          0
    5478216                              O            03/01/18
    0

    8435583          E33/G01             F          450,000.00         ZZ
                                         180        448,351.30          1
                                       5.250          3,617.45         19
                                       5.000          3,617.45
    LAKE FOREST      IL   60045          2            01/23/03         00
    0435370739                           05           03/01/03          0
    1                                    O            02/01/18
    0

    8435599          S11/G01             F          540,000.00         ZZ
                                         180        538,083.10          1
                                       5.625          4,448.15         32
                                       5.375          4,448.15
    LAGUNA HILLS     CA   92653          2            01/30/03         00
    0435375308                           03           03/01/03          0
    10210443                             O            02/01/18
    0

    8436393          X89/G01             F          394,000.00         ZZ
                                         180        392,556.47          1
                                       5.250          3,167.28         50
                                       5.000          3,167.28
    REDWOOD CITY     CA   94065          2            01/29/03         00
    0435397260                           03           03/01/03          0
    1010240870                           O            02/01/18
    0

    8436395          X89/G01             F          400,000.00         ZZ
                                         180        400,000.00          1
                                       5.500          3,268.33         73
                                       5.250          3,268.33
    SANTA CLARA      CA   95051          2            01/30/03         00
    0435363585                           05           04/01/03          0
    1010241146                           O            03/01/18
    0

    8436399          L46/L46             F          692,150.00         ZZ
                                         180        684,372.48          1
1

                                       5.625          5,701.46         54
                                       5.375          5,701.46
    DALLAS           TX   75225          2            01/24/03         00
    0000986125                           05           03/01/03          0
    0000986125                           O            02/01/18
    0

    8436443          S11/G01             F          423,000.00         ZZ
                                         180        421,498.42          1
                                       5.625          3,484.39         27
                                       5.375          3,484.39
    PACIFIC PALISAD  CA   90272          2            01/24/03         00
    0435389747                           05           03/01/03          0
    10210498                             O            02/01/18
    0

    8436473          L46/L46             F          571,200.00         ZZ
                                         180        569,193.69          1
                                       5.750          4,743.31         60
                                       5.500          4,743.31
    BLOOMFIELD HILL  MI   48304          2            01/29/03         00
    0003033784                           05           03/01/03          0
    0003033784                           O            02/01/18
    0

    8437053          E22/G01             F          331,000.00         ZZ
                                         180        331,000.00          1
                                       5.875          2,770.86         63
                                       5.625          2,770.86
    LIVERMORE        CA   94550          2            02/04/03         00
    0415958701                           05           04/01/03          0
    0415958701                           O            03/01/18
    0

    8437669          M18/G01             F          392,000.00         ZZ
                                         180        392,000.00          1
                                       5.500          3,202.97         74
                                       5.250          3,202.97
    EL SEGUNDO       CA   90245          2            01/28/03         00
    0435409487                           05           04/01/03          0
    980102220                            O            03/01/18
    0

    8438259          696/G01             F          768,000.00         ZZ
                                         180        765,302.45          1
                                       5.750          6,377.55         60
                                       5.500          6,377.55
    POTOMAC          MD   20854          2            02/05/03         00
    0435346382                           05           03/01/03          0
1

    30503012                             O            02/01/18
    0

    8438265          696/G01             F          360,000.00         ZZ
                                         180        358,735.52          1
                                       5.750          2,989.48         59
                                       5.500          2,989.48
    ALEXANDRIA       VA   22302          2            02/03/03         00
    0435345624                           05           03/01/03          0
    22603002                             O            02/01/18
    0

    8438625          356/356             F          405,000.00         ZZ
                                         120        402,511.86          1
                                       5.875          4,470.95         33
                                       5.625          4,470.95
    DANVILLE         CA   94506          2            01/21/03         00
    3060886                              03           03/01/03          0
    3060886                              O            02/01/13
    0

    8438633          B43/G01             F          319,500.00         ZZ
                                         180        319,500.00          1
                                       5.875          2,674.59         46
                                       5.625          2,674.59
    SAN CLEMENTE     CA   92672          2            02/04/03         00
    0435426432                           05           04/01/03          0
    30425                                O            03/01/18
    0

    8438811          S11/G01             F          400,000.00         ZZ
                                         180        398,565.00          1
                                       5.500          3,268.33         47
                                       5.250          3,268.33
    SANTA ANA AREA   CA   92705          5            01/29/03         00
    0435394861                           03           03/01/03          0
    10210384                             O            02/01/18
    0

    8438831          S11/G01             F          345,000.00         ZZ
                                         180        342,403.59          1
                                       5.625          2,841.87         63
                                       5.375          2,841.87
    CHICO            CA   95926          2            01/27/03         00
    0435395207                           05           03/01/03          0
    10210586                             O            02/01/18
    0

1

    8440263          550/550             F          400,000.00         ZZ
                                         180        400,000.00          1
                                       5.750          3,321.65         37
                                       5.500          3,321.65
    SAN FRANCISCO    CA   94118          5            02/04/03         00
    120628214                            05           04/01/03          0
    120628214                            O            03/01/18
    0

    8440419          E22/G01             F          410,000.00         ZZ
                                         180        410,000.00          1
                                       5.500          3,350.04         49
                                       5.250          3,350.04
    RANCHO PALOS VE  CA   90275          2            01/30/03         00
    0415829787                           05           04/01/03          0
    0415829787                           O            03/01/18
    0

    8440473          E22/G01             F          407,000.00         ZZ
                                         180        407,000.00          1
                                       5.375          3,298.59         39
                                       5.125          3,298.59
    LIVINGSTON       NJ   07039          2            02/07/03         00
    0415985811                           05           04/01/03          0
    0415985811                           O            03/01/18
    0

    8440615          H58/G01             F          375,000.00         ZZ
                                         180        373,724.21          1
                                       6.125          3,189.85         45
                                       5.875          3,189.85
    FAIRFIELD        CA   94534          5            01/14/03         00
    0435400353                           05           03/01/03          0
    0000130679                           O            02/01/18
    0

    8442669          E82/G01             F          259,000.00         ZZ
                                         180        259,000.00          1
                                       5.500          2,116.25         58
                                       5.250          2,116.25
    CONCORD          CA   94518          2            02/07/03         00
    0400770574                           05           04/01/03          0
    1843674                              O            03/01/18
    0

    8442685          E82/G01             F          382,500.00         ZZ
                                         180        382,500.00          1
                                       5.625          3,150.77         75
                                       5.375          3,150.77
1

    GLENCOE          IL   60022          5            02/10/03         00
    0400778973                           05           04/01/03          0
    0400778973                           O            03/01/18
    0

    8442687          E82/G01             F          244,300.00         ZZ
                                         180        244,300.00          1
                                       5.625          2,012.38         76
                                       5.375          2,012.38
    DANVILLE         CA   94526          2            02/07/03         00
    0400771069                           03           04/01/03          0
    1731420                              O            03/01/18
    0

    8442707          E82/G01             F          353,750.00         ZZ
                                         180        353,750.00          1
                                       5.500          2,890.43         55
                                       5.250          2,890.43
    PASADENA         CA   91107          2            02/07/03         00
    0400769832                           05           04/01/03          0
    1846592                              O            03/01/18
    0

    8442717          E82/G01             F          226,200.00         ZZ
                                         180        226,200.00          1
                                       5.625          1,863.28         57
                                       5.375          1,863.28
    IRVINE           CA   92606          2            02/07/03         00
    0400770962                           03           04/01/03          0
    1792621                              O            03/01/18
    0

    8442771          E82/G01             F          394,400.00         ZZ
                                         180        394,400.00          1
                                       5.500          3,222.58         52
                                       5.250          3,222.58
    PALO ALTO        CA   94303          2            02/07/03         00
    0400767141                           05           04/01/03          0
    1797000                              O            03/01/18
    0

    8443597          E22/G01             F          225,000.00         ZZ
                                         180        225,000.00          1
                                       5.875          1,883.52         75
                                       5.625          1,883.52
    AUSTIN           TX   78704          5            02/10/03         00
    0415997105                           05           04/01/03          0
    0415997105                           O            03/01/18
    0
1

    8444699          E82/G01             F          450,900.00         ZZ
                                         180        450,900.00          1
                                       5.625          3,714.21         73
                                       5.375          3,714.21
    TUSTIN           CA   92782          2            02/10/03         00
    0400776464                           03           04/01/03          0
    5678178                              O            03/01/18
    0

    8445359          964/G01             F          420,000.00         ZZ
                                         180        418,493.25          1
                                       5.500          3,431.75         49
                                       5.250          3,431.75
    FREMONT          CA   94539          2            01/27/03         00
    0435364690                           05           03/01/03          0
    318323                               O            02/01/18
    0

    8445373          964/G01             F          335,000.00         ZZ
                                         180        335,000.00          1
                                       5.500          2,737.23         28
                                       5.250          2,737.23
    SARATOGA         CA   95070          2            02/03/03         00
    0435365432                           05           04/01/03          0
    328856                               O            03/01/18
    0

    8445507          S11/G01             F          577,000.00         ZZ
                                         180        574,951.76          1
                                       5.625          4,752.93         52
                                       5.375          4,752.93
    IRVINE           CA   92612          2            01/21/03         00
    0435411566                           03           03/01/03          0
    10300203                             O            02/01/18
    0

    8446701          E82/G01             F          191,900.00         ZZ
                                         180        191,900.00          1
                                       5.625          1,580.74         70
                                       5.375          1,580.74
    SEA CLIFF        NY   11579          2            02/11/03         00
    0400765095                           05           04/01/03          0
    1736697                              O            03/01/18
    0

    8447499          N47/G01             F          396,000.00         ZZ
                                         180        396,000.00          1
1

                                       5.500          3,235.65         33
                                       5.250          3,235.65
    SARATOGA         CA   95070          2            02/10/03         00
    0435410691                           05           04/01/03          0
    30502099                             O            03/01/18
    0

    8447793          624/G01             F           91,000.00         ZZ
                                         120         91,000.00          1
                                       5.500            987.59         37
                                       5.250            987.59
    CHULA VISTA      CA   91911          2            02/03/03         00
    0435410964                           05           04/01/03          0
    1000020346                           O            03/01/13
    0

    8448029          952/G01             F          133,000.00         ZZ
                                         180        132,542.67          1
                                       6.000          1,122.33         33
                                       5.750          1,122.33
    SMITHTOWN        NY   11787          5            01/27/03         00
    0435428131                           05           03/01/03          0
    03001152                             O            02/01/18
    0

    8449423          N74/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
                                       5.500          2,859.79         46
                                       5.250          2,859.79
    AUSTIN           TX   78746          2            02/13/03         00
    0435464441                           03           04/01/03          0
    0031714010                           O            03/01/18
    0

    8449967          E22/G01             F          399,999.00         ZZ
                                         180        399,999.00          1
                                       5.875          3,348.47         17
                                       5.625          3,348.47
    HUNTINGTON BEAC  CA   92649          2            02/06/03         00
    0415888494                           03           04/01/03          0
    0415888494                           O            03/01/18
    0

    8450037          E22/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
                                       5.625          2,883.06         53
                                       5.375          2,883.06
    PLEASANT HILL    CA   94523          5            02/06/03         00
    0416066074                           05           04/01/03          0
1

    0416066074                           O            03/01/18
    0

    8450779          E82/G01             F          267,000.00         ZZ
                                         180        267,000.00          1
                                       5.625          2,199.36         58
                                       5.375          2,199.36
    SAN LUIS OBISPO  CA   93401          2            02/13/03         00
    0400782264                           03           04/01/03          0
    5605660                              O            03/01/18
    0

    8450787          E82/G01             F          398,200.00         ZZ
                                         180        398,200.00          1
                                       5.625          3,280.10         50
                                       5.375          3,280.10
    KENWOOD          CA   95452          2            02/12/03         00
    0400760799                           05           04/01/03          0
    1898617                              O            03/01/18
    0

    8450795          E82/G01             F          186,300.00         ZZ
                                         180        186,300.00          1
                                       5.625          1,534.61         26
                                       5.375          1,534.61
    CARLSBAD         CA   92008          2            02/12/03         00
    0400763579                           05           04/01/03          0
    1730454                              O            03/01/18
    0

    8450899          696/G01             F          500,000.00         ZZ
                                         180        500,000.00          1
                                       5.625          4,118.66         34
                                       5.375          4,118.66
    GREAT FALLS      VA   22066          2            02/10/03         00
    0435385141                           05           04/01/03          0
    21303010                             O            03/01/18
    0

    8451131          N47/G01             F          525,000.00         ZZ
                                         180        525,000.00          1
                                       5.750          4,359.65         60
                                       5.500          4,359.65
    BELMONT          CA   94002          2            02/01/03         00
    0435428032                           05           04/01/03          0
    20501907                             O            03/01/18
    0

1

    8451753          624/G01             F          387,000.00         ZZ
                                         180        385,626.22          1
                                       5.625          3,187.84         56
                                       5.375          3,187.84
    NOVATO           CA   94949          2            01/24/03         00
    0435472832                           05           03/01/03          0
    1000020490                           O            02/01/18
    0

    8452615          E82/G01             F          257,800.00         ZZ
                                         180        257,800.00          1
                                       5.625          2,123.58         40
                                       5.375          2,123.58
    TEMECULA         CA   92590          2            02/13/03         00
    0400776472                           05           04/01/03          0
    4607871                              O            03/01/18
    0

    8452627          E82/G01             F          442,700.00         ZZ
                                         180        442,700.00          1
                                       5.625          3,646.66         63
                                       5.375          3,646.66
    YORBA LINDA      CA   92886          2            02/13/03         00
    0400783320                           05           04/01/03          0
    1874495                              O            03/01/18
    0

    8452629          E82/G01             F          443,600.00         ZZ
                                         180        443,600.00          1
                                       5.750          3,683.70         57
                                       5.500          3,683.70
    LA JOLLA         CA   92037          2            02/13/03         00
    0400773370                           05           04/01/03          0
    1780491                              O            03/01/18
    0

    8452635          E82/G01             F          390,000.00         ZZ
                                         180        390,000.00          1
                                       5.500          3,186.63         38
                                       5.250          3,186.63
    BERKELEY         CA   94707          2            02/13/03         00
    0400770459                           05           04/01/03          0
    7807239                              O            03/01/18
    0

    8452651          E82/G01             F          282,150.00         ZZ
                                         180        282,150.00          1
                                       5.500          2,305.40         43
                                       5.250          2,305.40
1

    BODEGA           CA   94922          2            02/13/03         00
    0400782777                           05           04/01/03          0
    8097255                              O            03/01/18
    0

    8452737          E82/G01             F          339,700.00         ZZ
                                         180        339,700.00          1
                                       5.625          2,798.22         66
                                       5.375          2,798.22
    IVINS            UT   84738          2            02/13/03         00
    0400775565                           05           04/01/03          0
    6796296                              O            03/01/18
    0

    8452741          E82/G01             F          488,800.00         ZZ
                                         180        488,800.00          1
                                       5.625          4,026.40         66
                                       5.375          4,026.40
    LA CANADA FLINT  CA   91011          2            02/10/03         00
    0400770426                           03           04/01/03          0
    8174808                              O            03/01/18
    0

    8452745          E82/G01             F          233,300.00         ZZ
                                         180        233,300.00          1
                                       5.625          1,921.77         41
                                       5.375          1,921.77
    FAIRFAX          VA   22030          2            02/13/03         00
    0400764213                           05           04/01/03          0
    2687792                              O            03/01/18
    0

    8452767          E82/G01             F          336,700.00         ZZ
                                         180        336,700.00          1
                                       5.625          2,773.50         74
                                       5.375          2,773.50
    FORT LAUDERDALE  FL   33312          2            02/13/03         00
    0400772588                           03           04/01/03          0
    4091396                              O            03/01/18
    0

    8452775          E82/G01             F          263,200.00         ZZ
                                         180        263,200.00          1
                                       5.500          2,150.56         53
                                       5.250          2,150.56
    BRADBURY         CA   91010          2            02/10/03         00
    0400775920                           05           04/01/03          0
    2806961                              O            03/01/18
    0
1

    8453007          E22/G01             F          332,000.00         ZZ
                                         180        332,000.00          1
                                       5.750          2,756.96         68
                                       5.500          2,756.96
    BRENTWOOD        CA   94513          2            02/06/03         00
    0415997675                           05           04/01/03          0
    0415997675                           O            03/01/18
    0

    8453075          E22/G01             F          295,000.00         ZZ
                                         180        295,000.00          1
                                       5.375          2,390.87         63
                                       5.125          2,390.87
    TARZANA (L.A.)   CA   91356          2            02/13/03         00
    0416022465                           05           04/01/03          0
    0416022465                           O            03/01/18
    0

    8453083          E22/G01             F          489,000.00         ZZ
                                         180        489,000.00          1
                                       5.500          3,995.54         59
                                       5.250          3,995.54
    FAIRFAX          VA   22039          2            02/13/03         00
    0416031102                           03           04/01/03          0
    0416031102                           O            03/01/18
    0

    8453101          E22/G01             F          369,700.00         ZZ
                                         180        369,700.00          1
                                       5.625          3,045.34         29
                                       5.375          3,045.34
    SAN CARLOS       CA   94070          2            02/05/03         00
    0416052090                           05           04/01/03          0
    0416052090                           O            03/01/18
    0

    8453947          964/G01             F          340,000.00         ZZ
                                         180        340,000.00          1
                                       5.500          2,778.09         56
                                       5.250          2,778.09
    CORTE MADERA     CA   94925          5            02/03/03         00
    0435453006                           05           04/01/03          0
    329163                               O            03/01/18
    0

    8453955          964/G01             F          366,000.00         ZZ
                                         180        366,000.00          1
1

                                       5.750          3,039.30         74
                                       5.500          3,039.30
    MILLBRAE         CA   94030          2            01/31/03         00
    0435443957                           05           04/01/03          0
    329527                               O            03/01/18
    0

    8453959          964/G01             F          500,000.00         ZZ
                                         180        500,000.00          1
                                       5.500          4,085.42         38
                                       5.250          4,085.42
    SAN MATEO        CA   94402          2            02/03/03         00
    0435404660                           05           04/01/03          0
    331430                               O            03/01/18
    0

    8453963          964/G01             F          650,000.00         ZZ
                                         180        650,000.00          1
                                       5.500          5,311.05         69
                                       5.250          5,311.05
    MENLO PARK       CA   94025          2            02/05/03         00
    0435416201                           05           04/01/03          0
    331766                               O            03/01/18
    0

    8453995          964/G01             F          369,000.00         ZZ
                                         180        367,690.12          1
                                       5.625          3,039.57         45
                                       5.375          3,039.57
    SANTA CLARA      CA   95050          2            01/24/03         00
    0435439591                           05           03/01/03          0
    305007                               O            02/01/18
    0

    8454013          964/G01             F          397,000.00         ZZ
                                         180        397,000.00          1
                                       5.500          3,243.83         40
                                       5.250          3,243.83
    YORBA LINDA      CA   92887          2            02/04/03         00
    0435411806                           05           04/01/03          0
    329003                               O            03/01/18
    0

    8454325          964/G01             F          392,000.00         ZZ
                                         180        392,000.00          1
                                       6.000          3,307.92         61
                                       5.750          3,307.92
    SAN MARINO       CA   91108          2            02/04/03         00
    0435415856                           05           04/01/03          0
1

    319728                               O            03/01/18
    0

    8454811          U80/U80             F          390,000.00         ZZ
                                         180        390,000.00          1
                                       5.625          3,212.55         90
                                       5.375          3,212.55
    ROCK HILL        SC   29732          2            02/10/03         04
    30009864                             05           04/01/03         12
    30009864                             O            03/01/18
    0

    8454863          696/G01             F          525,000.00         ZZ
                                         180        523,175.44          1
                                       5.875          4,394.87         66
                                       5.625          4,394.87
    MCLEAN           VA   22101          2            01/30/03         00
    0435398201                           05           03/01/03          0
    10003008                             O            02/01/18
    0

    8454895          D03/D03             F          360,000.00         ZZ
                                         180        360,000.00          1
                                       5.500          2,941.50         78
                                       5.250          2,941.50
    SANTA CLARA      CA   95050          2            02/06/03         00
    1030003041                           05           04/01/03          0
    1030003041                           O            03/01/18
    0

    8458181          E82/G01             F          285,000.00         ZZ
                                         180        285,000.00          1
                                       5.750          2,366.67         72
                                       5.500          2,366.67
    BYRON            CA   94514          2            02/14/03         00
    0400781563                           05           04/01/03          0
    5373501                              O            03/01/18
    0

    8458201          E82/G01             F          226,500.00         ZZ
                                         180        226,500.00          1
                                       5.625          1,865.75         49
                                       5.375          1,865.75
    JACKSONVILLE     FL   32277          2            02/17/03         00
    0400781878                           05           04/01/03          0
    1830534                              O            03/01/18
    0

1

    8458203          E82/G01             F          342,300.00         ZZ
                                         180        342,300.00          1
                                       5.500          2,796.88         52
                                       5.250          2,796.88
    MONTARA          CA   94037          2            02/12/03         00
    0400767216                           05           04/01/03          0
    1882225                              O            03/01/18
    0

    8458219          E82/G01             F          302,000.00         ZZ
                                         180        302,000.00          1
                                       5.625          2,487.67         67
                                       5.375          2,487.67
    RICHMOND         CA   94803          2            02/11/03         00
    0400783064                           05           04/01/03          0
    1758528                              O            03/01/18
    0

    8458233          E82/G01             F          331,500.00         ZZ
                                         180        331,500.00          1
                                       5.875          2,775.05         41
                                       5.625          2,775.05
    BAYSIDE          NY   11361          2            02/14/03         00
    0400733093                           05           04/01/03          0
    1998625                              O            03/01/18
    0

    8458275          E82/G01             F          358,300.00         ZZ
                                         180        358,300.00          1
                                       5.875          2,999.40         72
                                       5.625          2,999.40
    SANTA CLARITA    CA   91321          2            02/12/03         00
    0400771812                           05           04/01/03          0
    1726211                              O            03/01/18
    0

    8458279          E82/G01             F          182,500.00         ZZ
                                         180        182,500.00          1
                                       5.625          1,503.31         69
                                       5.375          1,503.31
    ALTA LOMA        CA   91737          2            02/14/03         00
    0400766754                           05           04/01/03          0
    6640470                              O            03/01/18
    0

    8458303          E82/G01             F          381,100.00         ZZ
                                         180        381,100.00          1
                                       5.875          3,190.26         80
                                       5.625          3,190.26
1

    LOVELAND         CO   80537          2            02/19/03         00
    0400781894                           05           04/01/03          0
    6628932                              O            03/01/18
    0

    8458313          E82/G01             F          318,000.00         ZZ
                                         180        318,000.00          1
                                       5.625          2,619.47         71
                                       5.375          2,619.47
    BIRMINGHAM       AL   35209          2            02/18/03         00
    0400784070                           05           04/01/03          0
    5506479                              O            03/01/18
    0

    8458321          E82/G01             F          296,450.00         ZZ
                                         180        296,450.00          1
                                       5.625          2,441.95         56
                                       5.375          2,441.95
    PLEASANTON       CA   94566          2            02/12/03         00
    0400773776                           05           04/01/03          0
    1804913                              O            03/01/18
    0

    8458337          E82/G01             F          419,000.00         ZZ
                                         180        419,000.00          1
                                       5.625          3,451.44         51
                                       5.375          3,451.44
    CUPERTINO        CA   95014          2            02/14/03         00
    0400780797                           05           04/01/03          0
    1862323                              O            03/01/18
    0

    8458339          E82/G01             F          266,300.00         ZZ
                                         180        266,300.00          1
                                       5.625          2,193.60         44
                                       5.375          2,193.60
    SARATOGA         CA   95070          2            02/14/03         00
    0400776266                           05           04/01/03          0
    7814411                              O            03/01/18
    0

    8458347          E82/G01             F          400,000.00         ZZ
                                         180        400,000.00          1
                                       5.625          3,294.93         54
                                       5.375          3,294.93
    CHATHAM          NJ   07928          5            02/14/03         00
    0400771382                           05           04/01/03          0
    0400771382                           O            03/01/18
    0
1

    8458349          E82/G01             F          293,300.00         ZZ
                                         180        293,300.00          1
                                       5.625          2,416.01         66
                                       5.375          2,416.01
    LAS CRUCES       NM   88011          2            02/19/03         00
    0400777207                           05           04/01/03          0
    1891988                              O            03/01/18
    0

    8459195          E22/G01             F          760,625.00         ZZ
                                         180        760,625.00          1
                                       5.625          6,265.51         67
                                       5.375          6,265.51
    SEATTLE          WA   98112          2            02/10/03         00
    0415986660                           05           04/01/03          0
    0415986660                           O            03/01/18
    0

    8459391          E22/G01             F          642,000.00         ZZ
                                         180        642,000.00          1
                                       5.500          5,245.68         70
                                       5.250          5,245.68
    WEST BLOOMFIELD  MI   48322          2            02/14/03         00
    0416043271                           05           04/01/03          0
    0416043271                           O            03/01/18
    0

    8459465          E22/G01             F          456,000.00         ZZ
                                         180        456,000.00          1
                                       5.625          3,756.22         48
                                       5.375          3,756.22
    LOS ANGELES      CA   90064          2            02/12/03         00
    0416062545                           05           04/01/03          0
    0416062545                           O            03/01/18
    0

    8461511          A50/G01             F          650,000.00         ZZ
                                         180        647,668.13          1
                                       5.500          5,311.04         62
                                       5.250          5,311.04
    COLUMBUS         GA   31904          2            01/29/03         00
    0435429832                           05           03/01/03          0
    959822                               O            02/01/18
    0

    8464295          E82/G01             F          436,700.00         ZZ
                                         180        436,700.00          1
1

                                       5.625          3,597.24         49
                                       5.375          3,597.24
    DANA POINT       CA   92629          2            02/17/03         00
    0400875127                           05           04/01/03          0
    7924453                              O            03/01/18
    0

    8464299          E82/G01             F          482,500.00         ZZ
                                         180        482,500.00          1
                                       5.750          4,006.73         33
                                       5.500          4,006.73
    DENVER           CO   80206          2            02/20/03         00
    0400779799                           09           04/01/03          0
    2751952                              O            03/01/18
    0

    8464307          E82/G01             F          239,000.00         ZZ
                                         180        239,000.00          1
                                       5.625          1,968.72         70
                                       5.375          1,968.72
    NORFORK          VA   23508          2            02/20/03         00
    0400773818                           05           04/01/03          0
    0400773818                           O            03/01/18
    0

    8464325          E82/G01             F          359,500.00         ZZ
                                         180        359,500.00          1
                                       5.625          2,961.32         80
                                       5.375          2,961.32
    GRANDVILLE       MI   49418          2            02/20/03         00
    0400776944                           05           04/01/03          0
    7781140                              O            03/01/18
    0

    8464329          E82/G01             F          179,100.00         ZZ
                                         180        179,100.00          1
                                       5.625          1,475.30         40
                                       5.375          1,475.30
    SANTA CRUZ       CA   95060          2            02/17/03         00
    0400782975                           05           04/01/03          0
    1799063                              O            03/01/18
    0

    8464339          E82/G01             F          440,200.00         ZZ
                                         180        440,200.00          1
                                       5.625          3,626.07         59
                                       5.375          3,626.07
    BIRMINGHAM       AL   35244          2            02/20/03         00
    0400780276                           03           04/01/03          0
1

    3092253                              O            03/01/18
    0

    8464341          E82/G01             F          316,500.00         ZZ
                                         180        316,500.00          1
                                       5.625          2,607.11         43
                                       5.375          2,607.11
    MOUNTAIN VIEW    CA   94041          2            02/17/03         00
    0400774469                           03           04/01/03          0
    1996264                              O            03/01/18
    0

    8464697          E22/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
                                       5.500          2,859.79         52
                                       5.250          2,859.79
    AGOURA HILLS     CA   91301          5            02/06/03         00
    0416028363                           03           04/01/03          0
    0416028363                           O            03/01/18
    0

    8464715          E22/G01             F          602,300.00         ZZ
                                         180        602,300.00          1
                                       5.500          4,921.29         49
                                       5.250          4,921.29
    WEST BLOOMFIELD  MI   48323          2            02/17/03         00
    0416042646                           05           04/01/03          0
    0416042646                           O            03/01/18
    0

    8465191          964/G01             F          355,000.00         ZZ
                                         180        355,000.00          1
                                       5.625          2,924.25         68
                                       5.375          2,924.25
    FREMONT          CA   94555          2            01/29/03         00
    0435474788                           03           04/01/03          0
    320820                               O            03/01/18
    0

    8465221          964/G01             F          388,700.00         T
                                         180        388,700.00          1
                                       5.625          3,201.85         78
                                       5.375          3,201.85
    OTIS             OR   97368          2            02/07/03         00
    0435423603                           05           04/01/03          0
    332260                               O            03/01/18
    0

1

    8465749          696/G01             F          405,000.00         ZZ
                                         120        405,000.00          1
                                       5.750          4,445.65         37
                                       5.500          4,445.65
    MARSHALL         VA   20115          2            02/11/03         00
    0435429691                           05           04/01/03          0
    50103015                             O            03/01/13
    0

    8465823          624/G01             F          395,000.00         ZZ
                                         180        393,597.82          1
                                       5.625          3,253.74         80
                                       5.375          3,253.74
    TORRANCE         CA   90505          2            01/23/03         00
    0435450861                           05           03/01/03          0
    1000017612                           O            02/01/18
    0

    8465951          975/G01             F          378,000.00         ZZ
                                         180        378,000.00          1
                                       5.375          3,063.56         66
                                       5.125          3,063.56
    FULLERTON        CA   92833          1            02/03/03         00
    0435430871                           03           04/01/03          0
    2030289                              O            03/01/18
    0

    8466413          964/G01             F          504,000.00         ZZ
                                         180        504,000.00          1
                                       5.625          4,151.61         70
                                       5.375          4,151.61
    LIVERMORE        CA   94550          5            01/30/03         00
    0435434543                           05           04/01/03          0
    317688                               O            03/01/18
    0

    8466419          964/G01             F          364,000.00         ZZ
                                         180        364,000.00          1
                                       5.625          2,998.38         45
                                       5.375          2,998.38
    LAGUNA HILLS     CA   92653          2            02/10/03         00
    0435435540                           03           04/01/03          0
    319159                               O            03/01/18
    0

    8466421          964/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
                                       5.625          2,883.06         39
                                       5.375          2,883.06
1

    SAN FRANCISCO    CA   94107          2            02/05/03         00
    0435450663                           05           04/01/03          0
    327094                               O            03/01/18
    0

    8466423          964/G01             F          378,800.00         ZZ
                                         180        377,469.48          1
                                       5.750          3,145.60         64
                                       5.500          3,145.60
    ORANGEVALE       CA   95662          2            01/27/03         00
    0435426226                           05           03/01/03          0
    319454                               O            02/01/18
    0

    8466427          964/G01             F          968,000.00         ZZ
                                         180        968,000.00          1
                                       5.625          7,973.73         17
                                       5.375          7,973.73
    MALIBU           CA   90265          2            02/04/03         00
    0435484506                           05           04/01/03          0
    321978                               O            03/01/18
    0

    8466431          964/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
                                       5.875          2,929.92         76
                                       5.625          2,929.92
    MUKILTEO         WA   98275          2            02/06/03         00
    0435430707                           03           04/01/03          0
    323748                               O            03/01/18
    0

    8466443          964/G01             F          362,000.00         ZZ
                                         180        362,000.00          1
                                       5.625          2,981.91         73
                                       5.375          2,981.91
    FREMONT          CA   94539          2            02/03/03         00
    0435455142                           05           04/01/03          0
    332421                               O            03/01/18
    0

    8466447          964/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
                                       5.625          2,883.06         60
                                       5.375          2,883.06
    SAN JOSE         CA   95148          5            01/29/03         00
    0435445739                           05           04/01/03          0
    332986                               O            03/01/18
    0
1

    8466449          964/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
                                       5.500          2,859.80         57
                                       5.250          2,859.80
    UNION CITY       CA   94587          2            02/10/03         00
    0435431267                           03           04/01/03          0
    333592                               O            03/01/18
    0

    8466765          E82/G01             F          327,100.00         ZZ
                                         180        327,100.00          1
                                       5.500          2,672.68         55
                                       5.250          2,672.68
    PLEASANT HILL    CA   94523          2            02/19/03         00
    0400770111                           05           04/01/03          0
    0400770111                           O            03/01/18
    0

    8466811          E82/G01             F          417,000.00         ZZ
                                         180        417,000.00          1
                                       5.625          3,434.96         35
                                       5.375          3,434.96
    LIGHTHOUSE POIN  FL   33064          2            02/21/03         00
    0400782595                           05           04/01/03          0
    1742250                              O            03/01/18
    0

    8466817          E82/G01             F          334,700.00         ZZ
                                         180        334,700.00          1
                                       5.750          2,779.38         79
                                       5.500          2,779.38
    CERRITOS         CA   90703          2            02/18/03         00
    0400763199                           05           04/01/03          0
    6948181                              O            03/01/18
    0

    8466823          E82/G01             F          430,600.00         ZZ
                                         180        430,600.00          1
                                       5.625          3,546.99         62
                                       5.375          3,546.99
    FOLSOM           CA   95630          2            02/18/03         00
    0400783841                           05           04/01/03          0
    7678217                              O            03/01/18
    0

    8466839          E82/G01             F          283,500.00         ZZ
                                         180        283,500.00          1
1

                                       5.500          2,316.43         63
                                       5.250          2,316.43
    CAMERON PARK     CA   95682          2            02/18/03         00
    0400770301                           05           04/01/03          0
    1887982                              O            03/01/18
    0

    8466855          E82/G01             F          457,000.00         ZZ
                                         180        457,000.00          1
                                       5.625          3,764.45         49
                                       5.375          3,764.45
    MILFORD TWP      MI   48380          2            02/21/03         00
    0400767265                           05           04/01/03          0
    1728947                              O            03/01/18
    0

    8466857          E82/G01             F          206,650.00         ZZ
                                         180        206,650.00          1
                                       5.625          1,702.24         77
                                       5.375          1,702.24
    NEWARK           NJ   07104          2            02/21/03         00
    0400789897                           05           04/01/03          0
    7650653                              O            03/01/18
    0

    8466859          E82/G01             F          447,800.00         ZZ
                                         180        447,800.00          1
                                       5.625          3,688.67         65
                                       5.375          3,688.67
    SAN CLEMENTE     CA   92672          2            02/19/03         00
    0400785325                           03           04/01/03          0
    1873970                              O            03/01/18
    0

    8467063          E22/G01             F          318,000.00         ZZ
                                         180        318,000.00          1
                                       5.625          2,619.47         35
                                       5.375          2,619.47
    MORAGA           CA   94556          2            02/12/03         00
    0416085488                           03           04/01/03          0
    0416085488                           O            03/01/18
    0

    8467349          E22/G01             F          265,000.00         ZZ
                                         180        265,000.00          1
                                       5.625          2,182.89         36
                                       5.375          2,182.89
    MORGANVILLE      NJ   07757          5            02/19/03         00
    0416056604                           05           04/01/03          0
1

    0416056604                           O            03/01/18
    0

    8467397          E22/G01             F          203,000.00         ZZ
                                         180        203,000.00          1
                                       5.750          1,685.73         65
                                       5.500          1,685.73
    SALT LAKE CITY   UT   84124          2            02/17/03         00
    0416149615                           05           04/01/03          0
    0416149615                           O            03/01/18
    0

    8467615          U19/G01             F          335,000.00         ZZ
                                         180        335,000.00          1
                                       5.625          2,759.50         74
                                       5.375          2,759.50
    GOLDEN           CO   80401          5            02/21/03         00
    0435449590                           03           04/01/03          0
    58041875                             O            03/01/18
    0

    8467825          R65/G01             F          338,000.00         ZZ
                                         180        338,000.00          1
                                       5.625          2,784.21         40
                                       5.375          2,784.21
    BOXFORD          MA   01921          2            02/14/03         00
    0435432224                           05           04/01/03          0
    41987673594198                       O            03/01/18
    0

    8472681          E82/G01             F          357,000.00         ZZ
                                         180        357,000.00          1
                                       5.625          2,940.72         53
                                       5.375          2,940.72
    GRASS VALLEY     CA   95949          2            02/20/03         00
    0400780532                           05           04/01/03          0
    0400780532                           O            03/01/18
    0

    8472695          E82/G01             F          229,000.00         ZZ
                                         180        229,000.00          1
                                       5.625          1,886.35         47
                                       5.375          1,886.35
    SAN JOSE         CA   95123          2            02/20/03         00
    0400765707                           05           04/01/03          0
    1796078                              O            03/01/18
    0

1

    8472959          975/G01             F          390,000.00         ZZ
                                         180        390,000.00          1
                                       5.500          3,186.63         70
                                       5.250          3,186.63
    ROWLAND HEIGHTS  CA   91748          2            02/03/03         00
    0435435912                           05           04/01/03          0
    2030498                              O            03/01/18
    0

    8472987          U80/U80             F          790,000.00         ZZ
                                         180        790,000.00          1
                                       5.750          6,560.24         58
                                       5.500          6,560.24
    PAWLEYS ISLAND   SC   29585          2            02/19/03         00
    30010079                             05           04/01/03          0
    30010079                             O            03/01/18
    0

    8473111          Q59/G01             F          420,000.00         ZZ
                                         180        420,000.00          1
                                       5.375          3,403.95         70
                                       5.125          3,403.95
    LA HABRA         CA   90631          2            02/10/03         00
    0435438072                           03           04/01/03          0
    0000501207                           O            03/01/18
    0

    8474019          696/G01             F          508,000.00         ZZ
                                         180        508,000.00          1
                                       5.625          4,184.56         51
                                       5.375          4,184.56
    GREAT FALLS      VA   22066          2            02/20/03         00
    0435429303                           05           04/01/03          0
    21303014                             O            03/01/18
    0

    8474217          X89/G01             F          188,700.00         ZZ
                                         180        188,700.00          1
                                       5.750          1,566.98         63
                                       5.500          1,566.98
    STOCKTON         CA   95206          2            02/11/03         00
    0435434857                           05           04/01/03          0
    1010240780                           O            03/01/18
    0

    8474361          B57/G01             F          648,000.00         ZZ
                                         180        648,000.00          1
                                       5.625          5,337.78         33
                                       5.375          5,337.78
1

    PACIFIC PALISAD  CA   90272          2            02/13/03         00
    0435440854                           09           04/01/03          0
    10009386                             O            03/01/18
    0

    8474971          E82/G01             F          344,000.00         ZZ
                                         180        344,000.00          1
                                       5.625          2,833.64         43
                                       5.375          2,833.64
    BONITA SPRINGS   FL   34134          2            02/24/03         00
    0400775391                           03           04/01/03          0
    1810284                              O            03/01/18
    0

    8474993          E82/G01             F          310,400.00         ZZ
                                         180        310,400.00          1
                                       5.625          2,556.86         46
                                       5.375          2,556.86
    SANTA ANA        CA   92705          2            02/21/03         00
    0400787701                           05           04/01/03          0
    8059363                              O            03/01/18
    0

    8475005          E82/G01             F          182,600.00         ZZ
                                         180        182,600.00          1
                                       5.750          1,516.33         53
                                       5.500          1,516.33
    BOULDER CREEK    CA   95006          2            02/21/03         00
    0400777520                           05           04/01/03          0
    1926826                              O            03/01/18
    0

    8475011          E82/G01             F          400,500.00         ZZ
                                         180        400,500.00          1
                                       5.625          3,299.05         42
                                       5.375          3,299.05
    LAFAYETTE        CA   94549          2            02/21/03         00
    0400770103                           05           04/01/03          0
    7713169                              O            03/01/18
    0

    8475045          E82/G01             F          171,500.00         T
                                         180        171,500.00          1
                                       5.625          1,412.70         24
                                       5.375          1,412.70
    SANTA CLARA      CA   95051          2            02/19/03         00
    0400782934                           05           04/01/03          0
    1628643                              O            03/01/18
    0
1

    8475055          E82/G01             F          174,000.00         ZZ
                                         180        174,000.00          1
                                       5.625          1,433.29         50
                                       5.375          1,433.29
    OXNARD           CA   93030          5            02/19/03         00
    0400752010                           05           04/01/03          0
    0400752010                           O            03/01/18
    0

    8475063          E82/G01             F          348,000.00         ZZ
                                         180        348,000.00          1
                                       5.625          2,866.59         41
                                       5.375          2,866.59
    SAN DIEGO        CA   92014          2            02/21/03         00
    0400781449                           05           04/01/03          0
    7883263                              O            03/01/18
    0

    8475067          E82/G01             F          439,000.00         ZZ
                                         180        439,000.00          1
                                       5.750          3,645.50         61
                                       5.500          3,645.50
    OAKTON           VA   22124          2            02/13/03         00
    0400760658                           05           04/01/03          0
    0400760658                           O            03/01/18
    0

    8475073          E82/G01             F          618,000.00         ZZ
                                         180        618,000.00          1
                                       5.625          5,090.66         27
                                       5.375          5,090.66
    MCLEAN           VA   22067          2            02/24/03         00
    0400770327                           03           04/01/03          0
    2751856                              O            03/01/18
    0

    8475075          E82/G01             F          206,200.00         ZZ
                                         180        206,200.00          1
                                       5.625          1,698.53         48
                                       5.375          1,698.53
    LAGUNA NIGUEL    CA   92677          2            02/21/03         00
    0400785267                           05           04/01/03          0
    0400785267                           O            03/01/18
    0

    8475085          E82/G01             F          236,000.00         ZZ
                                         180        236,000.00          1
1

                                       5.625          1,944.01         80
                                       5.375          1,944.01
    WINSTON SALEM    NC   27106          2            02/21/03         00
    0400775938                           03           04/01/03          0
    1790089                              O            03/01/18
    0

    8475105          E82/G01             F          329,000.00         ZZ
                                         180        329,000.00          1
                                       5.625          2,710.08         66
                                       5.375          2,710.08
    ELMHURST         IL   60126          2            02/24/03         00
    0400760989                           05           04/01/03          0
    3101378                              O            03/01/18
    0

    8475121          E82/G01             F          189,500.00         ZZ
                                         180        189,500.00          1
                                       5.625          1,560.97         63
                                       5.375          1,560.97
    BUTLER           NJ   07405          2            02/24/03         00
    0400784195                           01           04/01/03          0
    7085007                              O            03/01/18
    0

    8475129          E82/G01             F          337,000.00         ZZ
                                         180        337,000.00          1
                                       5.625          2,775.98         52
                                       5.375          2,775.98
    UNION CITY       CA   94587          2            02/21/03         00
    0400783478                           05           04/01/03          0
    8015481                              O            03/01/18
    0

    8475133          E82/G01             F          386,200.00         ZZ
                                         180        386,200.00          1
                                       5.625          3,181.25         60
                                       5.375          3,181.25
    EDWARDS          CO   81632          2            02/24/03         00
    0400780789                           05           04/01/03          0
    8065241                              O            03/01/18
    0

    8475141          E82/G01             F          381,700.00         ZZ
                                         180        381,700.00          1
                                       5.625          3,144.18         59
                                       5.375          3,144.18
    SAUSALITO        CA   94965          2            02/21/03         00
    0400780045                           01           04/01/03          0
1

    6498936                              O            03/01/18
    0

    8475159          E82/G01             F          326,950.00         ZZ
                                         180        326,950.00          1
                                       5.875          2,736.96         12
                                       5.625          2,736.96
    COLTS NECK       NJ   07722          2            02/24/03         00
    0400783197                           05           04/01/03          0
    1789988                              O            03/01/18
    0

    8475169          E82/G01             F          376,500.00         ZZ
                                         180        376,500.00          1
                                       5.625          3,101.35         79
                                       5.375          3,101.35
    ANAHEIM          CA   92808          2            02/21/03         00
    0400791000                           05           04/01/03          0
    8062223                              O            03/01/18
    0

    8475391          E22/G01             F          396,250.00         ZZ
                                         180        396,250.00          1
                                       5.625          3,264.04         37
                                       5.375          3,264.04
    ORINDA           CA   94563          2            02/18/03         00
    0416218931                           05           04/01/03          0
    0416218931                           O            03/01/18
    0

    8475471          E22/G01             F          240,000.00         ZZ
                                         180        240,000.00          1
                                       5.625          1,976.96         58
                                       5.375          1,976.96
    ROCHESTER        MI   48307          2            02/21/03         00
    0416156214                           05           04/01/03          0
    0416156214                           O            03/01/18
    0

    8477373          964/G01             F          448,700.00         ZZ
                                         180        448,700.00          1
                                       5.625          3,696.09         50
                                       5.375          3,696.09
    AUSTIN           TX   78746          2            02/12/03         00
    0435456306                           03           04/01/03          0
    318166                               O            03/01/18
    0

1

    8477395          964/G01             F          460,000.00         ZZ
                                         180        460,000.00          1
                                       5.625          3,789.17         70
                                       5.375          3,789.17
    BELLEVUE         WA   98006          2            02/13/03         00
    0435463203                           03           04/01/03          0
    336507                               O            03/01/18
    0

    8477499          964/G01             F          377,000.00         ZZ
                                         180        377,000.00          1
                                       5.500          3,080.41         48
                                       5.250          3,080.41
    SAN JOSE         CA   95148          2            02/05/03         00
    0435483193                           05           04/01/03          0
    334014                               O            03/01/18
    0

    8477535          964/G01             F          380,000.00         ZZ
                                         180        380,000.00          1
                                       5.625          3,130.18         38
                                       5.375          3,130.18
    HUNTINGTON BEAC  CA   92648          2            02/07/03         00
    0435483201                           03           04/01/03          0
    283714                               O            03/01/18
    0

    8477537          964/G01             F          360,500.00         ZZ
                                         180        360,500.00          1
                                       5.625          2,969.55         73
                                       5.375          2,969.55
    ENGLEWOOD        CO   80111          2            02/12/03         00
    0435474838                           05           04/01/03          0
    334137                               O            03/01/18
    0

    8478411          B57/G01             F          500,000.00         ZZ
                                         180        500,000.00          1
                                       5.625          4,118.66         38
                                       5.375          4,118.66
    SAN MARINO       CA   91108          2            02/08/03         00
    0435472873                           05           04/01/03          0
    50000883                             O            03/01/18
    0

    8480709          N47/G01             F          424,800.00         ZZ
                                         180        424,800.00          1
                                       5.625          3,499.21         41
                                       5.375          3,499.21
1

    CUPERTINO        CA   95014          2            02/11/03         00
    0435467493                           05           04/01/03          0
    20502864                             O            03/01/18
    0

    8480877          B49/G01             F          419,000.00         ZZ
                                         180        419,000.00          1
                                       5.625          3,451.44         68
                                       5.375          3,451.44
    ENGLEWOOD        CO   80111          2            02/20/03         00
    0435458013                           05           04/01/03          0
    000299151204                         O            03/01/18
    0

    8481663          X89/G01             F          352,350.00         ZZ
                                         180        352,350.00          1
                                       5.625          2,902.42         57
                                       5.375          2,902.42
    STUDIO CITY      CA   91604          2            02/08/03         00
    0435439229                           05           04/01/03          0
    1010241168                           O            03/01/18
    0

    8482305          N47/G01             F          457,000.00         ZZ
                                         180        457,000.00          1
                                       5.750          3,794.97         62
                                       5.500          3,794.97
    HOLLISTER        CA   95023          2            02/11/03         00
    0435459532                           05           04/01/03          0
    20502663                             O            03/01/18
    0

    8484599          X89/G01             F          390,000.00         ZZ
                                         180        390,000.00          1
                                       5.625          3,212.55         71
                                       5.375          3,212.55
    DIAMOND BAR      CA   91765          5            02/11/03         00
    0435450358                           05           04/01/03          0
    1010241760                           O            03/01/18
    0

    8484783          313/G01             F          350,000.00         ZZ
                                         180        348,382.79          1
                                       6.000          2,953.50         50
                                       5.750          2,953.50
    RIVER HILLS      WI   53217          2            01/23/03         00
    0435456520                           05           03/01/03          0
    9145699                              O            02/01/18
    0
1

    8484785          313/G01             F          364,950.00         ZZ
                                         180        363,654.49          1
                                       5.625          3,006.21         44
                                       5.375          3,006.21
    SHERBORN         MA   01770          2            02/04/03         00
    0435456439                           05           03/01/03          0
    9260415                              O            02/01/18
    0

    8484817          313/G01             F          425,000.00         ZZ
                                         180        423,491.33          1
                                       5.625          3,500.86         66
                                       5.375          3,500.86
    VIRGINIA BEACH   VA   23452          2            01/14/03         00
    0435456769                           05           03/01/03          0
    9199324                              O            02/01/18
    0

    8484823          313/G01             F          650,000.00         ZZ
                                         180        647,668.12          1
                                       5.500          5,311.05         56
                                       5.250          5,311.05
    BRADENTON        FL   34207          2            01/16/03         00
    0435456470                           03           03/01/03          0
    9200593                              O            02/01/18
    0

    8484825          313/G01             F          545,000.00         ZZ
                                         180        543,044.81          1
                                       5.500          4,453.11         32
                                       5.250          4,453.11
    LOS ANGELES      CA   90049          2            01/14/03         00
    0435477567                           05           03/01/03          0
    9263468                              O            02/01/18
    0

    8484835          313/G01             F          453,000.00         ZZ
                                         180        451,391.93          1
                                       5.625          3,731.51         63
                                       5.375          3,731.51
    SAN JOSE         CA   95135          2            01/15/03         00
    0435477864                           05           03/01/03          0
    9228883                              O            02/01/18
    0

    8484837          313/G01             F          346,000.00         ZZ
                                         180        344,757.92          1
1

                                       5.750          2,873.22         66
                                       5.500          2,873.22
    ARCADIA          CA   91007          2            01/15/03         00
    0435456421                           05           03/01/03          0
    9265000                              O            02/01/18
    0

    8484839          313/G01             F          450,000.00         ZZ
                                         180        448,419.40          1
                                       5.750          3,736.85         65
                                       5.500          3,736.85
    SAN MARINO       CA   91108          2            01/20/03         00
    0435477716                           05           03/01/03          0
    9252594                              O            02/01/18
    0

    8484841          313/G01             F          762,000.00         ZZ
                                         180        759,323.52          1
                                       5.750          6,327.73         51
                                       5.500          6,327.73
    KEY BISCAYNE     FL   33149          2            01/22/03         00
    0435464433                           06           03/01/03          0
    9222381                              O            02/01/18
    0

    8484845          313/G01             F        1,000,000.00         ZZ
                                         180        996,412.49          1
                                       5.500          8,170.83         48
                                       5.250          8,170.83
    PASADENA         CA   91107          5            01/13/03         00
    0435474127                           05           03/01/03          0
    9265042                              O            02/01/18
    0

    8484847          313/G01             F          495,000.00         ZZ
                                         180        493,242.83          1
                                       5.625          4,077.48         54
                                       5.375          4,077.48
    LOS ANGELES      CA   90049          2            01/20/03         00
    0435477815                           05           03/01/03          0
    9256645                              O            02/01/18
    0

    8484849          313/G01             F          380,000.00         ZZ
                                         180        378,665.27          1
                                       5.750          3,155.56         55
                                       5.500          3,155.56
    DIAMOND BAR      CA   91765          2            01/13/03         00
    0435478524                           03           03/01/03          0
1

    9247073                              O            02/01/18
    0

    8484851          313/G01             F          560,000.00         ZZ
                                         180        558,012.10          1
                                       5.625          4,612.90         60
                                       5.375          4,612.90
    SAN FRANCISCO    CA   94132          2            01/23/03         00
    0435478144                           05           03/01/03          0
    9243544                              O            02/01/18
    0

    8484853          313/G01             F          424,000.00         ZZ
                                         180        422,031.67          1
                                       5.750          3,520.94         50
                                       5.500          3,520.94
    ENCINO AREA      CA   91316          2            01/23/03         00
    0435470190                           05           03/01/03          0
    9256868                              O            02/01/18
    0

    8484855          313/G01             F          505,000.00         ZZ
                                         180        503,226.21          1
                                       5.750          4,193.58         53
                                       5.500          4,193.58
    CALABASAS        CA   91302          2            01/28/03         00
    0435452131                           03           03/01/03          0
    9216771                              O            02/01/18
    0

    8484857          313/G01             F          470,000.00         ZZ
                                         180        468,331.59          1
                                       5.625          3,871.54         67
                                       5.375          3,871.54
    ALAMEDA          CA   94502          5            01/29/03         00
    0435477971                           03           03/01/03          0
    9279704                              O            02/01/18
    0

    8484859          313/G01             F          464,000.00         ZZ
                                         180        461,543.98          1
                                       5.625          3,822.12         43
                                       5.375          3,822.12
    ENCINO AREA      CA   91436          2            01/19/03         00
    0435456363                           05           03/01/03          0
    9268079                              O            02/01/18
    0

1

    8484861          313/G01             F          469,000.00         ZZ
                                         180        463,247.29          1
                                       5.750          3,894.63         45
                                       5.500          3,894.63
    LOS ANGELES      CA   90048          2            01/23/03         00
    0435478284                           05           03/01/03          0
    9256744                              O            02/01/18
    0

    8484863          313/G01             F          650,000.00         ZZ
                                         180        637,923.70          1
                                       5.750          5,397.67         53
                                       5.500          5,397.67
    SAN JOSE         CA   95138          5            01/20/03         00
    0435457726                           05           03/01/03          0
    9182809                              O            02/01/18
    0

    8484865          313/G01             F          345,000.00         ZZ
                                         180        343,813.69          1
                                       6.000          2,911.31         57
                                       5.750          2,911.31
    MONTEREY         CA   93940          5            02/05/03         00
    0435464714                           05           03/01/03          0
    9222217                              O            02/01/18
    0

    8484867          313/G01             F          336,000.00         ZZ
                                         180        336,000.00          1
                                       5.750          2,790.18         80
                                       5.500          2,790.18
    WESTMINSTER      MD   21158          1            02/06/03         00
    0435474531                           05           04/01/03          0
    9246349                              O            03/01/18
    0

    8484875          313/G01             F          470,000.00         ZZ
                                         180        468,313.87          1
                                       5.500          3,840.30         72
                                       5.250          3,840.30
    WOODLAND HILLS   CA   91364          2            01/29/03         00
    0435478383                           03           03/01/03          0
    9297029                              O            02/01/18
    0

    8484877          313/G01             F          522,000.00         ZZ
                                         180        520,127.32          1
                                       5.500          4,265.18         41
                                       5.250          4,265.18
1

    BEVERLY HILLS    CA   90211          2            01/23/03         00
    0435474515                           05           03/01/03          0
    9268673                              O            02/01/18
    0

    8484879          313/G01             F          382,500.00         ZZ
                                         180        382,500.00          1
                                       5.625          3,150.78         59
                                       5.375          3,150.78
    FOUNTAIN VALLEY  CA   92708          2            01/31/03         00
    0435459383                           05           04/01/03          0
    9307893                              O            03/01/18
    0

    8485845          144/144             F          684,596.00         ZZ
                                         180        682,241.97          1
                                       6.000          5,777.01         37
                                       5.750          5,777.01
    OYSTER BAY COVE  NY   11771          2            01/28/03         00
    160711945                            05           03/01/03          0
    160711945                            O            02/01/18
    0

    8485895          X51/G01             F          591,000.00         ZZ
                                         180        591,000.00          1
                                       5.500          4,828.96         46
                                       5.250          4,828.96
    SEATTLE          WA   98125          5            02/22/03         00
    0435445234                           05           04/01/03          0
    0030127021                           O            03/01/18
    0

    8486435          964/G01             F          405,000.00         ZZ
                                         180        405,000.00          1
                                       5.625          3,336.11         75
                                       5.375          3,336.11
    REDWOOD CITY     CA   94065          2            02/05/03         00
    0435484647                           01           04/01/03          0
    324764                               O            03/01/18
    0

    8486675          S11/G01             F          387,000.00         ZZ
                                         180        387,000.00          1
                                       5.625          3,187.84         60
                                       5.375          3,187.84
    IRVINE           CA   92606          2            02/19/03         00
    0435471925                           03           04/01/03          0
    10300426                             O            03/01/18
    0
1

    8486695          X91/G01             F        1,000,000.00         ZZ
                                         180      1,000,000.00          1
                                       5.500          8,170.83         63
                                       5.250          8,170.83
    HONOLULU         HI   96822          2            02/19/03         00
    0435452578                           05           04/01/03          0
    804295                               O            03/01/18
    0

    8487501          E22/G01             F          126,000.00         ZZ
                                         180        126,000.00          4
                                       5.625          1,037.90         90
                                       5.375          1,037.90
    EAST CHICAGO     IN   46312          1            02/25/03         04
    0415926450                           05           04/01/03         12
    0415926450                           O            03/01/18
    0

    8487517          E22/G01             F          338,000.00         ZZ
                                         180        338,000.00          1
                                       5.625          2,784.21         68
                                       5.375          2,784.21
    SONOMA           CA   95476          2            02/20/03         00
    0415963594                           05           04/01/03          0
    0415963594                           O            03/01/18
    0

    8487673          E82/G01             F          321,500.00         ZZ
                                         180        321,500.00          1
                                       5.625          2,648.30         61
                                       5.375          2,648.30
    PLANO            TX   75093          2            02/24/03         00
    0400774634                           05           04/01/03          0
    0400774634                           O            03/01/18
    0

    8487971          225/G01             F          349,000.00         T
                                         180        347,774.16          1
                                       5.750          2,898.13         35
                                       5.500          2,898.13
    SEABROOK ISLAND  SC   29455          2            01/13/03         00
    0435451943                           03           03/01/03          0
    006209135                            O            02/01/18
    0

    8487975          225/G01             F          375,000.00         ZZ
                                         180        373,668.82          1
1

                                       5.625          3,088.99         35
                                       5.375          3,088.99
    SPRING LAKE      NJ   07762          4            01/03/03         00
    0435449962                           05           03/01/03          0
    006546998                            O            02/01/18
    0

    8487977          225/G01             F          650,000.00         T
                                         180        647,692.62          1
                                       5.625          5,354.26         73
                                       5.375          5,354.26
    HILLSBORO BEA    FL   33062          1            01/22/03         00
    0435460191                           06           03/01/03          0
    006581353                            O            02/01/18
    0

    8487979          225/G01             F          425,000.00         ZZ
                                         180        423,507.46          1
                                       6.000          3,586.39         68
                                       5.750          3,586.39
    MECHANICSBURG    PA   17055          4            01/10/03         00
    0435456744                           05           03/01/03          0
    006582124                            O            02/01/18
    0

    8487981          225/G01             F          360,000.00         ZZ
                                         180        358,722.07          1
                                       5.625          2,965.43         56
                                       5.375          2,965.43
    SILVER SPRING    MD   20905          2            01/30/03         00
    0435461850                           03           03/01/03          0
    006715219                            O            02/01/18
    0

    8487983          225/G01             F          340,000.00         ZZ
                                         180        338,805.78          1
                                       5.750          2,823.39         49
                                       5.500          2,823.39
    ARMONK           NY   10504          5            01/13/03         00
    0435462957                           05           03/01/03          0
    006854683                            O            02/01/18
    0

    8487989          225/G01             F        1,000,000.00         ZZ
                                         180        993,032.29          1
                                       5.875          8,371.18         63
                                       5.625          8,371.18
    FT LAUDERDALE    FL   33305          2            12/19/02         00
    0435450440                           06           02/01/03          0
1

    006856378                            O            01/01/18
    0

    8487993          225/G01             F          400,500.00         ZZ
                                         180        397,679.75          1
                                       5.750          3,325.79         57
                                       5.500          3,325.79
    WASHINGTON       DC   20015          2            12/04/02         00
    0435450457                           05           02/01/03          0
    006860592                            O            01/01/18
    0

    8487997          225/G01             F          610,000.00         ZZ
                                         180        605,749.70          1
                                       5.875          5,106.42         25
                                       5.625          5,106.42
    HARRISON         NY   10528          2            12/18/02         00
    0435453329                           05           02/01/03          0
    006860882                            O            01/01/18
    0

    8488001          225/G01             F          534,000.00         ZZ
                                         180        534,000.00          1
                                       5.875          4,470.21         49
                                       5.625          4,470.21
    BEDFORD          NY   10506          5            02/03/03         00
    0435462932                           05           04/01/03          0
    006862219                            O            03/01/18
    0

    8488003          225/G01             F          625,000.00         ZZ
                                         180        622,804.73          1
                                       5.750          5,190.06         53
                                       5.500          5,190.06
    SOUTHERN PINES   NC   28387          2            01/21/03         00
    0435453436                           05           03/01/03          0
    006863180                            O            02/01/18
    0

    8488005          225/G01             F          467,000.00         ZZ
                                         180        465,359.69          1
                                       5.750          3,878.02         54
                                       5.500          3,878.02
    PONTE VEDRA B    FL   32082          5            01/07/03         00
    0435462965                           03           03/01/03          0
    006863212                            O            02/01/18
    0

1

    8488007          225/G01             F          462,000.00         ZZ
                                         180        460,359.99          1
                                       5.625          3,805.64         36
                                       5.375          3,805.64
    MAHWAH           NJ   07430          5            01/02/03         00
    0435451687                           05           03/01/03          0
    006865778                            O            02/01/18
    0

    8488009          225/G01             F          600,000.00         ZZ
                                         180        597,870.11          1
                                       5.625          4,942.39         46
                                       5.375          4,942.39
    MENDHAM          NJ   07945          2            12/30/02         00
    0435458419                           05           03/01/03          0
    006865805                            O            02/01/18
    0

    8488013          225/G01             F          500,000.00         ZZ
                                         180        498,243.78          1
                                       5.750          4,152.05         69
                                       5.500          4,152.05
    MALVERN          PA   19355          2            01/02/03         00
    0435459201                           05           03/01/03          0
    006865916                            O            02/01/18
    0

    8488015          225/G01             F          945,000.00         ZZ
                                         180        941,680.75          1
                                       5.750          7,847.38         20
                                       5.500          7,847.38
    KIAWAH ISLAND    SC   29455          2            01/03/03         00
    0435458369                           03           03/01/03          0
    006865960                            O            02/01/18
    0

    8488019          225/G01             F          332,000.00         ZZ
                                         180        330,821.46          1
                                       5.625          2,734.79         42
                                       5.375          2,734.79
    ALPINE           NJ   07620          5            01/08/03         00
    0435452644                           05           03/01/03          0
    006866258                            O            02/01/18
    0

    8488021          225/G01             F        1,000,000.00         ZZ
                                         180        996,487.57          1
                                       5.750          8,304.10         43
                                       5.500          8,304.10
1

    ATLANTA          GA   30327          5            01/07/03         00
    0435461728                           05           03/01/03          0
    006866442                            O            02/01/18
    0

    8488031          225/G01             F          480,000.00         ZZ
                                         180        478,296.09          1
                                       5.625          3,953.91         50
                                       5.375          3,953.91
    ASHEVILLE        NC   28803          5            12/30/02         00
    0435462148                           05           03/01/03          0
    006866883                            O            02/01/18
    0

    8488041          225/G01             F          429,000.00         ZZ
                                         180        427,493.17          1
                                       5.750          3,562.46         60
                                       5.500          3,562.46
    MIAMI            FL   33178          2            01/16/03         00
    0435458153                           03           03/01/03          0
    006867215                            O            02/01/18
    0

    8488043          225/G01             F          388,000.00         ZZ
                                         180        388,000.00          1
                                       5.500          3,170.28         60
                                       5.250          3,170.28
    MIDDLEFIELD      CT   06455          2            01/31/03         00
    0435460829                           05           04/01/03          0
    006867383                            O            03/01/18
    0

    8488045          225/G01             F          446,500.00         ZZ
                                         180        444,931.70          1
                                       5.750          3,707.78         64
                                       5.500          3,707.78
    ALEXANDRIA TOWN  NJ   08848          2            01/10/03         00
    0435457841                           05           03/01/03          0
    006867475                            O            02/01/18
    0

    8488047          225/G01             F          458,500.00         ZZ
                                         180        456,699.18          1
                                       5.750          3,807.43         70
                                       5.500          3,807.43
    BRYN MAWR        PA   19010          2            01/07/03         00
    0435461488                           05           03/01/03          0
    006867477                            O            02/01/18
    0
1

    8488049          225/G01             F          408,000.00         ZZ
                                         180        406,551.67          1
                                       5.625          3,360.83         72
                                       5.375          3,360.83
    EASTON           CT   06612          2            01/09/03         00
    0435452073                           05           03/01/03          0
    006867484                            O            02/01/18
    0

    8488051          225/G01             F          650,000.00         T
                                         180        650,000.00          1
                                       5.625          5,354.26         57
                                       5.375          5,354.26
    MEREDITH         NH   03253          2            02/07/03         00
    0435461413                           05           04/01/03          0
    006867527                            O            03/01/18
    0

    8488059          225/G01             F          350,000.00         ZZ
                                         180        348,770.64          1
                                       5.750          2,906.44         67
                                       5.500          2,906.44
    CHARLESTON       SC   29401          5            01/06/03         00
    0435463039                           05           03/01/03          0
    006867657                            O            02/01/18
    0

    8488063          225/G01             F          467,700.00         ZZ
                                         180        466,039.75          1
                                       5.625          3,852.59         59
                                       5.375          3,852.59
    GREENVILLE       SC   29601          2            12/31/02         00
    0435450499                           05           03/01/03          0
    006868052                            O            02/01/18
    0

    8488071          225/G01             F          609,000.00         ZZ
                                         180        606,754.16          1
                                       5.625          5,016.53         80
                                       5.375          5,016.53
    PFAFFTOWN        NC   27040          2            01/10/03         00
    0435462973                           05           03/01/03          0
    006868199                            O            02/01/18
    0

    8488079          225/G01             F          469,000.00         ZZ
                                         180        467,352.67          1
1

                                       5.750          3,894.62         43
                                       5.500          3,894.62
    CHERRY HILL      NJ   08003          5            01/10/03         00
    0435449970                           05           03/01/03          0
    006868281                            O            02/01/18
    0

    8488089          225/G01             F          410,000.00         ZZ
                                         180        408,559.90          1
                                       5.750          3,404.68         21
                                       5.500          3,404.68
    PALM BEACH       FL   33480          2            01/06/03         00
    0435459011                           01           03/01/03          0
    006868636                            O            02/01/18
    0

    8488097          225/G01             F          950,000.00         ZZ
                                         180        946,627.68          1
                                       5.625          7,825.45         55
                                       5.375          7,825.45
    MILLBURN TOWN    NJ   07078          2            01/17/03         00
    0435452313                           05           03/01/03          0
    006868825                            O            02/01/18
    0

    8488101          225/G01             F          440,000.00         ZZ
                                         180        438,470.85          1
                                       5.875          3,683.32         57
                                       5.625          3,683.32
    MADISON          CT   06443          2            01/10/03         00
    0435460084                           05           03/01/03          0
    006869389                            O            02/01/18
    0

    8488105          225/G01             F          430,000.00         ZZ
                                         180        430,000.00          1
                                       5.875          3,599.61         40
                                       5.625          3,599.61
    MADISON          CT   06443          2            02/03/03         00
    0435459136                           05           04/01/03          0
    006869556                            O            03/01/18
    0

    8488109          225/G01             F          528,000.00         ZZ
                                         180        528,000.00          1
                                       5.875          4,419.99         80
                                       5.625          4,419.99
    HOLLYWOOD        FL   33021          1            02/12/03         00
    0435458781                           03           04/01/03          0
1

    006869635                            O            03/01/18
    0

    8488113          225/G01             F          450,000.00         ZZ
                                         180        448,396.07          1
                                       5.750          3,736.85         55
                                       5.500          3,736.85
    GERMANTOWN       MD   20874          1            01/17/03         00
    0435456215                           03           03/01/03          0
    006869918                            O            02/01/18
    0

    8488119          225/G01             F          475,000.00         ZZ
                                         180        473,349.21          1
                                       5.875          3,976.31         50
                                       5.625          3,976.31
    CHARLOTTESVILLE  VA   22901          2            01/17/03         00
    0435450515                           03           03/01/03          0
    006869778                            O            02/01/18
    0

    8488121          225/G01             F          600,000.00         ZZ
                                         180        594,278.66          1
                                       5.750          4,982.46         48
                                       5.500          4,982.46
    CHARLOTTE        NC   28277          5            01/07/03         00
    0435453295                           05           03/01/03          0
    006869850                            O            02/01/18
    0

    8488125          225/G01             F          525,000.00         T
                                         180        523,155.98          1
                                       5.750          4,359.65         48
                                       5.500          4,359.65
    LINVILLE         NC   28646          1            01/13/03         00
    0435457916                           03           03/01/03          0
    006870860                            O            02/01/18
    0

    8488131          225/G01             F          505,000.00         ZZ
                                         180        503,244.95          1
                                       5.875          4,227.45         51
                                       5.625          4,227.45
    WALL             NJ   07719          5            01/23/03         00
    0435453170                           05           03/01/03          0
    006871103                            O            02/01/18
    0

1

    8488139          225/G01             F          480,000.00         ZZ
                                         180        480,000.00          1
                                       5.875          4,018.17         80
                                       5.625          4,018.17
    CHARLOTTE        NC   28210          2            01/31/03         00
    0435459060                           03           04/01/03          0
    006871633                            O            03/01/18
    0

    8488143          225/G01             F          366,200.00         T
                                         180        364,913.75          1
                                       5.750          3,040.96         80
                                       5.500          3,040.96
    MT PLEASANT      SC   29464          1            01/14/03         00
    0435450051                           03           03/01/03          0
    006872071                            O            02/01/18
    0

    8488145          225/G01             F          800,000.00         ZZ
                                         180        798,523.43          1
                                       5.625          6,589.85         31
                                       5.375          6,589.85
    LIGHTHOUSE PO    FL   33064          5            01/30/03         00
    0435458989                           05           04/01/03          0
    006872403                            O            03/01/18
    0

    8488153          225/G01             F          453,000.00         ZZ
                                         180        451,408.87          1
                                       5.750          3,761.76         68
                                       5.500          3,761.76
    ATLANTA          GA   30327          2            01/23/03         00
    0435459284                           05           03/01/03          0
    006872598                            O            02/01/18
    0

    8488157          225/G01             F          650,000.00         ZZ
                                         180        647,716.91          1
                                       5.750          5,397.67         67
                                       5.500          5,397.67
    ATLANTA          GA   30328          5            01/21/03         00
    0435460316                           05           03/01/03          0
    006873141                            O            02/01/18
    0

    8488161          225/G01             F          600,000.00         T
                                         180        597,914.79          1
                                       5.875          5,022.71         61
                                       5.625          5,022.71
1

    MARCO ISLAND     FL   34145          1            01/27/03         00
    0435450481                           01           03/01/03          0
    006873216                            O            02/01/18
    0

    8488165          225/G01             F          455,000.00         ZZ
                                         180        453,401.84          1
                                       5.750          3,778.37         65
                                       5.500          3,778.37
    ABINGTON         PA   19001          5            01/27/03         00
    0435460993                           05           03/01/03          0
    006874259                            O            02/01/18
    0

    8488185          225/G01             F          638,650.00         ZZ
                                         180        631,688.80          1
                                       5.875          5,346.26         65
                                       5.625          5,346.26
    ELLICOTT CITY    MD   21042          2            11/07/02         00
    0435459250                           03           01/01/03          0
    007408404                            O            12/01/17
    0

    8488189          225/G01             F          402,000.00         ZZ
                                         180        395,310.31          1
                                       5.750          3,338.25         55
                                       5.500          3,338.25
    DAVIS            CA   95616          2            11/12/02         00
    0435460126                           03           01/01/03          0
    007411316                            O            12/01/17
    0

    8488209          225/G01             F          400,000.00         ZZ
                                         180        395,809.11          1
                                       5.875          3,348.48         62
                                       5.625          3,348.48
    WINHALL          VT   05340          1            11/15/02         00
    0435462940                           05           01/01/03          0
    007418617                            O            12/01/17
    0

    8488219          225/G01             F          370,000.00         ZZ
                                         180        367,421.94          1
                                       5.875          3,097.34         68
                                       5.625          3,097.34
    WINDHAM          NH   03087          2            11/25/02         00
    0435451976                           05           02/01/03          0
    007422763                            O            01/01/18
    0
1

    8488221          225/G01             F          351,000.00         ZZ
                                         180        347,100.59          1
                                       5.625          2,891.30         90
                                       5.375          2,891.30
    TEXARKANA        TX   75503          1            11/21/02         11
    0435453659                           05           01/01/03         12
    007423275                            O            12/01/17
    0

    8488241          225/G01             F          357,200.00         ZZ
                                         180        354,631.93          1
                                       5.625          2,942.37         80
                                       5.375          2,942.37
    LONG BEACH       CA   90807          2            12/20/02         00
    0435453790                           05           02/01/03          0
    007425365                            O            01/01/18
    0

    8488251          225/G01             F          438,750.00         ZZ
                                         180        437,067.67          1
                                       5.750          3,643.43         75
                                       5.500          3,643.43
    ZEPHYR COVE      NV   89448          5            01/10/03         00
    0435460027                           05           03/01/03          0
    007426447                            O            02/01/18
    0

    8488257          225/G01             F          500,000.00         ZZ
                                         180        498,262.32          1
                                       5.875          4,185.60         67
                                       5.625          4,185.60
    MILLBURN         NJ   07078          2            01/30/03         00
    0435453238                           05           03/01/03          0
    007426452                            O            02/01/18
    0

    8488265          225/G01             F          664,000.00         ZZ
                                         180        659,274.79          1
                                       5.625          5,469.58         53
                                       5.375          5,469.58
    YORBA LINDA      CA   92686          2            12/26/02         00
    0435451794                           05           02/01/03          0
    007426518                            O            01/01/18
    0

    8488283          225/G01             F          380,000.00         ZZ
                                         180        378,665.27          1
1

                                       5.750          3,155.56         46
                                       5.500          3,155.56
    GLENDALE         CA   91741          2            01/02/03         00
    0435452214                           05           03/01/03          0
    007428451                            O            02/01/18
    0

    8488295          225/G01             F          603,000.00         ZZ
                                         180        600,882.00          1
                                       5.750          5,007.38         44
                                       5.500          5,007.38
    SANTA MONICA     CA   90402          2            01/16/03         00
    0435457338                           05           03/01/03          0
    007433400                            O            02/01/18
    0

    8488301          Q59/G01             F          400,000.00         ZZ
                                         180        400,000.00          1
                                       5.750          3,321.64         62
                                       5.500          3,321.64
    IRVINE           CA   92612          2            02/13/03         00
    0435467931                           03           04/01/03          0
    0000501182                           O            03/01/18
    0

    8488311          225/G01             F          364,000.00         ZZ
                                         180        362,721.47          1
                                       5.750          3,022.70         57
                                       5.500          3,022.70
    GRANADA HILLS    CA   91344          2            01/22/03         00
    0435455001                           03           03/01/03          0
    007435172                            O            02/01/18
    0

    8488331          225/G01             F          425,000.00         T
                                         180        423,522.97          1
                                       5.875          3,557.76         63
                                       5.625          3,557.76
    WESTON           VT   05161          1            01/15/03         00
    0435459086                           05           03/01/03          0
    007435592                            O            02/01/18
    0

    8488341          225/G01             F          490,000.00         ZZ
                                         180        488,278.91          1
                                       5.750          4,069.01         68
                                       5.500          4,069.01
    KENILWORTH       IL   60043          2            01/31/03         00
    0435450002                           05           03/01/03          0
1

    007437793                            O            02/01/18
    0

    8488345          225/G01             F          388,000.00         ZZ
                                         180        388,000.00          1
                                       5.500          3,170.29         29
                                       5.250          3,170.29
    LA JOLLA         CA   92037          2            02/07/03         00
    0435460092                           05           04/01/03          0
    007439079                            O            03/01/18
    0

    8488349          225/G01             F          500,000.00         ZZ
                                         180        494,761.42          1
                                       5.875          4,185.59         79
                                       5.625          4,185.59
    CHARLOTTE        NC   28270          2            10/31/02         00
    0435456561                           03           01/01/03          0
    008481946                            O            12/01/17
    0

    8488367          225/G01             F          635,000.00         ZZ
                                         180        630,433.44          1
                                       5.500          5,188.48         58
                                       5.250          5,188.48
    WEST DES MOIN    IA   50266          5            12/26/02         00
    0435450010                           03           02/01/03          0
    008485812                            O            01/01/18
    0

    8488391          225/G01             F          524,500.00         ZZ
                                         180        522,618.36          1
                                       5.500          4,285.60         31
                                       5.250          4,285.60
    SAN FRANCISCO    CA   94127          2            01/16/03         00
    0435454145                           03           03/01/03          0
    008486202                            O            02/01/18
    0

    8488393          225/G01             F          366,000.00         ZZ
                                         180        364,714.45          1
                                       5.750          3,039.30         75
                                       5.500          3,039.30
    LAYTONSVILLE     MD   20882          5            01/13/03         00
    0435459391                           05           03/01/03          0
    008486375                            O            02/01/18
    0

1

    8488395          225/G01             F          600,000.00         ZZ
                                         180        597,892.54          1
                                       5.750          4,982.46         54
                                       5.500          4,982.46
    ALPHARETTA       GA   30004          2            01/17/03         00
    0435458955                           05           03/01/03          0
    008486745                            O            02/01/18
    0

    8488651          X51/G01             F          396,000.00         ZZ
                                         180        396,000.00          1
                                       5.500          3,235.65         60
                                       5.250          3,235.65
    MONTEREY         CA   93940          5            02/07/03         00
    0435452651                           05           04/01/03          0
    0030122010                           O            03/01/18
    0

    8488895          U19/G01             F          388,000.00         ZZ
                                         180        385,296.52          1
                                       5.875          3,248.02         56
                                       5.625          3,248.02
    BELLEVUE         WA   98006          2            12/17/02         00
    0435489489                           03           02/01/03          0
    023354B                              O            01/01/18
    0

    8489059          356/356             F          637,000.00         ZZ
                                         180        637,000.00          1
                                       5.625          5,247.18         43
                                       5.375          5,247.18
    FREMONT          CA   94539          2            02/04/03         00
    3059540                              03           04/01/03          0
    3059540                              O            03/01/18
    0

    8489375          W40/G01             F          750,000.00         ZZ
                                         180        750,000.00          1
                                       5.625          6,177.99         63
                                       5.375          6,177.99
    SCOTTSDALE       AZ   85255          5            02/27/03         00
    0435478342                           03           04/01/03          0
    100017517                            O            03/01/18
    0

    8489613          A06/G01             F          422,000.00         ZZ
                                         180        422,000.00          1
                                       5.500          3,448.10         43
                                       5.250          3,448.10
1

    GROSSE ILLE      MI   48138          5            02/25/03         00
    0435471586                           05           04/01/03          0
    1                                    O            03/01/18
    0

    8490529          E22/G01             F          355,000.00         ZZ
                                         180        355,000.00          1
                                       5.500          2,900.65         27
                                       5.250          2,900.65
    PETALUMA         CA   94952          2            02/24/03         00
    0416039790                           05           04/01/03          0
    0416039790                           O            03/01/18
    0

    8490725          E82/G01             F          308,500.00         ZZ
                                         180        308,500.00          1
                                       5.625          2,541.21         56
                                       5.375          2,541.21
    BOXFORD          MA   01921          2            02/27/03         00
    0400780144                           05           04/01/03          0
    0400780144                           O            03/01/18
    0

    8493011          A06/G01             F          136,200.00         ZZ
                                         180        136,200.00          1
                                       5.625          1,121.93         44
                                       5.375          1,121.93
    FARMINGTON HILL  MI   48331          2            02/26/03         00
    0435475041                           05           04/01/03          0
    001000010300260                      O            03/01/18
    0

    8493045          X51/G01             F        1,000,000.00         ZZ
                                         180      1,000,000.00          1
                                       5.550          8,197.39         65
                                       5.300          8,197.39
    MIAMI            FL   33170          5            02/13/03         00
    0435452388                           05           04/01/03          0
    0030117006                           O            03/01/18
    0

    8493173          A50/G01             F          584,219.00         ZZ
                                         180        580,061.54          1
                                       5.625          4,812.40         66
                                       5.375          4,812.40
    KENNESAW         GA   30152          2            12/20/02         00
    0435462395                           03           02/01/03          0
    963540                               O            01/01/18
    0
1

    8494971          E82/G01             F          308,100.00         ZZ
                                         180        308,100.00          1
                                       5.625          2,537.92         79
                                       5.375          2,537.92
    CHAPEL HILL      NC   27516          2            02/26/03         00
    0400780235                           05           04/01/03          0
    0400780235                           O            03/01/18
    0

    8495253          550/550             F          557,000.00         ZZ
                                         180        557,000.00          1
                                       5.450          4,536.39         28
                                       5.200          4,536.39
    SAN FRANCISCO    CA   94118          2            02/20/03         00
    120629303                            05           04/01/03          0
    120629303                            O            03/01/18
    0

    8495635          E22/G01             F          995,000.00         ZZ
                                         180        995,000.00          1
                                       5.500          8,129.98         27
                                       5.250          8,129.98
    SOUTH BARRINGTO  IL   60010          5            02/28/03         00
    0415854017                           03           04/01/03          0
    0415854017                           O            03/01/18
    0

    8496029          964/G01             F          320,000.00         ZZ
                                         180        316,611.86          1
                                       5.750          2,657.32         48
                                       5.500          2,657.32
    FREMONT          CA   94536          2            11/07/02         00
    0435453998                           05           01/01/03          0
    276243                               O            12/01/17
    0

    8496039          964/G01             F          352,500.00         ZZ
                                         180        352,500.00          1
                                       5.625          2,903.66         75
                                       5.375          2,903.66
    ROSEVILLE        CA   95661          5            02/11/03         00
    0435491964                           03           04/01/03          0
    329533                               O            03/01/18
    0

    8497013          998/998             F          349,960.00         T
                                         180        349,960.00          1
1

                                       5.750          2,906.10         27
                                       5.500          2,906.10
    STOUGHTON        WI   53589          2            02/12/03         00
    5342427                              05           04/01/03          0
    5342427                              O            03/01/18
    0

    8498315          952/G01             F          385,000.00         ZZ
                                         180        385,000.00          1
                                       5.625          3,171.37         37
                                       5.375          3,171.37
    MILBURN          NJ   07078          2            02/28/03         00
    0435480603                           05           04/01/03          0
    20028611                             O            03/01/18
    0

    8498417          964/G01             F          333,000.00         ZZ
                                         180        333,000.00          1
                                       5.500          2,720.89         60
                                       5.250          2,720.89
    FAIRFIELD        CA   94534          2            02/13/03         00
    0435470463                           05           04/01/03          0
    319745                               O            03/01/18
    0

    8498449          964/G01             F          395,000.00         ZZ
                                         180        395,000.00          1
                                       5.500          3,227.48         25
                                       5.250          3,227.48
    CARMEL           CA   93921          2            02/14/03         00
    0435474499                           05           04/01/03          0
    336107                               O            03/01/18
    0

    8498461          964/G01             F          357,000.00         ZZ
                                         180        357,000.00          1
                                       5.625          2,940.72         67
                                       5.375          2,940.72
    DALY CITY        CA   94015          2            02/12/03         00
    0435487186                           05           04/01/03          0
    342198                               O            03/01/18
    0

    8498579          227/G01             F          621,000.00         ZZ
                                         180        621,000.00          1
                                       5.625          5,115.38         78
                                       5.375          5,115.38
    SCOTTSDALE       AZ   85259          2            02/17/03         00
    0435484670                           03           04/01/03          0
1

    2081367                              O            03/01/18
    0

    8500091          926/926             F          325,000.00         T
                                         175        322,638.07          1
                                       5.875          2,769.23         47
                                       5.625          2,769.23
    HILTON HEAD ISL  SC   29926          2            01/01/03         00
    1                                    03           02/01/03          0
    1                                    O            08/01/17
    0

    8502085          E22/G01             F          161,000.00         ZZ
                                         180        161,000.00          1
                                       5.625          1,326.21         60
                                       5.375          1,326.21
    SANTA CLARITA    CA   91321          2            02/27/03         00
    0416303089                           05           04/01/03          0
    0416303089                           O            03/01/18
    0

    8503091          367/367             F          380,000.00         ZZ
                                         180        380,000.00          1
                                       5.625          3,130.18         57
                                       5.375          3,130.18
    BETHESDA         MD   20817          5            02/12/03         00
    99323381                             05           04/01/03          0
    99323381                             O            03/01/18
    0

    8505157          964/G01             F          505,000.00         ZZ
                                         180        505,000.00          1
                                       5.500          4,126.28         32
                                       5.250          4,126.28
    CARPINTERIA      CA   93013          2            02/07/03         00
    0435469960                           05           04/01/03          0
    330164                               O            03/01/18
    0

    8505171          964/G01             F        1,000,000.00         ZZ
                                         180      1,000,000.00          1
                                       5.750          8,304.11         30
                                       5.500          8,304.11
    SAN JOSE         CA   95132          2            02/06/03         00
    0435467121                           05           04/01/03          0
    279633                               O            03/01/18
    0

1

    8505201          964/G01             F          507,000.00         ZZ
                                         180        507,000.00          1
                                       5.500          4,142.62         29
                                       5.250          4,142.62
    SAN FRANCISCO    CA   94117          2            02/13/03         00
    0435468947                           05           04/01/03          0
    312270                               O            03/01/18
    0

    8505213          964/G01             F          344,000.00         ZZ
                                         180        344,000.00          1
                                       5.500          2,810.77         19
                                       5.250          2,810.77
    PALO ALTO        CA   94301          2            02/14/03         00
    0435470455                           05           04/01/03          0
    318118                               O            03/01/18
    0

    8505225          964/G01             F          461,000.00         ZZ
                                         180        461,000.00          1
                                       5.750          3,828.19         79
                                       5.500          3,828.19
    SAN JOSE         CA   95002          2            02/03/03         00
    0435493374                           03           04/01/03          0
    318328                               O            03/01/18
    0

    8505349          964/G01             F          340,000.00         ZZ
                                         180        340,000.00          1
                                       5.625          2,800.69         51
                                       5.375          2,800.69
    SAN MATEO        CA   94404          2            02/11/03         00
    0435476098                           03           04/01/03          0
    325944                               O            03/01/18
    0

    8505363          964/G01             F          360,000.00         ZZ
                                         180        360,000.00          1
                                       5.500          2,941.50         38
                                       5.250          2,941.50
    BURLINGAME       CA   94010          2            02/03/03         00
    0435465786                           05           04/01/03          0
    328869                               O            03/01/18
    0

    8505393          964/G01             F          410,000.00         ZZ
                                         180        410,000.00          1
                                       5.625          3,377.30         61
                                       5.375          3,377.30
1

    WEST COVINA      CA   91791          2            02/12/03         00
    0435465612                           05           04/01/03          0
    333465                               O            03/01/18
    0

    8505419          964/G01             F          362,400.00         ZZ
                                         180        362,400.00          1
                                       5.625          2,985.20         56
                                       5.375          2,985.20
    HAYWARD          CA   94544          5            02/05/03         00
    0435483797                           03           04/01/03          0
    334297                               O            03/01/18
    0

    8505431          964/G01             F          393,000.00         ZZ
                                         180        393,000.00          1
                                       5.500          3,211.14         68
                                       5.250          3,211.14
    ANTIOCH          CA   94531          2            02/10/03         00
    0435486121                           05           04/01/03          0
    335852                               O            03/01/18
    0

    8505437          964/G01             F          454,000.00         ZZ
                                         180        454,000.00          1
                                       5.500          3,709.56         29
                                       5.250          3,709.56
    FREMONT          CA   94539          2            01/31/03         00
    0435469705                           03           04/01/03          0
    337031                               O            03/01/18
    0

    8505447          964/G01             F          399,000.00         ZZ
                                         180        399,000.00          1
                                       5.625          3,286.69         52
                                       5.375          3,286.69
    PLEASANTON       CA   94566          2            02/13/03         00
    0435467980                           03           04/01/03          0
    337919                               O            03/01/18
    0

    8505453          964/G01             F          336,000.00         ZZ
                                         180        336,000.00          1
                                       5.625          2,767.74         53
                                       5.375          2,767.74
    ROCKLIN          CA   95765          2            02/19/03         00
    0435510904                           05           04/01/03          0
    338491                               O            03/01/18
    0
1

    8505459          964/G01             F          348,000.00         ZZ
                                         180        348,000.00          1
                                       5.625          2,866.59         54
                                       5.375          2,866.59
    TRABUCO CANYON   CA   92679          2            02/19/03         00
    0435473079                           03           04/01/03          0
    340381                               O            03/01/18
    0

    8505473          964/G01             F          485,700.00         ZZ
                                         180        485,700.00          1
                                       5.625          4,000.87         79
                                       5.375          4,000.87
    SAN LEANDRO      CA   94579          2            02/10/03         00
    0435492228                           03           04/01/03          0
    342896                               O            03/01/18
    0

    8505483          964/G01             F          394,500.00         ZZ
                                         180        394,500.00          1
                                       5.500          3,223.40         47
                                       5.250          3,223.40
    SAN JOSE         CA   95135          2            02/12/03         00
    0435470083                           03           04/01/03          0
    344036                               O            03/01/18
    0

    8505503          964/G01             F          412,000.00         ZZ
                                         180        412,000.00          1
                                       5.625          3,393.78         72
                                       5.375          3,393.78
    GILBERT          AZ   85234          5            02/19/03         00
    0435491170                           03           04/01/03          0
    350801                               O            03/01/18
    0

    8505541          964/G01             F          334,000.00         ZZ
                                         180        334,000.00          1
                                       5.375          2,706.96         60
                                       5.125          2,706.96
    SAN FRANCISCO    CA   94112          2            02/24/03         00
    0435474655                           09           04/01/03          0
    322959                               O            03/01/18
    0

    8505567          964/G01             F          641,000.00         ZZ
                                         180        641,000.00          1
1

                                       5.500          5,237.51         41
                                       5.250          5,237.51
    HUNTINGTON BEAC  CA   92649          2            02/12/03         00
    0435497631                           05           04/01/03          0
    333542                               O            03/01/18
    0

    8507047          E22/G01             F          310,000.00         ZZ
                                         180        310,000.00          1
                                       5.625          2,553.57         78
                                       5.375          2,553.57
    MEDFIELD         MA   02052          2            03/03/03         00
    0415915578                           05           04/01/03          0
    0415915578                           O            03/01/18
    0

    8508847          624/G01             F          641,650.00         ZZ
                                         180        641,650.00          1
                                       5.625          5,285.47         68
                                       5.375          5,285.47
    ARROYO GRANDE    CA   93420          2            02/24/03         00
    0435488754                           05           04/01/03          0
    1000022989                           O            03/01/18
    0

    8508931          830/G01             F          647,500.00         ZZ
                                         180        647,500.00          1
                                       5.375          5,247.76         70
                                       5.125          5,247.76
    OAKLAND          CA   94611          5            02/11/03         00
    0435508601                           05           04/01/03          0
    03010035                             O            03/01/18
    0

    8516465          X89/G01             F          348,000.00         ZZ
                                         180        348,000.00          1
                                       5.500          2,843.45         60
                                       5.250          2,843.45
    PLACENTIA        CA   92870          2            02/27/03         00
    0435498506                           05           04/01/03          0
    1010242469                           O            03/01/18
    0

    8520385          B57/G01             F          360,000.00         ZZ
                                         180        360,000.00          1
                                       5.500          2,941.50         49
                                       5.250          2,941.50
    LOS ANGELES      CA   91436          2            02/19/03         00
    0435503404                           05           04/01/03          0
1

    10009993                             O            03/01/18
    0

    8528617          964/G01             F          420,000.00         ZZ
                                         180        420,000.00          1
                                       5.625          3,459.67         52
                                       5.375          3,459.67
    OAKLAND          CA   94705          2            02/18/03         00
    0435505227                           05           04/01/03          0
    307402                               O            03/01/18
    0

    8528625          964/G01             F          435,000.00         ZZ
                                         180        435,000.00          1
                                       5.625          3,583.23         56
                                       5.375          3,583.23
    OAKLAND          CA   94618          2            02/20/03         00
    0435507579                           05           04/01/03          0
    319917                               O            03/01/18
    0

    8529529          H58/G01             F          384,000.00         ZZ
                                         180        379,976.75          1
                                       5.875          3,214.54         80
                                       5.625          3,214.54
    INDIANAPOLIS     IN   46278          2            12/02/02         00
    0435493069                           03           01/01/03          0
    0000121827                           O            12/01/17
    0

   TOTAL NUMBER OF LOANS   :        628

   TOTAL ORIGINAL BALANCE  :   254,767,986.19

   TOTAL PRINCIPAL BALANCE :   253,790,797.47

   TOTAL ORIGINAL P+I      :     2,108,564.54

   TOTAL CURRENT P+I       :     2,108,564.54

                             ***************************
                             *      END OF REPORT      *
                             ***************************

  RUN ON     : 03/21/03           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 14.37.51           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S5                                  CUTOFF : 03/01/03
  POOL       : 0004677
             :
             :
  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
  ---------------------------------------------------------------------------

      8161141                              .2500
      336,233.85                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8220481                              .2500
      157,316.51                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8242793                              .2500
      494,650.27                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8297855                              .2500
      558,091.62                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8298535                              .2500
      351,787.88                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8315829                              .2500
      595,819.37                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8329301                              .2500
      397,271.39                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8338482                              .2500
      518,710.46                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8342059                              .2500
      386,892.25                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8344707                              .2500
      370,306.58                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8351188                              .2500
      360,189.39                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8374773                              .2500
      366,964.74                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8375133                              .2500
       34,879.65                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8377567                              .2500
      298,990.23                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200
1

      8382845                              .2500
      527,102.21                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8394659                              .2500
      448,469.04                          .0800
            6.1250                         .0000
            5.8750                         .0000
            5.7950                         .0000
            5.0000                         .7950

      8395887                              .2500
      993,959.06                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8396553                              .2500
       77,731.79                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8397205                              .2500
      473,331.59                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8397225                              .2500
      352,603.99                          .0800
            6.2500                         .0000
            6.0000                         .0000
            5.9200                         .0000
            5.0000                         .9200

      8397261                              .2500
      595,730.24                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8397263                              .2500
      485,096.27                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8397295                              .2500
      622,781.37                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8397455                              .2500
      481,918.56                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8400255                              .2500
      110,805.26                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8401653                              .2500
       79,818.65                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8403479                              .2500
      158,800.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8403957                              .2500
       78,376.67                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8406371                              .2500
      766,000.00                          .0800
            5.7000                         .0000
            5.4500                         .0000
            5.3700                         .0000
            5.0000                         .3700

      8406999                              .2500
       59,893.34                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700
1

      8408345                              .2500
      123,600.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8408559                              .2500
      149,467.53                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8408665                              .2500
       74,733.76                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8408669                              .2500
      448,402.59                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8409545                              .2500
      458,349.74                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8409559                              .2500
      577,962.79                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8409561                              .2500
      417,073.55                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8409573                              .2500
      508,246.32                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700
1

      8409587                              .2500
      597,870.10                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8414173                              .2500
      140,509.97                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8414331                              .2500
       63,800.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8415323                              .2500
      520,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8415477                              .2500
      126,553.92                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8415547                              .2500
       32,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8415877                              .2500
      495,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8415931                              .2500
      564,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8421535                              .2500
      124,556.28                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8424013                              .2500
      578,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8426215                              .2500
      358,762.11                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8426697                              .2500
      590,374.41                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8427245                              .2500
      140,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8427621                              .2500
      336,825.32                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8430305                              .2500
      380,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8436405                              .2500
      543,024.11                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450
1

      8437653                              .2500
      582,530.35                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8438375                              .2500
       60,100.00                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8438619                              .2500
      338,300.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8438739                              .2500
      570,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8440481                              .2500
      560,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8441421                              .2500
       70,700.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8442683                              .2500
      291,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8445353                              .2500
      547,071.67                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200
1

      8445355                              .2500
      533,080.68                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8449923                              .2500
      125,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8450789                              .2500
      382,200.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8453419                              .2500
      552,033.41                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8453967                              .2500
      535,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8454215                              .2500
       31,200.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8454329                              .2500
      993,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8454419                              .2500
       50,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8454737                              .2500
      420,952.06                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8454897                              .2500
      591,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8458297                              .2500
      208,900.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8458521                              .2500
      398,580.07                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8459049                              .2500
      135,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8461813                              .2500
    1,000,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8464347                              .2500
      642,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8464595                              .2500
       77,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8466769                              .2500
      351,750.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8466851                              .2500
      574,500.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8467393                              .2500
      953,250.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8473343                              .2500
       50,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8473895                              .2500
       73,800.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8474259                              .2500
      542,200.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8475069                              .2500
      523,500.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8476735                              .2500
      477,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8478493                              .2500
      446,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8479491                              .2500
      415,700.00                          .0300
            5.1250                         .0000
            4.8750                         .0000
            4.8450                         .0000
            4.8450                         .0000

      8480733                              .2500
       40,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8484815                              .2500
      164,426.56                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8484831                              .2500
      546,054.70                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8484885                              .2500
      540,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8484889                              .2500
      505,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8486181                              .2500
      572,500.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950
1

      8487653                              .2500
      535,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8487689                              .2500
      945,350.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8487723                              .2500
      245,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8487987                              .2500
    1,000,000.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8487995                              .2500
      341,994.53                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8487999                              .2500
      584,894.14                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8488023                              .2500
      891,856.37                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8488037                              .2500
      595,762.72                          .0300
            5.0000                         .0000
            4.7500                         .0000
            4.7200                         .0000
            4.7200                         .0000
1

      8488081                              .2500
      467,281.69                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8488111                              .2500
      524,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8488123                              .2500
      336,327.07                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8488135                              .2500
      504,758.37                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8488173                              .2500
      550,000.00                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8488177                              .2500
      468,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8488201                              .2500
      539,489.52                          .0800
            5.3750                         .0000
            5.1250                         .0000
            5.0450                         .0000
            5.0000                         .0450

      8488205                              .2500
      561,063.24                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450
1

      8488213                              .2500
      593,580.31                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8488247                              .2500
      421,878.96                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8488277                              .2500
      526,145.43                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8488303                              .2500
      448,351.30                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8488327                              .2500
      384,585.78                          .0300
            5.2500                         .0000
            5.0000                         .0000
            4.9700                         .0000
            4.9700                         .0000

      8488357                              .2500
      538,103.29                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8488365                              .2500
       37,500.00                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8492295                              .2500
       79,600.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700
1

      8495483                              .2500
       57,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8496343                              .2500
      380,000.00                          .0800
            5.7500                         .0000
            5.5000                         .0000
            5.4200                         .0000
            5.0000                         .4200

      8503853                              .2500
      764,221.11                          .0800
            6.0000                         .0000
            5.7500                         .0000
            5.6700                         .0000
            5.0000                         .6700

      8505427                              .2500
      442,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

      8510211                              .2500
       76,000.00                          .0800
            5.8750                         .0000
            5.6250                         .0000
            5.5450                         .0000
            5.0000                         .5450

      8517145                              .2500
      115,000.00                          .0800
            5.5000                         .0000
            5.2500                         .0000
            5.1700                         .0000
            5.0000                         .1700

      8519385                              .2500
      483,000.00                          .0800
            5.6250                         .0000
            5.3750                         .0000
            5.2950                         .0000
            5.0000                         .2950

  TOTAL NUMBER OF LOANS:      125
  TOTAL BALANCE........:         50,797,708.06

  RUN ON     : 03/21/03            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 14.37.51            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S5        FIXED SUMMARY REPORT      CUTOFF : 03/01/03
  POOL       : 0004677
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        5.6798            5.0000      6.2500
  RFC NET RATE                          5.4298            4.7500      6.0000
  NET MTG RATE(INVSTR RATE)             5.3530            4.7200      5.9200
  POST STRIP RATE                       4.9941            4.7200      5.0000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0768             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .3588             .0000       .9200

  TOTAL NUMBER OF LOANS:   125
  TOTAL BALANCE........:      50,797,708.06

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 03/21/03           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 14.37.51          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2003-S5                                  CUTOFF : 03/01/03
  POOL       : 0004677
             :
             :
  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 #
  ______________________________________________________________________________

    8161141          E82/G01             F          350,000.00         ZZ
                                         180        336,233.85          1
                                       5.875          2,929.91         63
                                       5.625          2,929.91
    VIENNA           VA   22180          2            10/28/02         00
    0400723516                           05           12/01/02          0
    1656481                              O            11/01/17
    0

    8220481          A06/G01             F          159,000.00         ZZ
                                         180        157,316.51          1
                                       5.750          1,320.36         51
                                       5.500          1,320.36
    FARMINGTON HILL  MI   48331          5            11/11/02         00
    0434956611                           05           01/01/03          0
    021000020227558                      O            12/01/17
    0

    8242793          E22/G01             F          500,000.00         ZZ
                                         180        494,650.27          1
                                       5.625          4,118.66         61
                                       5.375          4,118.66
    WATCHUNG         NJ   07069          5            11/22/02         00
    0415190529                           05           01/01/03          0
    0415190529                           O            12/01/17
    0

    8297855          225/G01             F          567,000.00         ZZ
                                         180        558,091.62          1
                                       6.000          4,784.67         60
                                       5.750          4,784.67
    CHARLOTTE        NC   28211          2            11/04/02         00
    0435131867                           01           01/01/03          0
1

    006852348                            O            12/01/17
    0

    8298535          225/G01             F          357,000.00         ZZ
                                         180        351,787.88          1
                                       5.375          2,893.37         41
                                       5.125          2,893.37
    JUPITER          FL   33458          2            10/21/02         00
    0435129655                           03           12/01/02          0
    007409278                            O            11/01/17
    0

    8315829          696/G01             F          600,000.00         ZZ
                                         180        595,819.37          1
                                       5.875          5,022.71         67
                                       5.625          5,022.71
    POTOMAC          MD   20854          2            12/11/02         00
    0435137971                           05           02/01/03          0
    32702340                             O            01/01/18
    0

    8329301          356/356             F          400,000.00         ZZ
                                         180        397,271.39          1
                                       6.125          3,402.50         42
                                       5.875          3,402.50
    SAN JOSE         CA   95148          2            12/05/02         00
    28963361                             05           02/01/03          0
    28963361                             O            01/01/18
    0

    8338482          F97/F97             F          538,000.00         ZZ
                                         180        518,710.46          1
                                       6.250          4,612.94         45
                                       6.000          4,612.94
    KENILWORTH       IL   60043          5            09/25/02         00
    8000141396                           05           11/01/02          0
    8000141396                           O            10/01/17
    0

    8342059          356/356             F          390,000.00         ZZ
                                         180        386,892.25          1
                                       6.000          3,291.05         77
                                       5.750          3,291.05
    CASTRO VALLEY    CA   94546          2            12/13/02         00
    3053972                              05           02/01/03          0
    3053972                              O            01/01/18
    0

1

    8344707          758/G01             F          372,850.00         ZZ
                                         180        370,306.58          1
                                       6.125          3,171.56         60
                                       5.875          3,171.56
    AUSTIN           TX   78746          5            12/17/02         00
    0435280219                           05           02/01/03          0
    502537                               O            01/01/18
    0

    8351188          N16/G01             F          361,500.00         ZZ
                                         180        360,189.39          1
                                       5.375          2,929.83         30
                                       5.125          2,929.83
    PALO ALTO        CA   94303          2            02/15/03         00
    0435425327                           05           03/25/03          0
    N16                                  O            02/25/18
    0

    8374773          R84/G01             F          368,300.00         ZZ
                                         180        366,964.74          1
                                       5.375          2,984.94         74
                                       5.125          2,984.94
    THE WOODLANDS    TX   77381          2            01/18/03         00
    0435280961                           03           03/01/03          0
    00661449                             O            02/01/18
    0

    8375133          W02/G01             F           35,000.00         ZZ
                                         180         34,879.65          1
                                       6.000            295.35         48
                                       5.750            295.35
    TAMPA            FL   33610          5            01/07/03         00
    0435307095                           05           03/01/03          0
    1001892420                           O            02/01/18
    0

    8377567          E22/G01             F          300,000.00         ZZ
                                         180        298,990.23          1
                                       6.250          2,572.27         63
                                       6.000          2,572.27
    BURLINGTON       MA   01803          2            01/14/03         00
    0415652858                           05           03/01/03          0
    0415652858                           O            02/01/18
    0

    8382845          E22/G01             F          529,000.00         ZZ
                                         180        527,102.21          1
                                       5.500          4,322.37         46
                                       5.250          4,322.37
1

    EASTON           CT   06612          2            01/17/03         00
    0415839687                           05           03/01/03          0
    0415839687                           O            02/01/18
    0

    8394659          356/356             F          450,000.00         ZZ
                                         180        448,469.04          1
                                       6.125          3,827.82         55
                                       5.875          3,827.82
    DANVILLE         CA   94506          5            01/08/03         00
    28972289                             03           03/01/03          0
    28972289                             O            02/01/18
    0

    8395887          N47/G01             F          997,500.00         ZZ
                                         180        993,959.06          1
                                       5.625          8,216.72         56
                                       5.375          8,216.72
    LAFAYETTE        CA   94549          2            01/16/03         00
    0435437942                           03           03/01/03          0
    90500393                             O            02/01/18
    0

    8396553          S11/G01             F           78,000.00         ZZ
                                         180         77,731.79          1
                                       6.000            658.21         57
                                       5.750            658.21
    EL MONTE         CA   91732          1            01/08/03         00
    0435302187                           01           03/01/03          0
    10210561                             O            02/01/18
    0

    8397205          956/956             F          475,000.00         ZZ
                                         180        473,331.59          1
                                       5.750          3,944.45         66
                                       5.500          3,944.45
    DUXBURY          MA   02332          2            01/22/03         00
    2813010010                           05           03/01/03          0
    2813010010                           O            02/01/18
    0

    8397225          956/956             F          355,000.00         ZZ
                                         180        352,603.99          1
                                       6.250          3,043.85         33
                                       6.000          3,043.85
    LOS ALTOS        CA   94024          5            12/12/02         00
    212110083                            05           02/01/03          0
    212110083                            O            01/01/18
    0
1

    8397261          956/956             F          600,000.00         ZZ
                                         180        595,730.24          1
                                       5.625          4,942.39         40
                                       5.375          4,942.39
    HENDERSON        NV   89014          5            12/11/02         00
    1112110350                           05           02/01/03          0
    1112110350                           O            01/01/18
    0

    8397263          956/956             F          488,500.00         ZZ
                                         180        485,096.27          1
                                       5.875          4,089.32         66
                                       5.625          4,089.32
    DANVILLE         CA   94506          2            12/30/02         00
    612100378                            03           02/01/03          0
    612100378                            O            01/01/18
    0

    8397295          956/956             F          625,000.00         ZZ
                                         180        622,781.37          1
                                       5.625          5,148.32         57
                                       5.375          5,148.32
    THOUSAND OAKS (  CA   91362          5            01/13/03         00
    2912120110                           03           03/01/03          0
    2912120110                           O            02/01/18
    0

    8397455          956/956             F          485,300.00         ZZ
                                         180        481,918.56          1
                                       5.875          4,062.54         62
                                       5.625          4,062.54
    SAN FRANCISCO    CA   94127          2            01/03/03         00
    112090392                            05           02/01/03          0
    112090392                            O            01/01/18
    0

    8400255          E82/G01             F          111,200.00         ZZ
                                         180        110,805.26          1
                                       5.625            915.99         47
                                       5.375            915.99
    CARROLLTON       TX   75007          2            01/29/03         00
    0400757787                           05           03/01/03          0
    1718663                              O            02/01/18
    0

    8401653          Q73/G01             F           80,100.00         ZZ
                                         180         79,818.65          1
1

                                       5.750            665.16         57
                                       5.500            665.16
    SHREVEPORT       LA   71118          5            01/21/03         00
    0435382668                           05           03/01/03          0
    3019603                              O            02/01/18
    0

    8403479          E82/G01             F          158,800.00         ZZ
                                         180        158,800.00          1
                                       5.875          1,329.34         58
                                       5.625          1,329.34
    BAYSIDE          NY   11360          2            01/28/03         00
    0400758363                           05           04/01/03          0
    1491381                              O            03/01/18
    0

    8403957          E22/G01             F           78,650.00         ZZ
                                         180         78,376.67          1
                                       5.875            658.39         65
                                       5.625            658.39
    DAVIE            FL   33024          2            01/29/03         00
    0415964774                           05           03/01/03          0
    0415964774                           O            02/01/18
    0

    8406371          550/550             F          766,000.00         ZZ
                                         180        766,000.00          1
                                       5.700          6,340.46         44
                                       5.450          6,340.46
    BELVEDERE TIBUR  CA   94920          2            01/27/03         00
    120627612                            05           04/01/03          0
    120627612                            O            03/01/18
    0

    8406999          K15/G01             F           60,100.00         ZZ
                                         180         59,893.34          1
                                       6.000            507.16         64
                                       5.750            507.16
    MINNEAPOLIS      MN   55412          5            01/24/03         00
    0435319892                           05           03/01/03          0
    013105509698                         O            02/01/18
    0

    8408345          E82/G01             F          123,600.00         ZZ
                                         180        123,600.00          1
                                       5.750          1,026.39         49
                                       5.500          1,026.39
    CLINTON          CT   06413          2            01/31/03         00
    0400761060                           05           04/01/03          0
1

    5395584                              O            03/01/18
    0

    8408559          E22/G01             F          150,000.00         ZZ
                                         180        149,467.53          1
                                       5.625          1,235.60         40
                                       5.375          1,235.60
    MANHATTAN        MT   59741          5            01/28/03         00
    0415434117                           05           03/01/03          0
    0415434117                           O            02/01/18
    0

    8408665          E22/G01             F           75,000.00         ZZ
                                         180         74,733.76          1
                                       5.625            617.80         39
                                       5.375            617.80
    AUSTIN           TX   78704          5            01/29/03         00
    0415878255                           05           03/01/03          0
    0415878255                           O            02/01/18
    0

    8408669          E22/G01             F          450,000.00         ZZ
                                         180        448,402.59          1
                                       5.625          3,706.79         57
                                       5.375          3,706.79
    LIVINGSTON       NJ   07039          2            01/29/03         00
    0415880525                           05           03/01/03          0
    0415880525                           O            02/01/18
    0

    8409545          196/G01             F          460,000.00         ZZ
                                         180        458,349.74          1
                                       5.500          3,758.59         40
                                       5.250          3,758.59
    ARDSLEY          NY   10502          2            01/17/03         00
    0435350830                           05           03/01/03          0
    1329315                              O            02/01/18
    0

    8409559          196/G01             F          580,000.00         ZZ
                                         180        577,962.79          1
                                       5.750          4,816.38         51
                                       5.500          4,816.38
    AUSTIN           TX   78731          2            01/23/03         00
    0435362751                           05           03/01/03          0
    1483032                              O            02/01/18
    0

1

    8409561          196/G01             F          420,000.00         ZZ
                                         180        417,073.55          1
                                       5.875          3,515.90         80
                                       5.625          3,515.90
    SIMI VALLEY      CA   93065          2            12/15/02         00
    0435353263                           05           02/01/03          0
    1589234                              O            01/01/18
    0

    8409573          196/G01             F          510,000.00         ZZ
                                         180        508,246.32          1
                                       6.000          4,303.68         74
                                       5.750          4,303.68
    INDIAN WELLS     CA   92210          1            01/02/03         00
    0435352422                           05           03/01/03          0
    1598166                              O            02/01/18
    0

    8409587          196/G01             F          600,000.00         ZZ
                                         180        597,870.10          1
                                       5.625          4,942.40         43
                                       5.375          4,942.40
    LOS ANGELES      CA   90005          5            01/14/03         00
    0435360169                           05           03/01/03          0
    1609482                              O            02/01/18
    0

    8414173          K15/G01             F          141,000.00         ZZ
                                         180        140,509.97          1
                                       5.875          1,180.34         58
                                       5.625          1,180.34
    WEST HAVERSTRAW  NY   10993          5            01/25/03         00
    0435325303                           05           03/01/03          0
    203505505494                         O            02/01/18
    0

    8414331          K15/G01             F           63,800.00         ZZ
                                         180         63,800.00          1
                                       6.000            538.38         39
                                       5.750            538.38
    JOHNSTON         RI   02919          5            01/28/03         00
    0435325782                           05           04/01/03          0
    029705506000                         O            03/01/18
    0

    8415323          E22/G01             F          520,000.00         ZZ
                                         180        520,000.00          1
                                       5.875          4,353.02         44
                                       5.625          4,353.02
1

    DANVILLE         CA   94506          2            01/30/03         00
    0415547223                           03           04/01/03          0
    0415547223                           O            03/01/18
    0

    8415477          E22/G01             F          127,000.00         ZZ
                                         180        126,553.92          1
                                       5.750          1,054.62         58
                                       5.500          1,054.62
    CHARLESTON       SC   29414          5            01/31/03         00
    0415898832                           05           03/01/03          0
    0415898832                           O            02/01/18
    0

    8415547          E22/G01             F           32,000.00         ZZ
                                         180         32,000.00          1
                                       5.750            265.73         40
                                       5.500            265.73
    GERING           NE   69341          2            01/31/03         00
    0415953181                           05           04/01/03          0
    0415953181                           O            03/01/18
    0

    8415877          E82/G01             F          495,000.00         ZZ
                                         180        495,000.00          1
                                       5.750          4,110.53         62
                                       5.500          4,110.53
    SOUTH SAN FRANC  CA   94080          2            01/31/03         00
    0400774501                           05           04/01/03          0
    6271574                              O            03/01/18
    0

    8415931          E82/G01             F          564,000.00         ZZ
                                         180        564,000.00          1
                                       5.875          4,721.35         79
                                       5.625          4,721.35
    SAN JOSE         CA   95117          2            01/31/03         00
    0400746087                           05           04/01/03          0
    4318681                              O            03/01/18
    0

    8421535          E22/G01             F          125,000.00         ZZ
                                         180        124,556.28          1
                                       5.625          1,029.66         42
                                       5.375          1,029.66
    SHREWSBURY       MA   01545          5            01/31/03         00
    0415868298                           05           03/01/03          0
    0415868298                           O            02/01/18
    0
1

    8424013          E82/G01             F          578,000.00         ZZ
                                         180        578,000.00          1
                                       5.625          4,761.17         78
                                       5.375          4,761.17
    ATHENS           TX   75751          2            02/06/03         00
    0400770483                           03           04/01/03          0
    8289282                              O            03/01/18
    0

    8426215          356/356             F          360,000.00         ZZ
                                         180        358,762.11          1
                                       6.000          3,037.89         72
                                       5.750          3,037.89
    SAN JOSE         CA   95136          2            01/16/03         00
    28975787                             03           03/01/03          0
    28975787                             O            02/01/18
    0

    8426697          B49/G01             F          592,500.00         ZZ
                                         180        590,374.41          1
                                       5.500          4,841.22         55
                                       5.250          4,841.22
    NIWOT            CO   80503          2            01/29/03         00
    0435358130                           05           03/01/03          0
    00029537-0330                        O            02/01/18
    0

    8427245          E22/G01             F          140,000.00         ZZ
                                         180        140,000.00          1
                                       6.000          1,181.40         73
                                       5.750          1,181.40
    WEST JORDAN      UT   84084          2            02/04/03         00
    0415806082                           05           04/01/03          0
    0415806082                           O            03/01/18
    0

    8427621          225/G01             F          338,000.00         T
                                         180        336,825.32          1
                                       5.875          2,829.47         71
                                       5.625          2,829.47
    AUSTERLITZ       NY   12017          2            01/09/03         00
    0435440821                           05           03/01/03          0
    7407800                              O            02/01/18
    0

    8430305          A35/A35             F          380,000.00         ZZ
                                         180        380,000.00          1
1

                                       5.875          3,181.05         55
                                       5.625          3,181.05
    SYOSSET          NY   11791          5            01/31/03         00
    1                                    05           04/01/03          0
    1                                    O            03/01/18
    0

    8436405          L46/L46             F          545,000.00         ZZ
                                         180        543,024.11          1
                                       5.375          4,417.04         70
                                       5.125          4,417.04
    DALLAS           TX   75252          2            02/06/03         00
    0000994251                           05           03/01/03          0
    0000994251                           O            02/01/18
    0

    8437653          116/116             F          584,650.00         ZZ
                                         180        582,530.35          1
                                       5.375          4,738.39         74
                                       5.125          4,738.39
    THE WOODLANDS    TX   77381          2            01/14/03         00
    091023597                            03           03/01/03          0
    091023597                            O            02/01/18
    0

    8438375          K15/G01             F           60,100.00         ZZ
                                         180         60,100.00          1
                                       5.250            483.13         71
                                       5.000            483.13
    SALEM            OH   44460          5            02/06/03         00
    0435363635                           05           04/01/03          0
    02800506436                          O            03/01/18
    0

    8438619          A06/G01             F          338,300.00         ZZ
                                         180        338,300.00          1
                                       5.375          2,741.81         52
                                       5.125          2,741.81
    ROCHESTER HILLS  MI   48306          2            02/07/03         00
    0435377171                           05           04/01/03          0
    001000010300152                      O            03/01/18
    0

    8438739          N47/G01             F          570,000.00         ZZ
                                         180        570,000.00          1
                                       5.625          4,695.27         64
                                       5.375          4,695.27
    CAMARILLO        CA   93012          2            02/03/03         00
    0435373840                           05           04/01/03          0
1

    30501979                             O            03/01/18
    0

    8440481          E22/G01             F          560,000.00         ZZ
                                         180        560,000.00          1
                                       5.500          4,575.67         38
                                       5.250          4,575.67
    SAN FRANCISCO    CA   94127          2            02/05/03         00
    0415994540                           05           04/01/03          0
    0415994540                           O            03/01/18
    0

    8441421          K15/G01             F           70,700.00         ZZ
                                         180         70,700.00          1
                                       5.875            591.84         61
                                       5.625            591.84
    LYNNVILLE        TN   38472          2            02/07/03         00
    0435381470                           05           04/01/03          0
    003805506020                         O            03/01/18
    0

    8442683          E82/G01             F          291,000.00         ZZ
                                         180        291,000.00          1
                                       5.750          2,416.49         87
                                       5.500          2,416.49
    SUFFOLK          VA   23435          2            02/10/03         10
    0400759171                           05           04/01/03         12
    7011436                              O            03/01/18
    0

    8445353          964/G01             F          549,000.00         ZZ
                                         180        547,071.67          1
                                       5.750          4,558.96         55
                                       5.500          4,558.96
    MENLO PARK       CA   94025          2            01/24/03         00
    0435435086                           05           03/01/03          0
    317040                               O            02/01/18
    0

    8445355          964/G01             F          535,000.00         ZZ
                                         180        533,080.68          1
                                       5.500          4,371.40         64
                                       5.250          4,371.40
    CUPERTINO        CA   95014          5            01/27/03         00
    0435431093                           05           03/01/03          0
    317105                               O            02/01/18
    0

1

    8449923          E22/G01             F          125,000.00         ZZ
                                         180        125,000.00          1
                                       5.625          1,029.66         66
                                       5.375          1,029.66
    FORT WORTH       TX   76118          5            02/12/03         00
    0415739309                           05           04/01/03          0
    0415739309                           O            03/01/18
    0

    8450789          E82/G01             F          382,200.00         ZZ
                                         180        382,200.00          1
                                       5.625          3,148.30         75
                                       5.375          3,148.30
    ARLINGTON        TX   76017          2            02/14/03         00
    0400785119                           03           04/01/03          0
    1736715                              O            03/01/18
    0

    8453419          B57/G01             F          554,000.00         ZZ
                                         180        552,033.41          1
                                       5.625          4,563.47         62
                                       5.375          4,563.47
    LOS ANGELES      CA   91364          2            01/29/03         00
    0435447552                           05           03/01/03          0
    10008777                             O            02/01/18
    0

    8453967          964/G01             F          535,000.00         ZZ
                                         180        535,000.00          1
                                       5.625          4,406.97         70
                                       5.375          4,406.97
    FRIANT           CA   93626          2            02/04/03         00
    0435416037                           03           04/01/03          0
    332329                               O            03/01/18
    0

    8454215          U35/G01             F           31,200.00         ZZ
                                         120         31,200.00          1
                                       6.000            346.38         32
                                       5.750            346.38
    GARY             IN   46408          5            02/14/03         00
    0435423256                           05           04/01/03          0
    10829158                             O            03/01/13
    0

    8454329          964/G01             F          993,000.00         ZZ
                                         180        993,000.00          1
                                       5.500          8,113.65         63
                                       5.250          8,113.65
1

    LOS GATOS        CA   95032          2            02/04/03         00
    0435456397                           05           04/01/03          0
    327510                               O            03/01/18
    0

    8454419          A06/G01             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.500            408.55         34
                                       5.250            408.55
    WATERFORD        MI   48328          5            02/14/03         00
    0435464755                           05           04/01/03          0
    0010300085                           O            03/01/18
    0

    8454737          W68/G01             F          422,500.00         ZZ
                                         180        420,952.06          1
                                       5.250          3,396.38         47
                                       5.000          3,396.38
    PLANO            TX   75093          2            01/28/03         00
    0435436324                           05           03/01/03          0
    34459                                O            02/01/18
    0

    8454897          X51/G01             F          591,000.00         ZZ
                                         180        591,000.00          1
                                       5.500          4,828.96         37
                                       5.250          4,828.96
    NEWPORT BEACH    CA   92660          2            02/06/03         00
    0435415138                           05           04/01/03          0
    1                                    O            03/01/18
    0

    8458297          E82/G01             F          208,900.00         ZZ
                                         180        208,900.00          1
                                       6.000          1,762.82         56
                                       5.750          1,762.82
    MIAMI BEACH      FL   33140          2            02/14/03         00
    0400695797                           05           04/01/03          0
    1734608                              O            03/01/18
    0

    8458521          773/G01             F          400,000.00         ZZ
                                         180        398,580.07          1
                                       5.625          3,294.93         16
                                       5.375          3,294.93
    MARION           MA   02738          2            01/28/03         00
    0435414651                           05           03/01/03          0
    10004621                             O            02/01/18
    0
1

    8459049          E22/G01             F          135,000.00         ZZ
                                         120        135,000.00          1
                                       5.625          1,473.48         32
                                       5.375          1,473.48
    CHESHIRE         CT   06410          5            02/14/03         00
    0415895663                           05           04/01/03          0
    0415895663                           O            03/01/13
    0

    8461813          E57/G01             F        1,000,000.00         ZZ
                                         180      1,000,000.00          1
                                       5.750          8,304.10         42
                                       5.500          8,304.10
    LOS ANGELES      CA   90049          2            01/31/03         00
    0435428115                           03           04/01/03          0
    06013515                             O            03/01/18
    0

    8464347          E82/G01             F          642,000.00         ZZ
                                         180        642,000.00          1
                                       5.625          5,288.36         28
                                       5.375          5,288.36
    LOS ALTOS        CA   94024          2            02/17/03         00
    0400781597                           05           04/01/03          0
    7761953                              O            03/01/18
    0

    8464595          E22/G01             F           77,000.00         ZZ
                                         180         77,000.00          1
                                       5.500            629.15         48
                                       5.250            629.15
    GIBSONVILLE      NC   27249          2            02/17/03         00
    0415793405                           05           04/01/03          0
    0415793405                           O            03/01/18
    0

    8466769          E82/G01             F          351,750.00         ZZ
                                         180        351,750.00          1
                                       5.500          2,874.09         62
                                       5.250          2,874.09
    LONGMONT         CO   80501          2            02/21/03         00
    0400790978                           05           04/01/03          0
    0400790978                           O            03/01/18
    0

    8466851          E82/G01             F          574,500.00         ZZ
                                         180        574,500.00          1
1

                                       5.500          4,694.14         70
                                       5.250          4,694.14
    ATLANTA          GA   30331          2            02/21/03         00
    0400770236                           05           04/01/03          0
    1874942                              O            03/01/18
    0

    8467393          E22/G01             F          953,250.00         ZZ
                                         180        953,250.00          1
                                       5.500          7,788.85         64
                                       5.250          7,788.85
    REDMOND          WA   98053          2            02/14/03         00
    0416141828                           03           04/01/03          0
    0416141828                           O            03/01/18
    0

    8473343          E22/G01             F           50,000.00         ZZ
                                         180         50,000.00          1
                                       5.750            415.21         35
                                       5.500            415.21
    SEVILLE          OH   44273          5            02/20/03         00
    0416167732                           05           04/01/03          0
    0416167732                           O            03/01/18
    0

    8473895          K15/G01             F           73,800.00         ZZ
                                         180         73,800.00          1
                                       5.875            617.79         72
                                       5.625            617.79
    KENT             OH   44240          5            02/13/03         00
    0435434527                           05           04/01/03          0
    028005506458                         O            03/01/18
    0

    8474259          367/367             F          542,200.00         ZZ
                                         180        542,200.00          1
                                       5.875          4,538.86         59
                                       5.625          4,538.86
    CHEVY CHASE      MD   20815          5            02/13/03         00
    99277381                             05           04/01/03          0
    99277381                             O            03/01/18
    0

    8475069          E82/G01             F          523,500.00         ZZ
                                         180        523,500.00          1
                                       5.750          4,347.20         65
                                       5.500          4,347.20
    LAFAYETTE        CA   94549          2            02/21/03         00
    0400775862                           05           04/01/03          0
1

    1838894                              O            03/01/18
    0

    8476735          757/G01             F          477,000.00         ZZ
                                         180        477,000.00          1
                                       5.875          3,993.06         63
                                       5.625          3,993.06
    HOPKINTON        MA   01748          2            02/13/03         00
    0435466115                           05           04/01/03          0
    1001208832                           O            03/01/18
    0

    8478493          N47/G01             F          446,000.00         ZZ
                                         180        446,000.00          1
                                       5.625          3,673.84         67
                                       5.375          3,673.84
    CHULA VISTA      CA   91910          2            02/19/03         00
    0435467170                           05           04/01/03          0
    30501713                             O            03/01/18
    0

    8479491          696/G01             F          415,700.00         ZZ
                                         180        415,700.00          1
                                       5.125          3,314.46         30
                                       4.875          3,314.46
    MCLEAN           VA   22102          2            02/21/03         00
    0435434485                           05           04/01/03          0
    24403013                             O            03/01/18
    0

    8480733          K15/G01             F           40,000.00         ZZ
                                         180         40,000.00          1
                                       6.000            337.54         56
                                       5.750            337.54
    WINDHAM          OH   44288          5            02/24/03         00
    0435438478                           05           04/01/03          0
    028005506812                         O            03/01/18
    0

    8484815          313/G01             F          165,000.00         ZZ
                                         180        164,426.56          1
                                       5.875          1,381.25         36
                                       5.625          1,381.25
    HARWICH          MA   02645          5            01/13/03         00
    0435470315                           05           03/01/03          0
    9222779                              O            02/01/18
    0

1

    8484831          313/G01             F          548,000.00         ZZ
                                         180        546,054.70          1
                                       5.625          4,514.05         53
                                       5.375          4,514.05
    HUNTINGTON BEAC  CA   92648          2            01/13/03         00
    0435477690                           05           03/01/03          0
    9265018                              O            02/01/18
    0

    8484885          313/G01             F          540,000.00         ZZ
                                         180        540,000.00          1
                                       5.625          4,448.16         55
                                       5.375          4,448.16
    SARATOGA         CA   95070          5            02/05/03         00
    0435477708                           05           04/01/03          0
    9298951                              O            03/01/18
    0

    8484889          313/G01             F          505,000.00         ZZ
                                         180        505,000.00          1
                                       5.625          4,159.85         37
                                       5.375          4,159.85
    ENCINO AREA      CA   91436          2            02/04/03         00
    0435458245                           05           04/01/03          0
    9284407                              O            03/01/18
    0

    8486181          W40/G01             F          572,500.00         ZZ
                                         180        572,500.00          1
                                       5.625          4,715.86         49
                                       5.375          4,715.86
    SCOTTSDALE       AZ   85255          2            02/24/03         00
    0435457536                           03           04/01/03          0
    100019001                            O            03/01/18
    0

    8487653          E22/G01             F          535,000.00         ZZ
                                         180        535,000.00          1
                                       5.750          4,442.69         68
                                       5.500          4,442.69
    FORT THOMAS      KY   41075          2            02/26/03         00
    0416123644                           05           04/01/03          0
    0416123644                           O            03/01/18
    0

    8487689          E82/G01             F          945,350.00         ZZ
                                         180        945,350.00          1
                                       5.625          7,787.15         60
                                       5.375          7,787.15
1

    SAN DIEGO        CA   92130          2            02/21/03         00
    0400879673                           03           04/01/03          0
    0400789673                           O            03/01/18
    0

    8487723          E82/G01             F          245,000.00         ZZ
                                         180        245,000.00          2
                                       5.625          2,018.14         58
                                       5.375          2,018.14
    BROOKLYN         NY   11204          2            02/28/03         00
    0400767224                           05           04/01/03          0
    0400767224                           O            03/01/18
    0

    8487987          225/G01             F        1,000,000.00         ZZ
                                         180      1,000,000.00          1
                                       6.000          8,438.57         27
                                       5.750          8,438.57
    ALEXANDRIA       VA   22309          2            02/03/03         00
    0435449996                           05           04/01/03          0
    006856376                            O            03/01/18
    0

    8487995          225/G01             F          343,200.00         ZZ
                                         180        341,994.53          1
                                       5.750          2,849.97         10
                                       5.500          2,849.97
    HARRISON         NY   10580          2            01/07/03         00
    0435454012                           05           03/01/03          0
    006860857                            O            02/01/18
    0

    8487999          225/G01             F          587,000.00         ZZ
                                         180        584,894.14          1
                                       5.500          4,796.28         63
                                       5.250          4,796.28
    ATLANTA          GA   30306          2            01/09/03         00
    0435453782                           05           03/01/03          0
    006861436                            O            02/01/18
    0

    8488023          225/G01             F          895,000.00         ZZ
                                         180        891,856.37          1
                                       5.750          7,432.17         72
                                       5.500          7,432.17
    WASHINGTON       DC   20008          2            01/15/03         00
    0435451869                           05           03/01/03          0
    006866586                            O            02/01/18
    0
1

    8488037          225/G01             F          598,000.00         ZZ
                                         180        595,762.72          1
                                       5.000          4,728.95         75
                                       4.750          4,728.95
    BETHLEHEM        PA   18015          2            01/17/03         00
    0435453618                           05           03/01/03          0
    006866995                            O            02/01/18
    0

    8488081          225/G01             F          469,000.00         T
                                         180        467,281.69          1
                                       5.250          3,770.19         53
                                       5.000          3,770.19
    WELLINGTON       FL   33414          2            01/27/03         00
    0435455423                           03           03/01/03          0
    006868290                            O            02/01/18
    0

    8488111          225/G01             F          524,000.00         ZZ
                                         180        524,000.00          1
                                       5.875          4,386.50         80
                                       5.625          4,386.50
    MORRISTOWN       NJ   07960          1            02/04/03         00
    0435459227                           05           04/01/03          0
    006869766                            O            03/01/18
    0

    8488123          225/G01             F          337,500.00         ZZ
                                         180        336,327.07          1
                                       5.875          2,825.27         59
                                       5.625          2,825.27
    GREENVILLE       SC   29607          5            01/10/03         00
    0435456272                           05           03/01/03          0
    006870318                            O            02/01/18
    0

    8488135          225/G01             F          506,500.00         ZZ
                                         180        504,758.37          1
                                       6.000          4,274.13         47
                                       5.750          4,274.13
    SORRENTO         FL   32776          2            01/23/03         00
    0435449905                           05           03/01/03          0
    006871308                            O            02/01/18
    0

    8488173          225/G01             F          550,000.00         ZZ
                                         180        550,000.00          1
1

                                       5.375          4,457.56         65
                                       5.125          4,457.56
    SAVANNAH         GA   31406          2            02/07/03         00
    0435455662                           05           04/01/03          0
    006875990                            O            03/01/18
    0

    8488177          225/G01             F          468,000.00         T
                                         180        468,000.00          1
                                       5.625          3,855.06         80
                                       5.375          3,855.06
    MIAMI BEACH      FL   33140          1            02/10/03         00
    0435458286                           06           04/01/03          0
    006876385                            O            03/01/18
    0

    8488201          225/G01             F          543,750.00         ZZ
                                         180        539,489.52          1
                                       5.375          4,406.91         75
                                       5.125          4,406.91
    HUBERTUS         WI   53033          2            12/10/02         00
    0435450465                           05           02/01/03          0
    007414934                            O            01/01/18
    0

    8488205          225/G01             F          565,000.00         ZZ
                                         180        561,063.24          1
                                       5.875          4,729.72         67
                                       5.625          4,729.72
    BAYFIELD         CO   81122          2            12/12/02         00
    0435452057                           05           02/01/03          0
    007416981                            O            01/01/18
    0

    8488213          225/G01             F          600,000.00         ZZ
                                         180        593,580.31          1
                                       5.625          4,942.40         30
                                       5.375          4,942.40
    NEW CANAAN       CT   06840          2            11/27/02         00
    0435453097                           05           01/01/03          0
    007420360                            O            12/01/17
    0

    8488247          225/G01             F          425,000.00         ZZ
                                         180        421,878.96          1
                                       5.250          3,416.49         27
                                       5.000          3,416.49
    CHAPEL HILL      NC   27517          2            12/31/02         00
    0435453022                           03           02/01/03          0
1

    007426404                            O            01/01/18
    0

    8488277          225/G01             F          528,000.00         ZZ
                                         180        526,145.43          1
                                       5.750          4,384.57         61
                                       5.500          4,384.57
    BEVERLY HILLS    CA   90210          2            01/10/03         00
    0435459110                           05           03/01/03          0
    007427902                            O            02/01/18
    0

    8488303          225/G01             F          450,000.00         ZZ
                                         180        448,351.30          1
                                       5.250          3,617.45         47
                                       5.000          3,617.45
    ATLANTA          GA   30305          2            01/23/03         00
    0435453410                           05           03/01/03          0
    007434853                            O            02/01/18
    0

    8488327          225/G01             F          386,000.00         ZZ
                                         180        384,585.78          1
                                       5.250          3,102.97         69
                                       5.000          3,102.97
    GREENWOOD VILLA  CO   80111          2            01/30/03         00
    0435462023                           05           03/01/03          0
    007435556                            O            02/01/18
    0

    8488357          225/G01             F          540,000.00         ZZ
                                         180        538,103.29          1
                                       5.750          4,484.21         33
                                       5.500          4,484.21
    KINGS POINT      NY   11024          2            01/20/03         00
    0435454251                           05           03/01/03          0
    008482800                            O            02/01/18
    0

    8488365          E65/G01             F           37,500.00         ZZ
                                         180         37,500.00          1
                                       6.000            316.45         75
                                       5.750            316.45
    COLEMAN          MI   48618          5            02/21/03         00
    0435471933                           05           04/01/03          0
    256844                               O            03/01/18
    0

1

    8492295          K15/G01             F           79,600.00         ZZ
                                         180         79,600.00          1
                                       5.500            650.40         63
                                       5.250            650.40
    WALES            NY   14052          5            02/24/03         00
    0435458542                           05           04/01/03          0
    029505512015                         O            03/01/18
    0

    8495483          E22/G01             F           57,000.00         ZZ
                                         180         57,000.00          1
                                       5.625            469.53         44
                                       5.375            469.53
    YPSILANTI        MI   48198          2            02/28/03         00
    0416042232                           05           04/01/03          0
    0416042232                           O            03/01/18
    0

    8496343          998/998             F          380,000.00         ZZ
                                         180        380,000.00          1
                                       5.750          3,155.56         64
                                       5.500          3,155.56
    PLANO            TX   75093          2            01/28/03         00
    5451378                              05           04/01/03          0
    5451378                              O            03/01/18
    0

    8503853          144/144             F          766,858.00         ZZ
                                         180        764,221.11          1
                                       6.000          6,471.18         41
                                       5.750          6,471.18
    NEW CANAAN       CT   06840          2            01/21/03         00
    1                                    05           03/01/03          0
    1                                    O            02/01/18
    0

    8505427          964/G01             F          442,000.00         ZZ
                                         180        442,000.00          1
                                       5.625          3,640.90         67
                                       5.375          3,640.90
    LIVERMORE        CA   94550          2            02/12/03         00
    0435491402                           05           04/01/03          0
    335502                               O            03/01/18
    0

    8510211          624/G01             F           76,000.00         ZZ
                                         180         76,000.00          1
                                       5.875            636.21         47
                                       5.625            636.21
1

    VANCOUVER        WA   98663          5            02/18/03         00
    0435502315                           05           04/01/03          0
    1000024274                           O            03/01/18
    0

    8517145          A06/G01             F          115,000.00         ZZ
                                         180        115,000.00          1
                                       5.500            939.65         37
                                       5.250            939.65
    WEST BLOOMFIELD  MI   48323          5            02/25/03         00
    0435504253                           05           04/01/03          0
    021000020300884                      O            03/01/18
    0

    8519385          477/G01             F          483,000.00         ZZ
                                         180        483,000.00          1
                                       5.625          3,978.62         61
                                       5.375          3,978.62
    MILL VALLEY      CA   94941          2            02/25/03         00
    0435506035                           09           04/01/03          0
    228297                               O            03/01/18
    0

   TOTAL NUMBER OF LOANS   :        125

   TOTAL ORIGINAL BALANCE  :    50,968,708.00

   TOTAL PRINCIPAL BALANCE :    50,797,708.06

   TOTAL ORIGINAL P+I      :       421,817.19

   TOTAL CURRENT P+I       :       421,817.19

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

<TABLE>
<CAPTION>

                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
<S>   <C>             <C>                   <C>                <C>             <C>
      8264377         $236,288.43           5.220%             0.5714%         $1,350.22
      8279081         $992,808.54           5.220%             0.5714%         $5,673.19
      8297997         $488,683.19           4.970%             5.3333%        $26,063.10
      8340137         $347,747.96           5.220%             0.5714%         $1,987.13
      8348618         $392,586.52           5.220%             0.5714%         $2,243.35
      8348638         $389,000.00           5.220%             0.5714%         $2,222.86
      8348656         $360,673.71           4.970%             5.3333%        $19,235.93
      8348662         $360,000.00           5.220%             0.5714%         $2,057.14
      8349204         $473,295.93           5.220%             0.5714%         $2,704.55
      8351442         $378,000.00           5.220%             0.5714%         $2,160.00
      8352594         $491,212.63           5.095%             2.9524%        $14,502.47
      8353730         $393,000.00           5.220%             0.5714%         $2,245.71
      8372917         $541,051.98           5.220%             0.5714%         $3,091.73
      8372943         $478,277.99           5.220%             0.5714%         $2,733.02
      8381873         $272,020.61           5.220%             0.5714%         $1,554.40
      8385007         $382,009.99           5.095%             2.9524%        $11,278.39
      8387157         $214,228.69           5.220%             0.5714%         $1,224.16
      8393839         $647,668.13           5.220%             0.5714%         $3,700.96
      8394237         $363,278.14           5.095%             2.9524%        $10,725.35
      8396825         $533,080.68           5.220%             0.5714%         $3,046.18
      8397027         $385,711.27           5.220%             0.5714%         $2,204.06
      8397187         $365,683.38           5.220%             0.5714%         $2,089.62
      8397193         $338,780.25           5.220%             0.5714%         $1,935.89
      8397229         $471,584.05           5.220%             0.5714%         $2,694.77
      8397253         $435,432.27           5.220%             0.5714%         $2,488.18
      8397255         $431,871.73           5.220%             0.5714%         $2,467.84
      8397275         $347,482.99           5.220%             0.5714%         $1,985.62
      8398549         $448,385.62           5.220%             0.5714%         $2,562.20
      8401493         $577,421.04           5.220%             0.5714%         $3,299.55
      8409575         $498,206.25           5.220%             0.5714%         $2,846.89
      8409583         $589,331.16           5.220%             0.5714%         $3,367.61
      8413317         $585,000.00           5.095%             2.9524%        $17,271.43
      8414155         $162,700.00           5.220%             0.5714%          $929.71
      8415491         $368,672.62           5.220%             0.5714%         $2,106.70
      8415885         $208,300.00           5.220%             0.5714%         $1,190.29
      8418139         $420,000.00           5.220%             0.5714%         $2,400.00
      8421019         $365,683.38           5.220%             0.5714%         $2,089.62
      8421033         $498,206.25           5.220%             0.5714%         $2,846.89
      8423517         $647,668.13           5.220%             0.5714%         $3,700.96
      8423973         $480,021.72           5.220%             0.5714%         $2,742.98
      8423995         $398,515.17           5.220%             0.5714%         $2,277.23
      8424031         $228,100.00           5.220%             0.5714%         $1,303.43
      8426459         $343,000.00           5.095%             2.9524%        $10,126.67
      8427091         $436,000.00           5.220%             0.5714%         $2,491.43
      8427327         $360,000.00           5.220%             0.5714%         $2,057.14
      8430179         $401,572.08           5.220%             0.5714%         $2,294.70
      8430485         $398,000.00           5.220%             0.5714%         $2,274.29
      8430877         $600,000.00           5.220%             0.5714%         $3,428.57
      8431251         $645,675.30           5.220%             0.5714%         $3,689.57
      8432467         $344,500.00           5.095%             2.9524%        $10,170.95
      8432531         $449,000.00           5.220%             0.5714%         $2,565.71
      8432557         $288,450.42           5.095%             2.9524%         $8,516.16
      8432625         $190,950.00           5.220%             0.5714%         $1,091.14

 Monday, March 24, 2003                                                         Page 1 of 3

      8435583         $448,351.30           4.970%             5.3333%        $23,912.07
      8436393         $392,556.47           4.970%             5.3333%        $20,936.35
      8436395         $400,000.00           5.220%             0.5714%         $2,285.71
      8437669         $392,000.00           5.220%             0.5714%         $2,240.00
      8438811         $398,565.00           5.220%             0.5714%         $2,277.51
      8440419         $410,000.00           5.220%             0.5714%         $2,342.86
      8440473         $407,000.00           5.095%             2.9524%        $12,016.19
      8442669         $259,000.00           5.220%             0.5714%         $1,480.00
      8442707         $353,750.00           5.220%             0.5714%         $2,021.43
      8442771         $394,400.00           5.220%             0.5714%         $2,253.71
      8445359         $418,493.25           5.220%             0.5714%         $2,391.39
      8445373         $335,000.00           5.220%             0.5714%         $1,914.29
      8447499         $396,000.00           5.220%             0.5714%         $2,262.86
      8447793         $91,000.00            5.220%             0.5714%          $520.00
      8449423         $350,000.00           5.220%             0.5714%         $2,000.00
      8452635         $390,000.00           5.220%             0.5714%         $2,228.57
      8452651         $282,150.00           5.220%             0.5714%         $1,612.29
      8452775         $263,200.00           5.220%             0.5714%         $1,504.00
      8453075         $295,000.00           5.095%             2.9524%         $8,709.52
      8453083         $489,000.00           5.220%             0.5714%         $2,794.29
      8453947         $340,000.00           5.220%             0.5714%         $1,942.86
      8453959         $500,000.00           5.220%             0.5714%         $2,857.14
      8453963         $650,000.00           5.220%             0.5714%         $3,714.29
      8454013         $397,000.00           5.220%             0.5714%         $2,268.57
      8454895         $360,000.00           5.220%             0.5714%         $2,057.14
      8458203         $342,300.00           5.220%             0.5714%         $1,956.00
      8459391         $642,000.00           5.220%             0.5714%         $3,668.57
      8461511         $647,668.13           5.220%             0.5714%         $3,700.96
      8464697         $350,000.00           5.220%             0.5714%         $2,000.00
      8464715         $602,300.00           5.220%             0.5714%         $3,441.71
      8465951         $378,000.00           5.095%             2.9524%        $11,160.00
      8466449         $350,000.00           5.220%             0.5714%         $2,000.00
      8466765         $327,100.00           5.220%             0.5714%         $1,869.14
      8466839         $283,500.00           5.220%             0.5714%         $1,620.00
      8472959         $390,000.00           5.220%             0.5714%         $2,228.57
      8473111         $420,000.00           5.095%             2.9524%        $12,400.00
      8477499         $377,000.00           5.220%             0.5714%         $2,154.29
      8484823         $647,668.12           5.220%             0.5714%         $3,700.96
      8484825         $543,044.81           5.220%             0.5714%         $3,103.11
      8484845         $996,412.49           5.220%             0.5714%         $5,693.79
      8484875         $468,313.87           5.220%             0.5714%         $2,676.08
      8484877         $520,127.32           5.220%             0.5714%         $2,972.16
      8485895         $591,000.00           5.220%             0.5714%         $3,377.14
      8486695        $1,000,000.00          5.220%             0.5714%         $5,714.29
      8488043         $388,000.00           5.220%             0.5714%         $2,217.14
      8488345         $388,000.00           5.220%             0.5714%         $2,217.14
      8488367         $630,433.44           5.220%             0.5714%         $3,602.48
      8488391         $522,618.36           5.220%             0.5714%         $2,986.39
      8488651         $396,000.00           5.220%             0.5714%         $2,262.86
      8489613         $422,000.00           5.220%             0.5714%         $2,411.43
      8490529         $355,000.00           5.220%             0.5714%         $2,028.57
      8495253         $557,000.00           5.170%             1.5238%         $8,487.62
      8495635         $995,000.00           5.220%             0.5714%         $5,685.71
      8498417         $333,000.00           5.220%             0.5714%         $1,902.86
      8498449         $395,000.00           5.220%             0.5714%         $2,257.14
      8505157         $505,000.00           5.220%             0.5714%         $2,885.71
      8505201         $507,000.00           5.220%             0.5714%         $2,897.14

 Monday, March 24, 2003                                                         Page 2 of 3

      8505213         $344,000.00           5.220%             0.5714%         $1,965.71
      8505363         $360,000.00           5.220%             0.5714%         $2,057.14
      8505431         $393,000.00           5.220%             0.5714%         $2,245.71
      8505437         $454,000.00           5.220%             0.5714%         $2,594.29
      8505483         $394,500.00           5.220%             0.5714%         $2,254.29
      8505541         $334,000.00           5.095%             2.9524%         $9,860.95
      8505567         $641,000.00           5.220%             0.5714%         $3,662.86
      8508931         $647,500.00           5.095%             2.9524%        $19,116.67
      8516465         $348,000.00           5.220%             0.5714%         $1,988.57
      8520385         $360,000.00           5.220%             0.5714%         $2,057.14

 Monday, March 24, 2003                                                         Page 3 of 3

                               Schedule of Discount Fractions

    Loan Number     Current Balance    Net Mortgage Rate  Discount Fraction   PO Balance
      8438375         $60,100.00            4.970%             0.6000%          $360.60
      8454737         $420,952.06           4.970%             0.6000%         $2,525.71
      8479491         $415,700.00           4.845%             3.1000%        $12,886.70
      8488037         $595,762.72           4.720%             5.6000%        $33,362.71
      8488081         $467,281.69           4.970%             0.6000%         $2,803.69
      8488247         $421,878.96           4.970%             0.6000%         $2,531.27
      8488303         $448,351.30           4.970%             0.6000%         $2,690.11
      8488327         $384,585.78           4.970%             0.6000%         $2,307.51

 Monday, March 24, 2003                                                         Page 1 of 1
</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  aggregate  Stated  Principal  Balance of the
        Mortgage  Loans and of the  Group I Loans and Group II Loans  determined
        separately  after giving effect to the distribution of principal on such
        Distribution Date;

               (vi) the aggregate Certificate Principal Balance of each Class of
        Certificates,  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 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;

                                             -1-

<PAGE>

               (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  Rates  with  respect to the  Adjustable  Rate
        Certificates  and  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; and

               (xx) the weighted  average  Mortgage  Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date.

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.

                                             -2-

<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

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<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.

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<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

                                              42

<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

                                              44

<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.

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        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

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<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

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<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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<PAGE>

        (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

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<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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<PAGE>

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><PAGE>

                                                                     EXHIBIT 4.1

================================================================================

                                DEBT SECURITIES

                                    INDENTURE

                                     between

                          WESTERN WIRELESS CORPORATION

                                       and

                         _______________________________

                                   as Trustee

                            Dated as of _____________

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                           <C>
ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION.......................................       1

         Section 1.01.     Definitions..................................................................       1
         Section 1.02.     Compliance Certificate and Opinions..........................................       7
         Section 1.03.     Forms of Documents Delivered to Trustee......................................       8
         Section 1.04.     Acts of Holders..............................................................       8
         Section 1.05.     Notices, etc., to Trustee and Company........................................       9
         Section 1.06.     Notice to Holders; Waiver....................................................      10
         Section 1.07.     Conflict with Trust Indenture Act............................................      10
         Section 1.08.     Effect of Headings and Table of Contents.....................................      10
         Section 1.09.     Successors and Assigns.......................................................      10
         Section 1.10.     Separability Clause..........................................................      11
         Section 1.11.     Benefits of Indenture........................................................      11
         Section 1.12.     Governing Law................................................................      11
         Section 1.13.     Nonbusiness Days.............................................................      11
         Section 1.14.     No Security Interest Created.................................................      11
         Section 1.15.     Limitation on Individual Liability...........................................      11

ARTICLE II SECURITY FORMS...............................................................................      12

         Section 2.01.     Forms Generally..............................................................      12
         Section 2.02.     Form of Trustee's Certificate of Authentication..............................      12
         Section 2.03.     Securities in Global Form....................................................      13

ARTICLE III THE SECURITIES..............................................................................      13

         Section 3.01.     Amount Unlimited; Issuable in Series.........................................      13
         Section 3.02.     Denominations................................................................      16
         Section 3.03.     Execution, Authentication, Delivery and Dating...............................      16
         Section 3.04.     Temporary Securities.........................................................      18
         Section 3.05.     Registration, Transfer and Exchange..........................................      18
         Section 3.06.     Mutilated, Destroyed, Lost and Stolen Securities.............................      20
         Section 3.07.     Payment of Interest; Interest Rights Preserved...............................      20
         Section 3.08.     Persons Deemed Owners........................................................      22
         Section 3.09.     Cancellation.................................................................      23
         Section 3.10.     Computation of Interest......................................................      23
         Section 3.11.     CUSIP Numbers................................................................      23

ARTICLE IV SATISFACTION AND DISCHARGE...................................................................      23

         Section 4.01.     Satisfaction and Discharge of Indenture......................................      23
         Section 4.02.     Application of Trust Money...................................................      24
         Section 4.03.     Applicability of Defeasance Provisions; Company's
                           Option to Effect Defeasance or Covenant Defeasance...........................      25
         Section 4.04.     Defeasance and Discharge.....................................................      25
         Section 4.05.     Covenant Defeasance..........................................................      25
         Section 4.06.     Conditions to Defeasance or Covenant Defeasance..............................      26
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                                                                                                           <C>
         Section 4.07.     Deposited Money and Government Obligations to be Held in Trust...............      28
         Section 4.08.     Repayment to Company.........................................................      28
         Section 4.09.     Indemnity For Government Obligations.........................................      28
         Section 4.10.     Reimbursement................................................................      28

ARTICLE V REMEDIES......................................................................................      28

         Section 5.01.     Events of Default............................................................      28
         Section 5.02.     Acceleration of Maturity; Rescission and Annulment...........................      30
         Section 5.03.     Collection of Indebtedness and Suits for Enforcement by Trustee..............      31
         Section 5.04.     Trustee May File Proofs of Claim.............................................      32
         Section 5.05.     Trustee May Enforce Claim Without Possession of Securities...................      33
         Section 5.06.     Application of Money Collected...............................................      33
         Section 5.07.     Limitation on Suits..........................................................      34
         Section 5.08.     Unconditional Right of Holders To Receive Principal, Premium and Interest....      34
         Section 5.09.     Restoration of Rights and Remedies...........................................      34
         Section 5.10.     Rights and Remedies Cumulative...............................................      35
         Section 5.11.     Delay or Omission Not Waiver.................................................      35
         Section 5.12.     Control by Holders...........................................................      35
         Section 5.13.     Waiver of Past Defaults......................................................      36
         Section 5.14.     Undertaking for Costs........................................................      36
         Section 5.15.     Waiver of Stay or Extension Laws.............................................      37

ARTICLE VI THE TRUSTEE..................................................................................      37

         Section 6.01.     Certain Duties and Responsibilities..........................................      37
         Section 6.02.     Notice of Defaults...........................................................      38
         Section 6.03.     Certain Rights of Trustee....................................................      38
         Section 6.04.     Not Responsible for Recitals or Issuance of Securities.......................      40
         Section 6.05.     May Hold Securities..........................................................      40
         Section 6.06.     Money Held In Trust..........................................................      40
         Section 6.07.     Compensation and Reimbursement...............................................      40
         Section 6.08.     Disqualification; Conflicting Interest.......................................      41
         Section 6.09.     Corporate Trustee Required; Eligibility......................................      41
         Section 6.10.     Resignation and Removal; Appointment of Successor............................      41
         Section 6.11.     Acceptance of Appointment by Successor.......................................      43
         Section 6.12.     Merger, Conversion, Consolidation or Succession to Business..................      44
         Section 6.13.     Preferential Collection of Claims Against Company............................      44
         Section 6.14.     Appointment of Authenticating Agent..........................................      44
         Section 6.15.     Trustee's Application for Instructions from the Company......................      46

ARTICLE VII HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY...........................................      46
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                           <C>
         Section 7.01.     Company To Furnish Trustee Names and Addresses of Holders....................      46
         Section 7.02.     Preservation of Information, Communications to Holders.......................      47
         Section 7.03.     Reports by Trustee...........................................................      48
         Section 7.04.     Reports by Company...........................................................      48

ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE.......................................      49

         Section 8.01.     Company May Consolidate, etc., Only on Certain Terms.........................      49
         Section 8.02.     Successor Person Substituted.................................................      49

ARTICLE IX SUPPLEMENTAL INDENTURES......................................................................      50

         Section 9.01.     Supplemental Indentures Without Consent of Holders...........................      50
         Section 9.02.     Supplemental Indentures with Consent of Holders..............................      51
         Section 9.03.     Execution of Supplemental Indentures.........................................      52
         Section 9.04.     Effect of Supplemental Indentures............................................      52
         Section 9.05.     Conformity with Trust Indenture Act..........................................      53
         Section 9.06.     Reference in Securities to Supplemental Indentures...........................      53
         Section 9.07.     Notice of Supplemental Indenture.............................................      53

ARTICLE X COVENANTS ....................................................................................      53

         Section 10.01.    Payment of Principal, Premium and Interest...................................      53
         Section 10.02.    Maintenance of Office or Agency..............................................      53
         Section 10.03.    Money for Security Payments To Be Held in Trust..............................      54
         Section 10.04.    Payment of Taxes and Other Claims............................................      55
         Section 10.05.    Statement as to Compliance...................................................      55
         Section 10.06.    Waiver of Certain Covenants..................................................      56

ARTICLE XI REDEMPTION OF SECURITIES.....................................................................      56

         Section 11.01.    Applicability of This Article................................................      56
         Section 11.02.    Election To Redeem; Notice to Trustee........................................      56
         Section 11.03.    Selection of Securities To Be Redeemed.......................................      56
         Section 11.04.    Notice of Redemption.........................................................      57
         Section 11.05.    Deposit of Redemption Price..................................................      57
         Section 11.06.    Payment of Securities Called for Redemption..................................      58

ARTICLE XII SINKING FUNDS...............................................................................      58

         Section 12.01.    Applicability of Article.....................................................      58
         Section 12.02.    Satisfaction of Sinking Fund Payments with Securities........................      58
         Section 12.03.    Redemption of Securities for Sinking Fund....................................      59

ARTICLE XIII MISCELLANEOUS..............................................................................      60

         Section 13.01.    Miscellaneous................................................................      60
</TABLE>

                                       iii
<PAGE>

                            CROSS REFERENCE SHEET(*)

         Provisions of Trust Indenture Act of 1939 and Indenture to be dated as
of _______ between WESTERN WIRELESS CORPORATION. and ___________, Trustee:

<TABLE>
<CAPTION>
SECTION OF THE ACT                                                                         SECTION OF INDENTURE
------------------                                                                         --------------------
<S>                                                                                  <C>
310(a)(1) and (2 ) ........................................................                                 6.9

310(a)(3) and (4)..........................................................                        Inapplicable

310(b).....................................................................          8 and 6.10(a), (b) and (d)

310(c).....................................................................                        Inapplicable

311(a).....................................................................                                6.13

311(b).....................................................................                                6.13

311(c).....................................................................                        Inapplicable

312(a).....................................................................                         7.1 and 7.2

312(b).....................................................................                                 7.2

312(c).....................................................................                                 7.2

313(a).....................................................................                                 7.3

313(b)(1)..................................................................                        Inapplicable

313(b)(2)..................................................................                                 7.3

313(c).....................................................................                                 7.3

313(d).....................................................................                                 7.3

314(a).....................................................................                                 7.4

314(b).....................................................................                        Inapplicable

314(c)(1) and (2)..........................................................                                 1.2

314(c)(3)..................................................................                        Inapplicable

314(d).....................................................................                        Inapplicable

314(e).....................................................................                                 1.2

314(f).....................................................................                        Inapplicable

315(a), (c) and (d)........................................................                                 6.1

315(b).....................................................................                                 6.2

315(e).....................................................................                                5.14

316(a)(1)..................................................................                       5.12 and 5.13

316(a)(2)..................................................................                        Not required
</TABLE>

                                       iv
<PAGE>

<TABLE>
<S>                                                                                                 <C>
316(a) (last sentence).....................................................                                 1.1

316(b).....................................................................                                 5.8

317(a).....................................................................                         5.3 and 5.4

317(b).....................................................................                                10.3

318(a).....................................................................                                 1.7
</TABLE>

(*) This Cross Reference Sheet is not part of the Indenture.

                                        v
<PAGE>
         DEBT SECURITIES INDENTURE (this "Indenture"), dated as of ___________,
between WESTERN WIRELESS CORPORATION, a Washington corporation (hereinafter
called the "Company"), having its principal office at 3650 131st Avenue S.E.,
Bellevue, Washington 98006 and ____________________, as Trustee (hereinafter
called the "Trustee").

                             RECITALS OF THE COMPANY

         WHEREAS the Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its debentures,
notes or other evidences of indebtedness (hereinafter called the "Securities")
to be issued in one or more series, authenticated and delivered in accordance
with this Indenture.

         WHEREAS the Company has duly authorized the execution and delivery of
this Indenture to provide, among other things, for the authentication, delivery
and administration of the Securities.

         WHEREAS all things necessary to make this Indenture a valid agreement
of the Company, in accordance with its terms, have been done.

         NOW, THEREFORE:

         For and in consideration of the premises and the purchases of the
Securities by the Holders (as defined below) thereof, the Company and the
Trustee mutually covenant and agree for the equal and proportionate benefit of
all Holders of the Securities or of any series thereof, as follows:

                                   ARTICLE I
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         Section 1.01.     Definitions.

         For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

                  (a)      the terms defined in this Article have the meanings
assigned to them in this Article, and include the plural as well as the
singular;

                  (b)      all other terms used herein which are defined in the
Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

                  (c)      all accounting terms not otherwise defined herein
have the meanings assigned to them in accordance with generally accepted
accounting principles, and the term "generally accepted accounting principles"
with respect to any computation required or permitted hereunder shall mean such
accounting principles which are generally accepted at the date or time of such
computation; provided that when two or more principles are so generally
accepted, it shall mean that set of principles consistent with those in use by
the Company; and

<PAGE>

                  (d)      the words "therein", "hereof" and "hereunder" and
other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision.

         "Act" when used with respect to any Holder has the meaning specified in
Section 1.04.

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

         "Authenticating Agent" means any Person authorized by the Trustee
pursuant to Section 6.14 to act on behalf of the Trustee to authenticate
Securities of one or more series.

         "Board of Directors" means either the board of directors of the Company
or any committee of that board duly authorized to act hereunder.

         "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors, or such committee of the Board of Directors or officers
of the Company to which authority to act on behalf of the Board of Directors has
been delegated, and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

         "Business Day" means every day except a Saturday, Sunday or a day on
which banking institutions in the City of New York, New York, are permitted or
required by any applicable law or executive order to close.

         "Capital Lease Obligation" of any Person means the obligation to pay
rent or other payment amounts under a lease of (or other Indebtedness
arrangements conveying the right to use) real or personal property of such
Person which is required to be classified and accounted for as a capital lease
or a liability on the face of a balance sheet of such Person in accordance with
generally accepted accounting principles. The stated maturity of such obligation
shall be the date of the last payment of rent or any other amount due under such
lease prior to the first date upon which such lease may be terminated by the
lessee without payment of a penalty. The principal amount of such obligation
shall be the capitalized amount thereof that would appear on the face of a
balance sheet of such Person in accordance with generally accepted accounting
principles.

         "Commission" means the Securities and Exchange Commission, as from time
to time constituted, created under the Securities Exchange Act of 1934, as
amended, or if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties on such date.

                                        2
<PAGE>

         "Company" means the Person named as the "Company" in the first
paragraph of this instrument until a successor corporation shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean such successor corporation.

         "Company Request" and "Company Order" mean, respectively, the written
request or order signed in the name of the Company by the Chairman, President or
a Vice President, and by the Treasurer, an Associate Treasurer, an Assistant
Treasurer, the Controller, the Secretary or an Assistant Secretary of the
Company, and delivered to the Trustee.

         "Corporate Trust Office" means the principal office of the Trustee in
the City of _________, at which at any particular time its corporate trust
business shall be administered, which office at the date of initial execution of
this Indenture is __________________, Attention: Corporate Trust Administration.

         "Corporation" includes corporations, associations, companies and
business trusts.

         "Defaulted Interest" has the meaning specified in Section 3.07.

         "Depositary" means, with respect to the Securities of any series
issuable or issued in whole or in part in the form of one or more Global
Securities, the Person designated as Depositary by the Company pursuant to
Section 3.01 with respect to such series (or any successor thereto).

         "Dollar" means the currency of the United States of America as at the
time of payment is legal tender for the payment of public and private debts.

         "Event of Default" unless otherwise specified in the supplemental
indenture creating a series of Securities, has the meaning specified in
Article V.

         "Foreign Currency" means any currency issued by the government of one
or more countries other than the United States of America or by any recognized
confederation or association of such governments.

         "Global Security" means a Security in the form prescribed herein
evidencing all or part of a series of Securities, issued to the Depositary or
its nominee for such series, and registered in the name of such Depositary or
its nominee.

         "Government Obligations" means, with respect to the Securities of any
series, securities which are (i) direct obligations of the United States of
America or (ii) obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America the payment of
which is unconditionally guaranteed by the United States of America and which,
in either case, are full faith and credit obligations of the United States of
America and are not callable or redeemable at the option of the issuer thereof
and shall also include a depository receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with
respect to any such Government Obligation or a specific payment of

                                        3
<PAGE>

interest on or principal of any such Government Obligation held by such
custodian for the account of the holder of such depository receipt; provided
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the Government Obligation or
the specific payment of interest on or principal of the Government Obligation
evidenced by such depository receipt.

         "Holder", "Securityholder" or other similar terms mean a Person in
whose name a Security is registered in the Securities Register.

         "Indebtedness" means (without duplication), with respect to any Person,
whether recourse is to all or a portion of the assets of such Person and whether
or not contingent, (i) every obligation of such Person for money borrowed, (ii)
every obligation of such Person evidenced by bonds, debentures, notes or similar
instruments, including obligations incurred in connection with the acquisition
of property, assets or businesses, (iii) every reimbursement obligation of such
Person with respect to letters of credit, bankers' acceptances or similar
facilities issued for the account of such Person, (iv) every obligation of such
Person issued or assumed as the deferred purchase price of property or services
(but excluding trade accounts payable or accrued liabilities arising in the
ordinary course of business), (v) every Capital Lease Obligation of such Person,
(vi) the maximum fixed redemption or repurchase price of any equity security of
such Person at the time of determination that by its terms or otherwise is
required to be redeemed prior to the final Stated Maturity of the Securities or
is redeemable at the option of the holder thereof at any time prior to the final
Stated Maturity of the Securities, (vii) every obligation to pay rent or other
payment amounts of such Person with respect to any [sale and leaseback
transaction] to which such Person is a party and (viii) every obligation of the
type referred to in Clauses (i) through (vii) of another Person and all
dividends of another Person the payment of which, in either case, such Person is
responsible or liable, directly or indirectly, as obligor, guarantor or
otherwise. The amount of any Indebtedness outstanding as of any date shall be
the accreted value thereof, in the case of any Indebtedness that does not
require current payments of interest.

         "Indenture" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of each particular series of Securities established
as contemplated by Section 3.01.

         "Interest Payment Date" means as to each series of Securities the
Stated Maturity of an installment of interest on such Securities.

         "Interest Rate" means the rate of interest specified or determined as
specified in each Security as being the rate of interest payable on such
Security.

         "Maturity" when used with respect to any Security means the date on
which the principal of such Security becomes due and payable as therein or
herein provided, whether at the Stated Maturity or by declaration of
acceleration, call for redemption or otherwise.

                                        4
<PAGE>

         "Notice of Default" has the meaning specified in Section 5.01(d).

         "Officers' Certificate" means a certificate signed by the Chairman,
President or a Vice President, and by the Treasurer, an Associate Treasurer, an
Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary of
the Company, and delivered to the Trustee.

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company.

         "Original Issue Date" means the date of issuance specified as such in
each Security.

         "Original Issue Discount Security" means any Security which provides
for an amount less than the principal amount thereof to be due and payable upon
a declaration of acceleration of the Maturity thereof pursuant to Section 5.02.

         "Outstanding" means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture, except:

                           (i)      securities theretofore canceled by the
Trustee or delivered to the Trustee for cancellation;

                           (ii)     securities for whose payment money in the
necessary amount has been theretofore deposited with the Trustee or any Paying
Agent in trust for the Holders of such Securities; and

                           (iii)    securities in substitution for or in lieu of
which other Securities have been authenticated and delivered or which have been
paid pursuant to Section 3.06, unless proof satisfactory to the Trustee is
presented that any such Securities are held by Holders in whose hands such
Securities are valid, binding and legal obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the
Company or such other obligor shall be disregarded and deemed not to be
outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Securities which a Responsible Officer of the Trustee
actually knows to be so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledge
establishes to the satisfaction of the Trustee the pledgee's right so to act
with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or such other
obligor. Upon request of the Trustee, the Company shall furnish to the Trustee
promptly an Officers' Certificate listing and identifying all Securities, if
any, known by the Company to be owned or held by or for the account of the
Company, or any other obligor on the Securities or any

                                        5
<PAGE>

Affiliate of the Company or such obligor, and, subject to the provisions of
Section 6.01, the Trustee shall be entitled to accept such Officers' Certificate
as conclusive evidence of the facts therein set forth and of the fact that all
Securities not listed therein are Outstanding for the purpose of any such
determination.

         "Paying Agent" means the Trustee or any Person authorized by the
Company to pay the principal of or interest on any Securities on behalf of the
Company.

         "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.

         "Place of Payment" means, with respect to the Securities of any series,
the place or places where the principal of (and premium, if any) and interest on
the Securities of such series are payable pursuant to this Indenture or such
Security.

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 3.06 in lieu of a lost, destroyed or
stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

         "Regular Record Date" for the interest payable on any Interest Payment
Date with respect to the Securities of a series means, the date, if any,
specified in or pursuant to this Indenture or such Security as the "Regular
Record Date".

         "Responsible Officer", when used with respect to the Trustee, means any
officer within the Corporate Trust Office of the Trustee, including any vice
president, any assistant vice president, any assistant secretary, the treasurer,
any assistant treasurer or other officer of the Corporate Trust Office of the
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of that officer's knowledge of and familiarity with the particular
subject.

         "Securities" or "Security" means any debt securities or debt security,
as the case may be, authenticated and delivered under this Indenture.

         "Securities Register" and "Securities Registrar" have the respective
meanings specified in Section 3.05.

         "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 3.07.

         "Stated Maturity" when used with respect to any Security or any
installment of principal thereof or interest thereon means the date specified in
this Indenture or such Security as the fixed date on which the principal of such
Security or such installment of interest is due and payable.

                                        6
<PAGE>

         "Subsidiary" means any corporation, partnership, limited liability
company or entity of which, at the time of determination, the Company owns or
controls directly or indirectly more than 50% of the outstanding shares of
Voting Stock.

         "Trust Indenture Act" means the Trust Indenture Act of 1939 (15 U.S.C.
Sections 77aaa-77bbb), as amended and as in effect on the date as of this
Indenture, except as provided in Section 9.05.

         "Trustee" means the Person named as the "Trustee" in the first
paragraph of this instrument until a successor Trustee shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Trustee" shall mean or include each Person who is then a Trustee hereunder and,
if at any time there is more than one such Person, "Trustee" as used with
respect to the Securities of any series shall mean the Trustee with respect to
Securities of that series.

         "Vice President" when used with respect to the Company, means any vice
president, whether or not designated by a number or a word or words added before
or after the title "vice president".

         "Voting Stock" means stock of any class or classes having general
voting power under ordinary circumstances to elect a majority of the board of
directors, managers or trustees of the entity in question, provided that, for
the purposes hereof, stock which carries only the right to vote conditionally on
the happening of an event shall not be considered Voting Stock whether or not
such event shall have happened.

         Section 1.02.     Compliance Certificate and Opinions.

         Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee an Officers' Certificate stating that all conditions precedent
(including covenants, compliance with which constitutes a condition precedent),
if any, provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent (including covenants compliance with which
constitute a condition precedent), if any, have been complied with, except that
in the case of any such application or request as to which the furnishing of
such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than the
certificates provided pursuant to Section 10.05) shall include:

                  (a)      a statement that each individual signing such
certificate or opinion has read such covenant or condition and the definitions
herein relating thereto;

                                        7
<PAGE>

                  (b)      a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based;

                  (c)      a statement that, in the opinion of each such
individual, he or she has made such examination or investigation as in his or
her reasonable judgment is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been complied with;
and

                  (d)      a statement as to whether, in the opinion of each
such individual, such condition or covenant has been complied with.

         Section 1.03.     Forms of Documents Delivered to Trustee.

         In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

         Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon an Opinion of Counsel unless such
officer knows, or in the exercise of reasonable care should know, that the
Opinion of Counsel with respect to matters upon which his or her certificate or
opinion is based are erroneous. Any such certificate or Opinion of Counsel may
be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Company stating
that the information with respect to such factual matters is in the possession
of the Company, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         Section 1.04.     Acts of Holders.

                  (a)      Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
to or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
is or are delivered to the Trustee, and, where it is hereby expressly required,
to the Company. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of

                                        8
<PAGE>

this Indenture and (subject to conclusive in favor of the Trustee and the
Company and any agent of the Trustee or the Company, if made in the manner
provided in this Section.

                  (b)      The fact and date of the execution by any Person of
any such instrument or writing may be proved by the affidavit of a witness of
such execution or by the certificate of any notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him or her the
execution thereof. Where such execution is by a Person acting in other than his
or her individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his or her authority.

                  (c)      The fact and date of the execution by any Person of
any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems sufficient
and in accordance with such reasonable rules as the Trustee may determine.

                  (d)      The ownership of Securities shall be proved by the
Securities Register.

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

                  (f)      The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to take any
action under this Indenture by vote or consent. Except as otherwise provided
herein, such record date shall be the later of 30 days prior to the first
solicitation of such consent or vote or the date of the most recent list of
Holders furnished to the Trustee pursuant to Section 7.01 prior to such
solicitation. If a record date is fixed, those persons who were Holders at such
record date (or their duly designated proxies), and only those persons, shall be
entitled to take such action by vote or consent or to revoke any vote or consent
previously given, whether or not such persons continue to be Holders after such
record date; provided, however, that unless such vote or consent is obtained
from the Holders (or their duly designated proxies) of the requisite principal
amount of Outstanding Securities prior to the date which is the 120th day after
such record date, any such vote or consent previously given shall automatically
and without further action by any Holder be canceled and of no further effect.

         Section 1.05.     Notices, etc., to Trustee and Company.

         Any request, demand, authorization, direction, notice, consent, waiver
or Act of Holders or other document provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with, the Trustee by any Holder or
by the Company shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to

                                         9
<PAGE>

or with the Trustee at its Corporate Trust office; or the Company by the Trustee
or by any Holder shall be sufficient for every purpose (except as otherwise
provided in Section 5.01 hereof) hereunder if in writing and mailed, first
class, postage prepaid, to the Company addressed to it at the address of its
principal office specified in the first paragraph of this instrument or at any
other address previously furnished in writing to the Trustee by the Company.

         Section 1.06.     Notice to Holders; Waiver.

         Where this Indenture provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first class postage prepaid, to each Holder affected
by such event, at the address of such Holder as it appears in the Securities
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to
Holders is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders. Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee upon its receipt thereof, but such filing shall
not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

         In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by mail,
then such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder.

         Section 1.07.     Conflict with Trust Indenture Act.

         If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by any required provision of the Trust Indenture Act through
operation of Section 318(c) thereof, such imposed duties shall control.

         Section 1.08.     Effect of Headings and Table of Contents.

         The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

         Section 1.09.     Successors and Assigns.

         All covenants and agreements in this Indenture by the Company shall
bind its successors and assigns, whether so expressed or not.

                                       10
<PAGE>

         Section 1.10.     Separability Clause.

         In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

         Section 1.11.     Benefits of Indenture.

         Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto, any Paying Agent and
their successors and assigns and the Holders of the Securities, any benefit or
any legal or equitable right, remedy or claim under this Indenture.

         Section 1.12.     Governing Law.

         This Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of New York, except as may otherwise be
required by mandatory provisions of law.

         Section 1.13.     Nonbusiness Days.

         In any case where any Interest Payment Date or Stated Maturity of any
Security shall not be a Business Day, then (notwithstanding any other provision
of this Indenture or the Securities) payment of interest or principal need not
be made on such date, but may be made on the next succeeding Business Day with
the same force and effect as if made on the Interest Payment Date or at the
Stated Maturity, except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business
Day, in each case with the same force and effect as if made on such date, and no
interest shall accrue for the period from and after such Interest Payment Date
or Stated Maturity, as the case may be, until the next succeeding Business Day.

         Section 1.14.     No Security Interest Created.

         Nothing in this Indenture or in any Security, express or implied, shall
be construed to constitute a security interest under the Uniform Commercial Code
or similar legislation, as now or hereafter enacted and in effect in any
jurisdiction where property of the Company or its Subsidiaries is or may be
located.

         Section 1.15.     Limitation on Individual Liability.

         No recourse under or upon any obligation, covenant or agreement
contained in this Indenture or in any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any incorporator, officer
or director, as such, past, present or future, of the Company, either directly
or through the Company, whether by virtue of any constitution, statute or rule
of law, or by the enforcement of any assessment or penalty or otherwise; it
being expressly understood that this Indenture and the obligations issued
hereunder are solely corporate obligations, and that no such personal liability
whatever shall attach to, or is or shall be incurred by, the incorporators,
shareholders, officers or

                                       11
<PAGE>

directors, as such, of the Company, or any of them, because of the creation of
the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any Security or
implied therefrom; and that any and all such personal liability of every name
and nature, either at common law or in equity or by constitution or statute, of,
and any and all such rights and claims against, every such incorporator,
shareholder, officer or director, as such, because of the creation of the
indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any Security or
implied therefrom, are hereby expressly waived and released as a condition of,
and as a consideration for, the execution of this Indenture and the issuance of
such Security.

                                   ARTICLE II
                                 SECURITY FORMS

         Section 2.01.     Forms Generally.

         The definitive Securities of each series shall be in substantially such
form or forms as shall be established pursuant to Section 3.01, with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon as
the Company may deem appropriate and as are not contrary to the provisions of
this Indenture or any supplemental indenture, or as may be required to comply
with the rules of any securities exchange or of any automated quotation or
book-entry system, or to conform to usage, all as may be determined by the
officers executing such Securities, as evidenced by their execution of the
Securities.

         The Securities of each series shall be issuable in registered form
without coupons. The definitive Securities shall be produced in such manner as
shall be determined by the officers executing such Securities, as evidenced by
their execution thereof.

         Section 2.02.     Form of Trustee's Certificate of Authentication.

         The Trustee's certificate of authentication shall be in substantially
the form set forth below:

         This is one of the Securities referred to in the within-mentioned
Indenture.

                                             Dated:
                                                _______________________________,
                                                as Trustee,

                                             By:________________________________
                                                Authorized Signatory

                                       12
<PAGE>

         Section 2.03.     Securities in Global Form.

         Unless otherwise provided in or pursuant to this Indenture or any
Securities, the Securities shall not be issuable in temporary or permanent
global form. If Securities of a series shall be issuable in global form, any
such Security may provide that it or any number of such Securities shall
represent the aggregate amount of all Outstanding Securities of such series (or
such lesser amount as is permitted by the terms thereof) from time to time
endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities represented thereby may from time to time be increased or reduced to
reflect exchanges. Any endorsement of any Security in global form to reflect the
amount, or any increase or decrease in the amount, or changes in the rights of
Holders, of Outstanding Securities represented thereby shall be made in such
manner and by such Person or Persons as shall be specified therein or in the
Company Order to be delivered pursuant to Section 3.03 or 3.04 with respect
thereto. Subject to the provisions of Section 3.03 and, if applicable, Section
3.04, the Trustee shall deliver and redeliver, in each case at the Company's
expense, any Security in permanent global form in the manner and upon
instructions given by the Person or Persons specified therein or in the
applicable Company Order. If a Company Order pursuant to Section 3.03 or 3.04
has been, or simultaneously is, delivered, any instructions by the Company with
respect to a Security in global form shall be in writing but need not be
accompanied by or contained in an Officers' Certificate and need not be
accompanied by an Opinion of Counsel.

         Notwithstanding the provisions of Section 3.07, unless otherwise
specified in or pursuant to this Indenture or any Security, payment of principal
of, any premium and interest on, and any Additional Amounts in respect of, any
Security in temporary or permanent global form shall be made to the Person or
Persons specified therein.

                                   ARTICLE III
                                 THE SECURITIES

         Section 3.01.     Amount Unlimited; Issuable in Series.

         The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited.

         The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of a series:

                  (a)      the title or designation of the securities of such
series, which shall distinguish the Securities of the series from all other
Securities;

                  (b)      the limit, if any, upon the aggregate principal
amount of the Securities of such series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.04, 3.05,

                                       13
<PAGE>

3.06, 9.06 or 11.06); provided, however, that the authorized aggregate principal
amount of such series may be increased above such amount by a Board Resolution
to such effect;

                  (c)      the Stated Maturity or Maturities on which the
principal of the Securities of such series is payable or the method of
determination thereof;

                  (d)      the rate or rates, if any, at which the Securities of
such series shall bear interest, the Interest Payment Dates on which such
interest shall be payable, the right, if any, of the Company to defer or extend
an Interest Payment Date and the minimum length of any such deferral period, and
the Regular Record Date for the interest payable on any Interest Payment Date or
the method by which any of the foregoing shall be determined;

                  (e)      the place or places where the principal of (and
premium, if any) and interest on the Securities of such series shall be payable,
the place or places where the Securities of such series may be presented for
registration of transfer or exchange, and the place or places where notices and
demands to or upon the Company in respect of the Securities of such series may
be made;

                  (f)      the period or periods within or the date or dates on
which, if any, the price or prices at which and the terms and conditions upon
which the Securities of such series may be redeemed, in whole or in part, at the
option of the Company, pursuant to any sinking fund or otherwise;

                  (g)      the obligation or the right, if any, of the Company
to redeem, repay or purchase the Securities of such series pursuant to any
sinking fund, amortization or analogous provisions or at the option of a Holder
thereof and the period or periods within which, the price or prices at which,
the currency or currencies (including currency unit or units) in which and the
other terms and conditions upon which Securities of the series shall be
redeemed, repaid or purchased, in whole or in part, pursuant to such obligation;

                  (h)      the denominations in which any Securities of such
series shall be issuable, if other than denominations of $1,000 and any integral
multiple thereof;

                  (i)      if other than Dollars, the currency or currencies
(including currency unit or units) in which the principal of (and premium, if
any) and interest, if any, on the Securities of the series shall be payable, or
in which the Securities of the series shall be denominated;

                  (j)      the additions, modifications or deletions, if any, in
the Events of Default or covenants of the Company set forth herein with respect
to the Securities of such series, whether or not such Events of Default or
covenants are consistent with the Events of Default or covenants set forth
therein;

                  (k)      if other than the principal amount thereof, the
portion of the principal amount of Securities of such series that shall be
payable upon declaration of acceleration of the Maturity thereof;

                                       14
<PAGE>

                  (l)      the additions or changes, if any, to this Indenture
with respect to the Securities of such series as shall be necessary to permit or
facilitate the issuance of the Securities of such series in bearer form,
registrable or not registrable as to principal, and with or without interest
coupons;

                  (m)      any index or indices used to determine the amount of
payments of principal of and premium, if any, on the Securities of such series
or the manner in which such amounts will be determined;

                  (n)      the issuance of a temporary Global Security
representing all of the Securities of such series and exchange of such temporary
Global Security for definitive Securities of such series;

                  (o)      whether the Securities of the series shall be issued
in whole or in part in the form of one or more Global Securities and, in such
case, the Depositary for such Global Securities, which Depositary shall be a
clearing agency registered under the Securities Exchange Act of 1934 as amended;

                  (p)      the appointment of any Paying Agent or Agents for the
Securities of such series;

                  (q)      whether the Securities of the series will be
convertible into other securities of the Company and/or exchangeable for
securities of another issuer, and if so, the terms and conditions upon which
such Securities will be so convertible or exchangeable, and any deletions from
or modifications or additions to this Indenture to permit or to facilitate the
issuance of such convertible or exchangeable Securities or the administration
thereof; and

                  (r)      any other terms of the Securities of such series and
any other deletion from or modifications or additions to this Indenture in
respect of such Securities of such series.

         All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided herein or in
or pursuant to such Board Resolution and set forth in such Officers' Certificate
or in any such indenture supplemental hereto. The terms of the Securities of any
series may provide, without limitation, that the Securities shall be
authenticated and delivered by the Trustee on original issue from time to time
upon written order of persons designated in the Officers' Certificate or
supplemental indenture and that such persons are authorized to determine,
consistent with such Officers' Certificate or any applicable supplemental
indenture, such terms and conditions of the Securities of such series as are
specified in such Officers' Certificate or supplemental indenture. All
Securities of any one series need not be issued at the same time and, unless
otherwise so provided, a series may be reopened for issuances of additional
Securities of such series or to establish additional terms of such series of
Securities.

         If any of the terms of the series are established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action
shall be certified by the

                                       15
<PAGE>

Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Officers' Certificate setting forth the terms
of the series.

         Section 3.02.     Denominations.

         Unless otherwise provided for in or pursuant to the Indenture, the
principal amount of, and any premium and interest on the Securities shall be
payable in Dollars. The Securities of each series shall be in registered form
without coupons and shall be issuable in denominations of $1,000 and any
integral multiple thereof, unless otherwise specified as contemplated by Section
3.01. Securities not denominated in Dollars shall be issuable in such
denominations as are established with respect to such Securities in or pursuant
to this Indenture.

         Section 3.03.     Execution, Authentication, Delivery and Dating.

         The Securities shall be executed on behalf of the Company by its
President or one of its Vice Presidents under its corporate seal reproduced or
impressed thereon and attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Securities may be
manual or facsimile.

         Securities bearing the manual or facsimile signatures of individuals
who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not
hold such offices at the date of such Securities. At any time and from time to
time after the execution and delivery of this Indenture, the Company may deliver
Securities executed by the Company to the Trustee for authentication. Securities
may be authenticated on original issuance from time to time and delivered
pursuant to such procedures acceptable to the Trustee ("Procedures") as may be
specified from time to time by Company Order. Procedures may authorize
authentication and delivery pursuant to written or electronic instructions of
the Company or a duly authorized agent.

         Prior to the delivery of a Security in any such form to the Trustee for
authentication, the Company shall deliver to the Trustee the following:

                  (a)      a Company Order requesting the Trustee's
authentication and delivery of all or a portion of the Securities of such
series, and, if less than all, setting forth procedures for such authentication;

                  (b)      the Board Resolution by or pursuant to which such
form of Security has been approved, and the Board Resolution, if any, by or
pursuant to which the terms of the Securities of such series have been approved,
and, if pursuant to a Board Resolution, an Officers' Certificate describing the
action taken;

                  (c)      an Officers' Certificate dated the date such
certificate is delivered to the Trustee, stating that all conditions precedent
provided for in this Indenture relating to the authentication and delivery of
Securities in such form and with such terms have been complied with; and

                                       16
<PAGE>

                  (d)      an Opinion of Counsel stating that (i) the form of
such Securities has been duly authorized and approved in conformity with the
provisions of this Indenture; (ii) the terms of such Securities have been duly
authorized and determined in conformity with the provisions of this Indenture,
or, if such terms are to be determined pursuant to Procedures, when so
determined such terms shall have been duly authorized and determined in
conformity with the provisions of this Indenture; and (iii) Securities in such
form when completed by appropriate insertions and executed and delivered by the
Company to the Trustee for authentication in accordance with this Indenture,
authenticated and delivered by the Trustee in accordance with this Indenture
within the authorization as to aggregate principal amount established from time
to time by the Board of Directors and sold in the manner specified in such
Opinion of Counsel, will be the legal, valid and binding obligations of the
Company entitled to the benefits of this Indenture, subject to applicable
bankruptcy, reorganization, insolvency and similar laws generally affecting
creditors' rights, and subject to general equitable principles except as
enforcement thereof may be limited by (A) requirements that a claim with respect
to any Securities denominated other than in Dollars (or a Foreign Currency or
currency unit judgment in respect of such claim) be converted into Dollars at a
rate of exchange prevailing on a date determined pursuant to applicable law or
(B) governmental authority to limit, delay or prohibit the making of payments in
Foreign Currencies or currency units or payments outside the United States and
subject to such other qualifications as such counsel shall conclude do not
materially affect the rights of Holders of such Securities.

         If all the Securities of any series are not to be issued at one time,
it shall not be necessary to deliver an Opinion of Counsel and an Officers'
Certificate at the time of issuance of each Security, but such opinion and
certificate, with appropriate modifications, shall be delivered at or before the
time of issuance of the first Security of such series. After any such first
delivery, any separate written request by an Authorized Officer of the Company
or any person designated in writing by an Authorized Officer that the Trustee
authenticate and deliver Securities of such series for original issue will be
deemed to be a certification by the Company that all conditions precedent
provided for in this Indenture relating to authentication and delivery of such
Securities continue to have been complied with and that no Event of Default with
respect to any of the Securities has occurred or is continuing. The Trustee
shall have the right to decline to authenticate and deliver any Securities under
this Section if the Trustee, being advised in writing by counsel, determines
within a reasonable amount of time that such action may not lawfully be taken or
if the Trustee in good faith determines within a reasonable amount of time that
such action would expose the Trustee to personal liability to existing Holders.

         Each Security shall be dated the date of its authentication.

         No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by the manual signature of one of its authorized
signatories, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder.

                                       17
<PAGE>

         Section 3.04.     Temporary Securities.

         Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any denomination, substantially of the
tenor of the definitive Securities of such series in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as evidenced
by their execution of such Securities. Such temporary Securities may be in
global form.

         Except in the case of temporary Securities in global form, which shall
be exchanged in accordance with the provisions thereof, if temporary Securities
of any series are issued, the Company will cause definitive Securities of such
series to be prepared without unreasonable delay. After the preparation of
definitive Securities, the temporary Securities shall be exchangeable for
definitive Securities upon surrender of the temporary Securities at the office
or agency of the Company designated for that purpose without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities,
the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like principal amount of definitive Securities of the same
series of authorized denominations having the same Original Issue Date and
Stated Maturity and having the same terms as such temporary Securities. Until so
exchanged, the temporary Securities shall in all respects be entitled to the
same benefits under this Indenture as definitive Securities.

         Section 3.05.     Registration, Transfer and Exchange.

         The Company shall cause to be kept at the Corporate Trust Office of the
Trustee a register in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. Such register is herein sometimes referred to as the
"Securities Register". The Trustee is hereby appointed "Securities Registrar"
for the purpose of registering Securities and transfers of Securities as herein
provided. The Company shall have the right to remove and replace from time to
time the Security Registrar for any series of Securities; provided that no such
removal or replacement shall be effective until a successor Security Registrar
with respect to such series of Securities shall have been appointed by the
Company and shall have accepted such appointment by the Company. In the event
that the Trustee shall not be or shall cease to be Security Registrar with
respect to a series of Securities, it shall have the right to examine the
Security Register for such series at all reasonable times. There shall be only
one Security Register for each series of Securities.

         Upon surrender for registration of transfer of any Security at the
office or agency of the Company designated for that purpose, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of the same
series of any authorized denominations, of a like aggregate principal amount, of
the same Original Issue Date and Stated Maturity and having the same terms.

                                       18
<PAGE>

         At the option of the Holder, Securities may be exchanged for other
Securities of the same series of any authorized denominations, of a like
aggregate principal amount, of the same Original Issue Date and Stated Maturity
and having the same terms, upon surrender of the Securities to be exchanged at
such office or agency. Whenever any securities are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive.

         All Securities issued upon any transfer or exchange of Securities shall
be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Securities surrendered upon
such transfer or exchange.

         Every Security presented or surrendered for transfer or exchange shall
(if so required by the Company or the Securities Registrar) be duly endorsed, or
be accompanied by a written instrument of transfer in form satisfactory to the
Company and the Securities Registrar, duly executed by the Holder thereof or his
or her attorney duly authorized in writing.

         No service charge shall be made to a Holder for any transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of Securities.

         Notwithstanding any of the foregoing, any Global Security of a series
shall be exchangeable pursuant to this Section 3.05 for Securities registered in
the names of Persons other than the Depositary for such Security or its nominee
only if (i) such Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for such Global Security or if at any time such
Depositary ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, and a successor Depositary registered as a
clearing agency under the Securities Exchange Act of 1934, as amended, is not
appointed by the Company within 90 days of such notice, (ii) the Company
executes and delivers to the Trustee a Company Order that such Global Security
shall be so exchangeable or (iii) there shall have occurred and be continuing an
Event of Default with respect to the Securities of such series. Any Global
Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Securities registered in such names as such Depositary shall
direct.

         Notwithstanding any other provision in this Indenture, a Global
Security may not be transferred except as a whole by the Depositary with respect
to such Global Security to a nominee of such Depositary or by a nominee of such
Depositary to such Depositary or another nominee of such Depositary.

         Neither the Company nor the Trustee shall be required, pursuant to the
provisions of this Section, (a) to issue, transfer or exchange any Security of
any series during a period beginning at the opening of 15 business days before
the day of selection for redemption of Securities pursuant to Article XI and
ending at the close of business on the day of mailing of notice of redemption or
(b) to transfer or exchange any Security so

                                       19
<PAGE>

selected for redemption in whole or in part, except, in the case of any Security
to be redeemed in part, any portion thereof not to be redeemed.

         Section 3.06.     Mutilated, Destroyed, Lost and Stolen Securities.

         If any mutilated Security is surrendered to the Trustee together with
such security or indemnity as may be required by the Company or the Trustee to
save each of them harmless, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same issue
and series of like tenor and principal amount, having the same Original Issue
Date and Stated Maturity and bearing the same Interest Rate as such mutilated
Security, and bearing a number not contemporaneously outstanding.

         If there be delivered to the Company and to the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the issuing Company shall
execute and upon its request the Trustee shall authenticate and deliver, in lieu
of any such destroyed, lost or stolen Security, a new Security of the same issue
and series of like tenor and principal amount, having the same Original Issue
Date and Stated Maturity and bearing the same Interest Rate as such destroyed,
lost or stolen Security, and bearing a number not contemporaneously outstanding.

         In case any such mutilated, destroyed, lost or stolen Security has
become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security.

         Upon the issuance of any new Security under this Section, the Company
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) connected therewith.

         Every new Security issued pursuant to this Section in lieu of any
destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or
stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities duly issued hereunder.

         The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

         Section 3.07.     Payment of Interest; Interest Rights Preserved.

         Interest on any Security of any series which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date, shall be
paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of

                                       20
<PAGE>

business on the Regular Record Date for such interest in respect of Securities
of such series, except that, unless otherwise provided in the Securities of such
series, interest payable on the Stated Maturity of a Security shall be paid to
the Person to whom principal is paid. The initial payment of interest on any
Security of any series which is issued between a Regular Record Date and the
related Interest Payment Date shall be payable as provided in such Security or
in the Board Resolution pursuant to Section 3.01 with respect to the related
series of Securities.

         Any interest on any Security which is payable, but is not timely paid
or duly provided for, on any Interest Payment Date for Securities of such series
(herein called "Defaulted Interest"), shall forthwith cease to be payable to the
registered Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company, at its
election in each case, as provided in clause (a) or (b) below.

                  (a)      The Company may elect to make payment of any
Defaulted Interest to the Persons in whose names the Securities of such series
in respect of which interest is in default (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest, which shall be fixed in the following
manner: The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Security and the date of the
proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Trustee
shall fix a Special Record Date for the payment of such Defaulted Interest which
shall be not more than 15 days and not less than 10 days prior to the date of
the proposed payment and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first class, postage prepaid,
to each Holder of a Security of such series at the address of such Holder as it
appears in the Securities Register not less than 10 days prior to such Special
Record Date. The Trustee may, in its discretion, in the name and at the expense
of the Company, cause a similar notice to be published at least once in a
newspaper, customarily published in the English language on each Business Day
and of general circulation in the City of New York, New York, but such
publication shall not be a condition precedent to the establishment of such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names the Securities of
such series (or their respective Predecessor Securities) are registered on such
Special Record Date and shall no longer be payable pursuant to the following
clause (b).

                  (b)      The Company may make payment of any Defaulted
Interest in any other lawful manner not inconsistent with the requirements of
any securities exchange on

                                       21

<PAGE>

which the Securities of the series in respect of which interest is in default
may be listed and, upon such notice as may be required by such exchange (or by
the Trustee if the Securities are not listed), if, after notice given by the
Company to the Trustee of the proposed payment pursuant to this clause, such
payment shall be deemed practicable by the Trustee.

         Unless otherwise provided in or pursuant to this Indenture or the
Securities of any particular series pursuant to the provisions of this
Indenture, at the option of the Company, interest on Securities that bear
interest may be paid by mailing a check to the address of the Person entitled
thereto as such address shall appear in the Security Register or by transfer to
an account maintained by the payee with a bank located in the United States.

         Subject to the foregoing provisions of this Section, each Security
delivered under this Indenture upon transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Security.

         In the case of any Security of any series that is convertible into
other securities of the Company or exchangeable for securities of another
issuer, which Security is converted or exchanged after any Regular Record Date
and on or prior to the next succeeding Interest Payment Date (other than any
Security with respect to which the Stated Maturity is prior to such Interest
Payment Date), interest with respect to which the Stated Maturity is on such
Interest Payment Date shall be payable on such Interest Payment Date
notwithstanding such conversion or exchange, and such interest (whether or not
punctually paid or duly provided for) shall be paid to the Person in whose name
that Security (or one or more predecessor Securities) is registered at the close
of business on such Regular Record Date. Except as otherwise expressly provided
in the immediately preceding sentence, in the case of any Security which is
converted or exchanged, interest with respect to which the Stated Maturity is
after the date of conversion or exchange of such Security shall not be payable.

         Section 3.08.     Persons Deemed Owners.

         The Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name any Security is registered as the owner of
such Security for the purpose of receiving payment of principal of and (subject
to Section 3.07) interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company,
the Trustee nor any agent of the Company or the Trustee shall be affected by
notice to the contrary.

         No Holder of any beneficial interest in any Global Security held on its
behalf by a Depositary shall have any rights under this Indenture with respect
to such Global Security, and such Depositary may be treated by the Company, the
Trustee and any agent of the Company or the Trustee as the owner of such Global
Security for all purposes whatsoever. None of the Company, the Trustee, any
Paying Agent or the Security Registrar will have any responsibility or liability
for any aspect of the records relating to

                                       22

<PAGE>

or payments made on account of beneficial ownership interests of a Global
Security or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.

         Section 3.09.     Cancellation.

         All Securities surrendered for payment, redemption, transfer or
exchange shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee, and any such Securities and Securities surrendered
directly to the Trustee for any such purpose shall be promptly canceled by it.
The Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Securities so delivered
shall be promptly canceled by the Trustee. No Securities shall be authenticated
in lieu of or in exchange for any Securities canceled as provided in this
Section, except as expressly permitted by this Indenture. All canceled
Securities shall be destroyed or otherwise disposed of by the Trustee in
accordance with its usual practices and the Trustee shall, upon request, deliver
to the Company a certificate of such destruction.

         Section 3.10.     Computation of Interest.

          Except as otherwise specified as contemplated by Section 3.01 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a year of twelve 30-day months and, with respect to any
period less than a full calendar month, on the basis of the actual number of
days elapsed during such period in relation to the deemed 30 days of such month.

         Section 3.11.     CUSIP Numbers.

         The Company in issuing the Securities may use "CUSIP" numbers (if then
generally in use) and, if so, the Trustee shall use "CUSIP" numbers in notices
of redemption as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Company will promptly notify
the Trustee of any change in the CUSIP numbers.

                                   ARTICLE IV
                           SATISFACTION AND DISCHARGE

         Section 4.01.     Satisfaction and Discharge of Indenture.

         (1) This Indenture shall cease to be of further effect (except as to
(i) any surviving rights of transfer, substitution and exchange of Securities,
(ii) rights hereunder of Holders to receive payments of principal of (and
premium, if any) and interest on the Securities and other rights, duties and
obligations of the Holders as beneficiaries hereof with respect to the amounts,
if any, so deposited with the Trustee and (iii) the rights and obligations of
the Trustee hereunder), and the Trustee, upon a Company Request specifying such
action

                                       23

<PAGE>

to be taken and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when (a) either (i)
all Securities theretofore authenticated and delivered (other than (A)
Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 3.06 and (B) Securities for whose
payment money has theretofore been deposited in trust or segregated and held in
trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.03) have been delivered to the Trustee for
cancellation; or (ii) all such Securities not theretofore delivered to the
Trustee for cancellation (x) have become due and payable, or (y) will become due
and payable at their Stated Maturity (or scheduled for redemption) within one
year of the date of deposit, and the Company, in the case of (x) or (y) above,
has deposited or caused to be deposited with the Trustee as trust funds in trust
for such purpose an amount in the currency or currencies in which the Securities
of such series are payable sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal (and premium, if any) and interest to the date of
such deposit (in the case of Securities which have become due and payable) or to
the Stated Maturity; (b) the Company has paid or caused to be paid all other
sums payable hereunder by the Company (including any amounts due to the Trustee
in respect of its compensation and expense reimbursement); and (c) the Company
has delivered to the Trustee a Company Request specifying such action to be
taken and an Officers' Certificate and an Opinion of Counsel each stating that
all conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with.

         (2) Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company to the Trustee under Section 6.07 and, if money
shall have been deposited with the Trustee pursuant to this Section, the
obligations of the Trustee under Section 4.02 and the last paragraph of Section
10.03 shall survive.

         Section 4.02.     Application of Trust Money.

         Subject to the provisions of the last paragraph of Section 10.03, all
money deposited with the Trustee pursuant to Section 4.01 or money or Government
Obligations deposited with the Trustee pursuant to Section 4.03, or received by
the Trustee in respect of Government Obligations deposited with the Trustee
pursuant to Section 4.03, shall be held in trust and applied by it, in
accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for whose
payment such money or obligations have been deposited with or received by the
Trustee; provided, however, such moneys need not be segregated from other funds
except to the extent required by law.

                                       24

<PAGE>

         Section 4.03.     Applicability of Defeasance Provisions; Company's
Option to Effect Defeasance or Covenant Defeasance.

         If pursuant to Section 3.01 provision is made for either or both of (i)
defeasance of the Securities of any series under Section 4.04 or (ii) covenant
defeasance of the Securities of any series under Section 4.05, then the
provisions of such Section or Sections, as the case may be, together with the
provisions of Sections 4.06 through 4.09 inclusive, with such modifications
thereto as may be specified pursuant to Section 3.01 with respect to any
Securities, shall be applicable to such Securities, and the Company may at its
option by or pursuant to Board Resolution, at any time, with respect to such
Securities, elect to have Section 4.04 (if applicable) or Section 4.05 (if
applicable) be applied to such Outstanding Securities upon compliance with the
conditions set forth below in this Article IV.

         Section 4.04.     Defeasance and Discharge.

         Upon the Company's exercise of the option specified in Section 4.03
applicable to this Section with respect to the Securities of any series, the
Company shall be deemed to have been discharged from its obligations with
respect to such Securities on and after the date the conditions set forth in
Section 4.06 are satisfied (hereinafter "defeasance"). For this purpose, such
defeasance means that the Company shall be deemed to have paid and discharged
the entire indebtedness represented by such Securities which shall thereafter be
deemed to be "Outstanding" only for the purposes of Section 4.07 and the other
Sections of this Indenture referred to in clause (ii) of this Section, and to
have satisfied all its other obligations under such Securities and this
Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Company, shall on a Company Order execute proper instruments
acknowledging the same), except the following which shall survive until
otherwise terminated or discharged hereunder: (i) the rights of Holders of such
Securities to receive, solely from the trust funds described in Section 4.06(a)
and as more fully set forth in such Section, payments in respect of the
principal of, premium, if any, and interest, if any, on such Securities when
such payments are due; (ii) the Company's obligations with respect to such
Securities under Sections 3.05, 3.06, 10.02 and 10.03 and with respect to the
payment of additional amounts, if any, payable with respect to such Securities
as specified pursuant to Section 3.01; (iii) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and (iv) this Article IV. Subject to
compliance with this Article IV, the Company may exercise its option under this
Section notwithstanding the prior exercise of its option under Section 4.05 with
respect to such Securities. Following a defeasance, payment of such Securities
may not be accelerated because of an Event of Default.

         Section 4.05.     Covenant Defeasance.

         Upon the Company's exercise of the option specified in Section 4.03
applicable to this Section with respect to any Securities of any series, the
Company shall be released from its obligations under Section 8.01 and, if
specified pursuant to Section 3.01, its obligations under any other covenant
with respect to such Securities on and after the date the conditions set forth
in Section 4.06 are satisfied (hereinafter, "covenant defeasance"),

                                       25

<PAGE>

and such Securities shall thereafter be deemed to be not "Outstanding" for the
purposes of any direction, waiver, consent or declaration or Act of Holders (and
the consequences of any thereof) in connection with Section 8.01 or such other
covenant, but shall continue to be deemed "Outstanding" for all other purposes
hereunder. For this purpose, such covenant defeasance means that, with respect
to such Securities, the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
Section or such other covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such Section or such other covenant or by
reason of reference in any such Section or such other covenant to any other
provision herein or in any other document and such omission to comply shall not
constitute a default or an Event of Default under Section 5.01(d) or 5.01(g) or
otherwise, as the case may be, but, except as specified above, the remainder of
this Indenture and such Securities shall be unaffected thereby.

         Section 4.06.     Conditions to Defeasance or Covenant Defeasance.

         The following shall be the conditions to application of Section 4.04 or
Section 4.05 to any Securities of a series:

                  (a)      The Company shall have deposited or caused to be
deposited irrevocably with the Trustee (or another Trustee satisfying the
requirements of Section 6.09 who shall agree to comply with, and shall be
entitled to the benefits of, the provisions of Sections 4.03 through 4.09
inclusive and the last paragraph of Section 10.03 applicable to the Trustee, for
purposes of such Sections also a "Trustee") as trust funds in trust for the
purpose of making the payments referred to in clauses (X) and (Y) of this
Section 4.06(a), specifically pledged as security for, and dedicated solely to,
the benefit of the Holders of such Securities, with instructions to the Trustee
as to the application thereof, (i) money in an amount (in such currency,
currencies or currency unit or units in which such Securities are then specified
as payable at maturity), or (ii) if Securities of such Series are not subject to
repayment at the option of Holders, Government Obligations which through the
payment of interest and principal in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment
referred to in clause (X) or (Y) of this Section 4.06(a), money in an amount or
(iii) a combination thereof in an amount sufficient, without reinvestment, in
the opinion of a nationally recognized firm of independent certified public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge, and which shall be applied by the Trustee to pay
and discharge, (X) the principal of, premium, if any, and interest, if any, on
Securities on the maturity (or redemption) of such principal or installment of
principal or interest and (Y) any mandatory sinking fund payments applicable to
such Securities on the day on which such payments are due and payable in
accordance with the terms of this Indenture and such Securities. Before such a
deposit the Company may make arrangements satisfactory to the Trustee for the
redemption of Securities at a future date or dates in accordance with Article XI
which shall be given effect in applying the foregoing.

                  (b)      Such defeasance or covenant defeasance shall not
result in a breach or violation of, or constitute a default or Event of Default
under, this Indenture or result

                                       26

<PAGE>

in a breach or violation of, or constitute a default under, any other material
agreement or instrument to which the Issuer is a party or by which it is bound.

                  (c)      In the case of an election under Section 4.04, the
Company shall have delivered to the Trustee an Officers' Certificate and an
Opinion of Counsel to the effect that (i) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)
since the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Securities will not
recognize income, gain or loss for Federal income tax purposes as a result of
such defeasance and will be subject to Federal income tax on the same amounts
and in the same manner and at the same times, as would have been the case if
such deposit, defeasance and discharge had not occurred.

                  (d)      In the case of an election under Section 4.05, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such Securities will not recognize income, gain or loss for
Federal income tax purposes as a result of such covenant defeasance and will be
subject to Federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such covenant defeasance had not
occurred.

                  (e)      The Company shall have delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance under Section 4.04 or the covenant
defeasance under Section 4.05 (as the case may be), including those contained in
this Section 4.06 other than the 90 day period specified in Section 4.06(g),
have been complied with.

                  (f)      This Company shall have delivered to the Trustee an
Officers' Certificate to the effect that neither such Securities nor any other
Securities of the same series, if then listed on any securities exchange, will
be delisted as a result of such deposit.

                  (g)      No event which is, or after notice or lapse of time
or both would become, an Event of Default with respect to such Securities or any
other Securities shall have occurred and be continuing at the time of such
deposit or, with regard to any such event specified in Sections 5.01(e) and (f),
at any time on or prior to the 90th day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until after such
90th day).

                  (h)      such defeasance or covenant defeasance shall not
result in the trust arising from such deposit constituting an investment company
within the meaning of the Investment Company Act of 1940 unless such trust shall
be registered under such Act or exempt from registration thereunder.

                  (i)      Such defeasance or covenant defeasance shall be
effected in compliance with any additional or substitute terms, conditions or
limitations which may be imposed on the Company in connection therewith as
contemplated by Section 3.01.

                                       27

<PAGE>

         Section 4.07.     Deposited Money and Government Obligations to be
Held in Trust.

         Subject to the provisions of the last paragraph of Section 10.03, all
money and Government Obligations (or other property as may be provided pursuant
to Section 3.01) (including the proceeds thereof) deposited with the Trustee
pursuant to Section 4.06 in respect of any Securities of any series shall be
held in trust and applied by the Trustee, in accordance with the provisions of
such Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own paying agent) as the
Trustee may determine, to the Holders of such Securities of all sums due and to
become due thereon in respect of principal, premium, if any, and interest, if
any, but such money need not be segregated from other funds except to the extent
required by law.

         Section 4.08.     Repayment to Company.

         The Trustee (or any paying agent) shall promptly pay to the Company
upon Company Order any excess money or securities held by them at any time.

         Section 4.09.     Indemnity For Government Obligations.

         The Company shall pay, and shall indemnify the Trustee against, any
tax, fee or other charge imposed on or assessed against Government Obligations
deposited pursuant to this Article IV or the principal and interest and any
other amount received on such Government Obligations.

         Section 4.10.     Reimbursement.

         If the Trustee or the paying agent is unable to apply any money in
accordance with this Article IV with respect to any Securities by reason of any
order or judgment of any court or government authority enjoining, restraining or
otherwise prohibiting such application, then the obligations under this
Indenture and such Securities from which the Company has been discharged or
released pursuant to Section 4.04 or 4.05 shall be revived and reinstated as
though no deposit had occurred pursuant to this Article IV with respect to such
Securities, until such time as the Trustee or paying agent is permitted to apply
all money held in trust pursuant to Section 4.07 with respect to such Securities
in accordance with this Article; provided, however, that if the Company makes
any payment of principal of or any premium or interest on any such Security
following such reinstatement of its obligations, the Company shall be subrogated
to the rights (if any) of the Holders of such Securities to receive such payment
from the money so held in trust.

                                   ARTICLE V
                                    REMEDIES

         Section 5.01.     Events of Default.

         "Event of Default", wherever used herein with respect to the Securities
of any series, means each one of the following events which shall have occurred
and be

                                       28
<PAGE>

continuing (whatever the 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), unless such event is specifically
deleted or modified in or pursuant to the supplemental indenture, Board
Resolution or Officers' Certificate establishing the terms of such series
pursuant to this Indenture:

                  (a)      default in the payment of all or any part of the
principal of (or premium, if any, on) any Security of that series when due,
either at its Maturity (or upon any redemption), by declaration or otherwise;

                  (b)      default in the payment of any interest upon any
Security of that series when it becomes due and payable, and continuance of such
default for a period of 30 days; provided, however that if the Company is
permitted by the terms of the Securities of the applicable series to defer the
payment in question, the date on which such payment is due and payable shall be
the date on which the Company is required to make payment following such
deferral, if such deferral has been elected pursuant to the terms of the
Securities of that series;

                  (c)      default in the payment of any sinking fund
installment as and when the same shall become due and payable by the terms of
the Securities of such series;

                  (d)      failure on the part of the Company duly to observe or
perform any other of the covenants or agreements on the part of the Company in
the Securities of such series (other than a covenant or agreement in respect of
the Securities of such series a default in the performance or breach of which is
elsewhere in this Section specifically dealt with or which has been expressly
included in this Indenture solely for the benefit of a series of Securities
other than such Series) for a period of 60 days after the date on which written
notice specifying such failure, stating that such notice is a "Notice of
Default" hereunder and demanding that the Company remedy the same, shall have
been given by registered or certified mail, return receipt requested, to the
Company by the Trustee, or to the Company and the Trustee by the holders of at
least 25% in aggregate principal amount of the Outstanding Securities of such
series; or

                  (e)      the entry of a decree or order by a court having
jurisdiction in the premises adjudging the Company a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law, or
appointing a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Company or of any substantial part of its property or
ordering the winding up or liquidation of its affairs, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive
days;

                  (f)      the institution by the Company of proceedings to be
adjudicated a bankrupt or insolvent, or the consent by it to the institution of
bankruptcy or insolvency proceedings against it, or the filing by it of a
petition or answer or consent seeking reorganization or relief under any
applicable Federal or State bankruptcy, insolvency,

                                       29

<PAGE>

reorganization or other similar law, or the consent by it to the filing of any
such petition or to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Company or of any
substantial part of its property, or the making by it of an assignment for the
benefit of creditors, or the admission by it in writing of its inability to pay
its debts generally as they become due and its willingness to be adjudicated a
bankrupt, or the taking of corporate action by the Company in furtherance of any
such action;

                  (g)      any other Event of Default with respect to that
Series, including an Event of Default provided in the supplemental indenture
under which such series of Securities is issued or in the form of Security for
such series.

         If an Event of Default described in clauses (a), (b), (c), (d) or (g)
occurs and is continuing, then, and in each and every such case, except for any
series of Securities the principal of which shall have already become due and
payable, either the Trustee or the Holders of not less than 25% in aggregate
principal amount of the Securities of such series then Outstanding hereunder by
notice in writing to the Company (and to the Trustee if given by
Securityholders), may declare the entire principal (or, if the Securities of any
such affected series are Original Issue Discount Securities, such portion of the
principal amount as may be specified in the terms of such series) of all
Securities of such series, and the interest accrued thereon, if any, to be due
and payable immediately, and upon any such declaration, the same shall become
immediately due and payable. If an Event of Default specified in clause (e) or
(f) occurs, all unpaid principal (or, if any Securities are Original Issue
Discount Securities, such portion of the principal as may be specified in the
terms thereof) of all the Securities then Outstanding, and interest accrued
thereon, if any, shall be due and payable immediately, without any declaration
or other act on the part of the Trustee or any Securityholder.

         Section 5.02.     Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default with respect to Securities of any series at the
time Outstanding occurs and is continuing, then and in every such case the
Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series may declare the principal amount (or, if
the Securities of that series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of that series)
of all the Securities of that series to be due and payable immediately, by a
notice in writing to the Company (and to the Trustee if given by Holders), and
upon any such declaration such principal amount (or specified amount) shall
become immediately due and payable.

         At any time after such a declaration of acceleration with respect to
Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article provided, the Holders of a majority in principal amount of the
Outstanding Securities of that series by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if:

                                       30

<PAGE>

                  (a)      the Company has paid or deposited with the Trustee a
sum sufficient to pay:

                           (i)     all overdue installments of interest on all
Securities of that series;

                           (ii)    the principal of (and premium, if any, on)
any Securities of that series which have become due otherwise than by such
declaration of acceleration and interest thereon at the rate borne by the
Securities;

                           (iii)   to the extent that payment of such interest
is lawful, interest upon overdue installments of interest at the rate borne by
the Securities;

                           (iv)    sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and

                  (b)      all Events of Default with respect to Securities of
that series, other than the nonpayment of the principal of Securities of that
series which has become due solely by such acceleration, have been cured or
waived as provided in Section 5.13.

         No such rescission shall affect any subsequent default or impair any
right consequent thereon. Upon receipt by the Trustee of written notice
declaring such an acceleration, or rescission and annulment thereof, with
respect to Securities of a series all or part of which is represented by a
Global Security, a record date shall be established for determining Holders of
Outstanding Securities of such series entitled to join in such notice, which
record date shall be at the close of business on the day the Trustee receives
such notice. The Holders on such record date, or their duly designated proxies,
and only such Persons, shall be entitled to join in such notice, whether or not
such Holders remain Holders after such record date; provided that, unless such
declaration of acceleration, or rescission and annulment, as the case may be,
shall have become effective by virtue of the requisite percentage having joined
in such notice prior to the day which is 60 days after such record date, such
notice of declaration of acceleration, or rescission and annulment, as the case
may be, shall automatically and without further action by any Holder be canceled
and of no further effect. Nothing in this paragraph shall prevent a Holder, or a
proxy of a Holder, from giving, after expiration of such 60-day period, a new
written notice of declaration of acceleration, or rescission and annulment
thereof, as the case may be, that is identical to a written notice which has
been canceled pursuant to the proviso to the preceding sentence, in which event
a new record date shall be established pursuant to the provisions of this
Section 5.02.

         Section 5.03.     Collection of Indebtedness and Suits for Enforcement
by Trustee.

         The Company covenants that if:

                  (a)      default is made in the payment of any installment of
interest on any Security when such interest becomes due and payable and such
default continues for a period of 30 days; or

                                       31

<PAGE>

                  (b)      default is made in the payment of the principal of
(and premium, if any, on) any Security at the Maturity thereof;

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal, including any sinking fund payment or analogous
obligations (and premium, if any) and interest, including, to the extent that
payment of such interest shall be lawful, interest on any overdue principal (and
premium if any) and on any overdue installments of interest at the rate borne by
the Securities; and, in addition thereto, all amounts owing the Trustee under
Section 6.07.

         If the Company fails to pay such amounts forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon the Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon the Securities, wherever
situated.

         If an Event of Default with respect to Securities of any series occurs
and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such series by
such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy.

         Section 5.04.     Trustee May File Proofs of Claim.

         In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors;

                  (a)      the Trustee (irrespective of whether the principal of
the Securities of any series shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand on the Company for the payment of overdue principal (and
premium, if any) or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

                           (i)     to file and prove a claim for the whole
amount of principal (and premium, if any) and interest owing and unpaid in
respect to the Securities and to file such other papers or documents as may be
necessary or advisable and to take any and all actions as are authorized under
the Trust Indenture Act in order to have the claims of the Holders and any
predecessor to the Trustee under Section 6.07 and of the Holders allowed in any
such judicial proceedings;

                                       32
<PAGE>

                           (ii)    and in particular, the Trustee shall be
authorized to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same in accordance with
Section 5.06; and

                  (b)      any custodian, receiver, assignee, trustee,
liquidator, sequestrator (or other similar official) in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee for distribution in accordance with Section 5.06, and in the event that
the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it and any predecessor Trustee
under Section 6.07.

         Nothing herein contained shall be deemed to authorize or require the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof, or to authorize or require the
Trustee to vote in respect of the claim of any Holder in any such proceeding.

         Section 5.05.     Trustee May Enforce Claim Without Possession of
Securities.

         All rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of all the amounts owing the Trustee and any
predecessor Trustee under Section 6.07, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.

         Section 5.06.     Application of Money Collected.

         Any money or property collected or to be applied by the Trustee with
respect to a series of Securities pursuant to this Article shall be applied in
the following order, at the date or dates fixed by the Trustee and, in case of
the distribution of such money or property on account of principal (or premium,
if any) or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:

         first, to the payment of all amounts due the Trustee and any
predecessor Trustee under Section 6.07;

         second, to the payment of the amounts then due and unpaid upon such
series of Securities for principal (and premium, if any) and interest, in
respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts
due and payable on such series of Securities for principal (and premium, if any)
and interest, respectively; and

         third, the balance, if any, to the Person or Persons entitled thereto.

                                       33
<PAGE>

         Section 5.07.     Limitation on Suits.

         No Holder of any Securities of any series shall have any right to
institute, against the Company, any proceeding, judicial or otherwise, with
respect to this Indenture or for the appointment of a receiver, assignee,
trustee, liquidator, sequestrator (or other similar official) or for any other
remedy hereunder, unless:

                  (a)      such Holder has previously given written notice to
the Trustee of a continuing Event of Default with respect to the Securities of
that series;

                  (b)      the Holders of not less than 25% in principal amount
of the Outstanding Securities of each affected series (treated as one class)
shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee hereunder;

                  (c)      such Holder or Holders have offered to the Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred
in compliance with such request;

                  (d)      the Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute any such
proceeding; and

                  (e)      no direction inconsistent with such written request
has been given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Outstanding Securities of each affected
series (treated as one class);

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Securities, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of
all such Holders.

         Section 5.08.     Unconditional Right of Holders To Receive Principal,
Premium and Interest.

         Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right which is absolute and unconditional to receive
payment of the principal of (and premium, if any) and (subject to Section 3.07)
interest on such Security on the respective Stated Maturities expressed in such
Security and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder.

         Section 5.09.     Restoration of Rights and Remedies.

         If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and

                                       34
<PAGE>

in every such case the Company, the Trustee and the Holders shall, subject to
any determination in such proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

         Section 5.10.     Rights and Remedies Cumulative.

         Except as otherwise provided in the last paragraph of Section 3.06, no
right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

         Section 5.11.     Delay or Omission Not Waiver.

         Except as otherwise provided in the last paragraph of Section 3.06, no
delay or omission of the Trustee or of any Holder of any Security to exercise
any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein.

         Every right and remedy given by this Article or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be.

         Section 5.12.     Control by Holders.

         The Holders of a majority in principal amount of the Outstanding
Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee, with respect to the
Securities of such series; provided that:

                  (a)      such direction shall not be in conflict with any rule
of law or with this Indenture or with the Securities of such series;

                  (b)      the Trustee may take any other action deemed proper
by the Trustee which is not inconsistent with such direction; and

                  (c)      subject to the provisions of Section 6.01, the
Trustee shall have the right to decline to follow such direction if the Trustee
in good faith shall, by a Responsible Officer or Officers of the Trustee,
determine that the proceeding so directed would be unjustly prejudicial to the
Holders not joining in any such direction or would involve the Trustee in
personal liability.

         Upon receipt by the Trustee of any written notice directing the time,
method or place of conducting any such proceeding or exercising any such trust
or power, with respect to Securities of a series all or part of which is
represented by a Global Security, a

                                       35
<PAGE>

record date shall be established for determining Holders of Outstanding
Securities of such series entitled to join in such notice, which record date
shall be at the close of business on the day the Trustee receives such notice.
The Holders on such record date, or their duly designated proxies, and only such
Persons, shall be entitled to join in such notice, whether or not such Holders
remain Holders after such record date; provided that, unless the Holders of a
majority in principal amount of the Outstanding Securities of such series shall
have joined in such notice prior to the day which is 90 days after such record
date, such notice shall automatically and without further action by any Holder
be canceled and of no further effect.

         Nothing in this paragraph shall prevent a Holder, or a proxy of a
Holder, from giving, after expiration of such 90-day period, a new notice
identical to a notice which has been canceled pursuant to the proviso to the
preceding sentence, in which event a new record date shall be established
pursuant to the provisions of this Section 5.12.

         Section 5.13.     Waiver of Past Defaults.

         The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series waive any past default hereunder with respect to such
series and its consequences, except a default:

                  (a)      in the payment of the principal of (or premium, if
any) or interest on any Security of such series, or

                  (b)      in respect of a covenant or provision hereof which
under Article IX cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.

         Upon any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

         Section 5.14.     Undertaking for Costs.

         All parties to this Indenture agree, and each Holder of any Security by
his or her acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant;
provided, that neither this Section nor the Trust Indenture Act shall be deemed
to authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Company.

                                       36
<PAGE>

         Section 5.15.     Waiver of Stay or Extension Laws.

         The Company covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

                                   ARTICLE VI
                                   THE TRUSTEE

         Section 6.01.     Certain Duties and Responsibilities.

                  (a)      Except during the continuance of an Event of Default:

                           (i)      the Trustee undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture, and
no implied covenants or obligations shall be read into this Indenture against
the Trustee; and

                           (ii)     in the absence of bad faith on its part, the
Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee
shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated
therein).

                  (b)      In case an Event of Default actually known to a
Responsible Officer of the Trustee has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his or her own
affairs.

                  (c)      No provision of this Indenture 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 except that:

                           (i)      this Subsection shall not be construed to
limit the effect of Subsection (a) of this Section;

                           (ii)     the Trustee shall not be liable for any
error of judgment made in good faith by a Responsible Officer, unless it shall
be proved that the Trustee was negligent in ascertaining the pertinent facts;
and the Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance with

                                       37
<PAGE>

the direction of Holders pursuant to Section 5.12 relating 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
Indenture with respect to the Securities of such series.

                  (d)      No provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers.

                  (e) Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section.

         Section 6.02.     Notice of Defaults.

         Within 90 days after actual knowledge of the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall
transmit by mail to all Holders of Securities of such series, as their names and
addresses appear in the Securities Register, notice of such default hereunder
known to the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the
principal of (or premium, if any) or interest on any Security of such series,
the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders of Securities of
such series; and provided further that, in the case of any default of the
character specified in Section 5.01(d), no such notice to Holders of Securities
of such series shall be given until at least 30 days after the occurrence
thereof. For the purpose of this Section, the term "default" means any event
which is, or after notice or lapse of time or both would become, an Event of
Default with respect to Securities of such series.

         Section 6.03.     Certain Rights of Trustee.

         Subject to the provisions of Section 6.01:

                  (a)      the Trustee may conclusively rely and shall be
protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture or other evidence of indebtedness, Security or other
paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;

                  (b)      any request or direction of the Company mentioned
herein shall be sufficiently evidenced by a Company Request or Company Order and
any resolution of the Board of Directors may be sufficiently evidenced by a
Board Resolution;

                  (c)      whenever in the administration of this Indenture the
Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other
evidence be herein specifically

                                       38
<PAGE>

prescribed) may, in the absence of bad faith on its part, rely upon an Officers'
Certificate;

                  (d)      the Trustee may consult with counsel of its selection
and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in reliance thereon;

                  (e)      the Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders
shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction;

                  (f)      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, direction, consent,
order, bond, indenture, Security or other paper or document, but the Trustee in
its discretion may make such inquiry or investigation into such facts or matters
as it may see fit, and, if the Trustee shall determine to make such inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney, at the sole cost of the
Company, and shall incur no liability or additional liability of any kind by
reason of such inquiry or investigation;

                  (g)      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 the Trustee shall not be responsible for any misconduct
or negligence on the part of any agent or attorney appointed with due care by it
hereunder;

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

                  (i)      the Authenticating Agent, Paying Agent, and Security
Registrar shall have the same protections as the Trustee set forth hereunder;

                  (j)      no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers;

                  (k)      whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Article VI;

                  (l)      the permissive rights of the Trustee to do things
enumerated in this Indenture shall not be construed as a duty unless so
specified herein; and

                                       39
<PAGE>

                  (m)      the Trustee shall not be deemed to have notice of any
default or Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact
such a default is received by the Trustee at the Corporate Trust Office of the
Trustee, and such notice references the Securities and this Indenture.

         Section 6.04.     Not Responsible for Recitals or Issuance of
Securities.

         The recitals contained herein and in the Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities, except that the Trustee represents that it is
duly authorized to execute and deliver this Indenture, authenticate the
Securities and perform its obligations hereunder and that the statements made by
it in a Statement of Eligibility on Form T-1 supplied to the Company are true
and accurate, subject to the qualifications set forth therein. Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of the Securities or the proceeds thereof.

         Section 6.05.     May Hold Securities.

         The Trustee, any Authenticating Agent, any Paying Agent, Securities
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections
6.08 and 6.13, may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Paying Agent, Securities Registrar or such other
agent.

         Section 6.06.     Money Held In Trust.

         Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law or in this Indenture. The
Trustee shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed in writing with the Company.

         Section 6.07.     Compensation and Reimbursement.

         The Company agrees:

                  (a)      to pay to the Trustee from time to time such
compensation as shall be agreed to in writing between the Company and the
Trustee for all services rendered by it hereunder (which compensation shall not
be limited by any provision of law in regard to the compensation of a trustee of
an express trust);

                  (b)      to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to its
negligence or bad faith; and

                                       40
<PAGE>

                  (c)      to indemnify each of the Trustee and any Predecessor
Trustee and their respective officers, directors, stockholders, employees and
agents for, and to hold each of them harmless against, any loss, liability or
expense (including the reasonable compensation and the expenses and
disbursements of its agents and counsel) to the extent incurred without
negligence or bad faith, arising out of or in connection with the acceptance or
administration of this trust or the performance of its duties hereunder,
including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or
duties hereunder.

         When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 5.01(e) or (f) occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under the Bankruptcy Reform Act of 1978 or a successor statute.
The provisions of this Section 6.07 shall survive the termination of this
Indenture.

         Section 6.08.     Disqualification; Conflicting Interest.

         The Trustee for the Securities of any series issued hereunder shall be
subject to the provisions of Section 3.10(b) of the Trust Indenture Act. Nothing
herein shall prevent the Trustee from filing with the Commission the application
referred to in the second to last paragraph of Section 3.10(b) of the Trust
Indenture Act.

         Section 6.09.     Corporate Trustee Required; Eligibility.

         There shall at all times be a Trustee hereunder which shall be a
corporation organized and doing business under the laws of the United States of
America or of any state, territory or the District of Columbia, authorized under
such laws to exercise corporate trust powers and subject to supervision or
examination by Federal, state, territorial or District of Columbia authority,
having a combined capital and surplus of at least $50,000,000, subject to
supervision or examination by Federal or state authority. If such corporation
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then, for the
purpose of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article. Neither the Company nor any Person directly or indirectly
controlling, controlled by or under common control with the Company shall serve
as Trustee for the Securities of any series issued hereunder.

         Section 6.10.     Resignation and Removal; Appointment of Successor.

                  (a)      No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee under
Section 6.11.

                  (b)      The Trustee may resign at any time with respect to
the Securities of one or more series by giving written notice thereof to the
Company. If an instrument of

                                       41
<PAGE>

acceptance by a successor Trustee shall not have been delivered to the Trustee
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 with respect to the Securities of such series.

                  (c)      The Trustee may be removed at any time with respect
to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee
and to the Company.

                  (d)      If at any time:

                           (i)      the Trustee shall fail to comply with
Section 6.08 after written request therefor by the Company or by any Holder who
has been a bona fide Holder of a Security for at least six months; or

                           (ii)     the Trustee shall cease to be eligible under
Section 6.09 and shall fail to resign after written request therefor by the
Company or by any such Holder; or

                           (iii)    the Trustee shall become incapable of acting
or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of
its property shall be appointed or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation;

then, in any such case, (A) the Company by Board Resolution may remove the
Trustee, or (B) subject to Section 5.14, any Holder who has been a bona fide
Holder of a Security for at least six months may, on behalf of himself or
herself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

                  (e)      If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause with respect to the Securities of one or more series, the Company, by
a Board Resolution, shall promptly appoint a successor Trustee with respect to
the Securities of that or those series. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall not have
been appointed by the Company, a successor Trustee shall be appointed by Act of
the Holders of a majority in principal amount of the Outstanding Securities of
such series delivered to the Company and the retiring Trustee, and the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment,
become the successor Trustee with respect to the Securities of such series and
supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so
appointed by the Company or the Holders and accepted appointment in the manner
hereinafter provided, any Holder who has been a bona fide Holder of a Security
for at least six months may, subject to Section 5.14, on behalf of himself or
herself and all others similarly situated, petition any court of competent

                                       42
<PAGE>

jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

                  (f)      The Company shall give notice of each resignation and
each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any
series by mailing written notice of such event by first-class mail, postage
prepaid, to the Holders of Securities of such series as their names and
addresses appear in the Securities Register. Each notice shall include the name
of the successor Trustee with respect to the Securities of such series and the
address of its Corporate Trust Office.

                  (g)      In no event shall any retiring Trustee be liable for
the acts or omissions of any successor Trustee hereunder.

         Section 6.11.     Acceptance of Appointment by Successor.

                  (a)      In case of the appointment hereunder of a successor
Trustee with respect to all Securities, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee
and the resigning or removed Trustee shall be therefrom deemed released and
discharged of the trusts and duties hereunder; but, on the request of the
Company or the successor Trustee, such retiring Trustee shall, upon payment of
its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly
assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder.

                  (b)      In case of the appointment hereunder of a successor
Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment
and which (i) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates, (ii) if the retiring Trustee is not retiring with respect to
all Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (iii) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee and upon the

                                       43
<PAGE>

execution and delivery of such supplemental indenture the resignation or removal
of the retiring Trustee shall become effective to the extent provided therein
and each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts, and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates; but, on request of the
Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates.

                  (c)      Upon request of any such successor Trustee, the
Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all rights, powers and
trusts referred to in paragraph (a) or (b) of this Section, as the case may be.

                  (d)      No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article.

         Section 6.12.     Merger, Conversion, Consolidation or Succession to
Business.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated, and in case any
Securities shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor Trustee or in
the name of such successor Trustee, and in all cases the certificate of
authentication shall have the full force which it is provided anywhere in the
Securities or in this Indenture that the certificate of the Trustee shall have.

         Section 6.13.     Preferential Collection of Claims Against Company.

         If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Company (or any such other obligor).

         Section 6.14.     Appointment of Authenticating Agent.

         The Trustee may appoint an Authenticating Agent or Agents with respect
to one or more series of Securities which shall be authorized to act on behalf
of the Trustee to

                                       44
<PAGE>

authenticate Securities of such series issued upon original issue and upon
exchange, registration of transfer or partial redemption thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee's certificate of
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times
be a corporation organized and doing business under the laws of the United
States of America, or of any state, territory or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than $50,000,000 and subject to supervision or
examination by Federal or state authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section the combined capital and surplus of such Authenticating Agent
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section. Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of an Authenticating Agent
shall be the successor Authenticating Agent hereunder, provided such corporation
shall be otherwise eligible under this Section, without the execution or filing
of any paper or any further act on the part of the Trustee or the Authenticating
Agent. An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give notice of such
appointment in the manner provided in Section 1.06 to all Holders of Securities
of the series with respect to which such Authenticating Agent will serve. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the
provision of this Section.

         The Company agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section. If the Trustee
makes such payments, it shall be entitled to be reimbursed for such payments,
subject to the provisions of Section 6.07.

         The provisions of Sections 3.08, 6.04 and 6.05 shall be applicable to
each Authenticating Agent.

                                       45
<PAGE>

         If an appointment with respect to one or more series is made pursuant
to this Section, the Securities of such series may have endorsed thereon, in
addition to the Trustee's certificate of authentication, an alternative
certificate of authentication in the following form:

         This is one of the Securities referred to in the within mentioned
Indenture.

                                             Dated:

                                             _________________________________,
                                             as Trustee,

                                             By:______________________________
                                                as Authenticating Agent

         If all of the Securities of any series may not be originally issued at
one time, and if the Trustee does not have an office capable of authenticating
Securities upon original issuance located in a Place of Payment where the
Company wishes to have Securities of such series authenticated upon original
issuance, the Trustee, if so requested in writing (which writing need not be
accompanied by or contained in an Officers' Certificate by the Company), shall
appoint in accordance with this Section an Authenticating Agent having an office
in a Place of Payment designated by the Company with respect to such series of
Securities.

         Section 6.15.     Trustee's Application for Instructions from the
Company.

         Any application by the Trustee for written instructions from the
Company may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the date
on and/or after which such action shall be taken or such omission shall be
effective. The Trustee shall not be liable for any action taken by, or omission
of, the Trustee in accordance with a proposal included in such application on or
after the date specified in such application (which date shall not be less than
five Business Days after the date any officer of the Company actually receives
such application, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in
the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted.

                                   ARTICLE VII
                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

         Section 7.01.     Company To Furnish Trustee Names and Addresses of
Holders.

         The Company will furnish or cause to be furnished to the Trustee:

                                       46
<PAGE>

                  (a)      semiannually, not more than 15 days after June 1 and
December 1, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders as of such June 1 and December 1; and

                  (b)      at such other times as the Trustee may request in
writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the
time such list is furnished; excluding from any such list names and addresses
received by the Trustee in its capacity as Securities Registrar.

         Section 7.02.     Preservation of Information, Communications to
Holders.

                  (a)      The Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 7.01 and the
names and addresses of Holders received by the Trustee in its capacity as
Securities Registrar. The Trustee may destroy any list furnished to it as
provided in Section 7.01 upon receipt of a new list so furnished.

                  (b)      If three or more Holders of Securities of the same
series (herein referred to as "applicants") apply in writing to the Trustee, and
furnish to the Trustee reasonable proof that each such applicant has owned a
Security of such series for a period of at least six months preceding the date
of such application, and such application states that the applicants' desire to
communicate with other Holders of such series with respect to their rights under
this Indenture or under the Securities of such series and is accompanied by a
copy of the form of proxy or other communication which such applicants propose
to transmit, then the Trustee shall, within five business days after the receipt
of such application, at its election, either

                           (i)      afford such applicants access to the
information with respect to the Holders of such series preserved at the time by
the Trustee in accordance with paragraph (a) of this Section, or

                           (ii)     inform such applicants as to the approximate
number of Holders of such series whose names and addresses appear in the
information preserved at the time by the Trustee in accordance with paragraph
(a) of this Section, and as to the approximate cost of mailing to such Holders
the form of proxy or other communication, if any, specified in such application.

         If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Holder of such series whose name and address appear in the
information preserved at the time by the Trustee in accordance with paragraph
(a) of this Section a copy of the form of proxy or other communication which is
specified in such request, with reasonable promptness after a tender to the
Trustee of the material to be mailed and of payment, or provision for the
payment, of the reasonable expenses of mailing, unless within five days after
such tender the Trustee shall mail to such applicants and file with the
Commission, together

                                       47
<PAGE>

with a copy of the material to be mailed, a written statement to the effect
that, in the opinion of the Trustee, such mailing would be contrary to the best
interest of the Holders of such series or would be in violation of applicable
law. Such written statement shall specify the basis of such opinion. If the
Commission, after opportunity for a hearing upon the objections specified in the
written statement so filed, shall enter an order refusing to sustain any of such
objections or if, after the entry of an order sustaining one or more of such
objections, the Commission shall find, after notice and opportunity for hearing,
that all the objections so sustained have been met and shall enter an order so
declaring, the Trustee shall mail copies of such material to all such Holders
with reasonable promptness after the entry of such order and the renewal of such
tender; otherwise the Trustee shall be relieved of any obligation or duty to
such applicants respecting their application.

                  (c)      Every Holder of Securities, by receiving and holding
the same, agrees with the Company and the Trustee that neither the Company nor
the Trustee nor any agent of either of them shall be held accountable by reason
of the disclosure of information as to the names and addresses of the Holders
made pursuant to the Trust Indenture Act.

         Section 7.03.     Reports by Trustee.

                  (a)      The Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act, at the times and in the manner provided
pursuant thereto.

                  (b)      Within 60 days after May 15 of each year, the Trustee
shall transmit by mail to all Holders of Securities as provided in Section
313(c) of the Trust Indenture Act, a brief report dated as of May 15, if
required by and in compliance with Section 313(a) of the Trust Indenture Act.

                  (c)      A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon
which the Securities are listed and also with the Commission. The Company will
promptly notify the Trustee whenever the Securities are listed on any stock
exchange.

         Section 7.04.     Reports by Company.

         The Company shall file with the Trustee and with the Commission, and
transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided in the Trust Indenture Act; provided that any
such information, documents or reports required to be filed with the Commission
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934,
as amended, shall be filed with the Trustee within 15 days after the same is
required to be filed with the Commission.

                                       48
<PAGE>

                                  ARTICLE VIII
              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

         Section 8.01.     Company May Consolidate, etc., Only on Certain Terms.

         The Company shall not consolidate with or merge into any other Person
or convey, transfer or lease its properties and assets in entirety or
substantially as an entirety to any Person, and no Person shall consolidate with
or merge into the Company or convey, sell, transfer or lease its properties and
assets in entirety or substantially as an entirety to the Company, unless:

                  (a)      in case the Company shall consolidate with or merge
into another corporation or convey, sell, transfer or lease its properties and
assets in entirety or substantially as an entirety to any Person, the Person
formed by such consolidation or into which the Company is merged or the Person
which acquires by conveyance, sale or transfer, or which leases, the properties
and assets of the Company in entirety or substantially as an entirety shall be a
corporation organized and existing under the laws of the United States of
America or any State or the District of Columbia, and shall expressly assume, by
an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of
(and premium, if any) and interest on all the Securities and the performance of
every covenant of this Indenture on the part of the Company to be performed or
observed and shall provide for conversion or exchange rights in accordance with
the provisions of the Securities of any series that are convertible or
exchangeable into Common Stock or other securities;

                  (b)      immediately after giving effect to such transaction,
no Event of Default, and no event which, after notice or lapse of time, or both,
would become an Event of Default, shall have happened and be continuing; and

                  (c)      the Company has delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel each stating that such consolidation,
merger, conveyance, sale, transfer or lease and any such supplemental indenture
complies with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with; and the Trustee, subject
to Section 6.01, may rely upon such Officers' Certificate and Opinion of Counsel
as conclusive evidence that such transaction complies with this Section 8.01.

         Section 8.02.     Successor Person Substituted.

         Upon any consolidation or merger by the Company with or into any other
Person, or any conveyance, sale, transfer or lease by the Company of its
properties and assets in entirety or substantially as an entirety to any Person
in accordance with Section 8.01, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance,
sale, transfer or lease is made shall succeed to, and be substituted for, and
may exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the

                                       49
<PAGE>

Company herein; and in the event of any such conveyance, sale, transfer or lease
the Company shall be discharged from all obligations and covenants under the
Indenture and the Securities and may be dissolved and liquidated. Such successor
Person may cause to be signed, and may issue either in its own name or in the
name of the Company, any or all of the Securities issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the
Trustee; and, upon the order of such successor corporation instead of the
Company and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities which previously shall have been signed and delivered by the officers
of the Company to the Trustee for authentication pursuant to such provisions and
any Securities which such successor corporation thereafter shall cause to be
signed and delivered to the Trustee on its behalf for the purpose pursuant to
such provisions. All the Securities so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Securities theretofore
or thereafter issued in accordance with the terms of this Indenture as though
all of such Securities had been issued at the date of the execution hereof. In
case of any such consolidation, merger, sale, conveyance or lease, such changes
in phraseology and form may be made in the Securities thereafter to be issued as
may be appropriate.

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

         Section 9.01.     Supplemental Indentures Without Consent of Holders.

         Without the consent of any Holders, the Company, when authorized by a
Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes:

                  (a)      to evidence the succession of another Person to the
Company, and the assumption by any such successor of the covenants of the
Company herein and in the Securities contained;

                  (b)      to provide for the issuance under this Indenture of
Securities in bearer form (including securities registrable as to principal
only) and to provide for exchangeability of such Securities for Securities
issued hereunder in fully registered form, and to make all appropriate changes
for such purpose;

                  (c)      to add to the covenants of the Company for the
benefit of the Holders of all or one or more specified series of Securities (and
if such covenants are to be for the benefit of fewer than all series of
Securities or fewer than all Securities of a series, stating that such covenants
are expressly being included solely for the benefit of such series) or to
surrender any right or power herein conferred upon the Company;

                  (d)      to secure the Securities;

                  (e)      to establish the form or terms of Securities of any
series as permitted by Sections 2.01 and 3.01;

                                       50
<PAGE>

                  (f)      to cure any ambiguity, to correct or supplement any
provision herein which may be inconsistent with any other provision herein, or
to make any other provisions with respect to matters or questions arising under
this Indenture, provided such action shall not adversely affect the interest of
the Holders of Securities of any series;

                  (g)      to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of
one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 6.11(b);

                  (h)      to add to, delete from or revise the conditions,
limitations and restrictions on the authorized amount, terms or purposes of
issue, authentication and delivery of Securities, as herein set forth;

                  (i)      to add any additional Events of Default with respect
to all or any series of Securities (as shall be specified in such supplemental
indenture);

                  (j)      to supplement any of the provisions of this Indenture
to such extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Article IV, provided that any
such action shall not adversely affect the interests of any Holder of an
Outstanding Security of such series or any other Outstanding Security in any
material respect;

                  (k)      to make provisions with respect to conversion or
exchange rights of Holders of Securities of any series; or

                  (l)      to amend or supplement any provision contained herein
or in any supplemental indenture, provided that no such amendment or supplement
shall materially adversely affect the interests of the Holders of any Securities
then Outstanding.

         Section 9.02.     Supplemental Indentures with Consent of Holders.

         With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected (voting
as one class) by such supplemental indenture, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Securities of such series
under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security affected
thereby:

                  (a)      extend the Stated Maturity of the principal of any
Outstanding Security, or reduce the principal amount thereof or reduce the rate
or extend the time of payment of interest thereon, or reduce any amount payable
on redemption thereof or change currency in which the principal thereof
(including any amount in respect of

                                       51
<PAGE>

Original Issue Discount Security), premium, if any, or interest thereon is
payable or reduce the amount of any Original Issue Discount Security that is
payable upon acceleration or provable in bankruptcy or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof;

                  (b)      reduce the percentage in principal amount of the
Outstanding Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose Holders is required
for any waiver (of compliance with provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture;

                  (c)      modify any of the provisions of this Section, Section
5.13 or Section 10.06, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Security affected thereby; or

                  (d)      make any change that adversely affects the right to
convert or exchange any Security into or for securities of the Company or other
securities (whether or not issued by the Company), cash or property in
accordance with its terms.

         A supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture which has expressly been included solely for
the benefit of one or more particular series of Securities, or which modifies
the rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

         It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

         Section 9.03.     Execution of Supplemental Indentures.

         In executing or accepting the additional trusts created by any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 6.01) shall be fully protected in relying upon, an
Officers' Certificate and an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture, and
that all conditions precedent have been complied with. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee's own rights, duties or immunities under this Indenture or
otherwise.

         Section 9.04.     Effect of Supplemental Indentures.

         Upon the execution of any supplemental indenture under this Article,
this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby.

                                       52
<PAGE>

         Section 9.05.     Conformity with Trust Indenture Act.

         Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act as then in effect.

         Section 9.06.     Reference in Securities to Supplemental Indentures.

         Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Board of Directors, to any such supplemental indenture may be
prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series.

         Section 9.07.     Notice of Supplemental Indenture.

         Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to Section 9.02, the Company shall transmit to
the Holders of Outstanding Securities of any series affected thereby a notice
setting forth the substance of such supplemental indenture.

                                    ARTICLE X
                                    COVENANTS

         Section 10.01.    Payment of Principal, Premium and Interest.

         The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of (and premium,
if any) and interest on the Securities of that series in accordance with the
terms of such Securities and this Indenture.

         Section 10.02.    Maintenance of Office or Agency.

         The Company will maintain in each Place of Payment for any series, an
office or agency where Securities of that series may be presented or surrendered
for payment and an office or agency where Securities may be surrendered for
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served. The Company will
give prompt written notice to the Trustee of any change in the location of any
such office or agency. If at any time the Company shall fail to maintain such
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands. The Company may also from time to time designate one or more other
offices or agencies where the Securities may be presented or surrendered for any
or all of such purposes, and may from time to time rescind such designations;
provided, however, that no such

                                       53
<PAGE>

designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation and any change in the location of
any such office or agency. Unless otherwise provided in or pursuant to this
Indenture, the Company hereby designates as the Place of Payment for each series
of Securities the Borough of Manhattan, The City of New York, and initially
appoints the Corporate Trust Office of the Trustee as the Office or Agency of
the Company in the Borough of Manhattan, The City of New York for such purpose.
The Company may subsequently appoint a different Office or Agency in the Borough
of Manhattan, The City of New York for the Securities of any series.

         Section 10.03.    Money for Security Payments To Be Held in Trust.

         If the Company shall at any time act as its own Paying Agent with
respect to any series of Securities, it will, on or before each due date of the
principal of (and premium, if any) or interest on any of the Securities of such
series, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal (and premium, if any) or interest
so becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided, and will promptly notify the Trustee of its
failure so to act. Whenever the Company shall have one or more Paying Agents, it
will, prior to each due date of the principal of or interest on any Securities,
deposit with a Paying Agent a sum sufficient to pay the principal (and premium,
if any) or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal and premium (if any) or
interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its failure so to act. The Company will cause
each Paying Agent other than the Trustee to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject
to the provisions of this Section, that such Paying Agent will:

                  (a)      hold all sums held by it for the payment of the
principal of (and premium, if any) or interest on Securities in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such
Persons or otherwise disposed of as herein provided;

                  (b)      give the Trustee notice of any default by the Company
(or any other obligor upon the Securities) in the making of any payment of
principal (and premium, if any) or interest; and

                  (c)      at any time during the continuance of any such
default, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent.

         The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or
such Paying Agent; and, upon such

                                       54
<PAGE>

payment by the Company or any Paying Agent to the Trustee, such Paying Agent
shall be released from all further liability with respect to such money. Any
money deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of (and premium, if any) or
interest on any Security and remaining unclaimed for two years after such
principal (and premium, if any) or interest has become due and payable shall
(unless otherwise required by mandatory provision of applicable escheat or
abandoned or unclaimed property law) be paid on Company Request to the Company,
or (if then held by the Company) shall (unless otherwise required by mandatory
provision of applicable escheat or abandoned or unclaimed property law) be
discharged from such trust; and the Holder of such Security shall thereafter, as
an unsecured general creditor, look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in the city of New
York, New York, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid
the Company.

         Section 10.04.    Payment of Taxes and Other Claims.

         The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (a) all taxes, assessments and
governmental charges levied or imposed upon the Company or upon the income,
profits or property of the Company, and (b) all lawful claims for labor,
materials and supplies which, if unpaid, might by law become a lien upon the
property of the Company; provided, however, that the Company shall not be
required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim whose amount, applicability or validity is being
contested in good faith by appropriate proceedings.

         Section 10.05.    Statement as to Compliance.

         The Company shall deliver to the Trustee, within 120 days after the end
of each fiscal year of the Company ending after the date hereof, an Officers'
Certificate, signed by at least one of the principal executive officer,
principal financial officer and principal accounting officer of the Company,
covering the preceding calendar year, stating whether or not to the best
knowledge of the signers thereof the Company is in default in the performance,
observance or fulfillment of or compliance with any of the terms, provisions,
covenants and conditions of this Indenture, and if the Company shall be in
default, specifying all such defaults and the nature and status thereof of which
they may have knowledge. For the purpose of this Section 10.05, compliance shall
be determined without regard to any grace period or requirement of notice
provided pursuant to the terms of this Indenture.

                                       55
<PAGE>

         Section 10.06.    Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with any
covenant or condition set forth in Section 10.04, with respect to the Securities
of any series if before or after the time for such compliance the Holders of at
least a majority in principal amount of the Outstanding Securities of such
series shall, by Act of such Holders, either waive such compliance in such
instance or generally waive compliance with such covenant or condition, but no
such waiver shall extend to or affect such covenant or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company in respect of any such covenant or condition shall
remain in full force and effect.

                                   ARTICLE XI
                            REDEMPTION OF SECURITIES

         Section 11.01.    Applicability of This Article.

         Redemption of Securities (whether by operation of a sinking fund or
otherwise) as permitted or required by any form of Security issued pursuant to
this Indenture shall be made in accordance with such form of Security and this
Article; provided, however, that if any provision of any such form of Security
shall conflict with any provision of this Article, the provision of such form of
Security shall govern. Except as otherwise set forth in the form of Security for
such series, each Security shall be subject to partial redemption only in the
amount of $1,000 or integral multiples of $1,000.

         Section 11.02.    Election To Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities shall be evidenced
by or pursuant to a Board Resolution. In case of any redemption at the election
of the Company, the Company shall, at least 60 days prior to the date fixed for
redemption (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee (by Company Request) of such date and of the principal amount
of Securities of that series to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities, the Company shall furnish the Trustee
with an Officers' Certificate and an Opinion of Counsel evidencing compliance
with such restriction.

         Section 11.03.    Selection of Securities To Be Redeemed.

         If less than all the Securities of a particular series and having the
same terms are to be redeemed, the Trustee shall select, not more than 60 days
prior to the date fixed for redemption, in such manner as in its sole discretion
it shall deem appropriate and fair, the Securities or portions thereof of such
series to be redeemed. The Trustee shall promptly notify the Company in writing
of the Securities selected for partial redemption and the principal amount
thereof to be redeemed. For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Security redeemed or to be redeemed only in
part, to the portion of the principal amount of such Security which has been or
is to be redeemed. If the

                                       56
<PAGE>

Company shall so direct, Securities registered in the name of the Company, any
Affiliate or any Subsidiary thereof shall not be included in the Securities
selected for redemption.

         Section 11.04.    Notice of Redemption.

         Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not later than the 30th day, and not earlier than the 60th day,
prior to the date fixed for redemption, to each Holder of Securities to be
redeemed, at the address of such Holder as it appears in the Securities
Register. With respect to Securities of each series to be redeemed, each notice
of redemption shall identify the Securities to be redeemed (including CUSIP
number(s), if any) and shall state:

                  (a)      the date fixed for redemption for Securities of such
series;

                  (b)      the redemption price at which Securities of such
series are to be redeemed;

                  (c)      if less than all Outstanding Securities of such
particular series and having the same terms are to be redeemed, the
identification (and, in the case of partial redemption, the respective principal
amounts) of the particular Securities to be redeemed;

                  (d)      that on the date fixed for redemption, the redemption
price at which such Securities are to be redeemed will become due and payable
upon each such Security or portion thereof, and that interest thereon, if any,
shall cease to accrue on and after said date;

                  (e)      the place or places where such Securities are to be
surrendered for payment of the redemption price at which such Securities are to
be redeemed; and

                  (f)      that the redemption is for a sinking fund, if such is
the case.

Notice of redemption of Securities to be redeemed at the election of the Company
shall be given by the Company or, at the Company's written request, by the
Trustee in the name and at the expense of the Company. The notice if mailed in
the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice. In any case, a failure to
give such notice by mail or any defect in the notice to the Holder of any
Security designated for redemption as a whole or in part shall not affect the
validity of the proceedings for the redemption of any other Security.

         Section 11.05.    Deposit of Redemption Price.

         Prior to the redemption date specified in the notice of redemption
given as provided in Section 11.04, the Company will deposit with the Trustee or
with one or more paying agents an amount of money sufficient to redeem on the
redemption date all the Securities so called for redemption at the applicable
redemption price.

                                       57
<PAGE>

         Section 11.06.    Payment of Securities Called for Redemption.

         If any notice of redemption has been given as provided in Section
11.04, the Securities or portion of Securities with respect to which such notice
has been given shall become due and payable on the date and at the place or
places stated in such notice at the applicable redemption price. On presentation
and surrender of such Securities at a place of payment in said notice specified,
the said securities or the specified portions thereof shall be paid and redeemed
by the Company at the applicable redemption price. Upon presentation of any
Security redeemed in part only, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder thereof, at the expense of the Company, a
new Security or Securities of the same series, of authorized denominations, in
aggregate principal amount equal to the unredeemed portion of the Security so
presented and having the same Original Issue Date, Stated Maturity and terms. If
a Global Security is so surrendered, such new Security will also be a new Global
Security.

                                   ARTICLE XII
                                  SINKING FUNDS

         Section 12.01.    Applicability of Article.

         The provisions of this Article shall be applicable to any sinking fund
for the retirement of Securities of any series except as otherwise specified as
contemplated by Section 3.01 for such Securities. The minimum amount of any
sinking fund payment provided for by the terms of any Securities of any series
is herein referred to as a "mandatory sinking fund payment", and any sinking
fund payment in excess of such minimum amount which is permitted to be made by
the terms of such Securities of any series is herein referred to as an "optional
sinking fund payment". If provided for by the term of any Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction
as provided in Section 12.02. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of such
Securities.

         Section 12.02.    Satisfaction of Sinking Fund Payments with
Securities.

         In lieu of making all or any part of a mandatory sinking fund payment
with respect to any Securities of a series in cash, the Company may at its
option, at any time no more than 16 months and no less than 30 days prior to the
date on which such sinking fund payment is due, deliver to the Trustee
Securities of such series theretofore purchased or otherwise acquired by the
Company, except Securities of such series that have been redeemed through the
application of mandatory or optional sinking fund payments pursuant to the terms
of the Securities of such series, accompanied by a Company Order instructing the
Trustee to credit such obligations and stating that the Securities of such
series were originally issued by the Company by way of bona fide sale or other
negotiation for value; provided that the Securities to be so credited have not
been previously so credited. The Securities to be so credited shall be received
and credited for such purpose by the Trustee at the redemption price for such
Securities, as specified in

                                       58
<PAGE>

the Securities so to be redeemed, for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

         Section 12.03.    Redemption of Securities for Sinking Fund.

         Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing sinking fund payment for
such Securities pursuant to the terms of such Securities, the portion thereof,
if any, which is to be satisfied by payment of cash in the currency in which the
Securities of such series are payable (except as provided pursuant to Section
3.01) and the portion thereof, if any, which is to be satisfied by delivering
and crediting Securities pursuant to Section 12.02 and will also deliver to the
Trustee any Securities to be so delivered. Such Certificate shall be irrevocable
and upon its delivery the Company shall be obligated to make the cash payment or
payments therein referred to, if any, on or before the succeeding sinking fund
payment date. In the case of the failure of the Company to deliver such
Certificate (or, as required by this Indenture and the Securities specified in
such Certificate), the sinking fund payment due on the succeeding sinking fund
payment date for such series shall be paid entirely in cash and shall be
sufficient to redeem the principal amount of the Securities of such series
subject to a mandatory sinking fund payment without the right to deliver or
credit securities as provided in Section 12.02 and without the right to make the
optional sinking fund payment with respect to such series at such time.

         Any sinking fund payment or payments (mandatory or optional) made in
cash plus any unused balance of any preceding sinking fund payments made with
respect to the Securities of any particular series shall be applied by the
Trustee (or by the Company if the Company is acting as its own Paying Agent) on
the sinking fund payment date on which such payment is made (or, if such payment
is made before a sinking fund payment date, on the sinking fund payment date
immediately following the date of such payment) to the redemption of Securities
of such series at the redemption price specified in such Securities with respect
to the sinking fund. Any sinking fund moneys not so applied or allocated by the
Trustee (or by the Company if the Company is acting as its own Paying Agent,
segregated and held in trust as provided in Section 10.03) for such series and
together with such payment (or such amount so segregated) shall be applied in
accordance with the provisions of this Section 12.03. Any and all sinking fund
moneys with respect to the Securities of any particular series held by the
Trustee (or if the Company is acting as its own Paying Agent, segregated and
held in trust as provided in Section 10.03) on the last sinking fund payment
date with respect to Securities of such series and not held for the payment or
redemption of particular Securities of such series shall be applied by the
Trustee (or by the Company if the Company is acting as its own Paying Agent),
together with other moneys, if necessary, to be deposited (or segregated)
sufficient for the purpose, to the payment of the principal of the Securities of
such series at Maturity. The Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 11.03 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.04. Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Section 11.06.

                                       59
<PAGE>

On or before each sinking fund payment date, the Company shall pay to the
Trustee (or, if the Company is acting as its own Paying Agent, the Company shall
segregate and hold in trust as provided in Section 10.03) in cash a sum in the
currency in which Securities of such series are payable (except as provided
pursuant to Section 3.01) equal to the principal and any interest accrued to the
redemption date for Securities or portions thereof to be redeemed on such
sinking fund payment date pursuant to this Section 12.03.

         Neither the Trustee nor the Company shall redeem any Securities of a
series with sinking fund moneys or mail any notice of redemption of Securities
of such series by operation of the sinking fund for such series during the
continuance of a default in payment of interest, if any, on any Securities of
such series or of any Event of Default (other than an Event of Default occurring
as a consequence of this paragraph) with respect to the securities of such
series, except that if the notice of redemption shall have been provided in
accordance with the provisions hereof, the Trustee (or the Company if the
Company is then acting as its own Paying Agent) shall redeem such Securities if
cash sufficient for that purpose shall be deposited with the Trustee (or
segregated by the Company) for that purpose in accordance with the terms of this
Article XII. Except as aforesaid, any moneys in the sinking fund for such series
at the time when any such default or Event of Default shall occur and any moneys
thereafter paid into such sinking fund shall, during the continuance of such
default or Event of Default, be held as security for the payment of the
Securities of such series; provided, however, that in case such default or Event
of Default shall have been cured or waived herein, such moneys shall thereafter
be applied on the next sinking fund payment date for the Securities of such
series on which such moneys may be applied pursuant to the provisions of this
Section 12.03.

                                  ARTICLE XIII
                                  MISCELLANEOUS

         Section 13.01.    Miscellaneous.

         This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

                                       60
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.

                                             WESTERN WIRELESS CORPORATION

                                             By:_______________________________
                                             Name:
                                             Title:

                                       61

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