Document:

AMENDMENT TO BUSINESS CREDIT AND SECURITY AGREEMENT
                               (Amendment No. 7)

This Amendment to Business Credit and Security  Agreement  ("Amendment") is made
by and among Deutsche Financial  Services  Corporation  ("DFS"),  Elcom Services
Group, Inc. ("Elcom Services"),  and Elcom, Inc. f/k/a elcom.com,  inc. ("Elcom,
Inc.") (Elcom  Services and Elcom,  Inc. are referred to herein  collectively as
"Borrower).

         WHEREAS,  DFS and Borrower are parties to that certain  Business Credit
and Security Agreement dated March 1, 1997, as amended ("Agreement"); and

         WHEREAS,  DFS and  Borrower  desire to amend the  Agreement as provided
herein.

         NOW, THEREFORE, for and in consideration of the premises, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, DFS and Borrower agree as follows:

     1. Elcom, Inc. f/k/a elcom.com, inc. DFS hereby consents to the name change
     of elcom.com, inc. to Elcom, Inc. All references in the Agreement and other
     Loan Documents to elcom.com, inc. shall hereinafter refer to Elcom, Inc.

     2. Total  Credit  Facility.  The first  sentence  of Section  3.1 is hereby
     deleted in its entirety and replaced with the following:

          "In  consideration  of  Borrower's  payment  and  performance  of  its
          Obligations and subject to the terms and conditions  contained in this
          Agreement,  DFS agrees to provide,  and Borrower agrees to accept,  an
          aggregate  credit  facility  (the  "Credit  Facility")  of up to Forty
          Million Dollars ($40,000,000) ("Total Credit Limit")."

     3. Floorplan Inventory Loan Facility.  The first sentence of Section 3.2 is
     hereby deleted in its entirety and replaced with the following:

          "Subject to the terms of this  Agreement,  DFS may provide to Borrower
          floorplan  financing  for the  acquisition  of Inventory  from vendors
          approved by DFS in DFS' reasonable credit judgment (each advance being
          a "Floorplan  Inventory  Loan"),  up to an aggregate  unpaid principal
          amount  at  any  time  not  to  exceed  Twenty-Five   Million  Dollars
          ($25,000,000)    (collectively,    the   "Floorplan   Inventory   Loan
          Facility")."

     4. Total Working Capital Credit Limit.

          "3.1 Total Working Capital Credit Limit. The first sentence of Section
          3.3 is hereby deleted in its entirety and replaced with the following:

               "Subject to the terms of this Agreement,  DFS agrees, for so long
               as no Default exists, to provide to Borrower, and Borrower agrees
               to  accept,  working  capital  financing  (each  advance  being a
               "Working  Capital  Loan")  on  Eligible

<PAGE>

               Accounts and Eligible  Inventory in the maximum  aggregate unpaid
               principal  amount  at any  time  equal to the  lesser  of (i) the
               Borrowing  Base and (ii) Fifteen  Million  Dollars  ($15,000,000)
               ("Total Working Capital Credit Limit")."

     5. Term of Agreement.  The first paragraph of Section 4.1 is hereby deleted
     in its entirety and replaced with the following:

          "4.1 Termination.  Commencing  November 6, 2000, this Agreement may be
          terminated  by either party hereto upon not less than ninety (90) days
          prior  written  notice  to the  other  party  (except  that  it may be
          terminated  by DFS  immediately  in the  exercise  of its  rights  and
          remedies  upon Default by  Borrower).  Upon  termination  by Borrower,
          Borrower must (a) make payment to DFS of all  Obligations and (b) make
          payment  to DFS  of  the  fee  described  in  Section  4.3  below.  No
          termination shall relieve Borrower from any Obligations to DFS arising
          out of Loans made prior to the date of termination."

     6. The following  paragraph is hereby incorporated into the Agreement as if
     fully and originally set forth therein:

          "In addition to the  requirements  set forth in Section  9.1.10 of the
          Agreement,  Borrower  will  provide to DFS, not later than January 31,
          2001, a draft of Elcom's  annual  report on Form 10-K,  together  with
          internally  prepared  financial  statements  sufficient  to  determine
          Borrower's  compliance with the financial  covenants  contained in the
          Agreement for the fiscal quarter ended December 31, 2000."

     7. The following  paragraphs are hereby  incorporated into the Agreement as
     if fully and originally set forth therein:

          "1. Not later than November 21, 2000,  Borrower hereby agrees to cause
          Elcom International, Inc. to cause an institution acceptable to DFS to
          issue one or more  Irrevocable  Letter(s) of Credit,  in the aggregate
          amount of Fifteen  Million  U.S.  Dollars  ($15,000,000.00),  in form,
          substance  and  with  expiration   dates   satisfactory  to  DFS.  The
          Irrevocable  Letter(s)  of Credit will be in favor of DFS and Deutsche
          Financial  Services (UK) Limited ("DFS U.K."). If DFS fails to receive
          the Irrevocable  Letter(s) of Credit on or before November 21, 2000, a
          Default shall have occurred under the Agreement and under that certain
          Standard  Conditions  for the Sale and  Purchase  of Debts dated as of
          December 3, 1997 between  Elcom Group Limited  ("Elcom  Ltd.") and DFS
          U.K., as amended (the "U.K. Agreement").

          2.  Borrower  hereby  agrees that if at least sixty (60) days prior to
          the expiration of the above referenced Irrevocable Letter(s) of Credit
          or any  subsequent  Letter(s) of Credit issued in favor of DFS and DFS
          U.K., such Irrevocable  Letter of Credit is not extended for a term of
          twelve (12) months or longer, or a new Irrevocable Letter

                                      2
<PAGE>

          of Credit in an amount, form and from an institution acceptable to DFS
          and for a term of twelve (12) months or longer is not provided to DFS,
          a  Default  shall  have  occurred  under  the  Agreement  and the U.K.
          Agreement,  and each of DFS and DFS U.K.  may declare all sums owed by
          Borrower  and Elcom  Ltd.  under  the  Agreement  and U.K.  Agreement,
          respectively,  to be immediately  due and payable.  Upon such Default,
          each of DFS and DFS U.K.  may:  (i) exercise any and all of its rights
          under the Agreement and the U.K. Agreement including,  but not limited
          to, the right to  repossess  the  Collateral  from  Borrower and Elcom
          Ltd.;  and (ii)  exercise  any and all of its  rights to draw upon any
          Irrevocable Letter of Credit issued in favor of DFS and DFS U.K.

          3. Upon DFS'  receipt of the  Irrevocable  Letter of  Credit,  Section
          10(w) of the Agreement shall be deleted in its entirety."

     8.  Conditions  Precedent.  Notwithstanding  the foregoing,  this Amendment
     shall not be effective unless and until satisfaction of the following terms
     and conditions, each as acceptable to DFS, in its sole discretion:

          (a) execution and delivery of this Amendment by all parties hereto;

          (b) a  reaffirmation  by Elcom  International,  Inc.  of the  existing
          guaranties of the obligations of Borrower to DFS; and

          (c)  such  other  and  further  documents  and  agreements  as DFS may
          determine in connection with any of the foregoing.

     9. No Other Modifications.  Except as expressly modified or amended herein,
     all other terms and provisions of the Agreement shall remain unmodified and
     in full force and effect and the Agreement,  as hereby amended, is ratified
     and confirmed by DFS and Borrower.

     10. Capitalized Terms.  Except as otherwise defined herein, all capitalized
     terms will have the same meanings set forth in the Agreement.

         IN WITNESS WHEREOF,  DFS, Elcom Services and Elcom,  Inc. have executed
this Amendment as of the 6th day of November, 2000.

                                  ELCOM SERVICES GROUP, INC.

ATTEST:

By: /s/ Paul Mueller              By: /s/ Peter Rendall
(Assistant) Secretary
                                  Print Name: Peter Rendall

                                  Title: Chief Financial Officer

                                     3
<PAGE>

                                  ELCOM, INC.

ATTEST:

/s/ Paul Mueller                  By:/s/ Peter Rendall
  (Assistant) Secretary
                                  Print Name: Peter Rendall

                                  Title: Chief Financial Officer

                                  DEUTSCHE FINANCIAL SERVICES CORPORATION

                                  By:/s/Gregory Ledington

                                  Print Name: Gregory Ledington

                                  Title: Vice President Operations

                                     4

<PAGE>

                        Guarantor Consent and Agreement

The undersigned  Guarantor hereby  acknowledges and consents to the terms of the
foregoing Amendment to Business Credit and Security Agreement (Amendment No. 7),
and  does  hereby  ratify  and  confirm  each and  every  guaranty  of  Borrower
(inclusive of Elcom, Inc.) in all respects.

ELCOM INTERNATIONAL, INC.

By:/s/ Peter Rendall

Print Name: Peter Rendall

Title: Chief Financial Officer

Date: November 10, 2000EXHIBIT 4.1

                                                                     EXECUTION

            STRUCTURED ASSET SECURITIES CORPORATION, as Depositor,

                AURORA LOAN SERVICES INC., as Master Servicer,

                                      and

                     THE CHASE MANHATTAN BANK, as Trustee

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

                                TRUST AGREEMENT

                          Dated as of October 1, 2000
                          ---------------------------

                    STRUCTURED ASSET SECURITIES CORPORATION
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 2000-5

<PAGE>

<TABLE>
<CAPTION>

                                                    Table of Contents
                                                                                                               Page

                                                        Article I
                                                       DEFINITIONS

<S>                   <C>                                                                                       <C>
Section 1.01.         Definitions.................................................................................7
Section 1.02.         Calculations Respecting Mortgage Loans. ...................................................40

                                                       Article II
                                     DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

Section 2.01.         Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. .....................40
Section 2.02.         Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. ..............43
Section 2.03.         Representations and Warranties of the Depositor. ..........................................45
Section 2.04.         Discovery of Breach. ......................................................................46
Section 2.05.         Repurchase, Purchase or Substitution of Mortgage Loans. ...................................47
Section 2.06.         Grant Clause. .............................................................................48

                                                       Article III
                                                    THE CERTIFICATES

Section 3.01.         The Certificates. .........................................................................48
Section 3.02.         Registration. .............................................................................49
Section 3.03.         Transfer and Exchange of Certificates. ....................................................49
Section 3.04.         Cancellation of Certificates. .............................................................52
Section 3.05.         Replacement of Certificates. ..............................................................52
Section 3.06.         Persons Deemed Owners. ....................................................................53
Section 3.07.         Temporary Certificates. ...................................................................53
Section 3.08.         Appointment of Paying Agent. ..............................................................53
Section 3.09.         Book-Entry Certificates. ..................................................................53

                                                       Article IV
                                            ADMINISTRATION OF THE TRUST FUND

Section 4.01.         Collection Account. .......................................................................55
Section 4.02.         Application of Funds in the Collection Account. ...........................................56
Section 4.03.         Reports to Certificateholders. ............................................................58
Section 4.04.         Certificate Account. ......................................................................61
Section 4.05.         Determination of LIBOR. ...................................................................62
Section 4.06.         Certain Provisions With Respect to the Participations......................................63

                                                        Article V
                                        DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

Section 5.01.         Distributions Generally. ..................................................................64
Section 5.02.         Distributions from the Certificate Account. ...............................................64
Section 5.03.         Allocation of Realized Losses. ............................................................69
Section 5.04.         Advances by Master Servicer and Trustee. ..................................................71
Section 5.05.         Compensating Interest Payments. ...........................................................72

                                                       Article VI
                                        CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

Section 6.01.         Duties of Trustee. ........................................................................72
Section 6.02.         Certain Matters Affecting the Trustee. ....................................................74
Section 6.03.         Trustee Not Liable for Certificates. ......................................................75
Section 6.04.         Trustee May Own Certificates. .............................................................75
Section 6.05.         Eligibility Requirements for Trustee.......................................................75
Section 6.06.         Resignation and Removal of Trustee.........................................................76
Section 6.07.         Successor Trustee..........................................................................76
Section 6.08.         Merger or Consolidation of Trustee.........................................................77
Section 6.09.         Appointment of Co-Trustee, Separate Trustee or Custodian...................................77
Section 6.10.         Authenticating Agents......................................................................79
Section 6.11.         Indemnification of Trustee.................................................................79
Section 6.12.         Fees and Expenses of Trustee...............................................................80
Section 6.13.         Collection of Monies.......................................................................80
Section 6.14.         Events of Default; Trustee To Act; Appointment of Successor................................80
Section 6.15.         Additional Remedies of Trustee Upon Event of Default.......................................84
Section 6.16.         Waiver of Defaults.........................................................................84
Section 6.17.         Notification to Holders....................................................................84
Section 6.18.         Directions by Certificateholders and Duties of Trustee During Event of Default.............85
Section 6.19.         Action Upon Certain Failures of the Master Servicer and Upon Event of Default..............85
Section 6.20.         Preparation of Tax Returns and Other Reports...............................................85

                                                       Article VII
                                       PURCHASE AND TERMINATION OF THE TRUST FUND

Section 7.01.         Termination of Trust Fund Upon Repurchase or Liquidation of All Mortgage Loans.............86
Section 7.02.         Procedure Upon Termination of Trust Fund...................................................88
Section 7.03.         Additional Requirements under the REMIC Provisions.........................................89

                                                      Article VIII
                                              RIGHTS OF CERTIFICATEHOLDERS

Section 8.01.         Limitation on Rights of Holders............................................................89
Section 8.02.         Access to List of Holders..................................................................90
Section 8.03.         Acts of Holders of Certificates............................................................91

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

Section 9.01.         Duties of the Master Servicer..............................................................91
Section 9.02.         Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
                      Policy.....................................................................................92
Section 9.03.         Master Servicer's Financial Statements and Related Information.............................92
Section 9.04.         Power to Act; Procedures...................................................................93
Section 9.05.         Servicing Agreements Between the Master Servicer and Servicers; Enforcement of
                      Servicers' Obligations.....................................................................94
Section 9.06.         Collection of Taxes, Assessments and Similar Items.........................................95
Section 9.07.         Termination of Servicing Agreements; Successor Servicers...................................95
Section 9.08.         Master Servicer Liable for Enforcement.....................................................96
Section 9.09.         No Contractual Relationship Between Servicers and Trustee or Depositor.....................96
Section 9.10.         Assumption of Servicing Agreement by Trustee...............................................96
Section 9.11.         "Due-on-Sale" Clauses; Assumption Agreements...............................................97
Section 9.12.         Release of Mortgage Files..................................................................97
Section 9.13.         Documents, Records and Funds in Possession of Master Servicer To Be Held for
                      Trustee....................................................................................98
Section 9.14.         Representations and Warranties of the Master Servicer......................................99
Section 9.15.         Closing Certificate and Opinion...........................................................101
Section 9.16.         Standard Hazard and Flood Insurance Policies..............................................101
Section 9.17.         Presentment of Claims and Collection of Proceeds..........................................102
Section 9.18.         Maintenance of the Primary Mortgage Insurance Policies....................................102
Section 9.19.         Trustee To Retain Possession of Certain Insurance Policies and Documents..................102
Section 9.20.         Realization Upon Defaulted Mortgage Loans.................................................103
Section 9.21.         Compensation to the Master Servicer.......................................................103
Section 9.22.         REO Property..............................................................................103
Section 9.23.         [Omitted].................................................................................104
Section 9.24.         Reports to the Trustee....................................................................104
Section 9.25.         Annual Officer's Certificate as to Compliance.............................................105
Section 9.26.         Annual Independent Accountants' Servicing Report..........................................105
Section 9.27.         Merger or Consolidation...................................................................106
Section 9.28.         Resignation of Master Servicer............................................................106
Section 9.29.         Assignment or Delegation of Duties by the Master Servicer.................................106
Section 9.30.         Limitation on Liability of the Master Servicer and Others.................................106
Section 9.31.         Indemnification; Third-Party Claims.......................................................107

                                                        Article X
                                                  REMIC ADMINISTRATION

Section 10.01.        REMIC Administration......................................................................107
Section 10.02.        Prohibited Transactions and Activities....................................................109
Section 10.03.        Indemnification with Respect to Certain Taxes and Loss of REMIC Status....................109
Section 10.04.        REO Property..............................................................................110

                                                       Article XI
                                                MISCELLANEOUS PROVISIONS

Section 11.01.        Binding Nature of Agreement; Assignment...................................................111
Section 11.02.        Entire Agreement..........................................................................111
Section 11.03.        Amendment.................................................................................111
Section 11.04.        Voting Rights.............................................................................112
Section 11.05.        Provision of Information..................................................................112
Section 11.06.        Governing Law.............................................................................113
Section 11.07.        Notices...................................................................................113
Section 11.08.        Severability of Provisions................................................................113
Section 11.09.        Indulgences; No Waivers...................................................................113
Section 11.10.        Headings Not To Affect Interpretation.....................................................113
Section 11.11.        Benefits of Agreement.....................................................................114
Section 11.12.        Special Notices to the Rating Agencies....................................................114
Section 11.13.        Counterparts..............................................................................115
Section 11.14.        Transfer of Servicing.....................................................................115

<PAGE>

                                  ATTACHMENTS

Exhibit A         Forms of Certificates
Exhibit B-1       Form of Initial Certification
Exhibit B-2       Form of Interim Certification
Exhibit B-3       Form of Final Certification
Exhibit B-4       Form of Endorsement
Exhibit C         Request for Release of Documents and Receipt
Exhibit D-l       Form of Residual Certificate Transfer Affidavit (Transferee)
Exhibit D-2       Form of Residual Certificate Transfer Affidavit (Transferor)
Exhibit E         Servicing Agreement
Exhibit F         Form of Rule 144A Transfer Certificate
Exhibit G         Form of Purchaser's Letter for Institutional Accredited Investors
Exhibit H         Form of ERISA Transfer Affidavit
Exhibit I         Monthly Remittance Advice
Exhibit J         Monthly Electronic Data Transmission
Exhibit K         Custodial Agreement

Schedule A        Mortgage Loan Schedule
Schedule B        Participation Schedule
</TABLE>

<PAGE>

         This TRUST AGREEMENT, dated as of October 1, 2000 (the "Agreement"),
is by and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware
corporation, as depositor (the "Depositor"), AURORA LOAN SERVICES INC., as
master servicer (the "Master Servicer"), and THE CHASE MANHATTAN BANK, a New
York banking corporation, as trustee (the "Trustee").

                             PRELIMINARY STATEMENT

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

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

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

<PAGE>

<TABLE>
<CAPTION>

                                                                       Corresponding Class
Lower Tier Class        Lower Tier              Initial Class           of Certificates or
   Designation        Interest Rate           Principal Amount              Components

<S>                       <C>                   <C>                            <C>
Class LT1-A1              (1)                   $75,950,000.00           Class 1-A1
Class LT1-A2              (1)                     1,000,000.00           Class 1-A2
    (2)                                                                  Class 1-AX
Class LT2-A1              (3)                    71,657,000.00           Class 2-A1
Class LT2-A2              (3)                     1,000,000.00           Class 2-A2
Class LT2-AP             0.00%                    4,196,187.00           Class 2-APO
    (4)                                                                  Class 2-A3
    (5)                                                                  Class 2-AX
Class LT3-A1              (6)                   112,481,000.00           Class 3-A1
Class LT3-AP             0.00%                        4,673.00           Class 3-APO
    (7)                                                                  Class 3-AX
Class LT-B1(1-2)          (8)                     5,641,000.00           B1(1-2) Component
Class LT-B1(3)            (6)                     2,936,000.00           B1(3) Component
Class LT-B2(1-2)          (8)                     2,924,000.00           B2(1-2) Component
Class LT-B2(3)            (6)                       881,000.00           B2(3) Component
Class LT-B3(1-2)          (8)                     1,587,000.00           B3(1-2) Component
Class LT-B3(3)            (6)                       352,000.00           B3(3) Component
Class LT-B4(1-2)          (8)                     1,044,000.00           B4(1-2) Component
Class LT-B4(3)            (6)                       352,000.00           B4(3) Component
Class LT-B5(1-2)          (8)                     1,127,000.00           B5(1-2) Component
Class LT-B5(3)            (6)                       176,000.00           B5(3) Component
Class LT-B6(1-2)          (8)                     1,052,130.95           B6(1-2) Component
Class LT-B6(3)            (6)                       296,845.55           B6(3) Component
Class LT-R                (9)                            (9)             Class R
Class LT-Q                (1)                           100              Class R

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

(1)  The interest rate with respect to any Distribution Date (and the related
     Accrual Period) for each of these Lower Tier Interests is a rate equal to
     the Adjusted Net WAC for Pool 1.

(2)  The Class 1-AX Certificates are entitled to receive on each Distribution
     Date up to and including the Class 1-A1 Call Date a specified portion of
     the interest payable on the Class LT1-A1, Class LT1-A2 and Class LT1-Q
     Interests equal to the excess of the interest accruals on those interests
     over interest accruals at a rate of 7.25%.

(3)  The interest rate with respect to any Distribution Date (and the related
     Accrual Period) for each of these Lower Tier Interests is a rate equal to
     the Adjusted Net WAC for Pool 2.

(4)  The Class 2-A3 Certificates are entitled to receive on each Distribution
     Date up to and including the Class 2-A1 Call Date a specified portion of
     the interest payable on the Class LT2-A1 and Class LT2-A2 Interests equal
     to the excess of the interest accruals on those interest at a rate equal
     to the lesser of 9.00% and the Adjusted Net WAC for Pool 2 over interest
     accruals at the Interest Rate of the Class 2-A1 Certificates for such
     Distribution Date.

(5)  The Class 2-AX Certificates are entitled to receive on each Distribution
     Date up to and including the Class 2-A1 Call Date a specified portion of
     the interest payable on the Class LT2-A1 and Class LT2-A2 Interests equal
     to the excess of the interest accruals on those interests at the Adjusted
     Net WAC for Pool 2 over interest accruals at a rate of 9.00%.

(6)  The interest rate with respect to any Distribution Date (and the related
     Accrual Period) for this Lower Tier Interest is a rate equal to the
     Adjusted Net WAC for Pool 3.

(7)  The Class 3-AX Certificates are entitled to receive on each Distribution
     Date up to and including the Class 3-A1 Reset Date a specified portion of
     the interest payable on the Class LT3-A1 Interest equal to the excess of
     the interest accruals on that interest over interest accruals at a rate
     of 7.00%.

(8)  The interest rate with respect to any Distribution Date (and the related
     Accrual Period) for each of these Lower Tier Interests is a rate equal to
     the Average Rate.

(9)  The Class LT-R Interest is the sole class of residual interest in the
     Lower Tier REMIC. It does not have an interest rate or a principal
     balance.

</TABLE>

     On each Distribution Date, interest is payable on each Lower Tier Regular
Interest at the rate described above. On each Distribution Date principal is
payable on each Class of Lower Tier Interests in the same manner and in the
same amount as principal is payable on the Corresponding Class of
Certificates. Realized Losses and Net Prepayment Interest Shortfalls for any
Distribution Date shall be allocated among the classes of Lower Tier Interests
in the same manner that such items are allocated among the Corresponding
Classes of Certificates.

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

<PAGE>
<TABLE>
<CAPTION>

                            Certificate              Initial Class           Minimum
Class Designation          Interest Rate           Principal Amount        Denomination
-----------------          -------------           ----------------        ------------

<S>   <C>                     <C>  <C>              <C>                    <C>
Class 1-A1                    7.25%(1)              $75,950,000.00         $    25,000
Class 1-A2                    7.25%(1)                1,000,000.00         $ 1,000,000
Class 1-AX                     (2)                           (3)           $ 5,000,000
Class 2-A1                     (4)                   71,657,000.00         $    25,000
Class 2-A2                     (4)                    1,000,000.00         $ 1,000,000
Class 2-A3                     (5)                           (6)           $ 5,000,000
Class 2-AX                     (7)                           (6)                  100%
Class 2-AP                    0.00%                   4,196,187.00         $    25,000
Class 3-A1                   7.00%(8)               112,481,000.00         $    25,000
Class 3-AX                      (9)                         (10)           $ 5,000,000
Class 3-AP                    0.00%                       4,673.00         $     4,673
Class B1                       (11)                   8,577,000.00         $   100,000
Class B2                       (11)                   3,805,000.00         $   100,000
Class B3                       (11)                   1,939,000.00         $   100,000
Class B4                       (11)                   1,396,000.00         $   250,000
Class B5                       (11)                   1,303,000.00         $   250,000
Class B6                       (11)                   1,349,976.48         $   250,000
Class R                       7.25%(1)                      100.00         $       100
</TABLE>

---------------------------
(1)  The Certificate Interest Rate with respect to any Distribution Date on or
     prior to the Class 1-A1 Call Date (and the related Accrual Period) for
     the Class 1-A1, Class 1-A2 and Class R Certificates is a per annum rate
     equal to the lesser of (i) 7.25% and (ii) the Adjusted Net WAC for Pool 1
     for the related Distribution Date. The Certificate Interest Rate with
     respect to any Distribution Date following the Class 1-A1 Call Date (and
     the related Accrual Period) for the Class 1-A1, Class 1-A2 and Class R
     Certificates shall be equal to the Adjusted Net WAC for Pool 1 for the
     related Distribution Date.

(2)  The Certificate Interest Rate with respect to any Distribution Date on or
     prior to the Class 1-A1 Call Date (and the related Accrual Period) for
     the Class 1-AX Certificates is a per annum rate equal to (i) the Adjusted
     Net WAC for Pool 1 for the related Distribution Date minus (ii) 7.25%,
     subject to a minimum rate of 0.00%. The Certificate Interest Rate for the
     Class 1-AX Certificates with respect to any Distribution Date following
     the Class 1-A1 Call Date (and the related Accrual Period) shall be zero.

(3)  Prior to the Class 1-A1 Call Date, the Class Notional Amount with respect
     to any Distribution Date (and the related Accrual Period) of the Class
     1-AX Certificates will equal the sum of the Class Principal Amounts of
     the Class 1-A1, Class 1-A2 and Class R Certificates immediately preceding
     such Distribution Date. For each Distribution Date following the Class
     1-A1 Call Date (and the related Accrual Period), the Class Notional
     Amount of the Class 1-AX Certificates shall be zero.

(4)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-A1 and Class 2-A2
     Certificates is a per annum rate equal to the least of (i) LIBOR plus
     0.60%, (ii) 9.00% and (iii) the Adjusted Net WAC for Pool 2 for the
     related Distribution Date.

(5)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-A3 Certificates is a per
     annum rate equal to (i) the lesser of (a) 9.00% and (2) the Adjusted Net
     WAC for Pool 2 for the related Distribution Date minus (ii) the
     Certificate Interest Rate for the Class 2-A1 Certificates for the related
     Accrual Period.

(6)  Prior to the Class 2-A1 Call Date, the Class Notional Amount with respect
     to any Distribution Date (and related Accrual Period) of the Class 2-A3
     and Class 2-AX Certificates will equal the sum of the Class Principal
     Amounts of the Class 2-A1 and Class 2-A2 Certificates immediately
     preceding such Distribution Date. For each Distribution Date following
     the Class 2-A1 Call Date (and the related Accrual Period), the Class
     Notional Amount of the Class 2-A3 and Class 2-AX Certificates shall be
     zero.

(7)  The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class 2-AX Certificates is a per
     annum rate equal to (i) the Adjusted Net WAC for Pool 2 for the related
     Distribution Date minus (ii) 9.00%, subject to a minimum rate of 0.00%.

(8)  The Certificate Interest Rate with respect to any Distribution Date on or
     prior to the Class 3-A1 Reset Date (and the related Accrual Period) for
     the Class 3-A1 Certificates is a per annum rate equal to the lesser of
     (i) 7.00% and (ii) the Adjusted Net WAC for Pool 3 for the related
     Distribution Date. The Certificate Interest Rate with respect to any
     Distribution Date following the Class 3-A1 Reset Date (and the related
     Accrual Period) for the Class 3-A1 Certificates shall be equal to the
     Adjusted Net WAC for Pool 3 for the related Distribution Date.

(9)  The Certificate Interest Rate with respect to any Distribution Date on or
     prior to the Class 3-A1 Reset Date (and the related Accrual Period) for
     the Class 3-AX Certificates is a per annum rate equal to (i) the Adjusted
     Net WAC for Pool 3 for the related Distribution Date minus (ii) 7.00%,
     subject to a minimum rate of 0.00%. The Certificate Interest Rate for the
     Class 3-AX Certificates with respect to any Distribution Date following
     the Class 3-A1 Reset Date (and the related Accrual Period) shall be zero.

(10) Prior to the Class 3-A1 Reset Date, the Class Notional Amount with
     respect to any Distribution Date (and the related Accrual Period) of the
     Class 3-AX Certificates will equal the Class Principal Amount of the
     Class 3-A1 Certificates immediately preceding such Distribution Date. For
     each Distribution Date following the Class 3-A1 Reset Date (and the
     related Accrual Period), the Class Notional Amount of the Class 3-AX
     Certificates shall be zero.

(11) The Certificate Interest Rate with respect to any Distribution Date (and
     the related Accrual Period) for the Class B1, Class B2, Class B3, Class
     B4, Class B5 and Class B6 Certificates will equal the weighted average of
     the Component Interest Rates for such Distribution Date for the
     Components of the applicable Class, weighted on the basis of the
     Component Principal Amount of each Component immediately prior to such
     date.

     As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $284,658,936.48.

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

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

<PAGE>

                                   Article I

                                  DEFINITIONS

         Section 1.01. Definitions. The following words and phrases, unless
the context otherwise requires, shall have the following meanings:

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

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

         Accretion Directed Certificate:  None.

         Accretion Termination Date:  None.

         Accrual Amount: As to any Class of Accrual Certificates and each
Distribution Date through the Credit Support Depletion Date, the sum of (x)
any amount of Accrued Certificate Interest allocable to such Class pursuant to
Section 5.02(a)(ii) on such Distribution Date and (y) any Interest Shortfall
allocable to such Class pursuant to Section 5.02(a)(iii) on such Distribution
Date. As to any Class of Accrual Certificates and each Distribution Date after
the Credit Support Depletion Date, zero.

         Accrual Certificate:  None.

         Accrual Component:  None.

         Accrual Period: With respect to any Distribution Date and any Class
of Certificates (other than the Class 2-A1, Class 2A-2 and Class 2-A3
Certificates) or any Class of Lower Tier Interests, the one-month period
beginning immediately following the end of the preceding Accrual Period (or
from the Cut-off Date, in the case of the first Accrual Period) and ending on
the last day of the month preceding the month in which such Distribution Date
occurs. With respect to the Class 2-A1, Class 2-A2 and Class 2-A3 Certificates
and any Distribution Date, the period beginning on the Distribution Date in
the calendar month immediately preceding the month in which the related
Distribution Date occurs (or, in the case of the first Distribution Date,
beginning on October 25, 2000) and ending on the day immediately preceding the
related Distribution Date.

         Accrued Certificate Interest: As to any Class of Certificates (other
than any Principal Only Certificates and any Subordinate Certificates) and any
Component and any Distribution Date, the product of the Certificate Interest
Rate for such Class of Certificates (or the Component Interest Rate for such
Component) and the Class Principal Amount (or Class Notional Amount) of such
Class of Certificates (or the Component Principal Amount of such Component)
immediately preceding such Distribution Date, as reduced by such Class's or
Component's share of the interest portion of (i) any Excess Losses for the
related Mortgage Pool or Mortgage Pools for such Distribution Date and (ii)
any Relief Act Reduction for the related Mortgage Pool or Mortgage Pools for
such Distribution Date, in each case allocable among the related Non-AP Senior
Certificates and the related Components pro rata based on the Accrued
Certificate Interest otherwise distributable on such Non-AP Senior
Certificates and on (1) in the case of the B1(3), B2(3), B3(3), B4(3), B5(3)
and B6(3) Components, the Accrued Certificate Interest otherwise distributable
thereon, and (2) in the case of the B1(1-2), B2(1-2), B3(1-2), B4(1-2),
B5(1-2) and B6(1-2) Components, interest accrued on the Apportioned Principal
Balances of such Components. As to any Class of Subordinate Certificates on
any Distribution Date, the aggregate of Accrued Certificate Interest for the
related Accrual Period on the Components of such Class.

         Act:  As defined in Section 3.03(c).

         Additional Collateral:  None.

         Adjustable Rate Mortgage Loan: Any Mortgage Loan as to which the
related Mortgage Note provides for the adjustment of the Mortgage Rate.

         Adjusted Net Mortgage Rate: With respect to each Discount Mortgage
Loan for any date, the percentage equivalent of the fraction, the numerator of
which is the product of (i) the applicable Net Mortgage Rate and (ii) the
applicable Scheduled Principal Balance and the denominator of which is the
applicable Adjusted Principal Balance.

         Adjusted Net WAC: With respect to Pool 1 for any Distribution Date,
the weighted average of the Net Mortgage Rates of the Mortgage Loans in Pool 1
at the start of the related Due Period, weighted on the basis of the
applicable Scheduled Principal Balances at the start of the related Due
Period. With respect to Pool 2 and Pool 3 for any Distribution Date, the
weighted average (weighted on the basis of, in the case of clause (i), the
aggregate of the Scheduled Principal Balances of the related Mortgage Loans,
and in the case of clause (ii), the aggregate of the Adjusted Principal
Balances of the related Mortgage Loans) of (i) the weighted average of the Net
Mortgage Rates of the Non-Discount Mortgage Loans in the such Mortgage Pool at
the start of the related Due Period, weighted on the basis of the applicable
Scheduled Principal Balances at the start of the related Due Period, and (ii)
the weighted average of the Adjusted Net Mortgage Rates of the Discount
Mortgage Loans in such Mortgage Pool at the start of the related Due Period,
weighted on the basis of the applicable Adjusted Principal Balances at the
start of the related Due Period.

         Adjusted Principal Balance: With respect to each Discount Mortgage
Loan for any date, the product of (i) the Scheduled Principal Balance of the
related Mortgage Loan and (ii) the applicable Non-AP Percentage.

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

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

         Aggregate Master Servicing Compensation: As to any Distribution Date,
the sum of (x) the aggregate of the Master Servicing Fees payable to the
Master Servicer in respect of such Distribution Date and (y) all income and
gain realized from the investment of funds in the Collection Account during
the period from and including the Deposit Date in the calendar month
immediately preceding the month in which such Distribution Date occurs, to but
excluding the Deposit Date relating to such Distribution Date.

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

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

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

         AP Percentage: As to any Discount Mortgage Loan, the percentage
equivalent of a fraction, the numerator of which is the applicable Designated
Rate minus the Initial Net Mortgage Rate of such Discount Mortgage Loan and
the denominator of which is the applicable Designated Rate. As to any Mortgage
Loan in Pool 1 and any Non-Discount Mortgage Loan in Pool 2 or Pool 3, 0.00%.

         AP Principal Distribution Amount: For any Distribution Date and for
each of Certificate Group 2 and Certificate Group 3, the sum of the following
amounts:

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

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

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

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

         Apportioned Principal Balance: As to any of the B1(1-2), B2(1-2),
B3(1-2), B4(1-2), B5(1-2) or B6(1-2) Components and any Distribution Date, the
Component Principal Amount of such Component immediately prior to such
Distribution Date multiplied by a fraction, the numerator of which is the
applicable Group Subordinate Amount for such date and the denominator of which
is the sum of the Group Subordinate Amounts for Pool 1 and Pool 2 for such
date.

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

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

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

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

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

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

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

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

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

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

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

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

                           (F) any Prepayment Penalty Amounts;

                           (G) any Prepayment Interest Excess; and

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

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

         Average Rate: With respect to any Distribution Date, the weighted
average of the Adjusted Net WAC for each of Pool 1 and Pool 2 for such date,
weighted on the basis of the Group Subordinate Amount for each such Mortgage
Pool for such date.

         Balloon Mortgage Loan: Any Mortgage Loan having an original term to
maturity that is shorter than its amortization schedule, and a final Scheduled
Payment that is disproportionately large in comparison to other Scheduled
Payments.

         Balloon Payment: The final Scheduled Payment in respect of a Balloon
Mortgage Loan.

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

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

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

         Bankruptcy Losses: Any Realized Losses (as reported by a Servicer to
the Master Servicer) arising from a proceeding under the United States
Bankruptcy Code or any other similar state law or other proceeding with
respect to the Mortgagor of or Mortgaged Property under a Mortgage Loan
including, without limitation, any such loss arising from (a) the difference
between (i) the principal amount that would have been due under the original
scheduled payments of principal and interest due on the related Mortgage Loan
and (ii) the value established in the relevant court with respect to such
Mortgaged Property, including without limitation a Deficient Valuation, or (b)
a Debt Service Reduction.

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

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

         Book-Entry Certificates: Beneficial interests in Certificates
designated as "Book-Entry Certificates" in this Agreement, ownership and
transfers of which shall be evidenced or made through book entries by a
Clearing Agency as described in Section 3.09; provided, that after the
occurrence of a condition whereupon book-entry registration and transfer are
no longer permitted and Definitive Certificates are to be issued to
Certificate Owners, such Book-Entry Certificates shall no longer be
"Book-Entry Certificates." As of the Closing Date, the following Classes of
Certificates constitute Book-Entry Certificates: Class 1-A1, Class 1-AX, Class
2-A1, Class 2-A3, Class 2-AX, Class 2-AP, Class 3-A1, Class 3-AX, Class 3-AP,
Class B1, Class B2 and Class B3.

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

         Call Certificates: The Class 1-A2 and Class 2-A2 Certificates.

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

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

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

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

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

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

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

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

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

         Class 1-A1 Call Date: As defined in Section 7.01.

         Class 1-A1 Call Option: As defined in Section 7.01.

         Class 1-A1 Purchase Price: As defined in Section 7.01.

         Class 2-A1 Call Date: As defined in Section 7.01.

         Class 2-A1 Call Option: As defined in Section 7.01.

         Class 2-A1 Purchase Price: As defined in Section 7.01.

         Class 3-A1 Reset Date: The Distribution Date in February 2007.

         Class AP Deferred Amount: As to any Distribution Date on or prior to
the Credit Support Depletion Date and each Class of Class AP Certificates, the
aggregate of the applicable AP Percentage of the principal portion of each
Realized Loss on a Discount Mortgage Loan in the related Mortgage Pool, other
than, in each case, any Excess Loss, to be allocated to such Class of
Certificates on such Distribution Date or previously allocated to such Class
of Certificates and not yet paid to the Holders of such Class of Certificates
pursuant to Section 5.02(a)(v).

         Class AP Certificate: Any Class 2-AP or 3-AP Certificate.

         Class B Certificate: Any Class B1, Class B2, Class B3, Class B4,
Class B5 or Class B6 Certificate.

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

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

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

         Class Percentage: With respect to each Component for each
Distribution Date, the percentage obtained by dividing the Component Principal
Amount of such Component immediately prior to such Distribution Date by the
sum of the Class Principal Amounts of all Classes of related Senior
Certificates and the Component Principal Amounts of all Components having the
same parenthetical designation, immediately prior to such date.

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

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

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

         Closing Date: October 30, 2000.

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

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

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

         Component: Each of the components having the component designations
and initial Component Principal Amounts as follows:

                                                 Initial Component
                                                 Principal Amount
                    Component                      or Component
                   Designation                    Notional Amount

                      B1(1-2)                     $5,641,000.00
                      B1(3)                        2,936,000.00
                      B2(1-2)                      2,924,000.00
                      B2(3)                          881,000.00
                      B3(1-2)                      1,587,000.00
                      B3(3)                          352,000.00
                      B4(1-2)                      1,044,000.00
                      B4(3)                          352,000.00
                      B5(1-2)                      1,127,000.00
                      B5(3)                          176,000.00
                      B6(1-2)                      1,053,130.95
                      B6(3)                          296,845.53

         Component Certificate: Any Class B1, B2, B3, B4, B5 or B6
Certificate.

         Component Interest Rate: With respect to the B1(1-2), B2(1-2),
B3(1-2), B4(1-2), B5(1-2) and B6(1-2) Components the per annum rate equal to
the Average Rate calculated with respect to Pool 1 and 2. With respect to the
B1(3), B2(3), B3(3), B4(3), B5(3) and B6(3) Components the per annum rate
equal to the Adjusted Net WAC for Pool 3

         Component Notional Amount:  Not applicable.

         Component Principal Amount: With respect to any Distribution Date and
any Component, at the time of determination, the Initial Component Principal
Amount thereof (as set forth in the definition of the term "Component") less
the sum of (x) all amounts distributed in reduction thereof on previous
Distribution Dates pursuant to Section 5.02, (y) the amount of all Realized
Losses allocated thereto pursuant to Section 5.03 and (z) any Component
Writedown Amount allocated to such Component.

         Component Writedown Amount: With respect to any Distribution Date and
the B1(1-2), B2(1-2), B3(1-2), B4(1-2), B5(1-2) and B6(1-2) Components, the
amount by which (i) the sum of the aggregate Certificate Principal Amount of
the related Senior Certificates and the aggregate Component Principal Amount
of such Components (after giving effect to distributions of principal and
allocation of Realized Losses on such date) exceeds (ii) the aggregate
Scheduled Principal Balance of the Mortgage Loans in Pool 1 and Pool 2 for
such Distribution Date. As to any Distribution Date and the B1(3), B2(3),
B3(3), B4(3), B5(3) and B6(3) Components, the amount by which (i) the sum of
the aggregate Certificate Principal Amount of the related Senior Certificates
and the aggregate Component Principal Amount of such Components (after giving
effect to distributions of principal and allocation of Realized Losses on such
date) exceeds (ii) the aggregate Scheduled Principal Balance of the Mortgage
Loans in Pool 3 for such Distribution Date.

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

         Converted Mortgage Loan: None.

         Convertible Mortgage Loan: None.

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

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

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

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

         Cooperative Shares: Shares issued by a Cooperative Corporation.

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

         Corporate Trust Office: The principal corporate trust office of the
Trustee at which, at any particular time, its corporate trust business shall
be administered, which office at the date hereof is located at 450 West 33rd
Street, 14th Floor, New York, New York 10001, Attention: Capital Markets
Fiduciary Services/SASCO 2000-5.

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

         Corresponding Component: None.

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

         Credit Support Depletion Date: With respect to Group 1 and Group 2,
the Distribution Date on which, giving effect to all distributions on such
date, the aggregate Component Principal Amount of each of the B1(1-2),
B2(1-2), B3(1-2), B4(1-2), B5(1-2) and B6(1-2) Components is reduced to zero.
With respect to Group 3, the Distribution Date on which, giving effect to all
distributions on such date, the aggregate Component Principal Amount of each
of the B1(3), B2(3), B3(3), B4(3), B5(3) and B6(3) Components is reduced to
zero.

         Credit Support Percentage: As to any Component and any Distribution
Date, the sum of the Class Percentages of Components having the same
parenthetical designation that rank lower in priority than such Component.

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

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

         Cut-off Date: October 1, 2000.

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

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

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

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

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

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

         Deposit Date: With respect to each Distribution Date, the Business
Day immediately preceding such Distribution Date.

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

         Designated Rate: With respect to Pool 2, 9.00% per annum, and with
respect to Pool 3, 7.00%.

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

         Discount Mortgage Loan: With respect to Pool 2, any Mortgage Loan
with an Initial Net Mortgage Rate less than 9.00% per annum, and with respect
to Pool 3, any Mortgage Loan with an Initial Net Mortgage Rate less than
7.00%.

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

         Distribution Date: The 25th day of each month, or, if such 25th day
is not a Business Day, the next succeeding Business Day commencing in November
2000.

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

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

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

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

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

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

               (iii) repurchase agreements collateralized by Direct
          Obligations or securities guaranteed by GNMA, FNMA or FHLMC with any
          registered broker/dealer subject to Securities Investors' Protection
          Corporation jurisdiction or any commercial bank insured by the FDIC,
          if such broker/dealer or bank has an uninsured, unsecured and
          unguaranteed obligation rated by each Rating Agency in its highest
          short-term rating category;

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

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

               (vi) a Qualified GIC;

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

               (viii) any other demand, money market, common trust fund or
          time deposit or obligation, or interest-bearing or other security or
          investment, (A) rated in the highest rating category by each Rating
          Agency or (B) that would not adversely affect the then current
          rating by either Rating Agency of any of the Certificates. Such
          investments in this subsection (viii) may include money market
          mutual funds, including, without limitation, the VISTA U.S.
          Government Money Market Fund or any other fund for which The Chase
          Manhattan Bank (the "Bank"), the Trustee or an affiliate thereof
          serves as an investment advisor, administrator, shareholder
          servicing agent, and/or custodian or subcustodian, notwithstanding
          that (i) the Bank or an affiliate thereof charges and collects fees
          and expenses from such funds for services rendered, (ii) the Bank or
          an affiliate thereof charges and collects fees and expenses for
          services rendered pursuant to this Agreement, and (iii) services
          performed for such funds and pursuant to this Agreement may converge
          at any time. The Trustee specifically authorizes the Bank or an
          affiliate thereof to charge and collect from the Trustee such fees
          as are collected from all investors in such funds for services
          rendered to such funds (but not to exceed investment earnings
          thereon);

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

          ERISA-Restricted Certificate: Any Class 1-A2, Class 2-A2, Class
3-A1, Class 3-AX or Class 3-AP Certificate or any Subordinate Certificate.

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

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

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

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

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

          Final Scheduled Distribution Date: November 25, 2030.

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

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

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

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

          Fraud Loss Limit: With respect to any Distribution Date (x) prior to
the first anniversary of the Cut-off Date, $1,672,845.37, with respect to Pool
1; $1,670,742.99, with respect to Pool 2; and $2,349,590.37, with respect to
Pool 3, less the aggregate of Fraud Losses with respect to Mortgage Loans in
the related Mortgage Pool since the Cut-off Date, and (y) from the first to
the fourth anniversary of the Cut-off Date, as to each Mortgage Pool, an
amount equal to (1) the lesser of (a) the applicable Fraud Loss Limit as of
the most recent anniversary of the Cut-off Date and (b) 1% of the aggregate
principal balance of all Mortgage Loans in the related Mortgage Pool as of the
most recent anniversary of the Cut-off Date less (2) the aggregate of Fraud
Losses since the most recent anniversary of the Cut-off Date. On or after the
fifth anniversary of the Cut-off Date, the Fraud Loss Limit for each Mortgage
Pool shall be zero.

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

          Group 1: All of the Group 1 Certificates.

          Group 1 Certificate: Any Class 1-A1, Class 1-A2, Class 1-AX or Class
R Certificate.

          Group 1-2 Subordinate Percentage: With respect to any Distribution
Date, the sum of the Component Principal Amounts of the B1(1-2), B2(1-2),
B3(1-2), B4(1-2), B5(1-2) and B6(1-2) Components divided by the sum of the
Non-AP Pool Balances for Pool 1 and Pool 2 immediately prior to such date.

          Group 2: All of the Group 2 Certificates.

          Group 2 Certificate: Any Class 2-A1, Class 2-A2, Class 2-A3, Class
2-AX or Class 2-AP Certificate.

          Group 3: All of the Group 3 Certificates.

          Group 3 Certificate: Any Class 3-A1, Class 3-AP or Class 3-AX
Certificate.

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

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

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

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

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

          Initial LIBOR Rate: 6.62%.

          Initial Net Mortgage Rate: As to any Mortgage Loan, the Net Mortgage
Rate as of the Cut-off Date.

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

          Interest Distribution Amount: Not applicable.

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

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

          Latest Possible Maturity Date: As defined in Section 10.01(b)
hereof.

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

          LIBOR: With respect to the first Accrual Period, the Initial LIBOR
Rate. With respect to each subsequent Accrual Period, the per annum rate
determined pursuant to Section 4.05 on the basis of London interbank offered
rate quotations for one-month Eurodollar deposits, as such quotations may
appear on the display designated as page "LIUS01M" on the Bloomberg Financial
Markets Commodities News (or such other page as may replace such page on that
service for the purpose of displaying London interbank offered quotations of
major banks).

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

          LIBOR Component: None.

          LIBOR Determination Date: The second London Business Day immediately
preceding the commencement of each Accrual Period with respect to any LIBOR
Certificates other than the first such Accrual Period.

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

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

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

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

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

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

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

          Lower Tier REMIC: The Lower Tier REMIC as described in the
Preliminary Statement hereto.

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

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

          Master Servicing Fee: As to any Distribution Date and each Mortgage
Loan, an amount equal to the product of the Master Servicing Fee Rate and the
Scheduled Principal Balance of such Mortgage Loan as of the first day of the
related Due Period. The Master Servicing Fee for any Mortgage Loan shall be
payable in respect of any Distribution Date solely from the interest portion
of the Scheduled Payment or other payment or recovery with respect to such
Mortgage Loan.

          Master Servicing Fee Rate: With respect to the Mortgage Loans (other
than the Participations), 0.01% per annum. With respect to the Participations,
0.03%.

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

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

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

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

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

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

          Mortgage Loan: A Mortgage and the related notes or other evidences
of indebtedness secured by each such Mortgage conveyed, transferred, sold,
assigned to or deposited with the Trustee pursuant to Section 2.01 or Section
2.05, including without limitation, each Mortgage Loan listed on the Mortgage
Loan Schedule, as amended from time to time. In addition, as used herein the
term "Mortgage Loan" includes the Participations, except where otherwise
specified or where the context requires otherwise.

          Mortgage Loan Sale Agreement: The agreement, dated as of October 1,
2000, for the sale of the Mortgage Loans by Lehman Capital to the Depositor.

          Mortgage Loan Schedule: The schedule attached hereto as Schedule A,
which shall identify each Mortgage Loan, as such schedule may be amended from
time to time pursuant to Section 2.02.

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

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

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

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

          Mortgagor: The obligor on a Mortgage Note.

          Negative Amortization Certificate: None.

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

          Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage
Rate thereof reduced by the sum of the applicable Servicing Fee Rate, the
Master Servicing Fee Rate and the Trustee Fee Rate.

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

          Non-AP Percentage: As to any Discount Mortgage Loan in Pool 2 or
Pool 3, the percentage equivalent of the fraction, the numerator of which is
the Initial Net Mortgage Rate of such Discount Mortgage Loan and the
denominator of which is the applicable Designated Rate. As to any Mortgage
Loan in Pool 1 and any Non-Discount Mortgage Loan in Pool 2 or Pool 3, 100%.

          Non-AP Pool Balance: As to each Mortgage Pool and any Distribution
Date, the sum of the applicable Non-AP Percentage of the Scheduled Principal
Balance of each Mortgage Loan included in such Mortgage Pool.

          Non-AP Senior Certificate: Any Class 1-A1, Class 1-A2, Class 1-AX,
Class 2-A1, Class 2-A2, Class 2-A3, Class 2-AX, Class 3-A1, Class 3-AX or
Class R Certificate.

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

          Non-Discount Mortgage Loan: With respect to Pool 2, any Mortgage
Loan with an Initial Net Mortgage Rate equal to or greater than 9.00% per
annum, and with respect to Pool 3, any Mortgage Loan with an initial Net
Mortgage Rate equal to or greater than 7.00% per annum.

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

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

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

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

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

          Notional Component: None.

          Offering Document: Any of the private placement memorandum dated
October 25, 2000 relating to the Class 1-A2 and Class 2-A2 Certificates, the
private placement memorandum dated October 25, 2000 relating to the Class B4,
Class B5 and Class B6 Certificates, and the Prospectus.

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

          Opinion of Counsel: A written opinion of counsel, reasonably
acceptable in form and substance to the Trustee, and who may be in-house or
outside counsel to the Depositor, the Master Servicer or the applicable
Servicer but which must be Independent outside counsel with respect to any
such opinion of counsel concerning the transfer of any Residual Certificate or
concerning certain matters with respect to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or the taxation, or the federal
income tax status, of each REMIC.

          Original Credit Support Percentage: With respect to each Component,
the Credit Support Percentage for such Component on the Closing Date.

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

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

          Participation Agreement: With respect to each Participation, each
participation agreement dated as of October 1, 2000, among the Depositor, as
seller, the Master Servicer, as master servicer, and the participants from
time to time named therein.

          Participation: Each 50% participation interest in the mortgage loan
identified in the applicable Participation Agreement listed on the
Participation Schedule. For purposes of this Agreement, the Participations are
to be treated as Mortgage Loans having Principal Balances as of the Cut-off
Date as set forth in the Participation Agreements.

          Participation Schedule: The schedule attached hereto as Schedule B,
which shall identify the Participations and the related Participation
Agreements.

          Participation Master Servicer: Aurora Loan Services Inc., as master
servicer under each Participation Agreement.

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

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

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

          Placement Agent: Lehman Brothers Inc.

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

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

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

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

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

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

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

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

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

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

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

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

          Principal Amount Schedules: Not applicable.

          Principal Only Certificate: Any Class 2-AP or Class 3-AP
Certificate.

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

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

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

          Prospectus: The prospectus supplement dated October 25, 2000,
together with the accompanying prospectus dated April 10, 2000, relating to
the Class 1-A1, Class 1-AX, Class 2-A1, Class 2-A3, Class 2-AX, Class 2-AP,
Class 3-A1, Class 3-AX, Class 3-AP, Class B1, Class B2, Class B3 and Class R
Certificates.

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

          QIB: As defined in Section 3.03(c).

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

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

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

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

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

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

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

          Qualifying Substitute Mortgage Loan: In the case of a Mortgage Loan
substituted for a Deleted Mortgage Loan, a Mortgage Loan that, on the date of
substitution, (i) has a Scheduled Principal Balance (together with that of any
other mortgage loan substituted for the same Deleted Mortgage Loan) as of the
Due Date in the month in which such substitution occurs not in excess of the
Scheduled Principal Balance of the related Deleted Mortgage Loan, provided,
however, that, to the extent that the Scheduled Principal Balance of such
Mortgage Loan is less than the Scheduled Principal Balance of the related
Deleted Mortgage Loan, then such differential in principal amount, together
with interest thereon at the applicable Mortgage Rate net of the applicable
Master Servicing Fee and the applicable Servicing Fee from the date as to
which interest was last paid through the end of the Due Period in which such
substitution occurs, shall be paid by the party effecting such substitution to
the Trustee for deposit into the Certificate Account, and shall be treated as
a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not lower than
the Net Mortgage Rate of the related Deleted Mortgage Loan; (iii) has a
remaining stated term to maturity not longer than, and not more than one year
shorter than, the remaining term to stated maturity of the related Deleted
Mortgage Loan; (iv) (A) has a Loan-to-Value Ratio as of the date of such
substitution of not greater than 80%, provided, however, that if the related
Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than 80%, then the
Loan-to-Value Ratio of such substitute Mortgage Loan may be greater than 80%
but shall not be greater than the Loan-to-Value Ratio of the related Deleted
Mortgage Loan and (B) the addition of such substitute Mortgage Loan does not
increase the weighted average Loan-to-Value Ratio of the related Mortgage Pool
by more than 5%; (v) will comply with all of the representations and
warranties relating to Mortgage Loans set forth herein, as of the date as of
which such substitution occurs; (vi) is not a Cooperative Loan unless the
related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, has
the same index as and a margin not less than that of the related Deleted
Mortgage Loan; (viii) has not been delinquent for a period of more than 30
days more than once in the twelve months immediately preceding such date of
substitution; (ix) is covered by a Primary Mortgage Insurance Policy if the
related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of
such Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater
than 20 points lower than the Credit Score of the related Deleted Mortgage
Loan, provided, however, that if the Deleted Mortgage Loan does not have a
Credit Score, then such substitute Mortgage Loan shall have a Credit Score
equal to or greater than 700. In the event that either one mortgage loan is
substituted for more than one Deleted Mortgage Loan or more than one mortgage
loan is substituted for one or more Deleted Mortgage Loans, then (a) the
Scheduled Principal Balance referred to in clause (i) above shall be
determined such that the aggregate Scheduled Principal Balance of all such
substitute Mortgage Loans shall not exceed the aggregate Scheduled Principal
Balance of all Deleted Mortgage Loans and (b) each of (1) the rate referred to
in clause (ii) above, (2) the remaining term to stated maturity referred to in
clause (iii) above, (3) the Loan-to-Value Ratio referred to in clause (iv)
above and (4) the Credit Score referred to in clause (x) above shall be
determined on a weighted average basis, provided that the final scheduled
maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the
Final Scheduled Distribution Date of any Class of Certificates. Whenever a
Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan
pursuant to this Agreement, the party effecting such substitution shall
certify such qualification in writing to the Trustee.

          Rating Agency: Each of Fitch and S&P.

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

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

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

          Redemption Certificate: None.

          Reference Banks: As defined in Section 4.05.

          Reimbursement Amount: Not applicable.

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

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

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

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

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

          Reserve Interest Rate: As defined in Section 4.05.

          Residual Certificate: Any Class R Certificate.

          Responsible Officer: When used with respect to the Trustee, any Vice
President, Assistant Vice President, the Secretary, any assistant secretary,
any Trust Officer, the Treasurer, or any assistant treasurer, working in its
corporate trust department and having direct responsibility for the
administration of this Agreement.

          Restricted Certificate: Any Class 1-A2, Class 2-A2, Class B4, Class
B5 or Class B6 Certificate.

          Retained Interest: None.

          Retained Interest Holder: None.

          Retained Interest Rate: Not applicable.

          Rounding Account: Not applicable.

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

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

          Scheduled Principal Amount: As to any Distribution Date, an amount
equal to the amount described in clause (i)(b) of the definition of Senior
Principal Distribution Amount.

          Scheduled Principal Balance: With respect to (i) any Mortgage Loan
as of any Distribution Date, the principal balance of such Mortgage Loan at
the close of business on the Cut-off Date, after giving effect to principal
payments due on or before the Cut-off Date, whether or not received, less an
amount equal to principal payments due after the Cut-off Date and on or before
the Due Date in the related Due Period, whether or not received from the
Mortgagor or advanced by the applicable Servicer or the Master Servicer, and
all amounts allocable to unscheduled principal payments (including Principal
Prepayments, Net Liquidation Proceeds, Insurance Proceeds and condemnation
proceeds, in each case to the extent identified and applied prior to or during
the applicable Prepayment Period) and (ii) any REO Property as of any
Distribution Date, the Scheduled Principal Balance of the related Mortgage
Loan on the Due Date immediately preceding the date of acquisition of such REO
Property by or on behalf of the Trustee (reduced by any amount applied as a
reduction of principal on the Mortgage Loan). With respect to any Mortgage
Loan as of the Cut-off Date, as specified in the Mortgage Loan Scheduleor the
applicable Participation Agreement, as the case may be.

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

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

          Senior Certificate: Any Class 1-A1, Class 1-A2, Class 1-AX, Class
2-A1, Class 2-A2, Class 2-A3, Class 2-AX, Class 2-AP, Class 3-A1, Class 3-AX,
Class 3-AP or Class R Certificate.

          Senior Percentage: With respect to each Mortgage Pool and any
Distribution Date, the percentage equivalent of the fraction, the numerator of
which is the aggregate of the Certificate Principal Amounts of the Class 1-A1,
Class 1-A2 and Class R Certificates, in the case of Pool 1, the Class 2-A1 and
Class 2-A2 Certificates, in the case of Pool 2, and the Class 3-A1
Certificates, in the case of Pool 3, immediately prior to such Distribution
Date and the denominator of which is the related Non-AP Pool Balance for the
immediately preceding Distribution Date.

          Senior Prepayment Percentage: With respect to each Mortgage Pool and
any Distribution Date occurring during the five years beginning on the first
Distribution Date, 100%. With respect to each Mortgage Pool and for any
Distribution Date occurring on or after the fifth anniversary of the first
Distribution Date, the related Senior Percentage plus the following percentage
of the related Subordinate Percentage for such Distribution Date: for any
Distribution Date in the first year thereafter, 70%; for any Distribution Date
in the second year thereafter, 60%; for any Distribution Date in the third
year thereafter, 40%; for any Distribution Date in the fourth year thereafter,
20%; and for any subsequent Distribution Date, 0%; provided, however, that if
on any of the foregoing Distribution Dates the Senior Percentage for any
Mortgage Pool exceeds the initial Senior Percentage for such Mortgage Pool,
(x) the Senior Prepayment Percentage for any Mortgage Pool for such
Distribution Date shall once again equal 100% and (y) if such Mortgage Pool is
either Pool 1 or Pool 2, then the Senior Prepayment Percentage for the other
such Mortgage Pool for such Distribution Date shall once again equal 100%.

          Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage for any Mortgage Pool below the level in effect for the most recent
prior period set forth in the paragraph above shall be effective on any
Distribution Date if, as of the first Distribution Date as to which any such
decrease applies, (i) the average outstanding principal balance on such
Distribution Date and for the preceding five Distribution Dates of all
Mortgage Loans that were delinquent 60 days or more (including for this
purpose any Mortgage Loans in foreclosure and the Scheduled Payments that
would have been due on Mortgage Loans with respect to which the related
Mortgaged Property has been acquired by the Trust Fund if the related Mortgage
Loan had remained in existence) is greater than or equal to 50% of the
applicable Group Subordinate Amount immediately prior to such Distribution
Date or (ii) cumulative Realized Losses with respect to the Mortgage Loans in
any Mortgage Pool exceed (a) with respect to the Distribution Date on the
fifth anniversary of the first Distribution Date, 30% of the related Original
Group Subordinate Amount, (b) with respect to the Distribution Date on the
sixth anniversary of the first Distribution Date, 35% of the related Original
Group Subordinate Amount, (c) with respect to the Distribution Date on the
seventh anniversary of the first Distribution Date, 40% of the related
Original Group Subordinate Amount, (d) with respect to the Distribution Date
on the eighth anniversary of the first Distribution Date, 45% of the related
Original Group Subordinate Amount, and (e) with respect to the Distribution
Date on the ninth anniversary of the first Distribution Date or thereafter,
50% of the related Original Group Subordinate Amount. After the Class
Principal Amount of each Class of Senior Certificates in any Certificate Group
has been reduced to zero, the Senior Prepayment Percentage for the related
Mortgage Pool shall be 0%.

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

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

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

               (iii) with respect to unscheduled recoveries allocable to
          principal of any Mortgage Loan in the related Mortgage Pool that was
          finally liquidated during the related Prepayment Period, the lesser
          of (a) the related net Liquidation Proceeds allocable to principal
          (multiplied by the applicable Non-AP Percentage) and (b) the product
          of the related Senior Prepayment Percentage for such date and the
          Scheduled Principal Balance (multiplied by the applicable Non-AP
          Percentage) of such related Mortgage Loan at the time of
          liquidation; and

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

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

          Servicer: Any Servicer that has entered into any of the Servicing
Agreements attached as Exhibit E hereto, or any successor in interest.
Initially, the Servicers are Aurora Loan Services Inc., Bank of America, N.A.,
Chase Manhattan Mortgage Corporation, Irwin Mortgage Corporation and Wells
Fargo Home Mortgage, Inc.

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

          Servicing Agreement: Each Servicing Agreement between a Servicer and
the Seller, dated as of October 1, 2000, attached hereto in Exhibit E, and any
other servicing agreement entered into between a successor servicer and the
Seller or the Trustee pursuant to the terms hereof.

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

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

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

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

          Special Hazard Loss Limit: As of the Cut-off Date, $3,995,944.28,
with respect to Pool 1; $3,575,000.00, with respect to Pool 2; and
$1,174,795.19, with respect to Pool 3, which amounts shall be reduced from
time to time to an amount equal on any Distribution Date to the lesser of (a)
the greatest of (i) 1% of the aggregate of the Scheduled Principal Balances of
the Mortgage Loans in the related Mortgage Pool; (ii) twice the Scheduled
Principal Balance of the Mortgage Loan in the related Mortgage Pool having the
highest Scheduled Principal Balance, and (iii) the aggregate Scheduled
Principal Balances of the Mortgage Loans in the related Mortgage Pool secured
by Mortgaged Properties located in the single California postal zip code area
having the highest aggregate Scheduled Principal Balance of Mortgage Loans in
the related Mortgage Pool of any such postal zip code area and (b) the
applicable Special Hazard Loss Limit as of the Closing Date less the amount,
if any, of Special Hazard Losses incurred with respect to Mortgage Loans in
the related Mortgage Pool since the Closing Date.

          Specified Rating: A rating of AAA by Fitch or S&P.

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

          Subordinate Certificate: Any Class B Certificate.

          Subordinate Class Percentage: With respect to any Distribution Date
and any Class of Subordinate Certificates, the percentage obtained by dividing
the Class Principal Amount of such Class immediately prior to such
Distribution Date by the aggregate Certificate Principal Amount of all
Subordinate Certificates immediately prior to such Distribution Date.

          Subordinate Component Percentage: With respect to any Distribution
Date and each Component, the percentage obtained by dividing the Component
Principal Amount of such Component immediately prior to such Distribution Date
by the aggregate Component Principal Amounts of all Components having the same
parenthetical designation immediately prior to such Distribution Date.

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

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

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

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

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

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

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

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

          Termination Price: As defined in Section 7.01 hereof.

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

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

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

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

          Trust Rate: Not applicable.

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

          Trustee Fee: As to any Distribution Date, an amount equal to the
product of the Trustee Fee Rate and the aggregate Scheduled Principal Balance
of the related Mortgage Loans as of the first day of the related Due Period in
the aggregate. For purposes of payment of the Trustee Fee pursuant to Section
5.02(a)(i), the Trustee Fee shall be calculated separately, by Mortgage Pool.

          Trustee Fee Rate: 0.0065% per annum.

          Undercollateralization Distribution: As defined in Section
5.02(e)(ii).

          Undercollateralized Group: With respect to any Distribution Date,
the Non-AP Senior Certificates of either Group 1 or Group 2, as applicable, as
to which the aggregate Certificate Principal Amount thereof, after giving
effect to distributions pursuant to Sections 5.02(a) and (b) on such date, is
greater than the Non-AP Pool Balance of the related Mortgage Pool for such
Distribution Date.

          Unscheduled Principal Amount: As to any Distribution Date, the sum
of the amounts described in clauses (ii)(b) and (iii) (without regard to the
reference in clause (iii) to the "Senior Prepayment Percentage") of the
definition of Senior Principal Distribution Amount.

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

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

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

                                  ARTICLE II

                             DECLARATION OF TRUST;
                           ISSUANCE OF CERTIFICATES

          Section 2.01. Creation and Declaration of Trust Fund; Conveyance of
Mortgage Loans. (a) Concurrently with the execution and delivery of this
Agreement, the Depositor does hereby transfer, assign, set over, deposit with
and otherwise convey to the Trustee, without recourse, subject to Sections
2.02, 2.04, 2.05 and 2.06, in trust, all the right, title and interest of the
Depositor in and to the Mortgage Loans (including the Participations). Such
conveyance includes, without limitation, the right to all distributions of
principal and interest received on or with respect to the Mortgage Loans on
and after the Cut-off Date other than (i) any amounts representing Retained
Interest and (ii) payments of principal and interest due on or before such
date, and all such payments due after such date but received prior to such
date and intended by the related Mortgagors to be applied after such date,
together with all of the Depositor's right, title and interest in and to the
Collection Account and all amounts from time to time credited to and the
proceeds of the Collection Account, the Certificate Account and all amounts
from time to time credited to and the proceeds of the Certificate Account, any
Escrow Account established pursuant to Section 9.06 hereof and all amounts
from time to time credited to and the proceeds of any such Escrow Account, any
REO Property and the proceeds thereof, the Depositor's rights under any
Insurance Policies related to the Mortgage Loans, and the Depositor's security
interest in any collateral pledged to secure the Mortgage Loans, including the
Mortgaged Properties and any Additional Collateral, and any proceeds of the
foregoing, to have and to hold, in trust; and the Trustee declares that,
subject to the review provided for in Section 2.02, it has received and shall
hold the Trust Fund, as trustee, in trust, for the benefit and use of the
Holders of the Certificates and for the purposes and subject to the terms and
conditions set forth in this Agreement, and, concurrently with such receipt,
has caused to be executed, authenticated and delivered to or upon the order of
the Depositor, in exchange for the Trust Fund, Certificates in the authorized
denominations evidencing the entire ownership of the Trust Fund.

          Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby assign to the Trustee all of its rights and interest
under the Mortgage Loan Sale Agreement (other than any right to receive
Retained Interest), including all rights of the Seller under the applicable
Servicing Agreement to the extent assigned under the Mortgage Loan Sale
Agreement, and delegates its obligations thereunder. The Trustee hereby
accepts such assignment and delegation, and shall be entitled to exercise all
rights of the Depositor under the Mortgage Loan Sale Agreement as if, for such
purpose, it were the Depositor. The foregoing sale, transfer, assignment,
set-over, deposit and conveyance does not and is not intended to result in
creation or assumption by the Trustee of any obligation of the Depositor, the
Seller, or any other Person in connection with the Mortgage Loans or any other
agreement or instrument relating thereto except as specifically set forth
herein.

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

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

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

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

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

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

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

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

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

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

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

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

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

          With respect to each Participation, the Depositor does hereby
deliver to, and deposit with, or cause to be delivered to and deposited with,
the Trustee, and/or any custodian acting on the Trustee's behalf, a copy of
the Participation Agreement and the original Participation issued to the
Trustee.

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

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

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

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

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

          (b) Within 45 days after the Closing Date, the applicable Custodian
will, on behalf of the Trustee and for the benefit of Holders of the
Certificates, review each Mortgage File to ascertain that all required
documents set forth in Section 2.01 have been received and appear on their
face to contain the requisite signatures by or on behalf of the respective
parties thereto, and shall deliver to the Trustee, the Depositor and the
Master Servicer an Interim Certification in the form annexed hereto as Exhibit
B-2 (or in the form annexed to the applicable Custodial Agreement as Exhibit
B-2, as applicable) to the effect that, as to each Mortgage Loan listed in the
Mortgage Loan Schedule (other than any Mortgage Loan prepaid in full or any
Mortgage Loan specifically identified in such certification as not covered by
such certification), (i) all of the applicable documents specified in Section
2.01(b) are in its possession and (ii) such documents have been reviewed by it
and appear to relate to such Mortgage Loan. The Trustee, or the applicable
Custodian on behalf of the Trustee, shall make sure that the documents are
executed and endorsed, but shall be under no duty or obligation to inspect,
review or examine any such documents, instruments, certificates or other
papers to determine that the same are valid, binding, legally effective,
properly endorsed, genuine, enforceable or appropriate for the represented
purpose or that they have actually been recorded or are in recordable form or
that they are other than what they purport to be on their face. Neither the
Trustee nor any Custodian shall have any responsibility for verifying the
genuineness or the legal effectiveness of or authority for any signatures of
or on behalf of any party or endorser.

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

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

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

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

          Section 2.03. Representations and Warranties of the Depositor. (a)
The Depositor hereby represents and warrants to the Trustee, for the benefit
of Certificateholders and to the Master Servicer, as of the Closing Date or
such other date as is specified, that:

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

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

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

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

               (v) there are no actions, suits or proceedings pending or, to
          the knowledge of the Depositor, threatened or likely to be asserted
          against or affecting the Depositor, before or by any court,
          administrative agency, arbitrator or governmental body (A) with
          respect to any of the transactions contemplated by this Agreement or
          (B) with respect to any other matter which in the judgment of the
          Depositor will be determined adversely to the Depositor and will if
          determined adversely to the Depositor materially and adversely
          affect it or its business, assets, operations or condition,
          financial or otherwise, or adversely affect its ability to perform
          its obligations under this Agreement; and

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

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

          Section 2.04. Discovery of Breach. It is understood and agreed that
the representations and warranties (i) set forth in Section 2.03, (ii) of
Lehman Capital set forth in the Mortgage Loan Sale Agreement and assigned to
the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned
by Lehman Capital to the Depositor pursuant to the Mortgage Loan Sale
Agreement and assigned to the Trustee by the Depositor hereunder shall each
survive delivery of the Mortgage Files and the Assignment of Mortgage of each
Mortgage Loan to the Trustee and shall continue throughout the term of this
Agreement. Upon discovery by either the Depositor, the Master Servicer or the
Trustee of a breach of any of such representations and warranties that
adversely and materially affects the value of the related Mortgage Loan, the
party discovering such breach shall give prompt written notice to the other
parties. Within 90 days of the discovery of a breach of any representation or
warranty given to the Trustee by the Depositor or given by Lehman Capital and
assigned to the Trustee, the Depositor or Lehman Capital, as applicable, shall
either (a) cure such breach in all material respects, (b) repurchase such
Mortgage Loan or any property acquired in respect thereof from the Trustee at
the Purchase Price or (c) within the two year period following the Closing
Date, substitute a Qualifying Substitute Mortgage Loan for the affected
Mortgage Loan. In the event of discovery of a breach of any representation and
warranty of any Transferor assigned to the Trustee, the Trustee shall enforce
its rights under the applicable Transfer Agreement for the benefit of
Certificateholders.

          Section 2.05. Repurchase, Purchase or Substitution of Mortgage
Loans. (a) With respect to any Mortgage Loan repurchased by the Depositor
pursuant to this Agreement, by Lehman Capital pursuant to the Mortgage Loan
Sale Agreement or by any Transferor pursuant to the applicable Transfer
Agreement, the principal portion of the funds received by the Trustee in
respect of such repurchase of a Mortgage Loan will be considered a Principal
Prepayment and shall be deposited in the Collection Account. The Trustee, upon
receipt of the full amount of the Purchase Price for a Deleted Mortgage Loan,
or upon receipt of the Mortgage File for a Qualifying Substitute Mortgage Loan
substituted for a Deleted Mortgage Loan (and any applicable Substitution
Amount), shall release or cause to be released and reassign to the Depositor,
Lehman Capital or the applicable Transferor, as applicable, the related
Mortgage File for the Deleted Mortgage Loan and shall execute and deliver such
instruments of transfer or assignment, in each case without recourse,
representation or warranty, as shall be necessary to vest in such party or its
designee or assignee title to any Deleted Mortgage Loan released pursuant
hereto, free and clear of all security interests, liens and other encumbrances
created by this Agreement, which instruments shall be prepared by the Trustee
(or its custodian), and the Trustee shall have no further responsibility with
respect to the Mortgage File relating to such Deleted Mortgage Loan.

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

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

          Section 2.06. Grant Clause. It is intended that the conveyance of
the Depositor's right, title and interest in and to property constituting the
Trust Fund pursuant to this Agreement shall constitute, and shall be construed
as, a sale of such property and not a grant of a security interest to secure a
loan. However, if such conveyance is deemed to be in respect of a loan, it is
intended that: (i) the rights and obligations of the parties shall be
established pursuant to the terms of this Agreement; (ii) the Depositor hereby
grants to the Trustee for the benefit of the Holders of the Certificates a
first priority security interest in all of the Depositor's right, title and
interest in, to and under, whether now owned or hereafter acquired, the Trust
Fund and all proceeds of any and all property constituting the Trust Fund to
secure payment of the Certificates; and (iii) this Agreement shall constitute
a security agreement under applicable law. If such conveyance is deemed to be
in respect of a loan and the Trust created by this Agreement terminates prior
to the satisfaction of the claims of any Person holding any Certificate, the
security interest created hereby shall continue in full force and effect and
the Trustee shall be deemed to be the collateral agent for the benefit of such
Person, and all proceeds shall be distributed as herein provided.

                                  ARTICLE III

                               THE CERTIFICATES

          Section 3.01. The Certificates. (a) The Certificates shall be
issuable in registered form only and shall be securities governed by Article 8
of the New York Uniform Commercial Code. The Book-Entry Certificates will be
evidenced by one or more certificates, beneficial ownership of which will be
held in the dollar denominations in Certificate Principal Amount or Notional
Principal Amount, as applicable, or in the Percentage Interests, specified
herein. Each Class of Book-Entry Certificates shall be issued in the minimum
denominations in Certificate Principal Amount (or Notional Amount) or
Percentage Interest specified in the Preliminary Statement hereto and in
integral multiples of $1 or 5% (in the case of Certificates issued in
Percentage Interests) in excess thereof. Each Class of Non-Book Entry
Certificates other than the Residual Certificate shall be issued in
definitive, fully registered form in the minimum denominations in Certificate
Principal Amount (or Notional Amount) specified in the Preliminary Statement
hereto and in integral multiples of $1 in excess thereof. The Residual
Certificate shall be issued as a single Certificate and maintained in
definitive, fully registered form in a minimum denomination equal to 100% of
the Percentage Interest of such Class. The Certificates may be issued in the
form of typewritten certificates. One Certificate of each Class of
Certificates other than any Class of Residual Certificates may be issued in
any denomination in excess of the minimum denomination.

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

          Section 3.02. Registration. The Trustee is hereby appointed, and
hereby accepts its appointment as, Certificate Registrar in respect of the
Certificates and shall maintain books for the registration and for the
transfer of Certificates (the "Certificate Register"). The Trustee may appoint
a bank or trust company to act as Certificate Registrar. A registration book
shall be maintained for the Certificates collectively. The Certificate
Registrar may resign or be discharged or removed and a new successor may be
appointed in accordance with the procedures and requirements set forth in
Sections 6.06 and 6.07 hereof with respect to the resignation, discharge or
removal of the Trustee and the appointment of a successor Trustee. The
Certificate Registrar may appoint, by a written instrument delivered to the
Holders and the Master Servicer, any bank or trust company to act as
co-registrar under such conditions as the Certificate Registrar may prescribe;
provided, however, that the Certificate Registrar shall not be relieved of any
of its duties or responsibilities hereunder by reason of such appointment.

          Section 3.03. Transfer and Exchange of Certificates. (a) A
Certificate (other than Book-Entry Certificates which shall be subject to
Section 3.09 hereof) may be transferred by the Holder thereof only upon
presentation and surrender of such Certificate at the office of the
Certificate Registrar duly endorsed or accompanied by an assignment duly
executed by such Holder or his duly authorized attorney in such form as shall
be satisfactory to the Certificate Registrar. Upon the transfer of any
Certificate in accordance with the preceding sentence, the Trustee shall
execute, and the Trustee or any Authenticating Agent shall authenticate and
deliver to the transferee, one or more new Certificates of the same Class and
evidencing, in the aggregate, the same aggregate Certificate Principal Amount
as the Certificate being transferred. No service charge shall be made to a
Certificateholder for any registration of transfer of Certificates, but the
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge that may be imposed in connection with any registration
of transfer of Certificates.

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

          (c) By acceptance of a Restricted Certificate, whether upon original
issuance or subsequent transfer, each Holder of such a Certificate
acknowledges the restrictions on the transfer of such Certificate set forth
thereon and agrees that it will transfer such a Certificate only as provided
herein.

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

               (i) The Certificate Registrar shall register the transfer of a
          Restricted Certificate if the requested transfer is (x) to the
          Depositor or the Placement Agent, an affiliate (as defined in Rule
          405 under the 1933 Act) of the Depositor or the Placement Agent or
          (y) being made to a "qualified institutional buyer" (a "QIB") as
          defined in Rule 144A under the Securities Act of 1933, as amended
          (the "Act") by a transferor that has provided the Trustee with a
          certificate in the form of Exhibit F hereto; and

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

          (d) (i) No transfer of an ERISA-Restricted Certificate in the form
of a Definitive Certificate shall be made to any Person unless the Trustee has
received (A) a certificate substantially in the form of Exhibit H hereto from
such transferee or (B) an Opinion of Counsel satisfactory to the Trustee and
the Depositor to the effect that the purchase and holding of such a
Certificate will not constitute or result in the assets of the Trust Fund
being deemed to be "plan assets" subject to the prohibited transactions
provisions of ERISA or Section 4975 of the Code and will not subject the
Trustee or the Depositor to any obligation in addition to those undertaken in
the Agreement; provided, however, that the Trustee will not require such
certificate or opinion in the event that, as a result of a change of law or
otherwise, counsel satisfactory to the Trustee has rendered an opinion to the
effect that the purchase and holding of an ERISA-Restricted Certificate by a
Plan or a Person that is purchasing or holding such a Certificate with the
assets of a Plan will not constitute or result in a prohibited transaction
under ERISA or Section 4975 of the Code. The preparation and delivery of the
certificate and opinions referred to above shall not be an expense of the
Trust Fund, the Trustee or the Depositor. Notwithstanding the foregoing, no
opinion or certificate shall be required for the initial issuance of the
ERISA-Restricted Certificates.

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

          (f) Notwithstanding anything to the contrary contained herein, no
Residual Certificate may be owned, pledged or transferred, directly or
indirectly, by or to (i) a Disqualified Organization or (ii) an individual,
corporation or partnership or other person unless such person is (A) not a
Non-U.S. Person or (B) is a Non-U.S. Person that holds a Residual Certificate
in connection with the conduct of a trade or business within the United States
and has furnished the transferor and the Trustee with an effective Internal
Revenue Service Form 4224 or successor form at the time and in the manner
required by the Code (any such person who is not covered by clause (A) or (B)
above is referred to herein as a "Non-permitted Foreign Holder").

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

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

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

          Section 3.04. Cancellation of Certificates. Any Certificate
surrendered for registration of transfer or exchange shall be cancelled and
retained in accordance with normal retention policies with respect to
cancelled certificates maintained by the Trustee or the Certificate Registrar.

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

          Section 3.06. Persons Deemed Owners. Subject to the provisions of
Section 3.09 with respect to Book-Entry Certificates, the Depositor, the
Master Servicer, the Trustee, the Certificate Registrar and any agent of any
of them may treat the Person in whose name any Certificate is registered upon
the books of the Certificate Registrar as the owner of such Certificate for
the purpose of receiving distributions pursuant to Sections 5.01 and 5.02 and
for all other purposes whatsoever, and neither the Depositor, the Master
Servicer, the Trustee, the Certificate Registrar nor any agent of any of them
shall be affected by notice to the contrary.

          Section 3.07. Temporary Certificates. (a) Pending the preparation of
definitive Certificates, upon the order of the Depositor, the Trustee shall
execute and shall authenticate and deliver temporary Certificates that are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive
Certificates in lieu of which they are issued and with such variations as the
authorized officers executing such Certificates may determine, as evidenced by
their execution of such Certificates.

          (b) If temporary Certificates are issued, the Depositor will cause
definitive Certificates to be prepared without unreasonable delay. After the
preparation of definitive Certificates, the temporary Certificates shall be
exchangeable for definitive Certificates upon surrender of the temporary
Certificates at the office or agency of the Trustee without charge to the
Holder. Upon surrender for cancellation of any one or more temporary
Certificates, the Trustee shall execute and authenticate and deliver in
exchange therefor a like aggregate Certificate Principal Amount of definitive
Certificates of the same Class in the authorized denominations. Until so
exchanged, the temporary Certificates shall in all respects be entitled to the
same benefits under this Agreement as definitive Certificates of the same
Class.

          Section 3.08. Appointment of Paying Agent. The Trustee may appoint a
Paying Agent (which may be the Trustee) for the purpose of making
distributions to Certificateholders hereunder. The Trustee shall cause such
Paying Agent to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee that such Paying Agent will hold all
sums held by it for the payment to Certificateholders in an Eligible Account
in trust for the benefit of the Certificateholders entitled thereto until such
sums shall be paid to the Certificateholders. All funds remitted by the
Trustee to any such Paying Agent for the purpose of making distributions shall
be paid to Certificateholders on each Distribution Date and any amounts not so
paid shall be returned on such Distribution Date to the Trustee. If the Paying
Agent is not the Trustee, the Trustee shall cause to be remitted to the Paying
Agent on or before the Business Day prior to each Distribution Date, by wire
transfer in immediately available funds, the funds to be distributed on such
Distribution Date. Any Paying Agent shall be either a bank or trust company or
otherwise authorized under law to exercise corporate trust powers.

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

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

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

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

               (iv) the rights of Certificate Owners shall be exercised only
          through the Clearing Agency and the Clearing Agency Participants and
          shall be limited to those established by law and agreements between
          such Certificate Owners and the Clearing Agency and/or the Clearing
          Agency Participants. Unless and until Definitive Certificates are
          issued pursuant to Section 3.09(c), the initial Clearing Agency will
          make book-entry transfers among the Clearing Agency Participants and
          receive and transmit distributions of principal of and interest on
          the Book-Entry Certificates to such Clearing Agency Participants.

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

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

                                  ARTICLE IV

                       ADMINISTRATION OF THE TRUST FUND

          Section 4.01. Collection Account. (a) On the Closing Date, the
Master Servicer shall open and shall thereafter maintain an account held in
trust (the "Collection Account"), entitled "Aurora Loan Services Inc., as
Master Servicer, in trust for the benefit of the Holders of Structured Asset
Securities Corporation Mortgage Pass-Through Certificates, Series 2000-5." The
Collection Account shall relate solely to the Certificates issued by the Trust
Fund hereunder, and funds in such Collection Account shall not be commingled
with any other monies.

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

          (c) The Master Servicer shall give to the Trustee prior written
notice of the name and address of the depository institution at which the
Collection Account is maintained and the account number of such Collection
Account. On each Deposit Date, the entire amount on deposit in the Collection
Account (subject to permitted withdrawals set forth in Section 4.02),
excluding such amounts not included in the Available Distribution Amount for
such Distribution Date pursuant to clauses (A) through (G) of paragraph (1) of
the definition thereof, shall be remitted to the Trustee for deposit into the
Certificate Account by wire transfer in immediately available funds. The
Master Servicer, at its option, may choose to make daily remittances from the
Collection Account to the Trustee for deposit into the Certificate Account.

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

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

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

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

               (iv) all Insurance Proceeds;

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

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

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

          Section 4.02. Application of Funds in the Collection Account. The
Master Servicer may, from time to time, make, or cause to be made, withdrawals
from the Collection Account for the following purposes:

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

               (ii) to reimburse itself or any Servicer for any Servicing
          Advances made by it or by such Servicer that it determines in good
          faith will not be recoverable from amounts representing late
          recoveries of payments of principal or interest respecting the
          particular Mortgage Loan as to which such Servicing Advance was made
          or from Liquidation Proceeds or Insurance Proceeds with respect to
          such Mortgage Loan, it being understood, in the case of any such
          reimbursement, that such Master Servicer's or Servicer's right
          thereto shall be prior to the rights of the Certificateholders;

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

               (iv) in the event it has elected not to pay itself the Master
          Servicing Fee out of any Mortgagor payment on account of interest or
          other recovery with respect to a particular Mortgage Loan prior to
          the deposit of such Mortgagor payment or recovery in the Collection
          Account, to pay to itself the Master Servicing Fee for each
          Distribution Date and any unpaid Master Servicing Fees for prior
          Distribution Dates, as reduced pursuant to Section 5.05, from any
          Mortgagor payment as to interest or such other recovery with respect
          to that Mortgage Loan, as is permitted by this Agreement;

               (v) to reimburse itself or any Servicer for expenses incurred
          by and recoverable by or reimbursable to it or such Servicer
          pursuant to Section 9.04, 9.06, 9.16 or 9.22(a) or pursuant to the
          applicable Servicing Agreement, and to reimburse itself for any
          expenses reimbursable to it pursuant to Section 10.01(c);

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

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

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

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

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

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

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

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

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

          Each Servicer shall be entitled to retain as additional servicing
compensation any Prepayment Penalty Amounts or Prepayment Interest Excess.

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

          Section 4.03. Reports to Certificateholders. (a) On each
Distribution Date, the Trustee shall deliver or cause to be delivered by first
class mail to each Certificateholder a written report setting forth the
following information, by Mortgage Pool and Certificate Group (on the basis of
Mortgage Loan level information obtained from the applicable Servicer):

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          (d) Notwithstanding the foregoing, upon receipt of written notice
from the Depositor that each Class of Call Certificates and Subordinate
Certificates has been sold to an unaffiliated third party, the Trustee shall
make the reports required by this Section 4.03 available on its website at
www.chase.com/fsa.

          (e) The Trustee shall respond to any inquiry by a Person purporting
to be a beneficial owner, or prospective beneficial owner, of a Class 1-A1 or
Class 2-A1 Certificate as to the identity of the initial Holder of either
Class of Call Certificates by identifying such Initial Holder as Lehman
Pass-Through Securities Inc.

          Section 4.04. Certificate Account. (a) The Trustee shall establish
and maintain in its name, as trustee, a trust account (the "Certificate
Account"), to be held in trust for the benefit of the Certificateholders until
disbursed pursuant to the terms of this Agreement. The Certificate Account
shall be an Eligible Account. If the existing Certificate Account ceases to be
an Eligible Account, the Trustee shall establish a new Certificate Account
that is an Eligible Account within 20 Business Days and transfer all funds on
deposit in such existing Certificate Account into such new Certificate
Account. The Certificate Account shall relate solely to the Certificates
issued hereunder and funds in the Certificate Account shall be held separate
and apart from and shall not be commingled with any other monies including,
without limitation, other monies of the Trustee held under this Agreement.

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

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

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

               (iii) to make payments of the Master Servicing Fee (to the
          extent not already withheld or withdrawn from the Collection Account
          by the Master Servicer) to the Master Servicer;

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

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

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

          Section 4.05. Determination of LIBOR. (a) If the outstanding
Certificates include any LIBOR Certificates or consist of any LIBOR
Components, then on each LIBOR Determination Date the Trustee shall determine
LIBOR on the basis of the offered LIBOR quotations of the Reference Banks as
of 11:00 a.m. London time on such LIBOR Determination Date as follows:

               (i) If on any LIBOR Determination Date two or more of the
          Reference Banks provide such offered quotations, LIBOR for the next
          Accrual Period will be the arithmetic mean of such offered
          quotations (rounding such arithmetic mean if necessary to the
          nearest five decimal places;

               (ii) If on any LIBOR Determination Date only one or none of the
          Reference Banks provides such offered quotations, LIBOR for the next
          Accrual Period will be whichever is the higher of (x) LIBOR as
          determined on the previous LIBOR Determination Date or (y) the
          Reserve Interest Rate. The "Reserve Interest Rate" will be either
          (A) the rate per annum which the Master Servicer determines to be
          the arithmetic mean (rounding such arithmetic mean if necessary to
          the nearest five decimal places) of the one-month Eurodollar lending
          rates that New York City banks selected by the Depositor are
          quoting, on the relevant LIBOR Determination Date, to the principal
          London offices of at least two leading banks in the London interbank
          market or (B) in the event that the Trustee can determine no such
          arithmetic mean, the lowest one-month Eurodollar lending rate that
          the New York City banks selected by the Depositor are quoting on
          such LIBOR Determination Date to leading European banks; and

               (iii) If on any LIBOR Determination Date the Trustee is
          required but is unable to determine the Reserve Interest Rate in the
          manner provided in paragraph (ii) above, LIBOR for the next Accrual
          Period will be LIBOR as determined on the previous LIBOR
          Determination Date or, in the case of the first LIBOR Determination
          Date, the Initial LIBOR Rate.

          (b) The establishment of LIBOR by the Trustee and the Trustee's
subsequent calculation of the Certificate Interest Rate or Component Interest
Rate (or Rates) applicable to the LIBOR Certificates and LIBOR Components for
the relevant Accrual Period, in the absence of manifest error, will be final
and binding. In all cases, the Trustee may conclusively rely on quotations of
LIBOR for the Reference Banks as such quotations appear on the display
designated "LIUS01M" on the Bloomberg Financial Markets Commodities News.

          (c) As used herein, "Reference Banks" shall mean four leading banks
engaged in transactions in Eurodollar deposits in the international
Eurocurrency market (i) with an established place of business in London,
England, (ii) whose quotations appear on the "Bloomberg Screen LIUS01M Index
Page" (as described in the definition of LIBOR) on the applicable LIBOR
Determination Date and (iii) which have been designated as such by the
Depositor and are able and willing to provide such quotations to the Depositor
on each LIBOR Determination Date. The Reference Banks initially shall be:
Barclay's plc, Bank of Tokyo, National Westminster Bank and Trust Company and
Bankers Trust Company. If any of the initial Reference Banks should be removed
from the Bloomberg Screen LIUS01M Index Page or in any other way fail to meet
the qualifications of a Reference Bank, the Depositor shall use its best
efforts to designate alternate Reference Banks.

          (d) If (i) with respect to any LIBOR Determination Date LIBOR is
determined pursuant to clause (a)(iii) of this Section and (ii) on the next
succeeding LIBOR Determination Date LIBOR would, without giving effect to this
paragraph (d), be determined pursuant to such clause (a)(iii), then the
Depositor shall select an alternative interest rate index over which the
Depositor has no control that is used for determining Eurodollar lending rates
and is calculated and published (or otherwise made available) by an
independent third party, and such alternative interest rate index shall
constitute LIBOR for all purposes hereof.

          Section 4.06. Certain Provisions With Respect to the Participations.
If the Trustee shall not have received a payment with respect to any
Participation by the date on which such payment was due and payable pursuant
to the terms thereof, the Trustee shall make demand upon the Participation
Master Servicer for immediate payment, and may, and at the direction of a
majority (by Voting Interests) of the Certificateholders shall, take any
available legal action, including the prosecution of any claims in connection
therewith. The Depositor shall cooperate with the Trustee in connection with
any such demand or action to the extent reasonably requested by the Trustee.
The reasonable legal fees and expenses incurred by the Trustee in connection
with the prosecution of any such legal action shall be reimbursable to the
Trustee from the Trust Fund.

                                   ARTICLE V

                   DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

          Section 5.01. Distributions Generally. (a) Subject to Section 7.01
respecting the final distribution on the Certificates, on each Distribution
Date the Trustee or the Paying Agent shall make distributions in accordance
with this Article V. Such distributions shall be made by check mailed to each
Certificateholder's address as it appears on the Certificate Register of the
Certificate Registrar (which shall initially be the Trustee) or, upon written
request made to the Trustee at least three Business Days prior to the related
Distribution Date to any Certificateholder owning an aggregate initial
Certificate Principal Amount of at least $2,500,000, or, in the case of the
Notional Certificates and Principal Only Certificates, a Percentage Interest
of 100%, by wire transfer in immediately available funds to an account
specified in the request and at the expense of such Certificateholder;
provided, however, that the final distribution in respect of any Certificate
shall be made only upon presentation and surrender of such Certificate at the
Corporate Trust Office. Wire transfers will be made at the expense of the
Holder requesting such wire transfer by deducting a wire transfer fee from the
related distribution. Notwithstanding such final payment of principal of any
of the Certificates, each Residual Certificate will remain outstanding until
the termination of each REMIC and the payment in full of all other amounts due
with respect to the Residual Certificate and at such time such final payment
in retirement of the Residual Certificate will be made only upon presentation
and surrender of such Certificate at the Corporate Trust Office of the Trustee
or at the office of its designated presenting agent in New York City. If any
payment required to be made on the Certificates is to be made on a day that is
not a Business Day, then such payment will be made on the next succeeding
Business Day.

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

          Section 5.02. Distributions from the Certificate Account. (a) On
each Distribution Date, the Trustee (or the Paying Agent on behalf of the
Trustee) shall withdraw from the Certificate Account the Available
Distribution Amount with respect to each Mortgage Pool, and shall distribute
such amount to itself (in the case of clause (i)) and to the Holders of record
of each Class of Certificates, in the following order of priority:

               (i) from the Available Distribution Amount for each Mortgage
          Pool, to the Trustee, the Trustee Fee allocable to such Mortgage
          Pool for such Distribution Date;

               (ii) from the Available Distribution Amount for each Mortgage
          Pool, to each Class of Senior Certificates in the related
          Certificate Group (other than any Class of Principal Only
          Certificates), the Accrued Certificate Interest thereon for such
          Distribution Date, as reduced by such Class' allocable share of any
          Net Prepayment Interest Shortfalls for the related Mortgage Pool for
          such Distribution Date; provided, however, that any shortfall in
          available amounts for each Mortgage Pool shall be allocated among
          the Classes of the related Certificate Group in proportion to the
          amount of Accrued Certificate Interest (as so reduced) that would
          otherwise be distributable thereon;

               (iii) from the Available Distribution Amount for each Mortgage
          Pool, to each Class of Senior Certificates in the related
          Certificate Group (other than any Class of Principal Only
          Certificates), any related Interest Shortfall for such Distribution
          Date; provided, however, that any shortfall in available amounts for
          each Mortgage Pool shall be allocated among the Classes of the
          related Certificate Group in proportion to the Interest Shortfall
          for each such Class on such Distribution Date;

               (iv) from the remaining Available Distribution Amount for each
          Mortgage Pool, to the Senior Certificates of the related Certificate
          Group (other than any Class of Notional Certificates), as follows.

                    (A) to the Class 1-A1, Class 1-A2 and Class R
               Certificates, from the Available Distribution Amount for Pool 1
               for such Distribution Date, in reduction of their respective
               Class Principal Amounts, in the following order of priority:

                         (1) to the Class R Certificate, the Senior Principal
                    Distribution Amount for Pool 1 for such Distribution Date,
                    until the Class Principal Amount thereof has been reduced
                    to zero; and

                         (2) to the Class 1-A1 and Class 1-A2 Certificates,
                    pro rata in proportion to their respective Class Principal
                    Amounts, the remaining Senior Principal Distribution
                    Amount for Pool 1 for such Distribution Date, until the
                    respective Class Principal Amounts thereof have been
                    reduced to zero;

                    (B) to the Class 2-A1, Class 2-A2 and Class 2-AP
               Certificates, from the Available Distribution Amount for Pool 2
               for such Distribution Date, in reduction of their respective
               Class Principal Amounts, concurrently, as follows:

                         (1) to the Class 2-A1 and Class 2-A2 Certificates,
                    pro rata in proportion to their respective Class Principal
                    Amounts, the Senior Principal Distribution Amount for Pool
                    2 for such Distribution Date, until the respective Class
                    Principal Amounts thereof have been reduced to zero; and

                         (2) to the Class 2-AP Certificates, the AP Principal
                    Distribution Amount for Pool 2 for such Distribution Date,
                    until the Class Principal Amount thereof has been reduced
                    to zero;

                    (C) to the Class 3-A1 and Class 3-AP Certificates, from
               the Available Distribution Amount for Pool 3 for such
               Distribution Date, in reduction of their respective Class
               Principal Amounts, concurrently, as follows:

                         (1) to the Class 3-A1 Certificates, the Senior
                    Principal Distribution Amount for Pool 3 for such
                    Distribution Date, until the respective Class Principal
                    Amounts thereof have been reduced to zero; and

                         (2) to the Class 3-AP Certificates, the AP Principal
                    Distribution Amount for Pool 3 for such Distribution Date,
                    until the Class Principal Amount thereof has been reduced
                    to zero;

               (v) to the Class 2-AP and Class 3-AP Certificates, to the
          extent of the remaining Available Distribution Amount for Pool 2 and
          Pool 3, respectively, the Class AP Deferred Amount for such Class
          and Distribution Date, until the Class Principal Amount thereof has
          been reduced to zero; provided, however, that (A) distributions
          pursuant to this priority shall not exceed the aggregate Subordinate
          Principal Distribution Amount for the related Mortgage Pool for such
          date; and (B) such amounts will not reduce the Class Principal
          Amounts of such Classes;

               (vi) to the extent of the remaining Available Distribution
          Amounts for each Mortgage Pool, to the Components, concurrently, as
          follows:

                    (A) to the extent of the remaining Available Distribution
               Amount for Pool 1 and Pool 2, to the B1(1-2), B2(1-2), B3(1-2),
               B4(1-2), B5(1-2) and B6(1-2) Components, in that order, of the
               following amounts, in the following order of priority: (x)
               Accrued Certificate Interest thereon (as reduced by any Net
               Prepayment Interest Shortfalls for the related Mortgage Pool
               allocated to such Component on such Distribution Date), (y) any
               outstanding Interest Shortfalls previously allocated to such
               Component, and (z) such Component's Subordinate Component
               Percentage of the Subordinate Principal Distribution Amount for
               Pool 1 and Pool 2 for such Distribution Date, except as
               provided below, in reduction of the Component Principal Amounts
               thereof; and

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

          (b) If on any Distribution Date the Component Principal Amount of
each Component having the same parenthetical designation has been reduced to
zero, the Available Distribution Amount with respect to the related Mortgage
Pool or Mortgage Pools remaining after distribution of interest to the related
Senior Certificates on such date shall be distributed among the related
Classes of Senior Certificates proportionately, on the basis of their
respective Class Principal Amounts immediately prior to such Distribution
Date, regardless of the priorities and amounts set forth in Section 5.02(a).

          (c) (i) If on any Distribution Date the Credit Support Percentage
for any Component of the Class B1 Certificates is less than the Original
Credit Support Percentage for such Component, then, notwithstanding anything
to the contrary in Section 5.02(a), no distribution of amounts described in
clauses (ii) and (iii) of the definition of Subordinate Principal Distribution
Amount for the related Mortgage Pool or Mortgage Pools will be made in respect
of the Components of the Class B2, Class B3, Class B4, Class B5 or Class B6
Certificates having the same parenthetical designation as such Component on
such Distribution Date. (ii) If on any Distribution Date the Credit Support
Percentage for any Component of the Class B2 Certificates is less than the
Original Credit Support Percentage for such Component, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount for the related Mortgage Pool or Mortgage Pools will be
made in respect of the Components of the Class B3, Class B4, Class B5 or Class
B6 Certificates having the same parenthetical designation as such Component on
such Distribution Date. (iii) If on any Distribution Date the Credit Support
Percentage for any Component of the Class B3 Certificates is less than the
Original Credit Support Percentage for such Component, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount for the related Mortgage Pool or Mortgage Pools will be
made in respect of the Components of the Class B4, Class B5 or Class B6
Certificates having the same parenthetical designation as such Component on
such Distribution Date. (iv) If on any Distribution Date the Credit Support
Percentage for any Component of the Class B4 Certificates is less than the
Original Credit Support Percentage for such Component, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount for the related Mortgage Pool or Mortgage Pools will be
made in respect of the Components of the Class B5 or Class B6 Certificates
having the same parenthetical designation as such Component on such
Distribution Date. (v) If on any Distribution Date the Credit Support
Percentage for any Component of the Class B5 Certificates is less than the
Original Credit Support Percentage for such Component, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount for the related Mortgage Pool or Mortgage Pools shall be
made in respect of the Components of the Class B6 Certificates having the same
parenthetical designation as such Component on such Distribution Date.

          Any amount not distributed in respect of any Component on any
Distribution Date pursuant to the immediately preceding paragraph shall be
allocated among the remaining Components having the same parenthetical
designation as such Component in proportion to their respective Component
Principal Amounts.

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

          (e) (i) On each Distribution Date prior to the Credit Support
Depletion Date for Certificate Group 1 and Certificate Group 2 but on or after
the date on which the aggregate Certificate Principal Amount of the Non-AP
Senior Certificates of either Certificate Group 1 or Certificate Group 2 has
been reduced to zero, amounts otherwise distributable as principal on each of
the B1(1-2), B2(1-2), B3(1-2), B4(1-2), B5(1-2) and B6(1-2) Components
pursuant to Section 5.02(a)(vi), in reverse order of priority, in respect of
such Component's Subordinate Component Percentage of the Subordinate Principal
Distribution Amount for the Mortgage Pool relating to such retired
Certificates, shall be distributed as principal to the Non-AP Senior
Certificates (other than any Notional Certificates) remaining outstanding in
Certificate Group 1 or Certificate Group 2, as applicable, until the Class
Principal Amounts thereof have been reduced to zero, provided that on such
Distribution Date (a) the Group 1-2 Subordinate Percentage for such
Distribution Date is less than 200% of the Group 1-2 Subordinate Percentage as
of the Cut-off Date or (b) the average outstanding principal balance of the
Mortgage Loans in either Pool 1 or Pool 2 that are delinquent 60 days or more
over the last six months as a percentage of the related Group Subordinate
Amount is greater than or equal to 50%.

               (ii) On any Distribution Date on which either Certificate Group
          1 or Certificate Group 2 constitutes an Undercollateralized Group,
          all amounts otherwise distributable as principal on the B1(1-2),
          B2(1-2), B3(1-2), B4(1-2), B5(1-2) and B6(1-2) Components, in
          reverse order of priority (other than amounts necessary to pay Class
          AP Deferred Amounts or unpaid Interest Shortfalls) (or, following
          the Credit Support Depletion Date for Pool 1 and Pool 2, such other
          amounts described in the immediately following sentence), will be
          distributed as principal to the Non-AP Senior Certificates (other
          than any Notional Certificates) of such Undercollateralized Group,
          until the aggregate Certificate Principal Amount of such Non-AP
          Senior Certificates equals the Non-AP Pool Balance of the related
          Mortgage Pool (such distribution, an "Undercollateralization
          Distribution"). In the event that Certificate Group 1 or Certificate
          Group 2 constitutes an Undercollateralized Group on any Distribution
          Date following the Credit Support Depletion Date for Pool 1 and Pool
          2, Undercollateralization Distributions will be made from any
          Available Distribution Amount for the other such Mortgage Pool not
          related to an Undercollateralized Group remaining after all required
          amounts have been distributed to the Non-AP Senior Certificates of
          such other Certificate Group. In addition, the amount of any unpaid
          Interest Shortfalls with respect to the Undercollateralized Group on
          any Distribution Date (including any Interest Shortfalls for such
          Distribution Date) will be distributed to the Non-AP Senior
          Certificates of such Undercollateralized Group prior to the payment
          of any Undercollateralization Distributions from amounts otherwise
          distributable as principal on the B1(1-2), B2(1-2), B3(1-2),
          B4(1-2), B5(1-2) and B6(1-2) Components, in reverse order of
          priority (or, following the Credit Support Depletion Date, as
          provided in the preceding sentence).

          Section 5.03. Allocation of Realized Losses. (a) On any Distribution
Date, (x) the applicable AP Percentage of the principal portion of each
Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan in
each applicable Mortgage Pool will be allocated to the related Class of
Principal Only Certificates until the Class Principal Amount thereof has been
reduced to zero; and (y) the applicable Non-AP Percentage of the principal
portion of each Realized Loss (other than any Excess Loss) in respect of a
Mortgage Loan in each Mortgage Pool shall be allocated in the following order
of priority:

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

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

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

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

                    fifth, to the related Component of the Class B2
               Certificates, until the Component Principal Amount thereof has
               been reduced to zero;

                    sixth, to the related Component of the Class B1
               Certificates, until the Principal Amount thereof has been
               reduced to zero; and

                    seventh, to the Classes of Senior Certificates (other than
               the related Principal Only Certificates) of the related
               Certificate Group, pro rata, in accordance with their Class
               Principal Amounts; provided, that any such loss allocated to
               any Class of Accrual Certificates shall be allocated (subject
               to Section 5.03(c)) on the basis of the lesser of (x) the Class
               Principal Amount thereof immediately prior to the applicable
               Distribution Date and (y) the Class Principal Amount thereof on
               the Closing Date (as reduced by any Realized Losses previously
               allocated thereto).

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

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

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

          (e) On each Distribution Date, any Component Writedown Amount for
such date shall effect a corresponding reduction in the Component Principal
Amount of the lowest ranking related Component, which reduction shall occur on
such Distribution Date after giving effect to distributions made on such
Distribution Date.

          (f) In the event that there is a recovery of an amount in respect of
principal of a Mortgage Loan, which amount had previously been allocated as a
Realized Loss to one or more Classes of Certificates, each outstanding Class
to which any portion of such Realized Loss had previously been allocated shall
be entitled to receive, on the Distribution Date in the month following the
month in which such recovery is received, its pro rata share (based on the
Class Principal Amount thereof) of such recovery, up to the amount of the
portion of such Realized Loss previously allocated to such Class. In the event
that the total amount of such recovery exceeds the amount of Realized Loss
allocated to the outstanding Classes in accordance with the preceding
provisions, each outstanding Class of Certificates shall be entitled to
receive its pro rata share of the amount of such excess, up to the amount of
any unrecovered Realized Loss previously allocated to such Class. Any such
recovery allocated to a Class of Certificates shall not further reduce the
Certificate Principal Amount or Component Principal Amount of such
Certificate. Any such amounts not otherwise allocated to any Class of
Certificates pursuant to this subsection shall be treated as Principal
Prepayments for purposes of this Agreement.

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

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

          Section 5.05. Compensating Interest Payments. The amount of the
Aggregate Master Servicing Compensation payable to the Master Servicer in
respect of any Distribution Date shall be reduced by the amount of any
Compensating Interest Payment for such Distribution Date, but only to the
extent such Compensating Interest Payment is not actually made by the
applicable Servicer on the applicable Remittance Date. Such amount shall not
be treated as an Advance and shall not be reimbursable to the Master Servicer.

                                  ARTICLE VI

                   CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

          Section 6.01. Duties of Trustee. (a) The Trustee, except during the
continuance of an Event of Default (of which a Responsible Officer of the
Trustee shall have actual knowledge), undertakes to perform such duties and
only such duties as are specifically set forth in this Agreement. Any
permissive right of the Trustee provided for in this Agreement shall not be
construed as a duty of the Trustee. If an Event of Default (of which a
Responsible Officer of the Trustee shall have actual knowledge) has occurred
and has not otherwise been cured or waived, the Trustee shall exercise such of
the rights and powers vested in it by this Agreement and use the same degree
of care and skill in their exercise as a prudent Person would exercise or use
under the circumstances in the conduct of such Person's own affairs unless the
Trustee is acting as Master Servicer, in which case it shall use the same
degree of care and skill as the Master Servicer hereunder.

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

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

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

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

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

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

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

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

          (g) Except as otherwise provided herein, the Trustee shall have no
duty (A) to see to any recording, filing, or depositing of this Agreement or
any agreement referred to herein or any financing statement or continuation
statement evidencing a security interest, or to see to the maintenance of any
such recording or filing or depositing or to any re-recording, re-filing or
re-depositing of any thereof, (B) to see to any insurance, (C) to see to the
payment or discharge of any tax, assessment, or other governmental charge or
any lien or encumbrance of any kind owing with respect to, assessed or levied
against, any part of the Trust Fund other than from funds available in the
Collection Account or the Certificate Account, or (D) to confirm or verify the
contents of any reports or certificates of the Master Servicer delivered to
the Trustee pursuant to this Agreement believed by the Trustee to be genuine
and to have been signed or presented by the proper party or parties.

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

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

          Section 6.02. Certain Matters Affecting the Trustee. Except as
otherwise provided in Section 6.01:

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

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

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

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

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

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

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

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

          Section 6.03. Trustee Not Liable for Certificates. The Trustee makes
no representations as to the validity or sufficiency of this Agreement or of
the Certificates (other than the certificate of authentication on the
Certificates) or of any Mortgage Loan, or related document save that the
Trustee represents that, assuming due execution and delivery by the other
parties hereto, this Agreement has been duly authorized, executed and
delivered by it and constitutes its valid and binding obligation, enforceable
against it in accordance with its terms except that such enforceability may be
subject to (A) applicable bankruptcy and insolvency laws and other similar
laws affecting the enforcement of the rights of creditors generally, and (B)
general principles of equity regardless of whether such enforcement is
considered in a proceeding in equity or at law. The Trustee shall not be
accountable for the use or application by the Depositor of funds paid to the
Depositor in consideration of the assignment of the Mortgage Loans to the
Trust Fund by the Depositor or for the use or application of any funds
deposited into the Collection Account, the Certificate Account, any Escrow
Account or any other fund or account maintained with respect to the
Certificates. The Trustee shall not be responsible for the legality or
validity of this Agreement or the validity, priority, perfection or
sufficiency of the security for the Certificates issued or intended to be
issued hereunder. Except as otherwise provided herein, the Trustee shall have
no responsibility for filing any financing or continuation statement in any
public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder or to record this
Agreement.

          Section 6.04. Trustee May Own Certificates. The Trustee and any
Affiliate or agent of the Trustee in its individual or any other capacity may
become the owner or pledgee of Certificates and may transact banking and trust
with the other parties hereto with the same rights it would have if it were
not Trustee or such agent.

          Section 6.05. Eligibility Requirements for Trustee. The Trustee
hereunder shall at all times be (i) an institution insured by the FDIC and
(ii) a corporation or national banking association, organized and doing
business under the laws of any State or the United States of America,
authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of not less than $50,000,000 and subject to
supervision or examination by federal or state authority. If such corporation
or national banking association publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then, for the purposes of this Section, the combined
capital and surplus of such corporation or national banking association shall
be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Trustee shall
cease to be eligible in accordance with provisions of this Section, the
Trustee shall resign immediately in the manner and with the effect specified
in Section 6.06.

          Section 6.06. Resignation and Removal of Trustee. (a) The Trustee
may at any time resign and be discharged from the trust hereby created by
giving written notice thereof to the Depositor and the Master Servicer. Upon
receiving such notice of resignation, the Depositor will promptly appoint a
successor trustee by written instrument, one copy of which instrument shall be
delivered to the resigning Trustee, one copy to the successor trustee and one
copy to the Master Servicer. If no successor trustee shall have been so
appointed and shall have accepted appointment within 30 days after the giving
of such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor trustee.

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

          (c) The Holders of more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates may at any time upon 30
days' written notice to the Trustee and to the Depositor remove the Trustee by
such written instrument, signed by such Holders or their attorney-in-fact duly
authorized, one copy of which instrument shall be delivered to the Depositor,
one copy to the Trustee so removed and one copy to the Master Servicer; the
Depositor shall thereupon use its best efforts to appoint a mutually
acceptable successor trustee in accordance with this Section.

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

          Section 6.07. Successor Trustee. (a) Any successor trustee appointed
as provided in Section 6.06 shall execute, acknowledge and deliver to the
Depositor, the Master Servicer and to its predecessor trustee an instrument
accepting such appointment hereunder, and thereupon the resignation or removal
of the predecessor trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become fully vested with
all the rights, powers, duties and obligations of its predecessor hereunder,
with like effect as if originally named as trustee herein. The predecessor
trustee shall deliver to the successor trustee all Mortgage Files and
documents and statements related to each Mortgage Files held by it hereunder,
and shall duly assign, transfer, deliver and pay over to the successor trustee
the entire Trust Fund, together with all necessary instruments of transfer and
assignment or other documents properly executed necessary to effect such
transfer and such of the record or copies thereof maintained by the
predecessor trustee in the administration hereof as may be requested by the
successor trustee and shall thereupon be discharged from all duties and
responsibilities under this Agreement. In addition, the Master Servicer and
the predecessor trustee shall execute and deliver such other instruments and
do such other things as may reasonably be required to more fully and certainly
vest and confirm in the successor trustee all such rights, powers, duties and
obligations.

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

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

          Section 6.08. Merger or Consolidation of Trustee. Any Person into
which the Trustee may be merged or with which it may be consolidated, or any
Person resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any Persons succeeding to the business of the
Trustee, shall be the successor to the Trustee hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, provided that
such Person shall be eligible under the provisions of Section 6.05.

          Section 6.09. Appointment of Co-Trustee, Separate Trustee or
Custodian. (a) Notwithstanding any other provisions hereof, at any time, the
Trustee, the Depositor or the Certificateholders evidencing more than 50% of
the Class Principal Amount (or Class Notional Amount) of each Class of
Certificates shall each have the power from time to time to appoint one or
more Persons to act either as co-trustees jointly with the Trustee, or as
separate trustees, or as custodians, for the purpose of holding title to,
foreclosing or otherwise taking action with respect to any Mortgage Loan
outside the state where the Trustee has its principal place of business where
such separate trustee or co-trustee is necessary or advisable (or the Trustee
has been advised by the Master Servicer that such separate trustee or
co-trustee is necessary or advisable) under the laws of any state in which a
property securing a Mortgage Loan is located or for the purpose of otherwise
conforming to any legal requirement, restriction or condition in any state in
which a property securing a Mortgage Loan is located or in any state in which
any portion of the Trust Fund is located. The separate Trustees, co-trustees,
or custodians so appointed shall be trustees or custodians for the benefit of
all the Certificateholders and shall have such powers, rights and remedies as
shall be specified in the instrument of appointment; provided, however, that
no such appointment shall, or shall be deemed to, constitute the appointee an
agent of the Trustee. The obligation of the Trustee to make Advances pursuant
to Section 5.04 and 6.14 hereof shall not be affected or assigned by the
appointment of a co-trustee.

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

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

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

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

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

          (c) Any notice, request or other writing given to the Trustee shall
be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee, co-trustee or custodian shall refer to this
Agreement and the conditions of this Article VI. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with
the estates or property specified in its instrument of appointment, either
jointly with the Trustee or separately, as may be provided therein, subject to
all the provisions of this Agreement, specifically including every provision
of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. Every such instrument shall be filed
with the Trustee.

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

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

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

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

          Section 6.10. Authenticating Agents. (a) The Trustee may appoint one
or more Authenticating Agents which shall be authorized to act on behalf of
the Trustee in authenticating Certificates. Wherever reference is made in this
Agreement to the authentication of Certificates by the Trustee or the
Trustee's certificate of authentication, such reference shall be deemed to
include authentication on behalf of the Trustee by an Authenticating Agent and
a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent must be a corporation
organized and doing business under the laws of the United States of America or
of any state, having a combined capital and surplus of at least $15,000,000,
authorized under such laws to do a trust business and subject to supervision
or examination by federal or state authorities.

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

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

          Section 6.11. Indemnification of Trustee. The Trustee and its
directors, officers, employees and agents shall be entitled to indemnification
from the Trust Fund for any loss, liability or expense incurred in connection
with any legal proceeding and incurred without negligence or willful
misconduct on their part, arising out of, or in connection with, the
acceptance or administration of the trusts created hereunder, including the
costs and expenses of defending themselves against any claim in connection
with the exercise or performance of any of their powers or duties hereunder,
provided that:

               (i) with respect to any such claim, the Trustee shall have
          given the Depositor, the Master Servicer and the Holders written
          notice thereof promptly after the Trustee shall have knowledge
          thereof; provided, however, any reasonable delay by the Trustee to
          provide written notice to the Depositor, the Master Servicer and the
          Holders promptly after the Trustee shall have obtained knowledge of
          a claim shall not relieve the Trust Fund of its obligations to
          indemnify the Trustee under this Section 6.11;

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

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

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

          Section 6.12. Fees and Expenses of Trustee. The Trustee shall be
entitled to the Trustee Fee (which shall not be limited by any provision of
law in regard to the compensation of a trustee of an express trust), to the
extent provided herein, and in addition, the Trustee shall be entitled to
receive, and is authorized to pay to itself the amount of income or gain
earned from the investment of funds in the Certificate Account.

          Section 6.13. Collection of Monies. Except as otherwise expressly
provided in this Agreement, the Trustee may demand payment or delivery of, and
shall receive and collect, all money and other property payable to or
receivable by the Trustee pursuant to this Agreement. The Trustee shall hold
all such money and property received by it as part of the Trust Fund and shall
distribute it as provided in this Agreement. If the Trustee shall not have
timely received amounts to be remitted with respect to the Mortgage Loans from
the Master Servicer, the Trustee shall request the Master Servicer to make
such distribution as promptly as practicable or legally permitted. If the
Trustee shall subsequently receive any such amount, it may withdraw such
request.

          Section 6.14. Events of Default; Trustee To Act; Appointment of
Successor. (a) The occurrence of any one or more of the following events shall
constitute an "Event of Default":

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

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

               (iii) A decree or order of a court or agency or supervisory
          authority having jurisdiction for the appointment of a conservator
          or receiver or liquidator in any insolvency, readjustment of debt,
          marshalling of assets and liabilities or similar proceedings, or for
          the winding-up or liquidation of its affairs, shall have been
          entered against the Master Servicer, and such decree or order shall
          have remained in force undischarged or unstayed for a period of 60
          days or any Rating Agency reduces or withdraws or threatens to
          reduce or withdraw the rating of the Certificates because of the
          financial condition or loan servicing capability of such Master
          Servicer; or

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

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

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

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

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

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

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

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

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

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

          (b) On and after the time the Master Servicer receives a notice of
termination from the Trustee pursuant to Section 6.14(a) or the Trustee
receives the resignation of the Master Servicer evidenced by an Opinion of
Counsel pursuant to Section 9.29, the Trustee, unless another master servicer
shall have been appointed, shall be the successor in all respects to the
Master Servicer in its capacity as such under this Agreement and the
transactions set forth or provided for herein and shall have all the rights
and powers and be subject to all the responsibilities, duties and liabilities
relating thereto and arising thereafter placed on the Master Servicer
hereunder, including the obligation to make Advances; provided, however, that
any failure to perform such duties or responsibilities caused by the Master
Servicer's failure to provide information required by this Agreement shall not
be considered a default by the Trustee hereunder. In addition, the Trustee
shall have no responsibility for any act or omission of the Master Servicer
prior to the issuance of any notice of termination and shall have no liability
relating to the representations and warranties of the Master Servicer set
forth in Section 9.14. In the Trustee's capacity as such successor, the
Trustee shall have the same limitations on liability herein granted to the
Master Servicer. As compensation therefor, the Trustee shall be entitled to
receive all compensation payable to the Master Servicer under this Agreement,
including the Master Servicing Fee.

          (c) Notwithstanding the above, the Trustee may, if it shall be
unwilling to continue to so act, or shall, if it is unable to so act, appoint,
or petition a court of competent jurisdiction to appoint, any established
housing and home finance institution servicer, master servicer, servicing or
mortgage servicing institution having a net worth of not less than $15,000,000
and meeting such other standards for a successor master servicer as are set
forth in this Agreement, as the successor to such Master Servicer in the
assumption of all of the responsibilities, duties or liabilities of a master
servicer, like the Master Servicer. Any entity designated by the Trustee as a
successor master servicer may be an Affiliate of the Trustee; provided,
however, that, unless such Affiliate meets the net worth requirements and
other standards set forth herein for a successor master servicer, the Trustee,
in its individual capacity shall agree, at the time of such designation, to be
and remain liable to the Trust Fund for such Affiliate's actions and omissions
in performing its duties hereunder. In connection with such appointment and
assumption, the Trustee may make such arrangements for the compensation of
such successor out of payments on Mortgage Loans as it and such successor
shall agree; provided, however, that no such compensation shall be in excess
of that permitted to the Master Servicer hereunder. The Trustee and such
successor shall take such actions, consistent with this Agreement, as shall be
necessary to effectuate any such succession and may make other arrangements
with respect to the servicing to be conducted hereunder which are not
inconsistent herewith. The Master Servicer shall cooperate with the Trustee
and any successor master servicer in effecting the termination of the Master
Servicer's responsibilities and rights hereunder including, without
limitation, notifying Mortgagors of the assignment of the master servicing
functions and providing the Trustee and successor master servicer, as
applicable, all documents and records in electronic or other form reasonably
requested by it to enable it to assume the Master Servicer's functions
hereunder and the transfer to the Trustee or such successor master servicer,
as applicable, all amounts which shall at the time be or should have been
deposited by the Master Servicer in the Collection Account and any other
account or fund maintained with respect to the Certificates or thereafter be
received with respect to the Mortgage Loans. Neither the Trustee nor any other
successor master servicer shall be deemed to be in default hereunder by reason
of any failure to make, or any delay in making, any distribution hereunder or
any portion thereof caused by (i) the failure of the Master Servicer to
deliver, or any delay in delivering, cash, documents or records to it, (ii)
the failure of the Master Servicer to cooperate as required by this Agreement,
(iii) the failure of the Master Servicer to deliver the Mortgage Loan data to
the Trustee as required by this Agreement or (iv) restrictions imposed by any
regulatory authority having jurisdiction over the Master Servicer.

          Section 6.15. Additional Remedies of Trustee Upon Event of Default.
During the continuance of any Event of Default, so long as such Event of
Default shall not have been remedied, the Trustee, in addition to the rights
specified in Section 6.14, shall have the right, in its own name and as
trustee of an express trust, to take all actions now or hereafter existing at
law, in equity or by statute to enforce its rights and remedies and to protect
the interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filings of proofs of claim and debt in connection
therewith). Except as otherwise expressly provided in this Agreement, no
remedy provided for by this Agreement shall be exclusive of any other remedy,
and each and every remedy shall be cumulative and in addition to any other
remedy, and no delay or omission to exercise any right or remedy shall impair
any such right or remedy or shall be deemed to be a waiver of any Event of
Default.

          Section 6.16. Waiver of Defaults. 35% or more of the Aggregate
Voting Interests of Certificateholders may waive any default or Event of
Default by the Master Servicer in the performance of its obligations
hereunder, except that a default in the making of any required deposit to the
Certificate Account that would result in a failure of the Trustee to make any
required payment of principal of or interest on the Certificates may only be
waived with the consent of 100% of the affected Certificateholders. Upon any
such waiver of a past default, such default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been remedied for
every purpose of this Agreement. No such waiver shall extend to any subsequent
or other default or impair any right consequent thereon except to the extent
expressly so waived.

          Section 6.17. Notification to Holders. Upon termination of the
Master Servicer or appointment of a successor to the Master Servicer, in each
case as provided herein, the Trustee shall promptly mail notice thereof by
first class mail to the Certificateholders at their respective addresses
appearing on the Certificate Register. The Trustee shall also, within 45 days
after the occurrence of any Event of Default known to the Trustee, give
written notice thereof to Certificateholders, unless such Event of Default
shall have been cured or waived prior to the issuance of such notice and
within such 45-day period.

          Section 6.18. Directions by Certificateholders and Duties of Trustee
During Event of Default. Subject to the provisions of Section 8.01 hereof,
during the continuance of any Event of Default, Holders of Certificates
evidencing not less than 25% of the Class Principal Amount (or Class Notional
Amount) of each Class of Certificates may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this
Agreement; provided, however, that the Trustee shall be under no obligation to
pursue any such remedy, or to exercise any of the trusts or powers vested in
it by this Agreement (including, without limitation, (i) the conducting or
defending of any administrative action or litigation hereunder or in relation
hereto and (ii) the terminating of the Master Servicer or any successor master
servicer from its rights and duties as master servicer hereunder) at the
request, order or direction of any of the Certificateholders, unless such
Certificateholders shall have offered to the Trustee reasonable security or
indemnity against the cost, expenses and liabilities which may be incurred
therein or thereby; and, provided further, that, subject to the provisions of
Section 8.01, the Trustee shall have the right to decline to follow any such
direction if the Trustee, in accordance with an Opinion of Counsel, determines
that the action or proceeding so directed may not lawfully be taken or if the
Trustee in good faith determines that the action or proceeding so directed
would involve it in personal liability or be unjustly prejudicial to the
non-assenting Certificateholders.

          Section 6.19. Action Upon Certain Failures of the Master Servicer
and Upon Event of Default. In the event that a Responsible Officer of the
Trustee shall have actual knowledge of any action or inaction of the Master
Servicer that would become an Event of Default upon the Master Servicer's
failure to remedy the same after notice, the Trustee shall give notice thereof
to the Master Servicer. For all purposes of this Agreement, in the absence of
actual knowledge by a Responsible Officer of the Trustee, the Trustee shall
not be deemed to have knowledge of any failure of the Master Servicer or any
other Event of Default unless notified in writing by the Depositor, the Master
Servicer or a Certificateholder.

          Section 6.20. Preparation of Tax Returns and Other Reports. (a) The
Trustee shall prepare or cause to be prepared on behalf of the Trust Fund,
based upon information calculated in accordance with this Agreement pursuant
to instructions given by the Depositor, and the Trustee shall file, federal
tax returns and appropriate state income tax returns and such other returns as
may be required by applicable law relating to the Trust Fund, and the Trustee
shall forward copies to the Depositor of all such returns and Form 1099
information and such other information within the control of the Trustee as
the Depositor may reasonably request in writing, and shall forward to each
Certificateholder such forms and furnish such information within the control
of the Trustee as are required by the Code and the REMIC Provisions to be
furnished to them, and will prepare and file annual reports required by
applicable state authorities, will file copies of this Agreement with the
appropriate state authorities as may be required by applicable law, and will
prepare and disseminate to Certificateholders Form 1099 (or otherwise furnish
information within the control of the Trustee) to the extent required by
applicable law. The Master Servicer will indemnify the Trustee for any
liability of or assessment against the Trustee resulting from any error in any
of such tax or information returns directly resulting from errors in the
information provided by such Master Servicer (other than information that is
derived solely from information provided by any Servicer).

          (b) The Trustee shall prepare and file with the Internal Revenue
Service ("IRS"), on behalf of the Trust Fund, an application on IRS Form SS-4.
The Trustee, upon receipt from the IRS of the Notice of Taxpayer
Identification Number Assigned, shall promptly forward a copy of such notice
to the Master Servicer and the Depositor.

          (c) The Depositor shall prepare or cause to be prepared the initial
current report on Form 8-K and thereafter the Trustee will prepare or cause to
be prepared Form 10-Ks and Form 10-Qs (if necessary), or monthly current
reports on Form 8-K, on behalf of the Trust Fund, as may be required by
applicable law, for filing with the Securities and Exchange Commission (the
"SEC"), and the Trustee will sign each such report on behalf of the Trust. The
Trustee will forward a copy of each such report to the Depositor promptly
after such report has been filed with the SEC. The Trustee agrees to use its
best commercial efforts to seek to terminate such filing obligation after the
period during which such filings are required under the Securities Exchange
Act of 1934. Promptly after filing a Form 15 or other applicable form with the
SEC in connection with such termination, the Trustee shall deliver to the
Depositor a copy of such form together with copies of confirmations of receipt
by the SEC of each report filed therewith on behalf of the Trust Fund.

                                  ARTICLE VII

                           PURCHASE AND TERMINATION
                               OF THE TRUST FUND

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

          (b) On any Distribution Date occurring after the date on which the
aggregate Scheduled Principal Balance of the Mortgage Loans is less than 10%
of the Cut-off Date Aggregate Principal Balance, the Depositor may, upon
written direction to the Trustee, cause the Trustee to sell (or arrange for
the sale of) the assets of the Trust Fund. The property of the Trust Fund
shall be sold at a price (the "Termination Price") equal to: (i) 100% of the
unpaid principal balance of each Mortgage Loan on the day of such purchase
plus interest accrued thereon at the applicable Mortgage Rate with respect to
any Mortgage Loan to the Due Date in the Due Period immediately preceding the
related Distribution Date to the date of such repurchase, (ii) the fair market
value of any REO Property and any other property held by any REMIC, such fair
market value to be determined by an appraiser or appraisers appointed by the
Master Servicer with the consent of the Trustee and (iii) any unreimbursed
Servicing Advances with respect to each Mortgage Loan.

          (c) (i) On any Distribution Date occurring on or after the
Distribution Date occurring in July 2003 (the "Class 1-A1 Call Date"), Lehman
Pass-Through Securities Inc. ("LPTSI") shall have the option, for so long as
it is the holder of the Class 1-A2 Certificate, to purchase all, but not less
than all, of the Class 1-A1 Certificates remaining outstanding (the "Class
1-A1 Call Option") for a price equal to the outstanding Class Principal Amount
of such Certificates plus interest accrued thereon at the applicable
Certificate Interest Rate and unpaid (the "Acquisition Price"). In order to
exercise such option, LPTSI must deliver to the Trustee written notice of its
intent to purchase all of the Class 1-A1 Certificates and of the Distribution
Date on which it intends to do so not less than 20 days prior to such
Distribution Date.

               (ii) On any Distribution Date occurring on or after the
          Distribution Date occurring in May 2005 (the "Class 2-A1 Call
          Date"), LPTSI shall have the option, for so long as it is the holder
          of the Class 2-A2 Certificate, to purchase all, but not less than
          all, of the Class 2-A1 Certificates remaining outstanding (the
          "Class 2-A1 Call Option") for a price equal to the outstanding Class
          Principal Amount of such Certificates plus interest accrued thereon
          at the applicable Certificate Interest Rate and unpaid (the
          "Acquisition Price"). In order to exercise such option, LPTSI must
          deliver to the Trustee written notice of its intent to purchase all
          of the Class 2-A1 Certificates and of the Distribution Date on which
          it intends to do so not less than 20 days prior to such Distribution
          Date.

               (iii) On or before the date of delivery of the notice specified
          in paragraph (i) or (ii) above, LPTSI shall deposit with the Trustee
          cash in an amount sufficient to provide for payment of the related
          Acquisition Price. Such amount shall be paid by the Trustee to
          Holders of Class 1-A-1 Certificates or Class 2-A-1 Certificates, as
          applicable, upon surrender for purchase as provided below.

               (iv) Notice of any purchase of the Class 1-A1 or Class 2-A1
          Certificates pursuant to the provisions of this subsection,
          specifying the Distribution Date upon which such purchase shall be
          made, shall be given promptly by the Trustee by first class mail to
          Holders of the such Certificates mailed no later than five Business
          Days after the Trustee has received notice from LPTSI of its intent
          to exercise its right to repurchase the Class 1-A1 or class 2-A1
          Certificates, as applicable. Such notice shall specify (A) the
          Distribution Date upon which the related Acquisition Price will be
          paid upon transfer of the Class 1-A1 or Class 2-A1 Certificates, as
          the case may be (the "Acquisition Date"), and the time and place at
          which any such Certificate held in definitive form by other than the
          Clearing Agency (a "Definitive Purchase Certificate") must be
          surrendered for cancellation and (B) that the Acquisition Price
          applicable to each Class 1-A1 or Class 2-A1 Certificate, as
          applicable, constitutes payment in full therefor, and that no
          further amounts in respect of interest or principal will be
          distributable to the Holders from whom such Certificates are
          purchased by LPTSI. The Trustee shall give such notice to the Master
          Servicer and the Certificate Registrar at the time such notice is
          given to Holders of the Certificates.

               (v) On each Acquisition Date, the Trustee shall (i) make
          payment to each Holder of a Class 1-A1 or Class 2-A1 Certificate, as
          applicable of the Acquisition Price therefor in the manner in which
          distributions are effected under this Agreement and (ii) effect the
          transfer of each such Certificate (or interest therein) to LPTSI,
          which shall thereafter (unless it transfers such Certificate in
          accordance with this Agreement) be the Holder (or Certificate Owner)
          of such Certificate for all purposes. Notwithstanding the foregoing,
          in the event that all of the Holders of Definitive Purchase
          Certificates do not surrender their Certificates for purchase at the
          time specified in the above-mentioned written notice, the Trustee
          shall give a second written notice to such remaining
          Certificateholders to surrender their Certificates for purchase. If
          within ten days after the second notice any Definitive Purchase
          Certificates shall not have been surrendered for cancellation, the
          Trustee may take appropriate steps to contact the remaining
          Certificateholders concerning surrender of such Certificates, and
          the cost thereof shall be paid out of the amounts distributable to
          such Holders. Subject to applicable law, the Trustee shall hold all
          amounts payable to such Holders for the benefit of such Holders. No
          interest shall accrue on any amount held by the Trustee and not
          distributed to a Certificateholder due to such Certificateholder's
          failure to surrender its Certificate(s) for payment of the
          Acquisition Price thereon in accordance with this Section.
          Notwithstanding that any Definitive Purchase Certificate has not
          been surrendered after notice and deposit of the Acquisition Price
          as provided above, on the Acquisition Date the Trustee shall cancel
          such Certificate and effect a transfer of such Certificate (or
          interest therein) to LPTSI, which shall thereafter (unless it
          transfers such Certificate in accordance with this Agreement) be the
          Holder (or Certificate Owner) of such Certificate for all purposes.

          Section 7.02. Procedure Upon Termination of Trust Fund. (a) Notice
of any termination pursuant to the provisions of Section 7.01, specifying the
Distribution Date upon which the final distribution shall be made, shall be
given promptly by the Trustee by first class mail to Certificateholders mailed
(x) no later than five Business Days after the Trustee has received notice
from the Depositor of its intent to exercise its right to cause the
termination of the Trust Fund pursuant to Section 7.01(c) or (y) upon the
final payment or other liquidation of the last Mortgage Loan or REO Property
in the Trust Fund. Such notice shall specify (A) the Distribution Date upon
which final distribution on the Certificates of all amounts required to be
distributed to Certificateholders pursuant to Section 5.02 will be made upon
presentation and surrender of the Certificates at the Corporate Trust Office,
and (B) that the Record Date otherwise applicable to such Distribution Date is
not applicable, distribution being made only upon presentation and surrender
of the Certificates at the office or agency of the Trustee therein specified.
The Trustee shall give such notice to the Master Servicer and the Certificate
Registrar at the time such notice is given to Holders of the Certificates.
Upon any such termination, the duties of the Certificate Registrar with
respect to the Certificates shall terminate and the Trustee shall terminate,
or request the Master Servicer to terminate, the Collection Account it
maintains, the Certificate Account and any other account or fund maintained
with respect to the Certificates, subject to the Trustee's obligation
hereunder to hold all amounts payable to Certificateholders in trust without
interest pending such payment.

          (b) In the event that all of the Holders do not surrender their
Certificates for cancellation within three months after the time specified in
the above-mentioned written notice, the Trustee shall give a second written
notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If
within one year after the second notice any Certificates shall not have been
surrendered for cancellation, the Trustee may take appropriate steps to
contact the remaining Certificateholders concerning surrender of such
Certificates, and the cost thereof shall be paid out of the amounts
distributable to such Holders. If within two years after the second notice any
Certificates shall not have been surrendered for cancellation, the Trustee
shall, subject to applicable state law relating to escheatment, hold all
amounts distributable to such Holders for the benefit of such Holders. No
interest shall accrue on any amount held by the Trustee and not distributed to
a Certificateholder due to such Certificateholder's failure to surrender its
Certificate(s) for payment of the final distribution thereon in accordance
with this Section.

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

          Section 7.03. Additional Requirements under the REMIC Provisions.
The Trustee shall treat the termination of the Trust Fund under Section 7.01
as the liquidation of any REMIC created under this Agreement that had not
previously been liquidated. The Trustee shall prepare, or cause to be
prepared, and file a final federal income tax return for each such REMIC and
shall attach a statement to such final return stating indicating that the
statement is made pursuant to Treas. Reg. ss. 1.860F-1. The statement shall
provide that the first day in the 90-day liquidation period is the day
immediately preceding the day on which the assets of the Trust Fund were sold
pursuant to Section 7.01 of the Agreement.

                                 ARTICLE VIII

                         RIGHTS OF CERTIFICATEHOLDERS

          Section 8.01. Limitation on Rights of Holders. (a) The death or
incapacity of any Certificateholder shall not operate to terminate this
Agreement or this Trust Fund, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or take any action or
proceeding in any court for a partition or winding up of this Trust Fund, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them. Except as otherwise expressly provided herein, no
Certificateholder, solely by virtue of its status as a Certificateholder,
shall have any right to vote or in any manner otherwise control the Master
Servicer or the operation and management of the Trust Fund, or the obligations
of the parties hereto, nor shall anything herein set forth, or contained in
the terms of the Certificates, be construed so as to constitute the
Certificateholders from time to time as partners or members of an association,
nor shall any Certificateholder be under any liability to any third person by
reason of any action taken by the parties to this Agreement pursuant to any
provision hereof.

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

          Section 8.02. Access to List of Holders. (a) If the Trustee is not
acting as Certificate Registrar, the Certificate Registrar will furnish or
cause to be furnished to the Trustee, within fifteen days after receipt by the
Certificate Registrar of a request by the Trustee in writing, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the
Certificateholders of each Class as of the most recent Record Date.

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

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

          Section 8.03. Acts of Holders of Certificates. (a) Any request,
demand, authorization, direction, notice, consent, waiver or other action
provided by this Agreement to be given or taken by Holders or Certificate
Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Holders
in person or by agent duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee and, where expressly
required herein, to the Master Servicer. Such instrument or instruments (as
the action embodies therein and evidenced thereby) are herein sometimes
referred to as an "Act" of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such
agents shall be sufficient for any purpose of this Agreement and conclusive in
favor of the Trustee and Master Servicer, if made in the manner provided in
this Section. Each of the Trustee and Master Servicer shall promptly notify
the other of receipt of any such instrument by it, and shall promptly forward
a copy of such instrument to the other.

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

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

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

                                  ARTICLE IX

                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                            BY THE MASTER SERVICER

          Section 9.01. Duties of the Master Servicer. The Certificateholders,
by their purchase and acceptance of the Certificates, appoint Aurora Loan
Services Inc., as Master Servicer. For and on behalf of the Depositor, the
Trustee and the Certificateholders, the Master Servicer shall master service
the Mortgage Loans in accordance with the provisions of this Agreement and the
provisions of the applicable Servicing Agreement.

          Section 9.02. Master Servicer Fidelity Bond and Master Servicer
Errors and Omissions Insurance Policy. (a) The Master Servicer, at its
expense, shall maintain in effect a Fidelity Bond and an Errors and Omissions
Insurance Policy, affording coverage with respect to all directors, officers,
employees and other Persons acting on such Master Servicer's behalf, and
covering errors and omissions in the performance of the Master Servicer's
obligations hereunder. The Errors and Omissions Insurance Policy and the
Fidelity Bond shall be in such form and amount that would meet the
requirements of FNMA or FHLMC if it were the purchaser of the Mortgage Loans.
The Master Servicer shall (i) require each Servicer to maintain an Errors and
Omissions Insurance Policy and a Fidelity Bond in accordance with the
provisions of the applicable Servicing Agreement, (ii) cause each Servicer to
provide to the Master Servicer certificates evidencing that such policy and
bond is in effect and to furnish to the Master Servicer any notice of
cancellation, non-renewal or modification of the policy or bond received by
it, as and to the extent provided in the applicable Servicing Agreement, and
(iii) furnish copies of the certificates and notices referred to in clause
(ii) to the Trustee upon its request. The Fidelity Bond and Errors and
Omissions Insurance Policy may be obtained and maintained in blanket form.

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

          Section 9.03. Master Servicer's Financial Statements and Related
Information. For each year this Agreement is in effect, the Master Servicer
shall submit to the Trustee, each Rating Agency and the Depositor a copy of
its annual unaudited financial statements on or prior to August 31 of each
year. Such financial statements shall include a balance sheet, income
statement, statement of retained earnings, statement of additional paid-in
capital, statement of changes in financial position and all related notes and
schedules and shall be in comparative form, certified by a nationally
recognized firm of Independent Accountants to the effect that such statements
were examined and prepared in accordance with generally accepted accounting
principles applied on a basis consistent with that of the preceding year.

          Section 9.04. Power to Act; Procedures. (a) The Master Servicer
shall master service the Mortgage Loans and shall have full power and
authority, subject to the REMIC Provisions and the provisions of Article X
hereof, and each Servicer shall have full power and authority (to the extent
provided in the applicable Servicing Agreement) to do any and all things that
it may deem necessary or desirable in connection with the servicing and
administration of the Mortgage Loans, including but not limited to the power
and authority (i) to execute and deliver, on behalf of the Certificateholders
and the Trustee, customary consents or waivers and other instruments and
documents, (ii) to consent to transfers of any Mortgaged Property and
assumptions of the Mortgage Notes and related Mortgages, (iii) to collect any
Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan, in each case, in accordance with the provisions of
this Agreement and the applicable Servicing Agreement, as applicable; provided
that the Master Servicer shall not take, or knowingly permit any Servicer to
take, any action that is inconsistent with or prejudices the interests of the
Trust Fund or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor, the Trustee and the Certificateholders under this
Agreement. The Master Servicer shall represent and protect the interests of
the Trust Fund in the same manner as it protects its own interests in mortgage
loans in its own portfolio in any claim, proceeding or litigation regarding a
Mortgage Loan and shall not make or permit any Servicer to make any
modification, waiver or amendment of any term of any Mortgage Loan that would
cause the Trust Fund to fail to qualify as a REMIC or result in the imposition
of any tax under Section 860F(a) or Section 860G(d) of the Code. Without
limiting the generality of the foregoing, the Master Servicer in its own name
or in the name of a Servicer, and each Servicer, to the extent such authority
is delegated to such Servicer by the Master Servicer under the applicable
Servicing Agreement, is hereby authorized and empowered by the Trustee when
the Master Servicer or a Servicer, as the case may be, believes it appropriate
in its best judgment and in accordance with Accepted Servicing Practices and
the applicable Servicing Agreement, to execute and deliver, on behalf of
itself and the Certificateholders, the Trustee or any of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge and all other comparable instruments, with respect to the Mortgage
Loans and with respect to the Mortgaged Properties. The Trustee shall furnish
the Master Servicer, upon request, with any powers of attorney empowering the
Master Servicer or any Servicer to execute and deliver instruments of
satisfaction or cancellation, or of partial or full release or discharge, and
to foreclose upon or otherwise liquidate Mortgaged Property, and to appeal,
prosecute or defend in any court action relating to the Mortgage Loans or the
Mortgaged Property, in accordance with the applicable Servicing Agreement and
this Agreement, and the Trustee shall execute and deliver such other
documents, as the Master Servicer may request, necessary or appropriate to
enable the Master Servicer to master service and administer the Mortgage Loans
and carry out its duties hereunder, in each case in accordance with Accepted
Servicing Practices (and the Trustee shall have no liability for misuse of any
such powers of attorney by the Master Servicer or the applicable Servicer). If
the Master Servicer or the Trustee has been advised that it is likely that the
laws of the state in which action is to be taken prohibit such action if taken
in the name of the Trustee or that the Trustee would be adversely affected
under the "doing business" or tax laws of such state if such action is taken
in its name, then upon request of the Trustee, the Master Servicer shall join
with the Trustee in the appointment of a co-trustee pursuant to Section 6.09
hereof. In the performance of its duties hereunder, the Master Servicer shall
be an independent contractor and shall not, except in those instances where it
is taking action in the name of the Trustee, be deemed to be the agent of the
Trustee.

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

          Section 9.05. Servicing Agreements Between the Master Servicer and
Servicers; Enforcement of Servicers' Obligations. (a) Each Servicing Agreement
requires the applicable Servicer to service the Mortgage Loans in accordance
with the provisions thereof. References in this Agreement to actions taken or
to be taken by the Master Servicer include actions taken or to be taken by a
Servicer on behalf of the Master Servicer. Any fees and other amounts payable
to such Servicers shall be deducted from amounts remitted to the Master
Servicer by the applicable Servicer and shall not be an obligation of the
Trust.

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

          Section 9.06. Collection of Taxes, Assessments and Similar Items.
(a) To the extent provided in the applicable Servicing Agreement, the Master
Servicer shall cause each Servicer to establish and maintain one or more
custodial accounts at a depository institution (which may be a depository
institution with which the Master Servicer or any Servicer establishes
accounts in the ordinary course of its servicing activities), the accounts of
which are insured to the maximum extent permitted by the FDIC (each, an
"Escrow Account") and shall deposit therein any collections of amounts
received with respect to amounts due for taxes, assessments, water rates,
Standard Hazard Insurance Policy premiums or any comparable items for the
account of the Mortgagors. Withdrawals from any Escrow Account may be made (to
the extent amounts have been escrowed for such purpose) only in accordance
with the applicable Servicing Agreement. Each Servicer shall be entitled to
all investment income not required to be paid to Mortgagors on any Escrow
Account maintained by such Servicer. The Master Servicer shall make (or cause
to be made) to the extent provided in the applicable Servicing Agreement
advances to the extent necessary in order to effect timely payment of taxes,
water rates, assessments, Standard Hazard Insurance Policy premiums or
comparable items in connection with the related Mortgage Loan (to the extent
that the Mortgagor is required, but fails, to pay such items), provided that
it has determined that the funds so advanced are recoverable from escrow
payments, reimbursement pursuant to Section 4.02(v) or otherwise.

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

          Section 9.07. Termination of Servicing Agreements; Successor
Servicers. (a) The Master Servicer shall be entitled to terminate the rights
and obligations of any Servicer under the applicable Servicing Agreement in
accordance with the terms and conditions of such Servicing Agreement and
without any limitation by virtue of this Agreement; provided, however, that in
the event of termination of any Servicing Agreement by the Master Servicer or
the related Servicer, the Master Servicer shall either act as Servicer of the
related Mortgage Loans, or enter into a Servicing Agreement with a successor
Servicer.

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

          Section 9.08. Master Servicer Liable for Enforcement.
Notwithstanding any Servicing Agreement, the Master Servicer shall remain
obligated and liable to the Trustee and the Certificateholders in accordance
with the provisions of this Agreement, to the extent of its obligations
hereunder, without diminution of such obligation or liability by virtue of
such Servicing Agreement or arrangement. The Master Servicer shall use
commercially reasonable efforts to ensure that the Mortgage Loans are serviced
in accordance with the provisions of this Agreement and shall use commercially
reasonable efforts to enforce the provisions of the applicable Servicing
Agreement for the benefit of the Certificateholders. The Master Servicer shall
be entitled to enter into any agreement with the Servicers for indemnification
of the Master Servicer and nothing contained in this Agreement shall be deemed
to limit or modify such indemnification. Except as expressly set forth herein,
the Master Servicer shall have no liability for the acts or omissions of any
Servicer in the performance by such Servicer of its obligations under the
related Servicing Agreement.

          Section 9.09. No Contractual Relationship Between Servicers and
Trustee or Depositor. Any Servicing Agreement that may be entered into and any
other transactions or services relating to the Mortgage Loans involving a
Servicer in its capacity as such and not as an originator shall be deemed to
be between such Servicer, the Seller and the Master Servicer, and the Trustee
and the Depositor shall not be deemed parties thereto and shall have no
claims, rights, obligations, duties or liabilities with respect to such
Servicer except as set forth in Section 9.10 hereof.

          Section 9.10. Assumption of Servicing Agreement by Trustee. (a) In
the event the Master Servicer shall for any reason no longer be the Master
Servicer (including by reason of any Event of Default under this Agreement),
the Trustee shall thereupon assume all of the rights and obligations of such
Master Servicer hereunder and under each Servicing Agreement entered into with
respect to the Mortgage Loans. The Trustee, its designee or any successor
master servicer appointed by the Trustee shall be deemed to have assumed all
of the Master Servicer's interest herein and therein to the same extent as if
such Servicing Agreement had been assigned to the assuming party, except that
the Master Servicer shall not thereby be relieved of any liability or
obligations of the Master Servicer under such Servicing Agreement accruing
prior to its replacement as Master Servicer, and shall be liable to the
Trustee, and hereby agrees to indemnify and hold harmless the Trustee from and
against all costs, damages, expenses and liabilities (including reasonable
attorneys' fees) incurred by the Trustee as a result of such liability or
obligations of the Master Servicer and in connection with the Trustee's
assumption (but not its performance, except to the extent that costs or
liability of the Trustee are created or increased as a result of negligent or
wrongful acts or omissions of the Master Servicer prior to its replacement as
Master Servicer) of the Master Servicer's obligations, duties or
responsibilities thereunder; provided that the Master Servicer shall not
indemnify or hold harmless the Trustee against negligent or wrongful acts or
omissions of the Trustee.

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

          Section 9.11. "Due-on-Sale" Clauses; Assumption Agreements. To the
extent provided in the applicable Servicing Agreement, to the extent Mortgage
Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause
the Servicers to enforce such clauses in accordance with the applicable
Servicing Agreement. If applicable law prohibits the enforcement of a
due-on-sale clause or such clause is otherwise not enforced in accordance with
the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan is
assumed, the original Mortgagor may be released from liability in accordance
with the applicable Servicing Agreement.

          Section 9.12. Release of Mortgage Files. (a) Upon (i) becoming aware
of the payment in full of any Mortgage Loan, (ii) or the receipt by the Master
Servicer of a notification that payment in full has been escrowed in a manner
customary for such purposes for payment to Certificateholders on the next
Distribution Date, or (iii) in the case of a Mortgage Loan as to which the
related Mortgaged Property is located in California, receipt by the Master
Servicer of notification from the Servicer that the Servicer reasonably
expects that payment in full will be received promptly, the Master Servicer
will, or will cause the applicable Servicer to, promptly notify the Trustee
(or the applicable Custodian) by a certification (which certification shall
include (except in the case of a request for release pursuant to clause (iii)
above) a statement to the effect that all amounts received in connection with
such payment that are required to be deposited in the Collection Account
maintained by the Master Servicer pursuant to Section 4.01 have been or will
be so deposited) of a Servicing Officer and shall request the Trustee or the
applicable Custodian, to deliver to the applicable Servicer the related
Mortgage File. Upon receipt of such certification and request, the Trustee or
the applicable Custodian (with the consent, and at the direction of the
Trustee, which consent and discretion is hereby given), shall promptly release
the related Mortgage File to the applicable Servicer and the Trustee shall
have no further responsibility with regard to such Mortgage File. Upon any
such payment in full, the Master Servicer is authorized, and each Servicer, to
the extent such authority is delegated to such Servicer by the Master Servicer
under the applicable Servicing Agreement, is authorized, to give, as agent for
the Trustee, as the mortgagee under the Mortgage that secured the Mortgage
Loan, an instrument of satisfaction (or assignment of mortgage without
recourse) regarding the Mortgaged Property subject to the Mortgage, which
instrument of satisfaction or assignment, as the case may be, shall be
delivered to the Person or Persons entitled thereto against receipt therefor
of such payment, it being understood and agreed that no expenses incurred in
connection with such instrument of satisfaction or assignment, as the case may
be, shall be chargeable to the Collection Account.

          (b) From time to time and as appropriate for the servicing or
foreclosure of any Mortgage Loan and in accordance with Accepted Servicing
Practices and the applicable Servicing Agreement, the Trustee shall execute
such documents as shall be prepared and furnished to the Trustee by the Master
Servicer, or by a Servicer (in form reasonably acceptable to the Trustee) and
as are necessary to the prosecution of any such proceedings. The Trustee or
the Custodian, shall, upon request of the Master Servicer, or of a Servicer,
and delivery to the Trustee or the applicable Custodian, of a trust receipt
signed by a Servicing Officer substantially in the form of Exhibit C, release
the related Mortgage File held in its possession or control to the Master
Servicer (or the applicable Servicer). Such trust receipt shall obligate the
Master Servicer or Servicer to return the Mortgage File to the Trustee or
Custodian, as applicable, when the need therefor by the Master Servicer or
applicable Servicer no longer exists unless the Mortgage Loan shall be
liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to that herein above specified, the trust receipt shall be
released by the Trustee or the Custodian, as applicable, to the Master
Servicer (or the applicable Servicer).

          Section 9.13. Documents, Records and Funds in Possession of Master
Servicer To Be Held for Trustee. (a) The Master Servicer shall transmit, or
cause the applicable Servicer to transmit, to the Trustee such documents and
instruments coming into the possession of the Master Servicer or such Servicer
from time to time as are required by the terms hereof to be delivered to the
Trustee. Any funds received by the Master Servicer or by a Servicer in respect
of any Mortgage Loan or which otherwise are collected by the Master Servicer
or by a Servicer as Liquidation Proceeds or Insurance Proceeds in respect of
any Mortgage Loan shall be held for the benefit of the Trustee and the
Certificateholders subject to the Master Servicer's right to retain or
withdraw from the Collection Account the Master Servicing Fee and other
amounts provided in this Agreement, and to the right of each Servicer to
retain its Servicing Fee as provided in the applicable Servicing Agreement.
The Master Servicer shall, and shall (to the extent provided in the applicable
Servicing Agreement) cause each Servicer to, provide access to information and
documentation regarding the Mortgage Loans to the Trustee, its agents and
accountants at any time upon reasonable request and during normal business
hours, and to Certificateholders that are savings and loan associations, banks
or insurance companies, the Office of Thrift Supervision, the FDIC and the
supervisory agents and examiners of such Office and Corporation or examiners
of any other federal or state banking or insurance regulatory authority if so
required by applicable regulations of the Office of Thrift Supervision or
other regulatory authority, such access to be afforded without charge but only
upon reasonable request in writing and during normal business hours at the
offices of the Master Servicer designated by it. In fulfilling such a request
the Master Servicer shall not be responsible for determining the sufficiency
of such information.

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

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

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

          Section 9.14. Representations and Warranties of the Master Servicer.
(a) The Master Servicer hereby represents and warrants to the Depositor and
the Trustee, for the benefit of the Certificateholders, as of the Closing Date
that:

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

               (ii) the execution and delivery of this Agreement by the Master
          Servicer and its performance and compliance with the terms of this
          Agreement will not (A) violate the Master Servicer's charter or
          bylaws, (B) violate any law or regulation or any administrative
          decree or order to which it is subject or (C) constitute a default
          (or an event which, with notice or lapse of time, or both, would
          constitute a default) under, or result in the breach of, any
          material contract, agreement or other instrument to which the Master
          Servicer is a party or by which it is bound or to which any of its
          assets are subject, which violation, default or breach would
          materially and adversely affect the Master Servicer's ability to
          perform its obligations under this Agreement;

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

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

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

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

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

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

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

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

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

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

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

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

          Section 9.15. Closing Certificate and Opinion. On or before the
Closing Date, the Master Servicer shall cause to be delivered to the Depositor
and Lehman Brothers Inc. an Opinion of Counsel, dated the Closing Date, in
form and substance reasonably satisfactory to the Depositor and Lehman
Brothers Inc., as to the due authorization, execution and delivery of this
Agreement by the Master Servicer and the enforceability thereof.

          Section 9.16. Standard Hazard and Flood Insurance Policies. For each
Mortgage Loan, the Master Servicer shall maintain, or cause to be maintained
by each Servicer, standard fire and casualty insurance and, where applicable,
flood insurance, all in accordance with the provisions of this Agreement and
the related Servicing Agreement, as applicable. It is understood and agreed
that such insurance shall be with insurers meeting the eligibility
requirements set forth in the applicable Servicing Agreement and that no
earthquake or other additional insurance is to be required of any Mortgagor or
to be maintained on property acquired in respect of a defaulted loan, other
than pursuant to such applicable laws and regulations as shall at any time be
in force and as shall require such additional insurance.

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

          Section 9.17. Presentment of Claims and Collection of Proceeds. The
Master Servicer shall, or shall cause each Servicer (to the extent provided in
the applicable Servicing Agreement) to, prepare and present on behalf of the
Trustee and the Certificateholders all claims under the Insurance Policies
with respect to the Mortgage Loans, and take such actions (including the
negotiation, settlement, compromise or enforcement of the insured's claim) as
shall be necessary to realize recovery under such policies. Any proceeds
disbursed to the Master Servicer (or disbursed to any Servicer and remitted to
the Master Servicer) in respect of such policies or bonds shall be promptly
deposited in the Collection Account upon receipt, except that any amounts
realized that are to be applied to the repair or restoration of the related
Mortgaged Property as a condition requisite to the presentation of claims on
the related Mortgage Loan to the insurer under any applicable Insurance Policy
need not be so deposited (or remitted).

          Section 9.18. Maintenance of the Primary Mortgage Insurance
Policies. (a) The Master Servicer shall not take, or permit any Servicer
(consistent with the applicable Servicing Agreement) to take, any action that
would result in non-coverage under any applicable Primary Mortgage Insurance
Policy of any loss which, but for the actions of such Master Servicer or
Servicer, would have been covered thereunder. The Master Servicer shall use
its best reasonable efforts to keep in force and effect, or to cause each
Servicer to keep in force and effect (to the extent that the Mortgage Loan
requires the Mortgagor to maintain such insurance), primary mortgage insurance
applicable to each Mortgage Loan in accordance with the provisions of this
Agreement and the related Servicing Agreement, as applicable. The Master
Servicer shall not, and shall not permit any Servicer to, cancel or refuse to
renew any such Primary Mortgage Insurance Policy that is in effect at the date
of the initial issuance of the Certificates and is required to be kept in
force hereunder except in accordance with the provisions of this Agreement and
the related Servicing Agreement, as applicable.

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

          Section 9.19. Trustee To Retain Possession of Certain Insurance
Policies and Documents. The Trustee (or its custodian, if any, as directed by
the Trustee), shall retain possession and custody of the originals of the
Primary Mortgage Insurance Policies or certificate of insurance if applicable
and any certificates of renewal as to the foregoing as may be issued from time
to time as contemplated by this Agreement. Until all amounts distributable in
respect of the Certificates have been distributed in full and the Master
Servicer otherwise has fulfilled its obligations under this Agreement, the
Trustee (or its custodian, if any, as directed by the Trustee) shall also
retain possession and custody of each Mortgage File in accordance with and
subject to the terms and conditions of this Agreement. The Master Servicer
shall promptly deliver or cause to be delivered to the Trustee (or its
custodian, if any, as directed by the Trustee), upon the execution or receipt
thereof the originals of the Primary Mortgage Insurance Policies and any
certificates of renewal thereof, and such other documents or instruments that
constitute portions of the Mortgage File that come into the possession of the
Master Servicer from time to time.

          Section 9.20. Realization Upon Defaulted Mortgage Loans. The Master
Servicer shall use its reasonable best efforts to, or to cause each Servicer
to, foreclose upon, repossess or otherwise comparably convert the ownership of
Mortgaged Properties securing such of the Mortgage Loans as come into and
continue in default and as to which no satisfactory arrangements can be made
for collection of delinquent payments, all in accordance with the applicable
Servicing Agreement.

          Section 9.21. Compensation to the Master Servicer. The Master
Servicer shall (i) be entitled, at its election, either (a) to pay itself the
Master Servicing Fee, as reduced pursuant to Section 5.05, in respect of the
Mortgage Loans out of any Mortgagor payment on account of interest prior to
the deposit of such payment in the Collection Account it maintains or (b) to
withdraw from the Collection Account, subject to Section 5.05, the Master
Servicing Fee to the extent permitted by Section 4.02(iv). The Master Servicer
shall also be entitled, at its election, either (a) to pay itself the Master
Servicing Fee in respect of each delinquent Mortgage Loan master serviced by
it out of Liquidation Proceeds in respect of such Mortgage Loan or other
recoveries with respect thereto to the extent permitted in Section 4.02 or (b)
to withdraw from the Collection Account it maintains the Master Servicing Fee
in respect of each Liquidated Mortgage Loan to the extent of such Liquidation
Proceeds or other recoveries, to the extent permitted by Section 4.02.
Servicing compensation in the form of assumption fees, if any, late payment
charges, as collected, if any, or otherwise (including any Prepayment Penalty
Amount) shall be retained by the Master Servicer (or the applicable Servicer)
and shall not be deposited in the Collection Account. If the Master Servicer
does not retain or withdraw the Master Servicing Fee from the Collection
Account as provided herein, the Master Servicer shall be entitled to direct
the Trustee to pay the Master Servicing Fee to such Master Servicer by
withdrawal from the Certificate Account to the extent that payments have been
received with respect to the applicable Mortgage Loan. The Master Servicer
shall be required to pay all expenses incurred by it in connection with its
activities hereunder and shall not be entitled to reimbursement therefor
except as provided in this Agreement. Pursuant to Section 4.01(e), all income
and gain realized from any investment of funds in the Collection Account shall
be for the benefit of the Master Servicer as additional compensation. The
provisions of this Section 9.21 are subject to the provisions of Section
6.14(b).

          Section 9.22. REO Property. (a) In the event the Trust Fund acquires
ownership of any REO Property in respect of any Mortgage Loan, the deed or
certificate of sale shall be issued to the Trustee, or to its nominee, on
behalf of the Certificateholders. The Master Servicer shall use its reasonable
best efforts to sell, or, to the extent provided in the applicable Servicing
Agreement, cause the applicable Servicer to sell, any REO Property as
expeditiously as possible and in accordance with the provisions of this
Agreement and the related Servicing Agreement, as applicable, but in all
events within the time period, and subject to the conditions set forth in
Article X hereof. Pursuant to its efforts to sell such REO Property, the
Master Servicer shall protect and conserve, or cause the applicable Servicer
to protect and conserve, such REO Property in the manner and to such extent
required by the applicable Servicing Agreement, subject to Article X hereof.

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

          (c) The Master Servicer and the applicable Servicer, upon the final
disposition of any REO Property, shall be entitled to reimbursement for any
related unreimbursed Advances as well as any unpaid Master Servicing Fees or
Servicing Fees from Liquidation Proceeds received in connection with the final
disposition of such REO Property; provided, that any such unreimbursed
Advances as well as any unpaid Master Servicing Fees or Servicing Fees may be
reimbursed or paid, as the case may be, prior to final disposition, out of any
net rental income or other net amounts derived from such REO Property.

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

          Section 9.23. [Omitted]

          Section 9.24. Reports to the Trustee. (a) Not later than 30 days
after each Distribution Date, the Master Servicer shall forward to the Trustee
a statement, deemed to have been certified by a Servicing Officer, setting
forth the status of the Collection Account maintained by the Master Servicer
as of the close of business on the related Distribution Date, indicating that
all distributions required by this Agreement to be made by the Master Servicer
have been made (or if any required distribution has not been made by the
Master Servicer, specifying the nature and status thereof) and showing, for
the period covered by such statement, the aggregate of deposits into and
withdrawals from the Collection Account maintained by the Master Servicer.
Copies of such statement shall be provided by the Master Servicer to the
Depositor, Attention: Contract Finance, and, upon request, any
Certificateholders (or by the Trustee at the Master Servicer's expense if the
Master Servicer shall fail to provide such copies (unless (i) the Master
Servicer shall have failed to provide the Trustee with such statement or (ii)
the Trustee shall be unaware of the Master Servicer's failure to provide such
statement)).

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

          Section 9.25. Annual Officer's Certificate as to Compliance. (a) The
Master Servicer shall deliver to the Trustee and the Rating Agencies on or
before August 31 of each year, commencing on August 31, 2001, an Officer's
Certificate, certifying that with respect to the period ending on the
immediately preceding December 31; (i) such Servicing Officer has reviewed the
activities of such Master Servicer during the preceding calendar year or
portion thereof and its performance under this Agreement; (ii) to the best of
such Servicing Officer's knowledge, based on such review, such Master Servicer
has performed and fulfilled its duties, responsibilities and obligations under
this Agreement in all material respects throughout such year, or, if there has
been a default in the fulfillment of any such duties, responsibilities or
obligations, specifying each such default known to such Servicing Officer and
the nature and status thereof, (iii) nothing has come to the attention of such
Servicing Officer to lead such Servicing Officer to believe that any Servicer
has failed to perform any of its duties, responsibilities and obligations
under its Servicing Agreement in all material respects throughout such year,
or, if there has been a material default in the performance or fulfillment of
any such duties, responsibilities or obligations, specifying each such default
known to such Servicing Officer and the nature and status thereof, and (iv)
the Master Servicer has received from each Servicer such Servicer's annual
certificate of compliance and a copy of such Servicer's annual audit report,
in each case to the extent required under the applicable Servicing Agreement,
or, if any such certificate or report has not been received by the Master
Servicer, the Master Servicer is using its best reasonable efforts to obtain
such certificate or report.

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

          Section 9.26. Annual Independent Accountants' Servicing Report. If
the Master Servicer has, during the course of any fiscal year, directly
serviced any of the Mortgage Loans, then the Master Servicer at its expense
shall cause a nationally recognized firm of independent certified public
accountants to furnish a statement to the Trustee, the Rating Agencies and the
Depositor on or before August 31 of each year, commencing on August 31, 2001,
to the effect that, with respect to the most recently ended fiscal year, such
firm has examined certain records and documents relating to the Master
Servicer's performance of its servicing obligations under this Agreement and
pooling and servicing and trust agreements in material respects similar to
this Agreement and to each other and that, on the basis of such examination
conducted substantially in compliance with the audit program for mortgages
serviced for FHLMC or the Uniform Single Attestation Program for Mortgage
Bankers, such firm is of the opinion that the Master Servicer's activities
have been conducted in compliance with this Agreement, or that such
examination has disclosed no material items of noncompliance except for (i)
such exceptions as such firm believes to be immaterial, (ii) such other
exceptions as are set forth in such statement and (iii) such exceptions that
the Uniform Single Attestation Program for Mortgage Bankers or the Audit
Program for Mortgages Serviced by FHLMC requires it to report. Copies of such
statements shall be provided to any Certificateholder upon request by the
Master Servicer, or by the Trustee at the expense of the Master Servicer if
the Master Servicer shall fail to provide such copies. If such report
discloses exceptions that are material, the Master Servicer shall advise the
Trustee whether such exceptions have been or are susceptible of cure, and will
take prompt action to do so.

          Section 9.27. Merger or Consolidation. Any Person into which the
Master Servicer may be merged or consolidated, or any Person resulting from
any merger, conversion, other change in form or consolidation to which the
Master Servicer shall be a party, or any Person succeeding to the business of
the Master Servicer, shall be the successor to the Master Servicer hereunder,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the successor or resulting Person to the Master
Servicer shall be a Person that shall be qualified and approved to service
mortgage loans for FNMA or FHLMC and shall have a net worth of not less than
$15,000,000.

          Section 9.28. Resignation of Master Servicer. Except as otherwise
provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall not
resign from the obligations and duties hereby imposed on it unless it or the
Trustee determines that the Master Servicer's duties hereunder are no longer
permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it and cannot be cured.
Any such determination permitting the resignation of the Master Servicer shall
be evidenced by an Opinion of Counsel that shall be Independent to such effect
delivered to the Trustee. No such resignation shall become effective until the
Trustee shall have assumed, or a successor master servicer shall have been
appointed by the Trustee and until such successor shall have assumed, the
Master Servicer's responsibilities and obligations under this Agreement.
Notice of such resignation shall be given promptly by the Master Servicer to
the Depositor.

          Section 9.29. Assignment or Delegation of Duties by the Master
Servicer. Except as expressly provided herein, the Master Servicer shall not
assign or transfer any of its rights, benefits or privileges hereunder to any
other Person, or delegate to or subcontract with, or authorize or appoint any
other Person to perform any of the duties, covenants or obligations to be
performed by the Master Servicer hereunder; provided, however, that the Master
Servicer shall have the right without the prior written consent of the
Trustee, the Depositor or the Rating Agencies to delegate or assign to or
subcontract with or authorize or appoint an Affiliate of the Master Servicer
to perform and carry out any duties, covenants or obligations to be performed
and carried out by the Master Servicer hereunder. In no case, however, shall
any such delegation, subcontracting or assignment to an Affiliate of the
Master Servicer relieve the Master Servicer of any liability hereunder. Notice
of such permitted assignment shall be given promptly by the Master Servicer to
the Depositor and the Trustee. If, pursuant to any provision hereof, the
duties of the Master Servicer are transferred to a successor master servicer,
the entire amount of the Master Servicing Fees and other compensation payable
to the Master Servicer pursuant hereto, including amounts payable to or
permitted to be retained or withdrawn by the Master Servicer pursuant to
Section 9.21 hereof, shall thereafter be payable to such successor master
servicer.

          Section 9.30. Limitation on Liability of the Master Servicer and
Others. Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Trustee or the Certificateholders for any action taken or for refraining from
the taking of any action in good faith pursuant to this Agreement, or for
errors in judgment; provided, however, that this provision shall not protect
the Master Servicer or any such person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in its performance of its duties or by reason of reckless disregard for its
obligations and duties under this Agreement. The Master Servicer and any
director, officer, employee or agent of the Master Servicer may rely in good
faith on any document of any kind prima facie properly executed and submitted
by any Person respecting any matters arising hereunder. The Master Servicer
shall be under no obligation to appear in, prosecute or defend any legal
action that is not incidental to its duties to master service the Mortgage
Loans in accordance with this Agreement and that in its opinion may involve it
in any expenses or liability; provided, however, that the Master Servicer may
in its sole discretion undertake any such action that it may deem necessary or
desirable in respect to this Agreement and the rights and duties of the
parties hereto and the interests of the Certificateholders hereunder. In such
event, the legal expenses and costs of such action and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund and the
Master Servicer shall be entitled to be reimbursed therefor out of the
Collection Account it maintains as provided by Section 4.02.

          Section 9.31. Indemnification; Third-Party Claims. The Master
Servicer agrees to indemnify the Depositor and the Trustee, and hold them
harmless against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, liability, fees
and expenses that the Depositor and the Trustee may sustain as a result of the
failure of the Master Servicer to perform its duties and master service the
Mortgage Loans in compliance with the terms of this Agreement. The Depositor
and the Trustee shall immediately notify the Master Servicer if a claim is
made by a third party with respect to this Agreement or the Mortgage Loans
entitling the Depositor or the Trustee to indemnification hereunder, whereupon
the Master Servicer shall assume the defense of any such claim and pay all
expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it
or them in respect of such claim.

                                   ARTICLE X

                             REMIC ADMINISTRATION

          Section 10.01. REMIC Administration. (a) As set forth in the
Preliminary Statement hereto, the Trustee shall elect REMIC status in
accordance with the REMIC Provisions with respect to each of the Lower Tier
REMIC and the Upper Tier REMIC. The Trustee shall make such elections on Forms
1066 or other appropriate federal tax or information return for the taxable
year ending on the last day of the calendar year in which the Certificates are
issued. For the purposes of such elections, each Lower Tier Interest, other
than the Class LTR Interest is hereby designated as a regular interest in the
Lower Tier REMIC to which such Lower Tier Interest relates, and each
Certificate, other than the Class R Certificate, is hereby designated as a
regular interest in the Upper Tier REMIC. The Class LTR Interest is hereby
designated as the sole residual interest in the Lower Tier REMIC. The Class R
Certificate evidences ownership of the Class LTR Interest and is also hereby
designated as the sole residual interest in the Upper Tier REMIC.

          (b) The Closing Date is hereby designated as the "Startup Day" of
each REMIC within the meaning of section 86OG(a)(9) of the Code. For purposes
of Treasury Regulation 1.860G-1(a)(4), the "Latest Possible Maturity Date" is
the Distribution Date occurring in November 2033.

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

          (d) The Trustee shall prepare, sign and file, all of each REMIC's
federal and state tax and information returns as such REMIC's direct
representative. The expenses of preparing and filing such returns shall be
borne by the Trustee.

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

          (f) The Trustee, the Master Servicer and the Holders of Certificates
shall take any action or cause the REMIC to take any action necessary to
create or maintain the status of such REMIC as a REMIC under the REMIC
Provisions and shall assist each other as necessary to create or maintain such
status. Neither the Trustee, the Master Servicer nor the Holder of any
Residual Certificate shall take any action, cause the REMIC to take any action
or fail to take (or fail to cause to be taken) any action that, under the
REMIC Provisions, if taken or not taken, as the case may be, could (i)
endanger the status of such REMIC as a REMIC or (ii) result in the imposition
of a tax upon such REMIC (including but not limited to the tax on prohibited
transactions as defined in Code Section 860F(a)(2) and the tax on prohibited
contributions set forth on Section 860G(d) of the Code) (either such event, an
"Adverse REMIC Event") unless the Trustee and the Master Servicer have
received an Opinion of Counsel (at the expense of the party seeking to take
such action) to the effect that the contemplated action will not endanger such
status or result in the imposition of such a tax. In addition, prior to taking
any action with respect to the REMIC or the assets therein, or causing such
REMIC to take any action, which is not expressly permitted under the terms of
this Agreement, any Holder of a Residual Certificate will consult with the
Trustee and the Master Servicer, or their respective designees, in writing,
with respect to whether such action could cause an Adverse REMIC Event to
occur with respect to such REMIC, and no such Person shall take any such
action or cause such REMIC to take any such action as to which the Trustee or
the Master Servicer has advised it in writing that an Adverse REMIC Event
could occur.

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

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

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

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

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

          Section 10.02. Prohibited Transactions and Activities. Neither the
Depositor, the Master Servicer nor the Trustee shall sell, dispose of, or
substitute for any of the Mortgage Loans, except in a disposition pursuant to
(i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
(iii) the termination of each REMIC pursuant to Article VII of this Agreement,
(iv) a substitution pursuant to Article II of this Agreement, or (v) a
repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi)
the exercise of the Class 1-A1 Call Option or the Class 2-A1 Call Option, nor
acquire any assets for any REMIC, nor sell or dispose of any investments in
the Certificate Account for gain, nor accept any contributions to the REMIC
after the Closing Date, unless it has received an Opinion of Counsel (at the
expense of the party causing such sale, disposition, or substitution) that
such disposition, acquisition, substitution, or acceptance will not (a) affect
adversely the status of such REMIC as a REMIC or of the Certificates other
than the Residual Certificates as the regular interests therein, (b) affect
the distribution of interest or principal on the Certificates, (c) result in
the encumbrance of the assets transferred or assigned to the Trust Fund
(except pursuant to the provisions of this Agreement) or (d) cause such REMIC
to be subject to a tax on prohibited transactions or prohibited contributions
pursuant to the REMIC Provisions.

          Section 10.03. Indemnification with Respect to Certain Taxes and
Loss of REMIC Status. (a) In the event that a REMIC fails to qualify as a
REMIC, loses its status as a REMIC, or incurs federal, state or local taxes as
a result of a prohibited transaction or prohibited contribution under the
REMIC Provisions due to the negligent performance by the Trustee of its duties
and obligations set forth herein, the Trustee shall indemnify the Holder of
the Residual Certificate against any and all losses, claims, damages,
liabilities or expenses ("Losses") resulting from such negligence; provided,
however, that the Trustee shall not be liable for any such Losses attributable
to the action or inaction of the Master Servicer, the Depositor, or the Holder
of such Residual Certificate, as applicable, nor for any such Losses resulting
from misinformation provided by the Holder of such Residual Certificate on
which the Trustee has relied. The foregoing shall not be deemed to limit or
restrict the rights and remedies of the Holder of such Residual Certificate
now or hereafter existing at law or in equity. Notwithstanding the foregoing,
however, in no event shall the Trustee have any liability (1) for any action
or omission that is taken in accordance with and in compliance with the
express terms of, or which is expressly permitted by the terms of, this
Agreement, (2) for any Losses other than arising out of a negligent
performance by the Trustee of its duties and obligations set forth herein, and
(3) for any special or consequential damages to Certificateholders (in
addition to payment of principal and interest on the Certificates).

          Section 10.04. REO Property. (a) Notwithstanding any other provision
of this Agreement, the Master Servicer, acting on behalf of the Trustee
hereunder, shall not, and shall, to the extent provided in the applicable
Servicing Agreement, not permit any Servicer to, rent, lease, or otherwise
earn income on behalf of any REMIC with respect to any REO Property which
might cause such REO Property to fail to qualify as "foreclosure" property
within the meaning of section 860G(a)(8) of the Code or result in the receipt
by any REMIC of any "income from non-permitted assets" within the meaning of
section 860F(a)(2) of the Code or any "net income from foreclosure property"
which is subject to tax under the REMIC Provisions unless the Master Servicer
has advised, or has caused the applicable Servicer to advise, the Trustee in
writing to the effect that, under the REMIC Provisions, such action would not
adversely affect the status of the REMIC as a REMIC and any income generated
for such REMIC by the REO Property would not result in the imposition of a tax
upon such REMIC.

          (b) The Master Servicer shall make, or shall cause the applicable
Servicer to make, reasonable efforts to sell any REO Property for its fair
market value. In any event, however, the Master Servicer shall, or shall cause
the applicable Servicer to, dispose of any REO Property within three years
from the end of the calendar year of its acquisition by the Trust Fund unless
the Trustee has received a grant of extension from the Internal Revenue
Service to the effect that, under the REMIC Provisions and any relevant
proposed legislation and under applicable state law, the REMIC may hold REO
Property for a longer period without adversely affecting the REMIC status of
such REMIC or causing the imposition of a Federal or state tax upon such
REMIC. If the Trustee has received such an extension, then the Trustee, or the
Master Servicer, acting on its behalf hereunder, shall, or shall cause the
applicable Servicer to, continue to attempt to sell the REO Property for its
fair market value for such period longer than three years as such extension
permits (the "Extended Period"). If the Trustee has not received such an
extension and the Trustee, or the Master Servicer acting on behalf of the
Trustee hereunder, or the applicable Servicer is unable to sell the REO
Property within 33 months after its acquisition by the Trust Fund or if the
Trustee has received such an extension, and the Trustee, or the Master
Servicer acting on behalf of the Trustee hereunder, is unable to sell the REO
Property within the period ending three months before the close of the
Extended Period, the Master Servicer shall, or shall cause the applicable
Servicer to, before the end of the three year period or the Extended Period,
as applicable, (i) purchase such REO Property at a price equal to the REO
Property's fair market value or (ii) auction the REO Property to the highest
bidder (which may be the Master Servicer) in an auction reasonably designed to
produce a fair price prior to the expiration of the three-year period or the
Extended Period, as the case may be.

                                  ARTICLE XI

                           MISCELLANEOUS PROVISIONS

          Section 11.01. Binding Nature of Agreement; Assignment. This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns.

          Section 11.02. Entire Agreement. This Agreement contains the entire
agreement and understanding among the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous
agreements, understandings, inducements and conditions, express or implied,
oral or written, of any nature whatsoever with respect to the subject matter
hereof. The express terms hereof control and supersede any course of
performance and/or usage of the trade inconsistent with any of the terms
hereof.

          Section 11.03. Amendment. (a) This Agreement may be amended from
time to time by the Depositor, the Master Servicer and the Trustee, without
notice to or the consent of any of the Holders, (i) to cure any ambiguity,
(ii) to cause the provisions herein to conform to or be consistent with or in
furtherance of the statements made with respect to the Certificates, the Trust
Fund or this Agreement in any Offering Document; or to correct or supplement
any provision herein which may be inconsistent with any other provisions
herein, (iii) to make any other provisions with respect to matters or
questions arising under this Agreement or (iv) to add, delete, or amend any
provisions to the extent necessary or desirable to comply with any
requirements imposed by the Code and the REMIC Provisions. No such amendment
effected pursuant to the preceding sentence shall, as evidenced by an Opinion
of Counsel, adversely affect the status of any REMIC created pursuant to this
Agreement, nor shall such amendment effected pursuant to clause (iii) of such
sentence adversely affect in any material respect the interests of any Holder.
Prior to entering into any amendment without the consent of Holders pursuant
to this paragraph, the Trustee may require an Opinion of Counsel (at the
expense of the party requesting such amendment) to the effect that such
amendment is permitted under this paragraph. Any such amendment shall be
deemed not to adversely affect in any material respect any Holder, if the
Trustee receives written confirmation from each Rating Agency that such
amendment will not cause such Rating Agency to reduce, qualify or withdraw the
then current rating assigned to the Certificates (and any Opinion of Counsel
requested by the Trustee in connection with any such amendment may rely
expressly on such confirmation as the basis therefor).

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

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

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

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

          Section 11.04. Voting Rights. Except to the extent that the consent
of all affected Certificateholders is required pursuant to this Agreement,
with respect to any provision of this Agreement requiring the consent of
Certificateholders representing specified percentages of aggregate outstanding
Certificate Principal Amount (or Notional Amount), Certificates owned by the
Depositor, the Master Servicer, the Trustee or any Servicer or Affiliates
thereof are not to be counted so long as such Certificates are owned by the
Depositor, the Master Servicer, the Trustee or any Servicer or Affiliates
thereof.

          Section 11.05. Provision of Information. (a) For so long as any of
the Certificates of any Series or Class are "restricted securities" within the
meaning of Rule 144(a)(3) under the Act, each of the Depositor and the Trustee
agree to cooperate with each other to provide to any Certificateholders and to
any prospective purchaser of Certificates designated by such
Certificateholder, upon the request of such Certificateholder or prospective
purchaser, any information required to be provided to such holder or
prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
under the Act. Any reasonable, out-of-pocket expenses incurred by the Trustee
in providing such information shall be reimbursed by the Depositor.

          (b) The Trustee will provide to any person to whom a Prospectus was
delivered, upon the request of such person specifying the document or
documents requested, (i) a copy (excluding exhibits) of any report on Form 8-K
or Form 10-K filed with the Securities and Exchange Commission pursuant to
Section 6.20(c) and (ii) a copy of any other document incorporated by
reference in the Prospectus. Any reasonable out-of-pocket expenses incurred by
the Trustee in providing copies of such documents shall be reimbursed by the
Depositor.

          (c) On each Distribution Date, the Trustee shall deliver or cause to
be delivered by first class mail to the Depositor, Attention: Contract
Finance, a copy of the report delivered to Certificateholders pursuant to
Section 4.03.

          Section 11.06. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

          Section 11.07. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given when
received by (a) in the case of the Depositor, Structured Asset Securities
Corporation, 200 Vesey Street, 12th Floor, New York, New York 10285,
Attention: Mark Zusy, (b) in the case of the Trustee, The Chase Manhattan
Bank, 450 West 33rd Street, 14th Floor, New York, New York 10001-2697,
Attention: Capital Markets Fiduciary Services/SASCO 2000-5, and (c) in the
case of the Master Servicer, Aurora Loan Services Inc., 2530 South Parker
Road, Suite 601, Aurora, Colorado 80014; Attention: Master Servicing or as to
each party such other address as may hereafter be furnished by such party to
the other parties in writing. Any notice required or permitted to be mailed to
a Holder shall be given by first class mail, postage prepaid, at the address
of such Holder as shown in the Certificate Register. Any notice so mailed
within the time prescribed in this Agreement shall be conclusively presumed to
have been duly given, whether or not the Holder receives such notice.

          Section 11.08. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.

          Section 11.09. Indulgences; No Waivers. Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, remedy, power or privilege preclude any
other or further exercise of the same or of any other right, remedy, power or
privilege, nor shall any waiver of any right, remedy, power or privilege with
respect to any occurrence be construed as a waiver of such right, remedy,
power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have
granted such waiver.

          Section 11.10. Headings Not To Affect Interpretation. The headings
contained in this Agreement are for convenience of reference only, and they
shall not be used in the interpretation hereof.

          Section 11.11. Benefits of Agreement. Nothing in this Agreement or
in the Certificates, express or implied, shall give to any Person, other than
the parties to this Agreement and their successors hereunder and the Holders
of the Certificates, any benefit or any legal or equitable right, power,
remedy or claim under this Agreement, except to the extent specified in
Section 11.14.

          Section 11.12. Special Notices to the Rating Agencies. (a) The
Depositor shall give prompt notice to the Rating Agencies of the occurrence of
any of the following events of which it has notice:

               (i) any amendment to this Agreement pursuant to Section 11.03;

               (ii) any Assignment by the Master Servicer of its rights
          hereunder or delegation of its duties hereunder;

               (iii) the occurrence of any Event of Default described in
          Section 6.14;

               (iv) any notice of termination given to the Master Servicer
          pursuant to Section 6.14 and any resignation of the Master Servicer
          hereunder;

               (v) the appointment of any successor to any Master Servicer
          pursuant to Section 6.14; and

               (vi) the making of a final payment pursuant to Section 7.02.

          (b) All notices to the Rating Agencies provided for this Section
shall be in writing and sent by first class mail, telecopy or overnight
courier, as follows:

          If to Fitch, to:

          Fitch, Inc.
          1 State Street Plaza
          New York, New York 10004
          Attention:  Residential Mortgage Surveillance

          If to S&P, to:

          Standard & Poor's Ratings Services
          55 Water Street, 41st Floor
          New York, New York  10041
          Attention: Residential Mortgage Surveillance

          (c) The Trustee shall deliver to the Rating Agencies reports
prepared pursuant to Section 4.03. In addition, the Trustee shall, at the
expense of the Trust Fund, make available to each Rating Agency such
information as such Rating Agency may reasonably request regarding the
Certificates or the Trust Fund, to the extent that such information is
reasonably available to the Trustee.

          Section 11.13. Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an original, and all
of which together shall constitute one and the same instrument.

          Section 11.14. Transfer of Servicing. The Seller agrees that it
shall provide written notice to the Trustee and the Master Servicer thirty
days prior to any transfer or assignment by the Seller of its rights under any
Servicing Agreement or of the servicing thereunder or delegation of its rights
or duties thereunder or any portion thereof to any Person other than the
initial Servicer under such Servicing Agreement ; provided that the Seller
shall not be required to provide prior notice of any transfer of servicing
that occurs within three months following the Closing Date to an entity that
is a Servicer on the Closing Date. In addition, the ability of the Seller to
transfer or assign its rights and delegate its duties under a Servicing
Agreement or to transfer the servicing thereunder to a successor servicer
shall be subject to the following conditions:

               (i) Such successor servicer must be qualified to service loans
          for FNMA or FHLMC;

               (ii) Such successor servicer must satisfy the seller/servicer
          eligibility standards in the applicable Servicing Agreement,
          exclusive of any experience in mortgage loan origination, and must
          be reasonably acceptable to the Master Servicer, whose approval
          shall not be unreasonably withheld;

               (iii) Such successor servicer must execute and deliver to the
          Trustee and the Master Servicer an agreement, in form and substance
          reasonably satisfactory to the Trustee and the Master Servicer, that
          contains an assumption by such successor servicer of the due and
          punctual performance and observance of each covenant and condition
          to be performed and observed by the applicable Servicer under the
          applicable Servicing Agreement or, in the case of a transfer of
          servicing to a party that is already a Servicer pursuant to this
          Agreement, an agreement to add the related Mortgage Loans to the
          Servicing Agreement already in effect with such Servicer;

               (iv) If the successor servicer is not a Servicer of Mortgage
          Loans at the time of such transfer, there must be delivered to the
          Trustee a letter from each Rating Agency to the effect that such
          transfer of servicing will not result in a qualification, withdrawal
          or downgrade of the then-current rating of any of the Certificates;

               (v) The Seller shall, at its cost and expense, take such steps,
          or cause the terminated Servicer to take such steps, as may be
          necessary or appropriate to effectuate and evidence the transfer of
          the servicing of the Mortgage Loans to such successor servicer,
          including, but not limited to, the following: (A) to the extent
          required by the terms of the Mortgage Loans and by applicable
          federal and state laws and regulations, the Seller shall cause the
          prior Servicer to timely mail to each obligor under a Mortgage Loan
          any required notices or disclosures describing the transfer of
          servicing of the Mortgage Loans to the successor servicer; (B) prior
          to the effective date of such transfer of servicing, the Seller
          shall cause the prior Servicer to transmit to any related insurer
          notification of such transfer of servicing; (C) on or prior to the
          effective date of such transfer of servicing, the Seller shall cause
          the prior Servicer to deliver to the successor servicer all Mortgage
          Loan Documents and any related records or materials; (D) on or prior
          to the effective date of such transfer of servicing, the Seller
          shall cause the prior Servicer to transfer to the successor
          servicer, or, if such transfer occurs after a Remittance Date but
          before the next succeeding Deposit Date, to the Master Servicer, all
          funds held by the applicable Servicer in respect of the Mortgage
          Loans; (E) on or prior to the effective date of such transfer of
          servicing, the Seller shall cause the prior Servicer to, after the
          effective date of the transfer of servicing to the successor
          servicer, continue to forward to such successor servicer, within one
          Business Day of receipt, the amount of any payments or other
          recoveries received by the prior Servicer, and to notify the
          successor servicer of the source and proper application of each such
          payment or recovery; and (F) the Seller shall cause the prior
          Servicer to, after the effective date of transfer of servicing to
          the successor servicer, continue to cooperate with the successor
          servicer to facilitate such transfer in such manner and to such
          extent as the successor servicer may reasonably request.

<PAGE>

          IN WITNESS WHEREOF, the Depositor, the Trustee and the Master
Servicer have caused their names to be signed hereto by their respective
officers hereunto duly authorized as of the day and year first above written.

                                        STRUCTURED ASSET SECURITIES
                                        CORPORATION, as Depositor

                                        By:  /s/ Ellen V. Kiernan
                                             -----------------------
                                             Name: Ellen V. Kiernan
                                             Title: Vice President

                                        THE CHASE MANHATTAN BANK,
                                        as Trustee

                                        By:  /s/ Karen Dobres
                                             -----------------------
                                             Name: Karen Dobres
                                             Title: Trust Officer

                                        AURORA LOAN SERVICES INC.,
                                        as Master Servicer

                                        By:  /s/ Ralph A Lenzi
                                             -----------------------
                                             Name: Ralph A. Lenzi III
                                             Title: CEO

Solely for purposes of Section 11.14,
accepted and agreed to by:

LEHMAN CAPITAL, A DIVISION OF
LEHMAN BROTHERS HOLDINGS INC.

By: /s/ Stanley Labanowski
    -----------------------
    Name: Stanley Labanowski
    Title: Authorized Signatory

<PAGE>

                                   EXHIBIT A
                                   ---------

                             FORMS OF CERTIFICATES

<PAGE>

                                  EXHIBIT B-1
                                  -----------

                         FORM OF INITIAL CERTIFICATION

                                                     ___________________
                                                            Date

The Chase Manhattan Bank
450 West 33rd Street, 15th Floor
New York, New York 10001-2697

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

          Re:  Trust Agreement (the "Trust Agreement"), dated as of October 1,
               2000 among Structured Asset Securities Corporation, as
               Depositor, The Chase Manhattan Bank, as Trustee, and Aurora
               Loan Services Inc., as Master Servicer, with respect to
               Structured Asset Securities Corporation Mortgage Pass-Through
               Certificates, Series 2000-5

Ladies and Gentlemen:

     In accordance with Section 2.02(a) of the Trust Agreement, subject to
review of the contents thereof, the undersigned, as Custodian on behalf of the
Trustee, hereby certifies that it (or its custodian) has received the
documents listed in Section 2.01(b) of the Trust Agreement for each Mortgage
File pertaining to each Mortgage Loan listed on Schedule A, to the Trust
Agreement, subject to any exceptions noted on Schedule I hereto.

     Capitalized words and phrases used herein and not otherwise defined
herein shall have the respective meanings assigned to them in the Trust
Agreement. This Certificate is subject in all respects to the terms of Section
2.02 of the Trust Agreement and the Trust Agreement sections cross-referenced
therein.

                                        [Custodian], on behalf of
                                        THE CHASE MANHATTAN BANK,
                                        as Trustee

                                        By:_________________________
                                           Name:
                                           Title:

<PAGE>

                                  EXHIBIT B-2
                                  -----------

                         FORM OF INTERIM CERTIFICATION

                                                     ___________________
                                                            Date

The Chase Manhattan Bank
450 West 33rd Street, 15th Floor
New York, New York 10001-2697

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

          Re:  Trust Agreement (the "Trust Agreement"), dated as of October 1,
               2000 among Structured Asset Securities Corporation, as
               Depositor, The Chase Manhattan Bank, as Trustee, and Aurora
               Loan Services Inc., as Master Servicer, with respect to
               Structured Asset Securities Corporation Mortgage Pass-Through
               Certificates, Series 2000-5

Ladies and Gentlemen:

     In accordance with Section 2.02(b) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as
to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or listed on Schedule I hereto) it (or its
custodian) has received the applicable documents listed in Section 2.01(b) of
the Trust Agreement.

     The undersigned hereby certifies that as to each Mortgage Loan identified
on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
I hereto, it has reviewed the documents identified above and has determined
that each such document appears regular on its face and appears to relate to
the Mortgage Loan identified in such document.

     Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is
qualified in all respects by the terms of said Trust Agreement including, but
not limited to, Section 2.02(b).

                                        [Custodian], on behalf of
                                        THE CHASE MANHATTAN BANK,
                                        as Trustee

                                        By:______________________________
                                           Name:
                                           Title:

<PAGE>

                                  EXHIBIT B-3
                                  -----------

                          FORM OF FINAL CERTIFICATION

                                                     ___________________
                                                            Date

The Chase Manhattan Bank
450 West 33rd Street, 15th Floor
New York, New York 10001-2697

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

          Re:  Trust Agreement (the "Trust Agreement"), dated as of October 1,
               2000 among Structured Asset Securities Corporation, as
               Depositor, The Chase Manhattan Bank, as Trustee, and Aurora
               Loan Services Inc., as Master Servicer, with respect to
               Structured Asset Securities Corporation Mortgage Pass-Through
               Certificates, Series 2000-5

Ladies and Gentlemen:

     In accordance with Section 2.02(d) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as
to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or listed on Schedule I hereto) it (or its
custodian) has received the applicable documents listed in Section 2.01(b) of
the Trust Agreement.

     The undersigned hereby certifies that as to each Mortgage Loan identified
on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
I hereto, it has reviewed the documents listed above and has determined that
each such document appears to be complete and, based on an examination of such
documents, the information set forth in the Mortgage Loan Schedule is correct.

     Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is
qualified in all respects by the terms of said Trust Agreement.

                                        [Custodian], on behalf of
                                        THE CHASE MANHATTAN BANK,
                                        as Trustee

                                        By:______________________________
                                           Name:
                                           Title:

<PAGE>

                                  EXHIBIT B-4
                                  -----------

                              FORM OF ENDORSEMENT

     Pay to the order of The Chase Manhattan Bank, as trustee (the "Trustee")
under the Trust Agreement dated as of October 1, 2000, among Structured Asset
Securities Corporation, as Depositor, the Trustee and the Master Servicer
relating to Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2000-5, without recourse.

                                        ________________________________
                                           [current signatory on note]

                                        By:_____________________________
                                           Name:
                                           Title:

<PAGE>

                                   EXHIBIT C
                                   ---------

                 REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT

                                                     ___________________
                                                            Date

[Addressed to Trustee
or, if applicable, custodian]

     In connection with the administration of the mortgages held by you as
Trustee under a certain Trust Agreement dated as of October 1, 2000 among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer, and you, as Trustee (the "Trust Agreement"), the
undersigned Master Servicer hereby requests a release of the Mortgage File
held by you as Trustee with respect to the following described Mortgage Loan
for the reason indicated below.

     Mortgagor's Name:

     Address:

     Loan No.:

     Reason for requesting file:

     1. Mortgage Loan paid in full. (The Master Servicer hereby certifies that
all amounts received in connection with the loan have been or will be credited
to the Collection Account or the Certificate Account (whichever is applicable)
pursuant to the Trust Agreement.)

     2. The Mortgage Loan is being foreclosed.

     3. Mortgage Loan substituted. (The Master Servicer hereby certifies that
a Qualifying Substitute Mortgage Loan has been assigned and delivered to you
along with the related Mortgage File pursuant to the Trust Agreement.)

     4. Mortgage Loan repurchased. (The Master Servicer hereby certifies that
the Purchase Price has been credited to the Collection Account or the
Certificate Account (whichever is applicable) pursuant to the Trust
Agreement.)

     5. Other. (Describe)

     The undersigned acknowledges that the above Mortgage File will be held by
the undersigned in accordance with the provisions of the Trust Agreement and
will be returned to you within ten (10) days of our receipt of the Mortgage
File, except if the Mortgage Loan has been paid in full, or repurchased or
substituted for a Qualifying Substitute Mortgage Loan (in which case the
Mortgage File will be retained by us permanently) and except if the Mortgage
Loan is being foreclosed (in which case the Mortgage File will be returned
when no longer required by us for such purpose).

     Capitalized terms used herein shall have the meanings ascribed to them in
the Trust Agreement.

                                        ___________________________________
                                           [Name of Master Servicer]

                                        By:_________________________________
                                           Name:
                                           Title: Servicing Officer

<PAGE>

                                  EXHIBIT D-1
                                  -----------

         FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

STATE OF           )
                   )  ss.:
COUNTY OF          )

          [NAME OF OFFICER], _________________ being first duly sworn, deposes
and says:

     1. That he [she] is [title of officer] ________________________ of [name
of Purchaser] _________________________________________ (the "Purchaser"), a
_______________________ [description of type of entity] duly organized and
existing under the laws of the [State of __________] [United States], on
behalf of which he [she] makes this affidavit.

     2. That the Purchaser's Taxpayer Identification Number is ______________.

     3. That the Purchaser is not a "disqualified organization" within the
meaning of Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
(the "Code") and will not be a "disqualified organization" as of
__________________ [date of transfer], and that the Purchaser is not acquiring
a Residual Certificate (as defined in the Agreement) for the account of, or as
agent (including a broker, nominee, or other middleman) for, any person or
entity from which it has not received an affidavit substantially in the form
of this affidavit. For these purposes, a "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of
any of the foregoing (other than an instrumentality if all of its activities
are subject to tax and a majority of its board of directors is not selected by
such governmental entity), any cooperative organization furnishing electric
energy or providing telephone service to persons in rural areas as described
in Code Section 1381(a)(2)(C), any "electing large partnership" within the
meaning of Section 775 of the Code, or any organization (other than a farmers'
cooperative described in Code Section 521) that is exempt from federal income
tax unless such organization is subject to the tax on unrelated business
income imposed by Code Section 511.

     4. That the Purchaser is not, and on __________________ [date of
transfer] will not be, and is not and on such date will not be investing the
assets of, an employee benefit plan subject to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or a plan subject to Code Section
4975 or a person or entity that is using the assets of any employee benefit
plan or other plan to acquire a Residual Certificate.

     5. That the Purchaser hereby acknowledges that under the terms of the
Trust Agreement (the "Agreement") among Structured Asset Securities
Corporation, The Chase Manhattan Bank, as Trustee and Aurora Loan Services
Inc., as Master Servicer, dated as of October 1, 2000, no transfer of a
Residual Certificate shall be permitted to be made to any person unless the
Trustee has received a certificate from such transferee to the effect that
such transferee is not an employee benefit plan subject to ERISA or a plan
subject to Section 4975 of the Code and is not using the assets of any
employee benefit plan or other plan to acquire a Residual Certificate.

     6. That the Purchaser does not hold REMIC residual securities as nominee
to facilitate the clearance and settlement of such securities through
electronic book-entry changes in accounts of participating organizations (such
entity, a "Book-Entry Nominee").

     7. That the Purchaser does not have the intention to impede the
assessment or collection of any federal, state or local taxes legally required
to be paid with respect to such Residual Certificate, and that the Purchaser
has provided financial statements or other financial information requested by
the transferor in connection with the transfer of the Residual Certificate in
order to permit the transferor to assess the financial capability of the
Purchaser to pay such taxes.

     8. That the Purchaser will not transfer a Residual Certificate to any
person or entity (i) as to which the Purchaser has actual knowledge that the
requirements set forth in paragraph 3, paragraph 6 or paragraph 10 hereof are
not satisfied or that the Purchaser has reason to believe does not satisfy the
requirements set forth in paragraph 7 hereof, and (ii) without obtaining from
the prospective Purchaser an affidavit substantially in this form and
providing to the Trustee a written statement substantially in the form of
Exhibit G to the Agreement.

     9. That the Purchaser understands that, as the holder of a Residual
Certificate, the Purchaser may incur tax liabilities in excess of any cash
flows generated by the interest and that it intends to pay taxes associated
with holding such Residual Certificate as they become due.

     10. That the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person
that holds a Residual Certificate in connection with the conduct of a trade or
business within the United States and has furnished the transferor and the
Trustee with an effective Internal Revenue Service Form W8 ECI (Certificate of
Foreign Person's with the Conduct of a Trade or Business in the United States)
or successor form at the time and in the manner required by the Code.
"Non-U.S. Person" Any person other than (i) a citizen or resident of the
United States; (ii) a corporation (or entity treated as a corporation for tax
purposes) created or organized in the United States or under the laws of the
United States or of any state thereof, including, for this purpose, the
District of Columbia; (iii) a partnership (or entity treated as a partnership
for tax purposes) organized in the United States or under the laws of the
United States or of any state thereof, including, for this purpose, the
District of Columbia (unless provided otherwise by future Treasury
regulations); (iv) an estate whose income is includible in gross income for
United States income tax purposes regardless of its source; or (v) a trust, if
a court within the United States is able to exercise primary supervision over
the administration of the trust and one or more U.S. Persons have authority to
control all substantial decisions of the trust. Notwithstanding the last
clause of the preceding sentence, to the extent provided in Treasury
regulations, certain trusts in existence on August 20, 1996, and treated as
U.S. Persons prior to such date, may elect to continue to be U.S. Persons.

     11. That the Purchaser agrees to such amendments of the Trust Agreement
as may be required to further effectuate the restrictions on transfer of any
Residual Certificate to such a "disqualified organization," an agent thereof,
a Book-Entry Nominee, or a person that does not satisfy the requirements of
paragraph 7 and paragraph 10 hereof.

     12. That the Purchaser consents to the designation of the Trustee as its
agent to act as "tax matters person" of the Trust Fund pursuant to the Trust
Agreement.

<PAGE>

     IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by
its [title of officer] this _____ day of __________, 20__.

                                        _________________________________
                                           [name of Purchaser]

                                        By:______________________________
                                           Name:
                                           Title:

          Personally appeared before me the above-named [name of officer]
________________, known or proved to me to be the same person who executed the
foregoing instrument and to be the [title of officer] _________________ of the
Purchaser, and acknowledged to me that he [she] executed the same as his [her]
free act and deed and the free act and deed of the Purchaser.

          Subscribed and sworn before me this _____ day of __________, 20__.

NOTARY PUBLIC

_______________________________

COUNTY OF_____________________

STATE OF_______________________

My commission expires the _____ day of __________, 20__.

<PAGE>

                                  EXHIBIT D-2
                                  -----------

         FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

                                                     ___________________
                                                            Date

               Re:  Structured Asset Securities Corporation Mortgage
                    Pass-Through Certificates, Series 2000-5

          _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no
actual knowledge that such affidavit is not true and has no reason to believe
that the information contained in paragraph 7 thereof is not true, and has no
reason to believe that the Transferee has the intention to impede the
assessment or collection of any federal, state or local taxes legally required
to be paid with respect to a Residual Certificate. In addition, the Transferor
has conducted a reasonable investigation at the time of the transfer and found
that the Transferee had historically paid its debts as they came due and found
no significant evidence to indicate that the Transferee will not continue to
pay its debts as they become due.

                                        Very truly yours,

                                        ___________________________________
                                        Name:
                                        Title:

<PAGE>

                                   EXHIBIT E
                                   ---------

                             SERVICING AGREEMENTS

<PAGE>

                                   EXHIBIT F
                                   ---------

                    FORM OF RULE 144A TRANSFER CERTIFICATE

          Re:  Structured Asset Securities Corporation Mortgage Pass-Through
               Certificates, Series 2000-5

          Reference is hereby made to the Trust Agreement dated as of October
1, 2000 (the "Trust Agreement") among Structured Asset Securities Corporation,
as Depositor, Aurora Loan Services Inc., as Master Servicer and The Chase
Manhattan Bank, as Trustee. Capitalized terms used but not defined herein
shall have the meanings given to them in the Trust Agreement.

          This letter relates to $_________ initial Certificate Principal
Amount of Class __ Certificates which are held in the form of Definitive
Certificates registered in the name of ____________________ (the
"Transferor"). The Transferor has requested a transfer of such Definitive
Certificates for Definitive Certificates of such Class registered in the name
of [insert name of transferee].

          In connection with such request, and in respect of such
Certificates, the Transferor hereby certifies that such Certificates are being
transferred in accordance with (i) the transfer restrictions set forth in the
Trust Agreement and the Certificates and (ii) Rule 144A under the Securities
Act to a purchaser that the Transferor reasonably believes is a "qualified
institutional buyer" within the meaning of Rule 144A purchasing for its own
account or for the account of a "qualified institutional buyer", which
purchaser is aware that the sale to it is being made in reliance upon Rule
144A, in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or any
other applicable jurisdiction.

          This certificate and the statements contained herein are made for
your benefit and the benefit of the Placement Agent and the Depositor.

                                        ___________________________________
                                           [Name of Transferor]

                                        By:________________________________
                                           Name:
                                           Title:

Dated: __________________, ________

<PAGE>

                                   EXHIBIT G
                                   ---------

                        FORM OF PURCHASER'S LETTER FOR
                       INSTITUTIONAL ACCREDITED INVESTOR

                                                     ___________________
                                                            Date

Dear Sirs:

     In connection with our proposed purchase of $______________ principal
amount of Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2000-5 (the "Privately Offered Certificates") of
Structured Asset Securities Corporation (the "Depositor"), we confirm that:

(1)  We understand that the Privately Offered Certificates have not been, and
     will not be, registered under the Securities Act of 1933, as amended (the
     "Securities Act"), and may not be sold except as permitted in the
     following sentence. We agree, on our own behalf and on behalf of any
     accounts for which we are acting as hereinafter stated, that if we should
     sell any Privately Offered Certificates within three years of the later
     of the date of original issuance of the Privately Offered Certificates or
     the last day on which such Privately Offered Certificates are owned by
     the Depositor or any affiliate of the Depositor (which includes the
     Placement Agent) we will do so only (A) to the Depositor, (B) to
     "qualified institutional buyers" (within the meaning of Rule 144A under
     the Securities Act) in accordance with Rule 144A under the Securities Act
     ("QIBs"), (C) pursuant to the exemption from registration provided by
     Rule 144 under the Securities Act, or (D) to an institutional "accredited
     investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) of
     Regulation D under the Securities Act that is not a QIB (an
     "Institutional Accredited Investor") which, prior to such transfer,
     delivers to the Trustee under the Trust Agreement dated as of October 1,
     2000 among the Depositor, Aurora Loan Services Inc., as Master Servicer
     and The Chase Manhattan Bank, as Trustee (the "Trustee"), a signed letter
     in the form of this letter; and we further agree, in the capacities
     stated above, to provide to any person purchasing any of the Privately
     Offered Certificates from us a notice advising such purchaser that
     resales of the Privately Offered Certificates are restricted as stated
     herein.

(2)  We understand that, in connection with any proposed resale of any
     Privately Offered Certificates to an Institutional Accredited Investor,
     we will be required to furnish to the Trustee and the Depositor a
     certification from such transferee in the form hereof to confirm that the
     proposed sale is being made pursuant to an exemption from, or in a
     transaction not subject to, the registration requirements of the
     Securities Act. We further understand that the Privately Offered
     Certificates purchased by us will bear a legend to the foregoing effect.

(3)  We are acquiring the Privately Offered Certificates for investment
     purposes and not with a view to, or for offer or sale in connection with,
     any distribution in violation of the Securities Act. We have such
     knowledge and experience in financial and business matters as to be
     capable of evaluating the merits and risks of our investment in the
     Privately Offered Certificates, and we and any account for which we are
     acting are each able to bear the economic risk of such investment.

(4)  We are an Institutional Accredited Investor and we are acquiring the
     Privately Offered Certificates purchased by us for our own account or for
     one or more accounts (each of which is an Institutional Accredited
     Investor) as to each of which we exercise sole investment discretion.

(5)  We have received such information as we deem necessary in order to make
     our investment decision.

(6)  If we are acquiring ERISA-Restricted Certificates, we understand that in
     accordance with ERISA, the Code and the Exemption, no Plan as to which
     the Purchaser, the Depositor, any Servicer or the Master Servicer or the
     Trustee is a party in interest or disqualified person, and no person
     acting on behalf of such a Plan may acquire such Certificate unless the
     acquisition would constitute an exempt transaction under a statutory
     exemption or any of the administrative exemptions issued by the U.S.
     Department of Labor.

     Terms used in this letter which are not otherwise defined herein have the
respective meanings assigned thereto in the Trust Agreement.

<PAGE>

     You and the Depositor are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.

                                        Very truly yours,

                                        __________________________________
                                           [Purchaser]

                                        By________________________________
                                          Name:
                                          Title:

<PAGE>

                                   EXHIBIT H
                                   ---------

                      [FORM OF ERISA TRANSFER AFFIDAVIT]

STATE OF NEW YORK         )
                          )  ss.:
COUNTY OF NEW YORK        )

          The undersigned, being first duly sworn, deposes and says as
follows:

          1. The undersigned is the ______________________ of (the
"Investor"), a [corporation duly organized] and existing under the laws of
__________, on behalf of which he makes this affidavit.

          2. The Investor either (x) is not an employee benefit plan subject
to Section 406 or Section 407 of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"), the Trustee of any such plan or a person acting
on behalf of any such plan nor a person using the assets of any such plan; or
(y) shall deliver to the Trustee and the Depositor an opinion of counsel (a
"Benefit Plan Opinion") satisfactory to the Trustee and the Depositor, and
upon which the Trustee and the Depositor shall be entitled to rely, to the
effect that the purchase or holding of such Certificate by the Investor will
not result in the assets of the Trust Fund being deemed to be plan assets and
subject to the prohibited transaction provisions of ERISA or the Code and will
not subject the Trustee or the Depositor to any obligation in addition to
those undertaken by such entities in the Trust Agreement, which opinion of
counsel shall not be an expense of the Trustee or the Depositor.

          3. The Investor hereby acknowledges that under the terms of the
Trust Agreement (the "Agreement") among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, and
The Chase Manhattan Bank, as Trustee, dated as of October 1, 2000, no transfer
of the ERISA-Restricted Certificates shall be permitted to be made to any
person unless the Depositor and Trustee have received a certificate from such
transferee in the form hereof.

<PAGE>

          IN WITNESS WHEREOF, the Investor has caused this instrument to be
executed on its behalf, pursuant to proper authority, by its duly authorized
officer, duly attested, this ____ day of _______________, 20__.

                                        __________________________________
                                           [Investor]

                                        By:_______________________________
                                           Name:
                                           Title:

ATTEST:

__________________________________

STATE OF            )
                    )  ss.:
COUNTY OF           )

          Personally appeared before me the above-named ___________________,
known or proved to me to be the same person who executed the foregoing
instrument and to be the _________________ of the Investor, and acknowledged
that he executed the same as his free act and deed and the free act and deed
of the Investor.

          Subscribed and sworn before me this _____ day of ___________ 20___.

                                        __________________________________
                                        NOTARY PUBLIC

                                        My commission expires the
                                        ____ day of __________, 20__.

<PAGE>

                                   EXHIBIT I
                                   ---------

                           MONTHLY REMITTANCE ADVICE

<PAGE>

                                   EXHIBIT J
                                   ---------

                     MONTHLY ELECTRONIC DATA TRANSMISSION

<PAGE>

                                   EXHIBIT K
                                   ---------

                              CUSTODIAL AGREEMENT

<PAGE>

                                  SCHEDULE A
                                  ----------

                            MORTGAGE LOAN SCHEDULE

<PAGE>

                                  SCHEDULE B
                                  ----------

                            PARTICIPATION SCHEDULE

                               [Not Applicable]

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