Document:

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 April 1, 2000
                          ---------------------------

                             AURORA LOAN SERVICES
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 2000-2

<PAGE>

                               Table of Contents

                                                                        Page

                                   ARTICLE I
                                  DEFINITIONS

Section 1.01.     Definitions.............................................6
Section 1.02.     Calculations Respecting Mortgage Loans. ...............36

                                  ARTICLE II
                DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

Section 2.01.     Creation and Declaration of Trust Fund;
                  Conveyance of Mortgage Loans. .........................36
Section 2.02.     Acceptance of Trust Fund by Trustee: Review of
                  Documentation for Trust Fund. .........................40
Section 2.03.     Representations and Warranties of the Depositor. ......41
Section 2.04.     Discovery of Breach. ..................................43
Section 2.05.     Repurchase, Purchase or Substitution of Mortgage Loans.43
Section 2.06.     Grant Clause. .........................................44

                                  ARTICLE III
                               THE CERTIFICATES

Section 3.01.     The Certificates. .....................................45
Section 3.02.     Registration. .........................................45
Section 3.03.     Transfer and Exchange of Certificates. ................46
Section 3.04.     Cancellation of Certificates. .........................49
Section 3.05.     Replacement of Certificates. ..........................49
Section 3.06.     Persons Deemed Owners. ................................49
Section 3.07.     Temporary Certificates. ...............................49
Section 3.08.     Appointment of Paying Agent. ..........................50
Section 3.09.     Book-Entry Certificates. ..............................50

                                  ARTICLE IV
                       ADMINISTRATION OF THE TRUST FUND

Section 4.01.     Collection Account. ...................................51
Section 4.02.     Application of Funds in the Collection Account. .......53
Section 4.03.     Reports to Certificateholders. ........................55
Section 4.04.     Certificate Account. ..................................58
Section 4.05.     Determination of LIBOR. ...............................59

                                   ARTICLE V
                   DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

Section 5.01.     Distributions Generally. ..............................60
Section 5.02.     Distributions from the Certificate Account. ...........60
Section 5.03.     Allocation of Realized Losses. ........................66
Section 5.04.     Advances by Master Servicer and Trustee. ..............67
Section 5.05.     Compensating Interest Payments. .......................68

                                  ARTICLE VI
                   CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

Section 6.01.     Duties of Trustee. ....................................68
Section 6.02.     Certain Matters Affecting the Trustee. ................70
Section 6.03.     Trustee Not Liable for Certificates. ..................72
Section 6.04.     Trustee May Own Certificates. .........................72
Section 6.05.     Eligibility Requirements for Trustee...................72
Section 6.06.     Resignation and Removal of Trustee.....................72
Section 6.07.     Successor Trustee......................................73
Section 6.08.     Merger or Consolidation of Trustee.....................74
Section 6.09.     Appointment of Co-Trustee, Separate Trustee
                  or Custodian...........................................74
Section 6.10.     Authenticating Agents..................................75
Section 6.11.     Indemnification of Trustee.............................76
Section 6.12.     Fees and Expenses of Trustee...........................77
Section 6.13.     Collection of Monies...................................77
Section 6.14.     Events of Default; Trustee To Act; Appointment
                  of Successor...........................................77
Section 6.15.     Additional Remedies of Trustee Upon Event of Default...81
Section 6.16.     Waiver of Defaults.....................................81
Section 6.17.     Notification to Holders................................81
Section 6.18.     Directions by Certificateholders and Duties of
                  Trustee During Event of Default........................81
Section 6.19.     Action Upon Certain Failures of the Master Servicer
                  and Upon Event of Default..............................82
Section 6.20.     Preparation of Tax Returns and Other Reports...........82

                                  ARTICLE VII
                  PURCHASE AND TERMINATION OF THE TRUST FUND

Section 7.01.     Termination of Trust Fund Upon Repurchase or
                  Liquidation of All Mortgage Loans.....................83
Section 7.02.     Procedure Upon Termination of Trust Fund..............84
Section 7.03.     Procedure Upon Exercise of the Pool 1 Call Option
                  or Pool 2 Call Option.................................85
Section 7.04.     Additional Requirements under the REMIC Provisions....85

                                 ARTICLE VIII
                         RIGHTS OF CERTIFICATEHOLDERS

Section 8.01.     Limitation on Rights of Holders.......................86
Section 8.02.     Access to List of Holders.............................86
Section 8.03.     Acts of Holders of Certificates.......................87

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

Section 9.01.     Duties of the Master Servicer.........................88
Section 9.02.     Master Servicer Fidelity Bond and Master Servicer
                  Errors and Omissions Insurance Policy.................88
Section 9.03.     Master Servicer's Financial Statements and
                  Related Information...................................89
Section 9.04.     Power to Act; Procedures..............................89
Section 9.05.     Servicing Agreement Between the Master Servicer and
                  the Servicer; Enforcement of Servicer's Obligations...90
Section 9.06.     Collection of Taxes, Assessments and Similar Items....91
Section 9.07.     Termination of Servicing Agreements; Successor
                  Servicers.............................................92
Section 9.08.     Master Servicer Liable for Enforcement................92
Section 9.09.     No Contractual Relationship Between Servicers and
                  Trustee or Depositor..................................92
Section 9.10.     Assumption of Servicing Agreement by Trustee..........92
Section 9.11.     "Due-on-Sale" Clauses; Assumption Agreements..........93
Section 9.12.     Release of Mortgage Files.............................93
Section 9.13.     Documents, Records and Funds in Possession of
                  Master Servicer To Be Held for Trustee................94
Section 9.14.     Representations and Warranties of the Master Servicer.95
Section 9.15.     Closing Certificate and Opinion.......................97
Section 9.16.     Standard Hazard and Flood Insurance Policies..........97
Section 9.17.     Presentment of Claims and Collection of Proceeds......98
Section 9.18.     Maintenance of the Primary Mortgage
                  Insurance Policies....................................98
Section 9.19.     Trustee To Retain Possession of Certain Insurance
                  Policies and Documents................................99
Section 9.20.     Realization Upon Defaulted Mortgage Loans.............99
Section 9.21.     Compensation to the Master Servicer...................99
Section 9.22.     REO Property.........................................100
Section 9.23.     [Omitted]............................................100
Section 9.24.     Reports to the Trustee...............................100
Section 9.25.     Annual Officer's Certificate as to Compliance........101
Section 9.26.     Annual Independent Accountants' Servicing Report.....101
Section 9.27.     Merger or Consolidation..............................102
Section 9.28.     Resignation of Master Servicer.......................102
Section 9.29.     Assignment or Delegation of Duties by the
                  Master Servicer......................................102
Section 9.30.     Limitation on Liability of the Master Servicer
                  and Others...........................................103
Section 9.31.     Indemnification; Third-Party Claims..................103

                                   ARTICLE X
                             REMIC ADMINISTRATION

Section 10.01.    REMIC Administration.................................104
Section 10.02.    Prohibited Transactions and Activities...............105
Section 10.03.    Indemnification with Respect to Certain Taxes
                  and Loss of REMIC Status.............................106
Section 10.04.    REO Property.........................................106

                                  ARTICLE XI
                           MISCELLANEOUS PROVISIONS

Section 11.01.    Binding Nature of Agreement; Assignment..............107
Section 11.02.    Entire Agreement.....................................107
Section 11.03.    Amendment............................................107
Section 11.04.    Voting Rights........................................108
Section 11.05.    Provision of Information.............................109
Section 11.06.    Governing Law........................................109
Section 11.07.    Notices..............................................109
Section 11.08.    Severability of Provisions...........................109
Section 11.09.    Indulgences; No Waivers..............................110
Section 11.10.    Headings Not To Affect Interpretation................110
Section 11.11.    Benefits of Agreement................................110
Section 11.12.    Special Notices to the Rating Agencies...............110
Section 11.13.    Counterparts.........................................111
Section 11.14.    Transfer of Servicing................................111

<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   Principal Amount Schedules

<PAGE>

         This TRUST AGREEMENT, dated as of April 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.

<PAGE>

         As provided herein, the Trustee shall elect that the Trust Fund be
treated for federal income tax purposes as comprising three real estate
mortgage investment conduits (each a "REMIC" or, in the alternative, the Pool
1 Lower Tier REMIC, the Pool 2 Lower Tier REMIC, and the Upper Tier REMIC,
respectively). Each Certificate, other than the Class R Certificate,
represents ownership of a regular interest 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 each of the two Lower Tier REMICs
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 LTR1 and Class LTR2 Interests, set out below.
Each such Lower Tier Interest, other than the Class LTR1 and Class LTR2
Interests, is hereby designated as a regular interest in a Lower Tier REMIC.

<TABLE>
<CAPTION>
       Pool 1                    Pool 1                                         Corresponding
  Lower Tier Class             Lower Tier              Initial Class               Class of
    Designation               Interest Rate           Principal Amount          Certificate(s)
    -----------               -------------           ----------------          --------------
<S>                              <C>                  <C>                        <C>
Class LT1-A1                       (1)                 $ 48,844,000.00            Class 1-A1
Class LT1-A2                       (1)                    1,000,000.00            Class 1-A2
       (2)                                                                        Class 1-AX
Class LT1-AP                      0.00%                     721,738.00            Class 1-AP
Class LT1-B1                       (1)                    1,800,770.85            Class B1
Class LT1-B2                       (1)                    1,385,191.86            Class B2
Class LT1-B3                       (1)                      664,626.33            Class B3
Class LT1-B4                       (1)                      443,227.10            Class B4
Class LT1-B5                       (1)                      221,399.22            Class B5
Class LT1-B6                       (1)                      333,906.06            Class B6
Class LT1-R                        (3)                           (3)              Class R
Class LT1-Q                        (1)                             100            Class R
</TABLE>

---------------------
(1)  The interest rate with respect to any Distribution Date (and the related
     Accrual Period) for the Class LT1-A1, Class LT1-A2, Class LT1-B1, Class
     LT1-B2, Class LT1-B3, Class LT1-B4, Class LT1-B5, Class LT1-B6, and Class
     LT1-Q Interests is a per annum rate equal to the Adjusted Net WAC for
     Pool 1.

(2)  The Class 1-AX Certificates are entitled to receive on each Distribution
     Date a specified portion of the interest payable on the Class LT1-A1 and
     Class LT1-A2 Interests.

(3)  The Class LT1-R Interest is the sole class of residual interest in the
     Pool 1 Lower Tier REMIC. It does not have an interest rate or a principal
     balance.

     The Pool 1 Lower Tier REMIC shall hold as assets the Pool 1 Mortgage
Loans and an interest in each account maintained as part of the Trust Fund
(e.g., the Collection Account and the Certificate Account) attributable to
amounts received with respect to the Pool 1 Mortgage Loans.

     On each Distribution Date, interest is payable on each Pool 1 Lower Tier
Regular Interest at the rate shown above. On each Distribution Date principal
is payable on each Class of Pool 1 Lower Tier Interests in the same manner and
in the same amount as the Group 1 Senior Principal Distribution Amount and the
Group 1 Subordinate Principal Distribution Amount are payable on the
Corresponding Class of Certificates. Realized Losses and Net Prepayment
Interest Shortfalls for any Distribution Date attributable to the Pool 1
Mortgage Loans shall be allocated among the classes of Pool 1 Lower Tier
Interests in the same manner that such items are allocated among the
Corresponding Classes of Certificates.

<TABLE>
<CAPTION>
       Pool 2                    Pool 2                                         Corresponding
  Lower Tier Class             Lower Tier              Initial Class               Class of
    Designation               Interest Rate           Principal Amount          Certificate(s)
    -----------               -------------           ----------------          --------------
<S>                               <C>                 <C>                       <C>
Class LT2-A1                         (1)               $165,599,000.00           Class 2-A1
Class LT2-A2                         (1)                  1,000,000.00           Class 2-A2
       (2)                                                                       Class 2-AX1
       (2)                                                                       Class 2-AX2
Class LT2-AP                       0.00%                 18,766,848.00           Class 2-AP
Class LT2-B1                         (1)                  6,601,229.15           Class B1
Class LT2-B2                         (1)                  5,077,808.14           Class B2
Class LT2-B3                         (1)                  2,436,373.67           Class B3
Class LT2-B4                         (1)                  1,624,772.90           Class B4
Class LT2-B5                         (1)                    811,600.78           Class B5
Class LT2-B6                         (1)                  1,224,026.04           Class B6
Class LT2-R                          (3)                        (3)              Class R
</TABLE>

(1)      The interest rate with respect to any Distribution Date (and the
         related Accrual Period) for the Class LT2-A1, Class LT2-A2, Class
         LT2-B1, Class LT2-B2, Class LT2-B3, Class LT2-B4, Class LT2-B5, and
         Class LT2-B6 Interests is a per annum rate equal to the Adjusted Net
         WAC for Pool 2.

(2)      The Class 2-AX1 and Class 2-AX2 Certificates are entitled to receive
         on each Distribution Date a specified portion of the interest payable
         on the Class LT2-A1 and Class LT2-A2 Interests.

(3)      The Class LT1-R Interest is the sole class of residual interest in the
         Pool 2 Lower Tier REMIC.  It does not have an interest rate or a
         principal balance.

     The Pool 2 Lower Tier REMIC shall hold as assets the Pool 2 Mortgage
Loans and an interest in each account maintained as part of the Trust Fund
(e.g., the Collection Account and the Certificate Account) attributable to
amounts received with respect to the Pool 2 Mortgage Loans.

     On each Distribution Date, interest is payable on each Pool 2 Lower Tier
Regular Interest at the rate shown above. On each Distribution Date principal
is payable on each Class of Pool 2 Lower Tier Interests in the same manner and
in the same amount as the Group 2 Senior Principal Distribution Amount and the
Group 2 Subordinate Principal Distribution Amount are payable on the
Corresponding Class of Certificates. Realized Losses and Net Prepayment
Interest Shortfalls for any Distribution Date attributable to the Pool 2
Mortgage Loans shall be allocated among the classes of Pool 2 Lower Tier
Interests in the same manner that such items are allocated among the
Corresponding Classes of Certificates.

         The following table sets forth the Class designation, Certificate
Interest Rate, initial Class Principal Amount and minimum denomination for
each Class of Certificates comprising the interests in the Trust Fund created
hereunder.

<TABLE>
<CAPTION>
                                      Certificate                    Initial Class                  Minimum
    Class Designation                Interest Rate                 Principal Amount              Denomination
    -----------------                -------------                 ----------------              ------------
<S>                                    <C>                         <C>                           <C>
Class 1-A1                             7.50%(1)                    $ 48,844,000.00               $     25,000
Class 1-A2                             7.50%(1)                       1,000,000.00               $  1,000,000
Class 1-AX                                (2)                                (3)                 $ 14,000,000
Class 1-AP                               0.00%                          721,738.00               $     25,000
Class 2-A1                                (4)                       165,599,000.00               $     25,000
Class 2-A2                                (4)                         1,000,000.00               $  1,000,000
Class 2-AX1                               (5)                                (6)                 $  3,000,000
Class 2-AX2                               (7)                                (6)                 $166,599,000
Class 2-AP                               0.00%                       18,766,848.00               $     25,000
Class B1                                  (8)                         8,402,000.00               $    100,000
Class B2                                  (8)                         6,463,000.00               $    100,000
Class B3                                  (8)                         3,101,000.00               $    100,000
Class B4                                  (8)                         2,068,000.00               $    250,000
Class B5                                  (8)                         1,033,000.00               $    250,000
Class B6                                  (8)                         1,557,932.10               $    250,000
Class R                                7.50%(1)                             100.00               $        100
</TABLE>
---------------------------
(1)    The Certificate Interest Rate with respect to any Distribution Date on
       or prior to the Pool 1 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) 7.50% 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 Pool 1 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 Pool 1 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) 7.50%, 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 Pool 1 Call Date (and the related
       Accrual Period) shall be zero.

(3)    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 and Class 1-A2
       Certificates immediately preceding such Distribution Date.

(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
       0.70%, (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-AX1 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)    The Class Notional Amount with respect to any Distribution Date (and
       related Accrual Period) of the Class 2-AX1 and Class 2-AX2 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.

(7)    The Certificate Interest Rate with respect to any Distribution Date
       (and the related Accrual Period) for the Class 2-AX2 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 (and
     the related Accrual Period) for the Class B1, Class B2, Class B3, Class
     B4, Class B5 and Class B6 Certificates will equal the Average Rate for
     such Distribution Date; provided, however, that on any Distribution Date
     on or after which a portion of the Subordinated Principal Distribution
     Amount is distributed pursuant to Section 5.02(e) as principal to the
     Non-AP Senior Certificates, the Certificate Interest Rate for the Class
     B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates will
     equal the lower of the Adjusted Net WAC for Pool 2 and the Adjusted Net
     WAC for Pool 1, in each case for the related Distribution Date.

         As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $258,556,619.31.

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

                                   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 Servicing Agreement,
to the extent applicable to the 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 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.

         Accrued Certificate Interest: As to any Class of Certificates (other
than any Principal Only Certificates) and any Distribution Date, the product
of the Certificate Interest Rate for such Class of Certificates and the Class
Principal Amount (or Class Notional Amount) of such Class of Certificates
immediately preceding such Distribution Date, as reduced by such Class's share
of the interest portion of (i) any Excess Losses for such Distribution Date
and (ii) any Relief Act Reduction, in each case allocable among the Senior
Certificates of the related Certificate Group pro rata based on the Accrued
Certificate Interest otherwise distributable thereto, and allocable to the
Subordinate Certificates pro rata based on interest accrued on their
respective Apportioned Principal Balances. Interest shall be calculated on the
basis of a 360-day year consisting of twelve 30-day months.

         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 each Mortgage Pool for any
Distribution Date, the weighted average of (i) the weighted average of the Net
Mortgage Rates of the Non-Discount Mortgage Loans in the related 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 the related 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 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
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 Subordinate Percentage: With respect to any Distribution
Date, the sum of the Class Principal Amounts of the Subordinate Certificates
immediately prior to such date divided by the sum of the Non-AP Pool Balances
for all Mortgage Pools for the immediately preceding Distribution Date.

         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
Non-Discount Mortgage Loan in any Mortgage Pool, 0.00%.

         AP Principal Distribution Amount: For any Distribution Date and for
each Certificate Group, 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 Class of Subordinate
Certificates and any Distribution Date, the Class Principal Amount of such
Class 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 all Mortgage Pools 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 the
         Servicer (or the Trustee) for such Distribution Date, any
         Compensating Interest Payment for such date and Mortgage Pool and any
         amounts paid by the 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 the 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 the Servicer pursuant to the terms of
                  this Agreement or the 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, the
         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 repurchased by the Seller, the Depositor or any
         other Person).

         Average Rate: With respect to any Distribution Date, the weighted
average of the applicable Adjusted Net WAC for each of the Mortgage Pools,
weighted on the basis of the Group Subordinate Amount for each Mortgage Pool.

         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, $257,885, which amount
shall be reduced from time to time by the amount of Bankruptcy Losses
allocated to the Certificates.

         Bankruptcy Losses: Any Realized Losses (as reported by the 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: the Class 1-A1, Class 1-AX,
Class 1-AP, Class 2-A1, Class 2-AX1, Class 2-AX2, Class 2-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 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 or Group 2 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 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, all Realized Losses allocated to such
Certificate, and, in the case of a Subordinate Certificate, any Subordinate
Certificate Writedown Amount allocated to such Certificate. For purposes of
Article V hereof, unless specifically provided to the contrary, Certificate
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 AP Deferred Amount: As to any Distribution Date on or prior to
the Credit Support Depletion Date and each Class of the Class 1-AP and Class
2-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 1-AP or 2-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 Class of Subordinate
Certificates, for each Distribution Date, 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
Certificates 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:  April 28, 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 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:  None.

         Component Certificate:  None.

         Component Interest Rate:  None.

         Component Notional Amount:  Not applicable.

         Component Principal Amount:  Not applicable.

         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-ALS2.

         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: The Distribution Date on which, giving
effect to all distributions on such date, the aggregate Certificate Principal
Amount of the Subordinate Certificates is reduced to zero.

         Credit Support Percentage: As to any Class of Subordinate
Certificates and any Distribution Date, the sum of the Class Percentages of
all Classes of Certificates that rank lower in priority than such Class.

         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:  April 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 1, 7.50% per annum and with
respect to Pool 2, 9.00% per annum.

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

         Discount Mortgage Loan: With respect to Pool 1, any Mortgage Loan
with an Initial Net Mortgage Rate less than 7.50% per annum and with respect
to Pool 2, any Mortgage Loan with an Initial Net Mortgage Rate less than 9.00%
per annum.

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

         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 May
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 or Class 2-A2
Certificate or Subordinate Certificate.

         Escrow Account: Any account established and maintained by the
Servicer pursuant to the 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:  May 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 IBCA, 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 Servicer to the Master
Servicer.

         Fraud Loss Limit: As of any Distribution Date after the Cut-off Date
(x) prior to the first anniversary of the Cut-off Date, $5,171,132, less the
aggregate of the Fraud Losses since the Cut-off Date, and (y) from the first
to the fourth anniversary of the Cut-off Date, an amount equal to (1) the
lesser of (a) the Fraud Loss Limit as of the most recent anniversary of the
Cut-off Date and (b) 2% (from the first to but excluding the second
anniversary of the Cut-off Date) or 1% (from and including the second, third
and fourth anniversary of the Cut-off Date) of the aggregate principal balance
of all the Mortgage Loans 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 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, Class
1-AP or Class R Certificate.

         Group 2:  All of the Group 2 Certificates.

         Group 2 Certificate: Any Class 2-A1, Class 2-A2, Class 2-AX1, Class
2-AX2 or Class 2-AP Certificate.

         Group Subordinate Amount: As to any Mortgage Pool and any
Distribution Date, the excess of the Non-AP Pool Balance of such Mortgage Pool
for the immediately preceding Distribution Date over 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, the 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 the Servicer
in determining whether any Certificates are registered to an Affiliate of the
Depositor, the Master Servicer or the 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:  6.13%.

         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 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-AX1
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 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 the 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 Pool 1 Lower Tier REMIC and the Pool 2 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:  0.02% per annum.

         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.

         Mortgage Loan Sale Agreement: The agreement, dated as of April 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:  Either Pool 1 or Pool 2.

         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 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 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 any Mortgage
Pool, 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 Non-Discount Mortgage
Loan in any Mortgage Pool, 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-AX1, Class 2-AX2 or Class R Certificate.

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

         Non-Discount Mortgage Loan: With respect to Pool 1, any Mortgage Loan
with an Initial Net Mortgage Rate equal to or greater than 7.50% per annum and
with respect to Pool 2, any Mortgage Loan with an Initial Net Mortgage Rate
equal to or greater than 9.00% 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-AX1 or Class 2-AX2
Certificate.

         Notional Component:  None.

         Offering Document: Any of the private placement memorandum dated
April 25, 2000 relating to the Class 1-A2 and Class 2-A2 Certificates, the
private placement memorandum dated April 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 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 Class of
Subordinate Certificates, the Credit Support Percentage for such Class of
Certificates 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.

         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 Call Date:  As defined in Section 7.01.

         Pool 1 Call Option:  As defined in Section 7.01.

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

         Pool 1 Purchase Price: As defined in Section 7.01.

         Pool 2:  Any Mortgage Loan in Pool 2.

         Pool 2 Call Date:  As defined in Section 7.01.

         Pool 2 Call Option:  As defined in Section 7.01.

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

         Pool 2 Purchase Price: As defined in Section 7.01.

         Prepayment Interest Excess: With respect to any Principal Prepayment
in full received from the first day through the sixteenth day of any month,
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 any Principal Prepayment (other than any such prepayment received on the
first of the month) received during the related Prepayment Period, 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
Master Servicing Fee Rate and the 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 Servicer during the immediately
preceding Prepayment Period.

         Prepayment Period: With respect to any Distribution Date and any
Principal Prepayment in part, 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. With respect to any Distribution Date and
a Principal Prepayment in full (including any liquidation), the period from
the seventeenth day of the month immediately preceding the month of such
Distribution Date (or from the Cut-off Date in the case of the first
Distribution Date) to the sixteenth 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 1-AP or Class 2-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 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 April 25, 2000, together
with the accompanying prospectus dated April 10, 2000, relating to the Class
1-A1, Class 1-AX, Class 1-AP, Class 2-A1, Class 2-AX1, Class 2-AX2, Class
2-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 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 the Servicer under this Agreement or
the 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 Master
Servicing Fee and the 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 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 two Lower Tier REMICs and the Upper Tier REMIC, as
described in the Preliminary Statement hereto.

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

         Remittance Date: The day in each month on which the Servicer is
required to remit payments to the account maintained by the Master Servicer,
as specified in the 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,
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 Amount:  Not applicable.

         Scheduled Certificate:  None.

         Scheduled Component:  None.

         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 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 and the
Cut-off Date, as specified in the Mortgage Loan Schedule.

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

         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
1-AP, Class 2-A1, Class 2-A2, Class 2-AX1, Class 2-AX2, Class 2-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 and the Class 2-A1
and Class 2-A2 Certificates, in the case of Pool 2, 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,
the Senior Prepayment Percentage for each Mortgage Pool on such Distribution
Date will once again equal 100% for such Distribution Date.

         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.

         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.

         Servicer:  Aurora Loan Services Inc. or any successor in interest.

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

         Servicing Agreement: The Servicing Agreement between Aurora and the
Seller, dated as of April 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 Servicing Agreement
(which shall include any Prepayment Interest Excess).

         Servicing Fee Rate: With respect to the Servicer, as specified in the
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, the 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 the Servicer to the Master Servicer.

         Special Hazard Loss Limit: As of the Cut-off Date, $14,092,589, which
amount 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; (ii) twice the
Scheduled Principal Balance of the Mortgage Loan having the highest Scheduled
Principal Balance, and (iii) the aggregate Scheduled Principal Balances of the
Mortgage Loans secured by Mortgaged Properties located in the single
California postal zip code area having the highest aggregate Scheduled
Principal Balance of Mortgage Loans of any such postal zip code area and (b)
the Special Hazard Loss Limit as of the Closing Date less the amount, if any,
of Special Hazard Losses incurred with respect to Mortgage Loans 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 Certificate Writedown Amount: As to any Distribution
Date, the amount by which (i) the sum of the Class Principal Amounts of all
the Certificates (after giving effect to the distribution of principal and the
application of Realized Losses in reduction of the Certificate Principal
Amounts of the Certificates on such Distribution Date) exceeds (ii) the
aggregate Scheduled Principal Balance of the Mortgage Loans for such
Distribution Date.

         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 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;

         TAC Amount:  Not applicable.

         TAC Certificate:  None.

         TAC Component:  None.

         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, 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,
subject to a minimum of $5,000 annually, 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. In the event that additional
amounts are required to be paid to the Trustee on any Distribution Date to
meet the $5,000 annual minimum, such amounts will be allocated to each
Mortgage Pool based on the respective outstanding principal balances.

         Trustee Fee Rate:  0.0085% 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 any Certificate Group 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 three 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,
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. 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. Such conveyance includes, without
limitation, the right to all distributions of principal and interest received
on or with respect to the Mortgage Loans on and after the Cut-off Date other
than (i) any amounts representing Retained Interest and (ii) payments of
principal and interest due on or before such date, and all such payments due
after such date but received prior to such date and intended by the related
Mortgagors to be applied after such date, together with all of the Depositor's
right, title and interest in and to the Collection Account and all amounts
from time to time credited to and the proceeds of the Collection Account, the
Certificate Account and all amounts from time to time credited to and the
proceeds of the Certificate Account, any Escrow Account established pursuant
to Section 9.06 hereof and all amounts from time to time credited to and the
proceeds of any such Escrow Account, any REO Property and the proceeds
thereof, the Depositor's rights under any Insurance Policies related to the
Mortgage Loans, and the Depositor's security interest in any collateral
pledged to secure the Mortgage Loans, including the Mortgaged Properties and
any Additional Collateral, and any proceeds of the foregoing, to have and to
hold, in trust; and the Trustee declares that, subject to the review provided
for in Section 2.02, it has received and shall hold the Trust Fund, as
trustee, in trust, for the benefit and use of the Holders of the Certificates
and for the purposes and subject to the terms and conditions set forth in this
Agreement, and, concurrently with such receipt, has caused to be executed,
authenticated and delivered to or upon the order of the Depositor, in exchange
for the Trust Fund, Certificates in the authorized denominations evidencing
the entire ownership of the Trust Fund.

         Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby assign to the Trustee all of its rights and interest
under the Mortgage Loan Sale Agreement (other than any right to receive
Retained Interest), including all rights of the Seller under the Servicing
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:

                     (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.

         (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 Servicer, shall cause to be properly recorded
by the 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 Servicer, shall cause the 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 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
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 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 the representations and warranties of Lehman Capital
in Section 1.04(b) of the Mortgage Loan Sale Agreement are applicable only to
facts or conditions that arise or events that occur subsequent to the date as
of which the representations and warranties with respect to the related
Mortgage Loans in the Transfer Agreements were made, and which do not
constitute a breach of any representation or warranty made by the applicable
Transferor in the applicable Transfer Agreement. 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 may 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 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 the 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: (1) the rights and obligations of the parties shall be
established pursuant to the terms of this Agreement; (2) 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 (3) 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 (i) 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 (ii) a QIB or
either the Depositor or an affiliate (as defined in Rule 405 under the Act)
thereof 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 Aurora Loan Services
Mortgage Pass-Through Certificates, Series 2000-2." 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
         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 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 the 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
         Servicer pursuant to Section 5.04 or the 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 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 the Servicer for Advances made
         by it or by the Servicer pursuant to Section 5.04 or the 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 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 the Servicer for any
         Servicing Advances made by it or by the 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 the Servicer from
         Liquidation Proceeds for Liquidation Expenses and for amounts
         expended by it pursuant to Sections 9.20 and 9.22(a) or the 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 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 the Servicer for expenses
         incurred by and recoverable by or reimbursable to it or the Servicer
         pursuant to Section 9.04, 9.06, 9.16 or 9.22(a) or pursuant to the
         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 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 the Servicer for such amounts as are
         due thereto under the Servicing Agreement and have not been retained
         by or paid to the Servicer to the extent provided in the Servicing
         Agreement.

         The 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 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,
         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 the 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, 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 the
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: Joseph J. Kelly, 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 the Servicer under the Servicing Agreement, shall use reasonable
efforts to obtain such information and documentation from the 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.

         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.

                                   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, Class
                           1-AP and Class R Certificates, from the Available
                           Distribution Amount for Pool 1 for such
                           Distribution Date, in reduction of their respective
                           Class Principal Amounts, concurrently, as follows:

                                            (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;

                                            (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; and

                                            (3) to the Class 1-AP
                                    Certificates, the AP Principal
                                    Distribution Amount for Pool 1 for such
                                    Distribution Date, until the Class
                                    Principal Amount thereof has 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;

                           (v) to the Class 1-AP and Class 2-AP Certificates,
                  to the extent of the remaining Available Distribution Amount
                  for each Mortgage Pool, 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 all Mortgage Pools for such date; (B) such
                  amounts will not reduce the Class Principal Amounts of such
                  Classes; and (C) in the event the aggregate Subordinate
                  Principal Distribution Amount for all Mortgage Pools is
                  insufficient to fully pay the Class AP Deferred Amount for
                  the Class 1-AP and Class 2-AP Certificates, such amount
                  shall be distributed pro rata to such Classes on the basis
                  of their respective Class AP Deferred Amounts;

                           (vi) from the remaining Available Distribution
                  Amount for all Mortgage Pools, subject to the prior
                  distribution of amounts pursuant to Section 5.02(e) in the
                  case of clauses (C), (F), (I), (L), (O) and (R) below, to
                  the Subordinated Certificates, as follows:

                                    (A) to the Class B1 Certificates, the
                           Accrued Certificate Interest thereon for such
                           Distribution Date, as reduced by each such Class's
                           allocable share of any Net Prepayment Interest
                           Shortfalls for such Distribution Date;

                                    (B) to the Class B1 Certificates, any
                           Interest Shortfall for such Class on such
                           Distribution Date;

                                    (C) to the Class B1 Certificates, in
                           reduction of the Class Principal Amount thereof,
                           such Class's Subordinate Class Percentage of each
                           Subordinate Principal Distribution Amount for such
                           Distribution Date, except as provided in Section
                           5.02(c), until the Certificate Principal Balance
                           thereof has been reduced to zero;

                                    (D) to the Class B2 Certificates, the
                           Accrued Certificate Interest thereon for such
                           Distribution Date, as reduced by each such Class's
                           allocable share of any Net Prepayment Interest
                           Shortfalls for such Distribution Date;

                                    (E) to the Class B2 Certificates, any
                           Interest Shortfall for such Class on such
                           Distribution Date;

                                    (F) to the Class B2 Certificates, in
                           reduction of the Certificate Principal Amount
                           thereof, such Class's Subordinate Class Percentage
                           of each Subordinate Principal Distribution Amount
                           for such Distribution Date, except as provided in
                           Section 5.02(c), until the Class Principal Amount
                           thereof has been reduced to zero;

                                    (G) to the Class B3 Certificates, the
                           Accrued Certificate Interest thereon for such
                           Distribution Date, as reduced by such Class's
                           allocable share of any Net Prepayment Interest
                           Shortfalls for such Distribution Date;

                                    (H) to the Class B3 Certificates, any
                           Interest Shortfall for such Class on such
                           Distribution Date;

                                    (I) to the Class B3 Certificates, in
                           reduction of the Certificate Principal Amount
                           thereof, such Class's Subordinate Class Percentage
                           of each Subordinate Principal Distribution Amount
                           for such Distribution Date, except as provided in
                           Section 5.02(c), until the Class Principal Amount
                           thereof has been reduced to zero;

                                    (J) to the Class B4 Certificates, the
                           Accrued Certificate Interest thereon for such
                           Distribution Date, as reduced by such Class's
                           allocable share of any Net Prepayment Interest
                           Shortfalls for such Distribution Date;

                                    (K) to the Class B4 Certificates, any
                           Interest Shortfall for such Class on such
                           Distribution Date;

                                    (L) to the Class B4 Certificates, in
                           reduction of the Certificate Principal Amount
                           thereof, such Class's Subordinate Class Percentage
                           of each Subordinate Principal Distribution Amount
                           for such Distribution Date, except as provided in
                           Section 5.02(c), until the Certificate Principal
                           Balance thereof has been reduced to zero;

                                    (M) to the Class B5 Certificates, the
                           Accrued Certificate Interest thereon for such
                           Distribution Date, as reduced by such Class's
                           allocable share of any Net Prepayment Interest
                           Shortfalls for such Distribution Date;

                                    (N) to the Class B5 Certificates, any
                           Interest Shortfall for such Class on such
                           Distribution Date;

                                    (O) to the Class B5 Certificates, in
                           reduction of the Certificate Principal Amount
                           thereof, such Class's Subordinate Class Percentage
                           of each Subordinate Principal Distribution Amount
                           for such Distribution Date, except as provided in
                           Section 5.02(c), until the Class Principal Balance
                           thereof has been reduced to zero;

                                    (P) to the Class B6 Certificates, the
                           Accrued Certificate Interest thereon for such
                           Distribution Date, as reduced by such Class's
                           allocable share of any Net Prepayment Interest
                           Shortfalls for such Distribution Date;

                                    (Q) to the Class B6 Certificates, any
                           Interest Shortfall for such Class on such
                           Distribution Date; and

                                    (R) to the Class B6 Certificates, in
                           reduction of the Certificate Principal Amount
                           thereof, such Class's Subordinate Class Percentage
                           of each Subordinate Principal Distribution Amount
                           for such Distribution Date, except as provided in
                           Section 5.02(c), until the Certificate Principal
                           Balance thereof has been reduced to zero.

         (b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall
be allocated among the Certificates of the related Certificate Group (other
than any related Principal Only Certificates) pro rata based on (i) in the
case of the related Non-AP Senior Certificates, the Accrued Certificate
Interest otherwise distributable thereon, and (ii) in the case of the
Subordinate Certificates, interest accrued on the related Apportioned
Principal Balances.

         (c) (i) If on any Distribution Date the Credit Support Percentage for
the Class B1 Certificates is less than the Original Credit Support Percentage
for such Class, 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 will be made in
respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates
on such Distribution Date. (ii) If on any Distribution Date the Credit Support
Percentage for the Class B2 Certificates is less than the Original Credit
Support Percentage for such Class, 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
will be made in respect of the Class B3, Class B4, Class B5 or Class B6
Certificates on such Distribution Date. (iii) If on any Distribution Date the
Credit Support Percentage for the Class B3 Certificates is less than the
Original Credit Support Percentage for such Class, 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 will be made in respect of the Class B4, Class B5 or Class
B6 Certificates on such Distribution Date. (iv) If on any Distribution Date
the Credit Support Percentage for the Class B4 Certificates is less than the
Original Credit Support Percentage for such Class, 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 will be made in respect of the Class B5 or Class B6
Certificates on such Distribution Date. (v) If on any Distribution Date the
Credit Support Percentage for the Class B5 Certificates is less than the
Original Credit Support Percentage for such Class, 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 will be made in respect of the Class B6 Certificates on
such Distribution Date.

         Any amount not distributed in respect of any Class on any
Distribution Date pursuant to the immediately preceding paragraph will be
allocated among the remaining Subordinate Classes in proportion to their
respective Certificate 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 but on or after the date on which the aggregate Certificate
Principal Amount of the Non-AP Senior Certificates of any Certificate Group
has been reduced to zero, amounts otherwise distributable as principal on each
Class of Subordinate Certificates pursuant to Section 5.02(a)(vi), in reverse
order of priority, in respect of such Class's Subordinate Class 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, until the Class Principal Amounts thereof have been reduced to
zero, provided that on such Distribution Date (a) the Aggregate Subordinate
Percentage for such Distribution Date is less than 200% of the Aggregate
Subordinate Percentage as of the Cut-off Date or (b) the average outstanding
principal balance of the Mortgage Loans in any Mortgage Pool 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 any Certificate
         Group constitutes an Undercollateralized Group, all amounts otherwise
         distributable as principal on the Subordinate Certificates, 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, 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 any
         Certificate Group constitutes an Undercollateralized Group on any
         Distribution Date following the Credit Support Depletion Date,
         Undercollateralization Distributions will be made from any Available
         Distribution Amount for the 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 an 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 Subordinate Certificates, 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 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
shall be allocated in the following order of priority:

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

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

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

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

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

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

                           seventh, to the Classes of Senior Certificates of
                  either 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, the applicable Non-AP
Percentage of the principal portion of any Excess Loss in respect of a
Mortgage Loan shall be allocated, pro rata, to the Subordinate Certificates
(without regard to which Mortgage Pool experienced the loss) and the Group 1
Certificates and the Group 2 Certificates (without regard to whether the
Realized Loss was realized by Pool 1 or Pool 2) and on the basis of the
Apportioned Principal Balances of the Classes of Subordinate Certificates and
Class Principal Amounts of the Senior Certificates; 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 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).
The applicable AP Percentage of the principal portion of an Excess Loss in a
Mortgage Pool will 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. Any
allocation of Realized Losses pursuant to this paragraph (c) shall be
accomplished by reducing the Certificate Principal Amount of the related
Certificates 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, the Subordinate Certificate Writedown
Amount for such date shall effect a corresponding reduction in the Certificate
Principal Amount of the lowest ranking Class of outstanding Subordinate
Certificates, 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 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 cause the 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 the 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 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 the 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 the Servicer that would
have been deposited in such Certificate Account over (b) the amount of any
Advance made by the Master Servicer or the 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 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;

                     (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; and

                     (iv) The Trustee shall not be responsible for any act or
         omission of the Master Servicer. In particular, the Trustee shall not
         be liable for any servicing errors or interruptions resulting from
         any failure of the Master Servicer or the Servicer to maintain
         computer and other information systems that are year 2000 compliant.

         (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
         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 the 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 the Distribution Date occurring in September 2002 (the "Pool 1
Call Date"), and on each Distribution Date at three month intervals
thereafter, the Holder of the Class 1-A2 Certificate may, upon thirty (30)
Business Days prior written notice to the Trustee, purchase the Mortgage
Loans, REO Property and any other property remaining in Pool 1 (the "Pool 1
Call Option"). On the Distribution Date occurring in October 2004 (the "Pool 2
Call Date"), and at three months intervals thereafter, the holder of the Class
2-A2 Certificate may, upon thirty (30) Business Days prior written to the
Trustee, purchase the Mortgage Loans, REO Property and any other property
remaining in Pool 2 (the "Pool 2 Call Option"). The purchase price of the Pool
1 Mortgage Loans and related property (the "Pool 1 Purchase Price") or the
purchase price of the Pool 2 Mortgage Loans and related property (the "Pool 2
Purchase Price"), as applicable, shall be the sum of: (i) 100% of the unpaid
principal balance of each Mortgage Loan in the related Mortgage Pool 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 in the related Mortgage Pool, 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 in the related Mortgage Pool. The Trust Fund
shall be terminated upon the later to occur of (i) the Class 1-A2
Certificateholder's exercise of the Pool 1 Call Option or (ii) the Class A2
Certificateholder's exercise of the Pool 2 Call Option.

         (c) On any Distribution Date occurring (i) after the Pool 2 Call Date
and (ii) 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.

         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 of
the latest to occur of (i) the Holder of the Class 1-A2 Certificate notifying
the Trustee of its intent to exercise its Pool 1 Call Option or (ii) the
Holder of the Class 2-A2 Certificate notifying the Trustee of its intent to
exercise its Pool 2 Call Option, (y) 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 (z) 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. Procedure Upon Exercise of the Pool 1 Call Option or
Pool 2 Call Option. If only the Pool 1 Call Option or the Pool 2 Call Option
is exercised and the other such option has not been exercised, then the
Trustee shall retire any outstanding Certificates of the related Certificate
Group; provided that the Class R Certificate shall remain outstanding until
the Trust Fund is terminated as provided herein. The Trustee shall provide
notice to the Certificateholders of the related Certificate Group in the same
manner and shall follow the same procedures with respect to such
Certificateholders as it would in the case of a termination of the Trust Fund
under Section 7.02.

         Section 7.04. Additional Requirements under the REMIC Provisions. (a)
If the Class 1-A2 Certificateholder exercises the Pool 1 Call Option and the
Pool 2 Call Option remains unexercised, then the Trustee shall treat the sale
of the Pool 1 Mortgage Loans, REO Property, and any other property remaining
in Pool 1 and the distribution of the proceeds of such sale to the
Certificateholders as the liquidation of the Pool 1 Lower Tier REMIC. The
Trustee shall prepare or cause to be prepared a final federal income tax
return for the Pool 1 Lower Tier REMIC and shall attach a statement to such
final tax return 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 of
the Pool 1 Mortgage Loans, REO Property, and any other property in Pool 1 were
sold to the Class 1-A2 Certificateholder pursuant to the Pool 1 Call Option.

         (b) If the Class 2-A2 Certificateholder exercises the Pool 2 Call
Option and the Pool 1 Call Option remains unexercised, then the Trustee shall
treat the sale of the Pool 2 Mortgage Loans, REO Property, and any other
property remaining in Pool 2 and the distribution of the proceeds of such sale
to the Certificateholders as the liquidation of the Pool 2 Lower Tier REMIC.
The Trustee shall prepare, or cause to be prepared, and file a final federal
income tax return for the Pool 2 Lower Tier REMIC and shall attach a statement
to such final tax return 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 of the Pool 2 Mortgage Loans, REO Property, and any other property
in Pool 2 were sold to the Class 2-A2 Certificateholder pursuant to the Pool 2
Call Option.

         (c) 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 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 the Servicer to maintain an Errors and
Omissions Insurance Policy and a Fidelity Bond in accordance with the
provisions of the Servicing Agreement, (ii) cause the 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 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 the Servicer under any
such bond or policy shall be remitted to the Master Servicer to the extent
provided in the 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 May 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
the Servicer shall have full power and authority (to the extent provided in
the 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 Servicing
Agreement, as applicable; provided that the Master Servicer shall not take, or
knowingly permit the 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 the Servicer, and the
Servicer, to the extent such authority is delegated to the Servicer by the
Master Servicer under the Servicing Agreement, is hereby authorized and
empowered by the Trustee when the Master Servicer or the Servicer, as the case
may be, believes it appropriate in its best judgment and in accordance with
Accepted Servicing Practices and the 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 the 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 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 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 the Servicer to
employ procedures (including, but not limited to, collection procedures),
consistent with the 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 Agreement Between the Master Servicer and the
Servicer; Enforcement of Servicer's Obligations. (a) The Servicing Agreement
requires the 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 the
Servicer on behalf of the Master Servicer. Any fees and other amounts payable
to the Servicer shall be deducted from amounts remitted to the Master Servicer
by the 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 the Servicer under the
Servicing Agreement, and shall, in the event that the Servicer fails to
perform its obligations in accordance with the related Servicing Agreement,
terminate the rights and obligations of the 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 the Servicing Agreement 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 Servicing Agreement, the Master Servicer shall
cause the 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 the 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 Servicing Agreement. The Servicer shall
be entitled to all investment income not required to be paid to Mortgagors on
any Escrow Account maintained by the Servicer. The Master Servicer shall make
(or cause to be made) to the extent provided in the 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 the Servicer 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 the Servicer under the 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 the Servicing Agreement by the Master Servicer or the
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
the 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 Servicing Agreement for the benefit of the
Certificateholders. The Master Servicer shall be entitled to enter into any
agreement with the Servicer 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 the Servicer in the
performance by the Servicer of its obligations under the 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 the 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 the 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 Servicing Agreement, to the extent Mortgage Loans
contain enforceable due-on-sale clauses, the Master Servicer shall cause the
Servicer to enforce such clauses in accordance with the 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 Servicing Agreement,
and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may
be released from liability in accordance with the Servicing Agreement.

         Section 9.12. Release of Mortgage Files. (a) Upon becoming aware of
the payment in full of any Mortgage Loan, 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, the Master Servicer will, or will cause the Servicer to,
promptly notify the Trustee (or the applicable Custodian) by a certification
(which certification shall include a statement to the effect that all amounts
received 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 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 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 the Servicer, to the
extent such authority is delegated to the Servicer by the Master Servicer
under the 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 Servicing Agreement, the Trustee shall execute such
documents as shall be prepared and furnished to the Trustee by the Master
Servicer, or by the 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 the
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 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
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
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 Servicer to transmit, to the Trustee such documents and instruments
coming into the possession of the Master Servicer or the 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 the Servicer in respect of any
Mortgage Loan or which otherwise are collected by the Master Servicer or by
the 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 the Servicer to retain
its Servicing Fee as provided in the Servicing Agreement. The Master Servicer
shall, and shall (to the extent provided in the Servicing Agreement) cause the
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 the 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 the 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 the 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 the
Servicer under this Agreement or the 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, the Servicer or the Master Servicer that are collected
by the 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 the
Servicer is entitled under the 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 the
Servicer shall be held by the Master Servicer or the 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 the 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 the Servicer, standard fire and casualty insurance and, where applicable,
flood insurance, all in accordance with the provisions of this Agreement and
the Servicing Agreement, as applicable. It is understood and agreed that such
insurance shall be with insurers meeting the eligibility requirements set
forth in the 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 the 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 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 the 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
the Servicer pursuant to Section 4.02(v).

         Section 9.17. Presentment of Claims and Collection of Proceeds. The
Master Servicer shall, or shall cause the Servicer (to the extent provided in
the 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 the 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 the Servicer (consistent
with the 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 the 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 Servicing Agreement, as applicable. The Master Servicer shall not, and
shall not permit the 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 Servicing
Agreement, as applicable.

         (b) The Master Servicer agrees to present, or to cause the 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 the
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 the 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 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 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 Servicing Agreement,
cause the Servicer to sell, any REO Property as expeditiously as possible and
in accordance with the provisions of this Agreement and the 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 Servicer to protect and conserve, such REO Property in
the manner and to such extent required by the 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 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 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 Servicer 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 May 31 of each year, commencing on May 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 the Servicer
has failed to perform any of its duties, responsibilities and obligations
under the 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 the Servicer such Servicer's annual
certificate of compliance and a copy of the Servicer's annual audit report, in
each case to the extent required under the 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 May 31 of each year, commencing on May 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.

         The Master Servicer shall not be liable for any acts or omissions of
any Servicer. In particular, the Master Servicer shall not be liable for any
servicing errors or interruptions resulting from any failure of any Servicer
to maintain computer and other information systems that are year-2000
compliant.

         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
REMICs 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 LTR1 Interest and the Class LTR2 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 LTR1 Interest is hereby designated as the sole residual
interest in the Pool 1 Lower Tier REMIC and the Class LTR2 Interest is hereby
designated as the sole residual interest in the Pool 2 Lower Tier REMIC. The
Class R Certificate evidences ownership of the Class LTR1 and Class LTR2
Interests 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 Distribution Date"
is the latest date specified in Section 7.01(a).

         (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 Pool 1 Call Option or the Pool 2 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 Servicing
Agreement, not permit the 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 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 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 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 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 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 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 the 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 the 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 100001-2697,
Attention: Capital Markets Fiduciary Services/SASCO 2000-ALS2, 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:

         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.

         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 the
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 the Servicing Agreement. In addition, the ability of
the Seller to transfer or assign its rights and delegate its duties under the
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 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 Servicer under the
         Servicing Agreement;

                     (iv) 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 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.

         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/ Kimberly K. Costa
                                         ----------------------
                                         Name:  Kimberly K. Costa
                                         Title:  Vice President

                                     AURORA LOAN SERVICES INC., as Master
                                     Servicer

                                     By: /s/ Rick W. Skogg
                                         -----------------
                                         Name:  Rick W. Skogg
                                         Title:  President

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

LEHMAN CAPITAL, A DIVISION OF
LEHMAN BROTHERS HOLDINGS INC.

By: /s/ Joseph J. Kelly
    -------------------
    Name:  Joseph J. Kelly
    Title:  Vice President

                                   EXHIBIT A

                             FORMS OF CERTIFICATES

                                  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

         Re:   Trust Agreement (the "Trust Agreement"), dated as of
               April 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
               Aurora Loan Services Mortgage Pass-Through Certificates,
               Series 2000-2

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:

                                  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

         Re:  Trust Agreement (the "Trust Agreement"), dated as of
              April 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 Aurora Loan Services
              Mortgage Pass-Through Certificates, Series 2000-2

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:

                                  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

         Re:   Trust Agreement (the "Trust Agreement"), dated as of April 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 Aurora
               Loan Services Mortgage Pass-Through Certificates, Series 2000-2

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:

                                  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 April 1, 2000, among
Structured Asset Securities Corporation, as Depositor, the Trustee and the
Master Servicer relating to Aurora Loan Services Mortgage Pass-Through
Certificates, Series 2000-2, without recourse.

                                      --------------------------------------
                                           [current signatory on note]

                                      By:___________________________________
                                         Name:
                                         Title:

                                   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 April 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

                                  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 April 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.

         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 4224 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.

         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__.

                                  EXHIBIT D-2

         FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

                                                 -------------------
                                                         Date

                  Re:  Aurora Loan Services Mortgage Pass-Through Certificates,
                       Series 2000-2

                  _______________________ (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:

                                   EXHIBIT E

                              SERVICING AGREEMENT

                                   EXHIBIT F

                    FORM OF RULE 144A TRANSFER CERTIFICATE

         Re:   Aurora Loan Services Mortgage Pass-Through Certificates,
               Series 2000-2
               -----------------------------------------------------------

               Reference is hereby made to the Trust Agreement dated as of
April 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: __________________, ________

                                   EXHIBIT G

                        FORM OF PURCHASER'S LETTER FOR
                       INSTITUTIONAL ACCREDITED INVESTOR

                                                            ------------------
                                                                  Date

Dear Sirs:

         In connection with our proposed purchase of $______________ principal
amount of Aurora Loan Services Mortgage Pass-Through Certificates, Series
2000-2 (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 April
         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, the 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.

         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:

                                   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 (2) if the Investor is an insurance company, such Investor is
purchasing such Certificates with funds contained in an "Insurance Company
General Account" (as such term is defined in Section v(e) of the Prohibited
Transaction Class Exemption 95-60 ("PTCE 95-60")) and that the purchase and
holding of such Certificates are covered under PTCE 95-60; 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 April 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.

                  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__.

                                   EXHIBIT I

                           MONTHLY REMITTANCE ADVICE

                                   EXHIBIT J

                     MONTHLY ELECTRONIC DATA TRANSMISSION

                                   EXHIBIT K

                              CUSTODIAL AGREEMENT

                                  SCHEDULE A

                            MORTGAGE LOAN SCHEDULE

                                  SCHEDULE B

                          PRINCIPAL AMOUNT SCHEDULES

                               [Not Applicable]AMENDED AND RESTATED CREDIT AGREEMENT
                      -------------------------------------

     THIS AMENDED AND RESTATED CREDIT AGREEMENT ("Credit Agreement") is made and
entered  into as of the 21st day of April, 2000, by and among WMCK VENTURE CORP,
a  Delaware  corporation  ("WMCKVC"),  CENTURY  CASINOS  CRIPPLE  CREEK, INC., a
Colorado  corporation  ("CCCC"),  and  WMCK  ACQUISITION  CORP.,  a  Delaware
corporation  ("WMCKAC"  and  together  with  WMCKVC  and  CCCC, collectively the
"Borrowers"),  CENTURY  CASINOS, INC., a Delaware corporation (the "Guarantor"),
WELLS  FARGO  BANK,  National  Association,  as  the issuer of letters of credit
(herein  in  such  capacity,  together with its successors and assigns, the "L/C
Issuer"),  each  financial  institution whose name is set forth on the signature
pages  of  this  Credit  Agreement  and each lender which may hereafter become a
party to this Credit Agreement pursuant to Section 10.10(b) (each individually a
"Lender"  and  collectively  the  "Lenders"),  and  WELLS  FARGO  BANK, National
Association,  as  administrative  and  collateral  agent for the Lenders and L/C
Issuer (herein, in such capacity, called the "Agent Bank" and, together with the
Lenders  and  L/C  Issuer  collectively  referred  to  as  the  "Banks").

                                R E C I T A L S:
                                - - - - - - - -

     WHEREAS:
A.     In  this  Credit Agreement all capitalized words and terms shall have the
respective  meanings  and be construed herein as hereinafter provided in Section
1.01  of this Credit Agreement and shall be deemed to incorporate such words and
terms  as  a  part  hereof in the same manner and with the same effect as if the
same  were  fully  set  forth.

B.     WMCKVC  is  a  wholly owned Subsidiary of Guarantor.  WMCKAC and CCCC are
each  wholly  owned Subsidiaries of WMCKVC.  Borrowers desire to fully amend and
restate  the  Existing  Credit  Agreement for the purpose of: (i) increasing the
Aggregate  Commitment  to  Twenty-Six  Million  Dollars  ($26,000,000.00),  (ii)
establishing  the  Maturity  Date  as  four (4) years from the Closing Date, and
(iii)  modifying  other  terms  and  covenants  regarding  the  Credit Facility.

C.     Banks  are  willing  to  fully  amend  and  restate  the  Existing Credit
Agreement,  for  the uses and purposes hereinafter set forth in Section 2.02, on
the  terms  and  subject  to  the  conditions,  covenants  and  understandings
hereinafter  set  forth  and  contained  in  each  of  the  Loan  Documents.

     NOW,  THEREFORE,  in  consideration  of  the  foregoing, and other valuable
considerations as hereinafter described, the parties hereto do promise, covenant
and  agree  as  follows:

                                        1
<PAGE>

                                    ARTICLE  I
                                   DEFINITIONS
                                   -----------
Section  1.01.     Definitions.  For the purposes of this Credit Agreement, each
                   -----------
of  the  following  terms shall have the meaning specified with respect thereto,
unless  a  different  meaning  clearly  appears  from  the  context:
     "Access  Laws"  shall  have  the  meaning  ascribed to such term in Section
5.22(a).

     "Additional  Real  Property  Acquisition(s)"  shall  mean  reference to the
parcel  or  parcels  of  real property located in the State of Colorado title to
which is acquired or to be acquired, as the case may be, by any of the Borrowers
subsequent  to  the  Closing  Date.

     "Affiliate(s)"  of  any  Person  means  any other Person which, directly or
indirectly,  controls,  is  controlled  by  or is under common control with such
Person.  A Person shall be deemed to be "controlled by" any other Person if such
other  Person  possesses,  directly  or  indirectly,  power  to:

          (a)     vote  ten percent (10%) or more of the equity securities (on a
fully  diluted basis) having ordinary voting power for the election of directors
or  managing  general  partners;  or

          (b)     direct  or  cause the direction of the management and policies
of  such  Person  whether  by  contract  or  otherwise.

     "Agent  Bank"  shall  mean  WFB  in  its  capacity  as  administrative  and
collateral  agent  for  Lenders  and  L/C  Issuer.

     "Aggregate  Commitment"  shall  mean  reference  to  the  aggregate  amount
committed  by  Lenders  for  advance  to or on behalf of Borrowers as Borrowings
under  the Credit Facility in the initial principal amount of Twenty-Six Million
Dollars  ($26,000,000.00),  as  reduced  on each Reduction Date by the Scheduled
Reductions  to  the  Maximum  Scheduled  Balance,  and  further  subject  to the
additional  reductions  and/or  limitations  for  advance  as  set  forth  or
incorporated  in  the  definition  of  Maximum  Permitted  Balance.

     "Aggregate  Commitment  Reduction  Schedule"  shall  mean  the  Aggregate
Commitment Reduction Schedule marked Schedule 2.01(c) affixed hereto and by this
reference  incorporated  herein  and  made  a  part  hereof,  setting  forth the
Scheduled  Reductions  and  Maximum  Scheduled Balance as of each Reduction Date
under  the  Credit  Facility.

                                        2
<PAGE>
"Aggregate  Outstandings"  shall  mean  collective  reference  to the sum of the
Funded  Outstandings  and  L/C  Exposure  as of any given date of determination.

     "Applicable  Margin"  means  for  any  Base  Rate  Loan  or  LIBOR Loan the
applicable  per annum percentage amount to be added to the Base Rate or the LIBO
Rate,  as  the  case  may be, as follows: (i) commencing on the Closing Date and
continuing  until  the Rate Adjustment Date, zero percent (0.00%) to be added to
the  Base  Rate  and  two  and  three-tenths  percent (2.30%) to be added to the
applicable LIBO Rate; (ii) commencing on the Rate Adjustment Date and continuing
until  the Maturity Date, the margin rates set forth in Table One below based on
the  Leverage Ratio of the Borrower Consolidation as of each Fiscal Quarter end,
commencing  with  the  end  of the Fiscal Quarter ending June 30, 2000, together
with  the  immediately  preceding three (3) Fiscal Quarters on a four (4) Fiscal
Quarter  basis, any change in the applicable percentage amount by reason thereof
to  be effective as of the 1st day of the third month immediately following each
such  Fiscal  Quarter  end:

<TABLE>
<CAPTION>

<S> <C>
PRICING          LEVERAGE
LEVEL             RATIO                              TABLE ONE                        TABLE TWO

                                             BASE RATE       LIBO RATE                 NONUSAGE
                                              MARGIN          MARGIN                   PERCENTAGE

I        Less than 1.50 to 1.00               0.00%            2.30%                     0.375%

II       Greater than or equal to             0.00%            2.70%                     0.375
         1.50 to 1.00 but less than
         2.00 to 1.00

III      Greater than or equal to             0.25%            2.95%                     0.50%
         2.00 to 1.00 but less than
         2.50 to 1.00

IV       Greater than or equal to             0.50%            3.20%                     0.50%
         2.50 to 1.0 but less than
         3.00 to 1.0

V        Greater than or equal                0.75%            3.45%                     0.50%
         to 3.00 to 1.0
</TABLE>
"Assignment  and  Assumption  Agreement"  shall  mean the document evidencing an
assignment  of  a  Syndication Interest by any Lender to an Eligible Assignee in
the form of the Assignment, Assumption and Consent Agreement marked "Exhibit L",
affixed hereto and by this reference incorporated herein and made a part hereof.

                                        3
<PAGE>

"Assignment  of  Entitlements,  Contracts,  Rents  and  Revenues" shall mean the
assignment  to  be  executed by Borrowers on or before the Closing Date, whereby
Borrowers  presently assign to Agent Bank on behalf of Lenders, in consideration
of  the Bank Facilities (reserving a revocable license to retain use and enjoy):
(a)  all  of their right, title and interest under all Spaceleases and Equipment
Leases  and Contracts relating to the Casino Facilities, (b) all of their right,
title and interest in and to all permits, licenses and contracts relating to the
Casino  Facilities,  except  Gaming  Permits  and  those  permits,  licenses and
contracts  which  are unassignable, and (c) all rents, issues, profits, revenues
and income from the Real Property and the operation of the Casino Facilities and
any  other  business  activity conducted on the Real Property, together with any
and  all  future  expansions  thereof,  related  thereto  or  used in connection
therewith,  as  such  assignment  may be amended, modified, extended, renewed or
restated  from  time  to  time.

     "Assignment  of  Golden  Horseshoe  Lease"  shall mean the Assignment to be
executed  by  WMCKAC  on  or  before  the Closing Date, pursuant to which WMCKAC
presently  assigns  to  Agent  Bank  in  consideration  of  the  Bank Facilities
(reserving  a  revocable  license  to  retain, use and enjoy), all of its right,
title  and  interest  under  the  Golden  Horseshoe  Lease  (including,  without
limitation,  the  right  to exercise the option to purchase the Golden Horseshoe
Property  thereunder)  as  such  assignment  may be amended, modified, extended,
renewed  or  restated  from  time  to  time.

     "Authorized  Officer  Certificate"  shall  have  the  meaning  set forth in
Section  3.05(iv).

     "Authorized Officer(s)" shall mean, relative to the Borrowers, those of the
respective officers whose signatures and incumbency shall have been certified to
Agent Bank and the Banks as required in Section 3.05(iv) of the Credit Agreement
with  the  authority  and  responsibility  to  deliver  Notices  of  Borrowing,
Compliance  Certificates,  Pricing Certificates and all other requests, notices,
reports,  consents,  certifications  and  authorizations on behalf of Borrowers.

     "Available  Borrowings" shall mean, at any time, and from time to time, the
aggregate  amount available to Borrowers for a Borrowing or issuance of a Letter
of  Credit not exceeding the amount of the Maximum Availability, as of each date
of  determination.

     "BGP  Note"  shall mean that certain Promissory Note dated May 30, 1996, in
the  principal  amount  of  Five  Hundred Thousand Dollars ($500,000.00) made by
WMCKVC, payable to the order of Banque de Gestion Privee, a company incorporated
in  Switzerland.
                                        4
<PAGE>

"Bank Facilities" shall mean collective reference to the Credit Facility and L/C
Facility.

     "Bank  Facility Termination" shall mean indefeasible payment in full of all
sums  owing  under the Bank Facilities and each of the other Loan Documents, the
occurrence  of  the  Stated  Expiry Date or other termination of all outstanding
Letters  of  Credit,  and  the irrevocable termination of: (i) the obligation of
Lenders  to advance Borrowings under the Credit Facility and (ii) the obligation
of  L/C  Issuer  to  issue  Letters  of  Credit  under  the  L/C  Facility.

     "Banking Business Day" means any day excluding Saturday, Sunday and any day
which  is  a  legal  holiday  under  the laws of the States of California and/or
Nevada,  or  is a day on which banking institutions located in California and/or
Nevada  are required or authorized by law or other governmental action to close.

     "Bankruptcy Code" shall mean the United States Bankruptcy Code, as amended,
11  U.S.C.  Section  101,  et  seq.
                           -------

     "Banks"  shall  have  the  meaning set forth in the Preamble to this Credit
Agreement.

     "Base Rate" shall mean, as of any date of determination, the rate per annum
equal  to  the  higher  of (a) the Prime Rate in effect on such date and (b) the
Federal  Funds  Rate in effect on such date plus one-half of one percent (1/2 of
1%)  (fifty  basis  points).

     "Base  Rate  Loan"  shall  mean  reference  to  that  portion of the unpaid
principal  balance of the Credit Facility bearing interest with reference to the
Base  Rate  plus  the  Applicable  Margin.

     "Borrower Consolidation" means reference to the Borrowers on a consolidated
basis,  without  regard to the Guarantor or any other Subsidiary or Affiliate of
Guarantor.

     "Borrowers" shall have the meaning ascribed to such term in the Preamble to
this  Credit  Agreement.

     "Borrowing(s)"  shall mean such amounts as Borrowers may request from Agent
Bank  from  time  to  time to be advanced under the Credit Facility by Notice of
Borrowing in the manner provided in Section 2.03 or at the request of Agent Bank
pursuant  to  Section  2.08.
                                        5
<PAGE>

"Breakage  Charges"  shall  have the meaning set forth in Section 2.07(c) of the
Credit  Agreement.

     "CCCC"  shall  have  the  meaning  set forth in the Preamble to this Credit
Agreement.

     "Caledon  Investment"  shall  mean the investment, directly by Guarantor or
through  a  Subsidiary  which  is  owned or controlled by Guarantor, in a hotel,
casino  and  spa  facility  located in Caledon, Western Cape Providence of South
Africa.

     "Capital Expenditures" shall mean, for any period, without duplication, the
aggregate  of  all  expenditures (whether paid in cash or accrued as liabilities
during that period and including Capitalized Lease Liabilities) by the Borrowers
during such period that, in conformity with GAAP, are required to be included in
or  reflected  by  the  property, plant or equipment or similar fixed or capital
asset  accounts  reflected  in  the  balance  sheet  of the Borrowers (including
equipment  which  is  purchased  simultaneously  with  the  trade-in of existing
equipment  owned  by  Borrowers  to  the  extent of (a) the gross amount of such
purchase  price  less  (b) the cash proceeds of trade-in credit of the equipment
                 ----
being  traded  in  at  such  time),  but  excluding capital expenditures made in
connection  with  the  replacement  or  restoration  of  assets,  to  the extent
reimbursed  or refinanced from insurance proceeds paid on account of the loss of
or  damage  to  the  assets  being  replaced  or  restored,  or  from  awards of
compensation  arising  from the taking by condemnation of or the exercise of the
power  of eminent domain with respect to such assets being replaced or restored.

     "Capital  Proceeds"  shall  mean  the  net  proceeds  (after  deducting all
reasonable  expenses  incurred  in  connection therewith) available to Borrowers
from:  (i)  partial  or  total  condemnation  or  destruction of any part of the
Collateral,  (ii)  sales of easements, rights of way or similar interests in any
portion  of  the  Real  Property,  (iii)  insurance  proceeds  (other  than rent
insurance  and  business  interruption  insurance)  received  in connection with
damage  to  or destruction of any part of the Collateral, (iv) the sale or other
disposition  of  any portion of the Collateral in accordance with the provisions
of  this  Credit  Agreement  (not  including,  however, any proceeds received by
Borrowers  from  a  sale of FF&E if such FF&E is replaced by items of equivalent
value  and  utility, in each case such exclusion to apply only during any period
in  which no Event of Default has occurred and is continuing), and (v) any other
extraordinary  receipt  of  proceeds  not in the ordinary course of business and
treated,  for  accounting  purposes,  as  capital  in  nature.

     "Capitalized Lease Liabilities" means all monetary obligations of Borrowers
under  any  leasing or similar arrangement which, in accordance with GAAP, would
be classified as capitalized leases, and, for purposes of this Credit Agreement,
the  amount  of  such  obligations  shall  be  the  capitalized  amount thereof,
determined  in  accordance  with
                                        6
<PAGE>
GAAP,  and  the stated maturity thereof shall be the date of the last payment of
rent or any other amount due under such lease prior to the first date upon which
such  lease  may  be  terminated  by  the  lessee  without payment of a penalty.

     "Cash"  shall  mean,  when used in connection with any Person, all monetary
and  non-monetary  items  owned  by  that  Person  that  are  treated as cash in
accordance  with  GAAP.

     "Cash  Collateral  Account"  shall  mean  the restricted depository savings
account to be established by Borrowers or Agent Bank on behalf of Borrowers with
L/C  Issuer  at  its  offices  located at 3800 Howard Hughes Parkway, Las Vegas,
Nevada,  or  at  such  other  office  located  in  the  United  States as may be
designated  from  time to time by L/C Issuer, for the purpose of depositing Cash
collateral  for  the  aggregate L/C Exposure upon the occurrence of any Event of
Default.

     "Cash  Collateral Pledge Agreement" shall mean the Pledge and Assignment of
Savings  Account Agreement to be executed by Borrowers in favor of L/C Issuer as
of  the  Closing  Date  as the same may be amended or modified from time to time
under  the terms of which all sums held from time to time in the Cash Collateral
Account  are  pledged  in favor of L/C Issuer to secure repayment of any funding
required  under  any  outstanding Letters of Credit, a copy of the form of which
Cash  Collateral  Pledge  Agreement is marked "Exhibit J", affixed to the Credit
Agreement  and  by  this  reference  incorporated herein and made a part hereof.

     "Casino  Facilities"  shall mean collective reference to the Real Property,
the  casino  businesses  and related activities conducted by Borrowers in and on
the  Real Property including, without limitation, activities conducted under the
name  and  style  of  "Legends",  "Diamond  Lil's",  the  "Golden Horseshoe" and
Womack's"  and  all improvements now or hereafter situate thereon, together with
any  other  real property, personal property or interests therein which are used
by  Borrowers  as  a part of the operation of the casino businesses conducted by
Borrowers  on  the  Real  Property.

     "Closing  Certificate"  shall  have  the  meaning  ascribed to such term in
Section  3.05(v).

     "Closing Date" shall mean the date upon which: (i) each condition precedent
required  under  Article  IIIA  of  this  Credit Agreement has been satisfied or
waived  and  (ii)  the  Security Documentation has been filed and/or recorded in
accordance  with  and  in  the  manner  required  by  the  Depository  Closing
Instructions,  or  such other date as to which Agent Bank and Borrowers agree in
writing.

     "Closing  Disbursements"  shall  have  the  meaning  set  forth  in Section
2.02(a).

                                        7
<PAGE>

"Collateral"  shall  mean collective reference to all of Borrowers' right, title
and  interest in and to: (i) all of the Real Property and the personal property,
FF&E,  contract  rights,  leases,  stock, intangibles and other interests of the
Borrowers which are subject to the liens, pledges and security interests created
by  the Security Documentation; (ii) all rights of the Borrowers assigned and/or
pledged  as  additional security pursuant to the terms of the Loan Documents and
Security  Documentation;  and (iii) any and all other property and/or intangible
rights,  interest  or benefits inuring to or in favor of the Borrowers which are
in  any  manner assigned, pledged, encumbered or otherwise hypothecated in favor
of  Banks  or  Agent  Bank  on behalf of Lenders to secure payment of the Credit
Facility.

     "Commercial  Letter(s)  of Credit" shall mean a letter or letters of credit
issued  by  L/C  Issuer pursuant to Section 2.08 of the Credit Agreement for the
purpose  of  assuring  payment  for  goods,  equipment  or materials supplied to
Borrower.

     "Compliance Certificate" shall mean the compliance certificates referred to
in  Section 5.08(f), substantially in the form set forth on "Exhibit F", affixed
hereto  and  by  this  reference  incorporated  herein  and  made a part hereof.

     "Contingent Liability(ies)" shall mean, as to any Person, any obligation of
such  Person  guaranteeing  or  having  the  economic effect of guaranteeing any
Indebtedness,  leases  or  dividends ("primary obligations") of any other Person
(the  "primary  obligor")  in  any  manner,  whether  directly  or  indirectly,
including,  without  limitation,  any  obligation of such Person, whether or not
contingent,  (a)  to  purchase  any  such  primary  obligation  or  any property
constituting  direct  or  indirect  security  therefor, (b) to advance or supply
funds  (i) for the purchase or payment of any such primary obligation or (ii) to
maintain  working  capital or equity capital of the primary obligor or otherwise
to  maintain  the  net worth or solvency of the primary obligor, (c) to purchase
property, securities or services primarily for the purpose of assuring the owner
of  any  such  primary  obligation of the ability of the primary obligor to make
payment  of  such  primary obligation, (d) to make payment in respect of any net
liability  arising in connection with any Interest Rate Hedges, foreign currency
exchange  agreement,  commodity  hedging  agreement  or any similar agreement or
arrangement  in  any  such case if the purpose or intent of such agreement is to
provide  assurance  that  such primary obligation will be paid or discharged, or
that  any agreements relating thereto will be complied with, or that the holders
of  such primary obligation will be protected (in whole or in part) against loss
in  respect  thereof  or  (e) otherwise to assure or hold harmless the holder of
such primary obligation against loss in respect thereof; provided, however, that
the  term Contingent Liability shall not include endorsements of instruments for
deposit  or  collection  in  the ordinary course of business.  The amount of any
Contingent  Liability  shall  be  deemed  to be an amount equal to the stated or
determinable  amount  of  the  primary  obligation  in  respect  of  which  such

                                        8
<PAGE>

Contingent  Liability  is made or, if not stated or determinable, the reasonably
anticipated  liability  in  respect thereof (assuming such Person is required to
perform  thereunder)  as  determined  by  such  Person  in  good  faith.

     "Continuation/Conversion  Notice" shall mean a notice of continuation of or
conversion  to  a  LIBOR  Loan  and  certificate  duly executed by an Authorized
Officer,  substantially  in  the form of that certain exhibit marked "Exhibit H,
affixed hereto and by this reference incorporated herein and made a part hereof.

     "Contractual  Obligation"  means,  as  to  any Person, any provision of any
outstanding  securities  issued  by  that  Person  or of any material agreement,
instrument  or undertaking to which that Person is a party or by which it or any
of  its  assets  is  bound.

     "Convert,  Conversion  and  Converted"  shall  refer  to  a Borrowing at or
continuation  of  a particular interest rate basis or conversion of one interest
rate  basis  to  another  pursuant  to  Section  2.05(c).

     "Credit  Agreement"  shall mean this Amended and Restated Credit Agreement,
together with all Schedules and Exhibits attached thereto, executed by and among
Borrowers,  Guarantor  and  Banks  setting forth the terms and conditions of the
Bank  Facilities  as  it may be amended, modified, extended, renewed or restated
from  time  to  time.

     "Credit  Facility"  shall mean the agreement of Lenders to fund the Closing
Disbursements  on  the  Closing  Date  and other Borrowings during the Revolving
Credit  Period,  subject  to  the  terms and conditions set forth in this Credit
Agreement  and the Revolving Credit Note, up to the Maximum Permitted Balance as
reduced  from time to time in accordance with the terms of this Credit Agreement
and  the  Revolving  Credit  Note.

     "Czech  Republic  Investment"  shall  mean  an  investment,  directly  by
Guarantor,  or  through  a Subsidiary which is owned or controlled by Guarantor,
for  the  purpose  of:  (i) acquiring an ownership interest in Casino Millenium,
a.s., a Czech company which owns a casino business in the City of Prague that is
currently  operated  by  Guarantor  pursuant  to a management agreement; or (ii)
acquiring  an  ownership  interest  in  the  assets  of  Casino  Millenium, a.s.

     "Deed  of  Trust"  shall  mean the Leasehold and Fee Deed of Trust, Fixture
Filing and Security Agreement with Assignment of Rents to be executed, as of the
Closing  Date,  by  Borrowers,  as  trustor and debtor, to the Public Trustee of
Teller  County,  Colorado,  as  trustee,  in  favor  of  Agent Bank on behalf of
Lenders, as beneficiary, for the purposes of providing a security for the Credit
Facility  encumbering  the  Collateral  more

                                        9
<PAGE>

particularly  therein  described  as  a  first mortgage lien, as the same may be
amended,  modified,  supplemented,  replaced,  renewed  or restated from time to
time.

     "Default"  shall mean the occurrence or non-occurrence, as the case may be,
of  any  event that with the giving of notice or passage of time, or both, would
become  an  Event  of  Default,  pursuant  to  Article  VII.

     "Default  Notice  Recording"  shall  mean  either:

          (i)     the filing with the Public Trustee of Teller County, Colorado,
of  a  Notice  of  Election  and  Demand  for  Sale pursuant to Colorado Revised
Statutes,  Section 38-38-101, or any applicable successor statute, by Agent Bank
as  beneficiary  under  the  Deed  of  Trust,  or

          (ii)     the  commencement  of  a  judicial  foreclosure  action in an
appropriate  court  in and for the County of Teller, Colorado, pursuant to which
Lenders or Agent Bank on behalf of Lenders seek judicial foreclosure of the Deed
of  Trust.

     "Default  Rate"  shall  have  the  meaning  set  forth  in Section 2.10(b).

     "Defaulting  Lender" means any Lender which fails or refuses to perform its
obligations  under  this  Credit  Agreement within the time period specified for
performance  of  such  obligation  or,  if  no  time frame is specified, if such
failure  or  refusal  continues  for  a period of five (5) Banking Business Days
after  notice  from  Agent  Bank.

     "Depository  Closing  Instructions"  shall  mean  the  Depository  Closing
Instructions to be given by Agent Bank to Title Insurance Company at or prior to
the  Closing  Date  setting forth the requirements for the issuance of the Title
Insurance Policy and other conditions for the closing of the Credit Facility, as
it  may  be  amended  or  modified  prior  to the Closing Date to the reasonable
satisfaction  of  Agent  Bank,  Requisite  Lenders  and  the  Borrowers.

     "Designated  Deposit Account" shall mean a deposit account to be maintained
by  Borrowers,  as  from  time to time designated in writing to Agent Bank by an
Authorized  Officer.

     "Dispute"  shall  have  the  meaning  set  forth  in  Section  10.14(a).

     "Distributions"  shall  mean  and  collectively  refer  to any and all cash
dividends,  loans,  payments  (including principal payments made on Subordinated
Debt),  advances  or  other  distributions,  fees or compensation of any kind or
character  whatsoever
                                       10
<PAGE>

made  by  Borrowers  to  any  Person  which  is  not  a  member  of the Borrower
Consolidation,  but  shall  not  include  consideration  paid  for  tangible and
intangible  assets  in  an  arms  length  exchange  for fair market value, trade
payments made and other payments for liabilities incurred in the ordinary course
of  business  or compensation and fees to officers, directors, members, managers
and  employees  of  Borrowers,  all  in  the  ordinary  course  of  business.

     "Documents"  shall  have  the  meaning  set  forth  in  Section  10.14(a).

     "Dollars"  and  "$" means the lawful money of the United States of America.

     "Double  Eagle  Hotel  &  Casino"  shall mean the hotel and casino facility
located  at  442  East  Bennett  avenue  in  Cripple  Creek, Colorado, including
forty-five  thousand  (45,000)  square  feet  of  gaming  space,  one  hundred
fifty-eight  (158)  hotel  rooms,  four  hundred  (400)  parking  spaces  and an
eighty-five  (85)  seat  restaurant.

     "EBITDA"  shall  mean  with  reference to any Person, for any Fiscal Period
under  review,  the  sum  of  (i) Net Income for that period, plus (ii) Interest
Expense  (expensed  and  capitalized)  for that period, plus (iii) the aggregate
amount  of  federal  and  state  taxes  on or measured by income for that period
(whether  or  not  payable  during  that  period),  plus  (iv)  depreciation,
amortization  and  all  other  non-cash  expenses  for that period, in each case
determined  in  accordance  with  GAAP and, in the case of items (ii), (iii) and
(iv),  only  to  the extent deducted in the determination of Net Income for that
period.

     "ERISA"  shall mean the Employee Retirement Income Security Act of 1974, as
amended  from  time  to  time.

     "Eligible  Assignee"  means  (a)  another  Lender,  (b) with respect to any
Lender,  any Affiliate of that Lender, (c) any commercial bank, savings and loan
association  or  savings  bank  that  is  organized under the Laws of the United
States  of  America,  any  State thereof or the District of Columbia, or (d) any
commercial bank that is organized under the Laws of any other country which is a
member  of  the  Organization  for  Economic  Cooperation  and Development, or a
political  subdivision  of such a country, provided that (A) such bank is acting
                                           --------
through  a branch or agency located in the United States of America and (B) such
bank  is  otherwise exempt from withholding of tax on interest and delivers Form
1001  or  Form  4224 at the time of any assignment, and (e) with respect to such
commercial  bank or financial institution as described in (a) through (d) above,
no finding of unsuitability has been made or determined by any Gaming Authority.

     "Eligible  Subparticipant"  shall  mean any Person which is a bank, savings
and  loan  association  or  other financial or lending institution which has not
been  found  unsuitable  as  a  lender  by  the  Gaming  Authorities.

                                       11
<PAGE>

"Environmental  Certificate"  shall  mean  the  Certificate  and Indemnification
Regarding  Hazardous  Substances to be executed by Borrowers and Guarantor on or
before  the  Closing Date and delivered to Agent Bank as a further inducement to
the  Banks  to  establish  the  Credit  Facility,  as  may be amended, modified,
extended,  renewed  or  restated  from  time  to  time.

     "Environmental  Site Assessment(s)" shall mean a Phase 1 Environmental Site
Assessment  or  Assessments  of  the  applicable  land  under review prepared in
conformance  with  the  scope  and  limitations  of  ASTM  Standard  Designation
E1527-93.

     "Equipment  Leases  and  Contracts"  shall  mean  the  executed  leases and
purchase  contracts  pertaining  to  FF&E  wherein  Borrowers  are the lessee or
vendee,  as  the case may be, as set forth on that certain Schedule of Equipment
Leases  and  Contracts  designated  as Schedule 4.17, affixed hereto and by this
reference  incorporated  herein  and  made  a  part  hereof.

     "Event  of  Default"  shall mean any event of default as defined in Section
7.01  hereof.

     "Existing  Credit  Agreement"  shall  mean the Credit Agreement dated as of
March  31,  1997,  as amended by First Amendment to Credit Agreement dated as of
November  11,  1997, by Second Amendment to Credit Agreement dated as of January
28,  1998,  by Third Amendment to Credit Agreement dated November 4, 1998 and by
Fourth  Amendment  to  Credit  Agreement  dated  as  of  November  15,  1999.

     "Existing  RLC Note" shall mean the Revolving Credit Note (Second Restated)
dated  November  4,  1998,  in  the  principal  sum  of  Twenty  Million Dollars
($20,000,000.00),  executed  by  Borrowers,  payable to the order of Agent Bank.

     "FF&E" shall mean collective reference to any and all furnishings, fixtures
and  equipment, including, without limitation, all Gaming Devices and associated
equipment,  which  have  been  installed  or  are  to  be  installed and used in
connection  with  the  operation of the Casino Facilities and in connection with
any  other  business operation conducted on the Real Property and those items of
furniture,  fixtures  and  equipment  which have been purchased or leased or are
hereafter  purchased  or  leased  by  Borrowers  in  connection  with the Casino
Facilities  and in connection with any other business operation conducted on the
Real  Property.

     "FIRREA"  shall  mean  the  Financial  Institutions  Reform,  Recovery  and
Enforcement  Act  of  1989.
                                       12
<PAGE>

"Federal  Funds Rate" means, as of any date of determination, the rate set forth
in  the  weekly  statistical  release  designated as H.15(519), or any successor
publication,  published  by  the  Federal  Reserve  Board  (including  any  such
successor,  "H.15(519)")  for  such  date  opposite  the  caption "Federal Funds
(Effective)".  If  for  any  relevant  date  such  rate  is not yet published in
H.15(519),  the  rate  for  such  date  will  be the rate set forth in the daily
statistical  release  designated  as the Composite 3:30 p.m. Quotations for U.S.
Government  Securities,  or  any successor publication, published by the Federal
Reserve  Bank  of  New  York  (including any successor, the "Composite 3:30 p.m.
Quotation")  for such date under the caption "Federal Funds Effective Rate".  If
on  any relevant date the appropriate rate for such date is not yet published in
either  H.15(519)  or the Composite 3:30 p.m. Quotations, the rate for such date
will  be  the arithmetic mean of the rates for the last transaction in overnight
Federal  funds  arranged prior to 9:00 a.m. (New York City time) on that date by
each  of  three  leading  brokers of Federal funds transactions in New York City
selected by the Agent Bank.  For purposes of the Credit Agreement, any change in
the Base Rate due to a change in the Federal Funds Rate shall be effective as of
the  opening  of  business  on  the  effective  date  of  such  change.

     "Financial  Covenant"  shall  mean  individual  reference  and  "Financial
Covenants"  shall mean collective reference to the Financial Covenants set forth
in  Article  VI  of  the  Credit  Agreement.

     "Financing  Statements"  shall  mean  the Uniform Commercial Code Financing
Statements required to be filed with (i) the Office of the Secretary of State of
Colorado,  (ii) the Office of the Recorder of Teller County, Colorado, and (iii)
with  the  Secretary  of  State of the State in which Borrowers' chief executive
office  is  located,  in order to perfect the security interest granted to Agent
Bank under the Deed of Trust and other Security Documentation in accordance with
the  requirements  of  the  Uniform  Commercial  Code.

     "Fiscal  Quarter" shall mean the consecutive three (3) month periods during
each  Fiscal  Year  beginning  on  January 1, April 1, July 1 and October 1, and
ending  on  March  31,  June  30,  September  30  and December 31, respectively.

     "Fiscal Year" shall mean the fiscal year period beginning January 1 of each
calendar  year  and  ending  on  the  following  December  31.

     "Fiscal  Year  End"  shall  mean  December  31  of  each  calendar  year.

     "Funded  Debt"  shall mean for any period the daily average during the last
month  of  such  period  of  both  the  long-term  and current portions (without
duplication)  of  all  interest  bearing  Indebtedness  and  Capitalized  Lease
Liabilities,  plus  the  amount  of  all  Contingent Liabilities (other than the
Guaranty)  as  of  the  last  day  of  such  period.
                                       13
<PAGE>

"Funded  Outstandings" shall mean the unpaid principal amount outstanding on the
Credit  Facility  as  of  any  given  date  of determination for Borrowings made
thereunder,  not  including  the  amount  of  any  L/C  Exposure.

     "Funding  Date"  shall  mean  each  date upon which Lenders fund Borrowings
requested  by  Borrowers in accordance with the provisions of Section 2.03 or at
the  request  of  Agent  Bank  pursuant  to  Section  2.08.

     "GAAP"  means  generally  accepted  accounting  principles set forth in the
opinions  and pronouncements of the Accounting Principles Board and the American
Institute  of  Certified Public Accountants and statements and pronouncements of
the  Financial  Accounting  Standards Board, or in such other statements by such
other  entity as may be in general use by significant segments of the accounting
profession,  which  are  applicable  to  the  circumstances  as  of  the date of
determination.

     "Gaming  Authorities"  means collective reference to the Division of Gaming
of  the  Colorado  Department  of  Revenue,  the Colorado Limited Gaming Control
Commission  and  each  other  agency  or  other  political subdivision which has
jurisdiction  over  the gaming activities of Borrowers at the Casino Facilities.

     "Gaming  Devices"  shall  mean  slot  machines  and  other  devices  which
constitute  gaming  devices  and  related  equipment  as  defined  by the Gaming
Authorities  and  Gaming  Laws.

     "Gaming  Laws"  shall  mean  the  Colorado  Limited  Gaming  Act  and  the
regulations  relating  thereto  and  all  other rules, regulations, statutes and
ordinances having authority or with which compliance is required for the conduct
of  gambling,  gaming  and  casino  activities  at  the  Casino  Facilities.

     "Gaming  Permits"  shall mean collective reference to every license, permit
or  other authorization required to own, operate and otherwise conduct gambling,
gaming  and  casino  activities  at  the  Casino  Facilities, including, without
limitation,  all  licenses  granted  by  the  Gaming  Authorities  and all other
applicable  Governmental  Authorities.

     "Golden  Horseshoe Lease" shall mean collective reference to the following:
(i)  that  certain  "Agreement"  which  is  executed  by  Harold  William  Large
("Large"),  and  by Teller Realty, Inc., a Colorado corporation ("Teller") under
date  of August 31, 1994 pursuant to which, among other things, Large leased the
Horseshoe  Property  to  Teller  and  granted  Teller  an option to purchase the
Horseshoe  Property  (the  "Master  Lease");  (ii)  that  certain "Agreement" as
amended  by  that  certain  "Addendum  to Agreement" and by that certain "Second
Addendum",  all  of  which  are executed by Teller and by Gold Creek Associates,
L.P.  ("Gold  Creek")  under  date  of  May  1,  1995  pursuant  to which, among
                                       14
<PAGE>

other  things, Teller subleased the Horseshoe Property to Gold Creek and granted
Gold Creek a suboption to purchase the Horseshoe Property record notice of which
is  recorded  in the office of the Clerk and Recorder of Teller County, Colorado
on  December 1, 1995 at Reception No. 440946 (collectively, the "Sublease"); and
(iii)  that  certain  "Four Party Agreement, Assignment and Assumption of Lease,
Consent  to  Assignment  of Lease, Confirmation of Option Agreement and Estoppel
Statements"  executed by Large, Teller, Gold Creek and WMCKAC under date of July
1,  1996  and recorded in the office of the Clerk and Recorder of Teller County,
Colorado  on July 3, 1996 at Reception No. 449555 pursuant to which, among other
things:  (aa)  Gold  Creek  assigned all of its right, title and interest in the
Sublease to WMCKAC; (bb) Large and Teller consented to such Assignment; and (cc)
Large  and  Teller  granted certain assurances to WMCKAC regarding the continued
effectiveness of the Lease and Sublease; all as such agreements may hereafter be
extended,  renewed,  amended,  restated  or  otherwise  modified.

     "Golden  Horseshoe  Lease  Estoppel  Certificate"  shall  mean  an estoppel
certificate  duly executed by Teller Realty, Inc., as sublessor under the Golden
Horseshoe  Lease,  and  WMCKAC,  as  sublessee  under the Golden Horseshoe Lease
wherein  Teller Realty, Inc. certifies and represents to Agent Bank on behalf of
Lenders  that:  (a)  the  Golden Horseshoe Lease represents the entire agreement
between  the  parties thereto with respect to the Golden Horseshoe Property; (b)
the Golden Horseshoe Lease has not been modified, supplemented or amended except
as  described  herein;  (c)  to  the  best knowledge of such party, there are no
defaults  presently  existing  or  continuing under any of the provisions of the
Golden  Horseshoe Lease; (d) other provisions regarding Agent Bank's entitlement
to notice of, and right to cure, such defaults under the Golden Horseshoe Lease,
as Agent Bank shall require; and (e) such other provisions as may be required by
Agent  Bank.

     "Golden Horseshoe Property" shall mean that certain real property described
as  parcel  2  on  the  Title  Report.

     "Government  Securities" means readily marketable (a) direct full faith and
credit  obligations of the United States of America or obligations guaranteed by
the full faith and credit of the United States of America and (b) obligations of
an  agency  or instrumentality of, or corporation owned, controlled or sponsored
by, the United States of America that are generally considered in the securities
industry  to  be  implicit  obligations  of  the  United  States  of  America.

     "Governmental  Authority"  or  "Governmental  Authorities"  shall  mean any
federal,  state,  regional,  county  or  municipal  governmental  agency, board,
commission,  officer  or official whose consent or approval is required or whose
regulations  must  be  followed as a prerequisite to (i) the continued operation
and  occupancy  of  the  Real
                                       15
<PAGE>

Property  and  the  Casino  Facilities  or  (ii)  the  performance of any act or
obligation  or  the  observance  of  any  agreement,  provision  or condition of
whatever  nature  herein  contained.

     "Guarantor"  shall  mean  Century  Casinos,  Inc.,  a Delaware corporation.

     "Guaranty"  shall  mean  the  General Continuing Guaranty to be executed by
Guarantor  in  favor  of  Agent  Bank on behalf of the Banks, under the terms of
which  Guarantor  irrevocably  and unconditionally guaranties the prompt payment
and  performance  of  Borrowers'  promises,  covenants and agreements under this
Credit  Agreement,  the  Revolving Credit Note and each of the Loan Documents, a
copy  of  the  form  of  which is marked "Exhibit B", affixed hereto and by this
reference  incorporated  herein  and  made  a  part  hereof,  as the same may be
amended,  modified,  supplemented,  replaced,  renewed  or restated from time to
time.

     "Hazardous  Materials  Claims"  shall have the meaning set forth in Section
5.20.

     "Hazardous  Materials  Laws"  shall  have  the meaning set forth in Section
5.20.

     "Indebtedness"  shall  mean, as to any Person, without duplication, (a) all
indebtedness  (including  principal,  interest, fees and charges) of such Person
for  borrowed  money,  (b)  the  deferred purchase price of property or services
(other  than accrued expenses, tax liability, deferred taxes, and trade accounts
payable  less  than  ninety  (90)  days  past  due and other accrued or deferred
liabilities  incurred  in  the  ordinary course of business) which in accordance
with  GAAP  would  be  shown  on the liability side of the balance sheet of such
Person,  (c)  the face amount of all letters of credit issued for the account of
such  Person  and  all  drafts  drawn  thereunder,  (d)  all  obligations  under
conditional  sale  or  other  title  retention  agreements  relating to property
purchased  by  such Person, (e) all liabilities of the type described in clauses
(a) through (d) or (f) of this definition secured by (or for which the holder of
any such liability has an existing right, contingent or otherwise, to be secured
by) any lien or encumbrance on any property owned by such Person, whether or not
such  liabilities  have  been  assumed by such Person, (f) all Capitalized Lease
Liabilities of such Person, and (g) all Contingent Liabilities of such Person in
respect  of  any indebtedness, obligations or liabilities of any other Person of
the  type  referred  to  in  clauses  (a)-(f)  of  this  definition.

     "Indemnified  Party"  and  "Indemnified  Parties"  shall  have  the meaning
ascribed  to  such  terms  in  Section  5.14.

     "Interest  Expense"  shall  mean with respect to any Person, as of the last
day  of  any  fiscal  period  under  review,  the sum of (i) all interest, fees,
charges  and  related
                                       16
<PAGE>

expenses  paid  or  payable (without duplication) for that fiscal period by such
Person  to a lender in connection with borrowed money (including any obligations
for  fees,  charges  and related expenses payable to the issuer of any letter of
credit)  or  the deferred purchase price of assets that are considered "interest
expense"  under  GAAP,  plus (ii) the portion of the up front costs and expenses
for Interest Rate Hedges (to the extent not included in (i)) fairly allocated to
such  interest  rate hedges as expenses for such period, plus (iii) the portions
of  Capital  Lease  Liabilities that should be treated as interest in accordance
with  GAAP.

     "Interest  Expense  Coverage  Ratio"  shall  be  defined  as  follows:

EBITDA,  minus  Distributions  (exclusive  of  the  Permitted  Distribution
Carve-Outs),  minus Non-Financed Capital Expenditures incurred during the period
under  review

Divided  by  ()

Interest  Expense  paid  with respect to the Fiscal Quarter under review and the
most recently ended three immediately preceding Fiscal Quarters on a four fiscal
quarter  basis  on  all  Indebtedness  (accrued  and  capitalized).

     "Interest Period(s)" shall have the meaning set forth in Section 2.05(d) of
the  Credit  Agreement.

     "Interest  Rate  Hedge"  shall mean collective reference to any one or more
interest  rate  swap  agreements,  interest  rate  cap  agreements, basis swaps,
forward  rate  agreements  and interest collar or floor agreements and all other
interest  rate  protection  products or arrangements designed to protect against
fluctuations  in  interest  rates  or currency exchange rates for the purpose of
hedging  the  interest  rates  on  the  Credit  Facility.

     "Interest  Rate  Option"  shall  have  the meaning ascribed to such term in
Section  2.05(b)  of  the  Credit  Agreement.

     "Investment"  shall  mean,  when  used  in  connection with any Person, any
investment  by  or  of  that  Person,  whether  by  means  of  purchase or other
acquisition  of  stock  or other securities of any other Person or by means of a
loan,  advance  creating a debt, capital contribution, guaranty or other debt or
equity  participation or interest in any other Person, including any partnership
                                                       ---------
and  joint venture interests of such Person.  The amount of any Investment shall
be  the  amount actually invested without adjustment for subsequent increases or
decreases  in  the  value  of  such  Investment.
                                       17
<PAGE>

"Johannesburg  Investment"  shall  mean the investment, directly by Guarantor or
through a Subsidiary which is owned or controlled by Guarantor, in a partnership
or  other  joint  venture arrangement with an entity known as "Silverstar" for a
casino  operation  to be located in the greater Johannesburg, South Africa area.

     "L/C  Agreement(s)"  shall mean collective reference to the Application and
Agreement  for Standby Letter of Credit and Application for Commercial Letter of
Credit and addendum(s) thereto executed by an Authorized Officer of Borrowers in
favor  of  L/C Issuer in L/C Issuer's standard form, setting forth the terms and
conditions  upon which L/C Issuer shall issue a Letter(s) of Credit, as the same
may  be  amended  or  modified  from  time  to  time.

     "L/C  Exposure"  shall  mean  the  aggregate amount which L/C Issuer may be
required to fund or is contingently liable for disbursement under all issued and
outstanding Letter(s) of Credit, which amount shall be determined by subtracting
from  the  aggregate  of the Stated Amount of each such Letter(s) of Credit, the
principal  amount  of  all  L/C Reimbursement Obligations which have accrued and
have  been  fully  satisfied  as  of  each  date  of  determination.

     "L/C  Facility"  shall mean the agreement of L/C Issuer to issue Letters of
Credit  subject  to  the  terms and conditions and up to the maximum amounts and
duration  as  set  forth  in  Section  2.08  of  the  Credit  Agreement.

     "L/C Fee" shall have the meaning set forth in Section 2.09(c) of the Credit
Agreement.

     "L/C  Issuer"  shall  mean  WFB in its capacity as the issuer of Letters of
Credit  under  the  L/C  Facility.

     "L/C Reimbursement Obligation(s)" shall mean the obligation of Borrowers to
reimburse  L/C  Issuer  for  amounts  funded  or  disbursed under a Letter(s) of
Credit,  together  with  accrued  interest  thereon.

     "LIBO Rate" means, relative to any LIBOR Loan Interest Period for any LIBOR
Loan  included  in  any  Borrowing,  the  per  annum  rate  (reserve adjusted as
hereinbelow  provided)  of  interest  quoted  by Agent Bank, rounded upwards, if
necessary, to the nearest one-sixteenth of one percent (0.0625%) at which Dollar
deposits  in  immediately  available  funds are offered by Agent Bank to leading
banks in the London interbank market at approximately 11:00 a.m. London, England
time  two  (2)  Banking  Business  Days  prior to the beginning of such Interest
Period,  for  delivery  on  the  first  day of such Interest Period for a period
approximately equal to such Interest Period and in an amount equal or comparable
to  the  LIBOR  Loan  to  which  such  Interest  Period  relates.
                                       18
<PAGE>
The  foregoing  rate  of  interest  shall  be  reserve  adjusted by dividing the
applicable  LIBO  Rate  by a one (1.00) minus the LIBOR Reserve Percentage, with
such  quotient  to  be  rounded  upward  to  the  nearest  whole  multiple  of
one-hundredth  of  one percent (0.01%).  All references in this Credit Agreement
or other Loan Documents to a LIBO Rate include the aforesaid reserve adjustment.

     "LIBOR  Loan"  shall  mean each portion of the total unpaid principal under
the  Credit  Facility  which bears interest at a rate determined by reference to
the  LIBO  Rate  plus  the  Applicable  Margin.

     "LIBOR Reserve Percentage" means, relative to any Interest Period for LIBOR
Loans  made by any Lender, the reserve percentage (expressed as a decimal) equal
to  the  actual  aggregate reserve requirements (including all basic, emergency,
supplemental,  marginal  and  other  reserves  and  taking  into  account  any
transactional  adjustments  or  other scheduled changes in reserve requirements)
announced  within  Agent Bank as the reserve percentage applicable to Agent Bank
as  specified  under regulations issued from time to time by the Federal Reserve
Board.  The  LIBOR  Reserve  Percentage  shall  be  based on Regulation D of the
Federal  Reserve  Board  or  other  regulations  from  time  to  time  in effect
concerning  reserves for "Eurocurrency Liabilities" from related institutions as
though  Agent  Bank  were  in  a  net  borrowing  position.

     "Laws"  means, collectively, all international, foreign, federal, state and
local  statutes,  maritime laws, treaties, rules, regulations, ordinances, codes
and  administrative  or  judicial  precedents.

     "Lender  Reply Period" shall have the meaning set forth in Section 9.10(d).

     "Lenders" means WFB and any other bank, finance company, insurance or other
financial  institution  which  is or becomes a party to this Credit Agreement by
execution  of  a  counterpart  signature  page  hereto  or  by  execution  of an
Assignment  and  Assumption Agreement, as assignee.  At all times that there are
no  Lenders  other  than  WFB, the terms "Lender" and "Lenders" means WFB in its
individual  capacity.  With  respect  to  matters  requiring  the  consent to or
approval  of all Lenders at any given time, all then existing Defaulting Lenders
will  be  disregarded and excluded, and, for voting purposes only, "all Lenders"
shall  be  deemed  to  mean  "all  Lenders  other  than  Defaulting  Lenders".

     "Letter(s)  of  Credit"  shall  mean  collective  reference  to the Standby
Letter(s)  of  Credit and/or Commercial Letter(s) of Credit, as the case may be,
issued  by  L/C  Issuer  on  behalf  of  Borrowers, as the same may be extended,
renewed  or  reissued  from  time  to time.
                                       19
<PAGE>

"Leverage  Ratio"  as  of  the  end  of  any Fiscal Quarter shall mean the ratio
resulting by dividing (a) Funded Debt for the Fiscal Quarter under review by (b)
the  sum  of  EBITDA for the Fiscal Quarter under review plus EBITDA for each of
the  most  recently  ended  three  (3)  preceding  Fiscal  Quarters.

     "Lien"  means  any  lien,  mortgage, pledge, assignment, security interest,
charge or encumbrance of any kind (including any conditional sale or other title
retention  agreement, any lease in the nature thereof, and any agreement to give
any  security  interest) and any option, trust or other preferential arrangement
having  the  practical  effect  of  any  of  the  foregoing.

     "Liabilities  and  Costs"  means  all  claims,  judgments,  liabilities,
obligations,  responsibilities,  losses,  damages  (including  lost  profits),
punitive  or  treble  damages,  costs,  disbursements  and  expenses (including,
without  limitation,  reasonable  attorneys',  experts'  and consulting fees and
costs  of  investigation and feasibility studies), fines, penalties and monetary
sanctions,  interest,  direct  or  indirect,  known  or  unknown,  absolute  or
contingent,  past,  present  or  future.

     "Loan  Documents"  shall  mean  the  collective  reference  to  this Credit
Agreement,  the  Revolving  Credit  Note,  the  Security  Documentation,  Cash
Collateral  Pledge  Agreement, Guaranty, Environmental Certificate and all other
instruments and agreements required to be executed by or on behalf of Borrowers,
Guarantor,  or  any  other Person in connection with the Credit Facility for the
benefit  of  Banks or Agent Bank on behalf of the Lenders and/or the L/C Issuer,
as  the  same  may  be  amended,  modified,  supplemented,  replaced, renewed or
restated  from  time  to  time.

     "Margin Stock" shall have the meaning provided in Regulation U of the Board
of  Governors  of  the  Federal  Reserve  System.

     "Material  Adverse  Change"  shall  mean:  (i)  any set of circumstances or
events  which  is  material  and  adverse  to  the  Collateral  or the condition
(financial  or  otherwise), business operations or prospects of (a) the Borrower
Consolidation or the Guarantor taken as a whole, or (b) the ability of Borrowers
or  the  Guarantor  to  perform  their  respective  Obligations  under  the Loan
Documents,  or  (c)  the  ability  of any of the Lenders to enforce any of their
material  rights  or remedies under any of the Loan Documents, or (ii) any event
or  change  which  has  or  results  in  a  material adverse effect upon (a) the
validity  or priority of any of the Loan Documents, or (b) the use, occupancy or
operation  of  the  Casino  Facilities.

     "Maturity  Date"  shall  mean  April  26,  2004.
                                       20
<PAGE>

"Maximum  Availability"  shall  mean  the  Maximum  Permitted  Balance  less the
Aggregate  Outstandings.

     "Maximum  Permitted  Balance"  shall  mean  the maximum amount of principal
which may be outstanding on the Credit Facility from time to time which shall be
the lesser of: (a) the Maximum Scheduled Balance, or (b) the amount to which the
Maximum Scheduled Balance is voluntarily reduced by Borrower pursuant to Section
2.01(c)  or  is  otherwise reduced or limited pursuant to Sections 5.01, 5.12 or
8.02  or  by  Scheduled  Reductions.

     "Maximum  Scheduled  Balance"  shall  mean  the maximum amount of scheduled
principal  which  may be outstanding on the Credit Facility from time to time in
the  amount  of the Aggregate Commitment as of the Closing Date, as reduced from
time  to  time  by  the  Scheduled  Reductions  as  set  forth  on the Aggregate
Commitment  Reduction  Schedule.

     "Net  Income"  shall mean with respect to any Person for any fiscal period,
the net income of such Person during such fiscal period determined in accordance
with  GAAP,  consistently  applied.

     "Non-Financed  Capital  Expenditures" shall mean Capital Expenditures which
are paid by any member of the Borrower Consolidation from assets of the Borrower
Consolidation and not from the Credit Facility or through any other loan, credit
agreement,  lease  or  financing  from  any  source.

     "Non-Pro Rata Borrowing" means a Borrowing with respect to which fewer than
all  Lenders  have funded their respective Pro Rata Shares of such Borrowing and
the failure of the non-funding Lender or Lenders to fund its or their respective
Pro Rata Shares of such Borrowing constitutes a breach of this Credit Agreement.

     "Nonusage  Fee"  shall  have  the  meaning ascribed to such term in Section
2.09(b)  of  this  Credit  Agreement.

     "Notice  of  Borrowing"  shall  have the meaning set forth in Section 2.03.

     "Obligations" means, from time to time, all Indebtedness of Borrowers owing
to  Agent Bank, any Lender or any Person entitled to indemnification pursuant to
Section  5.14, or any of their respective successors, transferees or assigns, of
every  type  and  description, whether or not evidenced by any note, guaranty or
other  instrument,  arising under or in connection with this Credit Agreement or
any other Loan Document, whether or not for the payment of money, whether direct
or  indirect  (including  those acquired by assignment), absolute or contingent,
due  or  to  become  due,  now  existing  or
                                       21
<PAGE>

hereafter  arising and however acquired.  The term includes, without limitation,
all  interest,  charges,  expenses,  fees,  reasonable  attorneys'  fees  and
disbursements,  reasonable  fees and disbursements of expert witnesses and other
consultants,  and any other sum now or hereinafter chargeable to Borrowers under
or  in  connection  with  Credit  Agreement  or  any  other  Loan  Document.
Notwithstanding  the  foregoing  definition  of  "Obligations",  Borrowers'
obligations  under  any  environmental  indemnity  agreement constituting a Loan
Document,  or any environmental representation, warranty, covenant, indemnity or
similar  provision in this Credit Agreement or any other Loan Document, shall be
secured  by  the Collateral only to the extent, if any, specifically provided in
the  Security  Documentation.

     "Office  Building  Parcel"  shall  mean the real property described on that
certain  exhibit  marked  "Exhibit  N,"  affixed  hereto  and  by this reference
incorporated  herein  and  made  a  part hereof, together with all buildings and
other  improvements  now  or  hereafter  constructed  thereon.

     "Payment  Subordination  Agreement"  shall  mean  the Payment Subordination
Agreement  to  be  executed by Guarantor in favor of Agent Bank on behalf of the
Lenders  on  or before the Closing Date in the form of the Payment Subordination
Agreement  marked "Exhibit I", affixed hereto and by this reference incorporated
herein  and  made  a  part  hereof.

     "Pension Plan" means any "employee pension benefit plan" that is subject to
Title  IV  of  ERISA and which is maintained for employees of Borrower or any of
its  ERISA  Affiliates.

     "Permitted  Distribution Carve-Outs" shall mean collective reference to the
Distributions specifically described in subparagraphs (a) through (e) below made
during  the  period  commencing  on  November 30, 1999 and continuing until Bank
Facility  Termination,  and  which may be made subsequent to the Closing Date so
long  as: (i) no Default or Event of Default has occurred and remains continuing
at  the  time  of  such  Distributions,  (ii)  December  31, 2001 shall not have
occurred;  and  (iii)  such  Permitted Distribution Carve-Outs do not exceed Ten
Million  Five  Hundred  Thousand  Dollars  ($10,500,000.00)  in  the  aggregate:

          a.     Distribution  of  the  Johannesburg  Investment up to a maximum
aggregate  amount  of  Two  Million  Dollars  ($2,000,000.00);

          b.     Distribution  of  the  Caledon  Investment  up  to  a  maximum
aggregate  amount  of  Four  Million  Three  Hundred  Dollars  ($4,300,000.00);
                                       22
<PAGE>

c.     Distribution to be applied toward a pre-payment or repayment of principal
on  the  Subordinated  Debt  up  to  the maximum aggregate amount of One Million
Dollars  ($1,000,000.00);

          d.     Distributions  to  be used to repurchase the stock of Guarantor
up  to  a maximum aggregate amount of Three Million Dollars ($3,000,000.00); and

          e.     Distribution  of  the Czech Republic Investment up to a maximum
aggregate  amount  of  Seven Hundred Twenty-Five Thousand Dollars ($725,000.00).

     "Permitted  Encumbrances" shall mean, at any particular time, (i) liens for
taxes,  assessments or governmental charges not then due, payable and delinquent
or  being  contested  in  good  faith,  (ii)  liens  for  taxes,  assessments or
governmental  charges  not  then required to be paid pursuant to Section 5.10 or
being  contested in good faith, (iii) liens in favor of Agent Bank or any Lender
created  or  contemplated  by  the  Security  Documentation, or securing Secured
Interest  Rate Hedges, (iv) the liens, encumbrances and restrictions on the Real
Property  and  existing  improvements  which  are  allowed by Banks to appear in
Schedule  B,  Part  I and II of the Title Insurance Policy relating to such Real
Property  at the Closing Date, (v) liens in favor of Agent Bank on behalf of the
Lenders  or  consented  to in writing by Agent Bank, (vi) easements, licenses or
rights-of-way, hereafter granted to any Governmental Authority or public utility
providing  services to the Casino Facilities which are first approved in writing
by  the  Agent  Bank, (vii) judgment liens on property other than the Collateral
which  do  not  constitute  an  Event  of  Default,  (viii)  statutory  liens of
landlords,  revenue  authorities and materialmen and other similar liens imposed
by law incurred in the ordinary course of business which could not reasonably be
expected  to  result  in  a  Material Adverse Change and which are discharged in
accordance  with  Section  5.04,  (ix)  liens  incurred  or deposits made in the
ordinary  course  of  business  in  connection  with  workers'  compensation,
unemployment  insurance  and  other  types  of social security, or to secure the
performance  of  tenders,  statutory obligations, surety and appeal bonds, bids,
leases,  government  contracts, trade contracts, performance and return-of-money
bonds  and  other  similar  obligations;  (x)  leases,  concessions or subleases
granted  to  others  not  interfering  in any material respect with the ordinary
conduct  of  the  business  of Borrowers; and (xi) liens or other minor defects,
encroachments  or  irregularities  in  title  that  do  not result in a Material
Adverse  Change.

     "Person"  means  an  individual,  firm,  corporation,  trust,  association,
partnership,  joint  venture,  tribunal  or  other  entity.
                                       23
<PAGE>

"Policies  of  Insurance" shall mean the insurance to be obtained and maintained
by  Borrower throughout the term of this Credit Agreement as provided by Section
5.09  herein.

     "Post  Foreclosure  Plan"  shall  have  the  meaning  set  forth in Section
9.11(e).

     "Potential  L/C  Exposure" shall mean the amount of L/C Exposure that would
result  from  the  issuance  of  each  Letter  of  Credit  that  is requested by
Borrowers,  or  any of them, pursuant to Section 2.08 herein, which amount shall
be  measured  during  the  period  commencing  on  the  date of such request for
issuance and continuing until the requested Letter of Credit is either issued by
the  L/C Issuer or the request for issuance is rejected, withdrawn, rescinded or
otherwise  terminated.

     "Pricing  Certificate" shall have the meaning set forth in Section 5.08(b).

     "Prime  Rate" shall mean the rate of interest per annum which WFB from time
to  time  identifies  and  publicly  announces  at  its  principal office in San
Francisco,  California,  as  its  "prime  rate"  or  "reference rate" and is not
necessarily,  for  example,  the lowest rate of interest which WFB collects from
any  borrower  or  group  of  borrowers.

     "Principal Prepayments" shall have the meaning set forth in Section 2.07(a)
of  this  Credit  Agreement.

     "Pro  Rata  Share" means, with respect to any Lender, a percentage equal to
such  Lender's  Syndication  Interest  in  the  Credit  Facility as set forth on
Schedule  of  Lenders'  Proportions  in  Credit  Facility.

     "Protective Advance" means all sums expended as determined by Agent Bank to
be  necessary  to:  (a) protect the priority, validity and enforceability of the
Security  Documentation  on,  and  security interests in, any Collateral and the
instruments  evidencing or securing the Obligations, or (b) prevent the value of
any  Collateral  from  being  materially diminished (assuming the lack of such a
payment  within the necessary time frame could potentially cause such Collateral
to  lose  value),  or  (c)  protect  any of the Collateral from being materially
damaged,  impaired,  mismanaged  or  taken,  including,  without limitation, any
amounts expended in accordance with Section 10.20 or post-foreclosure ownership,
maintenance,  operation  or  marketing  of  any  Collateral.

     "Rate  Adjustment  Date"  shall  mean  September  1,  2000.

     "Real  Property"  shall  mean:  (i)  the  land  which is the subject of and
particularly  described  in the Title Report, together with all improvements now
or  hereafter  situate  thereon;  (ii) upon acquisition of a fee interest in the
T-Shirt  Shop  by  Borrowers,  or
                                       24
<PAGE>

any  of  them,  the  T-Shirt  Shop, (iii) upon acceptance of the Office Building
Parcel  by  Agent  Bank  as  additional Collateral pursuant to Section 5.24, the
Office  Building  Parcel, and (iv) upon acceptance of each respective Additional
Real  Property  Acquisition  by  Agent Bank as additional Collateral pursuant to
Section  5.25,  the  Additional  Real Property Acquisitions so accepted by Agent
Bank.

     "Reduction  Date(s)"  shall  mean  reference to each Reduction Date, as the
context may require as set forth on the Aggregate Commitment Reduction Schedule.

     "Reportable  Event" shall mean a reportable event as defined in Title IV of
ERISA,  except  actions of general applicability by the Secretary of Labor under
Section  110  of  ERISA.

     "Requisite  Lenders"  mean, collectively, Lenders whose Pro Rata Shares, in
the aggregate, are at least sixty-six and two-thirds percent (66-2/3%), provided
that,  (i)  in  determining such percentage at any given time, all then existing
Defaulting  Lenders  will be disregarded and excluded and the Pro Rata Shares of
Lenders shall be redetermined, for voting purposes only, to exclude the Pro Rata
Shares  of  such  Defaulting Lenders, and (ii) notwithstanding the foregoing, at
all  times when two or more Lenders are party to this Credit Agreement, the term
Requisite  Lenders  shall  in  no  event  mean  less  than  two  (2)  Lenders.

     "Revolving  Credit  Note"  shall  mean the Revolving Credit Note, a copy of
which  is  marked "Exhibit A", affixed hereto and by this reference incorporated
herein  and made a part hereof, to be executed by Borrowers on the Closing Date,
payable  to  the  order  of  Agent Bank on behalf of the Lenders, evidencing the
Credit  Facility,  as the same may be amended, modified, supplemented, replaced,
renewed  or  restated  from  time  to  time.

     "Revolving  Credit  Period" shall mean the period commencing on the Closing
Date  and  terminating  on  the  Maturity  Date.

     "Schedule  of  Lenders'  Proportions  in  Credit  Facility"  shall mean the
Schedule  of  Lenders'  Proportions  in  Credit Facility, a copy of which is set
forth  as  Schedule  2.01(a),  affixed hereto and by this reference incorporated
herein and made a part hereof, setting forth the respective Syndication Interest
and maximum amount to be funded under the Credit Facility by each Lender, as the
same  may  be  amended  or  restated  from  time  to  time in connection with an
Assignment  and  Assumption  Agreement.

     "Schedule of Significant Litigation" shall mean the Schedule of Significant
Litigation, a copy of which is set forth as Schedule 3.16, affixed hereto and by
this
                                       25
<PAGE>

reference  incorporated  herein  and  made  a  part  hereof,  setting  forth the
information  described  in  Section  3.16  with  respect  to  each  Significant
Litigation.

     "Scheduled  Reductions"  shall  mean  the  amount  by  which  the Aggregate
Commitment  is  reduced  on  each  Reduction  Date as set forth on the Aggregate
Commitment  Reduction  Schedule.

     "Secured Interest Rate Hedge(s)" shall mean any Interest Rate Hedge entered
into  between  Borrowers  and  any  Lender, or Affiliate of any Lender, which is
secured  by  the  Deed  of  Trust.

     "Security  Documentation"  shall  mean  collective reference to the Deed of
Trust,  Financing  Statements,  Assignment of Entitlements, Contracts, Rents and
Revenues,  Assignment  of  Golden  Horseshoe Lease and all other instruments and
agreements  to  be  executed  by  or  on behalf of Borrowers or other applicable
Persons,  in  favor of Agent Bank on behalf of the Lenders securing repayment of
the  Credit  Facility.

     "Significant  Litigation"  shall  mean  each  action,  suit,  proceeding,
litigation  and controversy involving any Borrower involving claims in excess of
One  Million  Dollars  ($1,000,000.00)  or  which if determined adversely to the
interests  of  such  Borrower,  could  result  in  a  Material  Adverse  Change.

     "Spaceleases"  shall  mean  the  executed  leases and concession agreements
pertaining to the Casino Facilities, or any portion thereof, wherein Borrower is
the  lessor,  as set forth on that certain Schedule of Spaceleases designated as
Schedule 4.16, affixed hereto and by this reference incorporated herein and made
a  part  hereof.

     "Standby  Letter(s)  of  Credit"  shall  mean a letter or letters of credit
issued  by  L/C  Issuer pursuant to Section 2.08 of the Credit Agreement for the
purpose  of  securing  payment  or  performance  of  a  financial  obligation of
Borrowers,  other  than  in  connection with the payment for goods, equipment or
materials.

     "Stated  Amount"  shall  mean  the  maximum  amount which L/C Issuer may be
required  to disburse to the beneficiary(ies) of a Letter(s) of Credit under the
terms  thereof.

     "Stated  Expiry  Date(s)"  shall  mean  the date set forth on the face of a
Letter(s)  of  Credit  as the date when all obligations of L/C Issuer to advance
funds  thereunder will terminate, as the same may be extended from time to time.

     "Subordinated  Debt"  shall mean collective reference to: (i) the unsecured
intercompany Indebtedness, owing by WMCKAC and assumed by WMCKVC, payable to the
order  of  Guarantor  in  the  approximate  amount  of  Five Million Six Hundred
Ninety-One
                                       26
<PAGE>

Thousand  Dollars  ($5,691,000.00) evidenced by a Promissory Note dated June 27,
1996,  as  amended by an Assignment, Assumption and Amendment Agreement dated as
of  March  31,  1997,  which  Subordinated  Debt  shall  be  structurally  and
contractually  subordinated  to  the Credit Facility by execution of the Payment
Subordination  Agreement  by Borrowers and Guarantor in favor of Agent Bank, and
(ii)  any  other  unsecured  intercompany  Indebtedness owing by any Borrower to
Guarantor  which  is  permitted and incurred in accordance with Section 6.05(f).

     "Subsidiary"  shall  mean,  on the date in question, any Person of which an
aggregate  of  50%  or  more of the stock of any class or classes (or equivalent
interests)  is  owned  of  record  or  beneficially,  directly or indirectly, by
another  Person  and/or  any of its Subsidiaries, if the holders of the stock of
such  class  or  classes  (or  equivalent  interests) (a) are ordinarily, in the
absence  of  contin-gencies,  entitled to vote for the election of a majority of
the directors (or individuals performing similar functions) of such Person, even
though  the  right  so  to  vote  has  been suspended by the happening of such a
contingency, or (b) are entitled, as such holders, to vote for the election of a
majority  of the directors (or individuals performing similar functions) of such
Person, whether or not the right so to vote exists by reason of the happening of
a  contingency.

     "Syndication Interest" shall mean the proportionate interest of each Lender
in  the  Credit Facility as set forth on the Schedule of Lenders' Proportions in
Credit  Facility,  as  the  same  may  be amended or restated from time to time.

     "TFCC  Permitted Distribution Carve-Outs" shall mean the first Five Million
Dollars ($5,000,000.00) of Distributions which constitute Permitted Distribution
Carve-Outs.

     "TFCC  Ratio"  shall  be  defined  as  follows:

EBITDA,  minus  Distributions  (exclusive  of  TFCC  Permitted  Distribution
Carve-Outs),  minus Non-Financed Capital Expenditures incurred during the period
under  review

     Divided  by  ()

Interest  Expense  actually  paid  (excluding  Subordinated  Debt), plus current
portion  of  Scheduled  Reductions  actually  paid  where  required  during  the
preceding four quarters to bring the Aggregate Outstandings down to the required
Maximum  Scheduled Balance and Capitalized Lease Liabilities required during the
preceding  four  quarters,  plus  actual  Interest  Expense  and  principal paid
(without  duplication)  on  Subordinated  Debt.
                                       27
<PAGE>

"Taxes"  shall  have  the  meaning  set  forth  in  Section  2.11.

     "Title  Insurance  Company"  shall  mean  Commonwealth Land Title Insurance
Company  and  its  issuing  agent,  Pikes Peak Title Service, Inc., with offices
located  at  471  S.  Baldwin, Woodland Park, Colorado 80866, together with such
reinsurers  with  direct  access  as  are requested by Agent Bank or other title
insurance  company  or  companies  as  may  be  acceptable  to  Agent  Bank.

     "Title  Insurance  Policy"  shall  mean  the ALTA Extended Coverage Lenders
Policy  of Title Insurance, and the endorsements thereto, which are to be issued
by  Title Insurance Company, as of the Closing Date, in the amount of Twenty-Six
Million  Dollars  ($26,000,000.00), in favor of Agent Bank, insuring the Deed of
Trust  as  a  first  priority  mortgage  lien  (a  first  priority  lien  on the
subleasehold  and  suboption  interests  of Borrowers as to the Golden Horseshoe
Property)  encumbering  the  Real Property therein described subject only to the
exceptions  shown  therein  in  Schedule  B,  Part I, all in accordance with the
Depository  Closing  Instructions.

     "Title  Report"  shall  refer  to  the Title Insurance Commitment issued by
Title  Insurance Company, under its Order No. L800698, a copy of which is marked
"Exhibit M", affixed hereto and by this reference incorporated herein and made a
part  hereof.

     "T-Shirt  Shop"  shall  mean  a  two (2) story building located at 247 East
Bennett  Avenue,  in  Cripple  Creek, Colorado, with approximately five thousand
(5,000)  square  feet  of  floor space, which is the subject of the T-Shirt Shop
Option.

     "T-Shirt  Shop Option" shall mean that certain Option Agreement pursuant to
which  WMCKVC  is  granted  an  option  to  purchase  the  T-Shirt  Shop.

     "Upfront  Fee"  shall  have  the  meaning  ascribed to such term in Section
2.09(a).

     "Upfront  Fee  Side  Letter"  shall  mean  the  confidential  letter  dated
concurrently  herewith,  executed  by  and  between  Borrower  and  Agent  Bank
concerning  payment  of  the  Upfront  Fee.

     "Voluntary Permanent Reduction" shall have the meaning set forth in Section
2.01(c).

     "WFB"  shall  mean  Wells  Fargo  Bank,  National  Association.

     "WMCKAC"  shall  have  the meaning set forth in the Preamble to this Credit
Agreement.
                                       28
<PAGE>

"WMCKVC"  shall  have  the  meaning  set  forth  in  the Preamble to this Credit
Agreement.
Section  1.01.     Interpretation  and  Construction.  In this Credit Agreement,
                   ---------------------------------
unless  the  context  otherwise  requires:

a.     Articles  and  Sections  mentioned  by  number  only  are  the respective
Articles  and  Sections  of  this  Credit  Agreement  as  so  numbered;

b.     Words  importing a particular gender mean and include every other gender,
and  words  importing the singular number mean and include the plural number and
vice  versa;
 ----------
c.     All times specified herein, unless otherwise specifically referred, shall
be  the  time  in  San  Francisco,  California;

d.     Any  headings preceding the texts of the several Articles and Sections of
this  Credit  Agreement, and any table of contents or marginal notes appended to
copies  hereof,  shall  be  solely  for  con-venience of reference and shall not
constitute  a  part of this Credit Agreement, nor shall they affect its meaning,
construction  or  effect;

e.     If  any clause, definition, provision or Section of this Credit Agreement
shall  be  determined to be apparently contrary to or conflicting with any other
clause,  definition,  provision  or  Section  of  this Credit Agreement then the
clause, definition, provision or Section containing the more specific provisions
shall  control  and  govern with respect to such apparent conflict.  The parties
hereto  do  agree  that  each  has  con-tributed  to the drafting of this Credit
Agreement  and all Loan Documents and that the provisions herein contained shall
not  be  construed against either Borrowers or Lenders as having been the person
or  persons  responsible  for  the  preparation  thereof;

f.     The  terms  "herein",  "hereunder",  "hereby", "hereto", "hereof" and any
similar  terms  as  used in the Credit Agreement refer to this Credit Agreement;
the  term  "heretofore"  means  before  the  date  of  execution  of this Credit
Agreement;  and  the  term  "hereafter" means after the date of the execution of
this  Credit  Agreement;

g.     All  accounting  terms  used  herein which are not otherwise specifically
defined  shall  be  used  in  accordance  with  GAAP;

h.     If  any  clause,  provision  or  Section of this Credit Agreement shall
be ruled invalid  or  unenforceable  by any court of competent jurisdiction,
such holding shall  not  invalidate  or  render unenforceable any of the
remaining provisions hereof;

                                       29
<PAGE>

i.     Each reference to this Credit Agreement or any other Loan Document or any
of  them,  as used in this Credit Agreement or in any other Loan Document, shall
be  deemed  a  reference  to  this  Credit  Agreement  or such Loan Document, as
applicable,  as  the  same  may  be  amended,  modified, supplemented, replaced,
renewed  or  restated  from  time  to  time;  and

j.     Every  affirmative  duty,  covenant and obligation of Borrowers hereunder
shall  be equally applicable to each of the Borrowers individually and where the
context would result in the best interests or rights of Banks shall be construed
to  mean  "Borrowers  or  any  of  them"  or  "Borrowers  and  each of them", as
applicable.

Section 1.03.     Use of Defined Terms.  Unless otherwise defined or the context
otherwise  requires,  terms  for which meanings are provided in this Credit
Agreement shall have such meanings when used in the Revolving Credit Note and in
each  Loan  Document  and  other  communication  delivered  from time to time in
connection  with  this  Credit  Agreement  or  any  other  Loan  Document.

Section  1.04.     Cross-References.  Unless  otherwise specified, references in
this  Credit Agreement and in each other Loan Document to any Article or Section
are references to such Article or Section of this Credit Agreement or such other
Loan  Document,  as the case may be, and, unless otherwise specified, references
in  any  Article,  Section  or  definition  to any clause are references to such
clause  of  such  Article,  Section  or  definition.

Section  1.05.     Exhibits  and  Schedules.  All Exhibits and Schedules to this
Credit  Agreement, either as originally existing or as the same may from time to
time  be  supplemented,  modified  or  amended,  are incorporated herein by this
reference.
                                  ARTICLE  II
                  AMOUNT, TERMS AND SECURITY OF THE FACILITIES
                  --------------------------------------------
Section  2.01.     The  Credit  Facility.
                   ---------------------
Subject  to  the  conditions  and  upon  the  terms hereinafter set forth and in
accordance  with  the  terms and provisions of the Revolving Credit Note, on and
after  the  Closing Date Lenders severally agree in the proportions set forth on
the  Schedule  of  Lenders'  Proportions  in Credit Facility to lend and advance
Borrowings  to Borrowers, up to the Maximum Permitted Balance, consisting of the
Closing  Disbursements  on  the  Closing  Date and such amounts as Borrowers may
request  during the Revolving Credit Period by Notice of Borrowing duly executed
by  an  Authorized  Officer  and  delivered  to Agent Bank from time to time for
Borrowings  under
                                       30
<PAGE>
the  Credit Facility as provided in Section 2.03, subject to the uses and
purposes  set  forth  in  Section  2.02.

b.     Subject  to the uses and purposes set forth in Section 2.02, on and after
the  Closing  Date  Borrowers  may  borrow,  repay  and  reborrow  the Available
Borrowings  up  to  the  Maximum Permitted Balance from time to time.  Provided,
however,  amounts  of  Funded  Outstandings bearing interest with reference to a
LIBO  Rate  shall  be  subject  to Breakage Charges incident to prepayment.  The
Credit  Facility  shall  be  for  a  term  commencing  on  the  Closing Date and
terminating  on  the Maturity Date, on which date the entire outstanding balance
of  the  Credit Facility shall be fully paid and Bank Facility Termination shall
occur.  In  no  event  shall  any Lender be liable to fund any amounts under the
Credit  Facility  in  excess  of  its  respective  Syndication  Interest  in any
Borrowing.

c.     Notwithstanding the Scheduled Reductions to the Maximum Permitted Balance
as  set  forth  on  the  Aggregate  Commitment Reduction Schedule, Borrowers may
voluntarily  further  permanently reduce the Maximum Permitted Balance from time
to  time  (a  "Voluntary  Permanent  Reduction")  on  the  following conditions:

               (i)     that  each  such  Voluntary Permanent Reduction be in the
minimum  amount  of One Million Dollars ($1,000,000.00) and in increments of One
Hundred  Thousand  Dollars ($100,000.00) and is made in writing by an Authorized
Officer,  effective on the fifth (5th) Banking Business Day following receipt by
Agent  Bank;  and

               (ii)     that  each  such  Voluntary Permanent Reduction shall be
irrevocable  and  a  permanent  reduction  to  the  Maximum  Permitted  Balance.

d.          In  the  event  any  Scheduled  Reduction  or  Voluntary  Permanent
Reduction  reduces  the  Maximum  Permitted  Balance to less than the sum of the
Aggregate  Outstandings,  the  Borrowers  shall  immediately cause the Aggregate
Outstandings  to  be  reduced  by  such  amount as may be necessary to cause the
Aggregate  Outstandings  to  be  equal  to  or  less  than the Maximum Permitted
Balance.

Section  2.02.     Use of Proceeds of the Credit Facility.  Available Borrowings
shall  be  used  for  the  purposes  of:

a.     On  the  Closing  Date  (collectively  the  "Closing  Disbursements"):

          (i)     continuing  the  outstanding  principal  balance  under  the
Existing Credit Agreement and Existing RLC Note as Funded Outstandings under the
Credit  Facility  and  continuing  all  outstanding  letters of credit under the
                                       31
<PAGE>

Existing Credit Agreement as Letters of Credit under the L/C Facility hereunder;

          (ii)     payment  in  full  of  the  Upfront  Fee;  and

          (iii)     paying  in  full  the  costs,  fees  and  expenses  of Title
Insurance  Company  incurred  in  connection  with  the  issuance  of  the Title
Insurance  Policy,  the  costs, fees and expenses of the attorneys for Borrowers
and the costs, fees and expenses of Henderson & Morgan, LLC, attorneys for Agent
Bank,  and associate counsel and insurance consultants retained by them incurred
to  the  Closing  Date.
b.     During  the  Revolving  Credit  Period:

          (i)     funding  the  repayment  of  L/C  Reimbursement Obligations as
provided  in  Section  2.08;

          (ii)     funding  working  capital needs of the Borrower Consolidation
relating  to  the  Casino  Facilities;

          (iii)     funding  ongoing  Capital  Expenditure  requirements  of the
Borrower  Consolidation  relating  to  the  Casino  Facilities;  and

          (iv)     funding Investments and Distributions to the extent permitted
in  the  Credit  Agreement.

Section  2.03.     Notice  of  Borrowings.
                   ----------------------
Borrowings  shall  be made through Agent Bank's credit sweep product.  Provided,
however,  for  each  Borrowing  in  excess  of  Five  Hundred  Thousand  Dollars
($500,000.00)  an  Authorized  Officer shall give Agent Bank, no later than 9:00
a.m.  on  any  Banking  Business Day at Agent Bank's office specified in Section
2.07,  two  (2)  full  Banking  Business  Days  prior  notice  by  telephone and
thereafter  immediately  confirmed in writing by delivery to the Agent Bank of a
written notice in the form of the Notice of Borrowing ("Notice of Borrowing"), a
copy  of  which  is  marked  "Exhibit  C",  affixed hereto and by this reference
incorporated  herein  and  made a part hereof, for each proposed Borrowing to be
made  with  reference  to a LIBO Rate and at least one (1) full Banking Business
Day prior notice by telephone and thereafter immediately confirmed in writing by
delivery  to  the  Agent  Bank  of  a  written  notice for all other Borrowings,
specifying  the  date  and  amount of each proposed Borrowing.  Agent Bank shall
give  prompt  notice  of each Notice of Borrowing to Lenders of the amount to be
funded  and  specifying  the  Funding  Date.  Not  later  than 11:00 a.m. on the
Funding  Date  specified,  each Lender shall disburse to Agent Bank its Pro Rata
Share  of  the  amount  to
                                       32
<PAGE>

be  advanced  by each such Lender in lawful money of the United States of
America  and in immediately available funds.  Agent Bank shall make the proceeds
of  such  fundings  received  by  it  on  or  before 11:00 a.m. from the Lenders
available  to Borrowers by depositing, prior to 1:00 p.m. on the day so received
(but not prior to the Funding Date) in the Designated Deposit Account maintained
     with  Agent  Bank, the amounts received from the Lenders.  No Borrowing may
exceed  the  Available  Borrowings.

b.     The  failure of any Lender to fund its Pro Rata Share of any Borrowing on
any  Funding  Date  shall  neither  relieve  any  other Lender of any obligation
hereunder  to fund its Pro Rata Share of such Borrowing on such Funding Date nor
relieve  such  Lender  which  has  failed  to  fund  its  Pro  Rata Share of its
obligations  to  Borrowers  hereunder.  No  Lender  shall be responsible for the
failure  of any other Lender to fund its Pro Rata Share of such Borrowing on any
Funding  Date  nor  shall any Lender be responsible for the failure of any other
Lender  to  perform  its  respective  obligations  hereunder.

Section  2.04.     Conditions  of Borrowings.  Borrowings, other than Borrowings
made  at  the  request of Agent Bank for the purpose of funding repayment of L/C
Reimbursement  Obligations as hereinafter provided, will only be made so long as
Borrowers  are  in  full compliance with each of the requirements and conditions
precedent  set  forth  in  Article  III  B  of this Credit Agreement.  Provided,
however, upon the consent of Requisite Lenders, Lenders shall advance Borrowings
requested  by  Borrowers  hereunder,  notwithstanding the existence of less
than  full compliance with the requirements of Articles III B, and Borrowings so
made  shall  be  deemed  to  have  been  made pursuant to this Credit Agreement.

Section  2.05.     The  Revolving  Credit  Note  and  Interest  Rate  Options.
The  Credit  Facility  shall  be  further evidenced by the Revolving Credit Note
payable  to  the  order of Agent Bank on behalf of the Lenders.  Borrowers waive
any  rights  which  they  might  otherwise  have under Colorado Revised Statutes
13-50-02  or 13-50-103 (or under any corresponding future statute or rule of law
in  any  jurisdiction)  by  reason  of  any  release  of  fewer  than all of the
Borrowers.  Agent  Bank  shall  record  manually  or electronically the date and
amount  of  each  Borrowing advanced by the Lenders together with the applicable
Interest Period in the case of portions of the unpaid principal under the Credit
Facility  bearing interest with reference to a LIBO Rate, and the amount of each
repayment  of  principal  and  interest  made thereunder by Borrowers; provided,
however,  the  failure  to  make  such  a record or notation with respect to any
Borrowing or repayment thereof, or an error in making such a record or notation,
shall  not  limit  or otherwise affect the obligations of Borrowers hereunder or
under  the  Revolving  Credit  Note.  Agent  Bank  shall  provide  Borrowers and
Guarantor  with  a  copy  of  such entries upon the written request of Borrowers
and/or Guarantor.  The aggregate unpaid balance of principal and interest of the
Note  as  set  forth  on  the
                                       33
<PAGE>
most  recent  data  control  system  printout  of  Agent  Bank  shall  be
rebuttably  presumptive  evidence  of  the  sums  owing  and unpaid on the Note.

b.     Interest  shall accrue on the entire outstanding principal balance of the
Credit  Facility  at a rate per annum equal to the Base Rate plus the Applicable
Margin,  unless Borrowers request a LIBOR Loan pursuant to Section 2.03 or elect
pursuant  to Section 2.05(c) hereinbelow to have interest accrue on a portion or
portions  of  the outstanding principal balance of the Credit Facility at a LIBO
Rate  ("Interest  Rate  Option"),  in  which  case  interest  on such portion or
portions  shall  accrue  at  a  rate  per annum equal to such LIBO Rate plus the
Applicable  Margin  in effect as of the second Banking Business Day prior to the
first  day  of  the  applicable Interest Period, as long as: (i) each such LIBOR
Loan  is  in  a  minimum  amount  of  One Million Dollars ($1,000,000.00) and in
minimum  increments  of  One Hundred Thousand Dollars ($100,000.00), and (ii) no
more  than  four  (4)  LIBOR Loans may be outstanding at any one time.  Interest
accrued  on  each  Base  Rate Loan shall be due and payable on the first Banking
Business  Day  of  the  month  following  the Closing Date, on the first Banking
Business Day of each successive month thereafter, and on the Maturity Date.  For
each  LIBOR  Loan,  accrued interest shall be due and payable at the end of each
Interest  Period applicable thereto, but in any event no less frequently than at
the  end  of  each  three  (3)  month period during the term of such LIBOR Loan.
Except  as qualified above, the outstanding principal balance hereunder may be a
Base  Rate  Loan  or  one  or  more  LIBOR Loans, or any combination thereof, as
Borrowers  shall  specify.

c.     So  long  as  no  Default  or  Event  of Default shall have occurred and
 remains continuing,  Borrowers  may  Convert  from  one  Interest Rate Option
to another Interest  Rate  Option  or continue an Interest Rate Option for
another Interest Period  by  giving  irrevocable  notice to Agent Bank of such
Conversion by 9:00 a.m.,  on  a  day which is at least three (3) Banking
Business Days prior to the proposed  date  of  such Conversion to or
Continuation of each LIBOR Loan or one (1)  Banking  Business Day prior to the
proposed date of such Conversion to each Base  Rate  Loan.  Each  such  notice
shall be made by an Authorized Officer by telephone  and  thereafter
immediately confirmed in writing by delivery to Agent Bank  of a
Continuation/Conversion Notice specifying the date of such Conversion or
Continuation,  the  amounts to be so Converted or Continued and the Interest
Period if the Conversion or Continuation is being made with reference to a
LIBOR Loan.  Upon  receipt  of  such  Continuation/Conversion Notice, Agent
Bank shall promptly  set  the  applicable  interest rate (which in the case of
a LIBOR Loan shall  be  the  LIBO  Rate  plus  the Applicable Margin as of the
second Banking Business  Day  prior to the first day of the applicable Interest
Period) and the applicable  Interest Period if the Conversion or Continuation
is being made with reference to a LIBOR Loan and shall confirm the same in
writing to Borrowers and Lenders.  Each  Conversion  shall  be  on a Banking
Business Day.  No LIBOR Loan shall  be  converted  to  a  Base  Rate  Loan  or
renewed on any day other than

                                       34
<PAGE>

the  last  day  of  the  current Interest Period relating to such amounts
outstanding  unless  Borrowers  pay  any  applicable  Breakage  Charges.  All
Borrowings  advanced  at  the  request  of  Agent Bank under Section 2.08 of the
Credit  Agreement  shall  bear interest with reference to the Base Rate plus the
Applicable  Margin,  subject  to Borrowers' right to Convert such Borrowing to a
LIBOR  Loan  or  LIBOR  Loans  as  provided herein.  If Borrowers fail to give a
Continuation/Conversion  Notice  for the continuation of a LIBOR Loan as a LIBOR
Loan  for  a  new  Interest Period in accordance with this Section 2.05(c), such
LIBOR  Loan  shall  automatically become a Base Rate Loan at the end of its then
current  Interest  Period.

d.     Each  interest  period  (each  individually  an  "Interest  Period"  and
collectively the "Interest Periods") for a LIBOR Loan shall commence on the date
such  LIBOR Loan is made or the date of Conversion or Continuation of any amount
or  amounts of the outstanding Borrowings hereunder to a LIBOR Loan, as the case
may  be,  and  shall end on the date which is one (1), two (2), three (3) or six
(6) months thereafter, as elected by Borrowers.  However, no Interest Period may
extend  beyond  the  Maturity  Date and no Interest Period may extend beyond any
Reduction  Date unless the sum of (i) the aggregate amount of LIBOR Loans having
an  Interest Period ending after such Reduction Date, plus (ii) the L/C Exposure
and  Potential  L/C  Exposure of all Letters of Credit outstanding and requested
for  which  the Stated Expiry Date is after such Reduction Date, does not exceed
the  Maximum Permitted Balance after giving effect to the Scheduled Reduction on
such  Reduction  Date.  Each Interest Period for a LIBOR Loan shall commence and
end  on  a Banking Business Day.  If any Interest Period commences on a date for
which  there  is  no corresponding date in the month in which it is scheduled to
end,  such  Interest  Period  shall end on the last Banking Business Day of such
month.  If  any  Interest  Period would otherwise expire on a day which is not a
Banking  Business  Day,  the  Interest Period shall be extended to expire on the
next  succeeding Banking Business Day, unless the result of such extension would
be  to  carry  such  Interest Period into another calendar month, in which event
such  Interest  Period  shall  end on the immediately preceding Banking Business
Day.

e.     The  applicable  LIBO Rate and Base Rate shall be determined by the Agent
Bank, and notice thereof shall be given promptly to Borrowers and Lenders.  Each
determination  of the applicable Base Rate and LIBO Rate shall be conclusive and
binding  upon  the  Borrowers, in the absence of manifest or demonstrable error.
The  Agent  Bank shall, upon written request of Borrowers or any Lender, deliver
to  Borrowers  or  such  Lender,  as  the  case  may be, a statement showing the
computations  used  by  the  Agent  Bank  in  determining  any  rate  hereunder.

f.      Computation  of  interest  on  all  Base  Rate  Loans  and  LIBOR Loans
shall be calculated  on  the  basis  of a year of three hundred sixty (360) days
and the actual  number of days elapsed.  The applicable Base Rate shall be
effective the same  day  as  a change in the Base Rate is announced by WFB as
being effective.

                                       35
<PAGE>

g.     If  with  respect  to  any Interest Period, (a) the Agent Bank reasonably
determines  (which  determination  shall be binding and conclusive on Borrowers)
that  by  reason  of  circum-stances  affecting the inter-bank eurodollar market
adequate  and reasonable means do not exist for ascertaining the applicable LIBO
Rate,  or  (b)  Requisite  Lenders  advise  Agent  Bank  that  the  LIBO Rate as
determined by Agent Bank will not adequately and fairly reflect the cost to such
Lenders  of maintaining or funding, for such Interest Period, a LIBOR Loan under
the  Credit  Facility,  then  so long as such circumstances shall continue:  (i)
Agent  Bank  shall promptly notify Borrowers thereof, (ii) the Lenders shall not
be  under any obligation to make a LIBOR Loan or Convert a Base Rate Loan into a
LIBOR  Loan for which such circumstances exist, and (iii) on the last day of the
then  current Interest Period, the LIBOR Loan for which such circumstances exist
shall,  unless  then  repaid in full, automatically Convert to a Base Rate Loan.

h.     Notwithstanding  any  other provisions of the Credit Agreement, if, after
the Closing Date, any law, rule, regulation, treaty, interpretation or directive
(whether  having  the  force  of law or not) or any change therein shall make it
unlawful for any Lender to make or maintain LIBOR Loans, then (i) the commitment
and  agreement  to  maintain  LIBOR Loans as to such Lender shall immediately be
suspended,  and (ii) unless required to be terminated earlier, LIBOR Loans as to
such  Lender,  if  any,  shall  be Converted on the last day of the then current
Interest  Period  applicable  thereto  to  Base  Rate Loans.  If it shall become
lawful  for  such  Lender to again maintain LIBOR Loans, then Borrowers may once
again  as  to  such  Lender  request  Conversions  to  the  LIBO  Rate.

Section 2.06.     Security for the Credit Facility.  As security for the due and
punctual payment and performance of the terms and provisions of this Credit
Agreement,  the  Revolving  Credit Note and all of the other Loan Documents, the
Security  Documentation shall be executed and delivered to Agent Bank, as of the
Closing  Date,  by  the respective parties to each of the Security Documentation
and  recorded  and/or  filed as required by the Depository Closing Instructions.

Section  2.07.     Place  and  Manner  of  Payment.
All  amounts  payable by Borrowers to the Lenders shall be made to Agent Bank on
behalf  of  Lenders  pursuant  to  the  terms  of  the  Credit Agreement and the
Revolving  Credit  Note  and  shall  be made on a Banking Business Day in lawful
money of the United States of America and in immediately available funds.  Other
than  in  connection with the Scheduled Reductions of principal, Borrowers shall
not  make  repayments  ("Principal  Prepayments")  of the outstanding balance of
principal  owing  under the Revolving Credit Note more frequently than three (3)
such  Principal  Prepayments  during  each  calendar month.  Each such Principal
Prepayment  of  a  Base  Rate  Loan shall be in a minimum amount of Five Hundred
Thousand  Dollars
                                       36
<PAGE>

($500,000.00) (or, if less, the outstanding principal amount of Base Rate
Loans)  and  in increments of One Hundred Thousand Dollars ($100,000.00) in
excess  thereof.  Each  such  Principal Prepayment of a LIBOR Loan shall be in a
minimum  amount  of One Million Dollars ($1,000,000.00) and in increments of One
Hundred  Thousand  Dollars  ($100,000.00)  in  excess  thereof.

b.     All  such amounts payable by Borrowers shall be made to Agent Bank at its
office  located  at  Wells  Fargo Bank, Syndications Division, 201 Third Street,
Eighth  Floor,  San Francisco, California 94103, or at such other address as may
be  directed  in  writing  by  Agent Bank from time to time.  If such payment is
received  by  Agent  Bank prior to 11:00 a.m., Agent Bank shall credit Borrowers
with  such  payment  on  the  day so received and shall promptly disburse to the
appropriate  Lenders  on the same day the Pro Rata Share of payments relating to
the  Credit  Facility,  in  immediately  available  funds.  If  such  payment is
received  by Agent Bank after 11:00 a.m., Agent Bank shall credit Borrowers with
such payment as of the next Banking Business Day and disburse to the appropriate
Lenders  on  the  next  Banking Business Day such Pro Rata Share of such payment
relating  to the Credit Facility in immediately available funds.  Any payment on
the  Credit  Facility  made  by Borrowers to Agent Bank pursuant to the terms of
this  Credit  Agreement  or the Revolving Credit Note for the account of Lenders
shall  constitute  payment  to the appropriate Lenders.  If the Revolving Credit
Note  or any payment required to be made thereon or hereunder, is or becomes due
and  payable  on  a  day other than a Banking Business Day, the due date thereof
shall  be  extended  to  the  next  succeeding Banking Business Day and interest
thereon  shall  be  payable  at  the then applicable rate during such extension.

c.     Subject  to  Section  2.07(a),  the outstanding principal owing under the
Credit Facility and the Revolving Credit Note may be prepaid at any time in
whole or in part  without  penalty;  provided,  however, that any portion or
portions of the unpaid  principal  balance which is accruing interest at a LIBO
Rate may only be prepaid  or  repaid  on  the  last  day of the applicable
Interest Period unless Borrowers  give  three  (3)  days  prior  written  notice
to  Agent  Bank  and additionally  pay concurrently with such prepayment or
repayment such additional amount  or  amounts as will compensate Lenders for any
losses, costs or expenses which they may incur as a result of such payment,
including, without limitation, any loss (including loss of anticipated profits),
cost or expense incurred by the  liquidation  or  reemployment  of  deposits or
other funds acquired by such Lender  to fund or maintain such LIBOR Loan
("Breakage Charges").  A certificate of  a  Lender as to amounts payable
hereunder shall be conclusive and binding on Borrowers  for  all  purposes,
absent  manifest  or  demonstrable  error.  Any calculation  hereunder  shall
be  made  on  the assumption that each Lender has funded  or  will  fund  each
LIBOR Loan in the London interbank market; provided that no Lender shall have
any obligation to actually fund any LIBOR Loan in such manner.
                                       37
<PAGE>

d.     Unless the Agent Bank receives notice from an Authorized Officer prior to
the  date on which any payment is due to the Lenders that the Borrowers will not
make  such  payment in full as and when required, the Agent Bank may assume that
the  Borrowers  have made such payment in full to the Agent Bank on such date in
immediately  available  funds  and  the  Agent  Bank  may  (but  shall not be so
required),  in  reliance upon such assumption, distribute to each Lender on such
due  date  an  amount  equal  to the amount then due such Lender.  If and to the
extent  the Borrowers have not made such payment in full to the Agent Bank, each
Lender  shall  repay to the Agent Bank on demand such amount distributed to such
Lender,  together  with  interest thereon at the Federal Funds Rate for each day
from  the  date such amount is distributed to such Lender until the date repaid.

Section  2.08.     Issuance  of  Letters  of  Credit.
a.     Any  Authorized Officer of Borrowers may from time to time request that a
Letter of Credit be issued by delivering to L/C Issuer (with a telecopy to the
Agent Bank) on a Banking Business Day, at least five (5) Banking Business Days
prior to the date of such proposed issuance, an L/C Agreement in L/C Issuer's
then standard  form (consistent with the terms of the Credit Agreement),
completed to the satisfaction of L/C Issuer and such other certificates as the
L/C Issuer may reasonably  request; provided, however, that no Letter of Credit
shall be issued (a) if any Default or Event of Default has occurred and remains
continuing, or (b) if after giving effect to the issuance thereof, the aggregate
Stated Amount of outstanding Letters of Credit would exceed One Million  Dollars
($1,000,000.00),  or  (c)  the  Stated  Amount of the requested Letter of Credit
exceeds  the Maximum Availability.  Each Letter of Credit shall be issued by the
L/C  Issuer  on  the  Banking  Business  Day specified in Borrowers' application
therefor.  Each  request  for a Letter of Credit and each Letter of Credit shall
be  subject  to  the  Uniform  Customs  and  Practice  for  Documentary Credits,
International  Chamber of Commerce Publication New 1994 Revision No. 500, or any
successor  publication  then  in  effect.  Each Standby Letter of Credit will be
issued  for  a  term  not  greater  than  one (1) year and shall not include any
provision  for  automatic  renewal.  Each  Commercial  Letter  of Credit will be
issued  for  a term not greater than one hundred eighty (180) calendar days.  In
no  event shall any Letter of Credit have a Stated Expiry Date later than thirty
(30)  days  prior  to the Maturity Date.  Promptly after receipt of each request
for  the  issuance  of  a Letter of Credit and immediately prior to the issuance
thereof,  L/C  Issuer  shall obtain telephonic verification from Agent Bank that
the  amount  of such request does not exceed the then Available Borrowings.  The
L/C Issuer shall promptly notify the Agent Bank of the aggregate L/C Exposure of
outstanding  Letters of Credit each time there is a change therein.  Each Lender
(other  than  the  L/C  Issuer)  agrees that, upon the issuance of any Letter of
Credit  it  shall  automatically  acquire  a  participation  interest in the L/C
Issuer's  liability  under  such  Letter  of  Credit  in an amount equal to such
Lender's  Pro  Rata  Share  of  such  liability, and each Lender (other than the
                                       38
<PAGE>
L/C  Issuer)  thereby  shall  absolutely, unconditionally and irrevocably
assume,  as  primary  obligor  and  not  as surety, and shall be unconditionally
obligated to the L/C Issuer to pay and discharge when due, its Pro Rata Share of
the  L/C  Issuer's  liability  under  such  Letter  of  Credit.

b.     Upon presentation of a draft drawn under any Letter of Credit, L/C Issuer
shall promptly notify the Agent Bank and Borrowers of the amount under such
draft and the date upon which such draft is to be funded.  On or before two (2)
Banking Business Days following such notice (unless Borrowers  have  made  other
arrangements  acceptable  to  the  L/C Issuer to pay the amount of such draft in
full),  Borrowers  shall  advance  to  L/C  Issuer the amount of such draft from
Borrowers'  available  funds  or  shall  request  a  Borrowing  under the Credit
Facility  in  an amount sufficient to pay the amount of such draft in full.  The
Agent  Bank,  upon  receipt  of such funds from the Lenders, shall automatically
provide  such  amount  to the L/C Issuer for payment of the amount of such draft
and  the  balance  of  the Borrowing shall be deposited in immediately available
funds to the Designated Deposit Account.  In the event Borrower fails to advance
to  L/C  Issuer  the  amount of such draft from Borrower's available funds or to
request  a  Borrowing  within  two (2) Banking Business Days from receipt of the
notice  as  specified  above,  on the third (3rd) Banking Business Day following
Agent  Bank's  receipt  of  such  notice, Agent Bank shall, without notice to or
consent of the Borrower and without regard to any other conditions precedent for
the  making  of  Borrowings  under  the  Credit  Facility,  including,  without
limitation  the remedies set forth in Section 7.02, cause a Borrowing to be made
and  funded  by the Lenders under the Credit Facility in the amount necessary to
pay  the  amount  of  such  draft  in full.  Upon the occurrence of any Event of
Default, L/C Issuer shall, without notice or further authorization or consent of
Borrower  whatsoever,  be  authorized  to  immediately cause the Cash Collateral
Account  to  be  established  and funded by Lenders with a Borrowing advanced to
Agent  Bank  equal to the aggregate amount of the L/C Exposure then outstanding.
All  amounts  held by L/C Issuer in the Cash Collateral Account shall be held as
security  for  the  repayment  of  any  L/C  Reimbursement Obligation thereafter
arising  pursuant  to  the terms of the L/C Agreement(s) and the Cash Collateral
Pledge Agreement.  Borrowings advanced by Lenders to pay drafts drawn upon or to
secure  repayment  of  the L/C Exposure under Letters of Credit pursuant to this
subsection  shall:  (i)  constitute  Borrowings  under the Credit Facility, (ii)
initially  be  Base  Rate Loans and (iii) be subject to all of the provisions of
this  Credit  Agreement  concerning Borrowings under the Credit Facility, except
that  such  Borrowings  shall be made upon demand of the Agent Bank as set forth
above  rather  than  upon  Notice  of  Borrowing by Borrowers and shall be made,
notwithstanding  anything  in  this  Credit  Agreement  to the contrary, without
regard  to  any other conditions precedent to the making of Borrowings under the
Credit Agreement and notwithstanding any Default or Event of Default thereunder.
All amounts paid by L/C Issuer on a draft drawn under any Letter of Credit which
has  not  been  funded  or  concurrently  reimbursed  by  Borrowers or through a
Borrowing  as

                                       39
<PAGE>

provided  hereinabove,  shall  bear  interest  at  the Base Rate plus the
Applicable  Margin  per  annum  until  repaid  or  reimbursed  to  L/C  Issuer.

c.     Each  Lender's  obligation  to  advance  Borrowings  in the proportionate
amount  of  its  Syndication Interest in the Credit Facility of any unreimbursed
amounts  outstanding  under any Letter of Credit pursuant hereto is several, and
not  joint  or  joint  and  several.  The  failure  of any Lender to perform its
obligation  to  advance  a  Borrowing in a proportionate amount of such Lender's
Syndication  Interest  of any unreimbursed amounts outstanding under a Letter of
Credit  will not relieve any other Lender of its obligation hereunder to advance
such  Borrowing  in  the amount of such other Lender's proportionate Syndication
Interest  of such amount, nor relieve the Lender which has failed to fund of its
obligation  to fund hereunder.  The Borrowers agree to accept the Borrowings for
payment  of  Letters  of  Credit  as  provided  hereinabove, whether or not such
Borrowings  could  have  been made pursuant to the terms of Article III B or any
other  section  of  the  Credit  Agreement.

d.     Letters  of  Credit shall be used and issued for the benefit of Borrowers
for  the  general  corporate  purposes  of  Borrowers  relating  to  the  Casino
Facilities.

Section  2.09.     Fees.

a.     On  the  Closing  Date,  Borrower  shall  pay  the  unpaid balance of the
non-refundable  upfront  fee  (the  "Upfront  Fee"),  in such amount as has been
agreed  upon  by  Agent  Bank and Borrower in the Upfront Fee Side Letter, which
Upfront  Fee  shall be retained by Agent Bank or distributed in whole or in part
to  Lenders  as  may  be  agreed  between  Agent  Bank  and  Lenders.

b.     Commencing  with  the Closing Date and continuing until the Maturity Date
(or the Bank Facility Termination, whichever shall first occur), Borrowers shall
pay  a  quarterly  nonusage  fee  (the "Nonusage Fee") to the Agent Bank for the
account  of  Lenders  at  a  per  annum  rate based on the Leverage Ratio of the
Borrower  Consolidation,  calculated as of each Fiscal Quarter end, to determine
the  applicable  Nonusage Percentage as set forth in Table Two of the definition
of  Applicable Margin.  As of the Closing Date, the Nonusage Percentage shall be
0.375%.

          The  Nonusage  Fee  shall  be  calculated  as  the  product of (i) the
applicable  Nonusage  Percentage  multiplied  by  (ii)  the daily average of the
Maximum  Permitted  Balance  less  the  daily average of the Funded Outstandings
during such Fiscal Quarter, computed on the basis of a three hundred sixty (360)
day year based on the number of actual days elapsed.  Each Nonusage Fee shall be
payable  in  arrears  on  a  quarterly  basis  on  or before the fifth (5th) day
following  receipt  by Borrowers of an invoice from Agent Bank setting forth the
amount  of  such  Nonusage  Fee  for  each

                                       40
<PAGE>

applicable Fiscal Quarter, and on the Maturity Date.  Each Nonusage Fee shall be
promptly  distributed by Agent Bank to Lenders in proportion to their respective
Syndication  Interests  in  the  Credit  Facility.

c.     Concurrently  with the issuance of each Letter of Credit, Borrowers shall
pay  an  issuance  fee  to  the L/C Issuer ("L/C Fee") in an amount equal to the
Stated  Amount  of  each such Letter of Credit multiplied by two percent (2.00%)
per  annum  for the number of days elapsing from the issuance date to the Stated
Expiry  Date of each such Letter of Credit, but in no event shall the L/C Fee be
less  than  Five Hundred Dollars ($500.00) for each Letter of Credit.  From each
L/C  Fee  the  greater  of  Five Hundred Dollars ($500.00) or one quarter of one
percent (.25%) of the Stated Amount of each such Letter of Credit, calculated on
a  per annum basis as provided hereinabove, shall be retained by L/C Issuer
for  its  own  account  and  the  balance  of  each  L/C  Fee  shall be promptly
distributed  by  Agent  Bank  to  Lenders  in  proportion  to  their  respective
Syndication  Interests  in  the Credit Facility.  All L/C Fees paid by Borrowers
are  nonrefundable  and  shall  be  deemed  fully  earned  upon  issuance of the
applicable  Letter  of  Credit."

Section  2.10.     Late  Charges  and  Default  Rate.
a.     If  any  payment  due  under the Revolving Credit Note is not paid within
three  (3) Banking Business Days after receipt by Borrowers of written notice of
such  nonpayment  from Agent Bank, Borrowers promise to pay a late charge in the
amount  of three percent (3%) of the amount of such delinquent payment and Agent
Bank  need  not  accept  any  late payment made unless it is accompanied by such
three  percent  (3%)  late  payment  charge.  Any  late  charge shall be paid to
Lenders  in  proportion  to  their  respective  Syndication  Interests.

b.     In  the  event  of  the  existence  of  an  Event  of  Default,
commencing  on  the  first  (1st)  Banking Business Day following the receipt by
Borrowers  of  written  notice  of  the occurrence of such Event of Default from
Agent  Bank,  the  total  of  the  unpaid  balance of the principal and the then
accrued and unpaid interest owing under the Revolving Credit Note shall commence
accruing  interest  at a rate equal to five percent (5%) over the Base Rate (the
"Default  Rate") until all Events of Default which may exist have been cured, at
which  time  the  interest  rate  shall revert to the rate of interest otherwise
accruing  pursuant  to  the  terms  of  the  Revolving  Credit  Note.

c.     In  the  event  of  the  occurrence  of  an  Event  of Default,
Borrowers  agree  to  pay  all  reasonable  costs  of  collection, including the
reasonable  attorneys'  fees  incurred  by Agent Bank, in addition to and at the
time  of the payment of such sum of money and/or the performance of such acts as
may  be  required  to  cure such Event of Default.  In the event legal action is
commenced  for  the collection of any sums owing hereunder or under the terms of
the  Revolving  Credit  Note,  the  Borrowers  agree  that  any
                                       41
<PAGE>

judgment  issued  as  a  consequence of such action against Borrowers shall bear
interest  at  a  rate  equal  to  the  Default  Rate  until  fully  paid.

Section  2.11.     Net  Payments.  All payments under this Credit Agreement, the
Revolving  Credit  Note  and/or  a  L/C  Reimbursement  Obligation shall be made
without  set-off,  counterclaim,  recoupment  or defense of any kind and in such
amounts  as may be necessary in order that all such payments, after deduction or
withholding  for  or  on account of any future taxes, levies, imposts, duties or
other  charges  of  whatsoever  nature  imposed  by  the  United  States  or any
Governmental  Authority, other than franchise taxes or any tax on or measured by
the  gross  receipts  or overall net income of any Lender pursuant to the income
tax laws of the United States or any State or any Governmental Authority, or the
jurisdiction  where each Lender's principal office is located (collectively
"Taxes"),  shall  not  be  less  than the amounts otherwise specified to be paid
under  this Credit Agreement and the Revolving Credit Note.  A certificate as to
any  additional amounts payable to the Lenders under this Section 2.11 submitted
to the Borrowers by the Lenders shall show in reasonable detail an accounting of
the  amount  payable  and  the calculations used to determine in good faith such
amount  and  shall  be  conclusive  absent  manifest or demonstrable error.  Any
amounts  payable  by  the Borrowers under this Section 2.11 with respect to past
payments shall be due within thirty (30) days following receipt by the Borrowers
of  such  certificate from the Lenders; any such amounts payable with respect to
future  payments  shall  be  due  within thirty (30) days after demand with such
future  payments.  With  respect  to  each  deduction  or  withholding for or on
account  of  any Taxes, the Borrowers shall promptly furnish to the Lenders such
certificates, receipts and other documents as may be required (in the reasonable
judgment of the Lenders) to establish any tax credit to which the Lenders may be
entitled.

Section 2.12.     Increased Costs.  If after the date hereof the adoption of, or
any  change  in,  any  applicable  law,  rule  or  regulation (including without
limitation  Regulation D of the Board of Governors of the Federal Reserve System
and  any  successor  thereto),  or  any  change  in  the  interpretation  or
administration thereof by any Governmental Authority, central bank or comparable
agency  charged with the interpretation or administration thereof, or compliance
by any Lender with any future request or future directive (whether or not having
the force of law) of any such Governmental Authority, central bank or comparable
agency:

a.     Shall  subject  any  Lender to any tax, duty or other charge with respect
to the Credit Facility, the Revolving Credit Note and/or L/C Reimbursement
Obligation or such Lender's obligation to make any funding of the Credit
Facility, or shall change  the basis of taxation of payments to such Lender of
the principal of, or interest on, the  Credit Facility or any other amounts due
under the Revolving Credit Note and/or a L/C Reimbursement Obligation in respect
of the Credit Facility or such Lender's obligation to fund the Credit Facility
(except for changes  in  the  rate  of  any  franchise  tax
                                       42
<PAGE>

or tax on the gross receipts or overall net income of such Lender imposed
by  the  United States or any Governmental Authority pursuant to the income
tax  laws  of  the  United States or any State or Governmental Authority, or the
jurisdiction  where  each  Lender's  principal  office  is  located);  or

b.     With  respect  to the Bank Facilities or the obligation of the Lenders to
advance  Borrowings  under  the  Credit  Facility  or to issue or participate in
Letters  of  Credit  under  the  L/C  Facility,  shall  impose,  modify  or deem
applicable  any reserve imposed by the Board of Governors of the Federal Reserve
System, special deposit, capitalization, capital adequacy or similar requirement
against  assets  of, deposits with or for the account of, or credit extended by,
any  Lender;  or

c.     Shall  impose  on  any  Lender  any  other condition affecting the Credit
Facility,  the  Revolving  Credit  Note  or  such Lender's obligation to advance
Borrowings  under  the  Credit  Facility;
and  the result of any of the foregoing, as set forth in subsections (a), (b) or
(c)  is  to  increase  the  cost  to  (or in the case of Regulation D or reserve
requirements referred to above or a successor thereto, to impose a cost on) such
Lender  of making or maintaining the Credit Facility, or to reduce the amount of
any  sum  or  rate  of  return  received  or receivable by such Lender under the
Revolving  Credit Note, then within thirty (30) days after demand by such Lender
(which  demand  shall be accompanied by a certificate setting forth the basis of
such  demand),  the  Borrowers shall pay directly to such Lender such additional
amount  or amounts as will compensate such Lender for such increased cost (or in
the  case  of  Regulation  D  or  reserve  requirements  referred  to above or a
successor  thereto,  such  costs  which may be imposed upon such Lender) or such
reduction  of  any  sum  or  rate  of  return  received  or receivable under the
Revolving  Credit  Note.  A  certificate as to any additional amounts payable to
any  Lender  under  this  Section 2.12 submitted to the Borrowers by such Lender
shall  show  in  reasonable  detail  an accounting of the amount payable and the
calculations used to determine in good faith such amount and shall be conclusive
absent  manifest  or  demonstrable  error.

Section  2.13.     Mitigation;  Exculpation.

a.     Each Lender agrees that it will promptly notify the Borrowers in writing
upon its becoming aware that any payments are to become due to it under this
Credit Agreement  pursuant to Section 2.11 or 2.12.  Each Lender further agrees
that it will use reasonable efforts not materially disadvantageous to it (in its
reasonable determination) in order to avoid or minimize, as the case may be, the
payment  by  the Borrowers of any additional amounts pursuant to Section 2.11 or
2.12.  Each  Lender  represents,  to  the  best of its knowledge, that as of the
Closing  Date  no  such  amounts  are  payable  to  it.
                                       43
<PAGE>

b.     Borrowers  shall  not  be  liable  to  any  Lender for any payments under
Section  2.11 or 2.12 arising to the extent of such Lender's gross negligence or
wilful  misconduct  or  breach of any laws (other than as a result of Borrowers'
breach),  or for amounts which were incurred more than ninety (90) days prior to
the  date  Borrowers  are  notified  of  the  incurrence  of  such  amount.

                                  ARTICLE  II
                    CONDITIONS PRECEDENT TO THE CLOSING DATE
                    ----------------------------------------

A.     Closing  Conditions.  The  obligation of each of the Banks hereunder is
subject  to the following conditions precedent, each of which shall be satisfied
prior  to  May  10,  2000  (unless each of the Banks, in their sole and absolute
discretion,  shall  agree  otherwise).  The  occurrence  of  the Closing Date is
subject  to and contingent upon Agent Bank having received, in each case in form
and substance reasonably satisfactory to Banks, or in the case of an occurrence,
action  or  event,  the  occurrence  of  each  of  the  following:

Section  3.01.     Credit  Agreement.  Executed  counterparts  of  this  Credit
Agreement  in  sufficient  duplicate  originals  for  each  of  the  Banks.

Section  3.02.     The  Revolving  Credit  Note  and  Guaranty.

a.     The  Revolving  Credit  Note  duly  executed by the Borrowers in favor of
Agent  Bank.

b.     The  Guaranty  duly  executed  by  the  Guarantor in favor of Agent Bank.

Section  3.03.     Security Documentation.  The Security Documentation set forth
below,  duly  executed  by  Borrowers  or other party thereto, consisting of the
following:

a.     Deed  of  Trust;
b.     Financing  Statements;
c.     Assignment  of  Entitlements,  Contracts,  Rents  and  Revenues;  and
d.     Assignment  of  Golden  Horseshoe  Lease.
                                       44
<PAGE>

Section  3.04.     Other  Loan  Documents.  The  following  Loan  Documents duly
executed  by Borrowers and each other applicable party thereto consisting of the
following:

a.     Environmental  Certificate;

b.     Payment  Subordination  Agreement (for each Subordinated Debt outstanding
or  incurred  as  of  the  Closing  Date);  and

c.     Golden  Horseshoe  Lease  Estoppel  Certificate.

Section  3.05.     Articles  of  Incorporation,  Bylaws,  Corporate  Resolution,
Certificate  of  Good  Standing  and  Closing Certificate. Agent Bank shall have
received  from  each of the Borrowers: (i) a Certificate of Good Standing issued
by the Secretaries of State of the State of Colorado with respect to CCCC and of
the  State  of  Delaware  with  respect  to  WMCKAC,  WMCKVC  and Guarantor
(together with a Certificate of Good Standing as a foreign corporation issued by
the  Colorado  Secretary  of  State  with respect to WMCKAC and WMCKVC) and each
dated  within  thirty  (30) calendar days of the Closing Date and telephonically
confirmed  as  of  the  Closing  Date, (ii) a copy of the respective articles of
incorporation  and  by-laws certified as of the Closing Date to be true, correct
and  complete  by  a  duly  Authorized  Officer  of  each  of  the Borrowers and
Guarantor,  respectively, (iii) an  original Certificate of Corporate Resolution
and Certificate of Incumbency executed by the Secretary of each of the Borrowers
and  Guarantor  and  attested to by its respective President, Vice President, or
Treasurer  authorizing  each  such  Borrower  and  Guarantor  to  enter into all
documents  and agreements to be executed by it pursuant to this Credit Agreement
and  further authorizing and empowering the officer or officers who will execute
such  documents  and  agreements  with  the  authority and power to execute such
documents  and  agreements  on  behalf  of  each  respective  corporation,  (iv)
designation  by  corporate  resolution  and an original certificate ("Authorized
Officer  Certificate"),  substantially  in  the  form  of the Authorized Officer
Certificate  marked  "Exhibit  D",  affixed  hereto  and  by  this  reference
incorporated herein and made a part hereof, of the officers of Borrowers who are
authorized  to  give Notices of Borrowing, Compliance Certificates and all other
notices,  requests,  reports,  consents,  certifications  and  authorizations on
behalf  of  the  Borrowers  (each  individually  an  "Authorized  Officer"  and
collectively  the "Authorized Officers") and (v) an original closing certificate
("Closing  Certificate"),  substantially  in the form of the Closing Certificate
marked "Exhibit E", affixed hereto and by this reference incorporated herein and
made  a  part  hereof,  duly  executed  by  an  Authorized Officer of Borrowers.

Section 3.06. Opinion  of  Counsel.  The  opinion  of  counsel to the Borrowers
and Guarantor, dated  as  of  the  Closing Date and addressed to the Agent Bank
and each of the Banks,  together  with  their  respective  successors  and
assigns,
                                       45
<PAGE>

substantially in the form of the legal opinion marked "Exhibit
K",  affixed  hereto  and  by this reference incorporated herein and made a
part  hereof.

Section  3.07.     Title  Insurance  Policy.  The  Title  Insurance  Policy  (or
proforma  commitment  for  the issuance thereof) together with such endorsements
and  re-insurance  requirements  as  set  forth  in  the  Depository  Closing
Instructions.

Section  3.08.     Survey.  If  required by the Title Company as a condition for
the  issuance  of  the  Title  Policy, current ALTA survey for the Real Property
subject  to  exceptions  approved by Agent Bank prior to the Closing Date, which
must  (i)  be  certified to Agent Bank and the Title Company, (ii) show the Real
Property  to be free of encroachments, overlaps, and other survey defects, (iii)
show the courses and distances of the boundary lines for the Real Property, (iv)
show that all existing or to be constructed improvements are located within said
boundary  lines,  and  (v)  show  the  location  of  all  above and below ground
easements,  improvements, appurtenances, utilities, rights-of-way, water rights,
if  any,  and  ingress  and egress, by reference to book and page numbers and/or
filed map reference.  On or before the Closing Date, Borrowers shall comply with
all  other  survey  requirements  of Title Company for the issuance of the Title
Insurance  Policy.

Section  3.09.     Payment  of  Taxes.  Evidence satisfactory to Agent Bank that
all  past and current real and personal property taxes and assessments which are
presently  due  and  payable  applicable  to the Real Property have been paid in
full.

Section  3.10.     Insurance.  Copies  of  the  declaration pages of each of the
insurance  policies certified to be true and correct by an Authorized Officer of
the  Borrowers,  together  with  original  binders evidencing Borrowers as named
insured,  and  original  certificates  of  insurance, loss payable and mortgagee
endorsements  naming Agent Bank as mortgagee, loss payee and additional insured,
as  required by the applicable insurance provisions set forth in Section 5.09 of
this  Credit  Agreement.

Section  3.11.     Payment of Upfront Fees.  Payment by Borrowers of the Upfront
Fee  as  provided  in  Section  2.09(a)  hereinabove.

Section  3.12.Reimbursement for Expenses and Fees.  Reimbursement by Borrowers
for all reasonable fees and out-of-pocket expenses incurred by Agent Bank in
connection with the Credit Facility, including, but not limited to, escrow
charges, title insurance  premiums, environmental examinations, recording fees,
appraisal fees, reasonable attorney's fees of Henderson & Morgan, LLC and
Colorado counsel retained by them, insurance consultant fees, and all other like
fees and expenses remaining unpaid as of the Closing Date to the extent then due
and payable on the Closing Date, provided that the amount then invoiced shall
not thereafter preclude Borrowers' obligation to pay such  costs  and expenses
relating  to
                                       46
<PAGE>

the closing of the Credit Facility following the Closing Date
or  to  reimburse  Agent  Bank  for  the  payment  thereof.

Section 3.13.     Schedule of Spaceleases and Equipment Leases and Contracts.  A
Schedule  of  Spaceleases  (Schedule  4.16)  and  Equipment Leases and Contracts
(Schedule  4.17)  in  each  instance  setting  forth the name of the other party
thereto,  a  brief  description of each spacelease, equipment lease and contract
and  the  commencement and ending date thereof, to the extent known to Borrowers
as  of  the  Closing  Date.

Section  3.14.     Environmental  Site Assessments.  No additional Environmental
Site  Assessment  or  Assessments  of  the  Real Property described on the Title
Report  shall  be  required  as  of  the  Closing  Date.

Section  3.15.     Lease  and  Option.

a.     A  true  and  correct  copy  of  the  Golden  Horseshoe  Lease and of all
amendments  and  modifications  thereto;  and

b.     A  true and correct copy of the T-Shirt Shop Option and of all amendments
and  modifications  thereto.

Section  3.16.     Schedule  of  all  Significant  Litigation.  A  Schedule  of
Significant Litigation (Schedule 3.16), in each instance setting forth the names
of  the  other  parties  thereto,  a  brief description of such litigation,
whether  or  not such litigation is covered by insurance and, if so, whether the
defense  thereof  and  liability  therefor  has  been accepted by the applicable
insurance  company  indicating  whether such acceptance of such defenses with or
without  a  reservation  of rights, the commencement date of such litigation and
the  amount  sought to be recovered by the adverse parties thereto or the amount
which  is  otherwise  in  controversy.

Section  3.17.     Financial  Statements.  For  Fiscal  Year  1999,  audited
consolidated financial statements of Guarantor including consolidating schedules
which  present  the  balance  sheet  and statement of operations of the Borrower
Consolidation.

Section 3.18. No  Injunction or Other Litigation.  No law or regulation shall
prohibit, and no order, judgment or decree of any Governmental Authority shall,
and no litigation shall be pending or threatened which in the reasonable
judgment of the Agent Bank would or would reasonably be expected to, enjoin,
prohibit, limit or restrain  the execution and delivery of this Credit Agreement
or the performance by the Borrowers of any other obligations in respect thereof.
                                       47
<PAGE>

Section  3.19.     Additional  Documents  and  Statements.  Such  additional
documents,  affidavits,  certificates  and  opinions  as  Lenders may reasonably
require  to  insure  compliance  with this Credit Agreement.  The statements set
forth  in  Section  3.21  shall  be  true  and  correct.

     B.     Conditions  Precedent  to  all  Borrowings.  The  obligation of each
Lender  and Agent Bank to make any Borrowing requested to be made on any Funding
Date  is subject to the occurrence of each of the following conditions precedent
as  of  such  Funding  Date:

Section 3.20.     Notice of Borrowing.  With respect to any Borrowing, the Agent
Bank  shall have received in accordance with Section 2.03 on or before such
Funding Date an original and duly executed Notice of Borrowing or facsimile copy
thereof,  to  be  promptly  followed  by  an  original.

Section 3.21.     Certain Statements.  On the Closing Date and as of the Funding
Date  the  following  statements  shall  be  true  and  correct:

a.     The  representations  and  warranties  with  respect  to  the  Borrowers
contained  in Article IV hereof (other than representations and warranties which
expressly  speak  only as of a different date which shall be true and correct as
of  such  date) are true and correct on and as of the Funding Date and as of the
Closing  Date  in  all  material respects as though made on and as of that date,
except  to  the extent that such representations and warranties are not true and
correct  as  a result of a change which is permitted by this Credit Agreement or
by  any  other  Loan  Document,  or which is otherwise consented to by Requisite
Lenders;

b.     The  representations  and  certifications  contained in the Environmental
Certificate  are  true  and  correct  in  all  material  respects  (other  than
representations and warranties which expressly speak only as of a different date
which  shall  be  true  and  correct  as  of  such  date);

c.     Since  the  date  of  the most recent financial statements referred to in
Section  5.08,  no  Material  Adverse  Change  shall  have  occurred;  and

d.     No  event  has  occurred  or  as  a result of any Borrowings contemplated
hereby  would  occur and is continuing, or would result from the making thereof,
which  constitutes  a  Default  or  Event  of  Default  hereunder.

Section 3.22     Gaming  Permits.  The Borrowers Consolidation shall have all
Gaming Permits material to or required for the conduct of its gaming businesses
and the conduct of  games  of  chance  at  the  Casino  Facilities  and  such
                                       48
<PAGE>

Gaming  Permits  shall  not  then  be  suspended, enjoined or
prohibited  (for  any  length  of  time)  by  any  Gaming Authority or any other
Governmental  Authority.

                                 ARTICLE  II
                         REPRESENTATIONS AND WARRANTIES
                         ------------------------------

     To  induce  Banks  to  enter  into  this  Credit  Agreement,  Borrowers and
Guarantor  make  the  following  representations  and  warranties:

Section  4.01.     Organization;  Power  and Authorization.  WMCKAC, WMCKVC and
Guarantor  are  each a corporation duly organized and validly existing under the
laws of the State of Delaware.  CCCC is a corporation duly organized and validly
     existing  under  the  laws  of  the  State  of Colorado.  Each Borrower and
Guarantor  (i)  has  all requisite corporate power, authority and legal right to
execute  and  deliver  each  document, agreement or certificate to which it is a
party  or  by  which  it  is  bound  in  connection with the Credit Facility, to
consummate  the  transactions  and  perform  its  obligations  hereunder  and
thereunder, and to own its properties and assets and to carry on and conduct its
business  as presently conducted or proposed to be conducted, and (ii) has taken
all  necessary  corporate  action  to  authorize  the  execution,  delivery  and
performance of this Credit Agreement and the other Loan Documents to which it is
a  party or by which it is bound and to consummate the transactions contemplated
hereunder  and  thereunder.

Section  4.02.     Authority;  Compliance  with other Agreements and Instruments
and  Government  Regulations.  The  execution,  delivery  and  performance  by
Borrowers  and Guarantor, as applicable, of the Loan Documents and the execution
of  the  Loan  Documents  have  been  duly authorized by all necessary corporate
action  and  do  not:

a.     require  any  consent  or approval not heretofore obtained of any member,
director,  stockholder,  security  holder  or  creditor  of  such  Party;

b.     violate  or  conflict  with  any  provision  of  such Party's articles of
incorporation  or  bylaws,  as  applicable;

c.     violate  any  requirement of Law, including any Gaming Law, applicable to
such  Party;

d.     constitute  a  "transfer  of  an  interest"  or an "obligation incurred"
that is avoidable  by  a  trustee  under  Section 548 of the Bankruptcy Code of
1978, as amended,  or  constitute  a  "fraudulent conveyance," "fraudulent
obligation" or "fraudulent
                                       49
<PAGE>

transfer"  within  the meanings of the Uniform Fraudulent Conveyances Act
or  Uniform  Fraudulent Transfer Act, as enacted in any applicable jurisdiction;
or

e.     result  in  a breach of, or would, with the giving of notice or the lapse
of time or both, constitute a breach of or default under, or cause or permit the
acceleration  of  any  obligation  owed  under,  any indenture or loan or credit
agreement  or any other Contractual Obligation to which such Party is a party or
by  which  such  Party  or  any  of  its  assets  are  bound  or  affected.

Section  4.03.     Litigation.  Except  as  disclosed  on  the  Schedule  of
Significant  Litigation  delivered  in connection with Section 3.16, to the best
knowledge of Borrowers and Guarantor, after due inquiry and investigation, there
is  no  action, suit, proceeding, inquiry, hearing or investigation pending
or  threatened,  in  any  court  of law or in equity, or before any Governmental
Authority,  which could reasonably be expected to result in any Material Adverse
Change  in  any  Casino  Facility  or  in  its  business,  financial  condition,
properties or operations.  To the best knowledge of Borrowers, after due inquiry
and investigation, no Borrower is in violation of or default with respect to any
order,  writ,  injunction,  decree  or  demand of any such court or Governmental
Authority.

Section 4.04.     Agreements Legal, Binding, Valid and Enforceable.  This Credit
Agreement,  the  Revolving Credit Note, the Security Documentation and all other
Loan  Documents, when executed and delivered by Borrowers in connection with the
Credit  Facility  and the Guaranty when executed and delivered by Guarantor will
constitute  legal,  valid  and  binding  obligations of Borrowers and Guarantor,
respectively,  enforceable  against  Borrowers  and Guarantor, as applicable, in
accordance  with their respective terms, except as may be limited by bankruptcy,
insolvency,  reorganization,  moratorium  and  other laws of general application
relating  to  or affecting the enforcement of creditors' rights and the exercise
of  judicial  discretion  in  accordance  with  general  principles  of  equity
(regardless of whether enforcement is considered in a proceeding in equity or at
law).

Section 4.05.     Information and Financial Data Accurate; Financial Statements;
No Adverse Change.  All information and financial and other data previously
furnished in writing by Borrowers and/or Guarantor in connection with the Credit
Facility was true, correct and complete in all material respects as of the date
Furnished (unless subsequently corrected prior to the date hereof), and there
has been no Material Adverse Change with respect thereto to the date of this
Credit Agreement since the dates thereof.  No information has been omitted which
would make the information previously furnished in such financial statements to
Banks misleading or incorrect in any material respect to the date of this Credit
Agreement.  Any  and  all  financial statements heretofore furnished to Banks by
Borrowers  and/or  Guarantor:  (i)  present  fairly  the  financial  position of
Borrowers  and/or  Guarantor,  as  the  case  may  be,
                                       50
<PAGE>

as at their respective dates and the results of operations and
changes  in  cash  flows for the periods to which they apply, and (ii) have
been  prepared,  except  as  noted therein, in conformity with GAAP applied on a
consistent  basis  throughout  the  periods  involved.  Since  the  date  of the
financial  statements  referred  to  in  this  Section  4.05,  there has been no
Material  Adverse  Change  in the financial condition, business or operations of
the  Borrowers  and/or  Guarantor.

Section  4.06.     Governmental  Approvals.  All  consents, approvals, orders or
authorizations  of,  or registrations, declarations, notices or filings with any
Governmental Authority and any other Person, which may be required in connection
with  the  valid  execution  and delivery of this Credit Agreement and the other
Loan  Documents  by Borrowers and Guarantor, as applicable, and the carrying-out
or performance of any of the transactions required or contemplated hereunder, or
thereunder,  by  Borrowers,  have  been obtained or accomplished and are in full
force  and  effect.  All  consents,  approvals,  orders or authorizations of, or
registrations,  declarations, notices or filings with any Governmental Authority
and  any  other  Person,  the  failure  of which could reasonably be expected to
result  in  a  Material  Adverse  Change,  which may be required by Borrowers in
connection  with  the  use  and  operation  of  the  Casino Facilities have been
obtained  or  accomplished  and  are  in  full  force  and  effect.

Section  4.07.     Payment  of Taxes.  Borrowers have duly filed or caused to be
filed all federal, state and local tax reports and returns which are required to
be  filed  by  them  and  have  paid  or made provisions for the payment of, all
material  taxes,  assessments, fees and other governmental charges which have or
may  have  become  due  pursuant  to  said  returns or otherwise pursuant to any
assessment  received  by Borrowers except such taxes, assessments, fees or other
governmental  charges,  if  any,  as  are  being  contested in good faith by any
Borrower  by  appropriate proceedings and for which such Borrower has maintained
adequate  reserves  for  the  payment  thereof  in  accordance  with  GAAP.

Section  4.08 Title to Properties.  Borrowers shall have good and marketable fee
title to the Real Property (other than the Golden Horseshoe Property) as the
same is defined as of the Closing Date, at all times during the term of the
Credit Facility. Borrowers shall have a leasehold interest in and to the Golden
Horseshoe Property pursuant to the Golden Horseshoe Lease or fee title to the
Golden Horseshoe Property at all times during the term of  the Credit Facility.
Borrowers  and  Guarantor  have  good and marketable title to:  (a) all of their
respective  properties  and  assets  reflected  in  the  most  recent  financial
statements  referred  to  in  Section 4.05 hereof as owned by them (except those
properties and assets disposed of since the date of said financial statements in
the  ordinary  course  of  business  or those properties and assets which are no
longer  used  or  useful  in  the conduct of its businesses), including, but not
limited  to,  Borrowers'  interest  in  patents,  trademarks,  tradenames,
servicemarks,  and
                                       51
<PAGE>

licenses  relating to or pertaining to the Casino Facilities,
and (b) all properties and assets acquired by them subsequent to the date of the
most  recent  financial statements referred to in Section 4.05 hereof.  All
such  properties  and  assets  are  not  subject  to  any liens, encumbrances or
restrictions  except Permitted Encumbrances.  All roads, easements and rights of
way  necessary for the full utilization of the Real Property have been completed
and/or  obtained.

Section  4.09.     No  Untrue  Statements.  All  statements, representations and
warranties  made by Borrowers and Guarantor, in this Credit Agreement, any other
Loan  Document  and  any  other  agreement,  document, certificate or instrument
previously  furnished  or to be furnished by Borrowers and/or Guarantor to Banks
pursuant  to the provisions of this Credit Agreement, (i) are and shall be true,
correct  and complete in all material respects, at the time they were made, (ii)
do  not  and shall not contain (at the time they were made) any untrue statement
of  a  material  fact, and (iii) do not and shall not omit to state (at the time
they  were  made)  a  material  fact  necessary in order to make the information
contained  herein  or  therein  not  misleading  or  incomplete.  Borrowers  and
Guarantor  understand  that  all such statements, representations and warranties
shall  be  deemed  to have been relied upon by Banks as a material inducement to
establish  the  Credit  Facility.

Section  4.10.     Brokerage  Commissions.  No person is entitled to receive any
brokerage  commission, finder's fee or similar fee or payment in connection with
the  extensions  of  credit contemplated by this Credit Agreement as a result of
any  agreement entered into by Borrowers.  No brokerage or other fee, commission
or  compensation is to be paid by Banks with respect to the extensions of credit
contemplated  hereby as a result of any agreement entered into by Borrowers, and
Borrowers agree to indemnify Banks against any such claims for brokerage fees or
commissions  and  to  pay all expenses including, without limitation, reasonable
attorney's  fees  incurred by Banks in connection with the defense of any action
or  proceeding  brought  to  collect  any  such  brokerage  fees or commissions.

Section  4.11.     No Defaults.  Borrowers are not in violation of or in default
with  respect  to  any applicable Laws which materially and adversely affect the
business  or financial condition of the Casino Facilities.  Without limiting the
generality  of  the foregoing, Borrowers are not in violation or default (nor is
there  any waiver in effect which, if not in effect, would result in a violation
or default) in any material and adverse respect under any indenture, evidence of
indebtedness,  loan  or  financing agreement or other agreement or instrument of
whatever  nature to which they, or any of them, are a party or by which they, or
any of them, are bound, which in any case could reasonably be expected to result
in  a  Material  Adverse  Change.

Section  4.12.     Employee  Retirement  Income  Security  Act  of  1974.  No
Reportable Event has occurred and is continuing with respect to any Pension Plan
                                       52
<PAGE>

under  ERISA,  that gives rise to liabilities that materially
adversely  affect  the  financial  condition  or  operations  of  Borrowers.

Section  4.13.     Subsidiaries.  As  of the Closing Date, Borrowers do not have
any  Subsidiaries  which  are  not  members  of  the  Borrower  Consolidation.

Section  4.14.     Utility  Services.  All  utility  services  necessary for the
Casino  Facilities  including,  without  limitation,  electrical, water, gas and
sewage services and facilities are presently in service and fully operational at
the  Casino  Facilities.

Section  4.15.     Policies  of  Insurance.  Each of the copies of the policies,
declaration pages, original binders and certificates of insurance evidencing the
Policies  of Insurance as required under Section 5.09 with respect to the Casino
Facilities  delivered  to  Agent  Bank  by  Borrowers (i) is a true, correct and
complete copy of the respective original thereof as in effect on the date hereof
or  thereof,  without  amendments  or  modifications of any of said documents or
instruments not included in such copies, and (ii) has not been terminated and is
in  full  force  and  effect.  Borrowers are not in default in the observance or
performance  of  its  obligations  under  said  documents  and  instruments, and
Borrowers  have  all  things  required  to be done as of the date of this Credit
Agreement  to  keep  unimpaired  their  rights  thereunder.

Section  4.16.     Spaceleases.  A  schedule  of  all  executed  Spaceleases
pertaining  to the Casino Facilities, or any portion thereof, in existence as of
the  Closing  Date  hereof,  is  set  forth  on  Schedule  4.16 attached hereto.

Section  4.17.     Equipment  Leases  and Contracts.  A schedule of all executed
Equipment  Leases  and  Contracts  pertaining  to  the  Casino Facilities or any
portion  thereof, in existence on the date hereof, is set forth on Schedule 4.17
attached  hereto.

Section  4.18.     Gaming  Permits  and  Approvals.  As of the Closing Date, all
Gaming  Permits  required to be held by Borrowers necessary for the operation of
gaming activities at the Casino Facilities will be current and in good standing.

Section  4.19.     Environmental  Certificate.  The  representations  and
certifications  contained  in the Environmental Certificate are true and correct
in  all  material  respects.

Section  4.20.     Compliance with Statutes, etc. To the best of their
knowledge, Borrowers are in compliance  in  all  material respects with all
applicable statutes, regulations and  orders  of,  and  all  applicable
restrictions  imposed  by,  all
                                       53
<PAGE>

Governmental  Authorities, domestic or foreign, in respect of
the  conduct  of  their  business  and  the  ownership  of  their  property.

Section  4.21.     Investment  Company  Act.  No  Borrower  is  an  "investment
company"  nor  a  company  "controlled"  by  an "investment company," within the
meaning  of  the  Investment  Company  Act  of  1940,  as  amended.

Section 4.22.     Public Utility Holding Company Act.  No Borrower is a "holding
company,"  nor a "subsidiary company" of a "holding company," nor an "affiliate"
of  a  "holding  company"  nor of a "subsidiary company" of a "holding company,"
within  the  meaning  of  the  Public  Utility  Holding  Company Act of 1935, as
amended.

Section  4.23.     Labor  Relations.  There  is  no  strike  or work stoppage in
existence,  or  to  the  best  knowledge  of Borrowers threatened, involving any
Borrower  or  the  Casino  Facilities.

Section  4.24.     Trademarks,  Patents,  Licenses,  Franchises,  Formulas  and
Copyrights.  Borrowers  own all the patents, trademarks, permits, service marks,
trade  names,  copyrights,  licenses,  franchises  and  formulas, or has a valid
license  or sublicense of rights with respect to the foregoing, and has obtained
assignments of all leases and other rights of whatever nature, necessary for the
present  conduct  of  their business at the Casino Facilities, without any known
conflict with the rights of others which, or the failure to obtain which, as the
case may be, could reasonably be expected to result in a Material Adverse Change
on  the  business,  operations,  property,  assets  or  condition  (financial or
otherwise)  of  Borrowers  taken  as  a  whole.

Section  4.25.     Contingent  Liabilities.  As  of  the Closing Date, Borrowers
have  incurred  no  material Contingent Liabilities (any Contingent Liability in
excess  of One Million Dollars ($1,000,000.00) being deemed material) other than
those  described  on  Schedule  4.25.

Section  4.26      Golden  Horseshoe  Lease.  The  copies  of  the  Golden
Horseshoe Lease and all modifications and amendments thereto (if any) which have
been delivered to Agent Bank  in accordance with Section 3.15 are each a true,
correct and complete copy of the respective original thereof, as in effect on
the Closing Date, and no amendments or modifications have been made to such
Golden Horseshoe Lease, except as set forth by documents delivered to Agent Bank
in accordance with said Section  3.15 or otherwise reasonably approved in
writing by Requisite Lenders. The Golden Horseshoe Lease has not been terminated
and is in full force and effect. WMCKAC is not in default in the observance or
performance of any of its obligations under the Golden Horseshoe Lease and has
done all things required to be done as of the Closing Date to keep unimpaired
its rights thereunder.
                                       54
<PAGE>

                                   ARTICLE  II
                  GENERAL COVENANTS OF BORROWERS AND GUARANTOR
                  --------------------------------------------

     To  induce  the Banks to enter into this Credit Agreement and establish the
Credit  Facility,  Borrowers  and  Guarantor  covenant  to  Banks  as  follows:

     A.     Affirmative  Covenants.

Section  5.01.     FF&E.  Borrowers  shall furnish, fixture and equip the Casino
Facilities  with  FF&E they reasonably deem appropriate for the operation of the
Casino  Facilities.  All  FF&E  that  is  purchased  and installed in the Casino
Facilities  shall  be  purchased  free  and  clear of any liens, encumbrances or
claims,  other than Permitted Encumbrances.  If Borrowers should sell, transfer,
convey or otherwise dispose of any FF&E and not replace such FF&E with purchased
items of equivalent value and utility or replace said FF&E with leased FF&E
of  equivalent  value  and  utility, within the permissible leasing and purchase
agreement  limitation  set  forth  herein,  to the extent such non-replaced FF&E
exceeds  a  cumulative  aggregate  value  of  One Hundred Fifty Thousand Dollars
($150,000.00)  during  the  term  of  the  Credit  Facility,  Borrowers shall be
required to immediately, permanently reduce the Maximum Permitted Balance of the
Credit Facility by the amount of the Capital Proceeds of the FF&E so disposed of
in  excess  of  such  One Hundred Fifty Thousand Dollars ($150,000.00), subject,
however, to the right of Agent Bank to verify to its reasonable satisfaction the
amount  of  said  Capital Proceeds; in the event Agent Bank and Borrowers do not
agree  as  to  the  value  of the FF&E disposed of and the amount of the Capital
Proceeds, then Borrowers, at their sole cost and expense, shall obtain a written
appraisal  of  the  FF&E  disposed  of,  in excess of One Hundred Fifty Thousand
Dollars  ($150,000.00)  as  provided  hereinabove,  from an appraiser reasonably
satisfactory  to  Agent Bank, setting forth said values and amounts, and Lenders
agree  to  accept  the results of said appraisal.  The Maximum Permitted Balance
shall  immediately  be  reduced  without  duplication  by the amount of the FF&E
disposed  of,  in excess of One Hundred Fifty Thousand Dollars ($150,000.00), as
set  forth  by  such  appraisal.

Section 5.02.      Permits;  Licenses  and  Legal  Requirements. Borrowers shall
comply  in  all material respects with and keep in full force and effect, as and
when required, all Gaming Permits and all material permits, licenses and
approvals obtained from any Governmental Authorities which are required for the
operation and use of the Casino Facilities. Borrowers shall comply in all
material respects with all applicable material existing and future laws, rules,
regulations, orders, ordinances  and  requirements of all Governmental
Authorities, and with all recorded restrictions affecting the Casino Facilities.
All material contracts and  agreements relating to the operation of the Casino
Facilities shall be held in  the  name  of  a  Borrower.
                                       55
<PAGE>

Section 5.03.     Compliance with Payment Subordination Agreement.  Until Credit
Facility  Termination,  Borrowers  and  Guarantor shall fully perform and comply
with  all  covenants,  terms  and conditions imposed or assumed by Borrowers and
Guarantor  under the Payment Subordination Agreement executed in connection with
the  Subordinated  Debt.

Section  5.04.     Protection Against Lien Claims.  Borrowers shall give written
notice  to  Agent  Bank  on  or  before  ten  (10) days of any Borrower's actual
knowledge  thereof,  of any lien claim filed against any Borrower or any portion
of the Real Property.  Borrowers shall promptly pay and discharge or cause to be
paid  and  discharged  all  claims  and  liens  for labor done and materials and
services  supplied  and  furnished  in  connection with the Casino Facilities in
accordance with this Section 5.04.  If any mechanic's lien or materialman's lien
shall  be  recorded,  filed or suffered to exist against any portion of the Real
Property or any interest therein by reason of work, labor, services or materials
supplied, furnished or claimed to have been supplied and furnished to the Casino
Facilities  upon  Borrowers' receipt of written notice from Agent Bank demanding
the  release  and  discharge  of  such  lien,  said lien or claim shall be paid,
released  and  discharged of record within sixty (60) days following its receipt
of  such  notice.

Section  5.05.     No  Change  in  Character  of Business. Until Credit Facility
Termination  Borrowers  shall  not  effect  a  material change in the nature and
character  of  their business at the Casino Facilities as presently contemplated
and  disclosed  to  Banks.

Section  5.06.     Preservation  and  Maintenance  of  Properties  and  Assets;
Acquisition  of  Additional  Property.

a.     Until  Credit  Facility  Termination,  (a) Borrowers shall operate,
maintain and preserve  all rights, privileges, franchises, licenses, Gaming
Permits and other properties  and  assets  necessary  to  conduct  their
businesses and the Casino Facilities,  the  absence of which would result in a
Material Adverse Change, in accordance  in  all  material  respects  with  all
applicable governmental laws, ordinances,  approvals,  rules  and regulations
and requirements, including, but not  limited to, zoning, sanitary, pollution,
building, environmental and safety laws  and  ordinances,  rules  and
regulations  promulgated thereunder, and (b) Borrowers  shall  not  consolidate
with, remove, demolish, materially alter, discontinue the use of, sell,
transfer, assign, hypothecate or otherwise dispose of  to  any Person (other
than to another member of the Borrower Consolidation),any  part  of their
properties and assets necessary for the continuance of their business,  as
presently  conducted and as presently contemplated, other than in the  normal
course of business or as otherwise permitted pursuant to this Credit
Agreement.
                                       56
<PAGE>

b.     Furthermore, notwithstanding the provisions contained in Section 5.25, in
the  event  any  Borrower, Guarantor or any Affiliate and/or Subsidiary thereof,
shall  acquire  the  fee interest in the T-Shirt Shop or shall acquire any other
real  property or rights to the use of real property which is used in a material
manner in connection with the Casino Facilities, or any of them, Borrowers shall
concurrently with the acquisition of such real property or the rights to the use
of  such  real property, execute or cause the execution of such documents as may
be  necessary to add such real property or rights to the use of real property as
Collateral  under  the  Credit  Facility.  Borrowers shall not remove, demolish,
materially alter, discontinue the use of, sell, transfer, assign, hypothecate or
otherwise  dispose  of  to  any  Person, any part of their properties and assets
necessary for the continuance of their businesses, as presently conducted, other
than  in  the  normal  course of Borrowers' business and as provided in Sections
5.01  and  5.07.

Section  5.07.     Repair  of  Properties  and  Assets.  Until  Credit  Facility
Termination,  Borrowers  shall,  at  their  own  cost and expense, (a) maintain,
preserve  and keep in a manner consistent with gaming casino operating practices
generally  applicable  to  casino  operations  operating  in  the Cripple Creek,
Colorado  area,  their assets and properties, including, but not limited to, the
Collateral  and  all  FF&E  owned or leased by Borrowers in good and substantial
repair,  working  order and condition, ordinary wear and tear excepted, (b) from
time  to  time,  make  or cause to be made, all repairs, replacements, renewals,
improvements  and  betterments  to  the  Casino  Facilities  that Borrowers deem
reasonably  necessary,  and  (c)  from  time  to  time, make such substitutions,
additions,  modifications  and  improvements  that  Borrowers  deem  reasonably
necessary.  All  alterations, replacements, renewals, or additions made pursuant
to  this  Section  5.07  shall  become  and constitute a part of said assets and
property  and subject, inter alia, to the provisions of Section 5.01 and subject
to  the  lien  of  the  Security  Documentation.

Section  5.08.     Financial  Statements;  Reports;  Certificates  and Books and
Records.  Until  Credit  Facility  Termination,  the  Borrower Consolidation and
Guarantor  shall,  unless  the  Agent  Bank  (with  the  written approval of the
Requisite  Lenders)  otherwise  consents,  at  Borrowers'  Consolidation  and
Guarantor's  sole  expense,  deliver to the Agent Bank and each of the Lenders a
full  and  complete  copy  of  each  of  the  following:

a.     As  soon  as practicable, and in any event within forty-five (45) days
after the end of each Fiscal Quarter following the Closing Date, the balance
sheet of the Borrower Consolidation as at the end of such Fiscal Quarter and an
income statement, statement of operations and a statement of cash flows for the
Fiscal Quarter under review and reflecting year-to-date performance of the
Borrower Consolidation and, a comparison of the financial performance of the
Borrower Consolidation to the prior Fiscal Year's operations.  Such financial
Statements shall  be  certified  by  an
                                       57
<PAGE>

Authorized Officer of the Borrower Consolidation as fairly presenting the
financial  condition,  results of operations and cash flows of the Borrower
Consolidation  in accordance with GAAP, except as noted therein, as at such date
and  for  such  periods,  subject  only  to  normal  year-end accruals and audit
adjustments;

b.     As  soon  as  practicable,  and  in any event within forty-five (45) days
after  the end of each Fiscal Quarter (including the fourth (4th) Fiscal Quarter
in  any  Fiscal  Year),  a  pricing  certificate in the form marked "Exhibit G",
affixed  hereto and by this reference incorporated herein and made a part hereof
(the  "Pricing  Certificate")  setting  forth  a  preliminary calculation of the
Leverage  Ratio  as  of  the  last  day  of  such  Fiscal Quarter, and providing
reasonable  detail  as  to  the calculation thereof, which calculations shall be
based  on  the  preliminary  unaudited  financial  statements  of  the  Borrower
Consolidation for such Fiscal Quarter, and as soon as practicable thereafter, in
the  event  of  any  material variance in the actual calculation of the Leverage
Ratio  from  such preliminary calculation, a revised Pricing Certificate setting
forth  the actual calculation thereof; provided, however, that in the event that
Borrowers  do  not  deliver a Pricing Certificate when due, then until (but only
until)  such  Pricing  Certificate is delivered as provided herein, the Leverage
Ratio  shall be deemed, for the purpose of determining the Applicable Margin, to
be  greater  than  3.0  to 1.0 and the Applicable Margin determined with respect
thereto;

c.     As  soon as practicable, and in any event within one hundred twenty (120)
days  after  the  end  of  each  Fiscal  Year, the balance sheet of the Borrower
Consolidation  as  at  the  end  of  such  Fiscal  year and an income statement,
statement of operations and statement of cash flows for such Fiscal Year, all in
reasonable  detail.  Such  financial  statements shall be prepared in accordance
with  GAAP, except as noted therein, and such balance sheet and statements shall
be  accompanied  by  a  report  of  independent public accountants of recognized
standing  selected  by the Borrower Consolidation and reasonably satisfactory to
the  Requisite  Lenders  (it  being  understood that any "Big 6" accounting firm
shall  be  automatically  deemed  satisfactory  to the Requisite Lenders), which
report  shall  be  prepared  in  accordance  with  generally  accepted  auditing
standards  as  at  such  date, and shall not be subject to any qualifications or
exceptions  as  to  the  scope  of  the  audit nor to any other qualification or
exception  determined  by  the  Requisite  Lenders  in their good faith business
judgment  to  be  adverse  to the interests of the Banks.  Concurrently with the
submission  of  such  annual  audited  financial  statements,  such  independent
certified  public  accountants  shall  additionally  furnish  to  Agent  Bank  a
Compliance  Certificate,  certifying  that  such  independent  certified  public
accountant  has  no  actual  knowledge  of  any  Default  or  Event  of Default;

d.     As  soon  as practicable, and in any event within forty-five (45) days
after the commencement  of  each  Fiscal  Year,  a  budget  for  the  Borrowers,
                                       58
<PAGE>

including  for  such  Fiscal  Year, projected statement of operations and
projected  statement  of  cash  flow,  all  in  reasonable  detail;

e.     As  soon  as  reasonably  practical after each Fiscal Year End, but in no
event  later  than  forty-five  (45)  days  following  each Fiscal Year End, the
Borrower  Consolidation  shall  submit to Agent Bank, with sufficient copies for
distribution  to  each  of  the  Lenders,  an internally prepared annual capital
expenditure  budget  with  respect to the Casino Facilities for the next ensuing
Fiscal Year, which shall be reconciled as of the end of each Fiscal Quarter with
actual  Capital  Expenditures made to the date of such Fiscal Quarter end.  Each
such  quarterly  reconciliation shall be made as soon as practicable, and in any
event  within  forty-five  (45)  days  after  the  end  of  each Fiscal Quarter;

f.     On  or  before  forty-five (45) days after the end of each Fiscal Quarter
following  the  Closing  Date, and continuing until Credit Facility Termination,
the  Borrower Consolidation shall, at the Borrower Consolidation's sole expense,
deliver  to  the  Agent  Bank  for distribution by it to the Banks, a Compliance
Certificate  in  each  instance  duly  and  accurately prepared and signed by an
Authorized  Officer;

g.     Until  Bank  Facility  Termination, the Borrower Consolidation shall keep
and  maintain  complete  and accurate books and records.  Borrowers shall permit
Banks  and  any authorized representatives of Banks to have reasonable access to
and  to  inspect,  examine and make copies of the books and records, any and all
accounts, data and other documents of Borrowers at all reasonable times upon the
giving  of  reasonable notice of such intent.  In addition:  (i) in the event of
the  occurrence  of  any  Default  or Event of Default, or (ii) in the event any
Material  Adverse  Change  occurs,  Borrowers  shall  promptly, and in any event
within  three  (3)  days  after  actual  knowledge thereof, notify Agent Bank in
writing  of  such  occurrence;

h.     Promptly  after  the  same  are  available, copies of each annual report,
quarterly  report, proxy or financial statement or other report or communication
sent  to  the  stockholders  of  Guarantor,  and  copies of all annual, regular,
periodic  and  special  reports  and registration statements which Guarantor may
file  or  be  required to file with the Securities and Exchange Commission under
Section  13 or 15(d) of the Securities Exchange Act of 1934, as amended, and not
otherwise  required to be delivered to the Banks pursuant to other provisions of
this  Section  5.08;  and

i.     Until  Credit  Facility  Termination,  Borrowers  and Guarantor shall
furnish to Agent  Bank,  with  sufficient copies for distribution to each of the
Banks any financial information or other information bearing on the financial
status of the Borrowers which is reasonably requested by Agent Bank or Requisite
Lenders.
                                       59
<PAGE>

Section  5.09.     Insurance.  Borrowers  shall obtain, or cause to be obtained,
and  shall  maintain  or  cause  to  be  maintained  with  respect to the Casino
Facilities,  at  all  times throughout the period commencing on the Closing Date
and  continuing until Credit Facility Termination at their own cost and expense,
and  shall  deposit  with  Agent  Bank  on  or  before  the  Closing  Date:

a.     Property  Insurance.  The  Borrower  Consolidation shall maintain an "All
Risk"  (special  causes  of  loss or equivalent), including flood and earthquake
perils  with  a  sublimit  of  no less than One Million Dollars ($1,000,000.00),
covering  the  building and improvements, and any other permanent structures for
one  hundred  percent (100%) of the replacement cost.  Upon the request of Agent
Bank,  replacement  cost  for  insurance  purposes  will  be  established  by an
independent appraiser mutually selected by Borrowers and Agent Bank.  The policy
will  include  Agreed  Amount  (waiving  co-insurance) and replacement cost
valuation  and  building  ordinance  endorsements.  The  policy  will  include a
standard  mortgagee  clause (ISO form or equivalent) and provide that all losses
in  excess  of  One  Hundred Thousand Dollars ($100,000.00) be adjusted with the
Agent  Bank.  The  Borrowers  waive  any  and  all rights of subrogation against
Banks.

b.     Personal  Property  (including machinery, equipment, furniture, fixtures,
stock).  The  Borrower Consolidation shall maintain "All Risk" property coverage
for  all  personal  property  owned, leased or for which any Borrower is legally
liable.  Such  policy  shall include a Lenders Loss Payable endorsement in favor
of  Agent  Bank.
          The policy providing real property and personal property coverages, as
specified  in  5.09(a)  and (b) hereinabove, may include a deductible of no more
than  Ten  Thousand  Dollars  ($10,000.00) for any single occurrence.  Flood and
earthquake  deductibles  can  be  no  more  than  Twenty-Five  Thousand  Dollars
($25,000.00),  if  a  separate  deductible  applies.

c.     Business  Interruption/Extra  Expense.  The  Borrower Consolidation shall
maintain  combined  Business  Interruption/Extra  Expense  coverage with a limit
representing no less than one hundred percent (100%) of the projected annual net
profit  plus  continuing  expenses  (including debt service) for the Casino
Facilities.  Such  coverage shall also include extensions for off premises power
losses  and  an  extended  period  of indemnity of ninety (90) days endorsement.
These coverages may have a deductible of no greater than twenty-four (24) hours,
or  Twenty-Five Thousand Dollars ($25,000.00), if a separate deductible applies.

d.     Boiler  and  Machinery.  The  Borrower Consolidation shall maintain a
Boiler and Machinery policy for the Casino Facilities written on a Comprehensive
Form with a  combined  direct  and indirect limit of no less than Two Million
Five Hundred Thousand  Dollars  ($2,500,000.00).  The  policy  shall  include
                                       60
<PAGE>

extensions  for Agreed Amount (waiving co-insurance) and Replacement Cost
Valuation.  The  policy  may contain deductibles of no greater than Ten Thousand
Dollars  ($10,000.00)  direct  and  twenty-four  (24)  hours  indirect.

e.     Crime Insurance.  The Borrower Consolidation shall obtain a comprehensive
crime  policy,  including  the  following  coverages:

          (i)      employee  dishonesty  -  Five  Hundred  Thousand  Dollars
                   ($500,000.00);

          (ii)     money  and securities (inside) - One Hundred Thousand Dollars
                   ($100,000.00);

          (iii)    money  and  securities  (outside)  -  One  Hundred  Thousand
                   Dollars  ($100,000.00);

          (iv)     depositor's  forgery  -  One  Hundred  Thousand  Dollars
                   ($100,000.00);

          (v)      computer  fraud - One Hundred Thousand Dollars ($100,000.00).

          The policy must be amended so that money is defined to include "tokens
and  chips" (as defined by the Gaming Laws).  The policy may contain deductibles
of  no  greater than Fifty Thousand Dollars ($50,000.00) for employee dishonesty
and  Ten  Thousand  Dollars  ($10,000.00) for all other agreements listed above.

f.     Commercial  General  Liability  (1996  form or equivalent).  The Borrower
Consolidation  shall  maintain  a Commercial General Liability policy with a One
Million  Dollar  ($1,000,000.00)  combined  single  limit  for bodily injury and
property  damage,  including  Products Liability, Contractual Liability, and all
standard  policy  form extensions.  The policy must provide a Two Million Dollar
($2,000,000.00)  general aggregate (per location, if multi-location risk) and be
written  on an "occurrence form".  The policy will include extensions for Liquor
legal, Employee Benefits legal, Innkeepers legal and Safe Deposit legal.  If the
general  liability policy contains a self-insured retention, it shall be no
greater than Five Thousand Dollars ($5,000.00) per occurrence, with an aggregate
retention  of no more than One Hundred Thousand Dollars ($100,000.00), including
expenses.

          The  policy  shall  be endorsed to include Agent Bank as an additional
insured  on behalf of the Banks.  Definition of additional insured shall include
all officers, directors, employees, agents and representatives of the additional
insured.  The  coverage
                                       61
<PAGE>

for  additional insured shall apply on a primary basis irrespective of any other
insurance  whether  collectible  or  not.

g.     Automobile.  Borrowers  shall  maintain  a  comprehensive  Automobile
Liability  Insurance  Policy  written under coverage "symbol 1", providing a One
-Million  Dollar ($1,000,000.00)  combined  single  limit  for bodily injury and
property damage covering all owned, non-owned and hired vehicles of the Borrower
Consolidation.  If the policy contains a self insured retention it shall be
no  greater  than  Five  Thousand  Dollars  ($5,000.00)  per occurrence, with an
aggregate  retention of no more than One Hundred Thousand Dollars ($100,000.00),
including  expenses.

h.     Workers  Compensation  and  Employers  Liability Insurance.  The Borrower
Consolidation  shall  maintain  a  standard  workers  compensation  policy  in
compliance  with  all  applicable  laws  of  the  State  of  Colorado, including
employers  liability  coverage  subject  to  a limit of no less than One Million
Dollars  ($1,000,000.00) each employee, One Million Dollars ($1,000,000.00) each
accident,  One  Million  Dollars ($1,000,000.00) policy limit.  The policy shall
include endorsements for Voluntary Compensation Coverage and Stop Gap Liability.
If  the  Borrower  Consolidation has elected to self-insure Workers Compensation
coverage  in the State of Colorado, the Agent Bank must be furnished with a copy
of  the  certificate  from the state permitting self-insurance and evidence of a
Stop  Loss  Excess  Workers  Compensation policy with a specific retention of no
greater  than  One  Hundred  Fifty  Thousand  Dollars  ($150,000.00).

i.     If the Borrower Consolidation's general liability and automobile policies
include  a  self-insured  retention,  it is agreed and fully understood that the
Borrower  Consolidation  is  solely  responsible  for payment of all amounts due
within  said  self-insured  retentions.  Any  Indemnification/Hold  Harmless
provision is extended to cover all liabilities associated with said self-insured
retentions.

j.     Umbrella Liability.  An Umbrella Liability policy shall be purchased with
a  limit  of  not  less  than Fifteen Million Dollars ($15,000,000.00) providing
excess  coverage  over all limits and coverages indicated in paragraphs (f), (g)
and  (h)  above.  The  limits  can  be  obtained by a combination of Primary and
Excess  Umbrella  policies,  provided  that  all  layers  follow  form  with the
underlying  policies  indicated  in  (f),  (g)  and  (h)  and  are written on an
"occurrence"  form.  This  policy shall be endorsed to include the Agent Bank as
an  additional  insured  on behalf of the Banks, in the same manner set forth in
Section  5.09(f)  hereinabove.

k.      All  policies indicated above shall be written with insurance companies
licensed and admitted to do business in the State of Colorado and shall be rated
no lower than "A XII" in the most recent addition of A.M. Best and "AA" in the
most recent edition of Standard & Poor's, or such other carrier reasonably
acceptable to
                                       62
<PAGE>

Agent  Bank.  All  policies  discussed above shall be endorsed to provide
that in the event of a cancellation, non-renewal or material modification, Agent
Bank  shall  receive  thirty  (30)  days prior written notice thereof.  The
Borrower  Consolidation  shall furnish Agent Bank with Certificates of Insurance
executed by an authorized agent of the applicable insurance company or companies
evidencing  compliance  with  all insurance provisions set forth in Section 5.09
(a)  through  (j)  on an annual basis.  Certificates of Insurance executed by an
authorized  agent of each carrier providing insurance evidencing continuation of
all  coverages  set forth in Section 5.09 (a) through (j) will be provided on or
before  the  Closing  Date  and annually on or before ten (10) days prior to the
expiration  of  each  policy.  All certificates and other notices related to the
insurance  program  shall  be  delivered  to  Agent  Bank  concurrently with the
delivery  of  such  certificates  or  notices  to  such carrier or to Borrowers.

I.     Any  other  insurance  reasonably requested by Agent Bank in such amounts
and  covering  such  risks  as  may  be reasonably required and customary in the
hotel/casino  industry  in  the  general  location  of  the  Casino  Facilities.

Section  5.10.     Taxes.  Throughout the term of the Credit Facility, Borrowers
shall  prepare  and  timely  file  or  cause to be prepared and timely filed all
federal,  state  and local tax returns required to be filed by it, and Borrowers
shall pay and discharge prior to delinquency all material taxes, assessments and
other  governmental  charges  or levies imposed upon them, or in respect of
any of their respective properties and assets except such taxes, assessments and
other  governmental  charges  or  levies, if any, as are being contested in good
faith by Borrowers in the manner which is set forth for such contests by Section
4.07  herein.

Section  5.11.     Permitted Encumbrances Only.  Until Credit Facility
Termination, Borrowers shall not  create,  incur,  assume  or  suffer  to  exist
any mortgage, deed of trust, pledge,  lien,  security  interest, encumbrance,
attachment, levy, distraint, or other  judicial  process  or burdens of any kind
and nature except the Permitted Encumbrances  on  or  with respect to the
Collateral, except (a) with respect to matters  described in Section 5.04 and
5.10, such items as are being discharged, released  and/or contested, as the
case may be, in the manner described therein, written notice of all tax lien
contests and all other items involving amounts in excess  of $250,000.00 in the
aggregate having been given to Agent Bank, and (b) with  respect  to  any other
items involving amounts in excess of $250,000.00 in the  aggregate,  if  any, as
are  being contested in good faith by appropriate proceedings  and  for  which
Borrowers  have  given
                                       63
<PAGE>

written  notice  thereof  to  Agent  Bank and have maintained
adequate  reserves  for  the  payment  thereof.

Section  5.12.     Advances.  Until  Credit  Facility  Termination, if Borrowers
should  fail  (i)  to  perform  or  observe, or (ii) to cause to be performed or
observed,  any  covenant  or  obligation  of  such  Borrowers  under this Credit
Agreement  or  any  of  the  other  Loan  Documents,  the failure of which could
reasonably  be expected to result in a Material Adverse Change, then Agent Bank,
upon  the giving of reasonable notice, may (but shall be under no obligation to)
take  such  steps  as  are  necessary  to  remedy  any  such  non-performance or
non-observance  and  provide for payment thereof.  All amounts advanced by Agent
Bank  or  Lenders  pursuant  to  this  Section  5.12  shall become an additional
obligation  of  Borrowers  to  Lenders secured by the Security Documentation and
other  Loan Documents, shall reduce the amount of Available Borrowings and shall
become  due and payable by Borrowers on the next interest payment date, together
with  interest  thereon  at  a  rate  per  annum equal to the Default Rate (such
interest  to  be  calculated  from  the  date of such advancement to the date of
payment  thereof  by  Borrowers).

Section 5.13.     Further Assurances.  Borrowers, Guarantor, Agent Bank and each
of the Banks will, at the expense of the Borrowers, do, execute, acknowledge and
deliver,  or  cause  to  be  done,  executed,  acknowledged  and delivered, such
amendments  or  supplements  hereto  or  to  any  of the Loan Documents and such
further  documents,  instruments  and transfers as any such party may reasonably
require  for the curing of any defect in the execution or acknowledgement hereof
or  in  any of the Loan Documents, or in the description of the Real Property or
other  Collateral  or for the proper evidencing of giving notice of each lien or
security  interest securing repayment of the Credit Facility.  Further, upon the
execution  and  delivery of the Deed of Trust and each of the Loan Documents and
thereafter,  from time to time, Borrowers shall cause the Deed of Trust and each
of  the  Loan  Documents  and each amendment and supplement thereto to be filed,
registered and recorded and to be refiled, re-registered and re-recorded in such
manner and in such places as may be reasonably required by the Requisite Lenders
or  Agent Bank, in order to publish notice of and fully protect the liens of the
Security  Documentation  and  to  protect  or  continue  to perfect the security
interests created by the Security Documentation in the Collateral and to perform
or cause to be performed from time to time any other actions required by law and
execute  or  cause  to  be executed any and all instruments of further assurance
that  may  be  necessary  for  such  publication,  perfection,  continuation and
protection.

Section 5.14.     Indemnification.  Borrowers  and  Guarantor  agree  to and do
hereby jointly and severally indemnify,  protect, defend and save harmless Agent
Bank and each of the Banks and their respective directors, trustees, officers,
employees, agents, attorneys and shareholders (individually an "Indemnified
Party" and collectively the  "Indemnified  Parties")  from  and  against  any
and  all losses, damages,
                                       64
<PAGE>

expenses  or  liabilities  of  any  kind  or  nature from any
investigations,  suits,  claims,  demands  or  other  proceedings,  including
reason-able  counsel  fees  incurred  in  investigating or defending such claim,
suffered  by  any  of them and caused by, relating to, arising out of, resulting
from,  or  in  any way connected with this Credit Agreement, with any other Loan
Document  or  with  the  transactions contemplated herein and thereby; provided,
however,  Borrowers  and Guarantor shall not be obligated to indemnify, protect,
defend  or  save  harmless an Indemnified Party if, and to the extent, the loss,
damage,  expense  or liability was caused by (a) the gross negligence or willful
or  intentional  misconduct of such Indemnified Party, or (b) the breach of this
Credit  Agreement  or  any  other Loan Document by such Indemnified Party or the
breach  of  any  laws,  rules or regulations by an Indemnified Party (other than
those  breaches of laws arising from any Borrower's or Guarantor's default).  In
case any action shall be brought against any Indemnified Party based upon any of
the above and in respect to which indemnity may be sought against Borrowers
and/or  Guarantor,  Agent  Bank shall promptly notify Borrowers and Guarantor in
writing, and Borrowers and Guarantor shall assume the defense thereof, including
the  employment  of  counsel  selected by Borrowers and Guarantor and reasonably
satisfactory  to Agent Bank, the payment of all costs and expenses and the right
to  negotiate  and consent to settlement.  Upon reasonable determination made by
an  Indemnified  Party that such counsel would have a conflict representing such
Indemnified  Party and Borrowers and Guarantor, the applicable Indemnified Party
shall have the right to employ, at the expense of Borrowers, separate counsel in
any  such  action  and  to  participate  in  the defense thereof.  Borrowers and
Guarantor  shall  not  be  liable for any settlement of any such action effected
without  its  consent, but if settled with Borrowers' or Guarantor's consent, or
if  there be a final judgment for the claimant in any such action, Borrowers and
Guarantor  agree to indemnify, defend and save harmless such Indemnified Parties
from and against any loss or liability by reason of such settlement or judgment.
In  the  event  that any Person is adjudged by a court of competent jurisdiction
not  to  have been entitled to indemnification under this Section 5.14, it shall
repay  all amounts with respect to which it has been so adjudged.  If and to the
extent  that  the  indemnification provisions contained in this Section 5.14 are
unenforceable  for  any reason, the Borrowers and Guarantor hereby agree to make
the  maximum  contribution  to  the payment and satisfaction of such obligations
that  is  permissible under applicable law.  The provisions of this Section 5.14
shall  survive  the  termination  of this Credit Agreement, the repayment of the
Credit  Facility and the assignment or subparticipation of all or any portion of
the  Syndication  Interest  held  by  any  Lender  pursuant  to  Section  10.10.

Section 5.15.     Compliance With Other Loan Documents.  Borrowers and Guarantor
shall  comply  in  all material respects with each and every term, condition and
agreement  contained  in  the  Loan  Documents.
                                       65
<PAGE>

Section  5.16.     Suits  or Actions Affecting Borrowers.  Until Credit Facility
Termination,  Borrowers  shall  promptly advise Agent Bank in writing within ten
(10)  days of any Borrower's knowledge of (a) any Significant Litigation claims,
litigation,  proceedings  or  disputes  (whether or not purportedly on behalf of
Borrowers)  against,  or  to  the  actual  knowledge of Borrowers, threatened or
affecting  any Borrower which could reasonably be expected to result in an award
of  monetary  damages  in excess of One Million Dollars ($1,000,000.00), (b) any
material  labor  controversy  resulting  in or threatening to result in a strike
against the Casino Facilities, or (c) any proposal by any Governmental Authority
to  acquire  any  of  the  material  assets  or  business  of  Borrowers.

Section  5.17.     Maintenance  of  Designated  Deposit  Account.  Until  Credit
Facility Termination, Borrowers shall maintain the Designated Deposit Account to
facilitate  the  operational  process  of  the  Credit  Facility.

Section  5.18.     Notice to Gaming Authorities Board.  Borrowers shall make all
required  reports  and  disclosures to the Gaming Authorities on a timely basis.

Section  5.19.     Tradenames,  Trademarks  and Servicemarks.  No Borrower shall
assign  or in any other manner alienate its interest in any material tradenames,
trademarks  or  servicemarks  relating  or  pertaining  to the Casino Facilities
during  the  term  of  the  Credit  Facility,  except  pursuant  to the Security
Documentation.  No  Borrower  shall  change  its name without first giving sixty
(60)  days prior written notice to Agent Bank, together with evidence reasonably
satisfactory  to the Agent Bank that all notices and other documents required to
be  delivered,  recorded  or  filed in order to perfect and protect the security
interest  granted  by  such Borrower to the Banks in such trademarks, tradenames
and  servicemarks  and  the  other  Collateral  have been so delivered, recorded
and/or  filed.

Section  5.20.     Notice  of  Hazardous  Materials.  Within  ten  (10)  days
after  any  Borrower obtaining  actual  knowledge  thereof,  Borrowers shall
immediately advise Agent Bank  and  each  of the Lenders in writing and deliver
a copy of (a) any and all enforcement, clean-up, removal or other governmental
or regulatory actions expected to cost in excess of Two Hundred Fifty Thousand
Dollars ($250,000.00) instituted, completed or threatened pursuant to any
applicable federal, state or local  laws,  ordinances  or regulations relating
to any Hazardous Materials (as defined  in  the Environmental Certificate)
affecting the Collateral ("Hazardous Materials  Laws");  (b) all claims made or
threatened by any third party against any  Borrower  or  the Casino Facilities
in excess of Two Hundred Fifty Thousand Dollars  ($250,000.00) relating to
damage, contribution, cost recovery compensation, loss or injury resulting from
any Hazardous Materials (the matters set forth in clauses (a) and (b) above are
hereinafter referred to as "Hazardous Materials  Claims"); and (c) the discovery
of any occurrence or condition on any real  property  adjoining or in the
vicinity of the Casino Facilities that could cause  the  Real Property or any
part thereof to be classified as a "border-zone
                                       66
<PAGE>

property" under the provisions of, or to be otherwise subject
to  any  restrictions on the ownership, occupancy, transferability or use of the
Casino  Facilities  under,  any  Hazardous  Materials  Laws.

Section 5.21.     Compliance with Statutes, etc.  Borrowers will comply with all
applicable  statutes, regulations and orders of, and all applicable restrictions
imposed by, all Governmental Authorities, domestic or foreign, in respect of the
conduct  of  their  business  and  the  ownership  of  the  property  (including
applicable  statutes,  regulations,  orders  and  restrictions  relating  to
environmental standards and controls) the non-compliance with which would result
in  a  Material  Adverse  Change.

Section  5.22.     Compliance  with  Access  Laws.

a.     Borrowers  agree  that  Borrowers  and the Casino Facilities shall at all
times  comply  in  all material respects with the applicable requirements of the
Americans  with  Disabilities  Act  of  1990; the Fair Housing Amendments Act of
1988;  and  other federal, state or local laws or ordinances related to disabled
access;  or  any  statute,  rule,  regulation,  ordinance, order of Governmental
Authorities,  or  order  or  decree of any court adopted or enacted with respect
thereto,  as  now  existing  or  hereafter amended or adopted (collectively, the
"Access Laws").  At any time, Agent Bank may require a certificate of compliance
with  the  Access  Laws  and indemnification agreement in a form reasonably
acceptable  to  Agent  Bank.  Agent  Bank  may  also  require  a  certificate of
compliance  with  the  Access  Laws  from an architect, engineer, or other third
party  acceptable  to  Agent  Bank.

b.     Notwithstanding any provisions set forth herein or in any other document,
Borrowers  shall  not  alter  or  permit any tenant or other person to alter the
Casino  Facilities  in  any  manner  which  would  increase  any  Borrower's
responsibilities  for  compliance with the Access Laws without the prior written
approval  of  Agent  Bank.  In  connection  with  such  approval, Agent Bank may
require  a  certificate  of  compliance  with the Access Laws from an architect,
engineer  or  other  person  acceptable  to  Agent  Bank.

c.     Borrowers  agree  to  give  prompt  written  notice  to Agent Bank of the
receipt by any Borrower of any claims of violation of any of the Access Laws and
of  the  commencement  of  any  proceedings  or  investigations  which relate to
compliance  with  any  of  the  Access  Laws.

d.     Borrowers  and  Guarantor  shall  and do hereby jointly and severally
indemnify, defend and hold harmless Indemnified Parties from and against any and
all claims, demands, damages, costs, expenses, losses, liabilities, penalties,
fines and other proceedings including, without limitation, reasonable attorneys'
fees and expenses arising directly or indirectly  from  or  out of or in any way
connected  with  any  failure of the Casino Facilities to comply with any of the
Access  Laws.  The  obligations
                                       67
<PAGE>

and  liabilities  of  Borrowers  and  Guarantor  under this section shall
survive  Facility  Termination,  any  satisfaction,  assignment,  judicial  or
nonjudicial  foreclosure  proceeding,  or  delivery  of  a  deed  in  lieu  of
foreclosure.

Section  5.23..     Golden  Horseshoe  Lease.

a.     Until  Credit  Facility  Termination,  Borrowers  shall fully perform and
comply  with  or  cause  to be performed and complied with all of the respective
material covenants, material terms and material conditions imposed or assumed by
them,  or any of them, as lessee under the Golden Horseshoe Lease.  None of
the  Borrowers  shall amend, modify or terminate, or enter into any agreement to
amend,  modify or terminate the Golden Horseshoe Lease without the prior written
consent  of  Agent  Bank.

b.     On  or  before  June  30,  2003, Borrowers shall either: (i) give written
notice  to  Teller  Realty,  Inc. of Borrowers' intent to exercise the option to
purchase the Golden Horseshoe Property under the Golden Horseshoe Lease; or (ii)
provide for the term of the Golden Horseshoe Lease to be extended until at least
June 30, 2010, according to terms and conditions which are reasonably acceptable
to  Requisite  Lenders.

Section  5.24.     Office  Building.

a.     On  or  before forty-five (45) days following the Closing Date, Borrowers
shall  deliver  to  Agent  Bank  an  Environmental Site Assessment of the Office
Building  Parcel.

b.     Promptly following the written request of Agent Bank, but in any event no
later  than  ten (10) Banking Business Days following Borrowers' receipt of such
request,  Borrowers  shall  duly  execute  and  deliver such additional Security
Documentation  as may be reasonably required by Agent Bank and its attorneys for
the  purpose  of  adding  the  Office Building Parcel as Collateral for the Bank
Facilities.

c.     All reasonable costs and expenses of adding the Office Building Parcel as
additional Collateral shall be paid by Borrowers, including, without limitation,
all  reasonable  attorneys  fees,  title insurance premiums and recording costs.

Section  5.25.     Additional  Real  Property  Acquisitions.

a.     Borrowers  may  acquire  title to Additional Real Property Acquisitions
that are vacant  or  otherwise  not  improved  with any buildings or structures
without limitation. Provided, however, that prior to the expenditure of any
Capital Expenditures or further Investment for the construction of any buildings
or structures  on
                                       68
<PAGE>

such  Additional  Real Property Acquisition, Borrowers shall: (i) deliver
to  Agent Bank an Environmental Site Assessment of such Additional Real Property
Acquisition, (ii) receive written approval of such Environmental Site Assessment
from  Agent Bank, and (iii) promptly following the written request of Agent
Bank,  but  in  any event no later than ten (10) Banking Business Days following
Borrowers'  receipt  of  such  request, duly execute and deliver such additional
Security  Documentation  as  may  be  reasonably  required by Agent Bank and its
attorneys  for  the  purpose  of  adding the applicable Additional Real Property
Acquisition  as  Collateral  for  the  Bank  Facilities.

b.     Borrowers  shall  not  acquire  title  to  any  Additional  Real Property
Acquisition that is improved with a building or other structure unless and until
Borrowers  shall  have:  (i)  delivered  to  Agent  Bank  an  Environmental Site
Assessment  of  such Additional Real Property Acquisition, (ii) received written
approval  of  such  Environmental  Site  Assessment  from  Agent Bank, and (iii)
promptly  following the written request of Agent Bank, but in any event no later
than  ten  (10)  Banking  Business  Days  following  Borrowers'  receipt of such
request,  duly  executed and delivered such additional Security Documentation as
may  be  reasonably  required by Agent Bank and its attorneys for the purpose of
adding the applicable Additional Real Property Acquisition as Collateral for the
Bank  Facilities.

c.     All  reasonable  costs  and expenses of adding each applicable Additional
Real  Property  Acquisition as additional Collateral shall be paid by Borrowers,
including,  without  limitation,  all reasonable attorneys fees, title insurance
premiums  and  recording  costs.

Section  5.26.     Updated  Appraisal.  In  the  event  of  the  occurrence of a
Default  or  Event  of  Default or if at any time an appraisal of the Collateral
prepared  in  compliance with FIRREA is determined to be necessary by Agent Bank
or  Requisite  Lenders,  Borrowers  agree  to pay all reasonable fees, costs and
expenses  incurred  by  Agent  Bank  in  connection  with  the  engagement  and
preparation of such appraisal.  Borrowers shall not be obligated to pay for more
than  one  of  such  appraisals.

                                  ARTICLE  II
                               FINANCIAL COVENANTS
                               -------------------

     Until  Credit  Facility  Termination, Borrowers and Guarantor agree, as set
forth  below,  to  comply  or  cause  compliance  with  the  following Financial
Covenants.
Section 6.01.      Leverage Ratio. Commencing on the Closing Date and continuing
as of each Fiscal Quarter end until the Maturity Date, the Borrower
Consolidation shall maintain a maximum  Leverage  Ratio  no  greater  than  3.10
to  1.00.
                                       69
<PAGE>

Section  6.02.     Interest  Expense  Coverage Ratio.  Commencing on the Closing
Date  and  continuing as of each Fiscal Quarter end until the Maturity Date, the
Borrower  Consolidation shall maintain a minimum Interest Expense Coverage Ratio
no  less  than  1.50  to 1.00.  Each Interest Expense Ratio calculation shall be
made  on  a  cumulative basis with respect to each applicable Fiscal Quarter and
the  most  recently  ended three (3) preceding Fiscal Quarters on a rolling four
(4)  Fiscal  Quarter  basis.

Section  6.03.     TFCC Ratio.  Commencing as of the Closing Date and continuing
as  of  each  Fiscal  Quarter  end  until  the  Maturity  Date,  the  Borrower
Consolidation  shall maintain a minimum TFCC Ratio of no less than 1.10 to 1.00.
Each  TFCC Ratio calculation shall be made on a cumulative basis with respect to
each  applicable  Fiscal Quarter and the most recently ended three (3) preceding
Fiscal  Quarters  on  a  rolling  four  (4)  Fiscal  Quarter  basis.

Section  6.04.     Restriction  on  Transfer of Ownership. Until Credit Facility
Termination,  all of the issued and outstanding capital stock of WMCKVC shall be
owned  by  Guarantor and all of the issued and outstanding capital stock of CCCC
and  WMCKAC  shall  be  owned  by  WMCKVC.

Section  6.05.     Total Indebtedness.  The Borrower Consolidation shall not owe
or  incur  any  Indebtedness,  except  as  specifically  permitted  hereinbelow:

a.     Funded  Outstandings  under  the  Credit  Facility;

b.     Secured  Interest  Rate  Hedges  up  to  the aggregate amount of Eighteen
Million  Dollars  ($18,000,000.00);

c.     Secured  purchase  money  Indebtedness  and  Capital  Lease  Liabilities
relating  to  FF&E to be used in connection with the Casino Facilities up to the
maximum  aggregate  principal  amount  of  Two  Hundred  Fifty  Thousand Dollars
($250,000.00)  at  any  time  outstanding;

d.     Indebtedness  to  Guarantor  or  any Subsidiary or Affiliate of Guarantor
which  is  not  a  member  of  the  Borrower Consolidation shall not exceed Five
Hundred  Thousand  Dollars  ($500,000.00)  in  the  aggregate  at  any  time;

e.     The  Indebtedness  evidenced  by  the  BGP  Note;  and

f.     The  Subordinated  Debt  as  of  the  Closing  Date and any additional
unsecured subordinated  debt,  the rate of interest and repayment terms of which
are first approved  in  writing  by  Agent  Bank  and  for  which  a payment
subordination agreement,  in the form of Exhibit I hereto, has been first
executed in favor of Agent  Bank  on  behalf  of  Lenders.
                                       70
<PAGE>

Section  6.06.     Capital  Expenditures.  Commencing  with  the  Closing  Date,
Borrowers  shall  make,  or cause to be made, annual Capital Expenditures to the
Casino  Facilities  in  a  minimum  amount of Two Hundred Fifty Thousand Dollars
($250,000.00)  during  each  Fiscal  Year.  In  no  event  shall  the  Borrower
Consolidation expend in excess of Five Hundred Thousand Dollars ($500,000.00) on
Non-Financed  Capital  Expenditures  during  any  Fiscal  Year.

Section  6.07.     Other  Liens.  Borrowers  shall  not  grant,  consent  to  or
otherwise  agree  to liens, encumbrances or negative pledges with respect to any
of its respective assets or any of the Collateral, other than (a) liens existing
as  of  the  Closing  Date acceptable to the Agent Bank and disclosed in writing
prior  to  the  Closing Date, (b) liens permitted under the terms of this Credit
Agreement  as  Permitted Encumbrances, and (c) liens created or evidenced by the
Security  Documentation.

Section  6.08.     Consolidation, Merger, Sale of Assets, etc.  No Borrower will
wind  up,  liquidate  or  dissolve  its affairs or enter into any transaction of
merger  or  consolidation,  or  convey,  sell, lease or otherwise dispose of (or
agree  to do any of the forgoing at any future time) all or any material part of
its  property  or  assets,  except  that  (i)  the  Borrowers  may make sales of
inventory  in the ordinary course of business and (ii) the Borrowers may, in the
ordinary  course  of  business,  sell  or  otherwise  dispose  of  FF&E which is
uneconomic  or  obsolete  subject  to  the provisions set forth in Section 5.01.

Section  6.09.     Investment  Restrictions.  Other  than  Investments  held  by
Borrowers  as  of  the  date  of this Credit Agreement or as otherwise permitted
herein  or  approved  in writing by Agent Bank, the Borrower Consolidation shall
not  make  any  Investments  (whether  by  way  of loan, stock purchase, capital
contribution,  or  otherwise)  other  than  the  following:

a.     Direct  obligations  of  the  United  States  Government;

b.     Prime  commercial  paper  (AA  rated  or  better);

c.     Certificates  of  Deposit  or Repurchase Agreement issued by a commercial
bank  having  capital  surplus  in  excess  of  One  Hundred  Million  Dollars
($100,000,000.00);

d.     Money  market  or  other  funds  of  nationally  recognized  institutions
investing  solely  in  obligations  described  in  (a),  (b)  and  (c)  above;

e.     Loans  and  advances to Guarantor or to any Subsidiary or Affiliate of
Guarantor which  is  not  a  member of the  Borrower  Consolidation  shall  not
                                       71
<PAGE>

exceed One Hundred Thousand Dollars ($100,000.00) in the aggregate at any
one  time;

f.     Investments  and  Capital  Expenditures  in  the  Casino  Facilities;

g.     Investments  for the acquisition of the T-Shirt Shop pursuant to exercise
of  the  option  to  purchase  which  is  granted  by  the  T-Shirt Shop Option;

h.     Investments  and  Capital  Expenditures  to  the  Office Building Parcel;

i.     Investments  for  the  acquisition  of  title to Additional Real Property
Acquisitions  and  Investments  and Capital Expenditures for the construction of
buildings and other improvements thereon subject to the conditions precedent and
provisions  set  forth  in  Section  5.25;  and

j.     Investments  for the acquisition of the Double Eagle Hotel & Casino up to
the  maximum  cumulative  aggregate  amount of One Million Five Hundred Thousand
Dollars  ($1,500,000.00),  provided  that  the  terms  and  conditions  of  such
investment  are  first  approved  by Requisite Lenders in their sole discretion.

Section  6.10.     Ratio  of  Guarantor  Funded  Debt  to Borrower Consolidation
EBITDA.  The  ratio  of Guarantor's consolidated Funded Debt (excluding all debt
of  Century  Casinos  Africa, or any of its Subsidiaries which is related to the
Caledon  Investment  and  which  is nonrecourse as to Guarantor) to the Borrower
Consolidation's  EBITDA  as of the end of each Fiscal Quarter shall be less than
or  equal  to  4.00  to  1.00.

Section  6.11.     Contingent  Liabilities.  Borrowers  shall  not  incur  any
Contingent Liabilities, other than Secured Interest Rate Hedges up to the limits
provided  in  Section  6.05(b).

Section  6.12.     ERISA.  Borrowers  shall  not:

a.     At  any time, permit any Pension Plan which is maintained by Borrowers or
to  which Borrowers are obligated to contribute on behalf of their employees, in
such  case  if  to  do  so  would  constitute  a  Material  Adverse  Change, to:
               (i)   engage  in any non-exempt "prohibited transaction", as such
term  is  defined  in  Section  4975  of  the  Code;

               (ii)  incur  any  material  "accumulated  funding deficiency", as
that  term  is  defined  in  Section  302  of  ERISA;  or
                                       72
<PAGE>

               (iii) suffer a termination event to occur which may reasonably be
expected  to  result  in  liability  of  Borrowers to the Pension Plan or to the
Pension  Benefit  Guaranty  Corporation  or  the  imposition  of  a  lien on the
Collateral  pursuant  to  Section  4068  of  ERISA.

b.     Fail, upon Borrowers becoming aware thereof, promptly to notify the Agent
Bank  of  the  occurrence  of any "reportable event" (as defined in Section
4043  of  ERISA)  or  of  any non-exempt "prohibited transaction" (as defined in
Section  4975  of the Code) with respect to any Pension Plan which is maintained
by  Borrowers  or  to  which  Borrowers are obligated to contribute on behalf of
their  employees  or  any  trust  created  thereunder.

c.     At  any  time,  permit  any Pension Plan which is maintained by
Borrowers  or  to  which  Borrowers are obligated to contribute on behalf of its
employees  to  fail to comply with ERISA or other applicable laws in any respect
that  would  result  in  a  Material  Adverse  Change.

Section  6.13.     Margin  Regulations.  No  part  of the proceeds of the Credit
Facility  will  be used by Borrowers to purchase or carry any Margin Stock or to
extend  credit  to  others  for the purpose of purchasing or carrying any Margin
Stock.  Neither  the  making  of such loans, nor the use of the proceeds of such
loans will violate or be inconsistent with the provisions of Regulations G, T, U
or  X  of  the  Board  of  Governors  of  the  Federal  Reserve  System.

Section  6.14.     No  Subsidiaries.  Other  than WMCKVC's ownership of CCCC and
WMCKAC,  Borrowers  shall  not  own or create any Subsidiaries without the prior
written  consent  of  Agent  Bank.

Section  6.15.     Transactions with Affiliates.  Transactions by Borrowers with
Affiliates  of  Borrowers  or  Guarantor other than arms length transactions for
fair  market  value  shall  be  and  are  hereby  prohibited.

Section  6.16.     Change  in  Accounting  Principles.  Except as otherwise
provided herein, if any changes  in accounting principles from those used in the
preparation of the most recent financial statements delivered to Agent Bank
pursuant to the terms hereof are hereinafter required or permitted by the rules,
regulations, pronouncements and  opinions  of  the  Financial  Accounting
Standards  Board  or the American Institute  of  Certified  Public  Accountants
(or successors thereto or agencies with  similar  functions) and are adopted by
the Borrowers with the agreement of their  independent  certified  public
accountants  and such changes result in a change in the method of calculation of
any of the financial covenants, standards or  terms  found  herein, the parties
hereto agree to enter into negotiations in order  to amend such provisions so as
to equitably reflect such changes with the desired  result  that  the
                                       73
<PAGE>
criteria  for evaluating the financial condition of Borrowers
shall  be  the  same  after  such  changes as if such changes had not been made;
provided,  however,  that  no  change  in  GAAP  that would affect the method of
calculation of any of the financial covenants, standards or terms shall be given
effect  in such calculations until such provisions are amended, in a manner
satisfactory  to Agent Bank, Requisite Lenders and Borrowers, to so reflect such
change  in  accounting  principles.

                                   ARTICLE  II
                                EVENTS OF DEFAULT
                                -----------------

Section  7.01.     Events  of  Default.  Any  of  the  following  events and the
passage  of  any applicable notice and cure periods shall constitute an Event of
Default  hereunder:

a.     Any representation or warranty made by Borrowers or Guarantor pursuant to
     or in connection with this Credit Agreement, the Revolving Credit Note, the
Environmental  Certificate,  or  any  other  Loan  Document  or  in  any report,
certificate,  financial  statement  or  other  writing furnished by Borrowers or
Guarantor  in  connection  herewith,  shall  prove  to  be  false,  incorrect or
misleading  in  any  materially  adverse aspect as of the date when made (unless
cured  within  thirty  (30) days of the date when made if such representation or
warranty  is  capable  of  being  cured);

b.     Borrowers  shall  have  defaulted  in  the payment of any interest on the
Revolving  Credit  Note  for  a period of five (5) days from the date Agent Bank
gives  written  notice  that  such payment is due or shall have defaulted in the
payment  of  any  principal  on the Revolving Credit Note for two (2) days after
written  notice  thereof  is  delivered  to  Borrowers  by  Agent  Bank;

c.     Any of the Security Documentation or any provision thereof shall cease to
be in full force and effect in any material respect or shall cease to give the
Agent Bank in any material respect the liens, rights, powers and privileges
Purported to be created thereby or the Borrowers shall default in the due
performance or observance of any term, covenant or agreement on their part to be
performed or observed pursuant to the Security Documentation for a period of
thirty (30) days after  written  notice  thereof  is  delivered to Borrowers by
Agent Bank or any Lender  of  such failure (or such shorter period following
such notice as may be specifically  required  in  any  Loan  Document), provided
that with respect to default of any term, covenant or agreement (other than a
Financial Covenant) which cannot be cured within such thirty (30) day period in
the reasonable judgment of Agent Bank, Borrowers shall have a period of ninety
(90) days to cure such default so long as Borrowers commence such cure within
the thirty (30) day period  and  diligently  continues  to  cure  such  default;
                                       74
<PAGE>

d.     Borrowers  shall  have  defaulted  in  the  payment  of  any late charge,
Non-usage  Fees,  expenses, indemnities or any other amount owing under any Loan
Document  for  a  period of five (5) days after notice thereof to Borrowers from
Agent  Bank;

e.     Borrowers  or  Guarantor  shall  fail  duly  and punctually to perform or
comply  in  all  material  respects  with any other term, covenant, condition or
promise  contained  in  this  Credit Agreement, the Revolving Credit Note or any
other  Loan  Document and such failure shall continue for thirty (30) days after
written  notice thereof is delivered to Borrowers and Guarantor by Agent Bank or
any  Lender of such failure (or such shorter period following such notice as may
be  required in any Loan Document), provided that with respect to default of any
term,  covenant  or  agreement (other than a Financial Covenant) which cannot be
cured  within  such  thirty  (30) day period in the reasonable judgment of Agent
Bank,  Borrowers  and  Guarantor shall have a period of ninety (90) days to cure
such  default  so  long as Borrowers and Guarantor commence such cure within the
thirty  (30)  day  period  and  diligently  continue  to  cure  such  default;

f.     Any  Borrower  or  Guarantor  shall  commence  a  voluntary case or other
proceeding  seeking  liquidation, reorganization or other relief with respect to
it or its debts under the Bankruptcy Code or any bankruptcy, insolvency or other
similar  law now or hereafter in effect or seeking the appointment of a trustee,
receiver,  liquidator,  custodian  or  other  similar  official,  for  all  or
substantially all of its property, or shall consent to any such relief or to the
appointment or taking possession by any such official in any involuntary case or
other  proceeding  against  it;

g.     An  involuntary  case  or other proceeding shall be commenced against any
Borrower  or  Guarantor seeking liquidation, reorganization or other relief with
respect  to  itself  or  its  debts under the Bankruptcy Code or any bankruptcy,
insolvency  or  other  similar  law  now  or  hereafter in effect or seeking the
appointment  of  a  trustee,  receiver,  liquidator,  custodian or other similar
official,  for  all  or  substantially all of its property, and such involuntary
case  or  other proceeding shall remain undismissed and unstayed for a period of
ninety  (90)  days;

h.     Any Borrower or Guarantor makes an assignment of all or substantially all
of  its  assets  for  the  benefit  of  its  creditors  or admits in writing its
inability  to  pay  its  debts  generally  as  they  become  due;

i.     Borrowers shall fail to pay when due in accordance with its terms and
provisions any  other  Indebtedness  of  such  Borrowers  which  failure  would
result in a Material  Adverse  Change  and  continues  beyond  the  period of
grace, if any, therefore;

                                       75
<PAGE>

j.     The  occurrence  of  any  event  of  default, beyond any applicable grace
period,  or  any  termination  event  under  the terms of any agreement with any
Lender  in  connection with a Secured Interest Rate Hedge relating to the Credit
Facility;

k.     The  occurrence of any Reportable Event as defined under the ERISA, which
Agent  Bank  determines  reasonably and in good faith constitutes proper grounds
for  the termination of any employee pension benefit plan or pension plan of any
Borrower covered by ERISA by the Pension Benefit Guaranty Corporation or for the
appointment  by  an  appropriate  United  States  District Court of a trustee to
administer  any such plan, which occurs and continues for thirty (30) days after
written notice of such determination shall have been given to Borrowers by Agent
Bank;

l.     Commencement  against  any Borrower, any time after the execution of this
Credit  Agreement,  of  any  litigation  which is not stayed, bonded, dismissed,
terminated or disposed of to the satisfaction of Requisite Lenders within ninety
(90)  days  after  its  commencement,  and  which (i) could materially adversely
affect  the  priority  of  the encumbrances and security interests granted Agent
Bank  by the Deed of Trust in the Real Property, or (ii) results in the issuance
of  a  preliminary  or  permanent  injunction  which  is not dissolved or stayed
pending  appeal  within sixty (60) days of its issuance and which preliminary or
permanent  injunction  materially  adversely affects Borrowers' right to use the
Real  Property  as  the  Casino  Facilities;

m.     The  failure  of  any Borrower to hold all necessary Gaming Permits as of
the  Closing  Date.  The  loss  or  suspension,  other  than on account of force
majeure,  of  any  Borrower's  unrestricted Gaming Permits or the failure of any
Borrower  to  maintain  gaming activities in the Casino Facilities other than on
account of force majeure for a period in excess of thirty (30) consecutive days;

n.     Any  order,  judgment  or  decree  shall  be entered against any Borrower
decreeing  its  involuntary  dissolution or split up and such order shall remain
undischarged  and  unstayed  for  a period in excess of thirty (30) days, or any
Borrower  shall  otherwise  dissolve  or  cease  to  exist;

o.     The  occurrence  of  any  default  under  the Guaranty or the revocation,
termination  or  repudiation  of any of the Guarantor's promises, obligations or
covenants  under  the  Guaranty;  or

p.     The  failure by WMCKAC to timely perform any obligation which it may have
under  the  Golden  Horseshoe  Lease.

Section 7.02.     Default Remedies. Upon the occurrence of any Event of Default,
Agent Bank, upon the  consent or direction of Requisite Lenders, shall declare
the unpaid balance of  the  Credit  Facility,  together  with  the  interest
thereon,  to be fully
                                       76
<PAGE>

due  and  payable, and, Agent Bank shall, upon the consent or
direction  of  Requisite Lenders, exercise any or all of the following remedies:

a.     Terminate  the  obligation of Lenders to make any advances for Borrowings
and  may  declare  all  outstanding  unpaid Indebtedness hereunder and under the
Revolving  Credit  Note  and  other  Loan  Documents  together  with all accrued
interest  thereon  immediately  due  and  payable  without presentation, demand,
protest  or  notice  of  any  kind.  This  remedy  will  be  deemed to have been
automatically  exercised  on  the  occurrence  of  any event set out in Sections
7.01(f),  (g)  or  (h)  with  respect  to  any  Borrower  or  any  Guarantor.

b.     The  Banks  and/or Agent Bank may exercise any and all remedies available
to  Banks  or  Agent  Bank  under  the  Loan  Documents.

c.     The  Banks and/or Agent Bank may exercise any other remedies available to
Banks or Agent Bank at law or in equity, including requesting the appointment of
a  receiver  to  perform  any  acts  required  of  Borrowers  under  this Credit
Agreement,  and  Borrowers  hereby  specifically  consent to any such request by
Banks.

     For  the  purpose of carrying out this section and exercising these rights,
powers and privileges, Borrowers hereby irrevocably constitute and appoint Agent
Bank  as  their  true  and  lawful  attorney-in-fact to execute, acknowledge and
deliver  any  instruments and do and perform any acts such as are referred to in
this  paragraph in the name and on behalf of Borrowers.  Agent Bank on behalf of
Lenders may exercise one or more of Lenders' remedies simultaneously and all its
remedies  are  nonexclusive  and  cumulative.  Lenders  shall not be required to
pursue  or exhaust any Collateral or remedy before pursuing any other Collateral
or  remedy.  Lenders'  failure  to  exercise any remedy for a particular default
shall  not  be  deemed a waiver of (i) such remedy, nor their rights to exercise
any  other remedy for that default, nor (ii) their right to exercise that remedy
for  any  subsequent  default.

Section  7.03.     Application  of Proceeds.  All payments and proceeds received
and  all  amounts  held  or  realized  from the sale or other disposition of the
Casino  Facilities  and  other  Collateral,  which  are  to be applied hereunder
towards  satisfaction  of  Borrowers'  obligations  under this Credit Agreement,
shall  be  applied  in  the  manner  set  forth  in Colorado Revised Statutes or
otherwise  in  the  following  order  of  priority:

a.     First,  to  the  payment  of  all reasonable fees, costs and expenses
(including reasonable attorney's fees and expenses) incurred by Agent Bank and
Banks, their agents  or  representatives  in  connection with the realization
upon any of the Collateral;
                                       77
<PAGE>

b.     Next,  to  the payment in full of any other amounts due under this Credit
Agreement  and  any other Loan Documents (other than the Revolving Credit Note);

c.     Next, to the balance of interest remaining unpaid on the Revolving Credit
Note;

d.     Next,  to  the  balance  of  principal  remaining unpaid on the Revolving
Credit  Note;

e.     Next,  the  balance, if any, of such payments or proceeds to whomever may
be  legally  entitled  thereto.

Section  7.04.     Notices.  In  order  to  entitle  Agent  Bank and/or Banks to
exercise  any  remedy  available  hereunder, it shall not be necessary for Agent
Bank  and/or Banks to give any notice, other than such notice as may be required
expressly  herein.

Section 7.05.     Agreement to Pay Attorney's Fees and Expenses.  Subject to the
provisions  of  Section  10.14, upon the occurrence of an Event of Default, as a
result  of  which  Agent Bank and/or Banks shall require and employ attorneys or
incur  other expenses for the collection of payments due or to become due or the
enforcement  or  performance or observance of any obligation or agreement on the
part  of  Borrowers  contained herein, Borrowers and Guarantor shall, on demand,
pay  to  Agent  Bank  and Banks the actual and reasonable fees of such attorneys
(including  actual and reasonable allocated costs of in-house legal counsel) and
such  other  reasonable  expenses  so  incurred  by  Agent  Bank  and  Banks.

Section  7.06.     No Additional Waiver Implied by One Waiver.  In the event any
agreement  contained in this Credit Agreement should be breached by either party
and  thereafter  waived  by the other party, such waiver shall be limited to the
particular  breach  so  waived and shall not be deemed to waive any other breach
hereunder.

Section  7.07.     Licensing of Agent Bank and Lenders.  In the event of the
occurrence of an Event of  Default  hereunder  or  under  any of the Loan
Documents and it shall become necessary,  or  in  the  opinion  of  Requisite
Lenders advisable, for an agent, supervisor,  receiver  or other representative
of Agent Bank and Banks to become licensed  under  the  provisions of the Gaming
Laws of the State of Colorado, or rules  and regulations adopted pursuant
thereto, as a condition to receiving the benefit of any Collateral encumbered by
the Security Documentation or other Loan Documents  for  the  benefit  of
Lenders  or  otherwise to enforce their rights hereunder  or thereunder,
Borrowers do hereby give their consent to the granting of  such  license  or
licenses  and
                                       78
<PAGE>

agree to execute such further documents as may be required in
connection  with  the  evidencing  of  such  consent.

Section  7.08.     Exercise  of  Rights  Subject to Applicable Law.  All rights,
remedies  and  powers  provided by this Article VII may be exercised only to the
extent  that  the  exercise thereof does not violate any applicable provision of
the laws of any Governmental Authority and all of the provisions of this Article
VII  are  intended  to  be subject to all applicable mandatory provisions of law
that  may  be controlling and to be limited to the extent necessary so that they
will  not render this Credit Agreement invalid, unenforceable or not entitled to
be  recorded  or  filed  under  the  provisions  of  any  applicable  law.

Section  7.09.     Discontinuance  of  Proceedings.  In  case  Agent Bank and/or
Banks  shall  have  proceeded  to  enforce any right, power or remedy under this
Credit  Agreement,  the Revolving Credit Note, the Security Documentation or any
other  Loan  Document  by  foreclosure, entry or otherwise, and such proceedings
shall  have  been  discontinued  or  abandoned for any reason or shall have been
determined adversely to Banks, then and in every such case Borrowers, Guarantor,
Agent  Bank  and/or Banks shall be restored to their former positions and rights
hereunder with respect to the Collateral, and all rights, remedies and powers of
Agent  Bank  and Banks shall continue as if such proceedings had not been taken,
subject  to  any  binding  rule by the applicable court or other tribunal in any
such  proceeding.

                                    ARTICLE  II
                      DAMAGE, DESTRUCTION AND CONDEMNATION
                      ------------------------------------

Section  8.01.     No  Abatement  of  Payments.  If  all  or  any  part  of  the
Collateral  shall  be  materially  damaged  or  destroyed, or if title to or the
temporary  use  of the whole or any part of any of the Collateral shall be taken
or  condemned  by  a  competent  authority  for any public use or purpose, or by
exercise  of  the  power  of  eminent  domain,  there  shall  be no abatement or
reduction  in  the amounts payable by Borrowers hereunder or under the Revolving
Credit Note, and Borrowers shall continue to be obligated to make such payments.

Section  8.02.     Distribution  of  Capital  Proceeds  Upon  Occurrence  of
Fire, Other Perils or Condemnation.  All  monies  received  from  "All  Risk"
including  flood  and earthquake  insurance  policies  covering  any  of  the
Collateral  or  from condemnation  or  similar  actions  in  regard to said
Collateral, shall be paid directly  to Agent Bank.  However, in the event the
amount paid to Agent Bank is equal  to  or less than Five Hundred Thousand
Dollars ($500,000.00), such amount shall  be  paid directly to Borrowers unless
a Default or Event of Default shall have  occurred  and  then  be continuing.
In the event the amount paid to Agent Bank  is  greater  than  Five  Hundred
                                       79
<PAGE>
Thousand  Dollars  ($500,000.00),  then,  unless a Default or
Event  of  Default  has  occurred  hereunder  and is then continuing, the entire
amount  so  collected or so much thereof as may be required to repair or replace
the  destroyed  or condemned property, shall, subject to the condition set forth
below,  be  released  to  Borrowers  for  repair  or replacement of the property
destroyed or condemned or to reimburse Borrowers for the costs of such repair or
replacement  incurred  prior  to the date of such release.  If a Default or
Event  of Default has occurred hereunder and is then continuing such amount may,
at the option of Requisite Lenders, be applied to pay the outstanding balance of
the  Credit Facility.  In the event the amount so collected is applied to pay or
reduce  the  outstanding  balance of the Credit Facility, the amount received by
Agent  Bank  shall  be applied in the priority set forth in Section 7.03 and, if
such  application  is  made  when a Default or Event of Default has occurred and
remains  continuing,  then  Borrowers  shall  not  be  entitled  to  any further
Borrowings.  In  the event Banks are required to release all or a portion of the
collected  funds  to  Borrowers  for such repair or re-placement of the property
destroyed  or  condemned, such release of funds shall be made in accordance with
the  following  terms  and  conditions:

a.     The repairs, replacements and rebuilding shall be made in accordance with
plans  and specifications approved by Agent Bank and in accordance with all
applicable laws, ordinances, rules, regulations and requirements of Governmental
Authorities;

b.     Borrowers  shall provide Agent Bank with a detailed estimate of the costs
of  such  repairs  or  restora-tions;

c.     Borrowers  shall  satisfy  the  Requisite  Lenders  that  after  the
reconstruction is completed, the value of the Casino Facilities will not be less
than  Thirty-Seven  Million  Two Hundred Thousand Dollars ($37,200,00.00), which
value  shall  be based upon a multiple of projected EBITDA for the reconstructed
Casino  Facilities,  which  multiple and projected EBITDA shall be determined by
Requisite Lenders, and shall be subject to such adjustments as Requisite Lenders
may  require,  all  in  their  reasonable  discretion;

d.     In  the  Agent Bank's sole reasonable opinion, any undisbursed portion of
the Available Borrowings contemplated hereunder, after deposit of such proceeds,
is  sufficient  to  pay  all costs of reconstruction of the Casino Facilities or
other  Collateral damaged, destroyed or condemned; or if the undisbursed portion
of  such  Credit  Facility  is  not sufficient, Borrowers shall provide evidence
reasonably  acceptable  to  Agent  Bank  of the availability of additional funds
sufficient  to  pay  such  additional  costs  of  reconstructing the Collateral;

e.     Borrowers  have delivered to the Agent Bank a construction contract for
the work of  reconstruction  in  form  and  content,  including  insurance
                                       80
<PAGE>
requirements,  acceptable  to the Agent Bank with a contractor acceptable
to  the  Agent  Bank;

f.     The Requisite Lenders in their reasonable discretion have determined that
after  the  work  of  reconstruction  is  completed,  the  Casino  Facilities or
Collateral damaged, destroyed or condemned will produce income sufficient to pay
all  costs  of  operations  and  maintenance of the applicable Collateral with a
reasonable  reserve for repairs, and service all debts secured by the applicable
Collateral;

g.     No  Default or Event of Default has occurred and is continuing hereunder;

h.     Borrowers  have  provided evidence reasonably acceptable to Agent Bank of
the  availability  of  funds (taking into consideration the amount of Borrowings
available  and  the  amount  of proceeds, if any, of insurance policies covering
property  damage  and business interruption, loss or rental income in connection
with  the  Casino  Facilities  or  Collateral  damaged,  destroyed  or condemned
accruing  and  immediately  forthcoming  to  the Agent Bank) to be sufficient to
service  the  Indebtedness  secured  hereby during the period of reconstruction;

i.     Before  commencing  any  such  work, Borrowers shall, at its own cost and
expense,  furnish  Agent  Bank  with appropriate endorsements, if needed, to the
"All  Risk" insurance policy which Borrowers are then presently maintaining, and
course  of construction insurance to cover all of the risks during the course of
such  work;

j.     Such work shall be commenced by Borrowers within one hundred twenty (120)
days  after  (i) settlement shall have been made with the insurance companies or
condemnation  proceeds  shall  have  been  received,  and (ii) all the necessary
governmental  approvals  shall  have  been  obtained,  and  such  work  shall be
completed  within  a  reasonable  time,  free  and  clear  of  all  liens  and
encumbrances,  except  Permitted  Encumbrances;  and

k.     Disbursements  of  such  insurance or condemnation proceeds shall be made
in the customary  manner used by Agent Bank for the disbursement of construction
loans.
                                       81
<PAGE>

                                   ARTICLE  II
                                AGENCY PROVISIONS
                                -----------------

Section  9.01.     Appointment.

a.     Each  Lender  hereby (i) designates and appoints WFB as the Agent Bank of
such  Lender under this Credit Agreement and the Loan Documents, (ii) authorizes
and  directs  Agent Bank to enter into the Loan Documents other than this Credit
Agreement  for  the  benefit of Lenders, and (iii) authorizes Agent Bank to take
such  action on its behalf under the provisions of this Credit Agreement and the
Loan  Documents  and to exercise such powers as are set forth herein or therein,
together with such other powers as are reasonably incidental thereto, subject to
the  limitations  referred  to in Sections 9.10(a) and 9.10(b).  Agent Bank
agrees  to  act  as such on the express conditions contained in this Article IX.

b.     The  provisions  of  this  Article IX are solely for the benefit of Agent
Bank  and Lenders, and Borrowers and Guarantor shall not have any rights to rely
on or enforce any of the provisions hereof (other than as expressly set forth in
     Sections 9.03, 9.09 and 10.10), provided, however, that the foregoing shall
in no way limit Borrowers' obligations under this Article IX.  In performing its
functions and duties under this Credit Agreement, Agent Bank shall act solely as
Agent  Bank  of  Lenders  and  does  not  assume and shall not be deemed to have
assumed  any  obligation  toward  or relationship of agency or trust with or for
Borrowers,  Guarantor  or  any  other  Person.

Section  9.02.     Nature  of  Duties.  Agent  Bank  shall  not have any duties
or responsibilities except  those  expressly  set  forth  in  this  Credit
Agreement or in the Loan Documents.  The duties of Agent Bank shall be
administrative in nature.  Subject to  the  provisions  of  Sections 9.05 and
9.07, Agent Bank shall administer the Credit  Facility  in  the same manner as
it administers its own loans.  Promptly following  the  effectiveness of this
Credit Agreement, Agent Bank shall send to each  Lender a duplicate executed
original, to the extent the same are available in  sufficient  numbers,  of  the
Credit Agreement and a copy of each other Loan Document  in  favor  of  Lenders
and  a  copy of the filed or recorded Security Documentation, with the originals
of the latter to be held and retained by Agent Bank  for  the  benefit  of all
Lenders.  Agent Bank shall not have by reason of this  Credit  Agreement  a
fiduciary  relationship  in  respect  of any Lender.  Nothing  in  this  Credit
Agreement  or any of the Loan Documents, expressed or implied,  is  intended  or
shall  be  construed  to  impose upon Agent Bank any obligation  in  respect  of
this  Credit Agreement or any of the Loan Documents except as expressly set
forth herein or therein.  Each Lender shall make its own independent
investigation  of  the  financial  condition  and  affairs  of  the Borrowers,
Guarantor  and  the Collateral in connection with the making and the continuance
of  the  Credit  Facility
                                       82
<PAGE>

hereunder  and  shall  make  its  own  appraisal  of  the
creditworthiness  of the Borrowers, Guarantor and the Collateral, and, except as
specifically  provided  herein,  Agent  Bank  shall  not  have  any  duty  or
responsibility, either initially or on a continuing basis, to provide any Lender
with  any  credit or other information with respect thereto, whether coming
into  its possession before the Closing Date or at any time or times thereafter.

Section  9.03.     Disbursement  of  Borrowings.

a.     Not  later  than  the  next  Banking  Business Day following receipt of a
Notice  of  Borrowing, Agent Bank shall send a copy thereof by facsimile to each
other  Lender  and  shall otherwise notify each Lender of the proposed Borrowing
and  the  Funding  Date.  Each Lender shall make available to Agent Bank (or the
funding  bank  or  entity designated by Agent Bank), the amount of such Lender's
Pro  Rata  Share of such Borrowing in immediately available funds not later than
the  times  designated  in  Section  9.03(b).  Unless Agent Bank shall have been
notified by any Lender not later than the close of business (San Francisco time)
     on  the  Banking  Business  Day  immediately  preceding the Funding Date in
respect  of  any Borrowing that such Lender does not intend to make available to
Agent Bank such Lender's Pro Rata Share of such Borrowing, Agent Bank may assume
that  such Lender shall make such amount available to Agent Bank.  If any Lender
does  not  notify Agent Bank of its intention not to make available its Pro Rata
Share  of  such  Borrowing  as described above, but does not for any reason make
available  to  Agent  Bank  such Lender's Pro Rata Share of such Borrowing, such
Lender  shall  pay  to Agent Bank forthwith on demand such amount, together with
interest thereon at the Federal Funds Rate.  In any case where a Lender does not
for any reason make available to Agent Bank such Lender's Pro Rata Share of such
Borrowing,  Agent  Bank, in its sole discretion, may, but shall not be obligated
to,  fund to Borrowers such Lender's Pro Rata Share of such Borrowing.  If Agent
Bank  funds  to  Borrowers such Lender's Pro Rata Share of such Borrowing and if
such  Lender  subsequently  pays  to  Agent Bank such corresponding amount, such
amount  so paid shall constitute such Lender's Pro Rata Share of such Borrowing.
Nothing  in  this  Section  9.03(a)  shall  alter  the  respective  rights  and
obligations  of  the  parties  hereunder  in respect of a Defaulting Lender or a
Non-Pro  Rata  Borrowing.

b.     Requests  by Agent Bank for funding by Lenders of Borrowings will be made
by  telecopy.  Each  Lender  shall make the amount of its Pro Rata Share of such
Borrowing available to Agent Bank in Dollars and in immediately available funds,
to such bank and account, in El Segundo, California as Agent Bank may designate,
not  later than 9:00 A.M. (San Francisco time) on the Funding Date designated in
the  Notice of Borrowing with respect to such Borrowing, but in no event earlier
than  two (2) Banking Business Days following Lender's receipt of the applicable
Notice  of  Borrowing.

c.     Nothing  in  this  Section  9.03  shall  be  deemed to relieve any Lender
of its obligation  hereunder  to  make  its  Pro  Rata  Share  of  Borrowings on
any
                                       83
<PAGE>

Funding  Date, nor shall any Lender be responsible for the failure of any
other  Lender  to  perform  its obligations to advance its Pro Rata Share of any
Borrowing  hereunder,  and the Pro Rata Share of the Aggregate Commitment of any
Lender  shall  not  be  increased or decreased as a result of the failure by any
other  Lender  to  perform  its  obligation to advance its Pro Rata Share of any
Borrowing.

Section  9.04.     Distribution  and  Apportionment  of  Payments.

a.     Subject  to Section 9.04(b), payments actually received by Agent Bank for
the  account  of Lenders shall be paid to them promptly after receipt thereof by
Agent  Bank, but in any event within one (1) Banking Business Day, provided that
Agent Bank shall pay to Lenders interest thereon, at the Federal Funds Rate from
the  Banking  Business  Day  following  receipt of such funds by Agent Bank
until such funds are paid in immediately available funds to Lenders.  Subject to
Section  9.04(b),  all  payments  of principal and interest in respect of Funded
Outstandings,  all  payments of the fees described in this Credit Agreement, and
all  payments  in respect of any other Obligations shall be allocated among such
other  Lenders  as  are  entitled thereto, in proportion to their respective Pro
Rata  Shares  or  otherwise  as  provided  herein.  Agent  Bank  shall  promptly
distribute, but in any event within one (1) Banking Business Day, to each Lender
at  its primary address set forth on the appropriate signature page hereof or on
the  applicable Assignment and Assumption Agreement, or at such other address as
a  Lender  may  request in writing, such funds as it may be entitled to receive,
provided  that  Agent  Bank  shall  in any event not be bound to inquire into or
determine  the validity, scope or priority of any interest or entitlement of any
Lender  and  may  suspend  all  payments and seek appropriate relief (including,
without  limitation,  instructions  from  Requisite  Lenders  or all Lenders, as
applicable,  or  an  action  in  the nature of interpleader) in the event of any
doubt  or  dispute  as to any apportionment or distribution contemplated hereby.
The  order  of  priority  herein is set forth solely to determine the rights and
priorities  of  Lenders  as among themselves and may at any time or from time to
time  be  changed  by  Lenders  as they may elect, in writing in accordance with
Section  10.01,  without  necessity  of  notice  to or consent of or approval by
Borrowers  or  any  other  Person.  All payments or other sums received by Agent
Bank  for  the  account of Lenders (including, without limitation, principal and
interest payments, the proceeds of any and all insurance maintained with respect
to  any of the Collateral, and any and all condemnation proceeds with respect to
any of the Collateral) shall not constitute property or assets of the Agent Bank
and  shall  be  held by Agent Bank, solely in its capacity as administrative and
collateral  agent  for  itself  and  the  other  Lenders,  subject  to  the Loan
Documents.

b.     Notwithstanding  any  provision  hereof  to  the  contrary, until such
time as a Defaulting  Lender  has  funded  its  Pro  Rata  Share  of  Borrowing
which was previously  a Non Pro Rata Borrowing, or all other Lenders have
received payment in  full (whether by repayment or prepayment) of the principal
due in respect of such  Non  Pro
                                       84
<PAGE>

Rata  Borrowing,  all  principal  sums  owing  to  such Defaulting Lender
hereunder shall be subordinated in right of payment to the prior payment in full
of  all  principal  in  respect  of all Non Pro Rata Borrowing in which the
Defaulting  Lender  has  not  funded its Pro Rata Share.  This provision governs
only  the  relationship  among Agent Bank, each Defaulting Lender, and the other
Lenders;  nothing hereunder shall limit the obligation of Borrowers to repay all
Borrowings  in  accordance  with  the  terms  of  this  Credit  Agreement.  The
provisions of this section shall apply and be effective regardless of whether an
Event  of  Default  occurs  and  is then continuing, and notwithstanding (i) any
other  provision  of this Credit Agreement to the contrary, (ii) any instruction
of Borrowers as to their desired application of payments or (iii) the suspension
of  such  Defaulting  Lender's right to vote on matters which are subject to the
consent  or approval of Requisite Lenders or all Lenders.  No Nonusage Fee shall
accrue  in  favor  of, or be payable to, such Defaulting Lender from the date of
any  failure  to fund Borrowings or reimburse Agent Bank for any Liabilities and
Costs as herein provided until such failure has been cured, and Agent Bank shall
be  entitled  to  (A)  withhold  or  setoff,  and to apply to the payment of the
defaulted  amount  and  any  related  interest,  any  amounts to be paid to such
Defaulting  Lender  under this Credit Agreement, and (B) bring an action or suit
against  such  Defaulting Lender in a court of competent jurisdiction to recover
the  defaulted  amount  and  any  related interest.  In addition, the Defaulting
Lender shall indemnify, defend and hold Agent Bank and each of the other Lenders
harmless  from  and  against  any  and  all Liabilities and Costs, plus interest
thereon  at the Default Rate, which they may sustain or incur by reason of or as
a  direct  consequence of the Defaulting Lender's failure or refusal to abide by
its  obligations  under  this  Credit  Agreement.

Section 9.05.  Rights,  Exculpation, Etc.  Neither Agent Bank, any Affiliate of
Agent Bank, nor any of their respective officers, directors, employees, agents,
attorneys or consultants, shall be liable to any Lender for any action taken or
omitted by them  hereunder or under any of the Loan Documents, or in connection
herewith or therewith, except that Agent Bank shall be liable for its gross
negligence or willful misconduct. In the absence of gross negligence or willful
misconduct, Agent Bank shall not be liable for any apportionment or distribution
of payments made by it in good faith pursuant to Section 9.04, and if any such
apportionment or  distribution  is subsequently determined to have been made in
error the sole recourse of any Person to whom payment was due, but not made,
shall be to recover from the recipients of such payments any payment in excess
of the amount to  which  they  are  determined to have been entitled.  Agent
Bank shall not be responsible  to  any  Lender  for  any  recitals, statements,
representations or warranties  herein  or  for the execution, effectiveness,
genuineness, validity, enforceability,  collectibility  or sufficiency of this
Credit Agreement, any of the  Security  Documentation  or  any of the other Loan
Documents, or any of the transactions  contemplated hereby and thereby; or for
the financial condition of the  Borrowers, Guarantor or any of their Affiliates.
Agent Bank shall not be required  to make any inquiry concerning either the
performance or observance of any  of  the
                                       85
<PAGE>

terms,  provisions  or conditions of this Credit Agreement or
any of the Loan Documents or the financial condition of the Borrowers, Guarantor
or  any  of their Affiliates, or the existence or possible existence of any
Default  or  Event  of  Default.

Section  9.06.     Reliance.  Agent  Bank  shall  be  entitled  to rely upon any
written notices, statements, certificates, orders or other documents, telecopies
or  any telephone message believed by it in good faith to be genuine and correct
and  to have been signed, sent or made by the proper Person, and with respect to
all matters pertaining to this Credit Agreement or any of the Loan Documents and
its  duties  hereunder  or  thereunder,  upon advice of legal counsel (including
counsel for Borrowers), independent public accountant and other experts selected
by  it.

Section  9.07.     Indemnification.  To  the  extent  that  Agent  Bank  is  not
reimbursed  and  indemnified  by Borrowers or Guarantor, Lenders will reimburse,
within  ten  (10)  Banking  Business  Days  after  notice  from  Agent Bank, and
indemnify  and  defend  Agent  Bank  for and against any and all Liabilities and
Costs  which  may  be imposed on, incurred by, or asserted against it in any way
relating  to or arising out of this Credit Agreement, the Security Documentation
or  any of the other Loan Documents or any action taken or omitted by Agent Bank
or  under  this Credit Agreement, the Security Documentation or any of the other
Loan  Documents, in proportion to each Lender's Pro Rata Share; provided that no
Lender  shall  be liable for any portion of such Liabilities and Costs resulting
from  Agent  Bank's  gross negligence or willful misconduct.  The obligations of
Lenders  under  this  Section  9.07  shall  survive  the  payment in full of all
Obligations  and  the  termination  of this Credit Agreement.  In the event that
after  payment  and  distribution  of  any  amount by Agent Bank to Lenders, any
Lender  or  third  party,  including  Borrowers  or  Guarantor,  any creditor of
Borrowers  or Guarantor or a trustee in bankruptcy, recovers from Agent Bank any
amount  found  to  have been wrongfully paid to Agent Bank or disbursed by Agent
Bank  to  Lenders,  then  Lenders,  in  proportion  to their respective Pro Rata
Shares,  shall  reimburse  Agent Bank for all such amounts.  Notwithstanding the
foregoing,  Agent  Bank  shall not be obligated to advance Liabilities and Costs
and may require the deposit by each Lender of its Pro Rata Share of any material
Liabilities and Costs anticipated by Agent Bank before they are incurred or made
payable.

Section  9.08.     Agent  Individually.  With  respect  to  its  Pro  Rata Share
of the Aggregate Commitment  hereunder  and  the Borrowings made by it, Agent
Bank shall have and may  exercise  the  same  rights and powers hereunder and is
subject to the same obligations  and liabilities as and to the extent set forth
herein for any other Lender.  The  terms  "Lenders",  "Requisite  Lenders"  or
any similar terms may include  Agent  Bank  in  its  individual  capacity  as  a
Lender or one of the Requisite  Lenders, but Requisite Lenders shall not include
Agent Bank solely in its  capacity  as  Agent Bank and need not necessarily
include Agent Bank in its capacity  as  a Lender.  Agent Bank and any Lender and
its Affiliates may accept deposits  from,  lend  money  to,  and
                                       86
<PAGE>

generally  engage  in  any  kind  of  banking, trust or other
business with any Borrower, Guarantor or any of its Affiliates as if it were not
acting  as  Agent  Bank  or  Lender  pursuant  hereto.

Section  9.09.     Successor  Agent  Bank; Resignation of Agent Bank; Removal of
Agent  Bank.

a.     Agent  Bank  shall  automatically cease to be Agent Bank hereunder in the
event  a  petition  in bankruptcy shall be filed by or against Agent Bank or the
Federal  Deposit Insurance Corporation or any other Governmental Authority shall
assume  control  of  Agent  Bank  or  Agent  Bank's  interests  under the Credit
Facility.  Further, Lenders (other than Agent Bank) may unanimously remove Agent
     Bank  at  any  time  upon  the  occurrence  of  gross  negligence or wilful
misconduct  by  Agent Bank by giving at least thirty (30) Banking Business Days'
prior  written  notice  to  Agent  Bank,  Borrowers and all other Lenders.  Such
resignation  or  removal  shall  take  effect upon the acceptance by a successor
Agent  Bank  of  appointment  pursuant  to  clause  (b)  or  (c).

b.     Upon  any  such  notice  of  resignation  by  or  removal  of Agent Bank,
Requisite  Lenders  shall appoint a successor Agent Bank which appointment shall
be  subject to Borrowers' consent (other than upon the occurrence and during the
continuance  of  any Event of Default), which shall not be unreasonably withheld
or  delayed.  Any  successor  Agent  Bank  must  be  a  bank (i) the senior debt
obligations of which (or such bank's parent's senior unsecured debt obligations)
are  rated  not  less  than  Baa-2  by  Moody's  Investors  Services,  Inc. or a
comparable  rating  by  a rating agency acceptable to Requisite Lenders and (ii)
which  has  total  assets in excess of Ten Billion Dollars ($10,000,000,000.00).

c.     If  a  successor  Agent Bank shall not have been so appointed within said
thirty  (30)  Banking  Business  Day period, the retiring or removed Agent Bank,
with  the  consent  of  Borrowers (other than upon the occurrence and during the
continuance  of any Event of Default) (which may not be unreasonably withheld or
delayed),  shall  then  appoint  a  successor  Agent  Bank  who  shall  meet the
requirements described in subsection (b) above and who shall serve as Agent Bank
until  such  time,  if  any, as Requisite Lenders, with the consent of Borrowers
(other  than  upon  the  occurrence  and  during the continuance of any Event of
Default),  appoint  a  successor  Agent  Bank  as  provided  above.

Section  9.10.     Consent  and  Approvals.

a.     Each  consent,  approval,  amendment,  modification  or  waiver
specifically enumerated  in  this  Section  9.10(a)  shall  require  the consent
of Requisite Lenders:
                                       87
<PAGE>

(i)      Approval of Borrowings with less than full compliance with requirements
of  Article  IIIB  (Section  2.06);

(ii)     Approval  of  any amendment, modification or termination
or agreement to amend, modify or terminate the Subordinated Debt (Section 5.03);

(iii)    Consent  to  modification  to  financial  reporting
requirements or production of additional financial or other information (Section
5.08);

(iv)     Approval of a change in the method of calculation of any
financial  covenants,  standards  or terms as a result of a change in accounting
principle  (Section  6.15);

(v)      Direct  Agent  Bank  to declare the unpaid balance of the
Credit  Facility  fully  due  and  payable  (Section  7.02);

(vi)     Direct  the  disposition  of  insurance  proceeds  or
condemnation  awards  under  certain  circumstances  (Section  8.02);

(vii)    Approval  of  appointment  of  successor  Agent  Bank
(Section  9.09);

(viii)   Approval  of  certain  Protective  Advances  (Section
9.11(a));

(ix)     Approval  of a Post-Foreclosure Plan and related matters
(Section  9.11(e));

(x)      Consent  to  action  or  proceeding against any Borrower,
Guarantor  or  the  Collateral  by  any  Lender  (Section  9.12);

(xi)     Except  as referred to in subsection (b) below, approval
of  any  amendment,  modification  or  termination  of this Credit Agreement, or
waiver  of  any  provision  herein  (Section  10.01).

b.     Each  consent,  approval,  amendment, modification or waiver specifically
enumerated  in  Section  10.01(a)  through  (c) shall require the consent of all
Lenders.
                                       88
<PAGE>

c.     In  addition  to  the  required  consents  or  approvals  referred  to in
subsection  (a)  above,  Agent  Bank  may  at any time request instructions from
Requisite  Lenders  with respect to any actions or approvals which, by the terms
of  this  Credit  Agreement  or  of  any  of  the  Loan Documents, Agent Bank is
permitted or required to take or to grant without instructions from any Lenders,
and  if such instructions are promptly requested, Agent Bank shall be absolutely
entitled to refrain from taking any action or to withhold any approval and shall
not  be  under any liability whatsoever to any Lender for refraining from taking
any  action or withholding any approval under any of the Loan Documents until it
shall  have received such instructions from Requisite Lenders.  Without limiting
the foregoing, no Lender shall have any right of action whatsoever against Agent
Bank  as  a  result  of  Agent  Bank acting or refraining from acting under this
Credit  Agreement, the Security Documentation or any of the other Loan Documents
in  accordance  with the instructions of Requisite Lenders or, where applicable,
all  Lenders.  Agent Bank shall promptly notify each Lender at any time that the
Requisite  Lenders  have  instructed  Agent  Bank  to act or refrain from acting
pursuant  hereto.

d.     Each  Lender agrees that any action taken by Agent Bank at the direction
or with the consent of Requisite Lenders in accordance with the provisions of
this Credit Agreement or any Loan Document, and the exercise by Agent Bank at
the direction or with the consent of  Requisite Lenders of the powers set forth
herein  or therein, together with such other powers as are reasonably incidental
thereto,  shall  be  authorized and binding upon all Lenders, except for actions
specifically  requiring  the  approval  of all Lenders.  All communications from
Agent  Bank  to  Lenders requesting Lenders' determination, consent, approval or
disapproval  (i)  shall be given in the form of a written notice to each Lender,
(ii)  shall  be  accompanied by a description of the matter or thing as to which
such  determination,  approval,  consent  or  disapproval is requested, or shall
advise  each  Lender  where  such  matter  or  thing  may be inspected, or shall
otherwise  describe  the matter or issue to be resolved, (iii) shall include, if
reasonably  requested  by  a Lender and to the extent not previously provided to
such Lender, written materials and a summary of all oral information provided to
Agent  Bank  by  Borrowers  or Guarantor in respect of the matter or issue to be
resolved,  and  (iv)  shall include Agent Bank's recommended course of action or
determination  in respect thereof.  Each Lender shall reply promptly, but in any
event within ten (10) Banking Business Days (the "Lender Reply Period").  Unless
a  Lender  shall  give  written  notice  to  Agent  Bank  that it objects to the
recommendation  or  determination  of  Agent  Bank  (together  with  a  written
explanation  of  the  reasons  behind  such  objection)  within the Lender Reply
Period,  such  Lender  shall  be deemed to have approved of or consented to such
recommendation  or  determination.  With  respect  to  decisions  requiring  the
approval  of  Requisite  Lenders  or  all  Lenders,  Agent Bank shall submit its
recommendation  or  determination  for  approval  of  or  consent  to  such
recommendation  or  determination to all Lenders and upon receiving the required
approval  or  consent  shall  follow  the  course  of  action  or
                                       89
<PAGE>

determination  recommended  to Lenders by Agent Bank or such other course
of action recommended by Requisite Lenders, and each non-responding Lender shall
be  deemed  to  have  concurred  with  such  recommended  course of action.

Section  9.11.     Agency  Provisions  Relating  to  Collateral.

a.     Agent  Bank  is  hereby  authorized on behalf of all Lenders, without the
necessity of any notice to or further consent from any Lender, from time to time
prior  to  an  Event  of  Default,  to  take any action with respect to any
Collateral or Loan Document which may be necessary to perfect and maintain liens
of  the  Security Documentation upon the Collateral granted pursuant to the Loan
Documents.  Agent  Bank  may  make,  and  shall  be  reimbursed  by  Lenders (in
accordance  with  their  Pro  Rata  Shares),  to  the  extent  not reimbursed by
Borrowers  or  Guarantor, for, Protective Advance(s) during any one (1) calendar
year with respect to the Collateral up to the sum of (i) amounts expended to pay
real  estate  taxes, assessments and governmental charges or levies imposed upon
such Collateral, (ii) amounts expended to pay insurance premiums for policies of
insurance  related  to  such  Collateral, and (iii) One Hundred Thousand Dollars
($100,000.00).  Protective  Advances  in  excess of said sum during any calendar
year  for  any  Collateral  shall  require the consent of Requisite Lenders.  In
addition,  Agent Bank is hereby authorized on behalf of all Lenders, without the
necessity  of  any  notice  to  or further consent from any Lender, to waive the
imposition  of  the late fees provided for in Section 2.08(a) up to a maximum of
two  (2)  times  per  calendar  year,  including  any  extensions.

b.     Lenders hereby irrevocably authorize Agent Bank, at its option and in its
discretion,  to  release  any Security Documentation granted to or held by Agent
Bank  upon any Collateral (i) upon Credit Facility Termination and repayment and
satisfaction of all Borrowings, and all other Obligations and the termination of
this Credit Agreement, or (ii) if approved, authorized or ratified in writing by
Agent Bank at the direction of all Lenders.  Agent Bank shall not be required to
execute  any  document  to  evidence  the  release of the Security Documentation
granted  to Agent Bank for the benefit of Lenders herein or pursuant hereto upon
any  Collateral  if,  in  Agent Bank's opinion, such document would expose Agent
Bank  to liability or create any obligation or entail any consequence other than
the  release  of  such  Security Documentation without recourse or warranty, and
such release shall not in any manner discharge, affect or impair the Obligations
or  any  Security Documentation upon (or obligations of Borrowers in respect of)
any  property  which  shall  continue  to  constitute  part  of  the Collateral.
c.     Except as provided in this Credit Agreement, Agent Bank shall have no
obligation whatsoever to any Lender or to any other Person to assure that the
Collateral exists  or  is  owned  by Borrowers or is cared for, protected or
insured or has been  encumbered or that the Security Documentation granted to
Agent Bank herein or  in  any  of the other Loan Documents or pursuant hereto or
thereto have been properly  or
                                       90
<PAGE>
sufficiently or lawfully created, perfected, protected or enforced or are
entitled  to  any  particular  priority.

d.     Should  Agent  Bank (i) employ counsel for advice or other representation
(whether  or  not  any  suit  has  been  or  shall be filed) with respect to any
Collateral  or any part thereof, or any of the Loan Documents, or the attempt to
enforce  any  security  interest  or  Security  Documentation  on  any  of  the
Collateral,  or  (ii)  commence any proceeding or in any way seek to enforce its
rights or remedies under the Loan Documents, irrespective of whether as a result
thereof  Agent  Bank  shall  acquire  title  to  any  Collateral, either through
foreclosure,  deed in lieu of foreclosure or otherwise, each Lender, upon demand
therefor  from  time  to time, shall contribute its share (based on its Pro Rata
Share)  of  the  reasonable  costs  and/or  expenses of any such advice or other
representation,  enforcement or acquisition, including, but not limited to, fees
of  receivers  or  trustees,  court  costs,  title  company  charges, filing and
recording  fees,  appraisers'  fees  and  fees  and expenses of attorneys to the
extent  not  otherwise reimbursed by Borrowers or Guarantor; provided that Agent
Bank  shall not be entitled to reimbursement of its attorneys' fees and expenses
incurred  in  connection  with the resolution of disputes between Agent Bank and
other  Lenders  unless  Agent  Bank  shall  be  the prevailing party in any such
dispute.  Any loss of principal and interest resulting from any Event of Default
shall  be shared by Lenders in accordance with their respective Pro Rata Shares.
It  is  understood  and  agreed  that  in  the event Agent Bank determines it is
necessary  to  engage  counsel  for  Lenders from and after the occurrence of an
Event  of  Default,  said  counsel  shall  be  selected  by  Agent  Bank.

e.     In the event that all or any portion of the Collateral is acquired by
Agent Bank as the result of a foreclosure or the acceptance of a deed or
assignment in lieu of  foreclosure, or is retained in satisfaction of all or any
part of Borrowers' or  Guarantor's obligations, title to any such Collateral or
any portion thereof shall  be  held  in  the  name of Agent Bank or a nominee or
subsidiary of Agent Bank,  as  agent, for the ratable benefit of Agent Bank and
Lenders.  Agent Bank shall  prepare  a  recommended  course  of  action  for
such  Collateral  (the "Post-Foreclosure  Plan"),  which  shall  be  subject  to
the  approval  of the Requisite  Lenders.  In  the  event  that  Requisite
Lenders do not approve such Post-Foreclosure  Plan,  any  Lender shall be
permitted to submit an alternative Post-Foreclosure  Plan  to  Agent  Bank, and
Agent Bank shall submit any and all such  additional  Post-Foreclosure  Plans
to the Lenders for evaluation and the approval of Requisite Lenders.  In
accordance with the approved Post-Foreclosure Plan, Agent Bank shall manage,
operate, repair, administer, complete, construct, restore  or  otherwise  deal
with  the  Collateral  acquired and administer all
transactions  relating  thereto,  including,  without  limitation,  employing  a
management  agent,  leasing  agent  and other agents, contractors and employees,
including agents of the sale of such Collateral, and the collecting of rents and
other  sums  from  such  Collateral  and paying the expenses of such Collateral;
actions  taken  by  Agent  Bank  with  respect  to  the
                                       91
<PAGE>
Collateral,  which  are not provided for in the approved Post-Foreclosure
Plan  or  reasonably  incidental thereto, shall require the consent of Requisite
Lenders  by  way  of  supplement  to  such  Post-Foreclosure  Plan.  Upon demand
therefor  from time to time, each Lender will contribute its share (based on its
Pro  Rata  Share)  of  all  reasonable costs and expenses incurred by Agent Bank
pursuant  to  the  Post-Foreclosure  Plan  in  connection with the construction,
operation,  management,  maintenance,  leasing  and sale of such Collateral.  In
addition, Agent Bank shall render or cause to be rendered by the managing agent,
to  each  of the Lenders, monthly, an income and expense statement for such
Collateral, and each of the Lenders shall promptly contribute its Pro Rata Share
of any operating loss for such Collateral, and such other expenses and operating
reserves  as  Agent  Bank  shall  deem  reasonably  necessary pursuant to and in
accordance with the Post-Foreclosure Plan.  To the extent there is net operating
income from such Collateral, Agent Bank shall, in accordance with all applicable
Gaming  Laws  and  the Post-Foreclosure Plan, determine the amount and timing of
distributions  to  Lenders.  All  such distributions shall be made to Lenders in
accordance  with  their respective Pro Rata Shares.  Lenders acknowledge that if
title  to  any  Collateral  is  obtained  by  Agent  Bank  or  its nominee, such
Collateral  will not be held as a permanent investment but will be liquidated as
soon  as  practicable.  Agent  Bank  shall undertake to sell such Collateral, at
such  price  and  upon  such terms and conditions as the Requisite Lenders shall
reasonably  determine  to  be most advantageous.  Any purchase money mortgage or
deed  of  trust  taken  in connection with the disposition of such Collateral in
accordance  with  the  immediately  preceding sentence shall name Agent Bank, as
agent  for  Lenders,  as the beneficiary or mortgagee.  In such case, Agent Bank
and  Lenders  shall  enter into an agreement with respect to such purchase money
mortgage  defining the rights of Lenders in the same Pro Rata Shares as provided
hereunder,  which  agreement  shall  be in all material respects similar to this
Article  IX  insofar  as  the  same  is  appropriate  or  applicable.

Section 9.12.     Lender Actions Against Collateral.  Each Lender agrees that it
will not take any action, nor institute any actions or proceedings, against
Borrowers,  Guarantor  or  any  other  obligor  hereunder,  under  the  Security
Documentation  or  under  any  other  Loan  Documents with respect to exercising
claims  against  or  rights  in  any Collateral without the consent of Requisite
Lenders.

Section 9.13.     Ratable  Sharing.  Subject  to  Section  9.03  and  9.04,
Lenders  agree  among themselves  that  (i)  with  respect  to  all amounts
received by them which are applicable  to the payment of the Obligations,
equitable adjustment will be made so  that,  in  effect,  all  such  amounts
will be shared among them ratably in accordance with their Pro Rata Shares,
whether received by voluntary payment, by counterclaim  or  cross  action  or
by  the  enforcement  of  any or all of the Obligations,  or  the Collateral,
(ii) if any of them shall by voluntary payment or by the exercise of any right
of counterclaim or otherwise, receive payment of a  proportion  of the aggregate
                                       92
<PAGE>

amount of the Obligations held by it which is greater than its
Pro  Rata  Share  of  the  payments  on account of the Obligations, the one
receiving  such  excess payment shall purchase, without recourse or warranty, an
undivided  interest  and  participation  (which  it shall be deemed to have done
simultaneously upon the receipt of such payment) in such Obligations owed to the
others  so  that  all  such recoveries with respect to such Obligations shall be
applied  ratably in accordance with their Pro Rata Shares; provided, that if all
or  part  of  such excess payment received by the purchasing party is thereafter
recovered  from  it,  those purchases shall be rescinded and the purchase prices
paid  for  such  participations  shall  be  returned to that party to the extent
necessary to adjust for such recovery, but without interest except to the extent
the  purchasing  party  is  required  to  pay  interest  in connection with such
recovery.  Borrowers  and  Guarantor  agree  that  any  Lender  so  purchasing a
participation  from  another  Lender  pursuant  to this Section 9.13 may, to the
fullest extent permitted by law, exercise all its rights of payment with respect
to  such  participation  as  fully as if such Lender were the direct creditor of
Borrowers  and  Guarantor  in the amount of such participation.  No Lender shall
exercise  any  setoff,  banker's  lien  or other similar right in respect to any
Obligations  without  the  prior  written  approval  by  Agent  Bank.

Section 9.14.     Delivery of Documents.  Agent Bank shall as soon as reasonably
practicable  distribute  to  each Lender at its primary address set forth on the
appropriate  counterpart  signature  page  hereof, or at such other address as a
Lender  may  request in writing, (i)copies of all documents to which such Lender
is  a  party  or  of  which  is executed or held by Agent Bank on behalf of such
Lender, (ii) all documents of which Agent Bank receives copies from Borrowers or
Guarantor pursuant to Article VI and Section 10.03, (iii) all other documents or
information  which  Agent  Bank  is  required to send to Lenders pursuant to the
terms  of this Credit Agreement, (iv) other information or documents received by
Agent  Bank  at the request of any Lender, and (v) all notices received by Agent
Bank  pursuant  to  Section  5.20.  In  addition,  within  fifteen  (15) Banking
Business  Days  after  receipt of a request in writing from a Lender for written
information  or  documents  provided  by or prepared by Borrowers, or Guarantor,
Agent  Bank  shall  deliver  such  written  information  or  documents  to  such
requesting  Lender  if  Agent Bank has possession of such written information or
documents  in  its  capacity  as  Agent  Bank  or  as  a  Lender.

Section 9.15.     Notice  of  Events of Default.  Agent Bank shall not be deemed
to have knowledge or  notice  of  the  occurrence  of  any Default or Event of
Default (other than nonpayment of principal of or interest on the Credit
Facility) unless Agent Bank has  received  notice in writing from a Lender,
Borrowers or Guarantor referring to  this  Credit Agreement or the other Loan
Documents, describing such event or condition  and  expressly  stating  that
such notice is a notice of a Default or Event  of Default.  Should Agent Bank
receive such notice of the occurrence of a Default  or Event of Default, or
should Agent Bank send Borrowers or Guarantor a notice  of
                                       93
<PAGE>

Default  or  Event of Default, Agent Bank shall promptly give
notice  thereof  to  each  Lender.

                                  ARTICLE  II
                          GENERAL TERMS AND CONDITIONS
                          ----------------------------

     The  following terms and conditions shall be applicable throughout the term
of  this  Credit  Agreement:

Section  10.01.    Amendments  and Waivers. (a)  No amendment or modification of
any  provision  of  this Credit Agreement shall be effective without the written
agreement  of  Requisite  Lenders  (after  notice to all Lenders), Borrowers and
Guarantor  (except  for  amendments  to Section 9.04(a) which do not require the
consent  of  Borrowers  or  Guarantor),  and (b) no termination or waiver of any
provision  of this Credit Agreement, or consent to any departure by Borrowers or
Guarantor  therefrom  (except  as  expressly  provided  in  Section 9.11(a) with
respect  to  waivers  of late fees), shall in any event be effective without the
written  concurrence  of  Requisite Lenders (after notice to all Lenders), which
Requisite  Lenders  shall  have  the  right  to  grant or withhold at their sole
discretion, except that the following amendments, modifications or waivers shall
require  the  consent  of  all  Lenders:

a.     modify  any  requirement hereunder that any particular action be taken by
all the Lenders or by the Requisite Lenders, modify this Section 10.01 or change
     the  definition  of "Requisite Lenders", or remove Agent Bank under Section
9.09(a),  shall  be  effective  unless  consented  to  by  all  of  the Lenders;

b.     increase  the  Aggregate  Commitment  or  the Syndication Interest of any
Lender,  release  any  Collateral  except as specifically provided in the Credit
Agreement,  release  the  Guaranty  or  any Guarantor from liability thereunder,
extend the Maturity Date or change any provision expressly requiring the consent
of  all  Lenders  shall  be  made  without  the  consent  of  each  Lender;  or

c.     reduce  any fees described in Section 2.07(b) or extend the due date for,
or  reduce  or  postpone  the  amount of, any Scheduled Reductions on the Credit
Facility,  or reduce the rate of interest or postpone the payment of interest on
the  Credit  Facility,  shall be made without the consent of all of the Lenders.

No amendment, modification, termination or waiver of any provision of Article IX
or  any  other  provision referring to Agent Bank shall be effective without the
written  concurrence  of  Agent  Bank, but only if such amendment, modification,
termination  or  waiver  alters  the  obligations  or rights of Agent Bank.  Any
waiver  or  consent shall be effective only in the specific instance and for the
specific  purpose  for  which  it  was  given.  No  notice  to  or
                                       94
<PAGE>

demand  on  Borrowers  or  Guarantor  in  any  case  shall  entitle Borrowers or
Guarantor  to  any  other  further  notice  or  demand  in  similar  or  other
circumstances.  Any  amendment,  modification,  termination,  waiver  or consent
effected  in  accordance  with  this  Section  10.01  shall  be  binding on each
assignee,  transferee  or  recipient of Agent Bank's or any Lender's Syndication
Interest  under  this  Credit  Agreement  or  the  Credit  Facility  at the time
outstanding.

Section  10.01.    Failure  to  Exercise Rights.  Nothing herein contained shall
impose  upon  Banks, Borrowers or Guarantor any obligation to enforce any terms,
covenants  or  conditions  contained  herein.  Failure  of  Banks,  Borrowers or
Guarantor,  in  any  one or more instances, to insist upon strict performance by
Borrowers,  Guarantor  or  Banks  of  any terms, covenants or conditions of this
Credit  Agreement  or the other Loan Documents, shall not be considered or taken
as a waiver or relinquishment by Banks, Borrowers or Guarantor of their right to
insist  upon  and  to  enforce  in  the  future,  by  injunction  or  other
appropriate legal or equitable remedy, strict compliance by Borrowers, Guarantor
or  Banks  with all the terms, covenants and conditions of this Credit Agreement
and  the  other Loan Documents.  The consent of Banks, Borrowers or Guarantor to
any  act  or omission by Borrowers, Guarantor or Banks shall not be construed to
be  a  consent  to  any  other  or  subsequent  act  or omission or to waive the
requirement  for Banks', Borrowers' or Guarantor's consent to be obtained in any
future  or  other  instance.

Section  10.03.    Notices and Delivery.  Unless otherwise specifically provided
herein,  any consent, notice or other communication herein required or permitted
to be given shall be in writing and may be personally served, telecopied or sent
by  courier service or United States mail and shall be deemed to have been given
when  delivered  in person or by courier service, upon receipt of a telecopy (or
on  the  next Banking Business Day if such telecopy is received on a non-Banking
Business  Day  or after 5:00 p.m. on a Banking Business Day) or four (4) Banking
Business  Days after deposit in the United States mail (registered or certified,
with postage prepaid and properly addressed).  Notices to Agent Bank pursuant to
Articles  II  shall  not  be  effective  until  received by Agent Bank.  For the
purposes  hereof,  the addresses of the parties hereto (until notice of a change
thereof  is  delivered  as provided in this Section 10.03) shall be as set forth
below  each party's name on the signature pages hereof, or, as to each party, at
such  other  address  as  may  be  designated by such party in an Assignment and
Assumption  Agreement  or  in a written notice to all of the other parties.  All
deliveries  to  be  made  to Agent Bank for distribution to the Lenders shall be
made  to  Agent Bank at the addresses specified for notice on the signature page
hereto  and  in  addition,  a  sufficient number of copies of each such delivery
shall  be  delivered  to  Agent  Bank for delivery to each Lender at the address
specified  for  deliveries on the signature page hereto or such other address as
may  be  designated  by  Agent  Bank  in  a  written  notice.
                                       95
<PAGE>

Section  10.04.    Modification in Writing.  This Credit Agreement and the other
Loan Documents constitute the entire agreement between the parties and supersede
all  prior  agreements,  including,  without  limitation, the Commitment Letter,
whether  written  or  oral with respect to the subject matter hereof, including,
but  not  limited to, any term sheets furnished by any of the Banks to Borrowers
and/or  Guarantor.  Neither this Credit Agreement, nor any other Loan Documents,
nor  any  provision  herein,  or  therein, may be changed, waived, discharged or
terminated  orally,  but  only  by  an instrument in writing signed by the party
against  whom  enforcement  of  the  change, waiver, discharge or termination is
sought.

Section 10.05.    Other Agreements.  If the terms of any documents, certificates
or  agreements  delivered  in  connection  with  this  Credit  Agreement  are
inconsistent with the terms of the Loan Documents, Borrowers and Guarantor shall
use  their  best efforts to amend such document, certificate or agreement to the
satisfaction  of  Agent  Bank  to  remove  such  inconsistency.

Section  10.06.    Counterparts.  This  Credit  Agreement may be executed by the
parties hereto in any number of separate counterparts with the same effect as if
the  signatures  hereto  and  hereby  were  upon  the same instrument.  All such
counterparts  shall  together  constitute  but  one  and  the  same  document.

Section  10.07.    Rights,  Powers  and  Remedies  are  Cumulative.  None of the
rights,  powers  and  remedies  conferred upon or reserved to Agent Bank, Banks,
Borrowers  or Guarantor in this Credit Agreement are intended to be exclusive of
any other available right, power or remedy, but each and every such right, power
and  remedy shall be cumulative and not alternative, and shall be in addition to
every  right,  power  and  remedy  herein specifically given or now or hereafter
existing at law, in equity or by statute.  Any forbearance, delay or omission by
Agent Bank, Banks, Borrowers or Guarantor in the exercise of any right, power or
remedy  shall  not  impair  any  such right, power or remedy or be considered or
taken  as  a waiver or relinquishment of the right to insist upon and to enforce
in the future, by injunction or other appropriate legal or equitable remedy, any
of  said  rights,  powers  and remedies given to Agent Bank, Banks, Borrowers or
Guarantor  herein.  The  exercise  of  any  right or partial exercise thereof by
Agent  Bank,  Banks,  Borrowers  or  Guarantor  shall  not  preclude the further
exercise  thereof  and  the  same  shall continue in full force and effect until
specifically waived by an instrument in writing executed by Agent Bank or Banks,
as  the  case  may  be.

Section  10.08.    Continuing Representations.  All agreements, representations
and warranties made herein  shall  survive  the execution and delivery of this
Credit Agreement, the making  of  the Credit Facility hereunder and the
execution and delivery of each other  Loan  Document  until  and  final  payment
of  all  sums  owing
                                       96
<PAGE>

under the Credit Facility and each of the Credit Facility have
been  irrevocably  terminated.

Section  10.09.    Successors  and  Assigns.  All  of  the  terms,  covenants,
warranties  and  conditions  contained in this Credit Agreement shall be binding
upon and inure to the sole and exclusive benefit of the parties hereto and their
respective  successors  and  assigns.

Section  10.10.    Assignment  of  Loan  Documents  by  Borrowers or Syndication
Interests  by  Lenders.

a.     This Credit Agreement and the other Loan Documents to which Borrowers are
     parties  will  be  binding  upon and inure to the benefit of Borrowers, the
Agent  Bank,  each  of  the  Banks, and their respective successors and assigns,
except  that,  Borrowers  may not assign their rights hereunder or thereunder or
any  interest  herein  or  therein  without the prior written consent of all the
Lenders.  Any  attempted  assignment  or  delegation  in  contravention  of  the
foregoing  shall  be  null  and  void.  Any  Lender  may  at any time pledge its
Syndication  Interest  in the Credit Facility, the Credit Agreement and the Loan
Documents  to  a  Federal  Reserve  Bank,  but no such pledge shall release that
Lender  from its obligations hereunder or grant to such Federal Reserve Bank the
rights  of  a  Lender  hereunder  absent  foreclosure  of  such  pledge.

b.     Each Lender may assign all or any part of its Syndication Interest in the
Credit Facility  to any Affiliate of such Lender or to any other Lender without
Consent and  to  one or more financial institutions that are Eligible Assignees
with the prior  consent  of  the  Agent  Bank  and Borrowers (which consents
shall not be unreasonably  withheld  or  delayed); provided, however, that Agent
Bank and its Affiliates  shall  at  all  times  during  the  life of the Credit
Facility hold aggregate  Syndication  Interests  no  less  than  the  amount  of
the  largest Syndication  Interest  held  by  any Lender in the Credit Facility;
and further provided,  however, that the minimum amount of each such assignment
shall be One Million  Dollars  ($1,000,000.00),  or  such  lesser  amount  as
constitutes the remaining  amount  of  a  Lender's  Syndication  Interest in the
Credit Facility (except  that there shall be no minimum assignment among the
Lenders or to their Affiliates),  and  each  assignee  Lender  (or assignor if
so agreed between the assignee Lender and such assignor) shall pay to the Agent
Bank an assignment fee of  Two  Thousand  Five  Hundred  Dollars  ($2,500.00)
with respect to each such assignment.  Each  such  assignment  shall  be
evidenced  by  an  assignment substantially  in  the  form  of an Assignment and
Assumption Agreement or other form  reasonably  acceptable  to  Agent Bank,
Borrowers and Guarantor.  Upon any such  assignment,  the  assignee financial
institution shall become a Lender for all  purposes  under the Credit Agreement
and each of the Loan Documents and the assigning Lender shall be released from
its further obligations hereunder to the extent of such assignment.  Agent Bank
agrees to give prompt notice to Borrowers and  each  of  the  Lenders  of  each
assignment  made
                                       97
<PAGE>

under  this  Section 10.10(b) and to deliver to Borrowers and each of the
Lenders each revision to the Schedule of Lenders' Proportions in Credit Facility
made  as  a  consequence  of  each  such  assignment.

c.     Each  Lender  may sell sub-participations without notice to or consent of
the  Borrowers  or Agent Bank to any Eligible Subparticipant for all or any part
of  its Syndication Interest in the Credit Facility; provided, however, that (i)
such selling Lender shall remain responsible for its total obligations under the
Credit  Agreement  and  each  of  the Loan Documents, (ii) the Borrowers and the
Agent  Bank shall continue to deal solely with such selling Lender in connection
with such Lender's rights and obligations under the Credit Agreement and each of
the  Loan  Documents,  and  (iii)  such  selling  Lender  shall  not  sell  any
participation  under  which  the  Eligible  Subparticipant  would have rights to
approve  any  amendment  or  waiver relating to the Credit Agreement or any Loan
Document  except to the extent any such amendment or waiver would (1) extend the
final  Maturity  Date  or  the date for the payment or any installments of fees,
principal  or  interest  due  in  respect of the Credit Facility, (2) reduce the
amount  of any Scheduled Reduction in respect to the Credit Facility, (3) reduce
the interest rates applicable to the Credit Facility or (4) release any material
portion  of  the  Collateral  or  Guarantor.  Notwithstanding the foregoing, the
rights  of the Lenders to make assignments and to grant sub-participations shall
be  subject  to  the  approval  by  the  Gaming  Authorities  of the assignee or
sub-participant,  to  the  extent  required  by  applicable  Gaming  Laws.

Section  10.11.    Action  by  Lenders.  Whenever  Banks shall have the right to
make  an  election, or to exercise any right, or their consent shall be required
for  any  action  under  this  Credit Agreement or the Loan Documents, then such
election, exercise or consent shall be given or made for all Banks by Agent Bank
     in  accordance  with the provisions of Section 10.01.  Notices, reports and
other  documents  required  to  be  given by Borrowers and/or Guarantor to Banks
hereunder  may be given by Borrowers and/or Guarantor to Agent Bank on behalf of
Banks,  with  sufficient  copies  for distribution to each of the Banks, and the
delivery  to  Agent  Bank  shall constitute delivery to Banks.  In the event any
payment  or  payments  are received by a Lender other than Agent Bank, Borrowers
and  Guarantor consent to such payments being shared and distributed as provided
herein.

Section  10.12.    Time of Essence.  Time shall be of the essence of this Credit
Agreement.

Section  10.13.    Choice  of  Law and Forum.  This Credit Agreement and each of
the Loan Documents shall  be  governed by and construed in accordance with the
internal laws of the State  of  Nevada  without  regard  to principles of
conflicts of law; provided, however,  that  Colorado  law shall govern the
perfection and enforcement of the Security Documentation.  Borrowers and
Guarantor further agree that the full and
                                       98
<PAGE>

exclusive forum for  the determination of any action relating
to  this  Credit  Agreement,  the  Loan  Documents,  or  any  other  document or
instrument  delivered in favor of Banks pursuant to the terms hereof, other than
the Security Documentation, shall be either an appropriate Court of the State of
Nevada  or  the  United  States  District Court or United States Bankruptcy
Court  for  the  District  of  Nevada.  The  full  and  exclusive  forum for the
determination  of  any  action  relating  to  the  Security Documentation or the
Collateral  shall either be an appropriate court of the State of Colorado or the
United States District or the United States Bankruptcy Court for the District of
Colorado.

Section  10.14.     Arbitration.

a.     Other than an action or legal proceeding instituted by Agent Bank for the
purpose of exercising any remedy under the Security Documentation, upon the
request  of any party, whether made before or after the institution of any legal
proceeding, any action, dispute, claim or controversy of any kind (e.g., whether
in contract or in tort, statutory or common law, legal or equitable) ("Dispute")
now existing or hereafter arising between the parties in any way arising out of,
pertaining  to or in connection with the Credit Agreement, Loan Documents or any
related  agreements,  documents,  or instruments (collectively the "Documents"),
may, by summary proceedings (e.g., a plea in abatement or motion to stay further
proceedings),  bring  an  action  in court to compel arbitration of any Dispute.

b.     All Disputes between the parties shall be resolved by binding arbitration
governed  by  the  Commercial  Arbitration  Rules  of  the  American Arbitration
Association.  Judgment upon the award rendered by the arbitrators may be entered
in  any  court  having  jurisdiction.

c.     No  provision  of,  nor the exercise of any rights under this arbitration
clause shall limit the rights of any party, and the parties shall have the right
during any Dispute, to seek, use and employ ancillary or preliminary remedies,
judicial or otherwise, for the purposes of realizing upon, preserving,
protecting or foreclosing upon any property, real or personal, which is involved
in a Dispute, or which is subject to, or described in, the Documents, including,
without limitation, rights and remedies relating to: (i) foreclosing against any
real or personal  property  collateral  or  other security by the exercise of a
power of sale under the Security Documentation or other security agreement or
instrument, or applicable law, (ii) exercising self-help remedies (including
setoff rights) or  (iii) obtaining provisional or ancillary remedies such as
injunctive relief, sequestration,  attachment,  garnishment or the appointment
of a receiver from a court  having  jurisdiction  before,  during  or  after
the  pendency  of  any arbitration.  The  institution  and maintenance of an
action for judicial relief or  pursuit  of  provisional  or  ancillary  remedies
or  exercise of self-help remedies  shall not constitute a waiver of the right
of any party, including the plaintiff,  to  submit  the  Dispute  to arbitration
nor render inapplicable the compulsory  arbitration  provision  hereof.
                                       99
<PAGE>

Section 10.15.    Waiver of Jury Trial.  TO THE MAXIMUM EXTENT PERMITTED BY LAW,
BORROWERS,  GUARANTOR  AND EACH OF THE BANKS EACH MUTUALLY HEREBY EXPRESSLY
WAIVE  ANY RIGHT TO TRIAL BY JURY OF ANY ACTION, CAUSE OF ACTION, CLAIM, DEMAND,
OR  PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS CREDIT AGREEMENT, THE NOTE,
THE GUARANTY OR ANY OF THE LOAN DOCUMENTS, OR IN ANY WAY CONNECTED WITH, RELATED
TO, OR INCIDENTAL TO THE DEALINGS OF BORROWERS, GUARANTOR AND BANKS WITH RESPECT
TO  THIS  CREDIT AGREEMENT, THE NOTE, THE GUARANTY OR ANY OF THE LOAN DOCUMENTS,
OR  THE  TRANSACTIONS  RELATED  HERETO,  IN  EACH  CASE  WHETHER NOW EXISTING OR
HEREAFTER  ARISING,  AND  IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT, OR
OTHERWISE.  TO  THE  MAXIMUM  EXTENT  PERMITTED BY LAW, BORROWERS, GUARANTOR AND
EACH  OF  THE  BANKS  EACH MUTUALLY AGREE THAT ANY SUCH ACTION, CAUSE OF ACTION,
CLAIM,  DEMAND,  OR PROCEEDINGS SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY
AND  THAT  THE  DEFENDING PARTY MAY FILE AN ORIGINAL COUNTERPART OF THIS SECTION
WITH  ANY  COURT  OR  OTHER  TRIBUNAL  AS WRITTEN EVIDENCE OF THE CONSENT OF THE
COMPLAINING  PARTY  TO  THE  WAIVER  OF  ITS  RIGHT  TO  TRIAL  BY  JURY.

Section  10.16.    Scope  of  Approval and Review.  Any inspection of the Casino
Facilities  shall  be  deemed to be made solely for Banks' internal purposes and
shall  not be relied upon by the Borrowers, Guarantor or any third party.  In no
event  shall Lenders be deemed or construed to be joint venturers or partners of
Borrowers  or  Guarantor.

Section  10.17.    Severability  of Provisions.  In the event any one or more of
the  provisions  contained in this Credit Agreement shall be invalid, illegal or
unenforceable  in  any respect, the validity, legality and enforceability of the
remaining  provisions  contained  herein  shall  not  in  any way be affected or
impaired  thereby.

Section  10.18.    Cumulative  Nature  of  Covenants.  All  covenants  contained
herein  are  cumulative  and  not  exclusive of each other covenant.  Any action
allowed  by  any covenant shall be allowed only if such action is not prohibited
by  any  other  covenant.

Section  10.19.     Costs  to  Prevailing Party.  If any action or arbitration
proceeding is brought by  any  party against any other party under this Credit
Agreement or any of the Loan Documents, the prevailing party shall be entitled
to recover such costs and attorney's  fees  as  the  court  in  such  action
or  proceeding  may  adjudge reasonable.
                                      100
<PAGE>

Section  10.20.     Expenses.

a.     Generally.  Borrowers  and  Guarantor  agree  upon  demand  to  pay,  or
reimburse  Agent  Bank  for,  all  of Agent Bank's external audit, legal (to the
extent  incurred  following  the Closing Date and not relating to the closing of
this  Credit Agreement), appraisal, valuation and investigation expenses and for
all  other  reasonable out-of-pocket costs and expenses of every type and nature
(excluding  Lenders'  travel expenses, other than those travel expenses incurred
by Agent Bank both before and after the Closing Date in connection with the sale
of  Syndication  Interests  in  the Credit Facility, but including, without
limitation,  the  reasonable  fees,  expenses  and disbursements of Agent Bank's
internal  appraisers, environmental advisors or legal counsel) incurred by Agent
Bank  at  any  time  (whether  prior  to,  on  or  after the date of this Credit
Agreement)  in  connection with (i) its own audit and investigation of Borrowers
or Guarantor and the Collateral; (ii) the negotiation, preparation and execution
of  this  Credit  Agreement  (including, without limitation, the satisfaction or
attempted  satisfaction  of any of the conditions set forth in Article III), the
Security  Documentation  and  the  other  Loan  Documents  and  the  advance  of
Borrowings;  (iii)  the  review  and,  if  applicable,  acceptance of additional
Collateral,  including  appraisal  fees,  title  charges,  recording  fees  and
reasonable  attorneys' fees and costs incurred in connection therewith; (iv) any
appraisals  performed  pursuant to Section 5.24; (v) the creation, perfection or
protection  of  the Security Documentation on the Collateral (including, without
limitation,  any fees and expenses for title and lien searches, local counsel in
various  jurisdictions,  filing  and recording fees and taxes, duplication costs
and  corporate search fees); (vi) enforcement of the Credit Agreement, the other
Loan  Documents,  the  Borrowings  and  the  Collateral,  including,  without
limitation,  consultation  with attorneys in connection therewith; and (vii) the
protection,  collection  or  enforcement  of  any  of  the  Obligations  or  the
Collateral,  including  Protective  Advances.

b.     After  Event  of  Default.  Borrowers  and  Guarantor  further  agree to
pay, or reimburse  Agent  Bank  and  Lenders, for all reasonable out-of-pocket
costs and expenses,  including  without  limitation  reasonable  attorneys'
fees  and disbursements incurred by Agent Bank or Lenders after the occurrence
of an Event of  Default  (i)  in  enforcing  any  Obligation  or  in foreclosing
against the Collateral  or  exercising  or  enforcing any other right or remedy
available by reason  of  such  Event  of  Default; (ii) in connection with any
refinancing or restructuring of the credit arrangements provided under this
Credit Agreement in the  nature of a "work-out" or in any insolvency or
bankruptcy proceeding; (iii) in  commencing,  defending  or  intervening  in
any  litigation  or in filing a petition,  complaint,  answer, motion or other
pleadings in any legal proceeding relating  to  Borrowers,  or  Guarantor  and
related  to  or arising out of the transactions  contemplated  hereby;  (iv)
in taking any other action in or with respect  to any suit or proceeding
(whether in bankruptcy or otherwise) relating to  the  Borrowers  or  Guarantor
or  arising  out of or relating to the Credit Facility;  (v)  in  protecting,
preserving,
                                      101
<PAGE>

collecting, leasing, selling, taking possession of, or liquidating any of
the  Collateral;  or (vi) in attempting to enforce or enforcing any lien in
any  of  the  Collateral  or  any other rights under the Security Documentation.

Section  10.21.    Setoff.  In  addition to any rights and remedies of the Agent
Bank  provided  by law, if any Event of Default exists, Agent Bank is authorized
at  any  time  and  from  time to time, without prior notice to the Borrowers or
Guarantor,  any  such  notice  being waived by the Borrowers or Guarantor to the
fullest  extent  permitted  by  law,  to  set-off and apply any and all deposits
(general  or  special, time or demand, provisional or final) at any time held by
Agent  Bank  to  or  for  the credit or the account of any Borrower or Guarantor
against  any  and  all  obligations  of  Borrowers or Guarantor under the Credit
Facility,  now  or  hereafter existing, irrespective of whether or not the Agent
Bank shall have made demand under this Credit Agreement or any Loan Document and
although  such  amounts  owed  may  be contingent or unmatured.  Agent Bank
agrees  promptly  to  notify  the  Borrowers and Guarantor (and Agent Bank shall
promptly notify each Lender) after any such setoff and application made by Agent
Bank;  provided,  however, that the failure to give such notice shall not affect
the  validity  of  such set-off and application.  The rights of Agent Bank under
this  Section 10.21 are in addition to the other rights and remedies which Agent
Bank  may  have.

Section  10.22.    The  Existing  Credit  Agreement  and Existing RLC Note.  The
parties  hereto  agree that as of the Closing Date the Existing Credit Agreement
shall  be and is hereby amended, superseded and restated in its entirety by this
Credit  Agreement  and  the  Existing  RLC  Note shall be and is hereby amended,
superseded  and restated in its entirety by the Revolving Credit Note.  Promptly
following  the  Closing  Date,  Agent  Bank  shall  return  to the Borrowers the
Existing  RLC  Note  marked  "cancelled,  superseded  and  restated."

Section  10.23.   Schedules  Attached.  Schedules  are  attached  hereto  and
incorporated  herein  and  made  a  part  hereof  as  follows:
     Schedule  2.01(a) -     Schedule of Lenders' Proportions in Credit Facility

     Schedule  2.01(c)  -     Aggregate  Commitment  Reduction  Schedule

     Schedule  3.16     -     Schedule  of  Significant  Litigation

     Schedule  4.16     -     Schedule  of  Spaceleases

     Schedule  4.17     -     Schedule  of  Equipment  Leases  and  Contracts

     Schedule  4.25     -     Schedule  of  Contingent  Liabilities

     Section  10.24.     Exhibits Attached. Exhibits are attached  hereto  and
                         incorporated  herein  and  made  a  part  hereof  as
                         follows:
                                      102
<PAGE>

     Exhibit  A     -     Revolving  Credit  Note  -  Form

     Exhibit  B     -     Guaranty  -  Form

     Exhibit  C     -     Notice  of  Borrowing  -  Form

     Exhibit  D     -     Authorized  Officer's  Certificate  -  Form

     Exhibit  E     -     Closing  Certificate  -  Form

     Exhibit  F     -     Compliance  Certificate  -  Form

     Exhibit  G     -     Pricing  Certificate  -  Form

     Exhibit  H     -     Continuation/Conversion  Notice  -  Form

     Exhibit  I     -     Payment  Subordination  Agreement  -  Form

     Exhibit  J     -     Cash  Collateral  Pledge  Agreement  -  Form

     Exhibit  K     -     Legal  Opinion  -  Form

     Exhibit  L     -     Assignment  and  Assumption  Agreement  -  Form

     Exhibit  M     -     Title  Report

     Exhibit  N     -     Office  Building  Parcel  -  Description
                                      103
<PAGE>

IN  WITNESS  WHEREOF, the parties hereto have caused this Credit Agreement to be
executed  as  of  the  day  and  year  first  above  written.

     BORROWERS:

     WMCK  VENTURE  CORP.,
     a  Delaware  corporation

     By /s/ Larry Hannappel
          Larry  Hannappel,
          Secretary

     CENTURY  CASINOS  CRIPPLE
     CREEK,  INC.,
     a  Colorado  corporation

     By /s/ Larry Hannappel
          Larry  Hannappel,
          Secretary

     WMCK  ACQUISITION
     CORP.,  a  Delaware
     corporation

     By /s/ Larry Hannappel
          Larry  Hannappel,
          Secretary

                                      104
<PAGE>

     GUARANTOR:

     CENTURY  CASINOS,  INC.,
     a  Delaware  corporation

     By /s/ Larry Hannappel
          Larry  Hannappel,
          Secretary

     Address  for  the  Borrower
     Consolidation  and  Guarantor:

     200  East  Bennett  Avenue
     Cripple  Creek,  CO  80813
     Attn:  Larry  Hannappel

     Phone:  (719)  689-0333
     Fax:   (719)  689-3039

     with  a  copy  to:

     Douglas  R.  Wright,  Esq.
     Faegre  &  Benson,  LLP
     2500  Republic  Plaza
     370  17th  Street
     Denver,  CO  80202

     Phone:  (303)  820-0671
     Fax:  (303)  820-0600

                                      105
<PAGE>

     BANKS:

     WELLS  FARGO  BANK,
     National  Association,
     Agent  Bank,  L/C  Issuer  and  Lender

     By /s/ Rick Bokum
          Rick  Bokum,
          Assistant  Vice  President

     Address:

     Wells  Fargo  Bank,  N.A.
     3800  Howard  Hughes  Parkway
     Las  Vegas,  NV  89109
     Attn:  Rick  Bokum,  A.V.P.

     Phone:  (702)  791-6185
     Fax:  (702)  791-6248
                                      106
<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]